Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

BY AND AMONG 
 CARRIZO
OIL & GAS, INC. 
 AND 

THE GSO FUNDS PARTY HERETO 

 Table of Contents 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	  	Definitions	  	 	1	 
	 Section 1.02
	  	Registrable Securities	  	 	6	 
	 ARTICLE II REGISTRATION RIGHTS
	  	 	6	 
			
	 Section 2.01
	  	Shelf Registration	  	 	6	 
	 Section 2.02
	  	Delay Rights	  	 	8	 
	 Section 2.03
	  	Underwritten Offerings	  	 	9	 
	 Section 2.04
	  	Sale Procedures	  	 	10	 
	 Section 2.05
	  	Cooperation by Holders	  	 	14	 
	 Section 2.06
	  	Restrictions on Sales	  	 	14	 
	 Section 2.07
	  	Expenses	  	 	14	 
	 Section 2.08
	  	Indemnification	  	 	15	 
	 Section 2.09
	  	Rule 144 Reporting	  	 	17	 
	 Section 2.10
	  	Transfer or Assignment of Registration Rights	  	 	18	 
	 Section 2.11
	  	Preferred Share Sale Cooperation	  	 	18	 
	 ARTICLE III MISCELLANEOUS
	  	 	19	 
			
	 Section 3.01
	  	Termination and Effect of Termination	  	 	19	 
	 Section 3.02
	  	Communications	  	 	19	 
	 Section 3.03
	  	Successor and Assigns	  	 	20	 
	 Section 3.04
	  	Assignment of Rights	  	 	20	 
	 Section 3.05
	  	Recapitalization, Exchanges, Etc.	  	 	20	 
	 Section 3.06
	  	Specific Performance	  	 	21	 
	 Section 3.07
	  	Counterparts	  	 	21	 
	 Section 3.08
	  	Headings	  	 	21	 
	 Section 3.09
	  	Governing Law; Venue; Waivers	  	 	21	 
	 Section 3.10
	  	Severability of Provisions	  	 	22	 
	 Section 3.11
	  	Entire Agreement	  	 	22	 
	 Section 3.12
	  	Amendment	  	 	23	 
	 Section 3.13
	  	No Presumption	  	 	23	 
	 Section 3.14
	  	Obligations Limited to Parties to Agreement	  	 	23	 
	 Section 3.15
	  	Interpretation	  	 	24	 

  

 This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into
as of August 10, 2017, by and among Carrizo Oil & Gas, Inc., a Texas corporation (the “Corporation”), and the funds managed by GSO that are identified in Schedule A to the Purchase Agreement (as defined below) and
specified on the signature pages hereof (the “GSO Funds”). 
 WHEREAS, this Agreement is entered into in connection with
the closing of the issuance of the Preferred Shares (as defined below) and the Warrants (as defined below) to the GSO Funds pursuant to the Preferred Stock Purchase Agreement, dated June 28, 2017 (the “Purchase Agreement”), by
and among the Corporation and the GSO Funds; and 
 WHEREAS, the Corporation has agreed to provide the registration and other rights set
forth in this Agreement for the benefit of the GSO Funds pursuant to the Purchase Agreement; and 
 WHEREAS, it is a condition to the
obligations of the GSO Funds and the Corporation under the Purchase Agreement that this Agreement be executed and delivered. 
 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 are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the
Purchase Agreement. The terms set forth below are used herein as so defined: 
 “Affiliate” shall have the meaning ascribed
to it, on the date hereof, in Rule 405 under the Securities Act. For purposes of this Agreement, (i) The Blackstone Group, L.P. and all private equity funds, portfolio companies, parallel investment entities, and alternative investment
entities owned, managed, or Controlled by The Blackstone Group, L.P. or its Affiliates that are not part of the credit-related businesses of The Blackstone Group L.P. shall not be considered or otherwise deemed to be an “Affiliate” of the
Purchasers or their Affiliates that are part of the credit-related businesses of The Blackstone Group L.P., other than with respect to Section 2.08 and Section 3.14; and (ii) any fund or
account managed, advised or sub-advised by or Controlled by GSO or its Affiliates within the credit-related businesses of The Blackstone Group L.P. shall constitute an Affiliate of the Purchasers. 

“Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement. 

“Beneficially Own” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage
of time. 

 “Board” means the Board of Directors of the Corporation or, with respect to any
action to be taken by the Board of Directors, any committee of the Board of Directors duly authorized to take such action. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of New York or State of Texas are authorized or required by law or other governmental action to close. 
 “Closing
Date” means August 10, 2017. 
 “Common Share Price” means the volume weighted average closing price of
Common Shares (as reported by the NASDAQ or, if the NASDAQ is not the Corporation’s primary securities exchange or market, such primary securities exchange or market) for the ten (10) trading days immediately preceding the date on which
the determination is made (or, if such price is not available, as determined in good faith by the Board). 
 “Common
Shares” means the shares of common stock, par value $0.01 per share, of the Corporation. 
 “Control” means the
possession, directly or indirectly, of the power to direct, or cause the direction of, the management and policies of a Person whether though the ownership of voting securities, by contract or otherwise. The terms “Controlled” and
“Controlling” shall have correlative meanings. 
 “Corporation” has the meaning specified therefor in the
introductory paragraph of this Agreement. 
 “Delay Notice” has the meaning specified thereof in
Section 2.02 of this Agreement. 
 “Effective Date” means, with respect to a particular Shelf
Registration Statement, the date of effectiveness of such Shelf Registration Statement. 
 “Effectiveness Period” means,
with respect to a Shelf Registration Statement, the period beginning on the Effective Date for the Shelf Registration Statement and ending at the time all Registrable Securities covered by such Shelf Registration Statement have ceased to be
Registrable Securities; provided that the Effectiveness Period shall recommence upon receipt of Registrable Securities covered by such Shelf Registration Statement by the Holder from the Corporation (or the receipt of other securities from
the Corporation which causes securities held by the Holder to be Registrable Securities) until such time as all such securities cease to be Registrable Securities. 

“Electing Holders” has the meaning specified therefor in Section 2.03 of this Agreement. 

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

  
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 “FINRA” has the meaning specified therefor in
Section 2.04(f) of this Agreement. 
 “First Redemption” means the first redemption of Preferred
Shares for Common Shares in accordance with the Statement of Resolutions. 
 “Freely Tradable” means, with respect to any
Common Shares, that such security is no longer subject to the restrictions on trading under the provisions of Rule 144 under the Securities Act (or any successor rule or regulation to Rule 144 then in force), including volume and manner of
sale restrictions, and the current public information requirement of Rule 144(c) (or any successor rule or regulation to Rule 144 then in force) no longer applies; provided that if a Holder becomes the Beneficial Owner of greater
than 10% of the Corporation’s then outstanding Common Shares as a result of the Corporation issuing Common Shares to such Holder, such Holder’s securities in the Corporation shall be deemed not to be Freely Tradable for so long as such
Holder is the Beneficial Owner of greater than 10% of the Corporation’s outstanding Common Shares. 
 “Governmental
Authority” means any federal, state, local or foreign government, or other governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

“GSO” means GSO Capital Partners LP, a Delaware limited partnership. 

“GSO Funds” has the meaning specified therefor in the introductory paragraph of this Agreement and shall include any
transferee or assignee of Registrable Securities that is a fund or account managed, advised or sub-advised by GSO or its Affiliates that agrees with the Company to be bound by the terms of this Agreement. 

“Holder” means the record holder of any Registrable Securities. 

“Interruption Period” has the meaning specified therefor in Section 2.04 of this Agreement. 

“Law” means any statute, law, ordinance, regulation, rule, order, code, governmental restriction, decree, injunction or other
requirement of law, or any judicial or administrative interpretation thereof, of any Governmental Authority. 
 “Losses”
has the meaning specified therefor in Section 2.08(a) of this Agreement. 
 “Managing
Underwriter” means, with respect to any Underwritten Offering, the book-running lead manager of such Underwritten Offering. 

“NASDAQ” means the NASDAQ Global Select Market. 

“Offering Persons” has the meaning specified therefor in Section 2.04(j) of this Agreement. 

  
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 “Permitted Number of Underwritten Offerings” shall initially mean three;
provided, that, (x) if (A) immediately prior to the First Redemption, the aggregate Liquidation Preference of outstanding Preferred Shares, or (B) at the time of the delivery of the applicable Underwritten Offering Notice, the
aggregate Registrable Securities Amount of all Holders’ Registrable Securities, is less than $300 million, the Permitted Number of Underwritten Offerings shall be two, and, (y) if (A) immediately prior to the First Redemption,
the aggregate Liquidation Preference of outstanding Preferred Shares, or (B) at the time of the delivery of the applicable Underwritten Offering Notice, the aggregate Registrable Securities Amount of all Holders’ Registrable Securities, is
less than $150 million, the Permitted Number of Underwritten Offerings shall be one. For the sake of clarity, any sale of Registrable Securities pursuant to an Underwritten Offering Notice shall count against the Permitted Number of
Underwritten Offerings as determined at any given time, notwithstanding that such sale may have occurred prior to a reduction in the Permitted Number of Underwritten Offerings pursuant to the terms of this definition. 

“Person” means an individual or a corporation, limited liability company, corporation, joint venture, trust, unincorporated
organization, association, government agency or political subdivision thereof or other entity. 
 “Preferred Shares” means
the shares of Series A preferred stock, par value $0.01 per share, of the Corporation issued by the Corporation to the GSO Funds pursuant to the Purchase Agreement, and all securities issued upon division or combination of, or in substitution for,
such shares of Series A preferred stock, including any Substantially Equivalent Security (as defined in the Statement of Resolutions). 

“Purchase Agreement” has the meaning specified therefor in the recitals of this Agreement. 

