Document:

EX-4.2

 Exhibit 4.2 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of May 10, 2018 by and between Talos
Energy Inc., a Delaware corporation (the “Company”), and each of the other parties set forth on the signature pages hereto. The Company and the other parties hereto are sometimes collectively referred to herein as
the “Parties” and each is sometimes referred to herein as a “Party.” 
 WHEREAS, this Agreement is
made in connection with the transactions (the “Transactions”) contemplated by the Transaction Agreement by and among Stone Energy Corporation (“Legacy Stone”), the Company, Sailfish Merger Sub Corporation,
Talos Energy LLC (“Parent”), and Talos Production LLC, dated as of November 21, 2017 (the “Transaction Agreement”); 

WHEREAS, immediately prior to the consummation of the Transactions, the Registration Rights Agreement dated as of February 28, 2017 among
Stone and the holders listed on Schedule I thereto was terminated pursuant to the Voting Agreements, each dated November 21, 2017 among Parent, Legacy Stone and the Legacy Holders (defined herein); and 

WHEREAS, in consideration of the mutual benefits to be derived from the Transactions, the Company and the parties hereto desire to enter into
this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01. Definitions. As used in and for purposes of this Agreement, the following terms have the following
meanings: 
 “Affiliate” means, with respect to a specified Person, any other Person that directly or indirectly controls,
is controlled by, or is under direct or indirect common control with, such specified Person. For the purposes of this definition, “control” means the power to direct or cause the direction of the management and policies of a Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 
 “Agreement” has
the meaning given to such term in the introductory paragraph. 
 “Apollo Entities” means, collectively, AP Talos Energy
LLC, a Delaware limited liability company, AP Talos Energy Debtco LLC, a Delaware limited liability company, AP Overseas Talos Holdings Partnership, LLC, a Delaware limited liability company, AIF VII (AIV), L.P., a Delaware limited partnership, and
ANRP DE Holdings, L.P., a Delaware limited partnership. 
 “Commission” has the meaning given to such term in
Section 1.02. 
 “Common Stock” means the common stock of the Company, par value $0. 01 per
share. 

 “Company” has the meaning given to such term in the preamble. 

“Effectiveness Period” has the meaning given to such term in Section 2.01. 

“Equity Security” has the meaning ascribed to such term in Rule 405 under the Securities Act, and in any event includes
any security having the attendant right to vote for directors or similar representatives. 
 “Exchange Act” has the meaning
given to such term in Section 2.08(a). 
 “Franklin” means Franklin Advisers, Inc., as investment
manager on behalf of certain funds and accounts. 
 “Holder” means the record holder of any Registrable Securities. 

“Included Registrable Securities” has the meaning given to such term in Section 2.03(a). 

“Losses” has the meaning given to such term in Section 2.08(a). 

“Legacy Holders” means, collectively, Franklin and MacKay. 

“MacKay” means MacKay Shields LLC, as investment manager on behalf of certain of its clients. 

“Managing Underwriter(s)” means, with respect to any Underwritten Offering, the book-running lead manager(s) of such
Underwritten Offering. 
 “Notice” has the meaning given to such term in Section 2.01. 

“Person” means any individual, corporation, partnership, limited liability company, voluntary association, joint venture,
trust, limited liability partnership, unincorporated organization, government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 

“Principal Holders” means, collectively, the Apollo Entities and the Riverstone Entities. 

“Registrable Securities” means (i) any Common Stock held by any of the Principal Holders and the Legacy Holders or any
of their respective Affiliates as of the date of this Agreement (after giving effect to the consummation of the Transactions) and (ii) any Common Stock of the Company or any Subsidiary issued or issuable with respect to the securities referred
to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization, which Registrable Securities are subject to the rights provided herein until
such rights terminate pursuant to the provisions hereof. For the avoidance of doubt, any Person that (or whose Common Stock) is managed by a Legacy Holder or by the same investment manager as a Legacy Holder shall be considered an Affiliate of such
Legacy Holder for purposes of the definition of “Registrable Securities” in this Agreement. 

  
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 “Registration Expenses” means all expenses (other than Selling Expenses)
incident to the Company’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01 and/or in connection with an
Underwritten Offering pursuant to Section 2.02(a) or Section 2.03(a), and the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities
exchange listing and securities exchange fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and
registrars, all word processing, duplicating and printing expenses, any transfer taxes and the fees and disbursements of counsel and independent public accountants for the Company, including the expenses of any special audits or “cold
comfort” letters required by or incident to such performance and compliance. 
 “Registration Statement” has the
meaning given to such term in Section 2.01. 
 “Riverstone Entities” means, collectively,
Riverstone Talos Energy Equityco LLC, a Delaware limited liability company, Riverstone Talos Energy Debtco LLC, a Delaware limited liability company, and Riverstone V FT Corp Holdings, L.P., a Delaware limited Partnership. 

“Securities Act” has the meaning given to such term in Section 1.02. 

“Selling Expenses” means all underwriting fees, discounts and selling commissions applicable to the sale of Registrable
Securities. 
 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a Registration Statement.

 “Shelf Registration Statement” has the meaning given to such term in Section 2.01. 

“Subsidiary” means any subsidiary of the Company. 

“Testing-the-Waters Communication” means any
oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. 

“Transaction Agreement” has the meaning given to such term in the recitals of this Agreement. 

“Transactions” has the meaning given to such term in the recitals of this Agreement. 

“Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which Registrable
Securities are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“Written Testing-the-Waters Communication”
means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. 

  
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 Section 1.02. Registrable Securities. Any Registrable Security will cease to be a
Registrable Security (a) at the time a Registration Statement covering such Registrable Security has been declared effective by the Securities and Exchange Commission (the “Commission”), or otherwise has become effective, and
such Registrable Security has been sold or disposed of pursuant to such Registration Statement; (b) at the time such Registrable Security has been disposed of pursuant to Rule 144 (or any similar provision then in effect under the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”)); (c) if such Registrable Security is held by the Company or one of its subsidiaries or (d) at the time such Registrable
Security has been sold in a private transaction in which the Transferor’s rights under this Agreement are not assigned to the transferee of such securities. 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.01. Demand Registration. Upon the written request (a “Notice”) by a Principal Holder,
Legacy Holder or any other Holder owning or controlling at least five percent (5%) of the then outstanding Registrable Securities (subject to adjustment pursuant to Section 3.04), the Company shall file with the Commission,
as soon as reasonably practicable, but in no event more than 30 days following the receipt of the Notice, a registration statement (each, a “Registration Statement”) under the Securities Act providing for the resale of the
Registrable Securities (which may, at the option of the Holders giving such Notice, be a registration statement under the Securities Act that provides for the resale of the Registrable Securities pursuant to Rule 415 from time to time by the Holders
(a “Shelf Registration Statement”)); provided that in no event shall the Company be required to file a Registration Statement prior to the date that is 90 days after the consummation of the Transactions. The Company shall use its
commercially reasonable efforts to cause each Registration Statement to be declared effective by the Commission as soon as reasonably practicable after the initial filing of the Registration Statement. Any Registration Statement shall provide for
the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders of any and all Registrable Securities covered by such Registration Statement. To the extent the initial Registration Statement is not
made on Form S-3, the Company shall, upon becoming eligible to file a registration statement on Form S-3, prepare and file a new Registration Statement on Form S-3 to replace the initial Registration Statement and use its best efforts to cause such subsequent Registration Statement to be declared effective by the Commission as soon as reasonably practicable thereafter. The
Company shall use its commercially reasonable efforts to cause each Registration Statement filed pursuant to this Section 2.01 to be continuously effective, supplemented and amended to the extent necessary to ensure that it
is available for the resale of all Registrable Securities by the Holders until all Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). Each
Registration Statement when effective (and the documents incorporated therein by reference) shall comply as to form in all material respects with all applicable requirements of the Securities Act and shall not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Each Holder shall be limited to two demand registrations under this Section 2.01 in
any twelve-month period (provided, however, that there shall be no limit on the number of Shelf Registration Statements that may be required by the Holders hereunder), and the Company shall not be obligated to file more than one Registration
Statement within 120 days after the effective date of any Registration Statement filed by the Company. 

  
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 Section 2.02. Underwritten Offerings. 

(a) Request for Underwritten Offering. Subject to Section 2.02(b), in the event that a Holder elects to
dispose of Registrable Securities having an aggregate value of at least five percent (5%) of the then-outstanding Registrable Securities (subject to adjustment pursuant to Section 3.04) under a Registration Statement
pursuant to an Underwritten Offering, the Company shall, upon written request by such Holder, retain underwriters in order to permit such Holder to effect such sale through an Underwritten Offering. The obligation of the Company to retain
underwriters shall include entering into an underwriting agreement in customary form with the Managing Underwriter(s), which shall include, among other provisions, indemnities to the effect and to the extent provided in
Section 2.08 and taking all reasonable actions as are requested by the Managing Underwriter(s) to expedite or facilitate the disposition of such Registrable Securities. The Company shall, upon request of the Holder, cause
its management to participate in a roadshow or similar marketing effort on behalf of the Holder. 
 (b) Limitation on Underwritten
Offerings. In no event shall the Company be required under Section 2.02(a) to participate in more than three Underwritten Offerings requested by a Holder in any twelve-month period. Notwithstanding anything to the
contrary herein, the Legacy Holders (and their respective permitted transferees) shall be permitted to collectively request no more than one Underwritten Offering pursuant to this Section 2.02. 

(c) General Procedures. In connection with any Underwritten Offering under this Agreement, the Holders of a majority of the Registrable
Securities being sold in such Underwritten Offering shall be entitled, subject to the Company’s consent (which is not to be unreasonably withheld, conditioned or delayed), to select the Managing Underwriter(s). In connection with any
Underwritten Offering under this Agreement, each Selling Holder and the Company shall be obligated to enter into an underwriting agreement that contains such representations and warranties, covenants, indemnities and other rights and obligations as
are customary in underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such
underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or
all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent
to the obligations of such underwriters under such underwriting agreement also be conditions precedent to such Selling Holder’s obligations. If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to
withdraw from the Underwritten Offering by notice to the Company and the Managing Underwriter(s); provided, however, that such withdrawal must be made at a time prior to the time of pricing of such Underwritten Offering. No such withdrawal
shall affect the Company’s obligation to pay Registration Expenses. 

  
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 Section 2.03. Piggyback Rights. 

(a) Participation. If the Company proposes to file (i) a registration statement or (ii) a prospectus supplement to an
effective shelf registration statement and Holders may be included in the offering to which such prospectus supplement relates without the filing of a post-effective amendment to such shelf registration statement, in each case, for the sale of
Common Stock in an Underwritten Offering for its own account and/or another Person, then as soon as practicable following the engagement of counsel by the Company to prepare the documents to be used in connection with such Underwritten Offering, the
Company shall give notice (including notification by electronic mail) of such proposed Underwritten Offering to each Holder holding at least five percent (5%) of the then outstanding Registrable Securities and such notice shall offer such Holders
the opportunity to include in such Underwritten Offering such number of Registrable Securities (the “Included Registrable Securities”) as each such Holder may request in writing; provided, however, that if the Company has
been advised by the Managing Underwriter(s) that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Common Stock in the Underwritten Offering, then
(A) if no Registrable Securities can be included in the Underwritten Offering in the opinion of the Managing Underwriter(s), the Company shall not be required to offer such opportunity to the Holders or (B) if any Registrable Securities
can be included in the Underwritten Offering in the opinion of the Managing Underwriter(s), then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of
Section 2.03(b). Subject to Section 2.03(b), the Company shall include in such Underwritten Offering all included Registrable Securities with respect to which the Company has received requests
within two (2) Business Days (or one (1) Business Day in connection with a “bought deal” or an “overnight” Underwritten Offering) after the Company’s notice has been delivered in accordance with
Section 3.01. If no written request for inclusion from a Holder is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering. If, at any time after giving
written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, the Company shall determine for any reason not to undertake or to delay such Underwritten Offering, the Company may, at its
election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in
connection with such terminated Underwritten Offering and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same period as the delay in the
Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such Underwritten Offering by giving written notice to the Company of
such withdrawal at or prior to the time of pricing of such Underwritten Offering. 
 (b) Priority of Registration. If the Managing
Underwriter(s) of any proposed Underwritten Offering advises the Company that the total amount of Registrable Securities that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such
offering without being likely to have an adverse effect in any material respect on the price, timing or distribution of the Common Stock offered or the market for the Common Stock, then the Common Stock to be included in such Underwritten Offering
shall include the number of shares of Common Stock that such Managing Underwriter(s) advises the Company can be sold without having such adverse effect, with such number to be allocated (i) first, to the Company unless a Holder initiates the
Underwritten Offering, in which case it shall 

  
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be to the Holders who initiated the Underwritten Offering and (ii) second, and if any, the number of included Registrable Securities that, in the opinion of such Managing Underwriter(s), can
be sold without having such adverse effect, with such number to be allocated pro rata among the Holders (or the Company if a Holder initiates the Underwritten Offering) that have requested to participate in such Underwritten Offering based on the
relative number of Registrable Securities then held by each such Holder (provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like manner).

