Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 DATED AS OF NOVEMBER 22, 2019, 

AMONG 

NORTHERN OIL AND GAS, INC., 

AS BORROWER, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

AS ADMINISTRATIVE AGENT, 

AND 

THE LENDERS PARTY HERETO FROM TIME
TO TIME 
 JOINT LEAD ARRANGERS AND
JOINT BOOK RUNNERS 
 WELLS FARGO
SECURITIES, LLC 
 ABN AMRO CAPITAL USA LLC 

RBC CAPITAL MARKETS 

AND 

SUNTRUST ROBINSON HUMPHREY, INC. 

SYNDICATION AGENTS 

ABN AMRO CAPITAL USA LLC 

RBC CAPITAL MARKETS 

AND 

SUNTRUST BANK 

DOCUMENTATION AGENTS 

CITIZENS BANK, N.A. 

FIFTH THIRD BANK, NATIONAL ASSOCIATION 

U.S. BANK NATIONAL ASSOCIATION 

 Table of Contents 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE I Definitions and Accounting Matters
	  	 	1	 
			
	 Section 1.01
	    	Terms Defined Above	  	 	1	 
			
	 Section 1.02
	    	Certain Defined Terms	  	 	1	 
			
	 Section 1.03
	    	Types of Loans and Borrowings	  	 	40	 
			
	 Section 1.04
	    	Terms Generally	  	 	40	 
			
	 Section 1.05
	    	Accounting Terms and Determinations; GAAP	  	 	41	 
			
	 Section 1.06
	    	Designation and Conversion of Restricted and Unrestricted Subsidiaries	  	 	41	 
			
	 Section 1.07
	    	Divisions	  	 	43	 
		
	 ARTICLE II The Credits
	  	 	43	 
			
	 Section 2.01
	    	Commitments	  	 	43	 
			
	 Section 2.02
	    	Loans and Borrowings	  	 	43	 
			
	 Section 2.03
	    	Requests for Borrowings	  	 	44	 
			
	 Section 2.04
	    	Interest Elections	  	 	45	 
			
	 Section 2.05
	    	Funding of Borrowings	  	 	46	 
			
	 Section 2.06
	    	Termination and Reduction of Aggregate Maximum Credit Amounts	  	 	47	 
			
	 Section 2.07
	    	Borrowing Base	  	 	48	 
			
	 Section 2.08
	    	Letters of Credit	  	 	51	 
		
	 ARTICLE III Payments of Principal and Interest; Prepayments; Fees
	  	 	57	 
			
	 Section 3.01
	    	Repayment of Loans	  	 	57	 
			
	 Section 3.02
	    	Interest	  	 	57	 
			
	 Section 3.03
	    	Alternate Rate of Interest	  	 	57	 
			
	 Section 3.04
	    	Prepayments	  	 	59	 
			
	 Section 3.05
	    	Fees	  	 	62	 
		
	 ARTICLE IV Payments; Pro Rata Treatment; Sharing of
Set-offs.
	  	 	63	 
			
	 Section 4.01
	    	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	63	 
			
	 Section 4.02
	    	Presumption of Payment by the Borrower	  	 	64	 
			
	 Section 4.03
	    	Certain Deductions by the Administrative Agent	  	 	64	 
			
	 Section 4.04
	    	Payments and Deductions to a Defaulting Lender	  	 	64	 

  
 i 

 Table of Contents 

(continued) 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE V Increased Costs; Break Funding Payments; Taxes; Illegality
	  	 	66	 
			
	 Section 5.01
	    	Increased Costs	  	 	66	 
			
	 Section 5.02
	    	Break Funding Payments	  	 	68	 
			
	 Section 5.03
	    	Taxes	  	 	68	 
			
	 Section 5.04
	    	Designation of Different Lending Office; Replacement of Lenders	  	 	73	 
			
	 Section 5.05
	    	Illegality	  	 	74	 
		
	 ARTICLE VI Conditions Precedent
	  	 	74	 
			
	 Section 6.01
	    	Effective Date	  	 	74	 
			
	 Section 6.02
	    	Each Credit Event	  	 	79	 
			
	 Section 6.03
	    	Post-Closing Obligations	  	 	79	 
		
	 ARTICLE VII Representations and Warranties
	  	 	79	 
			
	 Section 7.01
	    	Organization; Powers	  	 	79	 
			
	 Section 7.02
	    	Authority; Enforceability	  	 	80	 
			
	 Section 7.03
	    	Approvals; No Conflicts	  	 	80	 
			
	 Section 7.04
	    	Financial Position; No Material Adverse Effect	  	 	80	 
			
	 Section 7.05
	    	Litigation	  	 	81	 
			
	 Section 7.06
	    	Environmental Matters	  	 	81	 
			
	 Section 7.07
	    	Compliance with the Laws and Agreements; No Defaults	  	 	82	 
			
	 Section 7.08
	    	Investment Company Act	  	 	82	 
			
	 Section 7.09
	    	Taxes	  	 	82	 
			
	 Section 7.10
	    	ERISA	  	 	82	 
			
	 Section 7.11
	    	Disclosure; No Material Misstatements	  	 	83	 
			
	 Section 7.12
	    	Insurance	  	 	83	 
			
	 Section 7.13
	    	Restriction on Liens	  	 	84	 
			
	 Section 7.14
	    	Subsidiaries	  	 	84	 
			
	 Section 7.15
	    	Location of Business and Offices	  	 	84	 
			
	 Section 7.16
	    	Properties; Titles, Etc.	  	 	84	 
			
	 Section 7.17
	    	Maintenance of Properties	  	 	85	 
			
	 Section 7.18
	    	Gas Imbalances, Prepayments	  	 	86	 
			
	 Section 7.19
	    	Marketing of Production	  	 	86	 

  
 ii 

 Table of Contents 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 7.20
	    	Swap Agreements	  	 	86	 
			
	 Section 7.21
	    	Use of Loans and Letters of Credit	  	 	86	 
			
	 Section 7.22
	    	Solvency	  	 	87	 
			
	 Section 7.23
	    	Anti-Corruption	  	 	87	 
			
	 Section 7.24
	    	AML and Sanctions	  	 	87	 
			
	 Section 7.25
	    	Accounts	  	 	87	 
			
	 Section 7.26
	    	Security Instruments	  	 	87	 
			
	 Section 7.27
	    	International Operations	  	 	88	 
			
	 Section 7.28
	    	Casualty Events	  	 	88	 
			
	 Section 7.29
	    	Beneficial Ownership Certification	  	 	88	 
		
	 ARTICLE VIII Affirmative Covenants
	  	 	89	 
			
	 Section 8.01
	    	Financial Statements; Other Information	  	 	89	 
			
	 Section 8.02
	    	Notices of Material Events	  	 	93	 
			
	 Section 8.03
	    	Existence; Conduct of Business	  	 	94	 
			
	 Section 8.04
	    	Payment of Obligations	  	 	94	 
			
	 Section 8.05
	    	Performance of Obligations under Loan Documents	  	 	94	 
			
	 Section 8.06
	    	Operation and Maintenance of Properties	  	 	94	 
			
	 Section 8.07
	    	Insurance	  	 	95	 
			
	 Section 8.08
	    	Books and Records; Inspection Rights	  	 	95	 
			
	 Section 8.09
	    	Compliance with Laws	  	 	95	 
			
	 Section 8.10
	    	Environmental Matters	  	 	96	 
			
	 Section 8.11
	    	Further Assurances	  	 	97	 
			
	 Section 8.12
	    	Reserve Reports	  	 	97	 
			
	 Section 8.13
	    	Title Information	  	 	98	 
			
	 Section 8.14
	    	Additional Collateral; Additional Guarantors	  	 	99	 
			
	 Section 8.15
	    	ERISA Event	  	 	100	 
			
	 Section 8.16
	    	Reserved	  	 	101	 
			
	 Section 8.17
	    	Accounts	  	 	101	 
			
	 Section 8.18
	    	Most Favored Lender Provisions	  	 	101	 

  
 iii 

 Table of Contents 

(continued) 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE IX Negative Covenants
	  	 	102	 
			
	 Section 9.01
	    	Financial Covenants	  	 	102	 
			
	 Section 9.02
	    	Debt	  	 	102	 
			
	 Section 9.03
	    	Liens	  	 	105	 
			
	 Section 9.04
	    	Dividends, Distributions and Redemptions	  	 	106	 
			
	 Section 9.05
	    	Investments, Loans and Advances	  	 	108	 
			
	 Section 9.06
	    	Nature of Business	  	 	109	 
			
	 Section 9.07
	    	Proceeds of Loans	  	 	109	 
			
	 Section 9.08
	    	ERISA Compliance	  	 	110	 
			
	 Section 9.09
	    	Sale or Discount of Receivables	  	 	110	 
			
	 Section 9.10
	    	Mergers, Etc.	  	 	111	 
			
	 Section 9.11
	    	Disposition of Properties	  	 	111	 
			
	 Section 9.12
	    	Environmental Matters	  	 	113	 
			
	 Section 9.13
	    	Transactions with Affiliates	  	 	113	 
			
	 Section 9.14
	    	Negative Pledge Agreements; Dividend Restrictions	  	 	113	 
			
	 Section 9.15
	    	Gas Imbalances, Take-or-Pay or Other Prepayments	  	 	114	 
			
	 Section 9.16
	    	Swap Agreements	  	 	114	 
			
	 Section 9.17
	    	[Reserved]	  	 	117	 
			
	 Section 9.18
	    	Subsidiaries	  	 	117	 
			
	 Section 9.19
	    	Account Control Agreements	  	 	117	 
			
	 Section 9.20
	    	Certain Restrictions with respect to Unrestricted Subsidiaries	  	 	117	 
			
	 Section 9.21
	    	Sale and Leaseback Transactions	  	 	118	 
			
	 Section 9.22
	    	Organizational Documents; Fiscal Year End	  	 	118	 
			
	 Section 9.23
	    	Limitation on Leases	  	 	118	 
			
	 Section 9.24
	    	Marketing Activities	  	 	118	 
		
	 ARTICLE X Events of Default; Remedies
	  	 	119	 
			
	 Section 10.01
	    	Events of Default	  	 	119	 
			
	 Section 10.02
	    	Remedies	  	 	121	 
			
	 Section 10.03
	    	Disposition of Proceeds	  	 	122	 
			
	 Section 10.04
	    	Credit Bidding	  	 	122	 

  
 iv 

 Table of Contents 

(continued) 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE XI The Administrative Agent
	  	 	123	 
			
	 Section 11.01
	    	Appointment; Powers	  	 	123	 
			
	 Section 11.02
	    	Duties and Obligations of Administrative Agent	  	 	123	 
			
	 Section 11.03
	    	Action by Administrative Agent	  	 	124	 
			
	 Section 11.04
	    	Reliance by Administrative Agent	  	 	125	 
			
	 Section 11.05
	    	Subagents	  	 	125	 
			
	 Section 11.06
	    	Resignation or Removal of Administrative Agent	  	 	125	 
			
	 Section 11.07
	    	Administrative Agent and Lenders	  	 	125	 
			
	 Section 11.08
	    	No Reliance	  	 	126	 
			
	 Section 11.09
	    	Administrative Agent May File Proofs of Claim	  	 	126	 
			
	 Section 11.10
	    	Authority of Administrative Agent to Release Collateral and Liens	  	 	127	 
			
	 Section 11.11
	    	The Arrangers	  	 	127	 
			
	 Section 11.12
	    	Disqualified Institutions	  	 	127	 
		
	 ARTICLE XII Miscellaneous
	  	 	128	 
			
	 Section 12.01
	    	Notices	  	 	128	 
			
	 Section 12.02
	    	Waivers; Amendments	  	 	129	 
			
	 Section 12.03
	    	Expenses, Indemnity; Damage Waiver	  	 	131	 
			
	 Section 12.04
	    	Successors and Assigns	  	 	134	 
			
	 Section 12.05
	    	Survival; Revival; Reinstatement	  	 	138	 
			
	 Section 12.06
	    	Counterparts; Integration; Effectiveness	  	 	138	 
			
	 Section 12.07
	    	Severability	  	 	139	 
			
	 Section 12.08
	    	Right of Setoff	  	 	139	 
			
	 Section 12.09
	    	Governing Law; Jurisdiction; Consent to Service of Process	  	 	139	 
			
	 Section 12.10
	    	Headings	  	 	141	 
			
	 Section 12.11
	    	Confidentiality	  	 	141	 
			
	 Section 12.12
	    	Interest Rate Limitation	  	 	142	 
			
	 Section 12.13
	    	Exculpation Provisions	  	 	143	 
			
	 Section 12.14
	    	Collateral Matters; Swap Agreements	  	 	143	 
			
	 Section 12.15
	    	No Third Party Beneficiaries	  	 	143	 
			
	 Section 12.16
	    	USA Patriot Act Notice	  	 	144	 
			
	 Section 12.17
	    	No Fiduciary Duty	  	 	144	 

  
 v 

 Table of Contents 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 12.18
	    	Flood Insurance Provisions	  	 	144	 
			
	 Section 12.19
	    	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	145	 
			
	 Section 12.20
	    	Releases	  	 	145	 
			
	 Section 12.21
	    	Second Lien Intercreditor Agreement	  	 	146	 
			
	 Section 12.22
	    	Amendment and Restatement of Existing Credit Agreement	  	 	147	 
			
	 Section 12.23
	    	Certain ERISA Matters	  	 	148	 
			
	 Section 12.24
	    	Acknowledgment Regarding Any Supported QFCs	  	 	149	 

  
 vi 

 ANNEXES, EXHIBITS AND SCHEDULES 

 

			
	Annex I	  	Schedule of Maximum Credit Amounts
		
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Compliance Certificate
	Exhibit C	  	Form of Guaranty and Collateral Agreement
	Exhibit D	  	Form of Assignment and Assumption
	Exhibit E	  	Form of Borrowing Request
	Exhibit F	  	Form of Interest Election Request
	Exhibit G	  	Form of Reserve Report Certificate
	Exhibit H	  	Form of Solvency Certificate
	Exhibit I-1	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-2	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-3	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That
		  	Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-4	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That
		  	Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit J	  	Form of Prepayment/Cancellation Notice
		
	Schedule 1.01	  	Existing Specified Swap Agreements
	Schedule 6.03	  	Post-Closing Obligations
	Schedule 7.05	  	Litigation
	Schedule 7.14	  	Subsidiaries and Partnerships; Location of Businesses and Offices
	Schedule 7.18	  	Gas Imbalances
	Schedule 7.19	  	Marketing Contracts
	Schedule 7.20	  	Swap Agreements
	Schedule 7.25	  	Deposit Accounts
	Schedule 7.26	  	Mortgage Jurisdictions
	Schedule 9.02	  	Closing Date Indebtedness
	Schedule 9.03	  	Closing Date Liens
	Schedule 9.05	  	Closing Date Investments
	Schedule 9.13	  	Closing Date Affiliate Transaction

  
 vii 

 THIS SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of November 22, 2019,
is among Northern Oil and Gas, Inc., a Delaware corporation (the “Borrower”); each of the Lenders from time to time party hereto; the Specified Swap Counterparties party hereto; and Wells Fargo Bank, National Association (in its
individual capacity, “Wells Fargo”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 

R E C I T A L S 
 A. The
Borrower, the lenders party thereto and Royal Bank of Canada, as administrative agent (the “Existing Administrative Agent”), are parties to that certain Amended and Restated Credit Agreement, dated as of October 5, 2018, as
amended by the First Amendment, dated as of December 31, 2018, the Second Amendment, dated as of January 14, 2019, the Third Amendment, dated as of April 18, 2019 and the Fourth Amendment, dated as of November 8, 2019 (as
heretofore amended, modified and supplemented from time to time, the “Existing Credit Agreement”). 
 B. The Existing
Administrative Agent has resigned and the Majority Lenders under the Existing Credit Agreement, with the consent of the Borrower, have appointed Wells Fargo as the administrative agent under the Existing Credit Agreement. 

C. The Borrower has requested the Lenders, and the Lenders have agreed to, amend and restate the Existing Credit Agreement, subject to the
terms and conditions of this Agreement. 
 D. The Lenders have agreed to make such loans and extensions of credit subject to the terms and
conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained herein and
of the loans, extensions of credit and commitments hereinafter referred to, the parties hereto agree as follows: 
 ARTICLE I 

Definitions and Accounting Matters 

Section 1.01 Terms Defined Above. As used in this Agreement, each capitalized term defined above has the meaning indicated above.

 Section 1.02 Certain Defined Terms. As used in this Agreement, the following capitalized and other terms have the meanings
specified below: 
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Account Control
Agreement” shall mean, as to any Deposit Account or Securities Account of any Credit Party, an agreement or agreements in form and substance reasonably acceptable to the Administrative Agent among such Credit Party owning such Deposit
Account or Securities Account, the Administrative Agent and, as applicable, the depositary bank, securities 

  
 1 

 
intermediary, securities broker or any other Person with respect thereto, which agreement or agreements shall provide a first-priority perfected Lien (subject to Excepted Liens of the type
described in clause (e) of the definition thereof) in favor of the Administrative Agent for the benefit of the Lenders in such Deposit Account or Securities Account (in each case, other than an Excluded Account). 

“Accounting Changes” means changes in accounting principles required by the promulgation of any rule, regulation,
pronouncement or opinion by the Public Company Accounting Oversight Board, the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the Securities and Exchange Commission (or successors
thereto, or agencies with similar functions). 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for
any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” has the meaning assigned to such term in the preamble. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent. 

“Affected Loans” has the meaning assigned to such term in Section 5.05. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Solely for purposes of this definition, any Person that owns directly or indirectly 10% or more of the Equity Interests having ordinary voting power
for the election of directors or other governing body of a Person (other than as a limited partner of such Person) will be deemed to “control” such other Person; provided that (a) such Person is not a mutual fund or any similar
investment fund (or an affiliated group of such funds) having at least $100 billion of assets under management (individually or in the aggregate with its affiliated funds) owning or controlling Equity Interests of the Borrower for investment
purposes and such Person would be permitted to report its ownership interest on Schedule 13G pursuant to Rule 13d-1(b) and (b) such Person did not acquire Equity Interests in such other Person in
connection with, or as payment of consideration for, a purchase or acquisition. 
 “Aggregate Maximum Credit Amounts” at
any time shall equal the sum of the Maximum Credit Amounts, as the same may be reduced or terminated pursuant to Section 2.06. The initial Aggregate Maximum Credit Amounts of the Lenders is $1,500,000,000. 

“Agreement” means this Credit Agreement, as the same may from time to time be amended, restated, amended and restated,
supplemented or otherwise modified. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the highest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate
for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that, for the avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate
appearing 

  
 2 

 
on the Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those
currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market), at which dollar
deposits with a one month maturity are offered at approximately 11:00 a.m., London time, on such day (or the immediately preceding Business Days if such day is not a Business Day). Any change in the Alternate Base Rate due to a change in the Prime
Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“AML Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Lender, the Borrower, the
Borrower’s Subsidiaries or any other Credit Party or its Subsidiaries from time to time concerning or relating to anti-money laundering. 

“Anti-Corruption Laws” means all laws, rules, and regulations of the United States or any other jurisdiction applicable to
the Borrower, the Borrower’s Subsidiaries or any other Credit Party or its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Applicable Margin” means, for any day, with respect to any ABR Loan or Eurodollar Loan, or with respect to the Commitment
Fee Rate, as the case may be, the rate per annum set forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect: 
  

																					
	 Borrowing Base Utilization
Grid
	 
	 Borrowing Base Utilization Percentage
	  	£
	25.0%
	 
	  	 
 
	>25.0%
 £50.0%
	 
  
	  	 
 
	>50.0%
 £75.0%
	 
  
	  	 
 
	>75.0%
 £90.0%
	 
  
	  	 	>90.0%	 
	 ABR Loans
	  	 	1.00%	 	  	 	1.25%	 	  	 	1.50%	 	  	 	1.75%	 	  	 	2.00%	 
	 Eurodollar Loans
	  	 	2.00%	 	  	 	2.25%	 	  	 	2.50%	 	  	 	2.75%	 	  	 	3.00%	 
	 Commitment Fee Rate
	  	 	0.375%	 	  	 	0.375%	 	  	 	0.50%	 	  	 	0.50%	 	  	 	0.50%	 

 Each change in the Applicable Margin shall apply during the period commencing on the effective date of such
change in the Borrowing Base Utilization Percentage and ending on the date immediately preceding the effective date of the next such change, provided, that if at any time the Borrower fails to deliver a Reserve Report pursuant to
Section 8.12(a), then until delivery of such Reserve Report, the “Applicable Margin” shall mean the rate per annum set forth on the grid when the Borrowing Base Utilization Percentage is at its highest
level. 
 “Applicable Percentage” means, with respect to any Lender at any time, the percentage of the Aggregate Maximum
Credit Amounts represented by such Lender’s Maximum Credit Amount at such time; provided that, if the Commitments have terminated or expired, each Lender’s Applicable Percentage shall be determined based upon the Commitments most
recently in effect. The Applicable Percentages of the Lenders as of the Effective Date are set forth on Annex I. 

  
 3 

 “Approved Counterparty” means (a) any Lender or any Affiliate of a
Lender, including with respect to any Swap Obligations existing as of the Effective Date, (b) each of the Specified Swap Counterparties or any of their respective Affiliates solely with respect to such Swap Agreements as in effect on the
Effective Date that are described on Schedule 1.01 and (c) any other Person whose long term senior unsecured debt rating is A-/A3 by S&P or Moody’s (or their equivalent) or higher (or such
counterparty’s obligations under any Swap Agreement have been guaranteed by an entity with such ratings) and, in each case, any and all successors thereto. 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or
manages a Lender. 
 “Approved Petroleum Engineers” means (a) Cawley, Gillespie & Associates, Inc., (b)
Netherland, Sewell & Associates, Inc., (c) Ryder Scott Company Petroleum Consultants, L.P., and (d) any other independent petroleum engineers reasonably acceptable to the Administrative Agent. 

“Arrangers” means Wells Fargo Securities, LLC, ABN AMRO Capital USA LLC, RBC Capital Markets and SunTrust Robinson Humphrey,
Inc., each in its capacity as joint lead arranger and joint book runner hereunder. 
 “Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 12.04(b)), and accepted by the Administrative Agent, in the form of Exhibit D or
any other form approved by the Administrative Agent. 
 “Availability Period” means the period from and including the
Effective Date to but excluding the Termination Date. 
 “Bail-In Action” means the
exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bank Price Deck” means the Administrative Agent’s “base case” forward curve for
oil, natural gas and other Hydrocarbons as of the most recent Proposed Borrowing Base Notice, furnished to the Borrower by the Administrative Agent from time to time. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith
determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided that a Bankruptcy Event shall not result solely by
virtue of any ownership interest, or the acquisition of any ownership 

  
 4 

 
interest, in such Person by a Governmental Authority or instrumentality thereof; provided, further, that such ownership interest does not result in or provide such Person with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or
disaffirm any contracts or agreements made by such Person. 
 “Benchmark Replacement” means the sum of: (a) the
alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining
such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBO Rate for U.S. dollar-denominated syndicated credit facilities and (b) the
Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of LIBO Rate with an Unadjusted Benchmark
Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBO Rate with the applicable Unadjusted Benchmark
Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBO Rate with
the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time. 
 “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent (in consultation with the Borrower) decides may be appropriate to reflect the adoption and
implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such
market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides
is reasonably necessary in connection with the administration of this Agreement). 
 “Benchmark Replacement Date” means the
earlier to occur of the following events with respect to LIBO Rate: 
 (a) in the case of clause (a) or (b) of the definition of
“Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of LIBO Rate permanently or indefinitely ceases to
provide LIBO Rate; and 

  
 5 

 (b) in the case of clause (c) of the definition of “Benchmark Transition
Event,” the date of the public statement or publication of information referenced therein. 
 “Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to LIBO Rate: 
 (a) a public statement or
publication of information by or on behalf of the administrator of LIBO Rate announcing that such administrator has ceased or will cease to provide LIBO Rate, permanently or indefinitely; provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide LIBO Rate; 
 (b) a public statement or publication of
information by the regulatory supervisor for the administrator of LIBO Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBO Rate, a resolution authority with jurisdiction over the
administrator for LIBO Rate or a court or an entity with similar insolvency or resolution authority over the administrator for LIBO Rate, which states that the administrator of LIBO Rate has ceased or will cease to provide LIBO Rate permanently or
indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBO Rate; or 

(c) a public statement or publication of information by the regulatory supervisor for the administrator of LIBO Rate announcing that LIBO Rate
is no longer representative. 
 “Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition
Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such
event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an
Early Opt-in Election, the date specified by the Administrative Agent or the Majority Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Majority
Lenders) and the Lenders. 
 “Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred with respect to LIBO Rate and solely to the extent that LIBO Rate has not been replaced with a Benchmark Replacement, the period (a) beginning at the time that such Benchmark Replacement Date has
occurred if, at such time, no Benchmark Replacement has replaced LIBO Rate for all purposes hereunder in accordance with Section 3.03(c) and (b) ending at the time that a Benchmark Replacement has replaced LIBO Rate
for all purposes hereunder pursuant to Section 3.03(c). 
 “Beneficial Ownership Certification”
means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation, in a substantially similar form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published
jointly, in May 2018, by the Loan Syndications and Trading Association and the Securities Industry and Financial Markets Association. 