“Registrable Securities” means, subject to Section 1.02, (i) the Preferred Shares, (ii) the
Common Shares issued or issuable pursuant to the terms of the Preferred Shares, including upon redemption of any Preferred Shares and in payment of dividends thereon, (iii) the Common Shares issued or issuable upon the exercise of the Warrants,
(iv) any Common Shares purchased by a Holder from the underwriters of a firm commitment offering by the Corporation and (v) any other Common Shares owned by a Holder and issued to a Holder by the Corporation, and includes, in each case,
any type of ownership interest issued to the Holder as a result of Section 3.05 of this Agreement. 

“Registrable Securities Amount” means (i) with respect to Common Shares, the calculation based on the product of the
Common Share Price times the number of applicable Registrable Securities and (ii) with respect to Preferred Shares, the calculation based on the product of the Liquidation Preference (as defined in the Statement of Resolutions) times the number
of applicable Registrable Securities. 
 “Registration Expenses” has the meaning specified therefor in
Section 2.07(b) of this Agreement. 
 “Required Holders” means Holders of greater than 50% of the
Registrable Securities; provided that for purposes of determining such amount, (i) the amount of Preferred Shares will be calculated based on the product of the Liquidation Preference (as defined in the Statement of Resolutions) times
the number of applicable Registrable Securities and (ii) the amount Common Shares will be calculated based on the product of the Common Share Price times the number of applicable Registrable Securities. 

  
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 “Resale Shelf Registration Statement” has the meaning specified therefor in
Section 2.01(a) of this Agreement. 
 “SEC” means the U.S. Securities and Exchange Commission.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Selling Expenses” has the meaning specified therefor in Section 2.07(b) of this
Agreement. 
 “Selling Holder” means a Holder who is selling Registrable Securities under a registration statement pursuant
to the terms of this Agreement. 
 “Selling Holder Indemnified Persons” has the meaning specified therefor in
Section 2.08(a) of this Agreement. 
 “Shelf Registration Statement” means a registration
statement under the Securities Act to permit the public resale of the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect),
including the Resale Shelf Registration Statement or a Subsequent Shelf Registration Statement, as applicable. 
 “Statement of
Resolutions” means the Statement of Resolutions of 8.875% Redeemable Preferred Stock of the Corporation, dated as of August 10, 2017. 

“Subsequent Shelf Registration Statement” has the meaning specified therefor in Section 2.01(b) of
this Agreement. 
 “Underwritten Offering” means an offering (including an offering pursuant to a Shelf Registration
Statement) in which Registrable Securities are sold to one or more underwriters on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” or “block trade” with one or more investment banks.

 “Underwritten Offering Notice” has the meaning specified therefor in Section 2.03 of this
Agreement. 
 “Underwritten Offering Threshold” means the lesser of (i) $100 million of Registrable Securities
(calculated based on the Registrable Securities Amount of Common Shares) or (ii), upon or following the First Redemption, a number of Common Shares that were issued to holders of Preferred Shares in redemption of at least $100 million of
Liquidation Preference pursuant to the Statement of Resolutions. 

  
 5 

 “Warrants” means the Series A warrants, and all warrants issued upon division or
combination of, or in substitution for such warrants, issued pursuant to the Warrant Agreement, dated as of August 10, 2017, between the Corporation and Wells Fargo Bank, N.A. 

Section 1.02 Registrable Securities. Any Registrable Security shall cease to be a Registrable Security at the earliest of
the following: (a) when a registration statement covering such Registrable Security becomes or has been declared effective by the SEC and such Registrable Security has been sold or disposed of pursuant to such effective registration statement;
(b) when such Registrable Security has been sold or disposed of (excluding transfers or assignments by a Holder to an Affiliate) pursuant to Rule 144 under the Securities Act (or any successor or similar provision adopted by the SEC then
in effect) under circumstances in which all of the applicable conditions of Rule 144 (as then in effect) are met; (c) when such Registrable Security is held by the Corporation or one of its Affiliates; or (d) when such Registrable
Security has been sold or disposed of in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities pursuant to Section 2.10 hereof. In addition,
any Registrable Security that is a Common Share will not be a Registrable Security at any time that it is Freely Tradable or if the number of Registrable Securities that are Common Shares represent less than 1% of the then-outstanding Common Shares;
provided that, for the avoidance of doubt, a Common Share that is not a Registrable Security because it is Freely Tradable or because the number of Registrable Securities that are Common Shares represent less than 1% of the then-outstanding
Common Shares will become a Registrable Security to the extent it is subsequently not Freely Tradable or if the number of Registrable Securities that are Common Shares represent at least 1% of the then-outstanding Common Shares. 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.01 Shelf Registration. 

(a) Resale Shelf Registration Statement. Within 90 days of the Closing Date, the Corporation shall use its commercially reasonable
efforts to prepare and file with the SEC a registration statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, to permit the public resale of all
Registrable Securities on the terms and conditions specified in this Section 2.01 (the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall not include the Registrable
Securities of any Person who is not a Holder under this Agreement. The Resale Shelf Registration Statement filed with the SEC pursuant to this Section 2.01 shall be on Form S-3 or, if
Form S-3 is not then available to the Corporation, on Form S-1 or such other form of registration statement as is then available to effect a registration for resale of the Registrable Securities,
covering the Registrable Securities, and shall contain a prospectus in such form as to permit any Selling Holder covered by such Resale Shelf Registration Statement to sell such Registrable Securities pursuant to Rule 415 under the Securities
Act (or any successor or similar provision adopted by the SEC then in effect) at any time beginning on the Effective Date for such Resale Shelf Registration Statement. The Corporation shall use its commercially reasonable efforts to cause the Resale
Shelf Registration Statement filed pursuant to this Section 2.01 to be declared effective as soon as practicable after the filing thereof (it being agreed that the Resale Shelf Registration Statement shall be an automatic
shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Corporation). 

  
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 (b) Subsequent Shelf Registration Statement. If a Shelf Registration Statement filed
pursuant to this Agreement ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Corporation shall use its commercially reasonable efforts as promptly as is reasonably practicable to cause
such Shelf Registration Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its commercially
reasonable efforts as promptly as is reasonably practicable to amend such Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file
an additional registration statement (a “Subsequent Shelf Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by
the Holders thereof of all securities that are Registrable Securities as of the time of such filing and not registered pursuant to another Shelf Registration Statement. If any Registrable Securities are not included by the Corporation on the Resale
Shelf Registration Statement, the Corporation shall, upon request by the Required Holders, file a Subsequent Shelf Registration Statement. No Subsequent Shelf Registration Statement may include the Registrable Securities of any Person who is not a
Holder under this Agreement. If a Subsequent Shelf Registration Statement is filed, the Corporation shall use its commercially reasonable efforts to (a) cause such Subsequent Shelf Registration Statement to become effective under the Securities
Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant
to Rule 462(e) if Rule 462(e) is available to the Corporation) and (b) keep such Subsequent Shelf Registration Statement continuously effective until the end of the Effectiveness Period. Any such Subsequent Shelf Registration Statement shall be
a registration statement on Form S-3 to the extent that the Corporation is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form and shall
provide for the registration of such Registrable Securities for resale by the Holders in accordance with any reasonable method of distribution elected by the Required Holders. 

(c) Effectiveness Period. A Shelf Registration Statement shall provide for the resale pursuant to any method or combination of methods
legally available to, and requested by, the Selling Holders, including by way of an Underwritten Offering, if such an election has been made pursuant to Section 2.03 of this Agreement. During the Effectiveness Period, the
Corporation shall use its commercially reasonable efforts to cause a Shelf Registration Statement filed pursuant to this Section 2.01 to remain effective, and to be supplemented and amended to the extent necessary to ensure
that such Shelf Registration Statement is available or, if not available, that another registration statement is available for the resale of the Registrable Securities until all Registrable Securities have ceased to be Registrable Securities. The
Corporation shall prepare and file all necessary information with the NASDAQ (or such other national securities exchange on which the Registrable Securities are then listed and traded) to list the Registrable Securities covered by a Shelf
Registration Statement and shall use its commercially reasonable efforts to have such Registrable Securities approved for listing on the NASDAQ (or such other national securities exchange on which the Registrable Securities are 

  
 7 

 
then listed and traded) by the date of any sale or distribution of such Registrable Securities, subject only to official notice of issuance. As soon as practicable following the Effective Date of
a Shelf Registration Statement, but in any event within three Business Days of such date, the Corporation shall notify the Holders of the effectiveness of such Shelf Registration Statement. 

(d) Underwriting. If the Managing Underwriter of any proposed Underwritten Offering of Registrable Securities advises the Corporation
that the inclusion of all of the Selling Holders’ Registrable Securities that the Selling Holders intend to include in such offering exceeds the number that can be sold in such offering without being likely to have an adverse effect on the
price, timing or distribution of the Registrable Securities offered or the market for the Registrable Securities, then the Registrable Securities to be included in such Underwritten Offering shall include the number of Registrable Securities that
such Managing Underwriter advises the Corporation can be sold without having such adverse effect, with such number to be allocated to the Selling Holders, allocated among such Selling Holders pro rata on the basis of the number of Registrable
Securities held by each such Selling Holder or in such other manner as such Selling Holders may agree. The Corporation will not include in any Underwritten Offering of Registrable Securities pursuant to this Agreement any securities that are not
Registrable Securities without the prior written consent of the Selling Holders. 
 Section 2.02 Delay Rights. 