 Section 2.04. Delay Rights. If the Company’s board of directors determines that the Company’s compliance with its
obligations under this Article II would be materially detrimental to the Company and its shareholders because such registration would (a) materially interfere with a significant acquisition, reorganization, financing or other similar
transaction involving the Company, (b) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (c) render the Company unable to comply with applicable
securities laws, then the Company shall have the right to postpone compliance with its obligations under this Article II for a period of not more than three months, provided, that such right pursuant to this
Section 2.04 may not be utilized more than twice in any twelve-month period. 
 Section 2.05. Sale
Procedures. In connection with its obligations under this Article II, the Company will, as expeditiously as reasonably practicable: 

(a) prepare and file with the Commission such amendments and supplements to each Registration Statement and the prospectus used in connection
therewith as may be necessary to keep each Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement; 
 (b) if a prospectus supplement will be used in connection with the marketing of an Underwritten
Offering and the Managing Underwriter(s) notifies the Company in writing that, in the sole judgment of such Managing Underwriter(s), inclusion of detailed information in such prospectus supplement is of material importance to the success of the
Underwritten Offering of such Registrable Securities, use its commercially reasonable efforts to include such information in such prospectus supplement; 

(c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a Registration Statement or any
supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and
regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested
by such Selling Holder with respect to such information prior to filing a Registration Statement or supplement or amendment thereto, and (ii) such number of copies of such Registration Statement and the prospectus included therein and any
supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement; 

  
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 (d) if applicable, use its commercially reasonable efforts to register or qualify the Registrable
Securities covered by a Registration Statement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter(s), shall reasonably request; provided,
however, that the Company will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service of process in any
jurisdiction where it is not then so subject; 
 (e) promptly notify each Selling Holder and each underwriter, at any time when a prospectus
is required to be delivered under the Securities Act, of (i) the filing of a Registration Statement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such
Registration Statement or any post-effective amendment thereto, when the same has become effective; and (ii) any written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the
Commission for amendments or supplements to a Registration Statement or any prospectus or prospectus supplement thereto; 
 (f) immediately
notify each Selling Holder and each underwriter, at any time when a prospectus is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a
Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading (in the case of the
prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement, or the initiation
of any proceedings for that purpose; or (iii) the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any
jurisdiction. Following the provision of such notice, the Company agrees to, as promptly as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement
does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading in the light of the circumstances then existing and to take
such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

(g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to any offering of Registrable
Securities; 

  
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 (h) in the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel
for the Company dated the date of the closing under the underwriting agreement and (ii) a “cold comfort” letter, dated the pricing date of such Underwritten Offering (to the extent available) and a letter of like kind dated the date of the
closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Company’s financial statements included or incorporated by reference into the applicable registration statement, and
each of the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement included therein) as
have been customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Company or its predecessors and such other matters as such underwriters
and Selling Holders may reasonably request; 
 (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder; 
 (j) make available to the appropriate representatives of the Managing Underwriter(s) and Selling Holders access to
such information and Company personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; 

(k) cause all Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized
quotation system on which similar securities issued by the Company are then listed; 
 (l) use its commercially reasonable efforts to cause
the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Selling Holders to consummate the disposition
of the Registrable Securities; 
 (m) provide a transfer agent and registrar for all Registrable Securities covered by a Registration
Statement not later than the effective date of such registration statement; and 
 (n) enter into customary agreements and take such other
actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of the Registrable Securities. 

Except to the extent required by applicable law, the Company shall not file any Registration Statement with respect to any Registrable
Securities, or any prospectus used in connection therewith, and shall not file or make any amendment to any such Registration Statement or any amendment of or supplement to any such prospectus, that refers to any Selling Holder covered thereby by
name, or otherwise identifies such Selling Holder as the holder of any securities of the Company, without the consent of such Selling Holder, such consent not to be unreasonably withheld, conditioned or delayed, unless and to the extent such
disclosure is required by law or regulation, in which case the Company shall provide written notice to such Selling Holder no less than two (2) Business Days prior to the filing of such Registration Statement or any amendment to any such
Registration Statement or any prospectus used in connection therewith or any amendment of or supplement to any such Prospectus. 

  
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 Each Selling Holder, upon receipt of notice from the Company of the happening of any event of the
kind described in subsection (f) of this Section 2.05, shall forthwith discontinue disposition of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of
the copies of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.05 or until it is advised in writing by the Company that the use of the prospectus may be resumed, and has received
copies of any additional or supplemental filings incorporated by reference in the prospectus. 
 Section 2.06. Cooperation by
Holders. The Company shall have no obligation to include in a Registration Statement, or in an Underwritten Offering pursuant to Section 2.02(a), Registrable Securities of a Selling Holder who has failed to timely
furnish such information that, in the opinion of counsel to the Company, is reasonably required in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.07. Expenses. 

(a) The Company will pay all reasonable Registration Expenses, including in the case of an Underwritten Offering, regardless of whether any
sale is made in such Underwritten Offering. Each Selling Holder shall pay all Selling Expenses in connection with any sale of its Registrable Securities hereunder 

(b) In connection with each Underwritten Offering, the Company shall reimburse the Selling Holders included in such Underwritten Offering for
the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the Registrable Securities included in such registration or participating in such Shelf Registration Statement and reasonable disbursements of each
additional counsel reasonably retained by any Selling Holder for the purpose of rendering a legal opinion to the underwriter(s) on behalf of such Selling Holder in connection with any Underwritten Offering. 

Section 2.08. Indemnification. 

(a) By the Company. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement,
the Company will indemnify and hold harmless each Selling Holder participating therein, its directors, officers, employees and agents, and each Person, if any, who controls such Selling Holder within the meaning of the Securities Act and the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”), and its directors, officers, employees or agents, against any losses, claims, damages, expenses or liabilities
(including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder, director, officer, employee, agent or controlling Person may become subject under the Securities Act,
the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case
of any prospectus or any Written Testing-the-Waters Communication, in the light of the circumstances under which such statement is made) contained in any Written Testing-the-Waters Communication, a Registration Statement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or prospectus
supplement contained therein, or any amendment or supplement 

  
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thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case
of a prospectus or any Written Testing-the-Waters Communication, in the light of the circumstances under which they were made) not misleading, and will reimburse each
such Selling Holder, its directors, officers, employees and agents, and each such controlling Person, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings
as such expenses are incurred; provided, however, that the Company will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by such Selling Holder, its directors, officers, employees and agents or such controlling Person in writing specifically for use in any Written Testing-the-Waters Communication, a Registration Statement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or prospectus supplement contained therein, or any
amendment or supplement thereto, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such directors, officers, employees agents or controlling Person,
and shall survive the transfer of such securities by such Selling Holder. 
 (b) By Each Selling Holder. Each Selling Holder agrees
severally and not jointly to indemnify and hold harmless the Company, its directors, officers, employees and agents and each Person, if any, who controls the Company within the meaning of the Securities Act or of the Exchange Act, and its directors,
officers, employees and agents, to the same extent as the foregoing indemnity from the Company to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder
expressly for inclusion in any Written Testing-the-Waters Communication, a Registration Statement, any preliminary prospectus or prospectus supplement, free writing
prospectus or final prospectus or prospectus supplement contained therein, or any amendment or supplement thereof; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the
proceeds (net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 

(c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party
shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the indemnifying party shall not relieve the indemnifying party from any
liability that it may have to any indemnified party. In any action brought against any indemnified party, the indemnified party shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate
in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and
undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the
indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified 

  
 11 

 
party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the
interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other
provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying party, unless the settlement thereof imposes no
liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party. 
 (d)
Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them
harmless in respect of any Losses, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations;
provided, however, that in no event shall the Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable
Securities giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any Loss that is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who is not guilty of fraudulent misrepresentation. 
 (e) Other
Indemnification. The provisions of this Section 2.08 shall be in addition to any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

Section 2.09. Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission
that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

  
 12 

 (a) make and keep public information regarding the Company available, as those terms are
understood and defined in Rule 144 under the Securities Act, at all times from and after the date hereof; 
 (b) file with the Commission in
a timely manner all reports and other documents required of the Company under the Exchange Act at all times from and after the date hereof; and 

(c) so long as a Holder owns any Registrable Securities, unless otherwise available via EDGAR, furnish to such Holder forthwith upon request a
copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any
such securities without registration. 
 Section 2.10. Transfer or Assignment of Registration Rights. The rights to cause the
Company to register Registrable Securities granted to a Holder by the Company under this Article II may be transferred or assigned by such Holder to one or more transferee(s) or assignee(s) of such Registrable Securities; provided,
however, that (a) unless such transferee or assignee is an Affiliate of a Principal Holder, each such transferee or assignee holds Registrable Securities representing at least five percent (5%) of the then-outstanding Registrable Securities
(subject to adjustment pursuant to Section 3.04), (b) the Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and identifying the Registrable
Securities with respect to which such registration rights are being transferred or assigned, and (c) each such transferee agrees to be bound by this Agreement. 

Section 2.11. Restrictions on Public Sale by Holders of Registrable Securities. Each Holder agrees to enter into a customary
letter agreement with underwriters providing such Holder will not effect any public sale or distribution of the Registrable Securities during the 90 calendar day period beginning on the date of a prospectus or prospectus supplement filed with the
Commission with respect to the pricing of an Underwritten Offering, provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the
Company or the officers, directors or any other stockholder of the Company on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.11 shall not apply to (x) any Holder who does not
have the right to participate in an Underwritten Offering pursuant to Section 2.03, (y) any Holder whose Registrable Securities are not included in an Underwritten Offering after such Holder makes a request to participate
in such Underwritten Offering in accordance with the terms of Section 2.03(b) and (z) any Registrable Securities that are included in such Underwritten Offering by such Holder. 

ARTICLE III 

MISCELLANEOUS 

Section 3.01. Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by
facsimile, electronic mail, courier service or personal delivery: 
 (a) if to the Apollo Entities: 

  
 13 

 Apollo Talos Holdings, L.P. 

9 West 57th Street 
 New York, NY
10019 
 Attention: Gregory Beard 

Facsimile: (646) 514-5668 

Email: gbeard@apollolp.com 

With a copy to: 
 Apollo
Management VII, L.P. 
 9 West 57th Street 

New York, NY 10019 
 Attention:
Laurie Medley 
 Facsimile: (646) 607.0528 

Email: lmedley@apollolp.com 

and 
 Apollo Commodities
Management, L.P. with respect to Series I 
 9 West 57th Street 

New York, NY 10019 
 Attention:
Laurie Medley 
 Facsimile: (646) 607.0528 

Email: lmedley@apollolp.com 

(b) if to the Riverstone Entities: 

c/o Riverstone Holdings LLC 
 712
Fifth Avenue, 36th Floor 
 New York, NY 10019 

Attention: General Counsel 

Facsimile: (888) 801-9301 

Email: legal@riverstonellc.com 

(c) if to Franklin: 
 c/o Franklin
Advisers, Inc. 
 One Franklin Parkway 

San Mateo, CA 94403 
 Attn:
Brendan Circle – brendan.circle@franklintempleton.com 
 Christopher Chen – chris.chen@franklintempleton.com 

(d) if to MacKay: 
 c/o MacKay
Shields LLC. 
 1345 Avenue of the Americas 

New York, NY 10105 

  
 14 

 Attn: Dohyun Cha 

Dohyun.cha@mackayshields.com 

with a copy to: 
 Attn: Young Lee

 Young.lee@mackayshields.com 

(e) if to a transferee of a Holder, to such Holder at the address provided pursuant to Section 2.10; and 

(f) if to the Company: 
 Talos
Energy Inc. 
 500 Dallas St., Suite 2000 

Houston, Texas 77002 
 Attention:
General Counsel 
 Facsimile: (713) 351-4100 

Email: bmoss@talosenergyllc.com 

With a copy to (which copy shall not constitute notice): 

Vinson & Elkins L.L.P. 

1001 Fannin St., Suite 2500 

Houston, Texas 77002 
 Attention:
Stephen M. Gill 
 Lande A. Spottswood 

Facsimile: (713) 615-5956 

Email: sgill@velaw.com 

lspottswood@velaw.com 
 All such
notices and communications shall be deemed to have been received at the time delivered by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or sent via electronic mail; and when actually received, if sent by courier
service or any other means. 
 Section 3.02. Successor and Assigns. This Agreement shall inure to the benefit of and be binding
upon the successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 

Section 3.03. Assignment of Rights. All or any portion of the rights and obligations of the Holders under this Agreement may be
transferred or assigned by the Holders in accordance with Section 2.10 hereof. 

  
 15 

 Section 3.04. Recapitalization, Exchanges, Etc. Affecting the Registrable Securities.
The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all securities of the Company, its subsidiaries, or any successor or assign of the Company or its subsidiaries (whether by merger,
consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, splits, recapitalizations, pro rata distributions
and the like occurring after the date of this Agreement. 
 Section 3.05. Specific Performance. Damages in the event of a breach
of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each party, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or
other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack
of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such party from pursuing any other rights and remedies at law or in equity that such party may have.

 Section 3.06. Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all
Parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. The delivery of an executed counterpart copy of this Agreement by facsimile or electronic transmission in PDF format
shall be deemed to be the equivalent of delivery of the originally executed copy thereof. 
 Section 3.07. Headings. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 3.08. Governing Law. The laws of the State of New York shall govern this Agreement. 

Section 3.09. Severability of Provisions. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other
jurisdiction. 
 Section 3.10. Scope of Agreement. This Agreement is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein with respect to the rights granted by the Company set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

Section 3.11. Amendment. This Agreement may be amended only by means of a written amendment signed by the Company and the Holders
of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

  
 16 

 Section 3.12. Termination. In the event that a given Legacy Holder ceases to
“beneficially own” (as such term is defined under the Exchange Act) five percent (5%) or more of the then-outstanding shares of Common Stock, all of such Legacy Holder’s rights and obligations under this Agreement shall expire and
such Legacy Holder will cease to be a “Holder” for all purposes hereunder, without any further action of the Company or any other party hereto. This Agreement shall otherwise terminate at such time as there are no Registrable Securities
outstanding. 
 Section 3.13. No Presumption. If any claim is made by a party relating to any conflict, omission, or ambiguity
in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.14. Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of
one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 3.15. Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that no
Person other than the Company and the Holders shall have any obligation hereunder and that, notwithstanding that one or more of the Holders may be a corporation, partnership or limited liability company, no recourse under this Agreement or under any
documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Holders
or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding,
or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general
or limited partner, manager, member, stockholder or Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing,
as such, for any obligations of the Holders under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation, except in each
case for any assignee of the Holders hereunder. 
 Section 3.16. Interpretation. All references to “Articles” and
“Sections” shall be deemed to be references to Articles and Sections of this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts
and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever any determination, consent or
approval is to be made or given by the Holders under this Agreement, such action shall be in the Holders’ sole discretion unless otherwise specified. 

[Signature pages follow] 
  

  
 17 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first
above written. 
  

			
	TALOS ENERGY INC.
		