  
 6 

 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan”. 
 “Board” means the Board of
Governors of the Federal Reserve System of the United States of America or any successor Governmental Authority. 

“Borrower” has the meaning assigned to such term in the preamble. 

“Borrowing” means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans,
as to which a single Interest Period is in effect. 
 “Borrowing Base” means at any time an amount equal to the amount
determined in accordance with Section 2.07, as the same may be adjusted from time to time pursuant to Section 2.07(e), Section 2.07(f) or
Section 8.13(c). 
 “Borrowing Base Deficiency” occurs if at any time the total Revolving Credit
Exposures exceed the Borrowing Base then in effect. The amount of any Borrowing Base Deficiency is the amount by which the total Revolving Credit Exposures exceeds the Borrowing Base then in effect. 

“Borrowing Base Properties” means the proved Oil and Gas Properties of the Borrower and its Restricted Subsidiaries included
in the most recently delivered Reserve Report hereunder. 
 “Borrowing Base Utilization Percentage” means, as of any day,
the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect on such day. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03
in substantially the form of Exhibit E. 
 “Business Day” means any day that is not a Saturday, Sunday or other day
on which commercial banks in New York City or Houston, Texas are authorized or required by law to remain closed; and if such day relates to a Borrowing or continuation of, a payment or prepayment of principal of or interest on, or a conversion of or
into, or the Interest Period for, a Eurodollar Loan or a notice by the Borrower with respect to any such Borrowing or continuation, payment, prepayment, conversion or Interest Period, any day which is also a day on which banks are open for dealings
in dollar deposits in the London interbank market. 
 “Capital Leases” means, in respect of any Person, all leases which
shall have been, or should have been, in accordance with GAAP, recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder, provided that all obligations of any
Person that are or would have been treated as operating leases for purposes of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (the “ASU”) shall
continue to be accounted for as operating 

  
 7 

 
leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the
fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be treated as capitalized lease obligations in the financial statements to be delivered pursuant to
Section 8.01. 
 “Cash Equivalents” means (a) marketable direct obligations issued by, or
unconditionally guaranteed by, any state, territory or commonwealth of the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of
acquisition; (b) deposit accounts or deposits maturing within one year from the date of acquisition thereof with, including certificates of deposit, time deposits, Eurodollar time deposits or overnight bank deposits having maturities of twelve
(12) months or less from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States of any state thereof having combined capital and surplus of not less than $500,000,000; (c) commercial
paper of an issuer rated at least A-1 by S&P or P-1 by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two
named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within 12 months from the date of acquisition; (d) repurchase obligations of any Lender or of any commercial bank satisfying the requirements of
clause (b) of this definition, having a term of not more than thirty (30) days, with respect to securities issued or fully guaranteed or insured by the United States government; or (e) money market or other mutual funds substantially
all of whose assets comprise securities of the type described in clauses (a) through (d) above. 
 “Cash Management
Agreement” means any agreement to provide cash management services, including, but not limited to, treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management services. 

“Cash Receipts” means all cash received by or on behalf of any Credit Party or any of the Restricted Subsidiaries, including
without limitation: (a) any amounts payable under or in connection with any Oil and Gas Properties; (b) cash representing operating revenue earned or to be earned by any Credit Party or any of the Restricted Subsidiaries; (c) proceeds
from Loans; and (d) any other cash received by any Credit Party or any of the Restricted Subsidiaries from whatever source (including, without limitation, amounts received in respect of the Liquidation of any Swap Agreement). 

“Casualty Event” means any loss, casualty or other insured damage to, or any nationalization, taking under power of eminent
domain or by condemnation or similar proceeding of, any Property of the Credit Parties or the Restricted Subsidiaries. 
 “Change in
Control” means the occurrence of the following events: (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the SEC
thereunder as in effect on the date hereof) of Equity Interests so that such Person or group owns 45% or more of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Borrower, (b) the Borrower
shall cease to own and control directly or indirectly 100% of the Equity Interests of any Guarantor, except pursuant to a transaction permitted by Section 9.10 or Section 9.11, (c) occupation of a

  
 8 

 
majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated, appointed or approved for consideration by shareholders
for election by the members of the board of directors of the Borrower or (ii) appointed by directors so nominated, appointed or approved or (d) any “change in control” under any documents governing any Material Debt. 

“Change in Law” means the occurrence after the date of this Agreement or, with respect to any Lender, such later date on
which such Lender becomes a party to this Agreement of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation, implementation or
application thereof by any Governmental Authority or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 5.01(b), by any lending office of such Lender or by such Lender’s or such Issuing
Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith (whether or not having the force of law) or
in implementation thereof and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or
foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in Law,” regardless of the date enacted, adopted, promulgated, issued or implemented. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute. 

“Collateral” has the meaning provided for such term in the Security Instruments; provided that, with respect to the
Mortgages, “Collateral” as defined herein shall include “Mortgaged Properties”; in each case excluding Excluded Assets. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in
Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder as such commitment may be (a) modified from time to time pursuant to
Section 2.06 and (b) modified from time to time pursuant to assignments by or to such Lender pursuant to Section 12.04(b). The amount representing each Lender’s Commitment shall at any
time be the lesser of such Lender’s Maximum Credit Amount and such Lender’s Applicable Percentage of the then effective Borrowing Base. 

“Commitment Fee Rate” has the meaning assigned to such term in the definition of Applicable Margin. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 

  
 9 

 “Connection Income Taxes” means Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Net
Income” means with respect to the Borrower and its Consolidated Restricted Subsidiaries, for any period, the aggregate of the net income (or loss) of the Borrower and its Consolidated Restricted Subsidiaries after allowances for Taxes for
such period determined on a consolidated basis in accordance with GAAP; provided, that there shall be excluded from such net income (to the extent otherwise included therein) the following (without duplication): (a) the net income of any
Person in which the Borrower or a Consolidated Restricted Subsidiary has an interest (which interest does not cause the net income of such other Person to be consolidated with the net income of the Borrower and its Consolidated Restricted
Subsidiaries in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the Borrower or to a Consolidated Restricted Subsidiary, as the case may be;
(b) the net income (but not loss) during such period of any Consolidated Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by that Consolidated Restricted Subsidiary
is not at the time permitted by operation of the terms of its charter or any agreement, instrument, or Governmental Requirement applicable to such Consolidated Restricted Subsidiary or is otherwise restricted or prohibited, in each case determined
in accordance with GAAP; (c) the net income (or deficit) of any Person accrued prior to the date it becomes a Consolidated Restricted Subsidiary or is merged into or consolidated with the Borrower or any of its Consolidated Restricted
Subsidiaries, (d) any extraordinary gains or losses during such period; (e) any non-cash gains, losses, or adjustments under FASB ASC Topic 815 as a result of changes in the fair market value of
derivatives; (f) any gains or losses attributable to write-ups or write-downs of assets, including ceiling test write-downs; and (g) non-cash share-based
payments under FASB Statement No. 123R. 
 “Consolidated Restricted Subsidiaries” means any Restricted Subsidiaries
that are Consolidated Subsidiaries. 
 “Consolidated Subsidiary” means each Subsidiary of the Borrower (whether now
existing or hereafter created or acquired) the financial statements of which are (or should be) consolidated with the financial statements of the Borrower in accordance with GAAP. 

“Consolidated Total Assets” shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be
set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries at such date. 

“Consolidated Unrestricted Subsidiaries” means any Unrestricted Subsidiaries that are Consolidated Subsidiaries. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

  
 10 

 “Credit Bid” means an offer submitted by the Administrative Agent (on
behalf of the Lenders), based upon the instruction of the Majority Lenders, to acquire the Property or Equity Interests of the Borrower or any Guarantor or any portion thereof in exchange for and in full and final satisfaction of all or a portion
(as determined by the Administrative Agent, based upon the instruction of the Majority Lenders) of the claims and Secured Obligations under this Agreement and other Loan Documents. 

“Credit Parties” means collectively the Borrower and each other Guarantor. 

“Current Assets” means, as of any date of determination, without duplication, the sum of all amounts that would, in
accordance with GAAP, be set forth opposite the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Borrower and its Consolidated Restricted Subsidiaries at such date, plus the unused Commitments,
but excluding all non-cash assets under FASB ASC Topic 815. 
 “Current
Liabilities” means, as of any date of determination, without duplication, the sum of all amounts that would, in accordance with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a
consolidated balance sheet of the Borrower and its Consolidated Restricted Subsidiaries on such date, but excluding (a) all non-cash obligations under FASB ASC Topic 815 and (b) the current portion
of the Loans under this Agreement, the Second Lien Notes and the Purchaser Note. 
 “Current Ratio” means, with respect to
the Borrower and its Consolidated Restricted Subsidiaries, as of any date of determination, the ratio of (a) Current Assets as of such date to (b) Current Liabilities as of such date. 

“Debt” means, for any Person, the sum of the following (without duplication): (a) all obligations of such Person for borrowed
money or evidenced by bonds, bankers’ acceptances, debentures, loan agreements, notes or other similar instruments; (b) all obligations of such Person (whether contingent or otherwise) in respect of letters of credit, surety or other bonds
and similar instruments; (c) all accounts payable, accrued expenses, liabilities or other obligations of such Person, in each such case to pay the deferred purchase price of Property or services (other than (i) accrued pension costs and
other employee benefit and compensation obligations arising in the ordinary course of business and (ii) accounts payable incurred in the ordinary course of business which are either (A) not overdue by more than 60 days or (B) being
contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP); (d) the principal component of obligations under Capital Leases; (e) all obligations under Synthetic Leases;
(f) all Debt (as defined in the other clauses of this definition) of others secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) a Lien on any Property of such Person, whether or not
such Debt is assumed by such Person, provided that the amount of Debt for purposes of this clause (f) shall be an amount equal to the lesser of the unpaid amount of such Debt and the fair market value of the encumbered Property;
(g) all Debt (as defined in the other clauses of this definition) of others guaranteed by such Person or with respect to which such Person otherwise assures a creditor against loss of the Debt (howsoever such assurance shall be made) to the
extent of the lesser of the amount of such Debt and the maximum stated amount of such guarantee or assurance against loss; (h) all obligations or undertakings of such Person to maintain or cause to be maintained the financial

  
 11 

 
position or covenants of others or to purchase the Debt of others; (i) obligations to deliver commodities, goods or services, including, without limitation, Hydrocarbons, in consideration of
one or more advance payments, other than gas balancing arrangements, take or pay arrangements for the gathering, processing or transportation of production, or other similar arrangements, in each case in the ordinary course of business (but only to
the extent of such advance payments); (j) obligations of such Person to pay for goods or services even if such goods or services are not actually received or utilized by such Person under “take or pay” or similar agreements (other than
obligations under firm transportation or drilling contracts); (k) any Debt of a partnership for which such Person is liable either by agreement, by operation of law or by a Governmental Requirement but only to the extent of such liability;
(l) Disqualified Capital Stock of such Person; and (m) the undischarged balance of any production payment created by such Person or for the creation of which such Person directly or indirectly received payment. The Debt of any Person shall
include all obligations of such Person of the character described above to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is not included as a liability of such Person under GAAP. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any Lender that (a) has
failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Lender Party any other amount
required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to
funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Lender Party in writing, or has made a public statement to the effect, that it does not intend or expect
to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and
including the particular default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Lender
Party, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in
then outstanding Letters of Credit under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Lender Party’s receipt of such certification in form and substance
satisfactory to it and the Administrative Agent, or (d) has, or whose Lender Parent has, become the subject of a Bankruptcy Event or a Bail-In Action. 

“Deposit Account” has the meaning assigned to such term in the UCC. 

“Disposition” means any conveyance, sale, lease, sale and leaseback, assignment (other than assignments intended to convey a
Lien), farm-out, transfer or other disposition of any Property, and including, for the avoidance of doubt, any Casualty Event. “Dispose” has a correlative meaning thereto. 

  
 12 

 “Disqualified Capital Stock” means any Equity Interest that, by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event, matures or is mandatorily redeemable (other than (A) customary offers to purchase upon (i) a change of
control, to the extent such offer is subject to the previous payment in full of the Secured Obligations and (ii) asset sale or casualty or condemnation event to the extent such offer is subject to the previous payment in full of the Secured
Obligations or to the extent the terms of such Equity Interests provide that such Equity Interests shall not be required to be repurchased or redeemed until the Maturity Date has occurred or such repurchase or redemption is otherwise permitted by
this Agreement and (B) customary acceleration rights after an event of default) for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise,
or is convertible or exchangeable for Debt or redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock) at the option of the holder thereof, in whole or in part, on or prior to the
date that is 91 days after the earlier of (a) the Maturity Date and (b) the date on which there are no Loans, LC Exposure or other obligations hereunder outstanding and all of the Commitments are terminated. 

“Disqualified Institution” shall mean, on any date, (a) any Person (other than a bona fide debt fund of such Person) designated by the
Borrower as a “Disqualified Institution”, (b) any Person that is a competitor of the Borrower or any of its Subsidiaries and (c) Subsidiaries and Affiliates of such Persons (other than such affiliates that are bona fide fixed
income investors, debt funds, regulated bank entities or unregulated lending entities generally engaged in making, purchasing, holding or otherwise investing in commercial loans, debt securities or similar extensions of credit in the ordinary course
of business), that in each case, have either (i) been designated by the Borrower as a “Disqualified Institution” by written notice delivered to the Administrative Agent on or prior to October 16, 2019 and made available to the
Lenders upon request and subject to the terms and conditions set forth in Section 12.11, or (ii) reasonably identifiable as a Subsidiary or Affiliate of such Persons on the basis of such Subsidiary’s or
Affiliate’s name; provided however, with respect to clauses (a) through (c) above, in no event shall any Lender party to this Agreement as of the Effective Date constitute a Disqualified Institution. 

“dollars” or “$” refers to lawful money of the United States of America. 

“Domestic Subsidiary” means any Subsidiary (whether a Restricted Subsidiary or an Unrestricted Subsidiary) that is organized
under the laws of the United States of America or any state thereof or the District of Columbia. 
 “Early Opt-in Election” means the occurrence of: (1)(i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent and the Borrower that the
Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 3.03(c) are being executed or amended, as
applicable, to incorporate or adopt a new benchmark interest rate to replace LIBO Rate, and (2)(i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early
Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of
such election to the Administrative Agent and the other Lenders. 

  
 13 

 “EBITDAX” means, for any period, on a consolidated basis for the Borrower
and its Consolidated Restricted Subsidiaries, (a) Consolidated Net Income for such period plus (b) the following expenses or charges to the extent deducted in the calculation of Consolidated Net Income for such period:
(i) exploration expenses, (ii) Interest Expense, (iii) income or franchise Taxes, (iv) depreciation, depletion, amortization and other non-cash charges and losses, (v) one time
transactions costs, fees and expenses paid or accrued in connection with Debt financings, capital-raising transactions, mergers, acquisitions, Investments, Dispositions and other non-recurring corporate
transactions, whether or not consummated, in an aggregate amount for this clause (v) not to exceed $5,000,000 in any four fiscal quarter period; (vi) write off of Debt issuance costs and loss (or minus any gains) on the extinguishment of
Debt, (vii) extraordinary or non-recurring charges and losses (or minus any extraordinary or non-recurring gains), (viii) other
non-cash charges, expenses and losses (including non-cash charges, expenses and losses associated with the granting of stock-based compensation to employees and
directors, non-cash mark to market losses (or minus any gains), and non-cash impairments or accounting adjustments with respect to any Disposition permitted hereby),
(ix) amounts incurred related to contingent consideration paid in connection with the acquisition of Oil and Gas Properties, (x) all losses (whether cash or non-cash) from Dispositions (other than
Hydrocarbons produced in the ordinary course of business), (xi) pro forma “run rate” cost savings, operating expense reductions and synergies related to mergers and other business combinations, acquisitions, divestitures, Dispositions,
discontinuance of activities or operations and other specified transactions, restructurings, cost savings initiatives, operational changes and other initiatives or specified transactions that are reasonably identifiable and factually supportable and
projected by the Borrower in good faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to be taken (in the good faith determination of the Borrower) within 12 months thereafter
(including any actions taken on or prior to the Effective Date) in an amount not to exceed 10% of EBITDAX for such four fiscal quarter period calculated before giving effect to this clause (xi) and (xii) one time,
non-recurring transactions costs, fees and expenses paid or accrued in connection with the Transactions, the Second Lien Exchange and the Second Lien Redemption; minus (c) the following income or
gains to the extent included in the calculation of Consolidated Net Income for such period: (i) all non-cash income and gains, (ii) all gains (whether cash or
non-cash) from Dispositions (other than Hydrocarbons produced in the ordinary course of business) and (iii) Liquidations of any Swap Agreement. For the purposes of calculating EBITDA for any period of
four (4) consecutive fiscal quarters (each, a “Reference Period”), (i) if during such Reference Period, the Borrower or any Consolidated Restricted Subsidiary shall have made any Material Disposition, EBITDAX for such Reference
Period shall be reduced by an amount equal to the EBITDAX (if positive) attributable to the Property that is the subject of such Material Disposition for such Reference Period or increased by an amount equal to the EBITDAX (if negative) attributable
thereto for such Reference Period, (ii) if during such Reference Period, the Borrower or any Consolidated Restricted Subsidiary shall have made a Material Acquisition, EBITDAX for such Reference Period shall be calculated after giving pro forma
effect thereto as if such Material Acquisition occurred on the first day of such Reference Period and (iii) if during such Reference Period a Consolidated Subsidiary shall be redesignated as either a Consolidated Unrestricted Subsidiary or a
Consolidated Restricted Subsidiary, EBITDAX shall be calculated after giving pro forma effect to such redesignation, as if such redesignation had occurred on the first day of such Reference Period. 

  
 14 

 “EDGAR” means the Electronic Data Gathering Analysis and Retrieval system
operated by the SEC. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established in
any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date on which the conditions specified in Section 6.01 are satisfied (or
waived in accordance with Section 12.02). 
 “Enforcement Action” means any action to enforce any
Secured Obligations or Loan Documents or to exercise any rights or remedies relating to any Collateral (whether by judicial action, self-help, notification of account debtors, setoff or recoupment, Credit Bid,
action in a Credit Party’s Insolvency Proceeding or otherwise). 
 “Engineering Reports” has the meaning assigned to
such term in Section 2.07(c)(i). 
 “Environmental Laws” means any and all Governmental
Requirements pertaining in any way to human health and safety (to the extent relating to exposure to Hazardous Materials), the protection of the environment or the preservation or reclamation of natural resources, including without limitation, the
Oil Pollution Act of 1990 (“OPA”), as amended, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 (“CERCLA”), as amended, the Federal Water Pollution Control Act, as
amended, the Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976 (“RCRA”), as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the
Superfund Amendments and Reauthorization Act of 1986, as amended, and Hazardous Materials Transportation Act, as amended, and comparable state laws. 

“Environmental Permit” means any permit, registration, license, approval, consent, exemption, variance, or other
authorization of a Governmental Authority required under applicable Environmental Laws. 
 “Equity Interests” means shares
of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any of the foregoing. 

  
 15 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended, and any successor statute, and the rules and regulations promulgated thereunder. 
 “ERISA Affiliate” means each
trade or business (whether or not incorporated) which together with the Credit Parties would be deemed to be a “single employer” within the meaning of Section 4001(b)(1) of ERISA or Sections 414(b) or (c) of the Code or, solely
for purposes of Section 412 of the Code, Section 414 of the Code. 
 “ERISA Event” means (a) a reportable
event described in Section 4043(c) of ERISA and the regulations issued thereunder with respect to which the reporting requirement has not been waived by applicable regulations, (b) the withdrawal of the Credit Parties or any ERISA
Affiliate from a Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA, (c) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a
termination under Section 4041 of ERISA, (d) the institution of proceedings to terminate a Plan by the PBGC, (e) receipt by the Credit Parties or any ERISA Affiliate of a notice of withdrawal liability pursuant to Section 4202 of
ERISA with respect to any Multiemployer Plan, (f) the failure of a Plan to meet the minimum funding standards under Section 412 of the Code or Section 302(c) of ERISA (determined without regard to Section 412(c) of the Code or
Section 303(c) of ERISA), (g) the failure of a Plan to satisfy the requirements of Section 401(a)(29) of the Code, Section 436 of the Code or Section 206(g) of ERISA or (h) any other event or condition which would reasonably
be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the
meaning assigned to such term in Section 10.01. 
 “Excepted Liens” means: (a) Liens for
Taxes, assessments or other governmental charges or levies which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (b) Liens in
connection with workers’ compensation, unemployment insurance or other social security, old age pension or public liability obligations which are not delinquent or which are being contested in good faith by appropriate action and for which
adequate reserves have been maintained in accordance with GAAP; (c) statutory landlord’s liens, operators’, vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’,
materialmen’s, construction or other like Liens arising by operation of law in the ordinary course of business or incident to the exploration, development, operation and maintenance of Oil and Gas Properties each of which is in respect of
obligations that are not more than 60 days delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (d) contractual Liens which arise in the
ordinary course of business under operating agreements, joint venture agreements, oil and gas partnership agreements, oil and gas leases, farm-out agreements, division orders, contracts for the sale,
transportation or exchange of 

  
 16 

 
oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements, royalty agreements, overriding royalty agreements, marketing agreements, processing
agreements, net profits agreements, development agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or other geophysical permits or
agreements, and other agreements which are usual and customary in the oil and gas business and are for claims which are not more than 60 days delinquent or which are being contested in good faith by appropriate action and for which adequate reserves
have been maintained in accordance with GAAP, provided that any such Lien referred to in this clause does not materially impair the use of the Property covered by such Lien for the purposes for which such Property is held by the Credit
Parties or the Restricted Subsidiaries or materially impair the value of any material Property subject thereto; (e) Liens arising solely by virtue of any statutory or common law provision or customary deposit account terms (pursuant to a
depository institution’s standard documentation that is provided to its customers generally or pursuant to Account Control Agreements) relating to banker’s liens, rights of set-off or similar rights
and remedies and burdening only deposit accounts or other funds maintained with a creditor depository institution, provided that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access by
the depositor in excess of those set forth by regulations promulgated by the Board and no such deposit account is intended by the Credit Parties or the Restricted Subsidiaries to provide collateral to the depository institution; (f) easements,
restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of the Credit Parties or the Restricted Subsidiaries for the purpose of roads, pipelines, transmission lines, transportation lines, distribution
lines for the removal of gas, oil, coal or other minerals or timber, and other like purposes, or for the joint or common use of real estate, zoning restrictions, rights of way, facilities and equipment, and Liens related to surface leases and
surface operations, that do not secure any monetary obligations and which in the aggregate do not materially impair the use of such Property for the purposes of which such Property is held by the Credit Parties or the Restricted Subsidiaries or
materially impair the value of any material Property subject thereto; (g) Liens on cash or securities pledged to secure performance of tenders, surety and appeal bonds, government contracts, performance and return of money bonds, bids, trade
contracts, leases, statutory obligations, regulatory obligations and other obligations of a like nature incurred in the ordinary course of business; (h) judgment and attachment Liens on any Property, including Oil and Gas Property, not giving
rise to an Event of Default; provided that any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceeding may be initiated
shall not have expired and no action to enforce such Lien has been commenced; (i) Liens pursuant to merger agreements, stock purchase agreements, asset sale agreements and similar agreements (1) limiting the transfer of properties and
assets pending consummation of the subject transaction or (2) in respect of earnest money deposits, good faith deposits, purchase price adjustment escrows and similar deposits and escrow arrangements made or established thereunder, and
(j) Liens arising from precautionary Uniform Commercial Code financing statement filings entered into by the Borrower and the Subsidiaries covering Property under true leases entered into in the ordinary course of business; provided,
further Liens described in clauses (a) through (e) shall remain “Excepted Liens” only for so long as no action to enforce such Lien has been commenced; provided further, (x) no intention to subordinate the
first priority Lien granted in favor of the Administrative Agent and the Lenders is to be hereby implied or expressed by the permitted existence of any Excepted Liens and (y) in no event shall “Excepted Liens” secure Debt for borrowed
money. 