Notwithstanding anything to the contrary contained herein, the Corporation may, upon written notice (a “Delay Notice”) to
(i) all Holders, delay the filing of a Shelf Registration Statement required under Section 2.01, or (ii) any Selling Holder whose Registrable Securities are included in a Shelf Registration Statement or other
registration statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus that is a part of such Shelf Registration Statement or other registration statement (in which event the Selling Holder shall discontinue
sales of the Registrable Securities pursuant to such Shelf Registration Statement or other registration statement contemplated by this Agreement but may settle any previously made sales of Registrable Securities) if the Corporation (x) is
pursuing an acquisition, merger, tender offer, reorganization, disposition, financing, securities offering or other similar transaction and the Board determines in good faith that (A) the Corporation’s ability to pursue or consummate such
a transaction would be materially adversely affected by any required disclosure of such transaction in such Shelf Registration Statement or other registration statement or (B) such transaction renders the Corporation unable to comply with SEC
requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Shelf Registration Statement (or such filings) to become effective or to promptly amend or supplement the Shelf Registration Statement on a
post-effective basis, as applicable, (y) has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Board, would materially adversely
affect the Corporation or (z) would, in the absence of such delay or suspension, either be required to prematurely disclose material information that the Corporation has a bona fide business purpose for preserving as confidential or would be
rendered unable to comply with the requirements under the Securities Act or the Exchange Act; provided, however, in no event shall (A) such filing of such Shelf Registration Statement be delayed under clauses (x), (y) or (z) of this
Section 2.02 for a period that exceeds 90 calendar days or (B) such Selling Holders be suspended under clauses (x), (y) or (z) of this Section 2.02 from selling Registrable
Securities pursuant to such Shelf Registration Statement or other registration 

  
 8 

 
statement for a period that exceeds an aggregate of 90 calendar days in any 365 calendar-day period, in each case, exclusive of days covered by
any lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. The Holders agree to keep the existence and contents of the Delay Notice confidential and not to use such
information for any other purpose. Upon disclosure of such information or the termination of the condition described above, the Corporation shall provide prompt notice, but in any event within one Business Day of such disclosure or termination, to
the Selling Holders whose Registrable Securities are included in such Shelf Registration Statement and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of
Registrable Securities as contemplated in this Agreement. 
 Section 2.03 Underwritten Offerings. In the event that the Required
Holders elect to sell or distribute at least the Underwritten Offering Threshold in the aggregate pursuant to a Shelf Registration Statement pursuant to an Underwritten Offering of Common Shares, the Required Holders shall deliver a notice of such
election to the Corporation (such request, an “Underwritten Offering Notice” and such electing Holders, the “Electing Holders”); provided, however, that the Required Holders shall have the option and right to
require the Corporation to effect not more than the Permitted Number of Underwritten Offerings pursuant to and subject to the conditions of this Section 2.03. Upon delivery of such Underwritten Offering Notice to the
Corporation, the Corporation shall as soon as practicable (but in no event later than one Business Day following the date of delivery of the Underwritten Offering Notice to the Corporation) deliver notice of such Underwritten Offering Notice to all
other Holders, who shall then have two Business Days (or one Business Day in the case of an underwritten “bought deal” or “block trade”) from the date that such notice is given to them to notify the Corporation in writing of the
number of Registrable Securities held by such Holder that they want to be included in such Underwritten Offering. Upon receipt of an Underwritten Offering Notice, the Corporation shall as soon as practicable use its commercially reasonable efforts
to facilitate such Underwritten Offering. In the case of an underwritten “bought deal” or “block trade,” the Underwritten Offering Notice shall be given not less than three Business Days prior to the day the offering is to
commence. In connection with any Underwritten Offering of Registrable Securities under this Agreement, the Managing Underwriter or Underwriters shall be selected by the Electing Holders and shall be reasonably acceptable to the Corporation. In
connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates, each Selling Holder and the Corporation shall be obligated to enter into an underwriting agreement that contains such representations,
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. No Selling Holder shall be required to make any representations or warranties to or agreements with the Corporation or the underwriters other than representations, warranties or agreements regarding such Selling Holder, its authority to
enter into such underwriting agreement and to sell, and its ownership of, the securities whose offer and resale will be registered, on its behalf, its intended method of distribution and any other representation required by Law. If any Selling
Holder disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to the Corporation, the Electing Holders and the Managing Underwriter; provided, however, that 

  
 9 

 
any such withdrawal must be made no later than the time of pricing of such Underwritten Offering. If all Selling Holders withdraw from an Underwritten Offering prior to the pricing of such
Underwritten Offering or if the registration statement relating to an Underwritten Offering is suspended pursuant to Section 2.02, the events will not be considered an Underwritten Offering and will not decrease the number
of available Underwritten Offerings the Required Holders have the right and option to request under this Section 2.03. No such withdrawal or abandonment shall affect the Corporation’s obligation to pay Registration
Expenses pursuant to Section 2.07. 
 Section 2.04 Sale Procedures. 

In connection with its obligations under this Article II, the Corporation shall, as expeditiously as possible: 

(a) prepare and promptly file with the SEC a Shelf Registration Statement with respect to any Registrable Securities and use commercially
reasonable efforts to cause such Shelf Registration Statement to become and remain effective for the period of the distribution contemplated thereby, in accordance with the applicable provisions of this Agreement; 

(b) furnish to the Holders’ legal counsel copies of each Shelf Registration Statement and the prospectus included therein (including each
preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on any such Shelf Registration Statement; 

(c) prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any Shelf Registration Statement and
the prospectus used in connection herewith as may be necessary to keep any such Shelf 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 any such Shelf Registration Statement in accordance with the Selling Holders’ intended method of distribution set forth in such Shelf Registration Statement; 

(d) to the extent not publicly available, furnish or otherwise make available to each Selling Holder (i) as far in advance as reasonably
practicable before filing a Shelf Registration Statement or any other registration statement contemplated by this Agreement 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 SEC other than annual or quarterly reports on Forms 10-K or
10-Q, respectively, current reports on Form 8-K or proxy statements; provided, however, that such reports or proxy statements shall be provided at
least two Business Days prior to filing in connection with any Underwritten Offering), 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 Shelf Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such
number of copies of such Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such Selling Holder may reasonably request in order to facilitate the public sale
or other disposition of the Registrable Securities covered by such Shelf Registration Statement or other registration statement; 

  
 10 

 (e) if applicable, use its commercially reasonable efforts to register or qualify the Registrable
Securities covered by a Shelf Registration Statement or any other registration statement contemplated by this Agreement 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, shall reasonably request; provided, however, that the Corporation shall 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 such jurisdiction where it is not then so subject; 
 (f) cooperate with the
Selling Holders and each underwriter or agent participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with Financial Industry Regulatory Authority, Inc.
(“FINRA”), including the use of commercially reasonable efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement and
applicable prospectus upon filing with the SEC; 
 (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 SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating
to such offering of Registrable Securities; 
 (h) promptly notify each Selling Holder, at any time when a prospectus relating thereto is
required to be delivered by any of them under the Securities Act, of (i) the filing of a Shelf Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in
connection therewith, or any amendment or supplement thereto, and, with respect to such Shelf Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; (ii) the
receipt of any written comments from the SEC with respect to any filing referred to in clause (i); and (iii) any written request by the SEC for amendments or supplements to such Shelf Registration Statement or any other registration
statement or any prospectus or prospectus supplement thereto or for additional information; 
 (i) promptly notify each Selling Holder, at
any time when a prospectus relating thereto 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 Shelf Registration Statement or any
other registration statement contemplated by this Agreement, 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 to make the statements therein not
misleading (in the case of any prospectus contained therein, in the light of the circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the SEC of any stop order suspending the effectiveness of such
Shelf Registration Statement or any other registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Corporation of any notification with respect to the suspension
of the qualification 

  
 11 

 
of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Corporation 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 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; 
 (j) in connection with a customary due diligence review, make available for inspection by any
Selling Holder, the Managing Underwriter or underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by such Selling Holder, Managing Underwriter or underwriter (collectively, the
“Offering Persons”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Corporation and its subsidiaries, and cause the
officers, directors and employees of the Corporation and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such Selling Holder, Managing Underwriter, underwriter,
counsel or accountant in connection with such Registration Statement, subject to appropriate confidentiality obligations; 
 (k) in the case
of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters, (i) an opinion of counsel for the Corporation dated the date of the closing under the underwriting agreement, addressed to the underwriters,
and (ii) a “comfort” letter (including customary “negative assurance”), dated the pricing date of such Underwritten Offering and a letter of like kind dated the date of the closing under the underwriting agreement, in each
case addressed to the underwriters, signed by the independent public accountants who have certified the Corporation’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion
and the “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 Corporation and such other matters as such underwriters may reasonably request; 

(l) in the event that the Registrable Securities are being offered in an Underwritten Offering, enter into an underwriting agreement in
accordance with the applicable provisions of this Agreement; provided, however, that no underwriting agreement shall require (1) the Corporation to enter into a lock-up agreement unless
(i) such underwriting agreement is executed in connection with an Underwritten Offering of Common Shares and (ii) the lock-up agreement required under such underwriting agreement does not exceed 45
days from the date of the pricing of such offering and contains customary exceptions from the Corporation’s own immediately preceding underwritten offering; and (2) the officers, directors or any Affiliate of the Corporation to enter into
a lock-up agreement; 

  
 12 

 (m) otherwise use its commercially reasonable efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement, covering a period of twelve months beginning within three months after the Effective Date of such Shelf Registration
Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

(n) use its commercially reasonable efforts to cause all such Registrable Securities registered pursuant to this Agreement to be listed on the
primary securities exchange or nationally recognized quotation system on which such Registrable Securities are then listed or quoted; 
 (o)
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 Corporation to
enable the Selling Holders to consummate the disposition of such Registrable Securities; 
 (p) provide a transfer agent and registrar for
all Registrable Securities covered by such registration statement not later than the Effective Date of such registration statement; 
 (q)
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 such Registrable Securities (including, in the case of
Underwritten Offerings of at least the Underwritten Offering Threshold, making appropriate officers of the Corporation available to participate (but only to the extent consistent with the Corporation’s practice in connection with its own recent
underwritten offerings of securities) in no more than one telephonic “road show” presentation before analysts (for each Underwritten Offering), and other customary marketing activities (including one-on-one conference calls with prospective purchasers of the Registrable Securities)); and 
 (r)
if requested by the Managing Underwriter or underwriters, or any Selling Holder, (i) as soon as practicable incorporate in a prospectus supplement or post-effective amendment such information as the Managing Underwriter or underwriters, or any
Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being
paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering, and (ii) as soon as practicable make all required filings of such prospectus supplement or post-effective amendment after being
notified of the matters to be incorporated in such prospectus supplement or post-effective amendment. 
 The Corporation shall not name a
Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Shelf Registration Statement without such Holder’s consent. 