	By:	 	 /s/ Timothy S. Duncan

	Name:	 	Timothy S. Duncan
	Title:	 	President and Chief Executive Officer

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENT 

 
			
	 AP TALOS ENERGY LLC

	 a Delaware limited liability company

		
	 By:
	 	 /s/ Christopher R. Gruszczynski

		 	 Name: Christopher R. Gruszczynski

		 	 Title: Vice President

	
	AP TALOS ENERGY DEBTCO LLC
	 a Delaware limited liability company

		
	 By:
	 	 /s/ Christopher R. Gruszczynski

		 	 Name: Christopher R. Gruszczynski

		 	 Title: Vice President

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENT 

 
			
	AP OVERSEAS TALOS HOLDINGS PARTNERSHIP, LLC
	a Delaware limited liability company
		
	By:	 	Apollo Management VII, L.P.,
		 	its manager
		
	By:	 	AIF VII Management, LLC,
		 	its general partner
		
	By:	 	 /s/ Laurie D. Medley

	Name:	 	Laurie D. Medley
	Title:	 	Vice President and Assistant Secretary
		
	By:	 	Apollo Commodities Management, L.P., with respect to Series I,
		 	its manager
		
	By:	 	Apollo Commodities Management GP, LLC, its general partner
		
	By:	 	 /s/ Laurie D. Medley

	Name:	 	Laurie D. Medley
	Title:	 	Vice President and Assistant Secretary

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENT 

 
			
	AIF VII (AIV), L.P.
	a Delaware limited partnership
		
	By:	 	Apollo Advisors VII (APO DC), L.P.,
		 	its general partner
		
	By:	 	Apollo Advisors VII (APO DC-GP), LLC,
		 	its general partner
		
	By:	 	 /s/ Laurie D. Medley

	Name:	 	Laurie D. Medley
	Title:	 	Vice President and Assistant Secretary

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENT 

 
			
	ANRP DE HOLDINGS, L.P.
	a Delaware limited partnership
		
	By:	 	Apollo ANRP Advisors (APO DC), L.P.,
		 	its general partner
		
	By:	 	Apollo Advisors VII (APO DC-GP), LLC,
		 	its general partner
		
	By:	 	 /s/ Laurie D. Medley

	Name:	 	Laurie D. Medley
	Title:	 	Vice President and Assistant Secretary

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENT 

 
			
	RIVERSTONE TALOS ENERGY EQUITYCO LLC 
	a Delaware limited liability company
		
	By:	 	 /s/ Peter Haskopoulos

	Name:	 	Peter Haskopoulos
	Title:	 	Managing Director
	
	RIVERSTONE TALOS ENERGY DEBTCO LLC 
	a Delaware limited liability company
		
	By:	 	 /s/ Peter Haskopoulos

	Name:	 	Peter Haskopoulos
	Title:	 	Managing Director
	
	RIVERSTONE V FT CORP HOLDINGS, L.P.
	a Delaware limited partnership
		
	By:	 	 Riverstone Energy Partners V, L.P.,
 its general
partner

		
	By:	 	 Riverstone Energy GP V, LLC
 its general
partner

		
	By:	 	 /s/ Peter Haskopoulos

	Name:	 	Peter Haskopoulos
	Title:	 	Managing Director

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENT 

 
			
	FRANKLIN ADVISERS, INC., as investment manager on behalf of certain funds and accounts
		
	By:	 	 /s/ Richard Hsu

	Name:	 	Richard Hsu
	Title:	 	Vice President

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENT 

 
			
	MACKAY SHIELDS LLC, as investment manager on behalf of certain of its clients
		
	By:	 	 /s/ Young Lee

	Name:	 	Young Lee
	Title:	 	Senior Managing Director

 SIGNATURE PAGE 

TO 

REGISTRATION RIGHTS AGREEMENTEX-4.3

 Exhibit 4.3 

Execution Version 

WARRANT AGREEMENT 

dated as of February 28, 2017 

among 
 STONE ENERGY
CORPORATION 
 (AS REORGANIZED), 

COMPUTERSHARE INC. 
 and

 COMPUTERSHARE TRUST COMPANY, N.A., 

as Warrant Agent 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 Article 1 Definitions
	  	 	1	 
	 Section 1.01
	  	 Certain Definitions
	  	 	1	 
		
	 Article 2 Issuance, Execution and Transfer of Warrants
	  	 	6	 
	 Section 2.01
	  	 Issuance of Warrants
	  	 	6	 
	 Section 2.02
	  	 Execution and Authentication of Warrants
	  	 	7	 
	 Section 2.03
	  	 Registration, Transfer, Exchange and Substitution
	  	 	8	 
	 Section 2.04
	  	 Form of Global Warrant Certificate
	  	 	9	 
	 Section 2.05
	  	 Cancellation of Global Warrant Certificate
	  	 	9	 
	 Section 2.06
	  	 Restrictions on Transfer
	  	 	9	 
		
	 Article 3 Exercise and Settlement of Warrants
	  	 	10	 
	 Section 3.01
	  	 Exercise of Warrants
	  	 	10	 
	 Section 3.02
	  	 Procedure for Exercise
	  	 	10	 
	 Section 3.03
	  	 Settlement of Warrants
	  	 	11	 
	 Section 3.04
	  	 Delivery of Common Stock
	  	 	12	 
	 Section 3.05
	  	 No Fractional Shares to Be Issued
	  	 	13	 
	 Section 3.06
	  	 Obligations of the Warrant Agent
	  	 	13	 
	 Section 3.07
	  	 Validity of Exercise
	  	 	14	 
	 Section 3.08
	  	 Direction of Warrant Agent
	  	 	14	 
		
	 Article 4 Adjustments
	  	 	15	 
	 Section 4.01
	  	 Adjustments to Exercise Price
	  	 	15	 
	 Section 4.02
	  	 Adjustments to Number of Warrants
	  	 	18	 
	 Section 4.03
	  	 Certain Distributions of Rights and Warrants
	  	 	19	 
	 Section 4.04
	  	 Stockholder Rights Plans
	  	 	19	 
	 Section 4.05
	  	 Restrictions on Adjustments
	  	 	20	 
	 Section 4.06
	  	 Successor upon Consolidation, Merger and Sale of Assets
	  	 	21	 
	 Section 4.07
	  	 Adjustment upon Reorganization Event
	  	 	22	 
	 Section 4.08
	  	 Common Stock Outstanding; Shares Reserved for Issuance on Exercise
	  	 	24	 
	 Section 4.09
	  	 Calculations
	  	 	24	 
	 Section 4.10
	  	 Notice of Adjustments
	  	 	25	 
	 Section 4.11
	  	 Warrant Agent Not Responsible for Adjustments or Validity
	  	 	25	 
	 Section 4.12
	  	 Statements on Warrants
	  	 	25	 
	 Section 4.13
	  	 Effect of Adjustment
	  	 	26	 
		
	 Article 5 Other Provisions Relating to Rights of Global Warrant Holder
	  	 	26	 
	 Section 5.01
	  	 No Rights as Stockholders
	  	 	26	 
	 Section 5.02
	  	 Mutilated or Missing Warrant Certificates
	  	 	26	 
	 Section 5.03
	  	 No Impairment
	  	 	27	 
	 Section 5.04
	  	 Modification, Waiver and Meetings
	  	 	27	 
	 Section 5.05
	  	 Notices of Record Date, etc.
	  	 	28	 
		
	 Article 6 Concerning the Warrant Agent and Other Matters
	  	 	29	 
	 Section 6.01
	  	 Payment of Certain Taxes
	  	 	29	 

  
 i 

							
	 Section 6.02
	  	 Certain Tax Filings
	  	 	29	 
	 Section 6.03
	  	 Change of Warrant Agent
	  	 	30	 
	 Section 6.04
	  	 Compensation; Further Assurances
	  	 	31	 
	 Section 6.05
	  	 Reliance on Counsel
	  	 	31	 
	 Section 6.06
	  	 Proof of Actions Taken
	  	 	32	 
	 Section 6.07
	  	 Correctness of Statements
	  	 	32	 
	 Section 6.08
	  	 Validity of Agreement
	  	 	32	 
	 Section 6.09
	  	 Use of Agents
	  	 	32	 
	 Section 6.10
	  	 Liability of Warrant Agent
	  	 	33	 
	 Section 6.11
	  	 Legal Proceedings
	  	 	33	 
	 Section 6.12
	  	 Actions as Agent
	  	 	34	 
	 Section 6.13
	  	 Appointment and Acceptance of Agency
	  	 	34	 
	 Section 6.14
	  	 Successors and Assigns
	  	 	34	 
	 Section 6.15
	  	 Notices
	  	 	34	 
	 Section 6.16
	  	 Applicable Law; Jurisdiction
	  	 	35	 
	 Section 6.17
	  	 Waiver of Jury Trial
	  	 	36	 
	 Section 6.18
	  	 Benefit of this Warrant Agreement
	  	 	36	 
	 Section 6.19
	  	 Registered Global Warrant Holder
	  	 	36	 
	 Section 6.20
	  	 Headings
	  	 	36	 
	 Section 6.21
	  	 Counterparts
	  	 	36	 
	 Section 6.22
	  	 Entire Agreement
	  	 	37	 
	 Section 6.23
	  	 Severability
	  	 	37	 
	 Section 6.24
	  	 Damages
	  	 	37	 
	 Section 6.25
	  	 Survival
	  	 	37	 
	 Section 6.26
	  	 Confidential Information
	  	 	37	 
	 Section 6.27
	  	 Force Majeure
	  	 	37	 

  

			
	 SCHEDULE A
	  	 SCHEDULE OF INCREASES OR DECREASES IN WARRANTS

		
	 EXHIBIT A
	  	 FORM OF GLOBAL WARRANT CERTIFICATE

		
	 EXHIBIT B
	  	 FORM OF EXERCISE NOTICE

		
	 EXHIBIT C
	  	 WARRANT AGENT FEE SCHEDULE

  
 ii 

 WARRANT AGREEMENT 

This Warrant Agreement (“Warrant Agreement”) dated as of February 28, 2017 is among Stone Energy Corporation, a Delaware
corporation (the “Company”), Computershare Inc., a Delaware corporation (“Computershare”), and its wholly owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (collectively, with
Computershare, the “Warrant Agent”). 
 WITNESSETH THAT: 

WHEREAS, pursuant to the terms and conditions of the Second Amended Joint Prepackaged Plan of Reorganization of the Company and its debtor
affiliates, dated December 28, 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 (as defined below), the holders of Common Stock (as defined below) to be cancelled on the date the Plan becomes effective (such parties, the “Initial Warrant
Holders”) are to be issued Warrants (as defined below) exercisable until the Expiration Date (as defined below), to purchase up to an aggregate of 3,529,412 shares of Common Stock at an exercise price of $42.04 per share, as the same may be
adjusted pursuant to Article 4 hereof (the “Exercise Price”); 
 WHEREAS, the Warrants and the underlying shares of
Common Stock are being issued in an offering in reliance on the exemption from the registration requirements of the Securities Act (as defined below) afforded by Section 1145 of the Bankruptcy Code, and of any applicable state securities or
“blue sky” laws; and 
 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 (as defined below), substitution and exercise of Warrants. 
 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. As used in this Warrant Agreement, the following terms shall have their
respective meanings set forth below: 
 “Appropriate Officer” means the Chief Executive Officer, President, the Chief
Financial Officer, any Executive Vice President, any Senior Vice President or any Vice President, any Treasurer or Secretary of the Company. 

“Authentication Order” means a Company Order for authentication and delivery of Warrants. 

  
 1 

 “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, or is under common control with, such first specified Person. 

“Authorized Share Failure” has the meaning set forth in Section 4.08(c). 

“Bankruptcy Code” has the meaning set forth in the Recitals. 

“Beneficial Owner” means any Person beneficially owning an interest in a Global Warrant, which interest is credited to the
account of a direct participant in the Depository for the benefit of such Person through the book-entry system maintained by the Depository (or its agent)). For the avoidance of doubt, a Participant may also be a Beneficial Owner. 

“Board” means the board of directors of the Company or any committee of such board duly authorized to exercise the power of
such board with respect to the matters provided for in this Warrant Agreement as to which the board is authorized or required to act. 

“Business Day” means any day other than a Saturday or Sunday or other day on which the New York Stock Exchange or banking
institutions in the state of New York are authorized or obligated by law or executive order to close. 
 “Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of the Company and all warrants or options to acquire such capital stock. 

“Cash” means 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. 
 “Charter” means the certificate of incorporation of the Company, as amended. 

“Close of Business” means 5:00 p.m., New York City time. 

“Closing Date” means the effective date of the Plan. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

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

“Company Order” means a written order signed in the name of the Company by any two officers, at least one of whom must be
Chief Executive Officer, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller, and delivered to the Warrant Agent. 

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

“Confidential Fees” has the meaning set forth in Section 6.26. 

“Confidential Information” has the meaning set forth in Section 6.26. 

  
 2 

 “Convertible Securities” means options, rights, warrants or other securities
convertible into or exchangeable or exercisable for shares of Common Stock. 
 “Depository” means The Depository Trust
Company, its nominees, and their respective successors. 
 “Ex-Date” means with
respect to an issuance or distribution, the first date on which the Common Stock can be traded without the right to receive an issuance or distribution. 

“Exempt Transaction” shall mean a merger, reorganization or consolidation that results in the voting securities of the
Company outstanding immediately prior thereto continuing to represent immediately following such merger, reorganization or consolidation (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation (or the ultimate parent company of the Company or such surviving entity). 

“Excepted Combination” means a Fundamental Equity Change where (i) the acquirer is a true third party and not an
Affiliate of the Company or any of its or its Affiliates’ officers, directors, employees or stockholders and (ii) all of the equity held by equity holders of the Company (other than existing management) is extinguished or replaced by
equity in a different Person (other than a Fundamental Equity Change in which the equity interests in the Company are replaced in a merger or other corporate combination with equity in the surviving Person that represents more than 50% of the total
equity in the surviving Person). 
 “Exercise Date” has the meaning set forth in Section 3.02(b). 

“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 hereto. 
 “Exercise Price” has the meaning set forth in the
Recitals. 
 “Expiration Date” means, for any Warrant, the earlier of (i) February 28, 2021 and (ii) the
date of consummation of (A) any Qualified Asset Sale, (B) the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related
transactions to any Person that is not a Qualified Asset Buyer or (C) any Excepted Combination. 
 “Fair Value” means
the price per share of the Common Stock as of a specified date or the fair market value of distributed property as of a specified date, per share, determined as follows: 

(i)    if the shares of Common Stock or other security are listed on the New York Stock Exchange, the
closing sale price per share of Common Stock or other security (or if no closing sale price is reported, the last reported sale price) on such date on the New York Stock Exchange; 

(ii)    if the shares of Common Stock or other security are not listed on the New York Stock Exchange, the
closing sale price per share of Common Stock or other security 

  
 3 

 
(or if no closing sale price is reported, the last reported sale price) on such date in composite trading for the principal U.S. national or regional securities exchange on which the shares of
Common Stock or other security are then listed; 
 (iii)    if the shares of Common Stock or other
security are not listed on a U.S. national or regional securities exchange, the last quoted bid price per share of Common Stock or other security in the over-the-counter
market on the relevant date as reported by Pink OTC Markets Inc. or a similar organization; or 

(iv)    if the shares of Common Stock or other security are not listed on a U.S. national or regional
securities exchange or quoted as described in clause (iii) above or in the case of other distributed property, the price per share of the Common Stock as of a specified date or the fair market value of distributed property as of a specified
date, per share, as applicable, on the relevant date as determined in good faith by the Board and, if the Board elects to engage the same, upon the advice of an independent appraiser selected by the Board. 

“Full Physical Settlement” means the settlement method pursuant to which an exercising Beneficial Owner shall be entitled to
receive from the Company, for each Warrant exercised, a number of shares of Common Stock equal to the Full Physical Share Amount in exchange for payment by the Beneficial Owner of the Exercise Price. 