  
 17 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 “Excluded Accounts” means, with respect to the Credit Parties or any
Restricted Subsidiary, each deposit account set forth on Schedule 7.25 (as the same may be supplemented by the Borrower from time to time upon delivery of a written supplement to the Administrative Agent) as an “Excluded Account”
and that is not subject to an Account Control Agreement, to the extent exclusively constituting (a) payroll accounts, (b) tax withholding accounts, (c) employee benefit trust accounts, (d) zero balance accounts (other than
lockbox accounts, to the extent Account Control Agreements are permitted by the applicable depository bank), (e) petty cash accounts containing a balance not exceeding $250,000 for all such accounts in the aggregate, (f) segregated
accounts, the balance of which consists exclusively of funds due and owing to unaffiliated third parties in connection with royalty payment obligations owed to such third parties, or working interest payments received from unaffiliated third
parties, solely to the extent such amounts constitute property of such third party held in trust, and (g) dedicated cash collateral or surety accounts with respect to Excepted Liens of the type described in clause (g) of the definition
thereof; provided, however that Excluded Accounts shall not include any Property securing any Permitted Second Lien Notes or any Permitted Refinancing Debt thereof. 

“Excluded Assets” shall mean: 

(a) any fee owned real property and any leasehold rights and interests in real property (other than Oil and Gas Properties); 

(b) motor vehicles (and other assets covered by certificates of title or ownership) and Letter-of-Credit Rights (as defined in the Uniform Commercial Code in the State of New York) and Commercial Tort Claims (as defined in the Uniform Commercial Code in the State of New York), in each case,
except to the extent the security interest in such assets can be perfected by the filing of an “all assets” Uniform Commercial Code financing statement; 

(c) those assets over which the granting of security interests in such assets would be prohibited by any contract, applicable law or regulation
but only to the extent and for so long as a grant of a security interest therein in favor of the Administrative Agent would (x) violate or invalidate such contract, cause the acceleration or the termination thereof or create a right of
termination in favor of any other party thereto (other than the Borrower or any of its Subsidiaries) or (y) violate such applicable law or regulation, other than to the extent such prohibition is rendered ineffective under the UCC or other
applicable law notwithstanding such prohibition; 
 (d) particular assets if and for so long as, if reasonably agreed by the Administrative
Agent and the Borrower, the cost of creating a pledge or security interest in such assets exceed the practical benefits to be obtained by the Lenders therefrom; and 

(e) except as provided in Section 8.14, any assets located outside the United States to the extent that such assets
require action under the law of any non-U.S. jurisdiction to create or perfect a security interest in such assets under such non-U.S. jurisdiction, including any
intellectual property registered in any non-U.S. jurisdiction; 

  
 18 

 provided, however, that Excluded Assets shall not include (i) any proceeds, substitutions
or replacements of any Excluded Assets referred to in clauses (a) through (d) (unless such proceeds, substitutions or replacements would independently constitute Excluded Assets referred to in clauses (a) through
(d)) and (ii) any Property securing any Permitted Second Lien Notes or any Permitted Refinancing Debt thereof. 

“Excluded Subsidiary” means any direct or indirect subsidiary of any Credit Party (a) that is a “controlled foreign
corporation” (as that term is defined in Section 957(a) of the Code) (“CFC”), (b) that owns no material assets other than equity, or equity and indebtedness, of a CFC, (c) of a subsidiary described in clauses
(a) or (b) above, (d) with respect to which the provision of a guarantee by it would result in material and adverse Tax consequences to the Borrower or any of the Borrower’s direct or indirect Subsidiaries, as reasonably determined by
the Borrower in consultation with the Administrative Agent or (e) Unrestricted Subsidiaries. 
 “Excluded Swap
Obligation” has the meaning assigned to such term in the Guaranty and Collateral Agreement. 
 “Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes, and
branch profit Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing
such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal withholding Tax that is imposed on amounts payable to or for the account of such Lender with respect to
an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit, or Commitment (other than pursuant to an assignment request by the Borrower
under Section 5.04(b)), or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 5.03, amounts with respect to such Taxes were payable either
to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office (c) any Taxes attributable to a Recipient’s failure to comply with
Section 5.03(e) and (d) any withholding Taxes imposed under FATCA. 
 “Existing Credit
Agreement” has the meaning assigned to such term in the recitals. 
 “Extraordinary Expenses” means all costs,
expenses or advances that the Administrative Agent may incur during a Default or Event of Default, or during the pendency of an Insolvency Proceeding of a Credit Party, including those relating to (a) any audit, inspection, repossession,
storage, repair, appraisal, insurance, manufacture, preparation or advertising for sale, sale, collection, or other preservation of or realization upon any Collateral; (b) any action, arbitration or other proceeding (whether instituted by or
against the Administrative Agent, any Lender, any Credit Party, any representative of creditors of a Credit Party or any other Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidance of the

  
 19 

 
Administrative Agent’s Liens with respect to any Collateral), Loan Documents, Letters of Credit or other Secured Obligations, including any lender liability or other claims; (c) the
exercise of any rights or remedies of the Administrative Agent in, or the monitoring of, any Insolvency Proceeding; (d) settlement or satisfaction of taxes, charges or Liens with respect to any Collateral; (e) any Enforcement Action; and
(f) negotiation and documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Secured Obligations. Such costs, expenses and advances include transfer fees, Other Taxes, storage fees,
insurance costs, permit fees, utility reservation and standby fees, legal fees of outside counsel, appraisal fees, brokers’ and auctioneers’ fees and commissions, accountants’ fees, environmental study fees, wages and salaries paid to
employees of any Credit Party or independent contractors in liquidating any Collateral, and reasonable travel and other expenses. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (and any amended or successor
provisions that are substantively comparable and which do not impose criteria that are materially more onerous to comply with than those contained in such Sections), any current or future regulations or official interpretations thereof and any
agreements entered into pursuant to Section 1471(b)(1) of the Code, and any applicable intergovernmental agreement entered into in connection with the implementation of such sections of the Code, and any fiscal or regulatory legislation, rules
or practices adopted pursuant to any such intergovernmental agreement. 
 “FCPA” means the Foreign Corrupt Practices Act of
1977, as amended. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from
three Federal funds brokers of recognized standing selected by it; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Fee Letter” means that certain Fee Letter dated October 15,
2019, between Wells Fargo Securities, LLC, and the Borrower. 
 “Financial Officer” means, for any Person, the chief
financial officer, principal accounting officer, treasurer or controller of such Person (or in the case of any Person that is a partnership, of such Person’s general partner). Unless otherwise specified, all references to a Financial Officer
herein mean a Financial Officer of the Borrower. 
 “Financial Statements” means the financial statement or statements of
the Borrower and its Consolidated Subsidiaries referred to in Section 7.04(a). 
 “Foreign
Lender” means any Lender that is not a U.S. Person. 

  
 20 

 “Foreign Subsidiary” means any Subsidiary (whether a Restricted Subsidiary
or an Unrestricted Subsidiary) that is not a Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles
in the United States of America as in effect from time to time subject to the terms and conditions set forth in Section 1.05. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government (including any supranational bodies exercising such powers or functions, such as the European Union or the European Central Bank). 

“Governmental Requirement” means any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree,
injunction, franchise, permit, certificate, license, rules of common law, authorization or other directive or requirement, whether now or hereinafter in effect of any Governmental Authority. 

“Guarantor” means each Restricted Subsidiary that is a party to the Guaranty and Collateral Agreement as a
“Guarantor” and “Grantor” (as such terms are defined in the Guaranty and Collateral Agreement) and guarantees the Secured Obligations (including pursuant to Section 6.01 and
Section 8.14(b)); provided that no Excluded Subsidiary or Immaterial Subsidiary shall be a Guarantor unless such Excluded Subsidiary or Immaterial Subsidiary guarantees any Permitted Debt, any Permitted Refinancing Debt or
the Debt, in each case, of the Borrower or any Domestic Subsidiary, any other Person. 
 “Guaranty and Collateral
Agreement” means the Second Amended and Restated Guaranty and Collateral Agreement, substantially in the form attached hereto as Exhibit C, executed by the Borrower, the Guarantors and the Administrative Agent, as
the same may be amended, restated, amended and restated, modified or supplemented from time to time. 
 “Hazardous
Material” means any substance regulated or as to which liability may be imposed under any applicable Environmental Law due to their hazardous or dangerous properties or characteristics and including, without limitation: (a) any
chemical, compound, material, product, byproduct, substance or waste defined as, or included in the definition or meaning of, “hazardous substance,” “hazardous material,” “hazardous waste,” “solid waste,”
“toxic waste,” “extremely hazardous substance,” “toxic substance,” “contaminant,” “pollutant,” found in any applicable Environmental Law; (b) petroleum hydrocarbons, petroleum products,
petroleum substances, natural gas, oil, oil and gas waste, and crude oil; and (c) radioactive materials, asbestos containing materials, polychlorinated biphenyls, or radon. 

“Highest Lawful Rate” means, with respect to each Lender, the maximum non-usurious
interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Notes or on other Secured Obligations under laws applicable to such Lender which are presently in effect or, to the
extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable laws allow as of the date hereof. 

  
 21 

 “Hydrocarbon Interests” means all rights, titles, interests and estates now
or hereafter acquired in and to oil and gas leases, oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty interests, net profit interests and production payment interests,
including any reserved or residual interests of whatever nature. Unless otherwise indicated herein, each reference to the term “Hydrocarbon Interests” shall mean Hydrocarbon Interests of the Borrower and the Restricted Subsidiaries, as the
context requires. 
 “Hydrocarbons” means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate,
distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom and all other minerals which may be produced and saved from or attributable to the Oil and Gas Properties of the Credit Parties, including all oil
in tanks, and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests of the Credit Parties or other properties constituting Oil and Gas Properties of the Credit Parties. 

“Immaterial Subsidiary” shall mean any Restricted Subsidiary that is (a) not a Material Subsidiary, (b) an Excluded
Subsidiary, (c) a captive insurance company, (d) a not-for-profit Subsidiary, (e) a special purpose entity, (f) any Subsidiary that is prohibited by
applicable law, rule or regulation or by any contractual obligation existing on the Effective Date or at the time such Restricted Subsidiary is acquired (and not entered into in contemplation of such acquisition), as applicable, from guaranteeing
the Secured Obligations or which would require consent, approval, license or authorization from a Governmental Authority unless such consent, approval, license or authorization has been received or (g) any Subsidiary excluded from the guarantee
requirements under this Agreement where the Borrower and the Administrative Agent reasonably agree that the cost of providing such guarantee is excessive in relation to the value afforded thereby. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of any Credit Party under any Loan Document, and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Indemnitee” has the meaning assigned to such term in Section 12.03(b). 

“Information” has the meaning assigned to such term in Section 12.11. 

“Initial Reserve Report” means the Reserve Report as of June 30, 2019 prepared by or under the supervision of the chief
engineer of the Borrower with respect to the oil and gas reserves attributable to the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries. 

“Insolvency Proceeding” means any case or proceeding commenced by or against a Person under any state, federal or foreign law
for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator,
conservator or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors. 

  
 22 

 “Interest Election Request” means a request by the Borrower to convert or
continue a Borrowing in accordance with Section 2.04 in substantially the form of Exhibit F. 

“Interest Expense” means, for any period, the sum (determined without duplication) of the aggregate gross interest expense of
the Borrower and the Consolidated Restricted Subsidiaries for such period, including (a) to the extent included in interest expense under GAAP, unless otherwise provided in (iii) below: (i) amortization of debt discount,
(ii) capitalized interest and (iii) the portion of any payments or accruals under Capital Leases allocable to interest expense, plus the portion of any payments or accruals under Synthetic Leases allocable to interest expense whether or
not the same constitutes interest expense under GAAP and (b) cash dividend payments made by any Credit Party or the Restricted Subsidiaries in respect of any Disqualified Capital Stock; but excluding
non-cash gains, losses or adjustments under FASB ASC Topic 815 as a result of changes in the fair market value of derivatives. 

“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December
and (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two or three months (or, with the consent of each Lender, twelve months) thereafter, as the Borrower may elect; provided, that (a) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on
the next preceding Business Day and (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing. 
 “Interim Redetermination” has the meaning assigned to such term in
Section 2.07(b). 
 “Interim Redetermination Date” means the date on which a Borrowing Base that
has been redetermined pursuant to an Interim Redetermination becomes effective as provided in Section 2.07(d). 

“Investment” means, for any Person: (a) an acquisition (whether for cash, Property, services or securities or otherwise)
of Equity Interests of any other Person; (b) the making of any advance, loan or capital contribution to, assumption of Debt of, purchase or other acquisition of any other Debt or equity participation or interest in, or other extension of credit
to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person, but excluding any such advance, loan or extension of credit
having a term not exceeding ninety (90) days representing the purchase 

  
 23 

 
price of inventory or supplies sold by such Person in the ordinary course of business); (c) the purchase or acquisition (in one or a series of transactions) of Property of another Person that
constitutes a business unit; or (d) the entering into of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be sold) with respect to, Debt of any other Person and (without duplication) any amount
committed to be advanced, lent, or extended to such Person (valued at the lesser of the amount of the Debt that is the subject of such guarantee or contingent obligation and the maximum stated amount of such guarantee or contingent obligation). 

“Issuing Bank” means (a) Wells Fargo and (b) any other Lender reasonably acceptable to the Administrative Agent and
the Borrower that has agreed in its sole discretion to become an Issuing Bank hereunder pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent, in each case, in its capacity as an issuer of Letters of
Credit hereunder, and its successors in such capacity as provided in Section 2.08(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in
which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. Each reference herein to the “Issuing Bank” shall be deemed to be a reference to the relevant Issuing
Bank. 
 “LC Commitment” at any time means $10,000,000. 

“LC Disbursement” means a payment made by any Issuing Bank pursuant to a Letter of Credit issued by such Issuing Bank. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time. 
 “Lender Parent” means, with respect to any Lender, any Person as to which such Lender is,
directly or indirectly, a subsidiary. 
 “Lender Party” means the Administrative Agent, each Issuing Bank or any Lender.

 “Lenders” means the Persons listed on Annex I, other than any such Person that ceases to be a
party hereto pursuant to an Assignment and Assumption, and any Person that shall have become a party hereto pursuant to an Assignment and Assumption. 

“Letter of Credit” means any standby letter of credit issued pursuant to this Agreement. 

“Letter of Credit Agreements” means all letter of credit applications and other agreements (including any amendments,
modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with any Issuing Bank relating to any Letter of Credit issued by such Issuing Bank. 

“LIBO Rate” means, subject to the implementation of a Benchmark Replacement in accordance with
Section 3.03(c), with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of

  
 24 

 
such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such
Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next 1/100 of 1%) at which dollar deposits of an amount comparable to such Eurodollar Borrowing and for a maturity comparable to such Interest Period are
offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period;
provided that, notwithstanding the foregoing, if the LIBO Rate (including any Benchmark Replacement with respect thereto) shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Unless otherwise
specified in any amendment to this Agreement entered into in accordance with Section 3.03(c), in the event that a Benchmark Replacement with respect to the LIBO Rate is implemented then all references herein to LIBO Rate
shall be deemed references to such Benchmark Replacement. 
 “Lien” means any interest in Property securing an obligation
owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to (a) the
lien or security interest arising from a deed of trust, mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes or (b) production payments and the like
payable out of Oil and Gas Properties. The term “Lien” shall include easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations. For the purposes of this Agreement, the Credit Parties and the Restricted
Subsidiaries shall be deemed to be the owner of any Property which they have acquired or hold subject to a conditional sale agreement, or leases under a financing lease or other arrangement pursuant to which title to the Property has been retained
by or vested in some other Person in a transaction intended to create a financing. 
 “Liquidate” means, with respect to
any Swap Agreement, (a) the sale, assignment, novation, unwind or termination of all or any part of such Swap Agreement or (b) the creation of an offsetting position against all or any part of such Swap Agreement. The terms
“Liquidated” and “Liquidation” have correlative meanings thereto. 
 “Loan Documents”
means this Agreement, the Notes, the Letter of Credit Agreements, the Letters of Credit, the Security Instruments, the Fee Letter and any other document, instrument or agreement (other than Secured Swap Agreements or Secured Cash Management
Agreements) now or hereafter delivered by or on behalf of a Credit Party under this Agreement. 
 “Loans” means the loans
made by the Lenders to the Borrower pursuant to this Agreement. 
 “Majority Lenders” means, at any time while no Loans or
LC Exposure are outstanding, Lenders having more than fifty percent (50.0%) of the sum of the Aggregate Maximum Credit Amounts; and at any time while any Loans or LC Exposure are outstanding, Lenders holding more

  
 25 

 
than fifty percent (50.0%) of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit (without regard to any sale by a Lender of a participation
in any Loan under Section 12.04(c)); provided that, if at any time there are two or fewer Lenders, then all Lenders shall constitute the Majority Lenders; provided further that the Maximum Credit Amount and
the outstanding principal amount of the Loans of, and the participation interests in Letters of Credit held by, each Defaulting Lender (if any) shall be excluded from the determination of Majority Lenders to the extent set forth in
Section 4.04(b)(ii). 
 “Material Acquisition” means any acquisition of Property or series of
related acquisitions of Property that involves the payment of consideration by the Borrower and the Consolidated Restricted Subsidiaries in excess of $10,000,000. 

“Material Adverse Effect” means a material adverse change in, or material adverse effect on (a) the business,
operations, Property or financial condition of the Credit Parties, taken as a whole, (b) the ability of the Credit Parties, taken as a whole, to perform their obligations under the Loan Documents (including payment obligations), (c) the
validity or enforceability of any Loan Document or (d) the rights and remedies of the Administrative Agent, any Issuing Bank or any Lender under the Loan Documents. 

“Material Debt” means Debt (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap
Agreements, of any one or more of the Credit Parties and the Restricted Subsidiaries, in an aggregate principal amount exceeding $25,000,000. For purposes of determining Material Debt, the “principal amount” of the obligations of the
Credit Parties and the Restricted Subsidiaries in respect of any Swap Agreement at any time shall be the Swap Termination Value of such Swap Agreement. 

“Material Disposition” means any Disposition of Property or series of related Dispositions of Property that yields gross
proceeds to the Borrower and the Consolidated Restricted Subsidiaries in excess of $10,000,000. 
 “Material Subsidiary”
means, as of any date, any Restricted Subsidiary (a) that owns or has an interest in any Property assigned value in the Borrowing Base then in effect, as determined by the Administrative Agent; (b) that has any outstanding Debt for
borrowed money or guarantees any Permitted Debt, any Permitted Refinancing Debt or the Debt of any other Person; or (c) that contributed greater than (i) two and a half percent (2.5%) of EBITDA for the period of four consecutive fiscal
quarters most recently ended for which financial statements have been delivered pursuant to Section 8.01(a) or Section 8.01(b) or (ii) two and a half percent (2.5%) of Consolidated Total
Assets as of the last day of the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 8.01(a) or Section 8.01(b); provided that, if at any time
the aggregate amount of EBITDA or Consolidated Total Assets attributable to all Restricted Subsidiaries that are not Material Subsidiaries exceeds two and a half percent (2.5%) of EBITDA for any such period or two and a half percent (2.5%) of
Consolidated Total Assets as of the last day of any such fiscal quarter, then the Borrower shall (or, in the event the Borrower has failed to do so, the Administrative Agent shall), on the date on which financial statements for such fiscal quarter
are delivered pursuant to Section 8.01(a) or Section 8.01(b), designate in writing to the Administrative Agent one or more of such Restricted Subsidiaries as “Material Subsidiaries” to
eliminate any such excess, and such designated Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries. 

  
 26 

 “Maturity Date” means November 22, 2024; provided that the Maturity
Date shall be 91 days prior to the scheduled maturity date of the earlier of (a) the Permitted Second Lien Notes if any principal amount of Permitted Second Lien Notes is outstanding on such date and (b) the Purchaser Note if any principal
amount of the Purchaser Note is outstanding on such date. 
 “Maximum Credit Amount” means, as to each Lender, the amount
set forth opposite such Lender’s name on Annex I under the caption “Maximum Credit Amounts”, as the same may be (a) reduced or terminated from time to time in connection with a reduction or termination of the Aggregate
Maximum Credit Amounts pursuant to Section 2.06(b), (b) modified from time to time pursuant to any assignment permitted by Section 12.04(b), or (c) otherwise modified pursuant to the
terms of this Agreement (including Section 2.07 hereof). 
 “Moody’s” means Moody’s
Investors Service, Inc. and any successor thereto that is a nationally recognized rating agency. 
 “Mortgage” means each
mortgage, deed of trust or any other document creating and evidencing a Lien on real Property and other Property in favor of the Administrative Agent, for the benefit of the Secured Parties, which shall be in a form reasonably satisfactory to the
Administrative Agent. 
 “Mortgaged Property” means any Property owned by the Borrower or any Guarantor which is subject to
a Mortgage. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001 (a)(3) of ERISA to which any
Credit Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within the six calendar years preceding the date hereof, made or accrued an obligation to make contributions and liability to a Credit Party
remains. 
 “Net Leverage Ratio” means, with respect to the Borrower and its Consolidated Restricted Subsidiaries, as of
any date of determination, the ratio of (a) Total Net Debt as of such date to (b) EBITDAX for the period of four consecutive fiscal quarters ending on such date. 

“New Borrowing Base Notice” has the meaning assigned to such term in Section 2.07(d). 

“Non-Consenting Lender” means any Lender that does not approve any consent, waiver,
discharge, termination or amendment to any provision of this Agreement or any other Loan Document requested by the Borrower (including any reaffirmation or decrease in the Borrowing Base) that (i) requires the approval of all Lenders or all
affected Lenders in accordance with the terms of Section 2.07 or Section 12.02(b) and (ii) has been approved by the Majority Lenders. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting
Lender at such time. 

  
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 “Notes” means the promissory notes of the Borrower described in
Section 2.02(d) and being substantially in the form of Exhibit A, together with all amendments, modifications, replacements, extensions and rearrangements thereof. 

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 

“Oil and Gas Properties” means (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized
with Hydrocarbon Interests; (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units created thereby (including without limitation all units created under orders, regulations and rules
of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements, including production sharing contracts and agreements, which relate to any of the
Hydrocarbon Interests or the lands pooled or unitized therewith, or the production, sale, purchase, exchange, treatment, processing, handling, storage, transporting or marketing of Hydrocarbons from or attributable to such Hydrocarbon Interests or
the lands pooled or unitized therewith; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests or the lands pooled or unitized therewith, including all oil in tanks, and all rents,
issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests or the lands pooled or unitized therewith; (f) all tenements, hereditaments, appurtenances and Properties in any manner
appertaining, belonging, affixed or incidental to the Hydrocarbon Interests or the lands pooled or unitized therewith and (g) all Properties, rights, titles, interests and estates, real or personal, now owned or hereafter acquired and situated
upon, or used, held for use or useful in connection with the operating, working or development of any of such Hydrocarbon Interests (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be on such
premises for the purpose of drilling a well or for other similar temporary uses) or the lands pooled or unitized therewith, or with the production, sale, purchase, exchange, treatment, processing, handling, storage, transporting or marketing of
Hydrocarbons from or attributable to such Hydrocarbon Interests or the lands pooled or unitized therewith, including any and all oil wells, gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants,
plant compressors, pumps, pumping units, pipelines, sales and flow lines, gathering lines and systems, field gathering systems, salt water disposal facilities, tanks and tank batteries, processing plants, fixtures, valves, fittings, machinery and
parts, engines, boilers, meters, apparatus, equipment, facilities, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases,
rights-of-way, easements, servitudes, licenses and other surface and subsurface rights together with all additions, substitutions, replacements, accessions and
attachments to any and all of the foregoing. Unless otherwise indicated herein, each reference to the term “Oil and Gas Properties” shall mean Oil and Gas Properties of the Borrower and the Restricted Subsidiaries. 