Each Selling Holder, upon receipt of notice from the Corporation of the happening of any event of the kind described in
Section 2.04(h)(iii) or Section 2.04(i) shall forthwith discontinue offers and sales 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 Section 2.04(h)(iii) or Section 2.04(i) or until it is advised in writing by the Corporation that the use of the
prospectus may be resumed and has received copies of any 

  
 13 

 
additional or supplemental filings incorporated by reference in the prospectus (such period during which disposition is discontinued being an “Interruption Period”), and, if so
directed by the Corporation, such Selling Holder shall, or shall request the Managing Underwriter, if any, to deliver to the Corporation (at the Corporation’s expense) all copies in their possession or control, other than permanent file copies
then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. As soon as practicable after the Corporation has determined that the use of the applicable
prospectus may be resumed, the Corporation will notify the Selling Holders thereof. In the event the Corporation invokes an Interruption Period hereunder and in the reasonable discretion of the Corporation the need for the Corporation to continue
the Interruption Period ceases for any reason, the Corporation shall, as soon as reasonably practicable, provide written notice to the Selling Holders that such Interruption Period is no longer applicable. 

Section 2.05 Cooperation by Holders. The Corporation shall have no obligation to include Registrable Securities of a Holder in a
registration statement who has failed to timely furnish after receipt of a written request from the Corporation such information that the Corporation determines, after consultation with its counsel, is reasonably required in order for the
registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 
 Section 2.06 Restrictions on
Sales. To the extent requested by the Managing Underwriter, each Holder of Registrable Securities that participates in an Underwritten Offering will enter into a customary letter agreement with underwriters providing such Holder will not
effect any public sale or distribution of Registrable Securities during the period of 60 days beginning on the date of a prospectus or prospectus supplement filed with the SEC with respect to the pricing of any 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 Corporation and (ii) the restrictions set forth in this
Section 2.06 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder. In addition, this Section 2.06 shall not apply to any Holder that is not
entitled to participate in such Underwritten Offering, whether because such Holder delivered an Opt-Out Notice prior to receiving notice of the Underwritten Offering or because the Registrable Securities held
by such Holder may be disposed of without restriction pursuant to Rule 144 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect). 

Section 2.07 Expenses. 

(a) Expenses. The Corporation shall pay all reasonable Registration Expenses as determined in good faith by the Board, including, in the
case of an Underwritten Offering, the Registration Expenses of an Underwritten Offering, regardless of whether any sale is made pursuant to such Underwritten Offering. Each Selling Holder shall pay its pro rata share of all Selling Expenses in
connection with any sale of its Registrable Securities hereunder. For the avoidance of doubt, each Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage derived by dividing (i) the number of Registrable
Securities sold by such Selling Holder in connection with such sale by (ii) the aggregate number of Registrable Securities sold by all Selling Holders in connection with such sale. In addition, except as otherwise provided in Sections
2.07 and 2.08 hereof, the Corporation shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

  
 14 

 (b) Certain Definitions. “Registration Expenses” means the following
expenses incident to the Corporation’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Shelf Registration Statement pursuant to Section 2.01 or an
Underwritten Offering covered under this Agreement, and the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NASDAQ fees, all registration, filing, qualification and
other fees and expenses of complying with securities or blue sky laws, fees of the FINRA, fees of transfer agents and registrars, all word processing, duplicating and printing expenses, and the fees and disbursements of counsel and independent
public accountants for the Corporation, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance. “Selling Expenses” means all underwriting discounts
and selling commissions or similar fees or arrangements and related expenses allocable to the sale of the Registrable Securities, transfer taxes and fees and disbursements of counsel to the Selling Holders, except for the reasonable fees and
disbursements of counsel for the Selling Holders required to be paid by the Corporation pursuant to Section 2.08. 

Section 2.08 Indemnification. 

(a) By the Corporation. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this
Agreement, the Corporation shall indemnify and hold harmless each Selling Holder thereunder, its directors, officers, managers, employees, agents and Affiliates and each Person, if any, who controls such Selling Holder or its Affiliates within the
meaning of the Securities Act and the Exchange Act, and its directors, officers, employees or agents (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including
reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified 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, in light of the
circumstances under which such statement is made) contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) any registration statement contemplated by this Agreement, any preliminary prospectus, prospectus
supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto 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, in light of the circumstances under which they were made) not misleading, and shall reimburse each such Selling Holder Indemnified Person for any legal or
other expenses reasonably incurred by them in connection with investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the Corporation shall 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 Indemnified Person in writing specifically for
use in such registration statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder
Indemnified Person, and shall survive the transfer of such securities by such Selling Holder. 

  
 15 

 (b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to
indemnify and hold harmless the Corporation, its directors, officers, employees and agents and each Person, if any, who controls the Corporation 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 Corporation 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 registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto;
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 it from any liability that it may have to any indemnified party other than under this Section 2.08 except to the extent that the indemnifying party is materially prejudiced in its ability to defend such
action by such failure. In any action brought against any indemnified party, it 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 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 one
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 indemnifying party shall settle any action brought against any indemnified party with respect to which such indemnified party is entitled to
indemnification hereunder without the consent of the indemnified party (which shall not be unreasonably withheld, delayed or conditioned), unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional
release from all liability of, the indemnified party. In addition, no indemnifying party shall be liable for the settlement of any action effected without its prior written consent (which shall not be unreasonably withheld, delayed or conditioned).

  
 16 

 (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 such 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 such 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,
defending or resolving 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 such 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 SEC that may permit the sale of the Registrable Securities
to the public without registration, the Corporation agrees to use its commercially reasonable efforts to: 
 (a) make and keep public
information regarding the Corporation available, as those terms are understood and defined in Rule 144 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect), at all times from and after the date
hereof; 
 (b) file with the SEC in a timely manner all reports and other documents required of the Corporation under the Securities Act and
the Exchange Act at all times from and after the date hereof; and 

  
 17 

 (c) so long as a Holder owns any Registrable Securities, furnish, unless otherwise available
electronically at no additional charge via the SEC’s EDGAR system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of the Corporation, and such other reports and documents as such Holder may reasonably
request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration. 

Section 2.10 Transfer or Assignment of Registration Rights. 

(a) The rights to cause the Corporation to register Registrable Securities granted to the GSO Funds by the Corporation under this Article
II may be transferred or assigned by the GSO Funds to one or more transferees or assignees of Registrable Securities without the consent of the Corporation; provided, however, that, other than in the case of transfers or assignments of
Registrable Securities to funds or accounts managed, advised or sub-advised by GSO or its Affiliates, (a) the transfer or assignment relates to Preferred Shares (including Common Shares issued or issuable
as dividends or upon the redemption of such Preferred Shares) and such Preferred Shares are transferred in accordance with the terms of the Purchase Agreement, (b) any such transfer or assignment with respect to such Preferred Shares is for a
minimum of 20,000 Preferred Shares, (c) the Corporation is given written notice prior to any said transfer or assignment, stating the name and address of each of the transferee or assignee and (d) each such transferee or assignee assumes
in writing responsibility for its portion of the obligations of the GSO Funds under this Agreement. 
 (b) Notwithstanding anything in this
Agreement to the contrary, if any Preferred Shares are sold or disposed of as described in clause (a) or (b) of Section 1.02 and the transferor’s rights under this Agreement are assigned to the transferee of such
securities pursuant to this Section 2.10, any such outstanding Preferred Shares held by such transferee are deemed to be Registrable Securities solely for the purposes of Section 3.01. Any Common
Shares issued by the Corporation upon redemption of Preferred Shares shall be Registrable Securities to the extent such Common Shares are not Freely Tradable or, to the extent such Common Shares are Freely Tradable, they represent at least 1% of the
then-outstanding Common Shares. 
 Section 2.11 Preferred Share Sale Cooperation. 

In connection with up to 10 sales or distributions of Preferred Shares by any GSO Fund involving a Preferred Share amount (based on Liquidation
Preference times the number of applicable shares) of at least $20 million that does not constitute an Underwritten Offering (including a sale pursuant to Rule 144 under the Securities Act (or any successor or similar provision adopted by the
SEC then in effect) and any sale or distribution in a private transaction), the Corporation shall take such actions as are reasonably requested by such Holder in order to expedite or facilitate such sale or distribution, including making appropriate
officers of the Corporation, as determined by the Corporation in its sole discretion, available to participate in not more than 20 one-on-one conference calls in the
aggregate under this Section 2.11, each of which shall consist of an abbreviated investor presentation utilizing the Corporation’s then current investor presentation and a question and answer session relating solely to publicly available
information. 

  
 18 

 ARTICLE III 

MISCELLANEOUS 

Section 3.01 Termination and Effect of Termination. 