“Full Physical Share Amount” has the meaning set forth in Section 3.03(b). 

“Fundamental Equity Change” has the meaning set forth in Section 4.06(a). 

“Funds” has the meaning set forth in Section 3.02(d). 

“Funds Account” has the meaning set forth in Section 3.02(d). 

“Global Warrant” means a Warrant in the form of a Global Warrant Certificate. 

“Global Warrant Certificate” means any certificate representing the Warrants satisfying the requirements set forth in
Section 2.04. 
 “Global Warrant Holder” means Cede & Co. or such other entity
designated by the Depository. 
 “Initial Warrant Holders” has the meaning set forth in the Recitals. 

“Management Stock Option Plan” has the meaning set forth in the Plan. 

“Net Share Amount” has the meaning set forth in Section 3.03(c). 

“Net Share Settlement” means the settlement method pursuant to which an exercising Beneficial Owner 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. 

  
 4 

 “Non-Public Information” has the meaning
set forth in Section 6.26. 
 “Non-Qualified Asset Sale”
has the meaning set forth in Section 4.06(d). 
 “Number of Warrants” means the “Number of Warrants”
specified on the face of the Global Warrant Certificate, subject to adjustment pursuant to Article 4. 
 “Offer Expiration
Date” has the meaning set forth in Section 4.01(c). 
 “Officer’s Certificate” means a certificate
signed by any two officers of the Company, at least one of whom must be its Chief Executive Officer, its Chief Financial Officer, its Treasurer, an Assistant Treasurer, or its Controller. 

“Open of Business” means 9:00 a.m., New York City time. 

“Participant” means any direct participant of the Depository, the account of which is credited with a beneficial interest in
the Global Warrant for the benefit of a Beneficial Owner through the book-entry system maintained by the Depository (or its agent). 

“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. 
 “Plan” has
the meaning set forth in the Recitals. 
 “Qualified Asset Buyer” means any Person (i) who is not a true third party
or is an Affiliate of the Company or any of its or its Affiliates’ officers, directors, employees or stockholders or (ii) a majority of which Person’s total outstanding equity upon consummation of a Qualified Asset Sale shall be held
by Persons who are equityholders in the Company immediately prior to the consummation of such Qualified Asset Sale. 
 “Qualified
Asset Sale” has the meaning set forth in Section 4.06(c). 
 “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 or by statute, contract or
otherwise). 
 “Redemption Price” has the meaning set forth in Section 4.06(d). 

“Reference Property” has the meaning set forth in Section 4.07(a). 

“Reorganization Event” has the meaning set forth in Section 4.07(a). 

“SEC” means the United States Securities and Exchange Commission. 

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

  
 5 

 “Settlement Date” means, in respect of a Warrant that is exercised hereunder,
the third Business Day immediately following the Exercise Date for such Warrant. 
 “Subsidiary” means, as to any Person,
any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or other interests having by their terms voting power to elect a majority of the
Board or others performing similar functions with respect to such corporation or other organization is directly or indirectly beneficially owned or controlled by such party or by any one or more of its subsidiaries, or by such party and one or more
of its subsidiaries. 
 “Transfer” means, with respect to any Warrant, to directly or indirectly (whether by act, omission
or operation of law), sell, exchange, transfer, hypothecate, negotiate, gift, convey in trust, pledge, assign, encumber, or otherwise dispose of, or by adjudication of a Person as bankrupt, by assignment for the benefit of creditors, by attachment,
levy or other seizure by any creditor (whether or not pursuant to judicial process), or by passage or distribution of Warrants under judicial order or legal process, carry out or permit the transfer or other disposition of, all or any portion of
such Warrant. 
 “Transferee” means a Person to whom any Warrant (or interest in the Global Warrant) is Transferred. 

“Trigger Event” has the meaning set forth in Section 4.03(a). 

“Unit of Reference Property” has the meaning set forth in Section 4.07(a). 

“Warrant” means a warrant of the Company exercisable for one share of Common Stock as provided herein, and issued pursuant to
this Warrant Agreement with the terms, conditions and rights set forth in this Warrant Agreement. 
 “Warrant Agent” has
the meaning set forth in the preamble. 
 “Warrant Agreement” has the meaning set forth in the preamble. 

“Warrant Register” has the meaning set forth in Section 2.03(a). 

Article 2 
 Issuance,
Execution and Transfer of Warrants 
 Section 2.01    Issuance of Warrants. 

(a)    On the Closing Date, the Company shall initially issue and execute the Global Warrant (in accordance with
Section 2.02) evidencing an initial aggregate Number of Warrants equal to 3,529,412 (such Number of Warrants to be subject to adjustment from time to time as described herein) in accordance with the terms of this Warrant
Agreement and the Plan and deliver such Global Warrant to the Warrant Agent, for authentication, along with a duly executed Authentication Order. The Warrant Agent shall then Transfer such Global Warrant to the Global Warrant Holder for crediting to
the accounts of the applicable Participants for the 

  
 6 

 
benefit of the applicable Initial Warrant Holders pursuant to the procedures of the Depository and in accordance with the Plan on or after the Closing Date. The Global Warrant shall evidence one
or more Warrants. Each Warrant evidenced thereby shall be exercisable (upon payment of the Exercise Price (in the case of a Full Physical Settlement) or pursuant to Net Share Settlement and compliance with the procedures set forth in this Warrant
Agreement) for one share of Common Stock. 
 (b)    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. Each Warrant shall be, and shall remain,
subject to the provisions of this Warrant Agreement until such time as all of the Warrants evidenced thereby shall have been duly exercised or shall have expired or been canceled in accordance with the terms hereof. The Global Warrant Holder shall
be bound by all of the terms and provisions of this Warrant Agreement as fully and effectively as if the Global Warrant Holder had signed the same. 

(c)    Any Warrant that is forfeited by a Beneficial Owner, cancelled as a result of being unclaimed in accordance with
Section E of Article VII of the Plan, or repurchased by the Company shall be deemed to be no longer outstanding for all purposes of this Warrant Agreement. 

Section 2.02    Execution and Authentication of Warrants. 

(a)    The Global Warrant Certificate shall be executed on behalf of the Company by the Chief Executive Officer, any
Executive Vice President, any Senior Vice President or any Vice President of the Company and attested by its Secretary or any one of its Assistant Secretaries. The signature of any of these officers on the Global Warrant Certificate may be manual or
in the form of a facsimile or other electronically transmitted signature (including, without limitation, electronic transmission in portable document format (.pdf)). 

(b)    A Global Warrant Certificate bearing the manual or facsimile signatures of individuals, each of whom was, at the
time he or she signed the Global Warrant Certificate or his or her facsimile signature was affixed to the Global Warrant Certificate, 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 Global Warrant by the Warrant Agent or did not hold such offices at the date of such Global Warrant. 

(c)    The Global Warrant shall not be entitled to any benefit under this Warrant Agreement or be valid or obligatory for
any purpose unless there appears on the Global Warrant Certificate a certificate of authentication substantially in the form provided for herein executed by the Warrant Agent, and such signature upon the Global Warrant Certificate shall be
conclusive evidence, and the only evidence, that such Global Warrant has been duly authenticated and delivered hereunder. The Global Warrant shall not be entitled to any benefit under this Warrant Agreement or be valid or obligatory for any purpose
unless there appears on such Warrant the countersignature of the Global Warrant Holder. The signature of the Warrant Agent on the Global Warrant Certificate may be in the form of a facsimile or other electronically transmitted signature (including,
without limitation, electronic transmission in portable document format (.pdf)). 

  
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 Section 2.03    Registration, Transfer, Exchange and
Substitution. 
 (a)    The Warrant Agent shall, upon receipt of such Global Warrant and Authentication Order,
authenticate the Global Warrant in accordance with Section 2.02 and register such Global Warrant in the Warrant Register. The Global Warrant shall be dated as of the Closing Date and, subject to the terms hereof, shall
evidence the only Warrants issued or outstanding under this Warrant Agreement. The Global Warrant shall be deposited with the Warrant Agent as custodian for the Depository. 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 the Company shall provide for the registration of the Global Warrant and Transfers, exchanges or substitutions of the Global Warrant as provided herein.
Any Global Warrant issued upon any registration of Transfer or exchange of or substitution for the Global Warrant shall be a valid obligation of the Company, evidencing the same obligations, and entitled to the same benefits under this Warrant
Agreement, as the Global Warrant surrendered for such registration of Transfer, exchange or substitution. 

(b)    Transfers of a Global Warrant shall be limited to Transfers in whole, and not in part, to the Company, the
Depository, their successors, and their respective nominees. A Global Warrant may be Transferred to such parties upon the delivery of a written instruction of Transfer in form reasonably satisfactory to the Warrant Agent and the Company, duly
executed by the Global Warrant Holder or by such Global Warrant Holder’s attorney, duly authorized in writing. No such Transfer shall be effected until, and the Transferee shall succeed to the rights of the Global Warrant Holder 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 the Global Warrant by the Global Warrant Holder 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 such Global Warrant is registered as the owner thereof for all purposes, notwithstanding any notice to the contrary. To permit a registration of a Transfer of a Global
Warrant, the Company shall execute the Global Warrant Certificate at the Warrant Agent’s request and the Warrant Agent shall authenticate such Global Warrant Certificate. The Global Warrant Certificate shall be deposited on or after the date
hereof with the Warrant Agent. No service charge shall be made for any such registration of Transfer. A party requesting transfer of the Global Warrant must provide any evidence of authority that may be required by the Warrant Agent, including but
not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, Inc. 

(c)    Interests of Beneficial Owners in a Global Warrant registered in the name of the Depository or its nominee shall
only be Transferred in accordance with the procedures of the Depository, the applicable Participant and applicable Law. 

(d)    So long as any Global Warrant is registered in the name of the Depository or its nominee, the Beneficial Owners
shall have no rights under this Warrant Agreement with respect to such Global Warrant held on their behalf by the Depository, and the Depository may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant

  
 8 

 
Agent as the absolute owner of such Global Warrant for all purposes. Accordingly, any such Beneficial Owner’s 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 Depository or its nominee or the applicable Participant, and neither the Company nor the Warrant Agent shall have any responsibility or liability with respect to such records
maintained by the Depository or its nominee or the applicable Participant. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written
certification, proxy or other authorization furnished by the Depository or impair the operation of customary practices of the Depository or Participants governing the exercise of the rights of a Beneficial Owner. 

Section 2.04    Form of Global Warrant Certificate. The Global Warrant Certificate shall be in substantially
the form set forth in Exhibit A hereto 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 2.05    Cancellation of Global Warrant Certificate. The Global Warrant Certificate shall be promptly
cancelled by the Warrant Agent upon the earlier of (i) the Expiration Date, (ii) the replacement of the Global Warrant Certificate as described in Section 5.02, or (iii) registration of Transfer or exercise
of all Warrants represented thereby and, except as provided in this Article 2 in case of a Transfer or Section 5.02 in case the Global Warrant Certificate is mutilated, defaced, lost, destroyed or stolen, no Global
Warrant Certificate shall be issued hereunder in lieu thereof. 
 Section 2.06    Restrictions on Transfer.
Notwithstanding any other provision of this Warrant Agreement, the Warrants are being offered and sold, and the shares of Common Stock issuable upon exercise thereof are being offered and sold, pursuant to an exemption from the registration
requirement of Section 5 of the Securities Act provided by Section 1145 of the Bankruptcy Code, and to the extent that any Beneficial Owner is an “underwriter” as defined in Section 1145(b)(1) of the Bankruptcy Code, such
Beneficial Owner 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. Notwithstanding anything contained in this Warrant
Agreement (but without limiting or modifying any express obligation of the Warrant Agent hereunder), the Warrant Agent shall not be under any duty or responsibility to ensure compliance by the Company, the Global Warrant Holder, any Beneficial Owner
or any other Person with any applicable federal or state securities or bankruptcy Laws. By accepting a Transfer of a Warrant, (i) the applicable Participant agrees to inform the Beneficial Owner of the limitations on Transfer set forth in this
Section 2.06, and shall instruct and direct such Beneficial Owner to conform to the restrictions set forth herein and shall maintain any applicable legends in its books and records and (ii) the Beneficial Owner
acknowledges the foregoing. 

  
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 Article 3 

Exercise and Settlement of Warrants 

Section 3.01    Exercise of Warrants. At any time prior to Close of Business on the Expiration Date, each
Warrant (which may include fractional Warrants) may be exercised in accordance with this Article 3. Any Warrants not exercised prior to such time shall expire unexercised and all rights thereunder and all rights in respect thereof under this
Warrant Agreement shall cease as of the Close of Business on the Expiration Date. 
 Section 3.02    Procedure
for Exercise. 
 (a)    To exercise each Warrant, a Beneficial Owner must arrange for (i) the delivery of the
Exercise Notice properly completed and duly executed by its applicable Participant to the office of the Warrant Agent designated for such purpose and the Company, (ii) if Full Physical Settlement is elected, payment to the Warrant Agent in an
amount equal to the respective Exercise Price for each Warrant to be exercised together with all applicable taxes and charges thereto, (iii) delivery of each Warrant to be exercised through the facilities of the Depository and
(iv) compliance with all other procedures established by the Depository, the applicable Participant and the Warrant Agent for the exercise of Warrants. 

(b)    The date on which all requirements for exercise set forth in this Section 3.02 in respect
of a Warrant are satisfied is the “Exercise Date” for such Warrant. 
 (c)    Subject to Section
3.02(f), any exercise of a Warrant pursuant to the terms of this Warrant Agreement shall be irrevocable and enforceable in accordance with its terms. 

(d)    All funds received by the Warrant Agent under this Warrant Agreement that are to be distributed or applied by the
Warrant Agent in the performance of services in accordance with this Warrant Agreement (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by
Computershare in its name as agent for the Company (the “Funds Account”). Until paid pursuant to the terms of this Warrant Agreement, Computershare 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. Computershare 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. Computershare 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 Beneficial Owner or any other party. 
 (e)    The Company shall assist and
cooperate with any Beneficial Owner 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 such approval. 

  
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 (f)    Notwithstanding any other provision of this Warrant Agreement, if the
exercise of a Warrant is to be made in connection with a registered public offering, a Fundamental Equity Change, any Qualified Asset Sale, the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the
Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a Qualified Asset Buyer, any Excepted Combination or any other transaction or event, such exercise may, at the election of the Beneficial
Owner, be conditioned upon consummation of such transaction or event in which case such exercise shall not be deemed effective until the consummation of such transaction or event. 