“Organizational Documents” means, with respect to any Person, its charter, certificate or articles of incorporation or
formation, bylaws, articles of organization, limited liability agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust agreement, or similar
agreement or instrument governing the formation or operation of such Person. 

  
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 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.03(k)). 

“Participant” has the meaning assigned to such term in Section 12.04(c). 

“Participant Register” has the meaning assigned to such term in Section 12.04(c). 

“Patriot Act” has the meaning assigned to such term in Section 12.16. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Permitted Debt” means Permitted Second Lien Notes, Permitted Senior Notes, the Purchaser Note and any Permitted Refinancing
Debt thereof. 
 “Permitted Refinancing Debt” means senior or senior subordinated Debt or Debt securities (whether
registered or privately placed and whether convertible into Equity Interests or not), in each case whether secured or unsecured, issued or incurred by the Borrower (for purposes of this definition, “new Debt”) incurred in exchange
for, or proceeds of which are used to refinance, refund, renew, replace or extend all or any portion of any Permitted Debt (the “Refinanced Debt”); provided that (a) [reserved]; (b) such new Debt is in an aggregate principal
amount not in excess of the aggregate principal amount then outstanding of the Refinanced Debt, plus an amount necessary to pay accrued and unpaid interest and any fees and expenses, including premiums (and, for the avoidance of doubt, make-whole
amounts) related to such exchange, refinancing, refunding, renewal, replacement or extension and original issue discount, related to such new Debt; (c) such new Debt does not have any scheduled principal amortization prior to the date that is
91 days after the Maturity Date; (d) such new Debt does not mature sooner than the date that is 91 days after the Maturity Date; (e) no Subsidiary is required to guarantee such new Debt unless such Subsidiary has guaranteed the Secured
Obligations pursuant to the Guaranty and Collateral Agreement; (f) the terms and conditions of such new Debt and any guarantees thereof, taken as a whole, are not materially less favorable to the Borrower and its Restricted Subsidiaries as
market terms for issuers of similar size and credit quality given the then prevailing market conditions as reasonably determined by the Borrower in good faith and are not more restrictive, taken as a whole, than those contained in this Agreement and
the other Loan Documents or the Refinanced Debt, as reasonably determined by the Borrower in good faith; (g) no Subsidiary or other Person is required to guarantee such new Debt unless such Subsidiary or other Person has guaranteed the Secured
Obligations pursuant to the Guaranty and Collateral Agreement; (h) if such new Debt is senior 

  
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subordinated Debt, such Debt is expressly subordinate to the payment in full of all of the Secured Obligations on terms and conditions reasonably satisfactory to the Administrative Agent;
(i) if the Refinanced Debt is unsecured, such new Debt shall be unsecured; or (j) if the Refinanced Debt is Permitted Second Lien Notes, the Second Lien Agent shall become a party to the Second Lien Intercreditor Agreement. 

“Permitted Second Lien Notes” means the Second Lien Notes and any Permitted Refinancing Debt in respect thereof. 

“Permitted Senior Notes” means any unsecured senior or unsecured senior subordinated Debt securities (whether registered or
privately placed and whether convertible into Equity Interests or not) issued or incurred by the Borrower, as issuer, to the extent permitted by Section 9.02(b); provided, however, for the purposes of this Agreement,
the term “Permitted Senior Notes” shall not include the Purchaser Note. 
 “Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity of whatever nature. 

“PIK Notes” has the meaning assigned to such term in the Second Lien Indenture as of the Effective Date. 

“Plan” means any employee pension benefit plan, as defined in Section 3(2) of ERISA, that is subject to Title IV of
ERISA or Section 412 of the Code, other than a Multiemployer Plan, which (a) is currently or during the period of applicability of this Agreement sponsored, maintained or contributed to by a Credit Party or an ERISA Affiliate or
(b) was at any time during the six calendar years preceding the date hereof, sponsored, maintained or contributed to by a Credit Party or an ERISA Affiliate if liability to a Credit Party remains. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by Wells Fargo as its prime rate in
effect for dollar denominated loans in the United States for such day; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. Such rate is set by Wells Fargo as a general
reference rate of interest, taking into account such factors as Wells Fargo may deem appropriate; it being understood that many of the commercial or other loans of Wells Fargo are priced in relation to such rate, that it is not necessarily the
lowest or best rate actually charged to any customer and that Wells Fargo may make various commercial or other loans at rates of interest having no relationship to such rate. 

“Pro Forma Net Leverage Ratio” means, with respect to the Borrower and its Consolidated Restricted Subsidiaries, as of any
date of determination, the ratio of (a) Total Net Debt as of such date determined on a pro forma basis after giving effect to any applicable transactions to occur on such date to (b) EBITDAX for the period of four consecutive fiscal
quarters most recently ended prior to such date for which financial statements have been delivered pursuant to Section 8.01(a) or (b). 

  
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 “Property” means any interest in any kind of property or asset, whether
real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights. 

“Proposed Borrowing Base” has the meaning assigned to such term in Section 2.07(c)(i). 

“Proposed Borrowing Base Notice” has the meaning assigned to such term in Section 2.07(c)(ii). 

“proved”, with respect to any Oil and Gas Properties, has the meaning assigned to the term “Proved Reserves” in the
Definitions of Oil and Gas Reserves as promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question. 

“Proved Reserves” has the meaning assigned to the term “Proved Reserves” in the Definitions of Oil and Gas Reserves
(in this paragraph, the “Definitions”) as promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question. “Proved Developed Producing Reserves” means
Proved Reserves which are categorized as both “Developed” and “Producing” in the Definitions. 
 “PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 

“Purchaser Note” shall mean that certain Senior Unsecured Promissory Note, issued in connection with the Ven Bakken
Acquisition, from the Borrower to the holders party thereto in the aggregate principal amount of up to $150,000,000 and otherwise in form and substance reasonably acceptable to the Administrative Agent, as may be amended, amended and restated,
refinanced, replaced or otherwise modified from time to time as permitted by this Agreement (it being agreed and understood that the form and substance of the Purchaser Note provided to the Administrative Agent prior to the Effective Date and as may
be amended, amended and restated, replaced or otherwise modified from time to time as permitted by this Agreement is reasonably acceptable to the Administrative Agent). 

“Recipient” means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable. 

“Redemption” means with respect to any Debt, the repurchase, redemption, prepayment, repayment or defeasance or any other
acquisition or retirement for value (or the segregation of funds with respect to any of the foregoing) of any such Debt. “Redeem” has the correlative meaning thereto. 

“Redetermination Date” means, with respect to any Scheduled Redetermination or any Interim Redetermination, the date that the
redetermined Borrowing Base related thereto becomes effective pursuant to Section 2.07(d). 
 “Reference
Period” has the meaning assigned to such term in the definition of Consolidated Net Income. 
 “Register” has the
meaning assigned to such term in Section 12.04(b)(ii). 

  
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 “Regulation D” means Regulation D of the Board, as the same may be amended,
supplemented or replaced from time to time. 
 “Related Parties” means, with respect to any specified Person, such
Person’s Affiliates and the respective directors, officers, employees, agents and advisors (including attorneys, accountants and experts), controlling Persons, holders of Equity Interests, partners, members, trustees, managers, administrators
and other representatives of such Person and such Person’s Affiliates, and the respective successors and assigns of each of the foregoing. 

“Release” means any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, or disposing into the environment. 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Remedial Work” has the meaning assigned to such term in Section 8.10(a). 

“Required Lenders” means, at any time while no Loans or LC Exposure are outstanding, Lenders having at least sixty-six and two-thirds percent (66-2⁄3%) of the
sum of the Aggregate Maximum Credit Amounts; and at any time while any Loans or LC Exposure are outstanding, Lenders holding at least sixty-six and two-thirds percent (66-2⁄3%) of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit (without
regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)); provided that, if at any time there are no more than two Lenders, then all of the Lenders shall constitute the Required Lenders;
provided, further, that the Maximum Credit Amount and the outstanding principal amount of the Loans of, and the participation interests in Letters of Credit held by, each Defaulting Lender (if any) shall be excluded from the
determination of Required Lenders to the extent set forth in Section 4.04(b)(ii). 
 “Reserve
Report” means a report, in form and substance reasonably satisfactory to the Administrative Agent, setting forth, as of each December 31st or June 30th (or such other date in the event of an Interim Redetermination) the oil and
gas reserves attributable to the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries, together with a projection of the rate of production and future net income, taxes, operating expenses and capital expenditures with respect
thereto as of such date, based upon the Strip Price on such date of determination, adjusted for historical basis differential, quality and gravity, without giving effect to non-property related expenses such
as general and administrative expenses, debt service, future income tax expense and depreciation, depletion and amortization, and adjusted to give effect to the Swap Agreements with Approved Counterparties then in effect; provided that in
connection with any Interim Redeterminations of the Borrowing Base pursuant to the last sentence of Section 2.04(b), (i.e., as a result of the Borrower having acquired Oil and Gas Properties with Proved Reserves
which are to be Borrowing Base Properties having an aggregate value in excess of 5% of the Borrowing Base in effect immediately prior to such acquisition), the Borrower shall be required, for purposes of updating the Reserve Report, to set forth
only such additional Proved Reserves and related information as are the subject of such acquisition. 

  
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 “Reserve Report Certificate” has the meaning assigned to such term in
Section 8.12(c). 
 “Responsible Officer” means, as to any Person, the chief executive officer,
the president, any Financial Officer or any vice president of such Person (or in the case of any Person that is a partnership, of such Person’s general partner). Unless otherwise specified, all references to a Responsible Officer herein means a
Responsible Officer of the Borrower. 
 “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other Property) with respect to any Equity Interests in the Credit Parties or the Restricted Subsidiaries, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Credit Parties or the Restricted Subsidiaries or any option, warrant or other right to acquire any such Equity Interests in the Credit
Parties or the Restricted Subsidiaries; provided, however, the entry into any capped call or call spread arrangements in connection with convertible notes otherwise permitted to be issued hereunder shall not be a Restricted Payment. 

“Restricted Subsidiary” means any Subsidiary of the Borrower that is not an Unrestricted Subsidiary. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of
such Lender’s Loans and its LC Exposure at such time. 
 “RP/Investment Conditions” means that: (a) no Default,
Event of Default or Borrowing Base Deficiency has occurred and is continuing or would result therefrom; (b) at least 20% of the Commitments are unused; and (c) the Pro Forma Net Leverage Ratio is equal to or less than 2.75 to 1.00. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor thereto that is a nationally
recognized rating agency. 
 “Sale and Leaseback Transaction” means, with respect to any Person, any arrangement, directly
or indirectly, whereby such Person shall sell or transfer any Property used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such Property or other Property that it intends to use for substantially the
same purpose or purposes as the Property being sold or transferred. 
 “Sanctioned Country” means, at any time, a country,
region or territory which is, or whose government is, the subject or target of any Sanctions comprehensively restricting or prohibiting dealings with such country, region, territory or government. 

“Sanctioned Person” means, at any time, any Person with whom dealings are restricted or prohibited under Sanctions, including
(a) any Person listed in any Sanctions-related list of designated or identified Persons maintained by the United States (including by OFAC, the U.S. Department of State, or the U.S. Department of Commerce), the United Nations Security Council,
(b) any Person located, organized or resident in, or any Governmental Authority or governmental instrumentality of, a Sanctioned Country or (c) any Person directly or indirectly owned or controlled by any Person described in clauses
(a) or (b) hereof. 

  
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 “Sanctions” means economic or financial sanctions or trade embargoes or
restrictive measures enacted, imposed, administered or enforced from time to time by (a) the U.S. government, including OFAC, the U.S. Department of State, or the U.S. Department of Commerce (b) the United Nations Security Council; or
(c) any other relevant authority of a jurisdiction applicable to the Borrower, the Borrower’s Subsidiaries or any other Credit Party or its Subsidiaries. 

“Scheduled Redetermination” has the meaning assigned to such term in Section 2.07(b). 

“Scheduled Redetermination Date” means the date on which the Borrowing Base that has been redetermined pursuant to a
Scheduled Redetermination becomes effective as provided in Section 2.07(d). 
 “SEC” means the
Securities and Exchange Commission or any successor Governmental Authority. 
 “Second Lien Agent” means Wilmington Trust,
National Association, in its capacity as “Trustee” and “Collateral Agent” under and as defined in the Second Lien Indenture, together with its successors and assigns in such capacity under the Second Lien Loan Documents. 

“Second Lien Exchange” means one or more exchanges of approximately $70,000,000 (subject to any reductions in accordance with
the offering memorandum filed in connection therewith) in aggregate face amount of Second Lien Notes by any holders thereof in consideration for convertible preferred Equity Interests (other than Disqualified Capital Stock) of the Borrower, in form
and substance reasonably satisfactory to the Administrative Agent. 
 “Second Lien Indenture” means the Indenture dated as
of May 15, 2018 between the Borrower and the Second Lien Agent, as modified by the First Supplemental Indenture dated as of September 18, 2018 (the “First Supplemental Indenture”), that certain Second Supplemental
Indenture dated as of October 5, 2018, and that certain Third Supplemental Indenture dated as of the Effective Date, pursuant to which the Second Lien Notes are issued. 

“Second Lien Intercreditor Agreement” the Intercreditor Agreement dated as of May 15, 2018 between the Administrative
Agent, as successor to Royal Bank of Canada, as successor to TPG Specialty Lending, Inc., as Priority Lien Agent (as defined therein), and the Second Lien Agent, as Original Second Lien Agent (as defined therein), as modified by the Priority
Confirmation Joinder dated as of the Effective Date executed by the Administrative Agent and acknowledged by the Second Lien Agent and the Borrower. 

“Second Lien Loan Documents” means the “Note Documents” as defined in the Second Lien Indenture. 

“Second Lien Notes” means the Borrower’s 8.50% Senior Secured Second Lien Notes due 2023 in an aggregate principal
amount of approximately $688,500,000 as of the Effective Date and any PIK Notes issued by the Borrower in connection with such notes, in each case, issued pursuant to the Second Lien Indenture. 

  
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 “Second Lien Redemption” means one or more redemptions in cash of
$200,000,000 in aggregate face value of Second Lien Notes. 
 “Secured Cash Management Agreement” means a Cash Management
Agreement between (a) any Credit Party or any Restricted Subsidiary and (b) a Secured Cash Management Provider. 

“Secured Cash Management Obligations” means any and all amounts and other obligations owing by any Credit Party to any
Secured Cash Management Provider under any Secured Cash Management Agreement. 
 “Secured Cash Management Provider” means a
Lender, an Affiliate of a Lender, the Administrative Agent or an Affiliate of the Administrative Agent. 
 “Secured
Obligations” means, without duplication, any and all amounts owing or to be owing by the Borrower or any other Credit Party (whether direct or indirect (including those acquired by assumption or novation), absolute or contingent, due or to
become due, now existing or hereafter arising): (a) to the Administrative Agent, the Arrangers, any Issuing Bank or any Lender or any Related Party of any of the foregoing under any Loan Document; and all renewals, extensions and/or
rearrangements of any of the above, (b) all Secured Swap Obligations and (c) all Secured Cash Management Obligations. For the avoidance of doubt, Secured Obligations shall include all (a) principal of and premium, if any, on the
Loans, (b) LC Disbursements, LC Exposure, reimbursement obligations (including, without limitation, to reimburse LC Disbursements), obligations to post cash collateral in respect of Letters of Credit and other obligations of the Credit Parties
with respect to Letters of Credit, (c) interest, expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by the Credit Parties under Loan Documents (including, without limitation, interest accruing at the
then applicable rate provided in this Agreement after the maturity of the Loans and LC Exposure and interest accruing at the then applicable rate provided in this Agreement after the filing of any petition in bankruptcy, or the commencement of any
insolvency, reorganization or like proceeding, relating to the Credit Parties, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), (d) payments in respect of an early termination of Secured Swap
Obligations, and (e) other Debts, amounts, fees, expenses, indemnities, costs, obligations and liabilities of any kind owing by Credit Parties pursuant to the Loan Documents, any Secured Swap Agreement or any Secured Cash Management Agreement,
whether now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any Insolvency Proceeding, whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty,
indemnification or otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several. 

“Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing Banks, the Secured Swap Parties,
the Secured Cash Management Providers and for purposes of Section 12.03(b), each Related Party thereof. 

“Secured Swap Agreement” means any Swap Agreement between any Credit Party or any Restricted Subsidiary and any Secured Swap
Party. 

  
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 “Secured Swap Obligations” means all amounts and other obligations owing to
any Secured Swap Party under any Secured Swap Agreement (other than Excluded Swap Obligations). 
 “Secured Swap Party”
means any (a) Person that is a party to a Swap Agreement with any Credit Party or any Restricted Subsidiary that entered into such Swap Agreement before or while such Person was a Lender or an Affiliate of a Lender, whether or not such Person
at any time ceases to be a Lender or an Affiliate of a Lender, as the case may be, (b) assignee of any Person described in clause (a) above so long as such assignee is a Lender or an Affiliate of a Lender at the time of such assignment or
(c) Specified Swap Counterparty or any of their respective Affiliates solely with respect to such Swap Agreements as in effect on the Effective Date that are described on Schedule 1.01. 

“Securities Account” has the meaning assigned to such term in the UCC. 

“Security Instruments” means collectively (a) the Guaranty and Collateral Agreement, (b) the Mortgages,
(c) each Account Control Agreement, (d) the Second Lien Intercreditor Agreement and (e) any and all other agreements or instruments now or hereafter executed by the Borrower or any other Credit Party (other than Secured Swap
Agreements or Secured Cash Management Agreements or participation or similar agreements between any Lender and any other lender or creditor with respect to any Secured Obligations pursuant to this Agreement) pursuant to
Section 8.11 or Section 8.14 in connection with, or as security for the payment or performance of the Secured Obligations, the Notes, this Agreement, or reimbursement obligations under the
Letters of Credit, as such agreements may be amended, modified, supplemented or restated from time to time. 
 “SOFR” with
respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s
Website. 
 “Solvency Certificate” means the Solvency Certificate substantially in the form of Exhibit H. 

“Solvent” means with respect to any Person, that (a) the aggregate assets of such Person at a fair valuation exceed the
aggregate Debt of such Person, (b) such Person has not incurred, and does not intend to incur, and does not believe that they will incur or have incurred Debt beyond their ability to pay such Debt (after taking into account the timing and
amounts of cash to be received by such Person and the timing and amounts to be payable on or in respect of such Person’s liabilities) as such Debt becomes absolute and matures, and (c) such Person does not have (and does not have reason to
believe such Person will have at any time) unreasonably small capital for the conduct of its business. 
 “Specified
Person” has the meaning assigned to it in the definition of “Division”. 
 “Specified Swap
Counterparties” means collectively, BP Energy Company, Cargill Incorporated and Macquarie Bank Limited solely to the extent and for so long as such Person’s Swap Agreements that are described on Schedule 1.01 are in effect. 

  
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 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by
the Board to which the Administrative Agent is subject, with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall
include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Strip Price” means, as of any date, (a) for the 60-month period commencing with the month in which such date occurs, as
quoted on the New York Mercantile Exchange (the “NYMEX”) and published in a nationally recognized publication for such pricing reasonably acceptable to the Administrative Agent (as such prices may be corrected or revised from time
to time by the NYMEX in accordance with its rules and regulations), the corresponding monthly quoted futures contract price for months 0–60 and (b) for periods after such 60 month period, the average corresponding monthly quoted futures
contract price for months 49–60; provided, however, in the event that the NYMEX no longer provides futures contract price quotes for 60 month periods, the longest period of quotes of less than 60 months shall be used to determine
the strip period and held constant thereafter based on the average of contract prices for the last twelve months of such period, and, if the NYMEX no longer provides such futures contract quotes or has ceased to operate, the Administrative Agent
shall designate another nationally recognized commodities exchange to replace the NYMEX for purposes of the references to the NYMEX herein which in the Administrative Agent’s reasonable opinion is the most comparable exchange to the NYMEX at
such time. 
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any other Person
(a) of which Equity Interests representing more than 50% of the ordinary voting power for the election of the board of directors (or equivalent governing body) (irrespective of whether or not at the time Equity Interests of any other class or
classes of such Person shall have or might have voting power by reason of the happening of any contingency) or, in the case of a partnership, any general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, in each case, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any direct or indirect subsidiary of the Borrower. 

“Subsidiary Guarantor” means each Restricted Subsidiary of the Borrower that is a Guarantor. 

“Super Majority Lenders” means, at any time while no Loans or LC Exposure is outstanding, Lenders having more than eighty
percent (80%) of the Aggregate Maximum Credit Amounts; and at any time while any Loans or LC Exposure is outstanding, Lenders holding more than eighty percent (80%) of the outstanding aggregate principal amount of the Loans and participation
interests in Letters of Credit (without regard to any sale by a Lender of a participation 

  
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in any Loan under Section 12.04(c)); provided that the Maximum Credit Amount and the outstanding principal amount of the Loans of, and the participation interests
in Letters of Credit held by, each Defaulting Lender (if any) shall be excluded from the determination of Super Majority Lenders to the extent set forth in Section 4.04(b)(ii). 

“Swap Agreement” means any transaction or agreement with respect to any swap, forward, future or derivative transaction or
option or similar agreement, whether exchange traded, “over-the-counter” or otherwise, involving, or settled by reference to, one or more rates, currencies,
commodities, emissions reduction, carbon sequestration or other environmental protection credits, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that none of (i) phantom stock nor similar plans providing for payments only on account of services provided by current or former directors, officers, employees or
consultants of the Credit Parties or the Restricted Subsidiaries nor (ii) the issuance of preferred stock or the issuance of Equity Interests upon conversion of any preferred stock nor (iii) capped call nor call spread arrangements entered
into in connection with convertible notes otherwise permitted to be issued hereunder nor (iv) deferred purchase price or purchase price adjustment arrangements entered into in connection with any acquisition permitted hereunder shall be a Swap
Agreement. 
 “Swap Obligations” means, with respect to the Borrower or any Guarantor, any obligation to pay or perform
under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 

“Swap PV” means, with respect to any Swap Agreement, the present value as of the applicable measurement date, discounted at
9% per annum, of the future receipts expected to be paid to the Credit Parties or any Restricted Subsidiary under such Swap Agreement netted against the Bank Price Deck in effect as of the most recent Proposed Borrowing Base Notice, as reasonably
determined by the Administrative Agent; provided, however, that the “Swap PV” shall never be less than $0.00. 

“Swap Termination Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Agreements, (i) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and
(ii) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined by the
counterparties to such Swap Agreements. 
 “Synthetic Leases” means, in respect of any Person, all leases which shall have
been, or should have been, in accordance with GAAP, treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment of rent thereunder and which were properly treated as indebtedness
for borrowed money for purposes of United States federal income taxes, if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an amount in excess of, 80% of the residual value of
the Property subject to such operating lease upon expiration or early termination of such lease. 

  
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 “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed, administered or assessed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date” means the earlier of the Maturity Date and the date of termination of the Commitments. 

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant
Governmental Body. 
 “Total Debt” means, on any date of determination, all Debt of the Borrower and the Consolidated
Restricted Subsidiaries of the type described in (i) clauses (a), (b) and (d) of the definition of “Debt” and (ii) clauses (f), (g) and (k) of the definition of “Debt”, but only to the extent such liabilities
relate to Debt described in clause (i) of this definition; provided, that with respect to obligations under letters of credit, such obligations shall be included in Total Debt only to the extent such letters of credit have been drawn and
not reimbursed as of such date of determination. 
 “Total Net Debt” means, on any date of determination, (a) Total
Debt minus (b) the positive difference (if any) between (i) the aggregate amount of cash and Cash Equivalents held in Deposit Accounts or Securities Accounts of the Credit Parties that are subject to Account Control Agreements
(provided that such aggregate amount shall not exceed $50,000,000 so long as any Loans are outstanding and/or any LC Disbursements have been made without reimbursement) and (ii) the amount of any Borrowing Base Deficiency existing as of such
date of determination. 
 “Transactions” means, with respect to (a) the Borrower, the execution, delivery and
performance by the Borrower of this Agreement and each other Loan Document to which it is a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, and the grant of Liens by the Borrower on
Mortgaged Properties and other Properties pursuant to the Security Instruments, (b) each Guarantor, the execution, delivery and performance by such Guarantor of each Loan Document to which it is a party, the guaranteeing of the Secured
Obligations under the Guaranty and Collateral Agreement by such Guarantor and such Guarantor’s grant of the security interests and provision of collateral under the Security Instruments, and the grant of Liens by such Guarantor on Mortgaged
Properties and other Properties pursuant to the Security Instruments and (c) each Credit Party, the payment of fees and expenses in connection with all of the foregoing. 