This Agreement shall terminate with respect to each Holder when such Holder no longer holds any Registrable Securities or Warrants the Common
Stock issuable upon exercise of which Warrants would be Registrable Securities and will terminate in full when no Holder holds any Registrable Securities or Warrants the Common Stock issuable upon exercise of which Warrants would be Registrable
Securities, except for the provisions of Section 2.06 and Section 2.07, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for
breach or Registration Expenses or Selling Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section 2.08 shall retain such indemnification rights with
respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination. 

Section 3.02 Communications. 

All notices and other communications provided for or permitted hereunder shall be made in writing by electronic mail, courier service or
personal delivery: 
  

	 	(a)	if to the GSO Funds: 

 c/o GSO Capital Partners 

1111 Bagby Street, Suite 2050 

Houston, Texas 77002 

Attention: Robert Horn 

Email: robert.horn@gsocap.com 

with a copy to: 

c/o GSO Capital Partners 

345 Park Avenue, 31st Floor 

New York, New York 10154 

Email: GSOLegal@gsocap.com 

            GSOValuationsGroup@gsocap.com 

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

Kirkland & Ellis LLP 

600 Travis Street, Suite 3300 

Houston, Texas 77002 

Attention: John D. Pitts 

                 Tim Cruickshank 

Email:       john.pitts@kirkland.com 

                 
tim.cruickshank@kirkland.com 

  
 19 

	 	(b)	if to a transferee of a GSO Fund, to such Holder at the address provided pursuant to Section 2.10 above; and 

 

	 	(c)	if to the Corporation: 

 Carrizo Oil & Gas, Inc. 

500 Dallas Street 

Suite 2300 

Houston, TX 77002 

Attention: Chief Financial Officer 

Email: david.pitts@carrizo.com 

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

Carrizo Oil & Gas, Inc. 

500 Dallas Street 

Suite 2300 

Houston, TX 77002 

Attention: General Counsel 

Email: gerry.morton@carrizo.com 

Baker Botts L.L.P. 

910 Louisiana Street 

Houston, TX 77002 

Attention: Gene Oshman 

Email: gene.oshman@bakerbotts.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 electronic mail; and when actually received, if sent by courier service or any other means. 
 Section 3.03
Successor and Assigns. 
 This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of
each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.04
Assignment of Rights. 
 All or any portion of the rights and obligations of the GSO Funds under this Agreement may be transferred or
assigned by each such GSO Fund only in accordance with Section 2.10 hereof. 
 Section 3.05
Recapitalization, Exchanges, Etc.  
 The provisions of this Agreement shall apply to the full extent set forth
herein with respect to any and all equity interests of the Corporation or any successor or assign of the Corporation (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, share splits, recapitalizations, pro rata distributions of shares and the like occurring after the date of this Agreement. 

  
 20 

 Section 3.06 Specific Performance. 

Damages in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore
agreed that each such Person, in addition to and without limiting any other remedy or right it may have, shall 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 shall not preclude any such Person from pursuing any other rights and remedies at law or in equity that such Person may have. 

Section 3.07 Counterparts. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, including facsimile or
..pdf counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

Section 3.08 Headings. 

The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

Section 3.09 Governing Law; Venue; Waivers. 

This Agreement shall be governed by and construed in accordance with the internal laws of the State of Texas without regard to principles of
conflicts of laws. Neither the Corporation nor any Holder shall be entitled to recover (i) any exemplary, punitive or speculative damages under this Agreement or (ii) any special, indirect, consequential, incidental damages or lost profits
under this Agreement, except (x) in the case of clause (ii), to the extent any such damages or lost profits would otherwise be recoverable under Texas law in an action for breach of contract or (y) in the case of clause (i) or clause
(ii), any such damages or lost profits arising from a breach of this Agreement that are payable to a third party. The Corporation and each Holder of a Registrable Security each hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating solely to this Agreement or the transactions
contemplated hereby, to the exclusive jurisdiction of the courts of the State of Texas and the Federal courts of the United States of America, in each case located within the Southern District of Texas, and appellate courts thereof; 

(b) consents that any such action or proceeding may be brought in such courts, and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same to the extent permitted by applicable law; 

  
 21 

 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth in the Register or at such other address of which the other
party shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (a) are not available
despite the intentions of the parties hereto; 
 (e) agrees that final judgment in any such suit, action or proceeding
brought in such a court may be enforced in the courts of any jurisdiction to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or as otherwise
permitted by law; 
 (f) agrees that to the extent that such party has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Agreement, to the extent permitted by law; and 

(g) IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS AGREEMENT. 

Section 3.10 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 3.11 Entire Agreement. 

This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted
by the Corporation set forth herein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings between the parties with respect to such subject matter. 

  
 22 

 Section 3.12 Amendment. 

This Agreement may be amended only by means of a written amendment signed by the Corporation and the Required Holders; provided that any
amendment, modification, supplement or waiver of any of the provisions of this Agreement which disproportionately materially adversely affects any Holder shall not be effective without the written approval of such Holder; but it is acknowledged and
agreed that the notice and other provisions of this Agreement may be waived by the Required Holders with respect to any particular registration or transaction. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof
with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not affect the rights of other Holders of Registrable Securities
may also be given by holders of greater than 50% of the Registrable Securities being sold by such Holders pursuant to such Registration Statement. 

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 Obligations Limited to Parties to Agreement. 

Each of the parties hereto covenants, agrees and acknowledges that, other than as set forth herein, no Person other than the Holders, their
respective permitted assignees and the Corporation shall have any obligation hereunder and that, notwithstanding that one or more of such Persons may be a corporation, partnership or limited liability company, no recourse under this Agreement or
under any documents or instruments delivered in connection herewith 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 such Persons
or their respective permitted assignees, 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 such Persons or any of their respective assignees, 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 such Persons or their respective permitted assignees under this Agreement or any documents or instruments delivered in connection
herewith 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 any Holder hereunder. 

  
 23 

 Section 3.15 Interpretation. 

Article and Section references are to 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 words “include,” “includes” and
“including” or words of similar import shall be deemed to be followed by the words “without limitation.” Whenever any determination, consent or approval is to be made or given by the GSO Funds (and their respective transferees or
assignees) under this Agreement, such action shall be in each GSO Fund’s (and its respective transferees’ or assignees’) sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise (e.g., by
“Business” or “trading”), all references herein to a “day” are deemed to be a reference to a calendar day. 

(Signature pages follow) 

  
 24 

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

			
	CARRIZO OIL & GAS, INC.
		
	By:	 	 /s/ David L. Pitts

	Name:	 	David L. Pitts
	Title:	 	Vice President and Chief Financial Officer

 Signature Page to Registration Rights Agreement 

 
					
	 HOLDERS:

	
	GSO COF III AIV-6 LP
			
	        	 	By:	 	GSO Capital Opportunities Associates III LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its managing member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO COF III AIV-7 LP
			
	        	 	By:	 	GSO Capital Opportunities Associates III LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its managing member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO ENERGY SELECT OPPORTUNITIES FUND AIV-5 LP
			
	        	 	By:	 	GSO Energy Select Opportunities Associates LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title:  Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO ENERGY SELECT OPPORTUNITIES FUND AIV-6 LP
			
	        	 	By:	 	GSO Energy Select Opportunities Associates LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
			
	GSO ENERGY PARTNERS-A LP
		
	        By:	 	GSO Energy Partners-A Associates LLC,
		 	its general partner
		
	        By:	 	 /s/ Marisa J. Beeney

	        Name: Marisa J. Beeney
	        Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
			
	GSO ENERGY PARTNERS-B LP
		
	        By:	 	GSO Energy Partners-B Associates LLC,
		 	its general partner
		
	        By:	 	 /s/ Marisa J. Beeney

	        Name: Marisa J. Beeney
	        Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
			
	GSO ENERGY PARTNERS-C LP
		
	        By:	 	GSO Energy Partners-C Associates LLC,
		 	its general partner
		
	        By:	 	 /s/ Marisa J. Beeney

	        Name: Marisa J. Beeney
	        Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO ENERGY PARTNERS-C II LP
			
	        	 	By:	 	GSO Energy Partners-C Associates II LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO ENERGY PARTNERS-D LP
			
	        	 	By:	 	GSO Energy Partners-D Associates LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO AIGUILLE DES GRANDS MONTETS FUND II LP
			
	        	 	By:	 	GSO Capital Partners LP,
		 		 	as attorney-in-fact
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO HARRINGTON CREDIT ALPHA FUND (CAYMAN) L.P.
			
	        	 	By:	 	GSO Harrington Credit Alpha Associates L.L.C.,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights Agreement 

 
					
	GSO CREDIT ALPHA TRADING (CAYMAN) LP
			
	        	 	By:	 	GSO Credit Alpha Associates LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 Signature Page to Registration Rights AgreementEX-10.2

 Exhibit 10.2 

Execution Version 

STANDSTILL AND VOTING AGREEMENT 

BY AND BETWEEN 
 CARRIZO
OIL & GAS, INC. 
 AND 

THE GSO FUNDS 
  

 STANDSTILL AND VOTING AGREEMENT 

This STANDSTILL AND VOTING AGREEMENT (this “Agreement”) is made and entered into as of August 10, 2017, by and
between (a) Carrizo Oil & Gas, Inc., a Texas corporation (the “Company”), and (b) the funds specified on the signature pages hereof (collectively, the “GSO
Funds” and individually, a “GSO Fund”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in Article I. 