(g)    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. 
 (h)    The Company hereby instructs the
Warrant Agent to record tax basis for newly issued shares of Common Stock as follows: the tax basis of each newly issued share of Common Stock equals the tax basis of the exercised Warrant plus the applicable Exercise Price. The Company shall
provide to the Warrant Agent a completed Internal Revenue Service Form 8937 no later than 90 days after the Closing Date.1 

(i)    Payment of the Exercise Price by or on behalf of a Beneficial Owner upon exercise of Warrants, in the case of Full
Physical Settlement, shall be 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. The Warrant Agent shall provide an exercising
Beneficial Owner, upon request, with the appropriate payment instructions. 
 Section 3.03    Settlement of
Warrants. 
 (a)    Full Physical Settlement shall apply to each Warrant unless the Beneficial Owner elects Net Share
Settlement to apply upon exercise of such Warrant. Such election shall be made in the Exercise Notice for such Warrant. 

(b)    If Full Physical Settlement is applicable with respect to the exercise of a Warrant, then, for each Warrant
exercised by a Beneficial Owner, on the Settlement Date for such Warrant, the Company shall cause to be delivered to the Beneficial Owner one share of Common Stock (the “Full Physical Share Amount”), together with Cash in respect of
any fractional Warrant as provided in Section 3.05. 
 (c)    If Net Share Settlement is
applicable with respect to the exercise of a Warrant, then, for each Warrant exercised by a Beneficial Owner, on the Settlement Date for such Warrant, the Company shall cause to be delivered to the Beneficial Owner a number of 

 
  

	1 	 NTD: Parties to discuss method of obtaining tax basis information with respect to Warrants.

  
 11 

 
shares of Common Stock (which in no event will be less than zero) (the “Net Share Amount”) equal to (i) the Fair Value as of the relevant Exercise Date, minus the Exercise
Price (determined as of such Exercise Date), divided by (ii) such Fair Value, together with Cash in respect of any fractional shares of Common Stock or fractional Warrants as provided in Section 3.05. 

(d)    In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the shares
of Common Stock to be delivered to a Beneficial Owner, the Company shall promptly issue to the applicable Beneficial Owner the number of shares of Common Stock that are not disputed. 

Section 3.04    Delivery of Common Stock. 

(a)    In connection with the delivery of shares of Common Stock to a Beneficial Owner pursuant to Section 3.03(b)
or Section 3.03(c), as the case may be, the Warrant Agent shall: 
 (1)    promptly deposit in the
Funds Account all Funds received in payment of the applicable Exercise Price in connection with Full Physical Settlement of Warrants; 

(2)    provided that the Company has delivered sufficient cash to the Warrant Agent pursuant to Section
3.08(b), on the Settlement Date deliver Cash to such Beneficial Owner in respect of any fractional shares of Common Stock or fractional Warrants, as provided in Section 3.05; 

(3)    promptly cancel and destroy the applicable Global Warrant Certificate if all Warrants represented
thereby have been exercised in full and deliver a certificate of destruction to the Company, unless the Company shall otherwise direct in writing; and 

(4)    if all Warrants represented by a Global Warrant Certificate shall not have been exercised in full,
note and authenticate such decrease in the Number of Warrants on Schedule A of such Global Warrant Certificate. 

(b)    With respect to each properly exercised Warrant in accordance with this Warrant Agreement, the Company shall cause
its transfer agent to issue, in book-entry form at the transfer agent or through the Depository, the shares of Common Stock due in connection with such exercise for the benefit and in the name of the Person designated by the Beneficial Owner
submitting the applicable Exercise Notice. The Person on whose behalf and in whose name any shares of Common Stock are registered shall for all purposes be deemed to have become the holder of record of such shares of Common Stock as of the Close of
Business on the applicable Exercise Date. 
 (c)    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 Exercise Date or, in the case of a Warrant subject to Full Physical Settlement only, the date of payment by the Beneficial Owner of the Exercise Price in
accordance with Section 3.03(b), if later. The Company shall not close its books against the Transfer of a Warrant or any share of Common Stock issued or issuable upon the exercise of a Warrant in any manner which interferes with the timely
exercise of a Warrant. 

  
 12 

 (d)    Promptly after the Warrant Agent shall have taken the action required
by this Section 3.04 (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 (including, without
limitation, with respect to any Exercise Price paid to the Warrant Agent). The Company shall reimburse the Warrant Agent for any amounts paid by the Warrant Agent in respect of a fractional share of Common Stock or fractional Warrant upon such
exercise in accordance with Section 3.05 hereof. 
 (e)    All shares of Common Stock issuable
upon exercise of a Warrant will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer, other than restrictions on transfer under the Charter or any agreement between a Beneficial Owner and the Company
and under applicable state and federal securities laws, and will be free from 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). The
Company shall take all such actions as may be necessary to ensure that all such shares of Common Stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic stock exchange upon which
shares of Common Stock may be listed (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance). 

Section 3.05    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 Warrant or of a share of Common Stock upon exercise of any Warrants. 
 (b)    If any fraction of a
Warrant shall be exercised hereunder, the Company shall pay the relevant Beneficial Owner Cash in lieu of the corresponding fraction of a share of Common Stock valued at the Fair Value on the Exercise Date in excess of the corresponding fraction of
the Exercise Price. However, if more than one Warrant shall be exercised hereunder at one time by the Warrant Holder, the number of full shares that shall be issuable upon exercise thereof shall be computed on the basis of all Warrants (including
any fractional Warrants) so exercised. If any fraction of a share of Common Stock would, except for the provisions of this Section 3.05, be issuable on the exercise of any Warrant or Warrants (including any fractional
Warrants), the Company shall pay Cash in lieu of such fractional shares valued at the Fair Value on the Exercise Date. 

(c)    Each Beneficial Owner, by its acceptance of an interest in a Warrant, expressly waives its right to receive any
fraction of a share of Common Stock or a stock certificate representing a fraction of a share of Common Stock upon its exercise of such Warrant. 

  
 13 

 Section 3.06    Obligations of the Warrant Agent. The Warrant
Agent shall: 
 (a)    examine all Exercise Notices and all other documents delivered to it by or on behalf of a
Beneficial Owner to ascertain whether, on their face, such Exercise Notices and any such other documents have been executed and completed in accordance with their terms; 

(b)    where an Exercise Notice or other document appears on its face to have been improperly completed or executed or
some other irregularity in connection with the exercise of the Warrant exists, the Warrant Agent shall endeavor to inform the appropriate parties (including the Person submitting such instrument) of the need for fulfillment of all requirements,
specifying those requirements which appear to be unfulfilled; 
 (c)    inform the Company of and cooperate with and
assist the Company in resolving any reconciliation problems between the Exercise Notices received and delivery of Warrants to the Warrant Agent’s account; 

(d)    advise the Company with respect to an exercise, as promptly as practicable following the satisfaction of each of
the applicable procedures for exercise set forth in Section 3.02(a), of (i) the receipt of such Exercise Notice and the number of Warrants exercised in accordance with the terms and conditions of this Warrant Agreement, (ii) the
instructions with respect to issuance of the shares of Common Stock, subject to the timely receipt from the Depository of the necessary information, (iii) 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 shares of Common Stock upon exercise of the Warrants and (iv) such other information as the Company shall reasonably require; and 

(e)    provide to the Company, upon the Company’s request, the number of Warrants previously exercised, the number of
shares of Common Stock issued in connection with such exercises and the number of remaining Warrants. 

Section 3.07    Validity of Exercise. All questions as to the validity, form and sufficiency (including time
of receipt) of a Warrant exercise shall be determined by the Company, which determination shall be final and binding with respect to the Warrant Agent. The Warrant Agent shall incur no liability for or in respect of and, except to the extent such
liability arises from the Warrant Agent’s gross negligence, willful misconduct or bad faith (each as determined in a final non-appealable judgment by a court of competent jurisdiction), shall be
indemnified and held harmless by the Company for acting or refraining from acting upon, or as a result of such determination by the Company. The Company reserves the absolute right to waive any of the conditions to the exercise of Warrants or
defects in Exercise Notices with regard to any particular exercise of Warrants. 
 Section 3.08    Direction of
Warrant Agent. 
 (a)    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. In connection therewith, the Company shall provide prompt written notice to the Warrant
Agent of the amount of Cash and the number of shares of Common Stock payable or deliverable, as the case may be, upon exercise and settlement of the Warrants, including, without limitation, the Net Share Amount or the Full Physical Share Amount, as
applicable. 

  
 14 

 (b)    Any Cash to be paid, or shares of Common Stock to be delivered, to a
Beneficial Owner shall be delivered to the Warrant Agent by the Company (or, in the case of Common Stock, by the transfer agent) no later than the Business Day immediately preceding the date such consideration is required to be delivered to such
Beneficial Owner. 
 (c)    The Warrant Agent shall have no liability for any failure or delay in performing its duties
hereunder caused by any failure or delay of the Company in providing such calculations or items to the Warrant Agent. The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common
Stock or Units of Reference Property that may at any time be issued or delivered upon the exercise of any Warrant, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible, to the extent not arising from the
Warrant Agent’s gross negligence, willful misconduct or bad faith (each as determined in a final non-appealable judgment by a court of competent jurisdiction), for any failure of the Company to make any
Cash payment or to issue, transfer or deliver any shares of Common Stock or stock certificates or Units of Reference Property, or to comply with any of the covenants of the Company contained in this Article 3. 

Article 4 

Adjustments 

Section 4.01    Adjustments to Exercise Price. After the date on which the Warrants are first issued and while
any Warrants remain outstanding and unexpired, the 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 Common Stock as a dividend or distribution to all holders of Common Stock, or a subdivision,
combination, split, reverse split or reclassification of the outstanding shares of Common Stock into a greater or smaller number of shares, in which event the Exercise Price shall be adjusted based on the following formula: 

 

					
	 E1 = E0 ×
	 	N0	 	
	 	  
 N1
	 	

 where: 
  

					
	E1	 	=	  	the Exercise Price in effect immediately after (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse
split or reclassification;
			
	E0	 	=	  	the Exercise Price in effect immediately prior to (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split,
reverse split or reclassification;

  
 15 

					
	N0	 	=	  	the number of shares of Common Stock outstanding immediately prior to (i) the Open of Business on the Record Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision,
combination, split, reverse split or reclassification; and
			
	N1	 	=	  	the number of shares of Common Stock equal to (i) in the case of a dividend or distribution, the sum of the number of shares outstanding immediately prior to the Open of Business on the Record Date for such dividend or distribution
plus the total number of shares issued pursuant to such dividend or distribution or (ii) in the case of a subdivision, combination, split, reverse split or reclassification, the number of shares outstanding immediately after such subdivision,
combination, split, reverse split or reclassification.

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

(b)    The issuance as a dividend or distribution to all holders of Common Stock of evidences of indebtedness, shares of
capital stock or other securities (other than Common Stock), Cash or other property (excluding any dividend or distribution covered by Section 4.01(a)), in which event the Exercise Price will be adjusted based on the following formula: 

 

					
	 E1 = E0 ×
	 	P - FMV	 	
	 	  
 P
	 	

 where: 
  

					
	E1	 	=	  	the Exercise Price in effect immediately after the Open of Business on the Ex-Date for such dividend or distribution;
			
	E0	 	=	  	the Exercise Price in effect immediately prior to the Open of Business on the Ex-Date for such dividend or distribution;
			
	P	 	=	  	the Fair Value of a share of Common Stock immediately prior to the Open of Business on the second business day preceding the Ex-Date for such dividend or distribution; and
			
	FMV	 	=	  	the Fair Value of the portion of such dividend or distribution applicable to one share of Common Stock on the Open of Business on the date of such dividend or distribution.

  
 16 

 Such decrease 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 Exercise Price shall again be adjusted to be the Exercise Price
which would then be in effect if such distribution had not been declared or announced. 
 (c)    The payment in respect
of any tender offer or exchange offer by the Company for Common Stock, where the Cash and Fair Value of any other consideration included in the payment per share of the Common Stock exceeds the Fair Value of a share of Common Stock as of the Open of
Business on the second Business Day preceding the expiration date of the tender or exchange offer (the “Offer Expiration Date”), in which event the Exercise Price will be adjusted based on the following formula: 

 

					
	 E1 = E0 ×
	 	(N0 x P) - A	 	
	 	  
 (P x N1)
	 	

 where: 
  

					
	E1	 	=	  	the Exercise Price in effect immediately after the Close of Business on the Offer Expiration Date;
			
	E0	 	=	  	the Exercise Price in effect immediately prior to the Close of Business on the Offer Expiration Date;
			
	N0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the expiration of the tender or exchange offer (prior to giving effect to the purchase or exchange of shares);
			
	N1	 	=	  	the number of shares of Common Stock outstanding immediately after the expiration of the tender or exchange offer (after giving effect to the purchase or exchange of shares);
			
	A	 	=	  	the aggregate Cash and Fair Value of any other consideration payable for shares of Common Stock purchased in such tender offer or exchange offer; and
			
	P	 	=	  	the Fair Value of a share of Common Stock as of the Open of Business on the second Business Day preceding the Offer Expiration Date.

 An adjustment, if any, to the Exercise Price pursuant to this clause (c) shall become effective immediately after the
Close of Business on the Offer Expiration Date. 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 any such purchases, or all such 

  
 17 

 
purchases are rescinded, then the Exercise Price shall again be adjusted to be the Exercise Price that would then be in effect if such tender offer or exchange offer had not been made. Except as
set forth in the preceding sentence, if the application of this clause (c) to any tender offer or exchange offer would result in an increase in the Exercise Price, no adjustment shall be made for such tender offer or exchange offer under this
clause (c). 
 (d)    If any single action would require adjustment of the Exercise Price pursuant to more than one
subsection of this Section 4.01, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest, relative to the rights and interests of the registered holders of the Warrants
then outstanding, absolute value. For the purpose of calculations pursuant to Section 4.01, the number of shares of Common Stock outstanding shall be equal to the sum of (i) the number of shares of Common Stock issued
and outstanding and (ii) the number of shares of Common Stock issuable pursuant to the conversion or exercise of Convertible Securities that are outstanding, in each case on the applicable date of determination. 

(e)    The Company may from time to time, to the extent permitted by law, decrease the Exercise Price and/or increase the
Number of Warrants for the Global Warrant Certificate by any amount for any period of at least twenty days. In that case, the Company shall give the Global Warrant Holder and the Warrant Agent at least ten days’ prior written notice of such
increase or decrease, and such notice shall state the decreased Exercise Price and/or increased Number of Warrants for the Global Warrant Certificate and the period during which the decrease and/or increase will be in effect. The Company may make
such decreases in the Exercise Price and/or increases in the Number of Warrants for the Global Warrant Certificate, in addition to those set forth in this Article 4, as the Board 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. 