“Type” means, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans comprising such Borrowing, is determined by reference to the Alternate Base Rate or the Adjusted LIBO Rate. 
 “U.S.
Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code. 

“U.S. Tax Compliance Certificate” has the meaning assigned to such term in Section 5.03(e)(ii)(B).

  
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 “Unadjusted Benchmark Replacement” means the Benchmark Replacement
excluding the Benchmark Replacement Adjustment. 
 “Unrestricted Subsidiary” means any Subsidiary of the Borrower
designated by the Borrower as an Unrestricted Subsidiary after the date hereof in accordance with, and subject to the satisfaction of the conditions set forth in, Section 1.06. 

“Ven Bakken Acquisition” shall mean the acquisition by the Borrower of those certain properties identified to the
Administrative Agent prior to the Effective Date located in Bowman County, Dunn County, McKenzie County, Mountrail County, and Williams County, North Dakota, and Harding County, South Dakota from Ven Bakken, LLC or its affiliates. 

“Wholly-Owned Subsidiary” means any Restricted Subsidiary of which all of the outstanding Equity Interests (other than any
directors’ qualifying shares mandated by applicable law), on a fully-diluted basis, are owned by the Borrower or one or more of the Wholly-Owned Subsidiaries of the Borrower or are owned by the Borrower and one or more of the Wholly-Owned
Subsidiaries of the Borrower. 
 “Withholding Agent” means any Credit Party and the Administrative Agent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 Section 1.03 Types of Loans and Borrowings For purposes of
this Agreement, Loans and Borrowings, respectively, may be classified and referred to by Type (e.g., a “Eurodollar Loan” or a “Eurodollar Borrowing”). 

Section 1.04 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, restated, replaced, substituted or otherwise modified (subject to any restrictions on
such amendments, supplements, restatements, replacements, substitutions or modifications set forth in the Loan Documents), (b) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted,
in whole or in part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to the restrictions contained in the Loan Documents), (d) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) with respect to the determination of
any time period, the word “from” means “from and including” and the word “to” means “to and including” and (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. No provision of this Agreement or any other Loan Document shall be interpreted or construed against any Person solely because such Person or its
legal representative drafted such provision. 

  
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 Section 1.05 Accounting Terms and Determinations; GAAP. Unless otherwise
specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and reports as to financial matters required to be
furnished to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, applied on a basis consistent with the Financial Statements except for changes in which the Borrower’s independent certified public
accountants concur and which are disclosed to the Administrative Agent on the next date on which financial statements are required to be delivered to the Lenders pursuant to Section 8.01(a); provided that, unless the
Borrower and the Majority Lenders shall otherwise agree in writing, no such change shall modify or affect the manner in which compliance with the covenants set forth in Section 9.01 are computed such that all such
computations shall be conducted utilizing financial information presented consistently with prior periods. In the event that any Accounting Change shall occur and such change results in a change in the method or result of calculation of financial
covenants, standards or terms, then the Lenders and the Credit Parties shall enter into negotiations in order to amend such provisions of the Loan Documents so as to equitably reflect such Accounting Changes with the desired result that the criteria
for evaluating the Credit Parties’ financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed and delivered by the Credit
Parties, the Administrative Agent and the Majority Lenders, all financial covenants, standards and terms in the Loan Documents shall continue to be calculated or construed as if such Accounting Changes had not occurred. 

Section 1.06 Designation and Conversion of Restricted and Unrestricted Subsidiaries. 

(a) Unless designated in writing to the Administrative Agent by the Borrower in accordance with clause (b) below, any Person that becomes
a Subsidiary of the Borrower or any of its Restricted Subsidiaries after the date hereof (whether by formation, acquisition or merger) shall be classified as a Restricted Subsidiary. On the date hereof, all Subsidiaries of the Borrower are
Restricted Subsidiaries. 
 (b) The Borrower may designate, by prior or concurrent written notice thereof to the Administrative Agent, any
Restricted Subsidiary (including a newly formed or newly acquired Subsidiary) as an Unrestricted Subsidiary, provided that (i) both before, and immediately after giving effect, to such designation, (A) no Default, Event of Default
or Borrowing Base Deficiency exists or would result from such designation, (B) the Pro Forma Net Leverage Ratio shall not exceed 3.50 to 1.00 and the Borrower shall be in compliance, on a pro forma basis, with the financial covenant set forth
in Section 9.01(b) (determined on a pro forma basis using Current Assets and Current Liabilities as of the last day of the Borrower’s most recently ended fiscal quarter for which financial statements have been
delivered pursuant to Section 8.01(a) or (b)) and (C) the representations and warranties of the Credit Parties and the Restricted Subsidiaries contained in this Agreement and each of the other Loan Documents
shall be true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall 

  
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be true and correct in all respects) on and as of such date as if made on and as of the date of such designation (or, if stated to have been made expressly as of an earlier date, were true and
correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of such date); (ii) such Subsidiary is not a “restricted subsidiary” for purposes
of any indenture or other agreement governing Debt of the Credit Parties or a Restricted Subsidiary; (iii) such designation shall be deemed to be an Investment in an amount equal to the fair market value of the Borrower’s direct and
indirect ownership interest in such Subsidiary on the date of such designation and such designation shall be permitted only to the extent such Investment is permitted under Section 9.05 on the date of such designation;
(iv) such designation shall be deemed to be a Disposition pursuant to which the provisions of Section 2.07(f) shall apply; (v) after giving effect to such designation, the Borrower is in compliance with the
requirements of Section 9.20; and (vi) the Administrative Agent shall have received a certificate of a Responsible Officer, in form and substance reasonably satisfactory to the Administrative Agent, certifying as to
the satisfaction of the conditions and matters set forth in clauses (i)-(v) above (and in the case of clause (i)(B) above, setting forth reasonably detailed calculations demonstrating that the Pro Forma Net Leverage Ratio will not exceed 3.50 to
1.00 and the Borrower will be in compliance, on a pro forma basis, with the financial covenant set forth in Section 9.01(b) (determined on a pro forma basis using Current Assets and Current Liabilities as of the last day of
the Borrower’s most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 8.01(a) or (b))). Except as provided in this Section 1.06, no
Subsidiary may be designated (and no Restricted Subsidiary may be redesignated) as an Unrestricted Subsidiary. 
 (c) If, at any time, any
Unrestricted Subsidiary would fail to meet the requirements for an Unrestricted Subsidiary set forth in Section 9.20, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Agreement (and, for the
avoidance of doubt, any Investment, Debt and Liens of such Subsidiary existing at such time shall be deemed to be incurred by such Subsidiary as of such time and, if such Investments, Debt and Liens are not permitted to be incurred as of such time
under Article IX, an Event of Default shall occur). 
 (d) The Borrower may designate, by prior or concurrent written notice thereof
to the Administrative Agent any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that (i) both before, and immediately after giving effect, to such designation, (A) no Default, Event of Default or Borrowing Base
Deficiency exists or would result from such designation, (B) the Pro Forma Net Leverage Ratio shall not exceed 3.50 to 1.00 and the Borrower shall be in compliance, on a pro forma basis, with the financial covenant set forth in
Section 9.01(b) (determined on a pro forma basis using Current Assets and Current Liabilities as of the last day of the Borrower’s most recently ended fiscal quarter for which financial statements have been delivered
pursuant to Section 8.01(a) or (b)) and (C) the representations and warranties of the Credit Parties and the Restricted Subsidiaries contained in this Agreement and each of the other Loan Documents shall be true
and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) on and as of such date as if made on and as of the date of such designation (or, if stated
to have been made expressly as of an earlier date, were true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of such date), (ii) the
designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Investment, Debt, or Liens of such Subsidiary existing 

  
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at such time, and the Borrower shall be in compliance with Article IX after giving effect to such designation, (iii) immediately after giving effect to such designation, the Borrower
and such Subsidiary shall be in compliance with the requirements of Section 8.14 and (iv) the Administrative Agent shall have received a certificate of a Responsible Officer, in form and substance reasonably
satisfactory to the Administrative Agent, certifying as to the satisfaction of the conditions and matters set forth in clauses (i)-(iii) above (and in the case of clause (i)(B) above, setting forth reasonably detailed calculations demonstrating that
the Pro Forma Net Leverage Ratio will not exceed 3.50 to 1.00 and the Borrower will be in compliance, on a pro forma basis, with the financial covenant set forth in Section 9.01(b) (determined on a pro forma basis using
Current Assets and Current Liabilities as of the last day of the Borrower’s most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 8.01(a) or (b))). 

Section 1.07 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under
Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to
have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity
Interests at such time. 
 ARTICLE II 

The Credits 

Section 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender severally agrees to make
Loans to the Borrower during the Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the total Revolving Credit
Exposures exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, repay and reborrow the Loans. 

Section 2.02 Loans and Borrowings. 

(a) Borrowings; Several Obligations. Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in
accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments are several and no Lender shall
be responsible for any other Lender’s failure to make Loans as required. 
 (b) Types of Loans. Subject to
Section 3.03, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 

  
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 (c) Minimum Amounts; Limitation on Number of Borrowings. At the commencement of each
Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $500,000 and not less than $1,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate
amount that is an integral multiple of $250,000 and not less than $1,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the
reimbursement of an LC Disbursement as contemplated by Section 2.08(e). Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of ten
(10) Eurodollar Borrowings outstanding. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect
thereto would end after the Maturity Date. 
 (d) Notes. Upon the request of a Lender, the Loans made by such Lender shall be
evidenced by a single promissory note of the Borrower in substantially the form of Exhibit A, dated (i) as of the date of this Agreement in the case of any Lender party hereto as of the date of this Agreement, and (ii) as of the
effective date of the Assignment and Assumption in the case of any Lender that becomes a party hereto pursuant to an Assignment and Assumption, in each case payable to such Lender in a principal amount equal to its Maximum Credit Amount as in effect
on such date, and otherwise duly completed. In the event that any Lender’s Maximum Credit Amount increases or decreases for any reason (whether pursuant to Section 2.06, Section 12.04(b) or
otherwise), the Borrower shall, upon the request of such Lender, deliver or cause to be delivered on the effective date of such increase or decrease, a new Note payable to such Lender in a principal amount equal to its Maximum Credit Amount after
giving effect to such increase or decrease, and otherwise duly completed, and such Lender shall promptly return to the Borrower the previously issued Note held by such Lender. The date, amount, Type, interest rate and, if applicable, Interest Period
of each Loan made by each Lender, and all payments made on account of the principal thereof, shall be recorded by such Lender on a Schedule attached to such Note or any continuation thereof or on any separate record maintained by such Lender.
Failure to make any such notation or to attach a Schedule shall not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of such transfer by any Lender of its Note. 

Section 2.03 Requests for Borrowings. Each Borrowing shall be subject to each of the conditions set forth in
Section 6.02. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., Houston time, three Business
Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 noon, Houston time, one Business Day before the date of the proposed Borrowing; provided that no such notice shall be required
for any deemed request of an ABR Borrowing to finance the reimbursement of an LC Disbursement as provided in Section 2.08(e). Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by
hand delivery, fax or electronic communication to the Administrative Agent of a written Borrowing Request signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.02: 
 (a) the aggregate amount of the requested Borrowing; 

(b) the date of such Borrowing, which shall be a Business Day; 

  
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 (c) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(d) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”; 
 (e) the amount of the then effective Borrowing Base, the current total Revolving
Credit Exposures (without regard to the requested Borrowing) and the pro forma total Revolving Credit Exposures (giving effect to the requested Borrowing); 

(f) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of
Section 2.05; and 
 (g) each of the conditions set forth in Section 6.02 has been
satisfied. 
 If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no
Interest Period is specified with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent
shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

Section 2.04 Interest Elections. 

(a) Conversion and Continuance. Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the
case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a
Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this Section 2.04. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. 

(b) Interest Election Requests. To make an election pursuant to this Section 2.04, the Borrower shall deliver
to the Administrative Agent by hand delivery, fax or electronic communication an Interest Election Request signed by the Borrower by the time that a Borrowing Request would be required under Section 2.03 if the Borrower
were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable. 

(c) Information in Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following
information: 

  
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 (i) the Borrowing to which such Interest Election Request applies and, if different options
are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to Section 2.04(c)(iii) and
(iv) shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. 
 If any such
Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Notice to Lenders by the Administrative Agent. Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
 (e) Effect of Failure to
Deliver Timely Interest Election Request and Events of Default and Borrowing Base Deficiencies on Interest Election. If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Eurodollar Loan having an Interest Period of one month. Notwithstanding any
contrary provision hereof, (i) if an Event of Default has occurred and is continuing: (A) no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing (and any Interest Election Request that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective) and (B) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto;
and (ii) if a Borrowing Base Deficiency exists: (A) outstanding Borrowings in excess of the Borrowing Base then in effect may not be converted or continued as Eurodollar Borrowings and (B) unless sooner repaid, any Eurodollar
Borrowing in excess of the Borrowing Base then in effect shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 

Section 2.05 Funding of Borrowings. 

(a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of
immediately available funds by 1:00 p.m., Houston time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by
promptly crediting the amounts so received, in like funds, to an Account of the Borrower subject to an Account Control Agreement and designated by the Borrower in the applicable Borrowing Request; provided that ABR Loans made to finance the
reimbursement of 

  
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an LC Disbursement as provided in Section 2.08(e) shall be remitted by the Administrative Agent to the Issuing Bank that made such LC Disbursement. Nothing herein shall
be deemed to obligate any Lender to obtain the funds for its Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for its Loan in any particular place or manner. 

(b) Presumption of Funding by the Lenders. Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with Section 2.05(a) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such
Lender’s Loan included in such Borrowing. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of
such interest paid by the Borrower for such period. 
 Section 2.06 Termination and Reduction of Aggregate Maximum Credit
Amounts. 
 (a) Scheduled Termination of Commitments. Unless previously terminated, the Commitments shall terminate on the
Maturity Date. If at any time the Aggregate Maximum Credit Amounts are terminated or reduced to zero, then the Commitments shall terminate on the effective date of such termination or reduction. 

(b) Optional Termination and Reduction of Aggregate Maximum Credit Amounts. 

(i) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Credit Amounts; provided that
(A) each reduction of the Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $1,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Credit
Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit Exposures would exceed the total Commitments. 

  
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 (ii) The Borrower shall notify the Administrative Agent of any election to terminate or
reduce the Aggregate Maximum Credit Amounts under Section 2.06(b)(i) by delivery of a notice of cancellation in substantially the form of Exhibit J hereto at least three Business Days prior to the effective date of
such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower
pursuant to this Section 2.06(b)(ii) shall be irrevocable; provided that a notice of reduction or termination of the Aggregate Maximum Credit Amounts delivered by the Borrower may state that such notice is
conditioned upon (i) the effectiveness of other credit facilities or other securities offerings or (ii) the consummation of a Change in Control, in which case such notice may be revoked by the Borrower (by notice to the Administrative
Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Aggregate Maximum Credit Amounts shall be permanent and may not be reinstated. Each reduction of the Aggregate Maximum Credit
Amounts shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage. 
 Section 2.07
Borrowing Base. 
 (a) Initial Borrowing Base. For the period from and including the Effective Date to but excluding the first
Redetermination Date, the amount of the Borrowing Base shall be $800,000,000; provided, that the Borrowing Base that is available and effective shall not exceed the “All in Cap” as defined in the Second Lien Indenture.
Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 2.07(f) or Section 8.13(c).

 (b) Scheduled and Interim Redeterminations. The Borrowing Base shall be redetermined in accordance with this
Section 2.07 and subject to Section 2.07(d), such redetermined Borrowing Base shall become effective and applicable to the Borrower, the Administrative Agent, each Issuing Bank and the Lenders
semi-annually on April 1st and October 1st of each year, commencing April 1, 2020 (each a “Scheduled Redetermination”); provided, that notwithstanding anything herein to the contrary, any Borrowing Base that is
available and effective shall not exceed the “All in Cap” as defined in the Second Lien Indenture. In addition, the Borrower may, by notifying the Administrative Agent thereof, and the Administrative Agent may, at the direction of the
Required Lenders, by notifying the Borrower thereof, one time each calendar year, each elect to cause the Borrowing Base to be redetermined (each, an “Interim Redetermination”) in accordance with this
Section 2.07. In addition to, and not including and/or limited by the annual Interim Redetermination allowed above, the Borrower may, by notice to the Administrative Agent thereof, at any time between Scheduled
Redeterminations, request an additional Interim Redetermination upon any acquisition of proved Oil and Gas Properties having an aggregate value attributable to such Oil and Gas Properties in excess of 5% of the Borrowing Base in effect immediately
prior to such acquisition (it being understood that for purposes of the foregoing, the designation of an Unrestricted Subsidiary owning Oil and Gas Properties with Proved Reserves as a Restricted Subsidiary shall be deemed to constitute an
acquisition by the Borrower of Oil and Gas Properties with Proved Reserves); provided that, in connection with an Interim Redetermination occurring in connection with such threshold being satisfied, the Borrower, may, as set forth in the
definition of Reserve Report, elect only to provide a Reserve Report in respect of the acquired properties (in which case the most recent Reserve Report shall be used for the existing Borrowing Base Properties). 

  
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 (c) Scheduled and Interim Redetermination Procedure. Each Scheduled Redetermination
and each Interim Redetermination shall be effectuated as follows: 
 (i) Upon receipt by the Administrative Agent of (A) the Reserve
Report and the certificate required to be delivered by the Borrower to the Administrative Agent, in the case of a Scheduled Redetermination, pursuant to Section 8.12(a) and (c), and, in the case of an Interim
Redetermination, pursuant to Section 8.12(b) and (c), and (B) such other reports, data and supplemental information, including, without limitation, the information provided pursuant to
Section 8.12(c), as may, from time to time, be reasonably requested by the Administrative Agent or the Required Lenders (the Reserve Report, such certificate and such other reports, data and supplemental information being
the “Engineering Reports”), the Administrative Agent shall evaluate the information contained in the Engineering Reports and shall, in good faith, propose a new Borrowing Base (the “Proposed Borrowing Base”) based
upon such information and such other information (including, without limitation, the status of title information with respect to the Oil and Gas Properties as described in the Engineering Reports and the existence of any other Debt) as the
Administrative Agent, in good faith, deems appropriate and consistent with its normal oil and gas lending criteria as it exists at the particular time and include adjustments to reflect hedging activities of the Credit Parties. In no event shall the
Proposed Borrowing Base exceed the Aggregate Maximum Credit Amounts. For the avoidance of doubt, in the case of an Interim Redetermination, the Administrative Agent may utilize the Engineering Reports delivered in connection with the last Scheduled
Redetermination, provided, however, the Administrative Agent may in its sole discretion request Borrower-generated supplemental Engineering Reports in connection with such Interim Redetermination. 

(ii) The Administrative Agent shall notify the Borrower and the Lenders of the Proposed Borrowing Base (the “Proposed Borrowing Base
Notice”): 
 (A) in the case of a Scheduled Redetermination (1) if the Administrative Agent shall have received
the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on or before March 15th and September 15th of such year
following the date of delivery of such Engineering Reports or (2) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and
(c) in a timely and complete manner, then promptly after the Administrative Agent has received complete Engineering Reports from the Borrower and has had a reasonable opportunity to determine the Proposed Borrowing Base in accordance
with Section 2.07(c)(i) and in any event, within fifteen (15) days after the Administrative Agent has received the required Engineering Reports; and 

(B) in the case of an Interim Redetermination, promptly, and in any event, within fifteen (15) days after the
Administrative Agent has received the required Engineering Reports. 

  
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 (iii) Any Proposed Borrowing Base must be approved or deemed to have been approved by the
Lenders (in each Lender’s sole discretion) as provided in this Section 2.07(c)(iii). Upon receipt of the Proposed Borrowing Base Notice, each Lender shall have fifteen (15) days to agree with the Proposed Borrowing
Base or disagree with the Proposed Borrowing Base by proposing an alternate Borrowing Base. If at the end of such fifteen (15) days, any Lender has not communicated its approval or disapproval in writing to the Administrative Agent, such
silence shall be deemed to be (A) if the Proposed Borrowing Base would increase the Borrowing Base then in effect, a disapproval of the Proposed Borrowing Base, or (B) if the Proposed Borrowing Base would maintain or decrease the Borrowing
Base then in effect, an approval of the Proposed Borrowing Base. If, at the end of such 15-day period, all of the Lenders, in the case of a Proposed Borrowing Base that would increase the Borrowing Base then in effect, or the Required Lenders, in
the case of a Proposed Borrowing Base that would decrease or maintain the Borrowing Base then in effect, have approved or deemed to have approved, as aforesaid, then the Proposed Borrowing Base shall become the new Borrowing Base effective on the
date specified in Section 2.07(d). If, however, at the end of such fifteen (15) day period, all of the Lenders or the Required Lenders, as applicable, have not approved or been deemed to have approved the Proposed
Borrowing Base, as aforesaid, then the Administrative Agent shall poll the Lenders to ascertain the highest Borrowing Base then acceptable to (x) in the case of a decrease or reaffirmation, a number of Lenders sufficient to constitute the
Required Lenders and (y) in the case of an increase, all of the Lenders, and such amount shall become the new Borrowing Base, effective on the date specified in Section 2.07(d); provided, however that
nothing contained herein shall require that the Commitment of any Lender be increased without its prior written consent in connection therewith and Annex I and the Register shall each be amended to reflect such changes in Commitments and the
Applicable Percentages of the Lenders. 
 (d) Effectiveness of a Redetermined Borrowing Base. After a redetermined Borrowing Base is
approved or is deemed to have been approved by all of the Lenders or the Required Lenders, as applicable, pursuant to Section 2.07(c)(iii), the Administrative Agent shall notify the Borrower and the Lenders (the
“New Borrowing Base Notice”) of the amount of the redetermined Borrowing Base, and such amount shall become the new Borrowing Base, effective and applicable to the Borrower, the Administrative Agent, each Issuing Bank and the
Lenders: 
 (i) in the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports
required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and complete manner, then on the April 1st or October 1st, as applicable, following delivery of the New
Borrowing Base Notice, or (B) if the Administrative Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Section 8.12(a) and (c) in a timely and
complete manner, then on the Business Day next succeeding delivery of the New Borrowing Base Notice; and 
 (ii) in the case of an Interim
Redetermination, on the Business Day next succeeding delivery of the New Borrowing Base Notice. 
 Such amount shall then become the
Borrowing Base until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next reduction or adjustment to the Borrowing Base, as applicable, under Section 2.07(e),
Section 2.07(f) or Section 8.13(c), whichever occurs first. 

  
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 (e) Reduction of Borrowing Base Upon Issuance of Permitted Debt. After the Effective
Date, if any Credit Party incurs any Debt constituting Permitted Debt in reliance on Section 9.02(f), then the Borrowing Base then in effect shall be reduced immediately upon the date of such incurrence by an amount equal
to the product of 0.25 multiplied by an amount equal to the stated principal amount of such Permitted Debt. The Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of such incurrence, effective and applicable
to the Borrower, the Administrative Agent, the Issuing Banks and the Lenders on such date until the next redetermination or modification thereof hereunder. For purposes of this Section 2.07(e), if any such Debt is issued at
a discount or otherwise sold for less than “par”, the reduction shall be calculated based upon the stated principal amount without reference to such discount. 

(f) Reduction of Borrowing Base Related to Dispositions of Borrowing Base Properties and/or Liquidation of Swap Agreements. If
(i) any Swap Agreement to which the Borrower, any Credit Party or any Restricted Subsidiary is a party is Liquidated or (ii) the Borrower, any Credit Party or any Restricted Subsidiary Disposes of any Borrowing Base Properties or Equity
Interests in any Restricted Subsidiary owning Borrowing Base Properties, and (A) the Swap PV of the Liquidated portion of such Swap Agreement or (B) the value attributable to such Disposed Borrowing Base Properties in the most recently
delivered Reserve Report hereunder (or in the case of any Disposition of Equity Interests in any Restricted Subsidiary owning Borrowing Base Properties, the value attributable to such Borrowing Base Properties in the most recently delivered Reserve
Report hereunder), as applicable, when combined with the sum of (I) the aggregate Swap PV of the Liquidated portion of all other Swap Agreements Liquidated since the most recent Scheduled Redetermination Date and (II) the aggregate value
in the most recently delivered Reserve Report of all other Borrowing Base Properties Disposed of since the most recent Scheduled Redetermination Date (including in the case of any Disposition of Equity Interests in Restricted Subsidiaries owning
Borrowing Base Properties in the most recently delivered Reserve Report hereunder, the aggregate value attributable to such Borrowing Base Properties), exceeds five percent (5%) of the Borrowing Base as then in effect (as determined by the
Administrative Agent), individually or in the aggregate, then the Borrowing Base then in effect shall be reduced by the Swap PV of the Liquidated portion of such Swap Agreement in the then effective Borrowing Base and/or the value assigned to such
Disposed Borrowing Base Properties in the then effective Borrowing Base (as determined in good faith by the Administrative Agent), as the case may be. The Borrowing Base as so reduced shall become the new Borrowing Base immediately upon the date of
such Disposition or Liquidation, as the case may be, effective and applicable to the Borrower, the Administrative Agent, the Issuing Banks and the Lenders on such date until the next redetermination or adjustment of the Borrowing Base hereunder.
Notwithstanding the foregoing, the Liquidation of any Swap Agreement required pursuant to Section 9.16 shall not constitute a Liquidation of a Swap Agreement solely for the purposes of this
Section 2.07(f). 
 Section 2.08 Letters of Credit. 