RECITALS: 
 WHEREAS,
pursuant to the Preferred Stock Purchase Agreement, dated June 28, 2017 (the “SPA”), among the Company and the GSO Funds, among other things, at the ExL Closing, the GSO Funds have agreed to purchase from the Company the
Preferred Stock and the Warrants in accordance with Section 2.01 of the SPA, subject to the terms and conditions set forth in the SPA and subject to the terms of this Agreement; 

WHEREAS, at the ExL Closing, the Warrants were issued to the GSO Funds pursuant to the Warrant Agreement; 

WHEREAS, the parties hereto believe that it is desirable to establish certain provisions with respect to the Voting Securities that are
currently held, or may be acquired, by the GSO Funds; and 
 WHEREAS, the Board of Directors of the Company has approved this Agreement upon
the terms and subject to the conditions contained herein; 
 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 are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. Capitalized terms used herein without definition shall have the meanings set forth below: 

“Acquisition Agreement” shall have the meaning assigned to such term in the SPA. 

“Affiliate” shall have the meaning ascribed to it, on the date hereof, in Rule 405 under the Securities Act. For
purposes of this Agreement, (i) the Non-Credit Business Blackstone Entities shall not be considered or otherwise deemed to be an “Affiliate” of a GSO Fund or its Affiliates that are part of the
credit-related businesses of The Blackstone Group L.P. unless any GSO Fund or its Affiliates transfers any Preferred Stock, Warrants or Voting Securities to a Non-Credit Business Blackstone Entity, in which
case such Non-Credit Business Blackstone Entity will be deemed to be an “Affiliate” of the GSO Funds hereunder, and (ii) any fund or account managed, advised or
sub-advised by or Controlled by GSO or its Affiliates within the credit-related businesses of The Blackstone Group L.P. shall constitute an Affiliate of the Purchasers. 

“Agreement” has the meaning specified therefor in the introductory paragraph. 

  
 2 

 “Bankruptcy” means, with respect to any Person, the occurrence of any of
the following events, conditions or circumstances: (i) such Person shall file a voluntary petition for relief under chapter 7 or 11 of Title 11 of the United States Bankruptcy Code, as amended (the “Bankruptcy
Code”)’ (ii)(a) an involuntary petition for relief under chapter 7 or 11 of the Bankruptcy Code shall be filed against such Person, (b) an order for relief granting such involuntary petition is entered against such Person by
the bankruptcy court and (c) such order for relief shall remain unvacated and unstayed, or the bankruptcy case is not dismissed for an aggregate of 90 days (whether or not consecutive) from the date of entry thereof; or (iii) such Person
shall make a general assignment for the benefit of creditors. 
 “Beneficially Own” has the meaning assigned to such
term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used
in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such
right is currently exercisable or is exercisable only after the passage of time. For purposes of this Agreement, none of the GSO Funds or their Affiliates or any fund or account managed, advised or sub-advised
by or Controlled by GSO or its Affiliates shall, solely as a result of the direct or indirect ownership of GSO by the Non-Credit Business Blackstone Entities, constitute or be deemed to “Beneficially
Own” any Common Stock or Voting Securities that is Beneficially Owned by Non-Credit Business Blackstone Entities to the extent they are not deemed to be Affiliates of a GSO Fund. Notwithstanding anything
to the contrary contained herein, any holder of the Warrants shall be deemed to Beneficially Own the Common Stock issuable upon exercise of the Warrants notwithstanding the provisions of NASDAQ Rule 5635(d), anything to the contrary in the Statement
of Resolutions or anything to the contrary in the Warrant Agreement. 
 “Beneficial Ownership” has a correlative
meaning to Beneficially Own. 
 “Board” means the Board of Directors or similar governing body of any member of the
Company Group, as applicable. 
 “Change of Control” has the meaning assigned to such term in the Statement of
Resolutions. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company, and any class or
classes of stock resulting from any reclassification or reclassifications thereof and which have no preference in respect of dividends or of amounts payable in the event of any liquidation, dissolution or winding up of the Company. 

“Company” has the meaning specified therefor in the introductory paragraph of this Agreement and includes any
successor thereto. 
 “Company Group” means the Company and its Subsidiaries. 

“Confidentiality Agreement” has the meaning assigned to such term in the SPA. 

“Control” mean the possession, directly or indirectly, of the power to direct, or cause the direction of, the
management and policies of a Person whether through the ownership of voting securities, by contract or otherwise. The terms “Controlled” and “Controlling” shall have correlative meanings 

  
 3 

 “Dividend Trigger Event” has the meaning assigned to such term in the
Statement of Resolutions. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “ExL Closing” means the closing of the transactions
contemplated by the Acquisition Agreement. 
 “GSO” means GSO Capital Partners LP. 

“GSO Fund” or “GSO Funds” has the meaning assigned to such term in the preamble of this
Agreement. 
 “Issue Date” has the meaning assigned to such term in the Statement of Resolutions. 

“Non-Credit Business Blackstone Entities” means The Blackstone Group, L.P. and
all private equity funds, portfolio companies, parallel investment entities, and alternative investment entities owned, managed, or Controlled by The Blackstone Group, L.P., or its Affiliates (or any Person Controlling any such Persons) that are not
part of the credit-related businesses of The Blackstone Group L.P. 
 “Person” means any individual, corporation,
company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Preferred Stock” means the 8.875% Redeemable Preferred Stock of the Company. 

“SEC” means the U.S. Securities and Exchange Commission (or any successor agency). 

“Securities” means (i) the warrant to purchase shares of Common Stock issued pursuant to the Warrant Agreement,
(ii) the Preferred Stock and (iii) the Underlying Shares. 
 “Securities Act” means the U.S. Securities
Act of 1933, as amended and the rules and regulations of the SEC promulgated thereunder. 
 “SPA” has the meaning
specified therefor in the recitals of this Agreement. 
 “Standstill Termination Date” means the earliest of: 

(i) the date on which the GSO Funds and their respective Affiliates Beneficially Own less than (x) 10% of the Preferred Stock issued on the
Issue Date and (y) 4% of the then-outstanding Common Stock; 
 (ii) the date that is seven years and six months after the Issue Date; 

  
 4 

 (iii) the date that is six months following the occurrence of a Dividend Trigger Event that has
not been cured; 
 (iv) a Change of Control of the Company in which (x) the GSO Funds and their respective Affiliates receive a
Substantially Equivalent Security or (y) the Preferred Stock has not been timely and fully redeemed when required in accordance with Section 8 of the Statement of Resolutions; and 

(v) the occurrence of a Bankruptcy of the Company. 

“Statement of Resolutions” means the Statement of Resolutions of the Company establishing the Preferred Stock. 

“Substantially Equivalent Security” has the meaning assigned to such term in the Statement of Resolutions. 

“Transaction Documents” has the meaning assigned to such term in the SPA. 

“Underlying Shares” has the meaning assigned to such term in the SPA. 

“Voting Securities” means, together, (1) the Common Stock and (2) any shares of any class of capital stock
or other equity interest (or other security or interest) of any member of the Company Group, other than the Common Stock, that are entitled to vote generally in the election of members of the Board. For the avoidance of doubt, the Preferred Stock
shall not be a “Voting Security” for purposes of this Agreement. 
 “Warrant Agreement” has the meaning
assigned to such term in the SPA. 
 “Warrants” has the meaning assigned to such term in the SPA. 

ARTICLE II 
 STANDSTILL;
VOTING 
 Section 2.1 Standstill. During the period commencing on the date hereof and ending on the Standstill
Termination Date, without the prior consent of the Company, each of the GSO Funds agrees that none of it, GSO, nor any of their Affiliates, shall, directly or indirectly: 

(a) effect or seek, offer or propose to effect: 

(i) any acquisition (or proposal or agreement to acquire), of record or beneficially, by purchase or otherwise, of any of the Common Stock, or
rights or options to acquire interests in any of the Common Stock (or any other beneficial ownership thereof) of the Company (other than the acquisition of Underlying Shares by any of the GSO Funds pursuant to (x) the express terms of the
Statement of Resolutions to satisfy dividends or distributions or upon redemption settled in Common Stock or (y) the exercise of any Warrant); 

  
 5 

 (ii) any business combination, merger, tender offer, similar transaction, acquisition of all or
substantially all of the assets of the Company or other extraordinary transaction involving any member of the Company Group; 
 (iii) any
proposal advanced publicly to seek any restructuring, recapitalization, liquidation, dissolution, exchange offer or similar transaction involving any member of the Company Group; 

(iv) any “solicitation” of “proxies” (as such terms are defined or used in the proxy rules of the SEC) or consents to vote
or consents to vote or otherwise with respect to any voting securities of any member of the Company Group, or make any communication exempted from the definition of “solicitation” by Rule 14a 1(1)(2)(iv) under the Exchange Act; 

(v) other than pursuant to and in accordance with the rights expressly granted to the holders of the Preferred Stock in Section 9(b) of
the Statement of Resolutions, any proposal advanced publicly to seek representation on the Board of any member of the Company Group or otherwise publicly seek to control or influence the management, the Board or policies of any member of the Company
Group, including, without limitation, (A) any plans or proposals to change the number or term of directors or to fill any vacancies on the Board of any member of the Company Group, (B) any material change in the capitalization or dividend
policy of any member of the Company Group, (C) any other material change in any member of the Company Group’s management, business or corporate structure, (D) seeking to have any member of the Company Group waive or make amendments or
modifications to its organizational documents, or other actions that may impede or facilitate the acquisition of control of any member of the Company Group by any Person, (E) causing a class of securities of the Company to be delisted from, or
to cease to be authorized to be quoted on, any securities exchange; or (F) causing a class of equity securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; 

(b) (i) call a special meeting of the holders of Voting Securities of any member of the Company Group, including without limitation by written
consent, (ii) seek representation on the Board of any member of the Company Group, (iii) seek the removal of any member of the Board of any member of the Company Group that is elected by holders of Voting Securities, (iv) solicit
consents from holders of Voting Securities or otherwise act or seek to act by written consent with respect to the Company Group, or (v) make a request for any list of holders of Voting Securities or other Company Group books and records; except
to appoint and elect up to two directors to the Board pursuant to and in accordance with the rights expressly granted to the holders of the Preferred Stock in Section 9(b) of the Statement of Resolutions; 

(c) form, join or in any way participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with any
third party or knowingly instigate, encourage or assist any third party to do, or enter into any discussions or agreements with any third party, in each case, with respect to, any of the actions set forth in Section 2.1(a);
provided that the inclusion of GSO or any of its Affiliates in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) together solely with The Blackstone Group L.P. and/or its other Affiliates shall not
constitute a breach or violation of this Section 2.1(c); provided, further that such “group” does not take any action that is restricted by this Section 2.1. 