(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 Warrant has been exercised on or after such Ex-Date and on or prior to the related
Record Date resulting in the Person issued shares of Common Stock being treated as the record holder of the Common Stock on or prior to the Record Date, then, notwithstanding the Exercise Price adjustment provisions in this
Section 4.01, the Exercise Price adjustment relating to such Ex-Date will not be made with respect to such Warrant. Instead, such Person will be treated as if it were the record owner
of shares of Common Stock on an un-adjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

Section 4.02    Adjustments to Number of Warrants. Concurrently with any adjustment to the Exercise Price
under Section 4.01, the Number of Warrants for the Global Warrant Certificate will be adjusted such that the Number of Warrants for the Global Warrant Certificate in effect immediately following the effectiveness of such
adjustment will be equal to the Number of Warrants for the Global Warrant Certificate in effect immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exercise Price in effect immediately prior to such
adjustment and (ii) the denominator of which is the Exercise Price in effect immediately following such adjustment. 

  
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 Section 4.03    Certain Distributions of Rights and Warrants.

 (a)    Rights or warrants distributed by the Company to all holders of Common Stock entitling the holders thereof to
subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (a “Trigger Event”): 

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

(2)    are not exercisable; and 

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

shall be deemed not to have been distributed for purposes of Article 4 (and no adjustment to the Exercise Price or the Number of Warrants under this
Article 4 will be made) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Exercise Price and the Number of
Warrants shall be made under this Article 4 (subject in all respects to Section 4.04). 

(b)    If any such right or warrant is subject to events, upon the occurrence of which such rights or warrants become
exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new rights or warrants
with such rights (subject in all respects to Section 4.04). 
 (c)    In addition, except as
set forth in Section 4.04, in the event of any distribution (or deemed distribution) of rights 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 Exercise Price and the Number of Warrants under Article 4 was made (including any adjustment contemplated in Section 4.04):

 (1)    in the case of any such rights or warrants that shall all have been redeemed or repurchased
without exercise by the holders thereof, the Exercise Price and the Number of Warrants shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a
distribution under Section 4.01(b), equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or warrants),
made to all holders of Common Stock as of the date of such redemption or repurchase; and 
 (2)    in the
case of such rights or warrants that shall have expired or been terminated without exercise by the holders thereof, the Exercise Price and the Number of Warrants shall be readjusted as if such rights and warrants had not been issued or distributed.

 Section 4.04    Stockholder Rights Plans. If the Company has a stockholder rights plan in effect with
respect to the Common Stock, upon exercise of a Warrant the applicable Beneficial Owner shall be entitled to receive, in addition to the share of Common Stock, the rights under 

  
 19 

 
such stockholder rights plan, unless, prior to such exercise, such rights have separated from the Common Stock, in which case the Exercise Price and the Number of Warrants shall be adjusted at
the time of separation as if the Company had made a distribution to all holders of Common Stock as described in the first paragraph of Section 4.01(b), subject to readjustment in the event of the expiration, termination or redemption of such
rights. 
 Section 4.05    Restrictions on Adjustments. 

(a)    Except in accordance with Section 4.01, the Exercise Price and the Number of Warrants will
not be adjusted for the issuance of shares of Common stock or other securities of the Company. 
 (b)    For the
avoidance of doubt, neither the Exercise Price nor the Number of Warrants will be adjusted: 

(1)    upon the issuance of any securities by the Company on or after the Closing Date pursuant to the Plan
or upon the issuance of shares of Common Stock upon the exercise of such securities; 
 (2)    upon the
issuance of any shares of Common Stock (or Convertible Securities) pursuant to the Management Stock Option Plan; 

(3)    upon any issuance of any shares of Common Stock (or Convertible Securities) pursuant to the exercise
of the Warrants; or 
 (4)    for a change in the par value of the Common Stock. 

(c)    No adjustment shall be made to the Exercise Price or the Number of Warrants for any of the transactions described
in Section 4.01 if the Company makes provisions for participation in any such transaction with respect to Warrants without exercise of such Warrants on the same basis as with respect to Common Stock with notice that the
Board determines in good faith to be fair and appropriate. 
 (d)    No adjustment shall be made to the Exercise Price,
nor will any corresponding adjustment be made to the Number of Warrants, unless the adjustment would result in a change of at least 1% of the Exercise Price; provided, however, that any adjustment of less than 1% that was not made by reason of this
Section 4.05(d) shall be carried forward and made as soon as such adjustment, together with any other adjustments not previously made by reason of this Section 4.05(d), would result in a change of at least 1% in the aggregate. All
calculations under this Article 4 shall be made to the nearest cent or to the nearest 1/100th of a share of Common Stock, as the case may be. 

(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
Exercise Price or the Number of Warrants then in effect shall be required by reason of the taking of such record. 

  
 20 

 Section 4.06    Successor upon Consolidation, Merger and Sale of
Assets; Mandatory Redemption. 
 (a)    Other than with respect to an Excepted Combination, the Company may only
consolidate or merge with any other Person (a “Fundamental Equity Change”), so long as the Company is the surviving Person, or, in the event that the Company is not the surviving Person: 

(1)    the successor to the Company assumes all of the Company’s obligations under this Warrant
Agreement and the Warrants in form and substance reasonably satisfactory to Warrant Holders representing a majority of the aggregate Number of Warrants at the time outstanding; and 

(2)    the successor to the Company provides written notice of such assumption to the Warrant Agent. 

(b)    In the case of any Fundamental Equity Change other than an Excepted Combination, the 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; provided, however, such successor entity shall provide the Warrant Agent with any such identifying corporate information as reasonably required
by the Warrant Agent. Such successor entity thereupon may cause to be signed, and may issue any or all of the Global Warrants 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 Global Warrants that
previously shall have been signed and delivered by the officers of the Company to the Warrant Agent for authentication, and any Global Warrants which such successor entity thereafter shall cause to be signed and delivered to the Warrant Agent for
such purpose. 
 (c)    In the event that the Company desires to sell, lease, convey or otherwise transfer in one
transaction or a series of related transactions all or substantially all of the consolidated assets of the Company and its Subsidiaries to any Qualified Asset Buyer (a “Qualified Asset Sale”), the Company may only consummate such
Qualified Asset Sale if such Qualified Asset Buyer agrees (i) to enter into a warrant agreement on terms and conditions substantially similar to this Warrant Agreement, and (ii) issue warrants for the equity in such Qualified Asset Buyer
to the Warrant Holders on terms and conditions substantially similar to the Warrants, in each case, in form and substance reasonably satisfactory to Warrant Holders representing a majority of the aggregate Number of Warrants at the time outstanding.

 (d)    In the event that the Company consummates an Excepted Combination or sells, conveys or otherwise transfers in
one transaction or a series of related transactions all or substantially all of the consolidated assets of the Company and its Subsidiaries to any Person that is not a Qualified Asset Buyer (a
“Non-Qualified Asset Sale”) on or prior to April 29, 2017 the Company shall mandatorily redeem all outstanding Warrants at a purchase price equal to 10% of the Black-Scholes valuation of
such Warrants (the “Redemption Price”), assuming (i) an expiration date equal to the date set forth in clause (i) of the definition of Expiration Date, (ii) a 

  
 21 

 
volatility of 40%, (iii) the assumed risk-free rate will equal the yield on the U.S. Treasury security with a maturity closest to the fourth anniversary of the Closing Date, as the yield on that
security exists as of the date of the consummation of the Excepted Combination or Non-Qualified Asset Sale, provided, however, that if the period from the redemption date to the fourth anniversary of the
Closing Date is not equal to the constant maturity of a U.S. Treasury security for which a weekly average yield is given, the risk-free rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of U.S. Treasury securities for which such yields are given and (iv) a stock price equal to the Fair Value of the Common Stock underlying such
Warrant, in each case as determined based on the thirty-day volume-weighted average price from the period beginning thirty-one calendar days before the announcement of
an Excepted Combination or Non-Qualified Asset Sale that is expected to be consummated on or prior to April 29, 2017 and ending one calendar day prior to such announcement, provided, however, that if the
announcement of an Expected Combination or Non-Qualified Asset Sale occurs less than thirty days from the Closing Date, then the volume-weighted average price shall be determined from the Closing Date to the
date prior to such announcement; provided further that any such mandatory redemption effected pursuant to this Section 4.06(d) shall only be effected if the price per share of Common Stock is less than the Exercise Price. Notwithstanding anything
herein to the contrary, (1) the obligation of the Company to pay the amounts due pursuant to this Section 4.06(d), if any, shall survive the termination of the Warrants and this Agreement and (2) the Company shall use commercially
reasonable efforts to effect the mandatory redemption on or promptly following the consummation of the Excepted Combination, and in any event within 30 days thereafter. 

Section 4.07    Adjustment upon Reorganization Event. 

(a)    If there occurs any Fundamental Equity Change (other than an Excepted Combination) or any recapitalization,
reorganization, consolidation, reclassification, change in the outstanding shares of Common Stock (other than changes resulting from a subdivision or combination to which Section 4.07(a). applies), statutory share exchange or other
transaction (each such event a “Reorganization Event”), in each case as a result of which the Common Stock would be converted into, changed into or exchanged for, stock, other securities, other property or assets (including Cash or
any combination thereof) (the “Reference Property”), then following the effective time of the Reorganization Event, the right to receive shares of Common Stock upon exercise of a Warrant shall be changed to a right to receive, upon
exercise of such Warrant, the kind and amount of shares of stock, other securities or other property or assets (including Cash or any combination thereof) that a holder of one share of Common Stock would have owned or been entitled to receive in
connection with such Reorganization Event (such kind and amount of Reference Property per share of Common Stock, a “Unit of Reference Property”). In the event holders of Common Stock have the opportunity to elect the form of
consideration to be received in a Reorganization Event, the type and amount of consideration into which the Warrants shall be exercisable from and after the effective time of such Reorganization Event shall be deemed to be the weighted average of
the types and amounts of consideration received by the holders of Common Stock in such Reorganization Event. The Company hereby agrees not to become a party to any Reorganization Event unless its terms are consistent with this
Section 4.07. 

  
 22 

 (b)    At any time from, and including, the effective time of a
Reorganization Event: 
 (1)    if Full Physical Settlement applies upon exercise of a Warrant, the Full
Physical Share Amount per Warrant shall be equal to a single Unit of Reference Property; 
 (2)    if Net
Share Settlement applies upon exercise of a Warrant, the Net Share Amount per Warrant shall be a number of Units of Reference Property in accordance with Section 3.03(c); 

(3)    the Company shall pay Cash in lieu of delivering any fraction of a Unit of Reference Property or any
fractional Warrant in accordance with Section 3.05 based on the Fair Value of the Unit of Reference Property as of the Exercise Date; and 

(4)    the Fair Value shall be calculated with respect to a Unit of Reference Property. 

(c)    On or prior to the effective time of any Reorganization Event (other than an Excepted Combination), the Company or
the successor or purchasing Person, as the case may be, shall execute an amendment to this Warrant Agreement providing that the Warrants shall be exercisable for Units of Reference Property in accordance with the terms of this
Section 4.07. If the Reference Property in connection with any Reorganization Event includes shares of stock or other securities and assets of a Person other than the successor or purchasing Person, as the case may be, in
such Reorganization Event, then the Company shall cause such amendment to this Warrant Agreement to be executed by such other Person and such amendment shall contain such additional provisions to protect the interests of the Global Warrant Holder
(for the benefit of the Beneficial Owners under this Warrant Agreement) as the Board and Warrant Holders representing a majority of the aggregate Number of Warrants at the time outstanding shall reasonably consider necessary by reason of the
foregoing. 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. In the event the Company shall execute an
amendment to this Warrant Agreement pursuant to this Section 4.07, the Company shall promptly file with the Warrant Agent an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of Cash,
securities or property or assets that will comprise a Unit of Reference Property after the relevant Reorganization Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with. The Company shall
cause notice of the execution of the amendment to be mailed to the Global Warrant Holder, at its address appearing on the Warrant Register, within 20 Business Days after execution thereof. 

(d)    The above provisions of this Section 4.07 shall similarly apply to successive
Reorganization Events. 
 (e)    If this Section 4.07 applies to any event or occurrence, no
other provision of this Article 4 shall apply to such event or occurrence (other than Section 4.06). 

  
 23 

 Section 4.08    Common Stock Outstanding; Shares Reserved for
Issuance on Exercise. 
 (a)    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 or any of its Subsidiaries. 

(b)    The Board has authorized and reserved for issuance such number of shares of Common Stock as will be issuable upon
the exercise of all outstanding Warrants for shares of Common Stock (assuming, for purposes of this covenant, that Full Physical Settlement applies to all Warrants exercised hereunder). 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. 

(c)    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 4.08 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 (an “Authorized Share Failure”). Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than 180 days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the
number of authorized shares of Common Stock. In connection with such meeting, the Company shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its Board to recommend
to the stockholders that they approve such proposal. The Company shall instruct the transfer agent to deliver to the Warrant Agent, upon written request from the Warrant Agent, 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 Global Warrant Holder, any Cash that may be payable as provided in this Article 4.
Promptly after the date of expiration of any Warrants, 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 4.09    Calculations. 

(a)    Subject to Section 4.09(b), the Company shall be responsible for making all calculations called for under
this Warrant Agreement, including the Exercise Date, the Fair Value, the Exercise Price, the Number of Warrants and the number of shares of Common Stock or Units of Reference Property, if any, to be issued upon exercise of any Warrants. The Company
shall make the foregoing calculations in good faith. Such calculations and determinations shall be final and binding on the Global Warrant Holder and all Beneficial Owners absent manifest error. 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. 

(b)    In the event the Board engages an independent appraiser to advise it with respect to the determination of Fair
Value, the Board shall be entitled to rely upon the determination of such independent appraiser. The Company shall pay the fees and expenses of such independent appraiser. The Global Warrant Holder shall be notified promptly of any
consideration other than Cash to be received or paid by the Company and furnished with a description of the consideration and the Fair Value thereof, as determined in accordance with the foregoing provisions. 

  
 24 

 Section 4.10    Notice of Adjustments. The Company shall mail, or
cause to be mailed, to the Global Warrant Holder and the Warrant Agent, in accordance with Section 6.15, a notice of any adjustment or readjustment to the Exercise Prices or the Number of Warrants no less than three
Business Days prior to the effective date of such adjustment or readjustment. The Company shall file with the Warrant Agent such notice and an Officer’s Certificate setting forth such adjustment or readjustment and kind and amount of
securities, Cash or other property for which a Warrant shall thereafter be exercisable and the applicable Exercise Price, showing in reasonable detail the facts upon which such adjustment or readjustment is based. The Officer’s Certificate
shall be conclusive evidence that the adjustment or readjustment is correct, and the Warrant Agent shall not be deemed to have any knowledge of any adjustments or readjustments unless and until it has received such Officer’s Certificate. The
Warrant Agent shall not be under any duty or responsibility with respect to any such Officer’s Certificate except to exhibit the same to the Global Warrant Holder. 