(a) General. Subject to the terms and conditions set forth herein, the Borrower may request any Issuing Bank to, and such Issuing Bank
shall, issue dollar-denominated Letters of Credit for the account of the Borrower or the Restricted Subsidiaries, in a form reasonably acceptable to the Administrative Agent and such Issuing Bank, at any time and from time to time during the
Availability Period; provided further that the Borrower may not request the issuance, amendment, renewal or extension of Letters of Credit hereunder if a Borrowing Base Deficiency exists at such time or would exist as a result thereof.
In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, an
Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

  
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 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. Each
issuance, amendment, renewal or extension of a Letter of Credit shall be subject to the conditions set forth in Section 6.02. To request the issuance of a Letter of Credit (or the amendment, renewal or extension of an
outstanding Letter of Credit), the Borrower shall hand deliver or fax (or transmit by electronic communication, if arrangements for doing so have been approved by the relevant Issuing Bank) to any Issuing Bank and the Administrative Agent (not less
than three (3) Business Days in advance of the requested date of issuance, amendment, renewal or extension) a notice: 
 (i) requesting
the issuance of a Letter of Credit or identifying the Letter of Credit issued by such Issuing Bank to be amended, renewed or extended; 

(ii) specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day); 

(iii) specifying the date on which such Letter of Credit is to expire (which shall comply with Section 2.08(c));

 (iv) specifying the amount of such Letter of Credit; 

(v) specifying the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or
extend such Letter of Credit; 
 (vi) specifying the amount of the then effective Borrowing Base and whether a Borrowing Base Deficiency
exists at such time, the current total Revolving Credit Exposures (without regard to the requested Letter of Credit or the requested amendment, renewal or extension of an outstanding Letter of Credit) and the pro forma total Revolving Credit
Exposures (giving effect to the requested Letter of Credit or the requested amendment, renewal or extension of an outstanding Letter of Credit); and 

(vii) confirming the conditions set for in Section 6.02 have been satisfied. 

A Letter of Credit shall be issued, amended, renewed or extended only if (and each notice shall constitute a representation and warranty by
the Borrower that) after giving effect to the requested issuance, amendment, renewal or extension, as applicable, (i) the LC Exposure shall not exceed the LC Commitment and (ii) the total Revolving Credit Exposures shall not exceed the
total Commitments. 
 If requested by any Issuing Bank, the Borrower also shall submit a letter of credit application on such Issuing
Bank’s standard form in connection with any request for a Letter of Credit; provided that, in the event of any conflict between such application and the terms of this Agreement, the terms of this Agreement shall control. 

  
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 (c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of
business on the earlier of (i) unless satisfactorily collateralized or backstopped in the applicable Issuing Bank’s sole discretion, the date selected by the Borrower that is no more than one year after the date of the issuance of such
Letter of Credit (or, in the case of any renewal or extension thereof, no more than one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Maturity Date. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and
without any further action on the part of the Issuing Bank that issues such Letter of Credit or the Lenders, each Issuing Bank that issues a Letter of Credit hereunder hereby grants to each Lender, and each Lender hereby acquires from such Issuing
Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of any Issuing Bank that issues a Letter of Credit hereunder, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and
not reimbursed by the Borrower on the date due as provided in Section 2.08(e), or of any reimbursement payment required to be refunded to the Borrower for any reason. Each Lender acknowledges and agrees that its obligation
to acquire participations pursuant to this Section 2.08(d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or
extension of any Letter of Credit or the occurrence and continuance of a Default, the existence of a Borrowing Base Deficiency or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever. 
 (e) Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter
of Credit issued by such Issuing Bank, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 1:00 p.m., Houston time, on the date such LC Disbursement is made,
if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Houston time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 1:00 p.m., Houston
time, on (i) the Business Day the Borrower receives such notice, if such notice is received prior to 10:00 a.m., Houston time, or (ii) the Business Day immediately following the day the Borrower receives such notice, if such notice is not
received prior to such time; provided that, unless the Borrower has notified the Administrative Agent that it intends to reimburse all or part of such LC Disbursement without using Loan proceeds or has submitted a Borrowing Request with
respect thereto, if such LC Disbursement is not less than $1,000,000, the Borrower shall be deemed to have requested, and the Borrower does hereby request under such circumstances, that such payment be financed with an ABR Borrowing in an equivalent
amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify
each Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative
Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05 shall apply,
mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent 

  
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shall promptly pay to the Issuing Bank that issued such Letter of Credit the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from
the Borrower pursuant to this Section 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Bank that issued such Letter of Credit or, to the extent that Lenders have made payments pursuant to this
Section 2.08(e) to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this Section 2.08(e) to reimburse
any Issuing Bank for any LC Disbursement (other than the funding of ABR Borrowings as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. Any LC Disbursement not
reimbursed by the Borrower or funded as a Loan prior to 1:00 p.m., Houston time, shall bear interest for such day at the Alternate Base Rate plus the Applicable Margin. 

(f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in
Section 2.08(e) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any
lack of validity or enforceability of any Letter of Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent
or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by any Issuing Bank under a Letter of Credit issued by such Issuing Bank against presentation of a draft or other document that does not
comply with the terms of such Letter of Credit or any Letter of Credit Agreement, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section 2.08(f), constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of
their Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a
drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of any Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to
the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing
Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of any Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank shall be deemed to have exercised all requisite care in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank that issued such Letter of Credit may, in
its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such
documents are not in strict compliance with the terms of such Letter of Credit. 

  
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 (g) Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit issued by such Issuing Bank. Such Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by fax or
electronic communication) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its
obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (h) Interim Interest. If any
Issuing Bank shall make any LC Disbursement, then, until the Borrower shall have reimbursed such Issuing Bank for such LC Disbursement (either with its own funds or a Borrowing under Section 2.08(e)), the unpaid amount
thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Loans. Interest accrued
pursuant to this Section 2.08(h) shall be for the account of such Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to Section 2.08(e) to reimburse
such Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i) Replacement of an Issuing Bank. Any
Issuing Bank may be replaced or resign at any time by written agreement among the Borrower, the Administrative Agent, such resigning or replaced Issuing Bank and, in the case of a replacement, the successor Issuing Bank. The Administrative Agent
shall notify the Lenders of any such resignation or replacement of an Issuing Bank. At the time any such resignation or replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the resigning or replaced
Issuing Bank pursuant to Section 3.05(b). In the case of the replacement of an Issuing Bank, from and after the effective date of such replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing
Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the resignation or replacement of an Issuing Bank hereunder, the resigning or replaced Issuing Bank shall remain a party hereto and shall continue to have
all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. 

(j) Cash Collateralization. If (i) any Event of Default shall occur and be continuing and the Borrower receives notice from the
Administrative Agent or the Majority Lenders demanding the deposit of cash collateral pursuant to this Section 2.08(j), or (ii) the Borrower is required to cash collateralize the excess attributable to an LC Exposure
in connection with any prepayment pursuant to Section 3.04(c) or (iii) the Borrower is required to cash collateralize a Defaulting Lender’s LC Exposure pursuant to
Section 4.04(b)(iii)(B), then the Borrower shall deposit with or deliver to the Administrative Agent (as a first priority, perfected security interest (subject to Excepted Liens of the type described in clause (e) of
the definition thereof)), in the name of the Administrative Agent and for the benefit of the Issuing Banks and the Lenders, at a location and pursuant to documentation in form and substance satisfactory to the Administrative Agent, an amount in cash
equal to, in the case of an Event of Default, the LC 

  
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Exposure, in the case of a payment required by Section 3.04(c), the amount of such excess as provided in Section 3.04(c) or in the case of a
Defaulting Lender’s LC Exposure, pursuant to Section 4.04(b)(iii)(B), such Defaulting Lender’s LC Exposure, as applicable, as of such date plus any accrued and unpaid interest thereon; provided that the
obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default described in
Section 10.01(h) or Section 10.01(i). The Borrower hereby grants to the Administrative Agent, for the benefit of each Issuing Bank and the Lenders, an exclusive first priority and continuing
perfected security interest in and Lien on such account and all cash, checks, drafts, certificates and instruments, if any, from time to time deposited or held in such account, all deposits or wire transfers made thereto, any and all investments
purchased with funds deposited in such account, all interest, dividends, cash, instruments, financial assets and other Property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the
foregoing, and all proceeds, products, accessions, rents, profits, income and benefits therefrom, and any substitutions and replacements therefor. The Borrower’s obligation to deposit amounts pursuant to this
Section 2.08(j) shall be absolute and unconditional, without regard to whether any beneficiary of any such Letter of Credit has attempted to draw down all or a portion of such amount under the terms of a Letter of Credit,
and, to the fullest extent permitted by applicable law, shall not be subject to any defense or be affected by a right of set-off, counterclaim or recoupment which the Credit Parties or their respective
Subsidiaries may now or hereafter have against any such beneficiary, any Issuing Bank, the Administrative Agent, the Lenders or any other Person for any reason whatsoever. Such deposit shall be held as collateral securing the payment and performance
of the Credit Parties’ obligations under this Agreement and the other Loan Documents. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account; provided that
investments of funds in such account in investments of the type described in clause (a) and (b) of the definition of Cash Equivalents as permitted by Section 9.05(c) may be made at the option of the Borrower at its
direction, risk and expense; otherwise, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse, on a
pro rata basis, each Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or,
if the maturity of the Loans has been accelerated, be applied to satisfy other obligations of the Borrower and the Guarantors, if any, under this Agreement or the other Loan Documents. If the Borrower is required to provide an amount of cash
collateral hereunder as a result of the occurrence of an Event of Default or pursuant to Section 4.04(b)(iii)(B) as a result of a Defaulting Lender’s LC Exposure, and the Borrower is not otherwise required to cash
collateralize the excess attributable to an LC Exposure in connection with any prepayment pursuant to Section 3.04(c), then such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three
Business Days after (i) all Events of Default have been waived or the events giving rise to such cash collateralization pursuant to Section 4.04(b)(iii)(B) have been satisfied or resolved or (ii) or arrangements
satisfactory to the relevant Issuing Bank have been made for the substitution of new payment assurances. 

  
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 ARTICLE III 

Payments of Principal and Interest; Prepayments; Fees 

Section 3.01 Repayment of Loans. The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account
of each Lender the then unpaid principal amount of each Loan on the Termination Date. 
 Section 3.02 Interest. 

(a) ABR Loans. The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin, but in
no event to exceed the Highest Lawful Rate. 
 (b) Eurodollar Loans. The Loans comprising each Eurodollar Borrowing shall bear
interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate. 

(c) Post-Default and Borrowing Base Deficiency Rate. Notwithstanding the foregoing, if either (A) an Event of Default pursuant to
Section 10.01(a), (b), (h), (i) or (j) has occurred and is continuing, or (B) any other Event of Default has occurred and the Majority Lenders, or the Administrative Agent at the
direction of the Majority Lenders, has delivered a notice to the Borrower notifying the Borrower of an election to charge default interest hereunder, then all Loans outstanding shall bear interest, after as well as before judgment, at a rate per
annum equal to two percent (2%) plus the rate applicable to ABR Loans as provided in Section 3.02(a), but in no event to exceed the Highest Lawful Rate (such interest to be retroactive to the date of such Event of Default).

 (d) Interest Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date, and in
any case, on the Termination Date; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than an
optional prepayment of an ABR Loan prior to the Termination Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any
Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e) Interest Rate Computations. All interest hereunder shall be computed on the basis of a year of 360 days, unless such computation
would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base
Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The
applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error, and be binding upon the parties hereto. 

Section 3.03 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 

  
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 (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or LIBO Rate for such Interest Period; or 

(b) the Administrative Agent is advised by the Majority Lenders that the Adjusted LIBO Rate or LIBO Rate for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the
Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or fax as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to
such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a
Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 (c) Effect of Benchmark Transition Event. 

(i) Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a
Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO Rate with a Benchmark Replacement. Any such
amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative
Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Majority Lenders. Any such amendment with respect to an Early Opt-in Election will become
effective on the date that Lenders comprising the Majority Lenders have delivered to the Administrative Agent written notice that such Majority Lenders accept such amendment. No replacement of the LIBO Rate with a Benchmark Replacement pursuant to
this Section 3.03(c) will occur prior to the applicable Benchmark Transition Start Date. 
 (ii) Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right (in consultation with the Borrower) to make Benchmark Replacement Conforming Changes from time to time
and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
Agreement. 
 (iii) Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower
and the Lenders of (A) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date,
(B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes and (D) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or
election that may be made by the Administrative Agent or Lenders, as applicable, pursuant to this Section 3.03(c), including any determination with respect to a tenor, 

  
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rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action,
will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this
Section 3.03(c). 
 (iv) Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the
commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Eurodollar Loan of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and,
failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period, the component of the Alternate Base Rate based upon the LIBO Rate
will not be used in any determination of the Alternate Base Rate. 
 Section 3.04 Prepayments. 

(a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in
part, subject to prior notice in accordance with Section 3.04(b) and payment of applicable breakage costs, if any, under Section 5.02. 

(b) Notice and Terms of Optional Prepayment. The Borrower shall notify the Administrative Agent by telephone (confirmed by delivery of a
notice of prepayment in substantially the form of Exhibit J hereto via fax or electronic communication) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 12:00 noon, Houston time, three
Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 12:00 noon, Houston time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that a notice of prepayment delivered by the Borrower may state that such notice is conditioned upon (i) the effectiveness of other
credit facilities or other securities offerings or (ii) the consummation of a Change in Control, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if
such condition is not satisfied. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that
would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments
shall be accompanied by accrued interest to the extent required by Section 3.02 and payment of applicable breakage costs, if any, under Section 5.02. 

(c) Mandatory Prepayments. 

(i) If, after giving effect to any termination or reduction of the Aggregate Maximum Credit Amounts pursuant to
Section 2.06(b), the total Revolving Credit Exposure exceeds the total Commitments, then the Borrower shall, on the same Business Day, (A) prepay the Borrowings on the date of such termination or reduction in an
aggregate principal amount equal to such excess, and (B) if any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, cash collateralize such excess as provided in Section 2.08(j). 

  
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 (ii) Upon any Scheduled Redetermination or Interim Redetermination or adjustment to the
amount of the Borrowing Base in accordance with Section 8.13(c) or any Borrowing Base reduction in accordance with Section 8.13(c), if the total Revolving Credit Exposures exceeds the redetermined
or adjusted Borrowing Base, then, after receiving a New Borrowing Base Notice in accordance with Section 2.07(d) or a notice of adjustment pursuant to Section 8.13(c), as the case may be (the date
of receipt of any such notice, the “Deficiency Notification Date”), the Borrower shall at its option take one of the following actions: 

(A) prepay the Borrowings in an aggregate principal amount equal to such Borrowing Base Deficiency (and to the extent that any
excess remains after prepaying all of the Borrowings as a result of an LC Exposure, cash collateralize such excess as provided in Section 2.08(j)) within thirty (30) days following the Deficiency Notification Date;

 (B) prepay the Borrowings in six consecutive equal monthly installments, the first installment being due and payable on
the 30th day after the Deficiency Notification Date and each subsequent installment being due and payable on the same day in each of the subsequent calendar months, with each payment being equal to one-sixth
(1/6th) of such Borrowing Base Deficiency, so that the Borrowing Base Deficiency is reduced to zero within six months of the Deficiency Notification Date; provided that, if any excess remains after prepaying all of the Borrowings as a result
of any LC Exposure, the Borrower shall pay to the Administrative Agent on behalf of the Lenders an amount equal to such excess to be held as cash collateral as provided in Section 2.08(j); 

(C) grant, within thirty (30) days following the Deficiency Notification Date, to the Administrative Agent as security for
the Secured Obligations a first-priority Lien on additional Oil and Gas Properties acceptable to the Required Lenders in their sole discretion not evaluated in the most recently delivered Reserve Report (and not already subject to a Lien of the
Security Instruments) pursuant to Security Instruments acceptable to the Administrative Agent with sufficient Borrowing Base value (as determined by the Required Lenders) to cure the Borrowing Base Deficiency; provided that in no event may
the Borrower elect the option specified in this clause (C) if fewer than ninety (90) days remain until the Maturity Date; or 

(D) (i) deliver, within ten (10) Business Days after the Deficiency Notification Date, written notice to the
Administrative Agent indicating the Borrower’s election to combine the options provided in clauses (B) and (C) above, and indicating the amount to be prepaid and the amount to be provided as additional Collateral, and (ii) make such
payment and deliver such additional Collateral within the time periods required under clauses (B), (C) and/or (D) above; 

  
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 provided that, notwithstanding the options set forth above, in all cases, the
Borrowing Base Deficiency must be eliminated on or prior to the Termination Date. 
 The Borrower shall provide to the Administrative Agent,
within ten (10) days following its receipt of the applicable New Borrowing Base Notice in accordance with Section 2.07(d) or the date the adjustment occurs pursuant to Section 8.13(c), as
applicable, written notice indicating which of the options specified in clauses (A), (B), (C) or (D) the Borrower elects to take in order to eliminate the Borrowing Base Deficiency. In the event the Borrower fails to provide such written notice
to the Administrative Agent within the ten (10) day period referred to above, the Borrower shall be deemed to have irrevocably elected the option set forth in clause (B) above. The failure of the Borrower to comply with any of the options
elected (including any deemed election) pursuant to the provisions of this Section 3.04(c)(ii) and specified in such notice (or relating to such deemed election) shall constitute an Event of Default; provided that,
once the Borrowing Base Deficiency is cured, the Borrower shall not be required to continue to take any such actions specified in clauses (A) through (D). 

(iii) Upon any adjustments to the Borrowing Base pursuant to Section 2.07(e) or
Section 2.07(f) if the total Revolving Credit Exposures exceeds the Borrowing Base as adjusted, then the Borrower shall (A) prepay the Borrowings in an aggregate principal amount equal to such excess, and (B) if
any excess remains after prepaying all of the Borrowings as a result of an LC Exposure, cash collateralize such excess as provided in Section 2.08(j). The Borrower shall be obligated to make such prepayment and/or cash
collateralize such excess on the Business Day immediately following the date that any Credit Party or any Restricted Subsidiary receives any net, after-Tax cash proceeds as a result of (1) the applicable
issuance of Debt, in the case of any adjustment to the Borrowing Base pursuant to Section 2.07(e), or (2) the consummation of a Disposition of Oil and Gas Properties or Liquidation of Swap Agreement, as applicable, in
the case of any adjustment to the Borrowing Base pursuant to Section 2.07(f); provided that all payments required to be made pursuant to this Section 3.04(c)(iii) must be made on or prior to
the Termination Date. 
 (iv) Each prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied,
first, ratably to any ABR Borrowings then outstanding, and, second, to any Eurodollar Borrowings then outstanding, and if more than one Eurodollar Borrowing is then outstanding, to each such Eurodollar Borrowing in order of priority beginning with
the Eurodollar Borrowing with the least number of days remaining in the Interest Period applicable thereto and ending with the Eurodollar Borrowing with the most number of days remaining in the Interest Period applicable thereto. 

(v) Each prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied ratably to the Loans included in
the prepaid Borrowings. Prepayments pursuant to this Section 3.04(c) shall be accompanied by accrued and unpaid interest to the extent required by Section 3.02. Nothing in this
Section 3.04(c) shall require any Credit Party to cause any amounts to be repatriated to the United States. 
 (d)
No Premium or Penalty. Prepayments permitted or required under this Section 3.04 shall be without premium or penalty, except as required under Section 5.02. 

  
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 Section 3.05 Fees. 

(a) Commitment Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (subject to
Section 4.04(b)(i)) a commitment fee, which shall accrue at the applicable Commitment Fee Rate on the average daily amount of the unused amount of the Commitment of such Lender during the period from and including the date
of this Agreement to but excluding the Termination Date. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Termination Date, commencing on the first such date to occur
after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days, unless such computation would cause interest on the Secured Obligations to exceed the Highest Lawful Rate, in which case such commitment fees shall be
computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(b) Letter of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender (subject to
Section 4.04(b)(iii)) a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the
average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the date of this Agreement to but excluding the later of the date on which such
Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, (ii) to each Issuing Bank a fronting fee, which shall accrue at the rate of 0.25% per annum on the average daily amount of such Issuing
Bank’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on
which there ceases to be any LC Exposure; provided that in no event shall such fee be less than $500 during any quarter and (iii) to each Issuing Bank, for its own account, its standard fees with respect to the issuance, amendment,
renewal or extension of any Letter of Credit issued by such Issuing Bank or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall
be payable on the third Business Day following such last day, commencing on the first such date to occur after the date of this Agreement; provided that all such fees shall be payable on the Termination Date and any such fees accruing after
the Termination Date shall be payable on demand. During the continuation of an Event of Default, if the Majority Lenders (or the Administrative Agent at the direction of the Majority Lenders) have elected to charge the default rate on the then
outstanding Loans pursuant to Section 3.02(c), the fees payable pursuant to this Section 3.05(b) shall increase by 2.00% per annum over the then applicable rate (with such increase to be retroactive to the date of the
applicable Event of Default). Any other fees payable to an Issuing Bank pursuant to this Section 3.05(b) shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis
of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case such fees shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). 
 (c) Administrative Agent Fees. The Borrower agrees to pay to the
Administrative Agent, for its own account, fees payable in the amounts and at the times set forth in the Fee Letter. 

  
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 ARTICLE IV 

Payments; Pro Rata Treatment; Sharing of Set-offs. 

Section 4.01 Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) Payments by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest,
fees or reimbursement of LC Disbursements, or of amounts payable under Section 5.01, Section 5.02, Section 5.03 or otherwise) prior to 1:00 p.m., Houston time, on the date
when due, in immediately available funds, without defense, deduction, recoupment, set-off or counterclaim (except for Taxes, if any, pursuant to Section 5.03(a), provided that
the Borrower has complied with all of the requirements of such Section to the extent applicable). Fees, once paid, shall be fully earned and shall not be refundable under any circumstances, absent manifest error. Any amounts received after such time
on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its
offices specified in Section 12.01, except payments to be made directly to an Issuing Bank as expressly provided herein and except that payments pursuant to Section 5.01,
Section 5.02, Section 5.03 and Section 12.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received
by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 

(b) Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to
pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) Sharing of Payments by Lenders. If any Lender
shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater
proportion shall take an assignment of, or purchase participations in the Loans and participations in LC Disbursements of other Lenders, in each case, for cash at face value, to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements or make such other adjustments as shall be equitable, so that the benefit of
all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued but unpaid interest on their respective Loans and participations in LC Disbursements; provided that (i) if any

  
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such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of
such recovery, without interest, and (ii) the provisions of this Section 4.01(c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this
Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this Section 4.01(c) shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of
the Borrower in the amount of such participation. 
 Section 4.02 Presumption of Payment by the Borrower. Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any Issuing Bank that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the amount due. In such event,
if the Borrower has not in fact made such payment, then each of the Lenders or such Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing
Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation. 
 Section 4.03 Certain Deductions by the
Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(b), Section 2.08(d), Section 2.08(e),
Section 4.01(c), Section 4.02, Section 5.03(h) or Section 12.03(c), then the Administrative Agent may, in its sole discretion (notwithstanding
any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender (for the benefit of the Administrative Agent or the applicable Issuing Bank) to satisfy such Lender’s obligations
under such Sections until all such unsatisfied obligations are fully paid. 
 Section 4.04 Payments and Deductions to a Defaulting
Lender. 
 (a) If a Defaulting Lender (or a Lender who would be a Defaulting Lender but for the expiration of the relevant grace period)
as a result of the exercise of a set-off shall have received a payment in respect of its Revolving Credit Exposure which results in its Revolving Credit Exposure being less than its Applicable Percentage of
the aggregate Revolving Credit Exposures, then no payments will be made to such Defaulting Lender until such time as such Defaulting Lender shall have complied with Section 4.04(b) and all amounts due and owing to the
Lenders have been equalized in accordance with each Lender’s respective pro rata share of the Secured Obligations. Further, if at any time prior to the acceleration or maturity of the Loans, the Administrative Agent shall receive any payment in
respect of principal of a Loan or a reimbursement of an LC Disbursement while one or more Defaulting Lenders shall be party to this 

  
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Agreement, the Administrative Agent shall apply such payment first to the Borrowing(s) for which such Defaulting Lender(s) shall have failed to fund its pro rata share until such time as such
Borrowing(s) are paid in full or each Lender (including each Defaulting Lender) is owed its Applicable Percentage of all Loans then outstanding. After acceleration or maturity of the Loans, subject to the first sentence of this
Section 4.04(a), all principal will be paid ratably as provided in Section 10.02(c). 