  
 6 

 (d) take any action which is reasonably likely to cause or require GSO, the GSO Funds or any
member of the Company Group to make a public announcement regarding any of the types of matters set forth in this Section 2.1; provided that any public disclosure by GSO or any of its Affiliates on Schedule 13D,
Schedule 13G or otherwise pursuant to Section 16 of the Exchange Act or by any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) of which GSO or any of its Affiliates are members with The Blackstone Group L.P.
and/or its other Affiliates shall not constitute a breach or violation of this Section 2.1(d) if the action disclosed in such filings is otherwise permitted by this Section 2.1; or 

(e) publicly disclose any intention, plan or arrangement inconsistent with this Section 2.1. 

Section 2.2 Standstill Exceptions. Notwithstanding any other provision hereof, the parties hereto agree that the
restrictions contained in Section 2.1 shall: 
 (a) not apply to purchases or sales of any securities of any member
of the Company Group by any pension plan, 401(k) plan or other employee benefit plan or discretionary investment fund administered for the benefit of the directors, officers or employees of GSO, any GSO Fund or their respective Affiliates;
provided, that such activities are not in connection with any intention, plan or arrangement to influence or acquire Control over any member of the Company Group’s management, Board or policies; 

(b) not restrict any purchase or imputed purchase of Common Stock in settlement of bona fide hedging transactions with respect to Common Stock
or Underlying Shares that are permitted in accordance with the SPA; 
 (c) other than as provided in
Section 2.1(d), not prohibit GSO or any of the GSO Funds from privately communicating with the Board or management of the Company or privately requesting or proposing a waiver, termination or amendment of the provisions of
this Agreement; 
 (d) subject to the restrictions set forth in Section 2.1 and
Section 2.3, the Statement of Resolutions and the SPA, not limit any GSO Fund or any of its Affiliates ability to vote or transfer its Common Stock or otherwise exercise rights under its Common Stock; 

(e) subject to the restrictions set forth in the SPA and the Statement of Resolutions, not limit any GSO Fund or any of its Affiliates ability
to vote or transfer its Preferred Stock or otherwise take actions expressly permitted by the terms of the Statement of Resolutions; and 

(f) terminate and be of no further force and effect on the Standstill Termination Date. 

Section 2.3 Voting of Common Stock. During the period commencing on the date hereof and ending on the earlier of
(i) the Standstill Termination Date, (ii) a Dividend Trigger Event that has not been cured within three months of the occurrence of such Dividend Trigger Event and (iii) the seventh anniversary of the Issue Date, each of the GSO
Funds: 

  
 7 

 (i) shall (and shall cause its Affiliates to) take such action (including, without limitation,
if applicable, through the execution of one or more written consents if shareholders of the Company are requested to vote through the execution of an action by written consent in lieu of any such annual or special meeting of shareholders of the
Company) at each meeting of the shareholders of the Company (including without limitation at any adjournments or postponements thereof) as may be required so that all shares of issued and outstanding Voting Securities of the Company Beneficially
Owned, directly or indirectly, by it and/or by any of its Affiliates are voted, at the election of the GSO Fund in the same manner (“for,” “against,” “withheld,” “abstain” or otherwise) as either
(A) recommended by the Board of the Company to the other holders of Voting Securities of the Company or (B) consistent with, and in proportion to, the votes of the other shareholders of the Company. The foregoing provision shall also apply
to the execution by such Persons of any written consent in lieu of a meeting of holders of Preferred Stock (if applicable) of the Company; and 

(ii) shall, provided that notice of such meeting has been provided to the GSO Funds in accordance with Section 3.1,
(and shall cause its Affiliates to) be present, in person or by proxy, at all meetings of the shareholders of the Company (including without limitation at any adjournments or postponements thereof) so that all shares of issued and outstanding Voting
Securities of the Company Beneficially Owned by it or them from time to time are counted for the purposes of determining the presence of a quorum and voted in accordance with Section 2.3(b)(i) at such meetings (including
without limitation at any adjournments or postponements thereof). The foregoing provision shall also apply to the execution by such Persons of any written consent in lieu of a meeting of holders of Voting Securities of the Company. 

(b) Notwithstanding anything to the contrary contained herein, the GSO Funds are entering into this Agreement solely in their capacity as owner
of the Securities, and nothing herein is intended to or shall limit, affect or restrict any director or officer of the GSO Funds (including any appointee or representative of any GSO Fund or any of its Affiliates to the Board of any member of the
Company Group (including pursuant to the Statement of Resolutions)) to the extent acting solely either in his or her capacity as a director or officer of any member of the Company Group (including voting on matters put to such Board or any committee
thereof, influencing officers, employees, agents, management or the other directors of any member of the Company Group and taking any action or making any statement at any meeting of such Board or any committee thereof) or in the exercise of his or
her fiduciary duties as a director or officer of any member of the Company Group. In addition, nothing herein is intended to or shall limit, affect or restrict the GSO Fund’s right to appoint and elect up to two directors to the Board pursuant
to and in accordance with the rights expressly granted to the holders of the Preferred Stock in Section 9(b) of the Statement of Resolutions. 

Section 2.4 Reporting Obligations. During the period commencing on the date hereof and ending on the Standstill Termination
Date, the GSO Funds shall use commercially reasonable efforts to provide the Company, promptly upon request, with all reasonably requested information with respect to the GSO Funds required by the Company to satisfy its reporting obligations under
the Exchange Act or the Securities Act. Without excusing any failure by a GSO Fund to comply with the preceding sentence, if the Company does not obtain such information from a GSO Fund, the Company may rely on GSO’s public filings to satisfy
the GSO Funds’ obligations under this Section 2.4. 

  
 8 

 ARTICLE III 

MISCELLANEOUS 

Section 3.1 Communications. All notices and other communications provided for hereunder shall be in writing and shall be
given by hand delivery, electronic mail, registered or certified mail, return receipt requested, regular mail or air courier guaranteeing overnight delivery to the following addresses: 

if to the Company to: 
 Carrizo
Oil & Gas, Inc. 
 500 Dallas, Suite 2300 

Houston, TX 77002 
 Attn: Law
Department 
 Email: Gerry.Morton@carrizo.com 

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

Baker Botts L.L.P. 
 910
Louisiana Street 
 Houston, TX 77002 

Attention: Gene Oshman 

Facsimile: 713-229-1178 

Email: gene.oshman@bakerbotts.com 

if to the GSO Funds to: 
 c/o GSO
Capital Partners 
 1111 Bagby Street, Suite #2050 

Houston, Texas 77002 

Attention: Robert Horn 
 Email:
robert.horn@gsocap.com 
 with a copy to : 

c/o GSO Capital Partners 
 345
Park Avenue, 31st Floor 
 New York, New York 10154 

Email: GSOLegal@gsocap.com 

           GSOValuationsGroup@gsocap.com 

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

Kirkland & Ellis LLP 

600 Travis Street, Suite 3300 

Houston, Texas 77002 

  
 9 

 Attention: John D. Pitts, P.C. 

                 Doug Bacon, P.C. 

                 Kimberly Hicks 

Email: john.pitts@kirkland.com 

           doug.bacon@kirkland.com 

           kim.hicks@kirkland.com 

or to such other address as may be specified in a notice given pursuant to this Section 3.1. All notices and communications shall be
deemed to have been duly given: (i) at the time delivered by hand, if personally delivered; (ii) when notice is sent by the sender and the recipient has read the message, if sent by electronic mail; (iii) upon actual receipt if sent
by registered or certified mail, return receipt requested, or regular mail, if mailed; or (iv) upon actual receipt when delivered to an air courier guaranteeing overnight delivery. The parties may change the address to which notices are to be
given by giving five (5) days’ prior notice of such change in accordance herewith. 
 Section 3.2 Construction;
Interpretation. The Sections and other headings and subheadings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties hereto, and shall not in any way affect the meaning or
interpretation of this Agreement or any exhibit hereto. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs
shall include the plural and vice versa. Unless otherwise specified, all references to days or months shall be deemed to refer to a section or subsection of this Agreement. The words “hereof,” “herein” and “hereunder”
and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “including” shall mean “including, without limitation.” Reference to any
agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Whenever required by the context, references to a
Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement;
accordingly, the language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against any Person. If an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions
of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

Section 3.3 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties. All of the terms, covenants and agreements contained in this Agreement are solely for the benefit of the parties hereto, and their respective successors and assigns, and no other parties (including,
without limitation, any other shareholders or creditor of the Company, or any director, officer or employee of the Company) are intended to be benefitted by, or entitled to enforce, this Agreement. Notwithstanding anything to the contrary in this
Agreement, the covenants under this Agreement applicable to the GSO Funds, GSO or their Affiliates shall not be binding upon any non-Affiliate transferee of the Warrants, the Common Stock, the Preferred Stock
or the Underlying Shares. 