Section 4.11    Warrant Agent Not Responsible for Adjustments or Validity. The Warrant Agent shall at no time
be under any duty or responsibility to determine whether any facts exist that may require an adjustment or readjustment of the Exercise Price and the Number of Warrants, or with respect to the nature or extent of any such adjustment or readjustment
when made, or with respect to the method employed, herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall have no duty to verify or confirm any calculation called for hereunder. The Warrant Agent
shall have no liability for any failure or delay in performing its duties hereunder caused by any failure or delay of the Company in providing such calculations to the Warrant Agent. The Warrant Agent shall not be accountable with respect to the
validity or value (or the kind or amount) of any shares of Common Stock or of any securities or property which may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment or readjustment pursuant to this Article
4, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any Cash payment or to issue, transfer or deliver any shares of Common Stock or stock certificates or other
securities or property or scrip upon the surrender of any Warrant for the purpose of exercise or upon any adjustment pursuant to this Article 4, or to comply with any of the covenants of the Company contained in this Article 4. The
Warrant Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice of any fact or circumstance not specifically set forth herein or in any notice from the Company. The Warrant Agent may rely conclusively, and
shall be protected in acting, upon any notice, instruction, request, order, judgment, certification, opinion or advice of counsel, statement, demand or other instrument or document, not only as to its due execution, validity (including the authority
of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained therein, which the Warrant Agent shall believe to be genuine and to have been signed or presented by the person or
parties purporting to sign the same. 
 Section 4.12    Statements on Warrants. Other than notation of any
applicable increase or decrease in the Number of Warrants on Schedule A of the Global Warrant Certificate, the form of 

  
 25 

 
the Global Warrant Certificate need not be changed because of any adjustment or readjustment made pursuant to this Article 4, and the Global Warrant Certificate issued after such
adjustment or readjustment may state the same information (other than the applicable adjusted Exercise Price and the adjusted Number of Warrants) as is stated in the Global Warrant Certificate initially issued pursuant to this Warrant Agreement.

 Section 4.13    Effect of Adjustment. The Depository and applicable Participants shall effect any
applicable adjustments, changes or payments to the Beneficial Owners with respect to beneficial interests in the Global Warrants resulting from any adjustments or readjustments, changes or payments effected pursuant to this Article 4 in
accordance with the procedures of the Depository and the applicable Participants. 
 Article 5 

Other Provisions Relating to Rights of Global Warrant Holder 

Section 5.01    No Rights as Stockholders. Nothing contained in this Warrant Agreement or in the Global
Warrant Certificate shall be construed as conferring upon any Person, by virtue of holding or having a beneficial interest in a Global Warrant, the right to vote, to consent, to receive any Cash dividends, stock dividends, allotments or rights or
other distributions paid, allotted or distributed or distributable to the holders of Common Stock, or to exercise any rights whatsoever as the Company’s stockholders unless, until and only to the extent such Beneficial Owners become holders of
record of shares of Common Stock issued upon settlement of the Warrants; provided however, the Global Warrant Holder shall be entitled to notice of all stockholder meetings as required to be made to all stockholders in accordance with the
Company’s bylaws. Notwithstanding the foregoing, in the event (a) the Company effects a split of the Common Stock by means of a stock dividend and the Exercise Price of and the number of Warrants are adjusted as of the date of the
distribution of the dividend, and (b) a Beneficial Owner exercises a Warrant between the Record Date and the distribution date for such stock dividend, the Beneficial Owner shall be entitled to receive, on the distribution date, the stock
dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares were not outstanding as of the Close of Business on the Record Date for such stock dividend. 

Section 5.02    Mutilated or Missing Warrant Certificates. If a Global Warrant Certificate held by the Warrant
Agent as custodian for the Depository at any time is mutilated, defaced, lost, destroyed or stolen, then on the terms set forth in this Warrant Agreement, such Global Warrant Certificate may be replaced with a new Global Warrant Certificate, of like
date and tenor and representing the same number of Warrants, at the cost of the Company at the office of the Warrant Agent subject to the replacement procedures of the Warrant Agent which shall include obtaining an open penalty surety bond
satisfactory to the Warrant Agent holding the Company and the Warrant Agent harmless. Any such new Global Warrant Certificate shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or
destroyed Global Warrant Certificate shall be at any time enforceable by anyone. All Global Warrant Certificates shall be issued upon the express condition that the foregoing provisions are exclusive with respect to the substitution for lost,
stolen, mutilated or destroyed Global 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. 

  
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 Section 5.03    No Impairment. 

(a)    The Company will not, by amendment of the Charter or through reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of a Warrant or this Warrant Agreement, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Global Warrant Holder and the Beneficial Owners under this Warrant Agreement against impairment. 

(b)    Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any
shares of Common Stock obtainable upon the exercise of this Warrant and (b) take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock
upon the exercise of a Warrant. 
 (c)    Before taking any action that would cause an adjustment reducing the Exercise
Price below the then par value of the Common Stock, the Company will take any corporate action that may be necessary in order that the Company may validly and legally issue paid and non-assessable shares of
Common Stock at such adjusted Exercise Price. 
 Section 5.04    Modification, Waiver and Meetings. 

(a)    This Warrant Agreement may be modified or amended by the Company and the Warrant Agent, without the consent of the
Global Warrant Holder, any Beneficial Owner of any Warrant, or any applicable Participant with respect to any Warrant, for the purposes of curing any ambiguity or correcting or supplementing any defective provision contained in this Warrant
Agreement or to make 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; provided that such modification or amendment does not adversely
affect the interests of the Global Warrant Holder or any of the Beneficial Owners under this Agreement in any material respect. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant
Agent a certificate from an Appropriate Officer that states that the proposed amendment is in compliance with the terms of this Section 5.04. 

(b)    Modifications and amendments to this Warrant Agreement or to the terms and conditions of Warrants not contemplated
by Section 5.04(a) 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 by the Global Warrant Holder (pursuant to a proper vote or consent of the
Beneficial Owners holding a majority of the aggregate Number of Warrants at the time outstanding). Notwithstanding anything to the contrary herein, the Company may amend Schedule A from time to time to accurately reflect the name and address
of the Global Warrant Holder after the Closing Date without any further consent or agreement from any other Person. 

  
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 (c)    However, no such modification, amendment or waiver may, without the
written consent of: 
 (1)    The Global Warrant Holder (pursuant to a proper vote or consent of each
Beneficial Owner of Warrants under this Warrant Agreement): 
 (A)    change the Expiration Date; or 

(B)    increase the Exercise Price or decrease the Number of Warrants (except as set forth in Article
4); 
 (2)    the Global Warrant Holder (pursuant to a proper vote or consent of the Beneficial
Owners of two-thirds of the Warrants affected under this Warrant Agreement): 

(A)    impair the right to institute suit for the enforcement of any payment or delivery with respect to
the exercise and settlement of any Warrant; 
 (B)    except as otherwise expressly permitted by
provisions of this Warrant Agreement concerning specified reclassifications or corporate reorganizations, impair or adversely affect the exercise rights of Beneficial Owners, including any change to the calculation or payment of the Full Physical
Share Amount or the Net Share Amount, as applicable; 
 (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 5.05    Notices of Record Date, etc. In the event (i) the Company commences any
tender offer (including any exchange offer) as announced from time to time for all or a portion of the outstanding shares of Common Stock; (ii) the Company shall take a record of the holders of its Common Stock (or other stock or securities at
the time deliverable upon the exercise of a Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right; (iii) of any Reorganization Event; (iv) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; (v) any Qualified Asset
Sale, (vi) the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a Qualified
Asset Buyer or (vii) any Excepted Combination, then, and in each such case, the Company will mail or cause to be mailed to the Global Warrant Holder (with a copy to the Warrant Agent) at least 15 days (35 days in the case of an Excepted
Combination or a Non-Qualified Asset Sale) prior to the Record Date or the effective date, as applicable a notice specifying, as the case may be, (A) the Record Date for such dividend, distribution or
right, and the amount and character of such dividend, distribution or right, or (B) the effective date on which such other event is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such
other stock or Securities 

  
 28 

 
at the time deliverable upon the exercise of a Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or Securities) for Securities or other property deliverable
upon such other event. Nothing herein shall prohibit the Global Warrant Holder from exercising its Warrant during the 15 day period (35 days in the case of an Excepted Combination or a Non-Qualified Asset
Sale) commencing on the date of such notice. 
 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 similar issue or transfer taxes that may be payable upon the
initial issuance of the Global Warrants hereunder and delivery to the Global Warrant Holder. 
 (b)    The Company shall
pay any and all documentary, stamp or 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 Beneficial Owners. 
 (c)    The Warrant Agent shall not register
any Transfer or issue or deliver any Global Warrant Certificate or shares of Common Stock unless or until the persons requesting the registration or issuance has either (i) paid to the Warrant Agent for the account of the Company the amount of
the taxes described in Section 6.01(a) or Section 6.01(b) payable with respect to such Transfer, if any, or (ii) established to the reasonable satisfaction of the Warrant Agent that such tax, if any, has been paid by the Company.

 (d)    Nothing herein shall prejudice the applicability of Section 1146 of the Bankruptcy Code and the rights of
the Company and other interested parties thereunder. 
 (e)    Notwithstanding anything to the contrary, if the Company
pays or is obligated to pay withholding taxes or backup withholding on or with respect to any deemed (or constructive) distribution on behalf of a Beneficial Owner as a result of an adjustment to the Exercise Price or the lack thereof, or for any
other adjustment or other reason, the Company may, at its option, set off such payments against payments of cash or other deliveries on the Warrant to such Beneficial Owner. If the Company is required to remit an amount of tax in respect of any such
withholding taxes or backup withholding, then, without duplication for any amount that the Company has set off pursuant to the foregoing sentence, the amount so required to be remitted shall be payable by the Beneficial Owner within 10 business days
of written demand by the Company. 
 Section 6.02    Certain Tax Filings. The Warrant Agent shall prepare
and file with the appropriate governmental agency all appropriate tax information forms in respect of any payments made by the Warrant Agent hereunder (including, without limitation, Internal Revenue Service Form
1099-B) during each calendar year, or any portion thereof, during which the Warrant Agent performs services hereunder. 

  
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 Section 6.03    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 (each as determined in a final
non-appealable judgment by a court of competent jurisdiction)) after giving sixty 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 thirty days after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated warrant agent or by the Global Warrant Holder (who shall, with such notice, submit his Global
Warrant Certificate for inspection by the Company), then the Global Warrant Holder may apply to any court of competent jurisdiction for the appointment of a successor warrant agent. 

(b)    The Warrant Agent may be removed by the Company at any time upon thirty 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. 

(c)    Any successor warrant agent, whether appointed by the Company or by such a court, 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 combined capital and surplus (together with its affiliates) 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 Global Warrant Holder 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. 

  
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 (d)    Any entity into which the Warrant Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion 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 the execution or filing of any paper or 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 6.03(c). In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Warrant Agreement, the Global Warrant Certificate 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 Global Warrant Certificate so countersigned, and in case at that time the Global Warrant
Certificate shall not have been countersigned, any successor to the Warrant Agent may countersign such Global Warrant Certificate either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such
cases the Global Warrant Certificate shall have the full force provided in the Global Warrant Certificate and in this Warrant Agreement. 

(e)    In case at any time the name of the Warrant Agent shall be changed and at such time the Global Warrant Certificate
shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignatures under its prior name and deliver such Global Warrant Certificate so countersigned; and in case at that time the Global Warrant Certificate shall not
have been countersigned, the Warrant Agent may countersign such Global Warrant Certificate either in its prior name or in its changed name; and in all such cases such Global Warrant Certificate shall have the full force provided in the Global
Warrant Certificate and in this Warrant Agreement. 
 Section 6.04    Compensation; Further Assurances. The
Company agrees that it will (a) pay the Warrant Agent reasonable compensation for its services as Warrant Agent in accordance with Exhibit C attached hereto and, except as otherwise expressly provided, will pay or reimburse the Warrant
Agent upon written demand for all reasonable and documented 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 incurred in connection with the execution and administration of this Warrant Agreement), except any such expense, disbursement or advance as may arise from its or any of their gross negligence,
willful misconduct or bad faith (each as determined in a final non-appealable judgment by a court of competent jurisdiction), 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 6.05    Reliance on Counsel. The Warrant Agent may consult with legal counsel (who may be legal
counsel for the Company), and the written opinion of such counsel or any advice of legal counsel subsequently confirmed by a written 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 the absence of bad faith and in accordance with such written opinion or advice. 

  
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 Section 6.06    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 the absence of bad faith by it under the provisions of
this Warrant Agreement in reliance upon such Officer’s 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. In the event the Warrant Agent reasonably believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Warrant Agent hereunder, the
Warrant Agent shall promptly notify the Company of any such ambiguity or uncertainty, and it may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to the Company, a Global
Warrant Holder or any other person or entity for refraining from taking such action, except for its own gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment
of a court of competent jurisdiction). unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent. 

Section 6.07    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 Global Warrant Certificate (except its countersignature thereof) 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 6.08    Validity of Agreement. From time to time, the Warrant
Agent may apply to any officer of the Company for instruction and the Company shall provide the Warrant Agent with such instructions concerning the services to be provided hereunder. The Warrant Agent shall not be held to have notice of any change
of authority of any Person, until receipt of notice thereof from the Company. The Warrant Agent shall not be under any responsibility in respect of the validity of this Warrant Agreement or the execution and delivery hereof or in respect of the
validity or execution of the Global Warrant Certificate (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 the Global Warrant
Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrants or as to whether any
shares of Common Stock will, when issued, be validly issued and fully paid and nonassessable. The Warrant Agent and its agents shall not be liable and shall be indemnified by the Company for any action taken or omitted, in the absence of bad faith,
by the Warrant Agent in reliance upon any instructions from the Company. 
 Section 6.09    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 agent or attorney and reasonable care has been exercised in the selection and in the continued employment of such attorney or agent. 