(b) Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions
shall apply for so long as such Lender is a Defaulting Lender: 
 (i) Fees shall cease to accrue on the unfunded portion of the Commitment
of such Defaulting Lender pursuant to Section 3.05. 
 (ii) The Commitments, the Maximum Credit Amount and
Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Lenders, Super Majority Lenders, the Majority Lenders or the Required Lenders, as applicable, have taken or may take any action hereunder (including
any consent to any amendment or waiver pursuant to Section 12.02); provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender and which affects such Defaulting
Lender, shall require the consent of such Defaulting Lender; and provided further that no Defaulting Lender shall participate in any redetermination or affirmation of the Borrowing Base, but the Commitment of a Defaulting Lender may
not be increased without the consent of such Defaulting Lender. 
 (iii) If any LC Exposure exists at the time a Lender becomes a Defaulting
Lender then: 
 (A) all or any part of the LC Exposure of such Defaulting Lender shall be automatically reallocated among the
Non-Defaulting Lenders in accordance with their respective Applicable Percentages (for the purposes of such reallocation, the Defaulting Lender’s Commitment shall be disregarded in determining the Non-Defaulting Lender’s Applicable Percentage) but only to the extent (1) the sum of all Non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting
Lender’s LC Exposure does not exceed the total of all Non-Defaulting Lenders’ Commitments and (2) the sum of each Non-Defaulting Lender’s Revolving
Credit Exposure plus its reallocated share of such Defaulting Lender’s LC Exposure does not exceed such Non-Defaulting Lender’s Commitment; provided that, subject to
Section 12.19, no such reallocation will constitute a waiver or release of any claim the Borrower, any other Credit Party, the Administrative Agent, any Issuing Bank or any Lender may have against such Defaulting Lender or
cause such Defaulting Lender to be a Non-Defaulting Lender; 
 (B) if the
reallocation described in clause (A) above cannot, or can only partially, be effected, then the Borrower shall within one Business Day following notice by the Administrative Agent cash collateralize for the benefit of each Issuing Bank such
Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (A) above) in accordance with the procedures set forth in Section 2.08(e) for so long as such LC Exposure is
outstanding; 

  
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 (C) if the Borrower cash collateralizes any portion of such Defaulting
Lender’s LC Exposure pursuant to this Section 4.04 then the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.05(b) with respect to such Defaulting
Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 
 (D) if the
LC Exposure of the Non-Defaulting Lenders is reallocated pursuant to this Section 4.04(b), then the fees payable to the Lenders pursuant to Section 3.05(a)
and Section 3.05(b) shall be adjusted in accordance with such Non-Defaulting Lenders’ Applicable Percentages after giving effect to such reallocation; and 

(E) if any Defaulting Lender’s LC Exposure is neither cash collateralized nor reallocated pursuant to this
Section 4.04(b)(iii), then, without prejudice to any rights or remedies of any Issuing Bank or any Lender hereunder, all commitment fees that otherwise would have been payable to such Defaulting Lender (solely with respect
to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and all letter of credit fees payable under Section 3.05(b) with respect to such Defaulting Lender’s LC Exposure shall
be payable to the Issuing Banks (ratably) until such LC Exposure is cash collateralized and/or reallocated. 
 (c) So long as any Lender is a
Defaulting Lender, no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the
Commitments of the Non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 4.04(b), and participating interests in any such newly
issued or increased Letter of Credit shall be allocated among Non-Defaulting Lenders in a manner consistent with Section 4.04(b)(iii)(A) (and Defaulting Lenders shall not participate
therein). 
 (d) In the event that the Administrative Agent, the Borrower and the Issuing Banks each agrees that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender and such Lender is no longer a Defaulting Lender, then the LC Exposures of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment
and on such date, if necessary, such Lender shall purchase at par such of the Loans and/or participations in Letters of Credit of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such
Loans and/or participations in Letters of Credit in accordance with its Applicable Percentage. 
 ARTICLE V 

Increased Costs; Break Funding Payments; Taxes; Illegality 

Section 5.01 Increased Costs. 

(a) Eurodollar Changes in Law. If any Change in Law shall: 

  
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 (i) impose, modify or deem applicable any reserve (including marginal, special, emergency
or supplemental reserves), special deposit, compulsory loan, insurance charge, or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the
Adjusted LIBO Rate); or 
 (ii) subject the Administrative Agent or any Lender to any Taxes (other than (A) Indemnified Taxes,
(B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its Loans, Loan principal, Letters of Credit, Commitments, or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or 
 (iii) impose on any Lender or the London interbank market any other condition, cost or
expense (other than Taxes) affecting this Agreement or Eurodollar Loans made by such Lender; and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Eurodollar Loan
(or of maintaining its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or otherwise), then, pursuant to Section 5.01(c), upon the
written request of such Lender, the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) Capital Requirements. If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or liquidity or on the capital or liquidity of such Lender’s or such Issuing Bank’s holding company, if any,
as a consequence of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such
Lender’s or such Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing
Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or
such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 
 (c)
Certificates. A certificate of a Lender or any Issuing Bank setting forth in reasonable detail the basis of its request and the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may
be, as specified in Section 5.01(a) or (b) shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or such Issuing Bank, as the case may be, the
amount shown as due on any such certificate within 30 days after receipt thereof. 
 (d) Effect of Failure or Delay in Requesting
Compensation. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section 5.01 shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to
demand such compensation; provided that the Borrower shall not be required to compensate a Lender or any Issuing Bank pursuant to this Section 5.01 for any increased costs or reductions incurred more than

  
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180 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above
shall be extended to include the period of retroactive effect thereof. No Lender or Issuing Bank may make any demand pursuant to this Section 5.01 more than 180 days after the Termination Date. 

Section 5.02 Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as the result of the request by
the Borrower pursuant to Section 5.03(k), (c) the conversion of any Eurodollar Loan into an ABR Loan other than on the last day of the Interest Period applicable thereto, or (d) the failure to borrow, convert,
continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a
Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had
such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert
or continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid,
at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market. 
 A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 5.02 and reasonably detailed calculations therefor, upon request of the Borrower, shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

Section 5.03 Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Credit Party under any Loan Document shall be
made free and clear of and without deduction for any Taxes, except as required by applicable law. If any Withholding Agent shall be required by applicable law to deduct any Taxes from such payments, as determined in good faith by the applicable
Withholding Agent, then (i) in the case of Indemnified Taxes, the sum payable shall be increased as necessary so that after making all required deductions of Indemnified Taxes (including deductions applicable to additional sums payable under
this Section 5.03(a)), the applicable Recipient receives an amount equal to the sum it would have received had no such deductions for Indemnified Taxes been made, (ii) the applicable Withholding Agent shall make all
deductions required by applicable law and (iii) the applicable Withholding Agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

  
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 (b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay any Other
Taxes to the relevant Governmental Authority in accordance with applicable law, or at the written request of the Administrative Agent timely reimburse it for the payment of such Other Taxes. 

(c) Indemnification by the Borrower. The Borrower shall indemnify each Recipient, within 10 days after written demand therefor, for the
full amount of any Indemnified Taxes paid by such Recipient on or with respect to any payment by or on account of any obligation of the Borrower hereunder (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section 5.03) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate of the Administrative Agent, a Lender or an Issuing Bank as to the amount of such payment or liability under this Section 5.03(c) shall be delivered to the Borrower and shall be
conclusive absent manifest error. 
 (d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes by the
Borrower or a Guarantor to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments under this Agreement or any
other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 5.03(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material
unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. For purposes of this Section 5.03(e), the term “Lender” shall include the Administrative Agent. 

(ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed IRS Form W-9 (or any successor form)
certifying that such Lender is exempt from U.S. federal backup withholding Tax; 

  
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 (B) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1) in the
case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed IRS Form W-8BEN (or
any successor form) or IRS Form W-8BEN-E (or any successor form), as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant
to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN (or any successor form) or IRS Form W-8BEN-E (or any successor form), as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or
“other income” article of such tax treaty; 
 (2) executed IRS Form W-8ECI
(or any successor form) and, when applicable in the case of the Administrative Agent, IRS Form W-8IMY (or successor form) certifying that it is a “U.S. branch” and that the payments it receives for
the account of others are not effectively connected with the conduct of a trade or business in the United States and that it is using such form as evidence of its agreement with the Borrower to be treated as a U.S. Person for U.S. federal
withholding purposes pursuant to Treasury Regulation Section 1.1441-1(b)(2)(iv)(A); 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10-percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN (or any successor form) or IRS Form
W-8BEN-E (or any successor form), as applicable; or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed IRS Form
W-8IMY (or any successor form), accompanied by IRS Form W-8ECI (or any successor form), IRS Form W-8BEN (or any successor form)
or IRS Form W-8BEN-E (or any successor form), as applicable, a U.S. Tax Compliance Certificate substantially in the form of

  
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Exhibit I-2 or Exhibit I-3, IRS Form W-9
(or any successor form), and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the
portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent,
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation and information reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that
such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement. 
 (iii) Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(f) Treatment of Certain Refunds. If any party determines in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party
an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses (including Taxes) of such indemnified party directly related to such refund and without 

  
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interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to
such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would
place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (g) If the Borrower
determines that a reasonable basis exists for contesting an Indemnified Tax or Other Tax for which a Credit Party has paid additional amounts or indemnification payments, each affected Lender or the Administrative Agent, as the case may be, shall
use reasonable efforts to cooperate with the Borrower, as the Borrower may reasonably request, in challenging such Tax. The Borrower shall indemnify and hold each Lender or the Administrative Agent, as applicable, harmless against any costs and
expenses incurred by such person in connection with any request made by the Borrower pursuant to this Section 5.03(g). Nothing in this Section 5.03(g) shall obligate any Lender or Administrative
Agent to take any action that such Person, in its sole judgment, determines may result in a material detriment to such Person. 
 (h)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has
not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 12.04(c) relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with
any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any
Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this Section 5.03(h). 

(i) Defined Terms. For purposes of this Section 5.03, the term “Lender” includes any Issuing Bank
and the term “applicable law” includes FATCA. 
 (j) Survival. Each party’s obligations under this
Section 5.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all obligations under any Loan Document. 

  
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 (k) Effect of Failure or Delay in Requesting Compensation. Failure or delay on the
part of any Recipient to demand compensation pursuant to this Section 5.01 shall not constitute a waiver of such Recipient’s right to demand such compensation; provided that no Credit Party shall be required to
compensate a Recipient pursuant to this Section 5.01 for any amounts incurred more than 180 days prior to the date that such Recipient notifies the Borrower in writing of its intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such claim is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. No Recipient may make any demand
pursuant to this Section 5.01 more than 180 days after the Termination Date. 
 Section 5.04 Designation
of Different Lending Office; Replacement of Lenders. 
 (a) Designation of Different Lending Office. If (i) any Lender
requests compensation under Section 5.01, or (ii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 5.03, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (A) would eliminate or reduce amounts payable pursuant to Section 5.01 or Section 5.03, as the case
may be, in the future and (B) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all reasonable out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) Replacement of Lenders. If (i) any Lender requests compensation under Section 5.01, (ii) the Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.03, (iii) any Lender asserts an illegality under
Section 5.05, (iv) any Lender becomes a Defaulting Lender, (v) any Lender is a Non-Consenting Lender, or (vi) any Lender does not approve a Proposed Borrowing Base that
would increase the Borrowing Base then in effect pursuant to Section 2.07(c)(iii) when the Super Majority Lenders have approved such Proposed Borrowing Base pursuant to Section 2.07(c)(iii), then
in any such case, the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 12.04), all its interests, rights and obligations under this Agreement to an assignee or assignees that shall assume such obligations (which assignee may be another Lender, if such Lender accepts such
assignment); provided that (A) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (B) in the case of any such assignment resulting from a claim for compensation
under Section 5.01, for payments required to be made pursuant to Section 5.03 or an illegality under Section 5.05, such assignment will result in a reduction in such
compensation or payments or avoid the illegality, (C) such assignment does not conflict with applicable law, (D) in the case of any 

  
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assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or
consent, and (E) in the case of any assignment resulting from a Lender not approving an increase to or reaffirmation of the Borrowing Base as contemplated by clause (vi) above, the applicable assignee shall have consented to the increase
or reaffirmation of the Borrowing Base. Notwithstanding the foregoing, a Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
Borrower to require such assignment and delegation cease to apply. Each Lender hereby agrees to make such assignment and delegations required under this Section 5.04(b). Notwithstanding the foregoing, a Lender shall not be
required to make any such assignment and delegation if such Lender (or its Affiliate) is a Secured Swap Party or a Secured Cash Management Provider with any outstanding Secured Swap Obligations or Secured Cash Management Obligations, respectively,
unless on or prior thereto, all such Secured Swap Agreements or Secured Cash Management Agreements have been terminated or novated to another Person and such Lender (or its Affiliate) shall have received payment of all amounts, if any, payable to it
in connection with such termination or novation (or, in each case, other arrangements satisfactory to such Secured Swap Party or Secured Cash Management Provider, as applicable, shall have been made with respect to such outstanding Secured Swap
Obligations or Secured Cash Management Obligations). 
 Section 5.05 Illegality. Notwithstanding any other provision of this
Agreement, in the event that it becomes unlawful for any Lender or its applicable lending office to honor its obligation to make or maintain Eurodollar Loans either generally or having a particular Interest Period hereunder, then (a) such
Lender shall promptly notify the Borrower and the Administrative Agent thereof and such Lender’s obligation to make such Eurodollar Loans shall be suspended (the “Affected Loans”) until such time as such Lender may again make
and maintain such Eurodollar Loans and (b) all Affected Loans which would otherwise be made by such Lender shall be made instead as ABR Loans (and, if such Lender so requests by notice to the Borrower and the Administrative Agent, all Affected
Loans of such Lender then outstanding shall be automatically converted into ABR Loans either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Loans to such day, or immediately, if such
Lender may not lawfully continue to maintain such Eurodollar Loans) and, to the extent that Affected Loans are so made as (or converted into) ABR Loans, all payments of principal which would otherwise be applied to such Lender’s Affected Loans
shall be applied instead to its ABR Loans. 
 ARTICLE VI 

Conditions Precedent 

Section 6.01 Effective Date. The obligations of the Lenders to make Loans and of any Issuing Bank to issue Letters of Credit
hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02): 

(a) The Administrative Agent shall have received from each party hereto counterparts (in such number as may be requested by the Administrative
Agent) of this Agreement signed on behalf of such party. 

  
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 (b) To the extent requested by a Lender, the Administrative Agent shall have received duly
executed Notes payable to such Lender in a principal amount equal to its Maximum Credit Amount, dated as of the date hereof. 
 (c) The
Administrative Agent shall have received from each party thereto duly executed counterparts (in such number as may be requested by the Administrative Agent) of the Guaranty and Collateral Agreement, the Second Lien Intercreditor Agreement and the
other Security Instruments (other than those listed on Schedule 6.03, if any) deemed necessary or advisable by the Administrative Agent. In connection with the execution and delivery of the Security Instruments, the Administrative Agent
shall: 
 (i) be reasonably satisfied that the Security Instruments will create first priority, perfected Liens (subject only to Excepted
Liens) on at least 90% of the total value of the Borrowing Base Properties evaluated in the Initial Reserve Report; 
 (ii) have received
certificates, together with undated, blank stock powers for any such certificate, representing all of the issued and outstanding Equity Interests of the Credit Parties and their respective direct Domestic Subsidiaries, in each case, owned by the
Credit Parties and to the extent such Equity Interests are certificated; provided, that such pledge shall be limited to (x) 65% of the voting Equity Interests in any Excluded Subsidiary described in clauses (a) or (b) of the definition
thereof and (y) 0% of the Equity Interests in any Excluded Subsidiary described in clauses (c) or (d) of the definition thereof (unless such Equity Interests have been pledged to secure any Permitted Second Lien Notes); and 

(iii) have received from each party thereto duly executed counterparts of an Account Control Agreement (or an amendment and/or assignment of
any existing Account Control Agreement) for each Deposit Account and Securities Account listed on Schedule 7.25 other than any Excluded Accounts. 

(d) The Administrative Agent shall have received UCC financing statements for the Borrower and each Guarantor to be filed in each such
Person’s state of incorporation or formation, or principal place of business, as applicable. 
 (e) The Administrative Agent shall have
received a certificate of the Secretary or a Responsible Officer of the Borrower and of each Guarantor setting forth (i) resolutions of the managers, board of directors or other managing body with respect to the authorization of the Borrower or
such Guarantor to execute and deliver the Loan Documents to which it is a party and to enter into the Transactions, (ii) the individuals (A) who are authorized to sign the Loan Documents to which the Borrower or such Guarantor is a party
and (B) who will, until replaced by another individual duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the other
Loan Documents to which it is a party, (iii) specimen signatures of such authorized individuals, and (iv) for the Borrower and each Guarantor, the articles or certificate of incorporation or formation (certified by the Secretary of State
of the jurisdiction of organization) and the bylaws, operating agreement, partnership agreement or other Organizational Document, as applicable, in each case, certified as being true and complete. The Administrative Agent and the Lenders may
conclusively rely on such certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary. 

  
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 (f) The Administrative Agent shall have received a certificate of the chief executive
officer or chief financial officer of the Borrower and each of the other Credit Parties certifying that on the Effective Date (i) all representations and warranties of the Borrower and each such other Credit Party in the Loan Documents are true
and correct in all material respects, except those representations and warranties which include a materiality qualifier, which shall be true and correct as so qualified, (ii) no Default or Event of Default has occurred or is continuing or will
result from the making of the Loans or the Transactions contemplated by the Loan Documents, (iii) the Credit Parties and the Restricted Subsidiaries have received all consents and approvals required by Section 7.03 and
(iv) since December 31, 2018, there has been no event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 

(g) The Administrative Agent shall have received a Solvency Certificate from the chief financial officer of the Borrower certifying that
(i) the Borrower and (ii) the Borrower and the other Credit Parties taken as a whole, are Solvent. 
 (h) The Administrative Agent
shall have received certificates with respect to the existence, qualification and good standing or other comparable status of the Borrower and each of the other Credit Parties from the appropriate State agency of such Credit Party’s
jurisdiction of organization and such other jurisdictions as may be reasonably requested by the Administrative Agent. 
 (i) On the Effective
Date, at least 35% of the Commitments shall be unused (with such calculation to be calculated on a pro forma basis for the Second Lien Redemption and any substantially contemporaneous equity raise). 

(j) The Administrative Agent shall have received an opinion of (x) Kirkland & Ellis LLP, New York counsel to the Borrower, in
form and substance reasonably satisfactory to the Administrative Agent, as to such customary matters regarding this Agreement, the Security Instruments and the other Loan Documents and the Transactions as the Administrative Agent or its counsel may
reasonably request and (y) Fredrikson & Byron, P.A., North Dakota and Montana counsel to the Borrower, with respect to mortgages and other recorded instruments to perfect interests in real property in form and substance reasonably
satisfactory to the Administrative Agent. 
 (k) The Administrative Agent shall have received a customary insurance certificate evidencing
coverage of the Credit Parties and their respective Subsidiaries evidencing that the Borrower is carrying insurance in accordance with Section 8.07 and naming the Administrative Agent in such capacity for the Lenders as
loss payee on all property insurance policies and naming the Administrative Agent and the Lenders as additional insureds on all liability policies. 

  
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 (l) The Administrative Agent shall have received (i) the Financial Statements referred
to in Section 7.04(a), (ii) a pro forma unaudited consolidated balance sheet of the Borrower as of September 30, 2019, prepared in good faith after giving effect to the Transactions as if the Transactions had occurred
as of such date (in the case of such balance sheet), (iii) a certificate of a Financial Officer of the Borrower in substantially the form of Exhibit B hereto setting forth reasonably detailed calculations demonstrating compliance with
Section 9.01 for the fiscal quarter ending September 30, 2019 on a pro forma basis after giving effect to the Transactions as if the Transactions had occurred as of such date, and (iv) the Initial Reserve Report
accompanied by a certificate covering the matters described in Section 8.12(c). 
 (m) The Administrative Agent
shall have received appropriate UCC and other Lien and judgment search certificates from the jurisdiction of organization reflecting no prior Liens encumbering the Properties of such Credit Party (limited, in the case of any Equity Interests of
an Excluded Subsidiary, to (x) 65% of the voting Equity Interests in any Excluded Subsidiary described in clauses (a) or (b) of the definition thereof and (y) 0% of the Equity Interests in any Excluded Subsidiary described in clauses
(c) or (d) of the definition thereof unless such Equity Interests have been pledged to secure any Permitted Second Lien Notes) other than those being assigned or released on or prior to the Effective Date or Liens permitted by
Section 9.03. 
 (n) The Administrative Agent shall have received (i) evidence satisfactory to it that no
amounts shall be owing under the Existing Credit Agreement to any Lender (as defined in the Existing Credit Agreement) which will not have a Commitment hereunder (“Exiting Lenders”) and (ii) an Agency Resignation, Appointment
and Assumption Agreement in form and substance reasonably satisfactory to it duly executed by the Majority Lenders under the Existing Credit Agreement, the Borrower, Royal Bank of Canada as the Existing Administrative Agent and the Administrative
Agent. 
 (o) The Administrative Agent shall have received satisfactory title information setting forth the status of title to at least 80%
of the total value of the Borrowing Base Properties evaluated in the Initial Reserve Report; provided, that the Administrative Agent hereby acknowledges that as of the Effective Date, the requirement under this clause (o) has been
satisfied. 
 (p) The Administrative Agent shall be reasonably satisfied with the environmental condition of the Oil and Gas Properties of
the Borrower. 
 (q) The Administrative Agent shall have received (i) a fully executed copy of the Third Supplemental Indenture, dated
as of the Effective Date and (ii) evidence satisfactory to it that the Second Lien Exchange and the Second Lien Redemption have occurred (or shall occur substantially concurrently with, or within two Business Days of, the Effective Date) and
the Borrower has issued (or shall issue substantially concurrently with the Effective Date) approximately $75,000,000 in convertible preferred Equity Interests (other than Disqualified Capital Stock) of the Borrower, in form and substance reasonably
satisfactory to the Administrative Agent. 
 (r) The Administrative Agent shall have received fully executed copies of (i) the Priority
Confirmation Joinder dated as of the Effective Date executed by the Administrative Agent and acknowledged by the Second Lien Agent and (ii) the Borrower and the officer’s certificates required to be delivered by the Borrower pursuant to
Sections 4.04(a)(i)(A) and 4.04(a)(iii) of the Second Lien Intercreditor Agreement. 

  
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 (s) Since December 31, 2018, there has been no event, development or circumstance that
has had or could reasonably be expected to have a Material Adverse Effect. 
 (t) [Reserved]. 