  
 10 

 Section 3.4 Assignment of Rights. No party hereto may transfer or assign any
portion of its rights and obligations under this Agreement without the prior written consent of the other party hereto. Notwithstanding the foregoing, each GSO Fund may assign its rights and obligations under this Agreement without the prior
approval of any other party to this Agreement to any fund or account managed, advised or sub-advised by GSO or any of its Affiliates; provided that any such assignment shall not relieve such GSO Fund of
any of its obligations hereunder. 
 Section 3.5 Recapitalization, Exchanges, etc. Affecting the Stock. The provisions of
this Agreement shall apply to the full extent set forth herein with respect to any and all interests of the Company Group or any successor or assign of any member of the Company Group (whether by merger, consolidation, sale of assets or otherwise),
which may be issued in respect of, in exchange for or in substitution of, such interests, and shall be appropriately adjusted for combinations, stock or other splits, recapitalizations, pro rata distributions and the like occurring after the date of
this Agreement. 
 Section 3.6 Aggregation of Securities. All equity securities of the Company Group 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 and applicability of any obligations under this Agreement. 

Section 3.7 Specific Performance. The parties agree that damages in the event of breach of this Agreement by a party hereto
may be difficult, if not impossible, to ascertain, and the parties would not have any adequate remedy at law in the event that any of the provisions of this agreement were not performed in accordance with their specific terms or were otherwise
breached. It is therefore agreed that, without the necessity of posting bond or other undertaking, 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. In the event that any action or suit is brought in equity to enforce the provisions of this Agreement, no party will allege, and each party hereby waives the defense
or counterclaim, that there is an adequate remedy at law. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 

Section 3.8 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. A signed copy of this Agreement
delivered by facsimile, portable document format (PDF) or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. This Agreement and all of the provisions hereof
shall be binding upon and 

  
 11 

 
effective as to each Person who (i) executes this Agreement in the appropriate space provided in the signature pages hereto notwithstanding the fact that other Persons who have not executed
this Agreement may be listed on the signature pages hereto and (ii) may from time to time become a party to this Agreement by executing a counterpart of or joinder to this Agreement. 

Section 3.9 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 Section 3.10 Governing Law. This Agreement is governed by and construed and enforced in
accordance with the laws of the State of Texas, without giving effect to any conflicts of law principles that would result in the application of any law other than the law of the State of Texas. 

Section 3.11 Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding with respect to this
Agreement and the rights and obligations arising hereunder shall be brought and determined exclusively in the Federal courts of the United States sitting in Harris County, Texas, and any appellate court from any such Federal court, and hereby
irrevocably and unconditionally agree that all claims with respect to any such claim shall be heard and determined in such Federal court, as applicable. The parties agree that a final judgment in any such claim is conclusive and may be enforced in
any other jurisdiction by suit on the judgment or in any other manner provided by law. In addition, each of the parties hereby irrevocably and unconditionally agrees (1) that it is and shall continue to be subject to the jurisdiction of the
Federal courts sitting in Harris County, Texas, and (2)(A) to the extent that such party is not otherwise subject to service of process in the State of Texas, to appoint and maintain an agent in the State of Texas as such party’s agent for
acceptance of legal processes and notify the other parties of the name and address of such agent, and (B) to the fullest extent permitted by law, that service of process may also be made on such party by prepaid certified mail with a proof of
mailing receipt validated by the U.S. Postal Service constituting evidence of valid service, and that, to the fullest extent permitted by applicable law, service made pursuant to (2)(A) or (B) above shall have the same legal force and effect as
if served upon such party personally within the State of Texas. 
 Section 3.12 WAIVER OF JURY TRIAL. TO THE EXTENT NOT
PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY IRREVOCABLY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON, OR IN CONNECTION WITH, THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR
OTHERWISE. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 3.12 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

  
 12 

 Section 3.13 Severability of Provisions. Whenever possible, each provision of
this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such
jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein or if such term or provision could be drawn more narrowly so as not to be illegal, invalid, prohibited or unenforceable in such jurisdiction, it
shall be so narrowly drawn, as to such jurisdiction, without invalidating the remaining terms and provisions of this Agreement or affecting the legality, validity or enforceability of such term or provision in any other jurisdiction. 

Section 3.14 Entire Agreement; Integrated Transactions. This Agreement, the other Transaction Documents and the other
agreements and documents expressly referred to herein as intended by the parties hereto 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 manner contained herein and therein. This Agreement, the other Transaction Documents and the other agreements and documents expressly referred to herein or therein supersede all prior agreements and understandings between the
parties with respect to such subject matter. Each of the parties hereto acknowledges and agrees that in executing this Agreement (i) the intent of the parties in this Agreement and the other Transaction Documents shall constitute an unseverable
and single agreement of the parties with respect to the transactions contemplated hereby and thereby, (ii) it waives, on behalf of itself and each of its Affiliates, any claim or defense based upon the characterization that this Agreement and
the other Transaction Documents are anything other than a true single agreement relating to such matters and (iii) the matters set forth in this Section 3.14 constitute a material inducement to enter into this
Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby. Each of the parties hereto stipulates and agrees (i) not to challenge the validity, enforceability or characterization of this
Agreement and the other Transaction Documents as a single, unseverable instrument pertaining to the matters that are the subject of such agreements, (ii) this Agreement and the other Transaction Documents shall be treated as a single integrated
and indivisible agreement for all purposes, including the bankruptcy of any party and (iii) not to assert or take or omit to take any action inconsistent with the agreements and understandings set forth in this
Section 3.14. 
 Section 3.15 No Partnership. No partnership, joint venture or joint
undertaking is intended to be, or is, formed between the parties hereto or any of them by reason of this Agreement or the transactions contemplated herein. 

Section 3.16 Amendment. This Agreement may be amended only by means of a written amendment signed by the Company and the
GSO Funds. The Company, on the one hand, and the GSO Funds, on the other hand, may waive any obligation of the other hereunder in their sole discretion. 

Section 3.17 No Presumption. In the event 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. 

  
 13 

 Section 3.18 Certain Remedies Limited to Parties to Agreement. Each of the
Parties hereto covenants, agrees and acknowledges that no Person other than each GSO Fund (and such GSO Fund’s transferees or assignees who are Affiliates of the GSO Funds) and the Company shall have any obligation hereunder and no liability
for money damages under this Agreement shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, securityholder or Affiliate of any of the GSO Funds, its Affiliates, the Non-Credit Business Blackstone Entities or the Company or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, securityholder or Affiliate of any of the
foregoing (other than such transferees or assignees), 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 for
damages 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, securityholder or Affiliate of any of the GSO Funds or the
Company or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, securityholder or Affiliate of any of the foregoing (other than such transferees or assignees), as such, for any obligations of
any of the GSO Funds or the Company under this Agreement or for any claim based on, in respect of or by reason of such obligation or its creation. Notwithstanding anything to the contrary herein, this Section 3.18 shall in
no way limit any equitable remedies, specific performance or injunctions that any member of the Company Group or its Affiliates may seek or have against such Persons for their actions that cause a GSO Fund to violate this Agreement. 

Section 3.19 Further Assurances. The Company and each of the GSO Funds shall cooperate with each other and shall take such
further action and shall execute and deliver such further documents as may be reasonably requested by any other party in order to carry out the provisions and purposes of this Agreement. The GSO Funds agree that they shall not direct any Person to
undermine or breach the terms and conditions set forth herein. 
 Section 3.20 Cumulative Remedies. The remedies provided
herein are cumulative and not exclusive of any remedies provided by law. 
 Section 3.21 Termination. The Company may, in
its sole discretion, terminate this Agreement; provided that said termination shall not affect the liability of any party for actions prior to such termination. 

[Signature page follows] 
  

  
 14 

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

  

			
	COMPANY:
	
	CARRIZO OIL & GAS, INC.
		
	By:	 	 /s/ David L. Pitts

	Name:	 	David L. Pitts
	Title:	 	Vice President and Chief Financial Officer

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO FUNDS:
	
	GSO COF III AIV-6 LP
			
	      	 	By:	 	GSO Capital Opportunities Associates III LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its managing member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO COF III AIV-7 LP
			
	      	 	By:	 	GSO Capital Opportunities Associates III LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its managing member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO ENERGY SELECT OPPORTUNITIES FUND AIV-5 LP
			
	      	 	By:	 	GSO Energy Select Opportunities Associates LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO ENERGY SELECT OPPORTUNITIES FUND AIV-6 LP
			
	      	 	By:	 	GSO Energy Select Opportunities Associates LLC,
		 		 	its general partner
			
		 	By:	 	GSO Holdings I L.L.C.,
		 		 	its member
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO ENERGY PARTNERS-A LP
			
	      	 	By:	 	GSO Energy Partners-A Associates LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO ENERGY PARTNERS-B LP
			
	      	 	By:	 	GSO Energy Partners-B Associates LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO ENERGY PARTNERS-C LP
			
	      	 	By:	 	GSO Energy Partners-C Associates LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO ENERGY PARTNERS-C II LP
			
	      	 	By:	 	GSO Energy Partners-C Associates II LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO ENERGY PARTNERS-D LP
			
	      	 	By:	 	GSO Energy Partners-D Associates LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO AIGUILLE DES GRANDS MONTETS FUND II LP
			
	      	 	By:	 	GSO Capital Partners LP,
		 		 	as attorney-in-fact
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO HARRINGTON CREDIT ALPHA FUND (CAYMAN) L.P.
			
	      	 	By:	 	GSO Harrington Credit Alpha Associates L.L.C.,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name:	 	Marisa J. Beeney
		 	Title:	 	Authorized Signatory

 [Signature Page to Standstill and Voting Agreement] 

 
					
	GSO CREDIT ALPHA TRADING (CAYMAN) LP
			
	        	 	By:	 	GSO Credit Alpha Associates LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Marisa J. Beeney

		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

 [Signature Page to Standstill and Voting Agreement]

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