  
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 Section 6.10    Liability of Warrant Agent. The Warrant Agent
shall incur no liability or responsibility to the Company or to the Global Warrant Holder for any action taken, suffered or omitted to be taken in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or
instrument 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 costs, losses, expenses, liabilities and
damages that the Warrant Agent has paid, incurred or suffered (or which it becomes obligated to pay, incur or suffer) by or to which it becomes subject, including judgments, costs and reasonable counsel fees, for any action taken, suffered or
omitted to be taken by the Warrant Agent in the execution or performance of this Warrant Agreement or otherwise arising in connection with this Warrant Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or
bad faith (each as determined by a final non- appealable judgment of a court of competent jurisdiction). For the avoidance of doubt, nothing herein shall obligate the Company to advance any amounts to the
Warrant Agent in respect of contingent liabilities until such liabilities actually are or become paid or payable. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any term of this Warrant
Agreement with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or omitted to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and
shall not exceed, the amounts paid hereunder by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses, during the twelve (12) months immediately preceding the event for which recovery from Warrant Agent
is being sought. Neither party to this Warrant Agreement shall be liable to the other party for any consequential, indirect, punitive, special or incidental damages under any provisions of this Warrant Agreement or for any consequential, indirect,
punitive, special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 

Section 6.11    Legal Proceedings. The Warrant Agent shall be under no obligation to institute any action,
suit or legal proceeding or to take any other action likely to involve expense or that it reasonably believes would subject it to expense or liability or risk of incurring expense or liability, unless the Company, the Global Warrant Holder or any
applicable Participant on behalf of a Beneficial Owner shall furnish the Warrant Agent with indemnity or other assurances for payment reasonably satisfactory to the Warrant Agent for any costs and expenses which may be incurred, but this provision
shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. The Warrant Agent shall promptly notify the Company and the Global Warrant Holder
in writing of any claim made or action, suit or proceeding instituted against it arising out of or in connection with this Warrant Agreement. The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written
demand from any Beneficial Owner with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or
to make any demand upon the Company. 

  
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 Section 6.12    Actions as Agent. The Warrant Agent shall act
hereunder solely as agent and not in a ministerial or fiduciary capacity. The duties and obligations of the Warrant Agent shall be determined solely by the express provisions of the Warrant Agreement, and the Warrant Agent shall not be liable except
for the performance of such duties and obligations as are specifically set forth in the Warrant Agreement. No implied covenants or obligations shall be read into the Warrant Agreement against the Warrant Agent. Subject to Section 6.26 below and
applicable securities laws, the Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the 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. Notwithstanding anything to the contrary herein, none of the
Warrant Agent or its officers, directors, managers, employees, agents or other representatives shall use Confidential Information (as defined in Section 6.26) (a) for any purpose other than carrying out the transactions contemplated by this
Warrant Agreement, and (b) in contravention of applicable securities laws (including, without limitation, laws prohibiting insider trading). The Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken in
connection with this Warrant Agreement except for its own gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgement of a court of competent jurisdiction). 

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 or as the Company and the Warrant Agent may hereafter agree. 
 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. Any notice or demand authorized by this Warrant Agreement to be given or made by the
Warrant Agent or by the Global Warrant Holder to or on the Company shall be sufficiently given or made if in writing and sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant
Agent), as follows: 
 Stone Energy Corporation 

625 E. Kaliste Saloom Road 

Lafayette, Louisiana 70508 
 Attn:
Lisa S. Jaubert 
 via Email to: jaubertls@stoneenergy.com 

  
 34 

 with a copy to: 

Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, Texas 77002 
 Attn:
Michael E. Dillard 
 Facsimile: 713-546-5401 

via Email to: michael.dillard@lw.com 

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

Computershare 
 8742
Lucent Boulevard, Suite 225 
 Highlands Ranch, CO 80129 

Attention: Relationship Manager 

Fax: 303-262-0610 

With a copy to: 

Computershare Inc. 

Computershare Trust Company, N.A. 

250 Royall Street 
 Canton, MA
02021 
 Attention: Legal Department 

Any notice or demand authorized by this Warrant Agreement to be given or made to the Global Warrant Holder shall be sufficiently given or made
if sent by first-class mail, postage prepaid to the last address of the Global Warrant Holder as it shall appear on the Warrant Register. 

Section 6.16    Applicable Law; Jurisdiction. The validity, interpretation and performance of this Warrant
Agreement and the Global Warrant Certificate shall be governed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of laws thereof that would result in the application of law of another
jurisdiction. The parties hereto irrevocably consent to the jurisdiction of the courts of the State of New York and any federal court located in such state in connection with any action, suit or proceeding arising out of or relating to this Warrant
Agreement. The Company hereby acknowledges and agrees that its failure to perform its agreements and covenants hereunder will cause irreparable injury to the Global Warrant Holder for which damages, even if available, will not be an adequate remedy.
Accordingly, the Company hereby consents to the issuance of injunctive relief by courts of the State of New York and any federal court located in such state to compel performance of the Company’s obligations and to the granting by courts of the
State of New York and any federal court located in such state of the remedy of specific performance of the Company’s obligations hereunder. 

  
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 Section 6.17    Waiver of Jury Trial. EACH OF THE COMPANY AND THE
WARRANT AGENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS WARRANT AGREEMENT OR A WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PERSON HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PERSON MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT AGREEMENT OR A WARRANT. EACH OF THE COMPANY AND THE WARRANT AGENT CERTIFIES AND ACKNOWLEDGES THAT
(a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) SUCH PERSON UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) SUCH PERSON MAKES THIS WAIVER VOLUNTARILY, AND (d) SUCH PERSON HAS BEEN INDUCED TO ENTER INTO THIS WARRANT AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION. 
 Section 6.18    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 Global Warrant Holder 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 Global Warrant Holder. 

Section 6.19    Registered Global Warrant Holder. 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 6.20    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. A signature
to this Warrant Agreement transmitted/executed electronically or by facsimile shall have the same authority, effect and enforceability as an original signature. 

  
 36 

 Section 6.22    Entire Agreement. This Warrant Agreement and the
Global Warrant Certificate constitute the entire agreement of the Company, the Warrant Agent and the Global Warrant Holder 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 Global Warrant Holder with respect to the subject matter hereof. 

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    Damages. Without limiting any other provision of this Warrant Agreement, if the Company
willfully and knowingly fails to comply with any provision of this Warrant Agreement or a Warrant, which failure results in any material damages to the Global Warrant Holder, the Company shall pay to the Global Warrant Holder such amounts as shall
be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Global Warrant Holder in collecting any amounts due pursuant hereto or in
otherwise enforcing any of its rights, powers or remedies hereunder. 
 Section 6.25    Survival. All
provisions regarding indemnification, warranty, liability and limits thereon shall survive the termination or expiration of this Warrant Agreement. 

Section 6.26    Confidential Information. The Warrant Agent and the Company agree that (a) inter alia,
personal, non-public holder information (“Non-Public Information”) which is exchanged or received pursuant to the negotiation or the carrying out of
this Warrant Agreement and (b) the fees for services set forth in the attached schedule (“Confidential Fees,” together with Non-Public Information, “Confidential
Information”) shall remain confidential, and shall not be voluntarily disclosed to any other person, except disclosures pursuant to bankruptcy proceedings, applicable securities laws or otherwise as may be required by law, including,
without limitation, pursuant to subpoenas from state or federal government authorities. 
 Section 6.27    Force
Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties,
war, or civil unrest. 
 [signature pages follow] 

  
 37 

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

			
	STONE ENERGY CORPORATION
		
	By:	 	 /s/ Kenneth H. Beer

	Name:	 	Kenneth H. Beer
	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Warrant Agreement] 

 
			
	COMPUTERSHARE INC. and
	COMPUTERSHARE TRUST COMPANY, N.A.,
	collectively as Warrant Agent:
		
	By:	 	 /s/ Daniel Deweever

	Name:	 	 Daniel Deweever

	Title:	 	 Product Director

  
 [Signature Page to
Warrant Agreement] 

 SCHEDULE A 

SCHEDULE OF INCREASES OR DECREASES IN WARRANTS 

The initial Number of Warrants is 3,529,412. In accordance with the Warrant Agreement dated as of February 28, 2017 among the Company and
Computershare Inc., a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively as the Warrant Agent, the following increases or decreases in the Number of Warrants
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
increase
or
decrease	 	  	Signature of
authorized signatory	 
		  				  				  				  			

 EXHIBIT A 

FORM OF GLOBAL WARRANT CERTIFICATE 

[FACE] 
  

	 No. [                    ]

	 CUSIP No. 861642114 

UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO STONE
ENERGY CORPORATION (THE “COMPANY”), 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. 

  
 A-1 

 
STONE ENERGY CORPORATION 
 February 28, 2017 

NUMBER OF WARRANTS: Initially, 3,529,412 Warrants, subject to adjustment as described in the Warrant Agreement dated as of February 28, 2017 between
Stone Energy Corporation and Computershare Inc. (“Computershare”), a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively, with Computershare, as
the Warrant Agent (the “Warrant Agreement”), each of which is exercisable for one share of Common Stock. 
 EXERCISE PRICE: Initially,
$42.04 per Warrant, subject to adjustment as described in the Warrant Agreement. 
 FORM OF PAYMENT OF EXERCISE PRICE: Cash, if Full Physical Settlement is
applicable, or Net Share Settlement. 
 FORM OF SETTLEMENT: Upon exercise of any Warrants represented hereby, the Beneficial Owner shall be entitled to
receive, at the Beneficial Owner’s election, either (a) upon payment to the Warrant Agent of the Exercise Price (determined as of the relevant Exercise Date), one share of Common Stock per Warrant exercised, together with Cash in lieu of
any fractional Warrants, or (b) without any payment therefor, a number of shares of Common Stock equal to the Net Share Amount, together with Cash in lieu of any fractional shares or fractional Warrants, in each case, 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, each Beneficial
Owner shall be entitled to exercise all Warrants then represented hereby and outstanding (which may include fractional Warrants) or any portion thereof (which shall not include any fractional Warrants). 

PROCEDURE FOR EXERCISE: Warrants may be exercised by 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. 
 EXPIRATION DATE:
The earlier of (i) February 28, 2021 and (ii) the date of consummation of (A) any Qualified Asset Sale, (B) the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company
and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a Qualified Asset Buyer or (C) any Excepted Combination. 

This Global Warrant Certificate certifies that: 

Cede & Co., or its registered assigns, is the Global Warrant Holder of the Number of Warrants (the “Warrants”)
specified above (such number subject to adjustment from time to time as described in the Warrant Agreement). 

  
 A-2 

 In connection with the exercise of any Warrants, (a) the Company shall determine the Full
Physical Share Amount or Net Share Amount, as applicable, for each Warrant, and (b) the Company shall, or shall cause the Warrant Agent to, deliver to the exercising Beneficial Owner, on the applicable Settlement Date, for each Warrant
exercised, a number of shares of Common Stock equal to the relevant Full Physical Share Amount or Net Share Amount, as applicable, together with Cash in lieu of any fractional shares or fractional Warrants as described in the Warrant Agreement. 

Prior to the relevant Exercise Date as described more fully in the Warrant Agreement, subject to Section 5.01 of the
Warrant Agreement, Warrants will not entitle the Global Warrant Holder to any of the rights of the holders of shares of Common Stock. 

Reference is hereby made to the further provisions of this Global 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 Global Warrant Certificate shall not
be valid unless countersigned by the Warrant Agent. 
 In the event of any inconsistency between the Warrant Agreement and this Global
Warrant Certificate, the Warrant Agreement shall govern. 

  
 A-3 

 IN WITNESS WHEREOF, Stone Energy Corporation has caused this instrument to be duly executed. 

Dated: February 28, 2017 
  

			
	STONE ENERGY CORPORATION
		
	By:	 	  

	Name:	 	Kenneth H. Beer
	Title:	 	Executive Vice President and Chief Financial Officer

  
 A-4 

 Certificate of Authentication 

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

Countersigned as of the date above written: 
 Computershare Inc.
and Computershare Trust Company, N.A., collectively, as Warrant Agent 
  

			
	By:	 	  

		 	Authorized Officer

  
 A-5 

 [FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE] 

Stone Energy Corporation 
 The
Warrants evidenced by this Global Warrant Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to the Warrant Agreement, dated as of February 28, 2017 (the “Warrant Agreement”), between the
Company and Computershare Inc., a Delaware corporation and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively, with Computershare, as the “Warrant Agent”, and are
subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Global Warrant Holder consents by acceptance of this Global Warrant Certificate. 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 Global 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. 

  
 A-6 

 FORM OF ASSIGNMENT 

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] 

  
 A-7 

 Date:
[                    ] 
  

			
	  

	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 S.E.C. Rule 17Ad-15. 

  
 A-8 

 EXHIBIT B 

FORM OF EXERCISE NOTICE 
 Computershare
Trust Company, NA 
 Address 
 Attention: Transfer Department

 Re:    Stone Energy Corporation Warrant Agreement, dated as of February 28, 2017 (the “Warrant Agreement”) 

The undersigned (the “Registered Warrant Holder”) hereby irrevocably exercises the right represented by the Global Warrant
Certificate No. [    ] held for its benefit through the book-entry facilities of The Depository Trust Company (the “Depository”), to exercise warrants and receive the consideration deliverable in exchange
therefor pursuant to the following settlement method (check one): 
 ☐    elects for Full Physical Settlement to
apply to the Exercised Warrants pursuant to Section 3.03(b) of the Warrant Agreement and confirms that it will, prior to 11:00 a.m., New York City time, on the Settlement Date, pay an amount equal to the Exercise Price (determined as of the
relevant Exercise Date), multiplied by the number of Exercised Warrants, by federal wire or other immediately available funds payable to the order of the Company to the account maintained by the Warrant Agent; or 

☐    elects for Net Share Settlement to apply to the Exercised Warrants pursuant to Section 3.03(c) of the
Warrant Agreement. 
 Please check below if this exercise is contingent upon a registered public offering, Fundamental Equity Change, any
Qualified Asset Sale, the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a
Qualified Asset Buyer, any Excepted Combination or any other transaction or event in accordance with Section 3.02(f) of the Warrant Agreement. 

☐    This exercise is being made in connection with a registered public offering, Fundamental Equity Change, any
Qualified Asset Sale, the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a
Qualified Asset Buyer, any Excepted Combination or any other transaction or event; provided, that in the event that such transaction shall not be consummated, then this exercise shall be deemed revoked. 

THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO CLOSE OF BUSINESS ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY
YOU OF THE ADDRESS AND PHONE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. 

  
 B-1 

 ALL CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED SHALL HAVE THE MEANINGS SET FORTH IN
THE WARRANT AGREEMENT. 

  
 B-2 

			
	By:	 	  

		 	Authorized Signature
		 	Address:
		 	Telephone:

  
 B-3 

 EXHIBIT C 

FEE SCHEDULE 
 The Company shall pay the
Warrant Agent for performance of its services under this Warrant Agreement such compensation as shall be agreed in writing between the Company and the Warrant Agent. 

  
 C-1

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