(u) The Arrangers, the Administrative Agent and the Lenders shall have received all upfront, arrangement and agency fees and, to the extent
invoiced at least three Business Days prior to the Effective Date, other fees and amounts due and payable on or prior to the Effective Date, including, to the extent invoiced at least three Business Days prior to the Effective Date, reimbursement or
payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder (including, without limitation, the reasonable fees and expenses of
Latham & Watkins LLP, counsel to the Administrative Agent). 
 (v) The Borrower shall have deposited an amount not to exceed $30,000
with Latham & Watkins LLP, counsel to the Administrative Agent, to be held and applied toward payment of costs and expenses for recordation of the Security Instruments, as provided pursuant to Section 12.03(a). If
such deposit exceeds the amount of such costs and expenses, the excess shall be returned to the Borrower. If such deposit is less than such costs and expenses, the deficit shall be paid by Borrower pursuant to
Section 12.03(a). 
 (w) The Administrative Agent and the Lenders shall have received, and be reasonably satisfied
in form and substance with, all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including but not restricted to the Patriot
Act. 
 (x) To the extent the Borrower or any Guarantor qualifies as a “legal entity customer” under the Beneficial Ownership
Regulation, at least three (3) Business Days prior to the Effective Date, the Administrative Agent or any Lender that has requested, in a written notice to the Borrower at least five (5) Business Days prior to the Effective Date, a
Beneficial Ownership Certification in relation to the Borrower or Guarantor, shall have received such Beneficial Ownership Certification. 

(y) The Borrower shall have received an effective consent from the holders of the Second Lien Notes to this Agreement and the other Loan
Documents (including, without limitation, to the initial Borrowing Base of $800,000,000) in form and substance reasonably satisfactory to the Administrative Agent. 

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of each Issuing Bank to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to
Section 12.02) at or prior to 2:00 p.m., Houston time, on November 25, 2019 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). For purposes of determining
compliance with the conditions specified in this Section 6.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed Effective Date specifying its objection
thereto. 

  
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 Section 6.02 Each Credit Event. The obligation of each Lender to make a Loan on
the occasion of any Borrowing (including the initial funding), and of each Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of
Credit, as applicable, no Default, Event of Default or Borrowing Base Deficiency shall have occurred and be continuing. 
 (b) Each of the
representations and warranties of the Borrower and the Guarantors, set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (except for those which have a materiality qualifier, which shall be
true and correct in all respects as so qualified) on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except to the extent any such representations and warranties
are expressly limited to an earlier date, in which case, on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, such representations and warranties shall continue to
be true and correct in all material respects (except for those which have a materiality qualifier, which shall be true and correct in all respects as so qualified) as of such specified earlier date. 

(c) The receipt by the Administrative Agent of a Borrowing Request in accordance with Section 2.03 or a request for a
Letter of Credit in accordance with Section 2.08(b), as applicable. 
 Each request for a Borrowing and each
request for the issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in
Section 6.02(a) and Section 6.02(b). 
 Section 6.03 Post-Closing
Obligations. Within the time periods specified on Schedule 6.03 (as each may be extended in writing by the Administrative Agent in its sole discretion), each Credit Party shall, and shall cause each Restricted Subsidiary to, provide the
documentation, and complete the undertakings, as are set forth on Schedule 6.03. 
 ARTICLE VII 

Representations and Warranties 

The Credit Parties jointly and severally represent and warrant to the Lenders that: 

Section 7.01 Organization; Powers. Each of the Credit Parties and the Restricted Subsidiaries is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its
business as now conducted, and is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except where failure to have such power, authority, licenses, authorizations, consents, approvals and
qualifications could not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 7.02 Authority; Enforceability. The Transactions are within the
Borrower’s and each Guarantor’s corporate, partnership limited liability company powers and have been duly authorized by all necessary corporate, limited liability company or partnership and, if required, shareholder action (including,
without limitation, any action required to be taken by any class of directors of the Borrower or any other Person, whether interested or disinterested, in order to ensure the due authorization of the Transactions). Each Loan Document to which the
Borrower or any Guarantor is a party has been duly executed and delivered by the Borrower or such Guarantor, as applicable, and constitutes a legal, valid and binding obligation of the Borrower or such Guarantor, as applicable, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 
 Section 7.03 Approvals; No Conflicts. The Transactions (a) do not require any consent or
approval of, registration or filing with, or any other action by, any Governmental Authority, nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the
consummation of the Transactions, except (i) such as have been obtained or made and are in full force and effect, (ii) the filings and recordings necessary to perfect the Liens created hereby and by the Security Instruments,
(iii) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder or could not reasonably be expected to have a Material Adverse Effect and (iv) the filing of any required documents with the
SEC, (b) will not violate any applicable law or regulation or the charter, by-laws or other Organizational Documents of the Credit Parties or any Restricted Subsidiary or any order of any Governmental
Authority (except, with respect to applicable law or regulations, for such violations that would not reasonably be expected to have a Material Adverse Effect), (c) will not violate or result in a default under any indenture, agreement or other
instrument evidencing or governing Material Debt binding upon the Credit Parties, the Restricted Subsidiaries or their respective Properties, or give rise to a right thereunder to require any payment to be made by the Credit Parties or any
Restricted Subsidiary and (d) will not result in the creation or imposition of any Lien on any Property of the Credit Parties or any Restricted Subsidiary (other than the Liens created by the Loan Documents). 

Section 7.04 Financial Position; No Material Adverse Effect. 

(a) The Borrower has heretofore furnished to the Lenders the consolidated balance sheet and statements of operations, stockholders’ equity
and cash flows for the Borrower and its Consolidated Subsidiaries (i) as of and for the fiscal year ended December 31, 2018, reported on by Deloitte & Touche LLP, independent public accounts and (ii) as of and for the fiscal
quarter and the portion of the fiscal year ended September 30, 2019, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows
of the Borrower and its Consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements
referred to in clause (ii) above. 

  
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 (b) Since December 31, 2018, there has been no event, development or circumstance that
has had or could reasonably be expected to have a Material Adverse Effect. 
 (c) As of the Effective Date, no Credit Party or any Restricted
Subsidiary has any Material Debt (including Disqualified Capital Stock), or any contingent liabilities, off-balance sheet liabilities or partnerships, unusual forward or long-term commitments or unrealized or
anticipated losses from any unfavorable commitments, except (i) the Secured Obligations or (ii) as referred to or reflected or provided for in the Financial Statements delivered under Section 7.04(a). 

Section 7.05 Litigation. Except as set forth on Schedule 7.05, there are no actions, suits, investigations or proceedings
by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Credit Parties or the Restricted Subsidiaries, threatened in writing against or affecting the Credit Parties or the Restricted Subsidiaries
(a) not fully covered by insurance (except for normal deductibles) as to which there is a reasonable possibility of an adverse determination that, if adversely determined, could reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect or (b) that involve any Loan Document or the Transactions. Since the Effective Date, there has been no change in the status of the matters disclosed in Schedule 7.05 that, individually or in the
aggregate, has resulted in, or would reasonably be expected to result in, a Material Adverse Effect. 
 Section 7.06 Environmental
Matters. Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 

(a) the Credit Parties and their respective Subsidiaries and each of their respective Properties and operations thereon are, and for the last
three (3) years have been, in compliance with all applicable Environmental Laws; 
 (b) the Credit Parties and their respective
Subsidiaries have obtained all Environmental Permits required for their respective operations and each of their Properties, with all such Environmental Permits being currently in full force and effect, and none of the Credit Parties and their
respective Subsidiaries has received any written notice or otherwise has knowledge that any such existing Environmental Permit will be revoked or that any application for any new Environmental Permit or renewal of any existing Environmental Permit
will be protested or denied; 
 (c) there are no claims, demands, suits, orders, inquiries, or proceedings concerning any violation of, or
any liability (including as a potentially responsible party) under, any applicable Environmental Laws that are pending or, to the knowledge of any Credit Party, threatened against the Credit Parties and their respective Subsidiaries or any of their
respective Properties or as a result of any operations at the Properties; 
 (d) there has been no unauthorized Release or threatened
unauthorized Release of Hazardous Materials at, on, under or from any of the Credit Parties’ or their respective Subsidiaries’ Properties; and there is no investigation, remediation, abatement, removal, or monitoring of Hazardous Materials
required under applicable Environmental Laws at such Properties, in each case so as to give rise to liability to the Credit Parties or their Subsidiaries; and 

  
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 (e) neither the Credit Parties nor their respective Subsidiaries has received any written
notice asserting an alleged liability or obligation under any applicable Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials at, under, or Released or threatened to be
Released from any real properties offsite the Credit Parties or their respective Subsidiaries’ Properties. 
 The representations and
warranties set forth in this Section 7.06 constitute the sole representations and warranties of the Credit Parties and their Subsidiaries relating to environmental matters, including Environmental Laws, Environmental
Permits and Hazardous Materials. 
 Section 7.07 Compliance with the Laws and Agreements; No Defaults. 

(a) Each of the Credit Parties and the Restricted Subsidiaries is in compliance with all Governmental Requirements applicable to it or its
Property and all agreements and other instruments binding upon it or its Property except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

(b) No Default has occurred and is continuing. 

Section 7.08 Investment Company Act. None of the Credit Parties or any of the Restricted Subsidiaries is an “investment
company” or a company “controlled” by an “investment company,” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended. 

Section 7.09 Taxes. Each of the Credit Parties and other Restricted Subsidiaries has timely filed or caused to be filed all Tax
returns and reports required to have been filed by it (taking into account all applicable extensions) and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by
appropriate proceedings and for which the applicable Credit Party and the applicable Restricted Subsidiary, as applicable, has set aside on their books adequate reserves or (b) to the extent that the failure to do so would not reasonably be
expected to result in a Material Adverse Effect. The Borrower is treated as a corporation for U.S. federal income Tax purposes. 

Section 7.10 ERISA. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect: 
 (a) The Credit Parties and each ERISA Affiliate have complied in all material respects with ERISA and, where applicable, the Code
regarding each Plan, if any. 
 (b) Each Plan, if any, is, and has been, maintained in substantial compliance with ERISA and, where
applicable, the Code. 
 (c) No ERISA Event has occurred or is reasonably expected by the Credit Parties or any ERISA Affiliate to occur.

 (d) No failure to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, whether or not waived,
exists with respect to any Plan. 

  
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 (e) None of the Credit Parties or any ERISA Affiliate sponsors, maintains or contributes to,
or has at any time in the six-year period preceding the date hereof sponsored, maintained or contributed to, any Multiemployer Plan. 

(f) None of the Credit Parties sponsors, maintains or contributes to an employee welfare benefit plan, as defined in Section 3(1) of
ERISA, which is maintained to provide benefits to former employees of such entities, that may not be terminated by the Credit Parties in their sole discretion without any material liability. 

Section 7.11 Disclosure; No Material Misstatements. None of the reports, financial statements, certificates or other written
information furnished by or on behalf of the Credit Parties and their respective Subsidiaries to the Administrative Agent or any Lender pursuant to this Agreement or any other Loan Document or delivered by the Borrower, any other Credit Party or any
of their respective Subsidiaries to the Administrative Agent or any Lender hereunder or under any other Loan Document (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading on the date when furnished; provided that with respect to financial estimates, projected or
forecasted financial information and other forward-looking information, the Credit Parties each represents and warrants only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of
preparation; it being understood that (a) such projections and forecasts, as to future events, are not to be viewed as facts, that actual results during the period(s) covered by any such projections or forecasts may differ significantly from
the projected or forecasted results and that such differences may be material and that such projections and forecasts are not a guarantee of financial performance, and (b) no representation is made with respect to information of a general
economic or general industry nature. There are no statements or conclusions in any Reserve Report or in any information delivered in connection therewith which are based upon or include materially misleading information of a material fact or fail to
take into account material information regarding the material matters reported therein, it being understood that projections concerning volumes attributable to the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries and production
and cost estimates contained in each Reserve Report and in other information delivered in connection therewith are necessarily based upon professional opinions, estimates and projections and that no warranty is made with respect to such opinions,
estimates and projections. 
 Section 7.12 Insurance. The Credit Parties have, and have caused all of the Restricted
Subsidiaries to have, (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements and all material agreements and (b) insurance coverage in at least amounts and against such risk
(including, without limitation, public liability) that are usually insured against by companies similarly situated and engaged in the same or a similar business for the assets and operations of the Credit Parties and the Restricted Subsidiaries. The
Administrative Agent has been named as additional insured in respect of such liability insurance policies and the Administrative Agent has been named as loss payee with respect to property loss insurance. 

  
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 Section 7.13 Restriction on Liens. Except as permitted by
Section 9.13(f), neither the Credit Parties nor the Restricted Subsidiaries is a party to any agreement or arrangement or is subject to any order, judgment, writ or decree, which either prohibits or purports to prohibit any
of the Credit Parties or the Restricted Subsidiaries from granting Liens to the Administrative Agent and the Lenders on or in respect of their Properties to secure the Secured Obligations, or restricts any Restricted Subsidiary from paying dividends
or making any other distributions in respect of its Equity Interests to the Credit Parties or any Restricted Subsidiary, or restricts any Restricted Subsidiary from making loans or advances or transferring any Property to the Credit Parties or any
Restricted Subsidiary, or which requires the consent of or notice to other Persons in connection therewith. 
 Section 7.14
Subsidiaries. As of the date hereof or as of the date of the most recent certificate delivered pursuant to Section 8.01(c), except as set forth on Schedule 7.14 or as disclosed in writing to the
Administrative Agent (which shall promptly furnish a copy to the Lenders), and which disclosure (including updates included in certificates delivered pursuant to Section 8.01(c)) shall be a supplement to Schedule
7.14, none of the Credit Parties has any direct or indirect Subsidiaries or Unrestricted Subsidiaries. The Borrower does not have any direct or indirect Foreign Subsidiaries. Each Subsidiary Guarantor is a Wholly-Owned Subsidiary of the
Borrower. Each Subsidiary listed on Schedule 7.14 (as supplemented) is (a) a Restricted Subsidiary unless specifically designated as an Unrestricted Subsidiary therein and (b) a Material Subsidiary unless specifically designated as
an Immaterial Subsidiary therein. 
 Section 7.15 Location of Business and Offices. As of the date hereof or as of the date of
the most recent certificate delivered pursuant to Section 8.01(l), the jurisdiction of organization, correct legal name as listed in the public records of its jurisdiction of organization, organizational identification
number in its respective jurisdiction of organization, federal tax identification number, if applicable, and the principal place of business and chief executive office, in each case of each Credit Party and its respective Subsidiaries is set forth
on Schedule 7.14 (or as set forth in a notice delivered pursuant to Section 8.01(l) and delivered in accordance with Section 12.01). 

Section 7.16 Properties; Titles, Etc. 

(a) Each of the Borrower and the Restricted Subsidiaries has good and defensible title to its Oil and Gas Properties evaluated in the most
recently delivered Reserve Report (other than those disposed of in compliance with Section 9.11 since delivery of such Reserve Report) and good title to all its personal Properties, in each case, free and clear of all Liens
except Liens permitted by Section 9.03. After giving full effect to the Excepted Liens, the Borrower or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon
Interests as reflected in the most recently delivered Reserve Report, and the ownership of such Properties shall not in any material respect obligate it to bear the costs and expenses relating to the maintenance, development and operations of each
such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in its net revenue interest in such Property. 

(b) All leases and agreements necessary for the conduct of the business of the Credit Parties and the Restricted Subsidiaries are valid and
subsisting, in full force and effect, except to the extent any failure to be valid and subsisting and in full force and effect could not reasonably be expected to have a Material Adverse Effect, and there exists no default or event or circumstance
which with the giving of notice or the passage of time or both would give rise to a default under any such lease or agreement, which could reasonably be expected to have a Material Adverse Effect. 

  
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 (c) The rights and Properties presently owned, leased or licensed by the Credit Parties and
the Restricted Subsidiaries including, without limitation, all easements and rights of way, include all rights and Properties reasonably necessary to permit the Credit Parties and the Restricted Subsidiaries to conduct their business, except to the
extent any failure to satisfy the foregoing could not reasonably be expected to have a Material Adverse Effect. 
 (d) All of the Properties
of the Credit Parties and the Restricted Subsidiaries (other than the Oil and Gas Properties, which are addressed in Section 7.17) which are reasonably necessary for the operation of their businesses are in good working
condition and are maintained in accordance with prudent business standards, except to the extent any failure to satisfy the foregoing could not reasonably be expected to have a Material Adverse Effect. 

(e) Each of the Credit Parties and the Restricted Subsidiaries owns, or is licensed to use, all trademarks, trade names, copyrights, patents
and other intellectual Property material to its business, and the use thereof by the Credit Parties and the Restricted Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Credit Parties and the Restricted Subsidiaries either own or have valid licenses or other rights to use all databases, geological data, geophysical data,
engineering data, seismic data, maps, interpretations and other technical information used in their businesses as presently conducted, subject to the limitations contained in the agreements governing the use of the same, which limitations are
customary for companies engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not reasonably be expected to have a Material Adverse Effect. 

Section 7.17 Maintenance of Properties. Except for such acts or failures to act as could not be reasonably expected to have a
Material Adverse Effect, the Oil and Gas Properties (and Properties unitized therewith) of the Borrower and the Restricted Subsidiaries have been maintained, operated and developed in a good and workmanlike manner and in conformity with all
Governmental Requirements and in conformity with the provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements forming a part of the Oil and Gas Properties of the
Borrower and the Restricted Subsidiaries. Specifically in connection with the foregoing, except as could not reasonably be expected to have a Material Adverse Effect, (a) no Oil and Gas Property of the Borrower and the Restricted Subsidiaries
is subject to having allowable production reduced below the full and regular allowable production (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (b) none of
the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith) of the Borrower and the Restricted Subsidiaries is deviated from the vertical more than the maximum permitted by Governmental Requirements, and such wells
are, in fact, bottomed under and are producing from, and the well bores are wholly within, such Oil and Gas Properties (or in the case of wells located on Properties unitized therewith, such unitized Properties). All pipelines, wells, gas processing
plants, platforms 

  
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and other material improvements, fixtures and equipment owned in whole or in part by the Borrower and the Restricted Subsidiaries that are necessary to conduct normal operations are being
maintained in a state adequate to conduct normal operations, and with respect to such of the foregoing which are operated by the Borrower and the Restricted Subsidiaries, in a manner consistent with the Borrower’s and the Restricted
Subsidiaries’ past practices (other than those the failure of which to maintain in accordance with this Section 7.17 could not reasonably be expected to have a Material Adverse Effect). 

Section 7.18 Gas Imbalances, Prepayments. Except as set forth on Schedule 7.18 or on the most recent Reserve Report
Certificate, on a net basis there are no gas imbalances, take or pay or other prepayments which would require the Borrower and the Restricted Subsidiaries to deliver, in the aggregate, two percent (2%) or more of the monthly production from
Hydrocarbons produced from the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries at some future time without then or thereafter receiving full payment therefor. 

Section 7.19 Marketing of Production. Except for contracts listed and in effect on the Effective Date on Schedule 7.19, and
thereafter either disclosed in writing to the Administrative Agent or included in the most recently delivered Reserve Report Certificate (with respect to all of which contracts the Borrower represents that it or its Restricted Subsidiaries are
receiving a price for all production sold thereunder which is computed substantially in accordance with the terms of the relevant contract and are not having deliveries curtailed substantially below the subject Property’s delivery capacity), no
material agreements exist which are not cancelable on sixty (60) days’ notice or less without penalty or detriment for the sale of production from the Borrower’s and the Restricted Subsidiaries’ Hydrocarbons (including, without
limitation, calls on or other rights to purchase, production, whether or not the same are currently being exercised) that (a) pertain to the sale of production at a fixed price and (b) have a maturity or expiry date of more than six
(6) months from the date of delivery of such Reserve Report Certificate. 
 Section 7.20 Swap Agreements. Schedule
7.20, as of the date hereof, and after the date hereof, each report required to be delivered by the Borrower pursuant to Section 8.01(d) (as of the relevant period end), sets forth, a true and complete list of all Swap
Agreements of the Borrower, any other Credit Party and each of the Restricted Subsidiaries, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the net mark-to-market value thereof, all credit support agreements relating thereto (including any margin required or supplied), if applicable, and the counterparty to each such
agreement. 
 Section 7.21 Use of Loans and Letters of Credit. The proceeds of the Loans and the Letters of Credit shall be used
(a) to provide working capital for lease acquisitions, for exploration and production operations and for development (including the drilling and completion of producing wells), (b) for the acquisition, exploration and development of Oil and Gas
Properties permitted hereunder, (c) for the issuance of Letters of Credit, (d) to refinance obligations outstanding under the Existing Credit Agreement, (e) to redeem the Second Lien Notes as otherwise permitted by this Agreement,
(f) to pay certain fees and expenses hereunder and (g) for other lawful general corporate purposes, including Restricted Payments permitted hereunder. The Credit Parties and the Restricted Subsidiaries are not engaged principally, or as
one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the
proceeds of any Loan or Letter of Credit will be used for any purpose which violates Regulation T, U or X of the Board. 

  
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 Section 7.22 Solvency. Immediately after giving effect to the Transactions and
immediately prior to and after giving effect to each Borrowing and each issuance, amendment, renewal, or extension of a Letter of Credit, (i) the Borrower is Solvent and (ii) the Borrower and the other Credit Parties taken as a whole, are
Solvent. 
 Section 7.23 Anti-Corruption. Neither the Credit Parties nor their respective Subsidiaries, nor any director,
officer, or employee, nor to the knowledge of the Credit Parties, any agent of the Credit Parties or their respective Subsidiaries is in violation of or is aware of or is taking any action, directly or knowingly, indirectly, in violation of any
applicable Anti-Corruption Laws, including without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money,
or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA. 
 Section 7.24 AML and Sanctions. Neither any of the Credit Parties nor any of
their respective Subsidiaries, nor any director, officer, or employee, nor to the knowledge of the Credit Parties, any agent or Affiliate of the Credit Parties or their respective Subsidiaries is (i) a Sanctioned Person or (ii) in
violation of any AML Laws or Sanctions. The Borrower will not directly or, knowingly, indirectly use the proceeds from the Loans or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person,
in a manner that will cause a violation of AML Laws, Anti-Corruption Laws or applicable Sanctions by any Person participating in the transactions contemplated by this Agreement, whether as lender, issuing bank, borrower, guarantor, agent, or
otherwise. The Borrower represents that neither it nor any of the other Credit Parties nor any of their respective Subsidiaries or Affiliates is engaging in or intends to engage in any dealings or transactions with, or for the benefit of, any
Sanctioned Person or with or in any Sanctioned Country in violation of Sanctions. No Borrowing or Letter of Credit relates, directly or, knowingly, indirectly, to any unlawful activities or business of or with a Sanctioned Person or with or in a
Sanctioned Country; and, the Credit Parties and their respective Subsidiaries are conducting their business in material compliance with all applicable Anti-Corruption Laws. 

Section 7.25 Accounts. Set forth on Schedule 7.25 lists all Deposit Accounts, including any Excluded Accounts, and
Securities Accounts maintained by or for the benefit of the Credit Parties or any Restricted Subsidiary as of the Effective Date. 

Section 7.26 Security Instruments. 

(a) Guaranty and Collateral Agreement. The provisions of the Guaranty and Collateral Agreement are effective to create, in favor of the
Administrative Agent for the benefit of the Secured Parties, a legal, valid and enforceable Lien on, and security interest in, all of the Collateral covered thereby, and (i) when financing statements and other filings in appropriate form are
filed in the offices specified in the Guaranty and Collateral Agreement and (ii) upon the taking 

  
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of possession or control by the Administrative Agent of the Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall
be given to the Administrative Agent to the extent possession or control by the Administrative Agent is required by the Guaranty and Collateral Agreement or hereunder), the Liens created by the Guaranty and Collateral Agreement shall constitute
fully perfected first priority Liens on, and security interests in, all right, title and interest of the Credit Parties in the Collateral covered thereby (other than such Collateral in which a security interest cannot be perfected under the Uniform
Commercial Code as in effect at the relevant time in the relevant jurisdiction), in each case free of all Liens other than Excepted Liens and other Liens permitted by Section 9.03, and prior and superior to all other Liens
other than Liens permitted by Section 9.03. 
 (b) Mortgages. Each Mortgage is effective to create, in favor
of the Administrative Agent (or such other trustee as may be required or desired under local law) for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, all of the Mortgaged Property thereunder and
the proceeds thereof, subject only to Excepted Liens and other Liens permitted by Section 9.03, and when the Mortgages are recorded or filed in the offices specified on Schedule 7.26 (or, in the case of any Mortgage
executed and delivered after the date thereof in accordance with the provisions of Section 8.11 and Section 8.14, when such Mortgage is recorded or filed in the appropriate offices), the Mortgages
shall constitute fully perfected first priority Liens on, and security interests in, all right, title and interest of the Borrower and Subsidiaries in the Mortgaged Property and the proceeds thereof, in each case prior and superior in right to any
other person, other than Liens permitted by Section 9.03. 
 (c) Valid Liens. Each Security Instrument
delivered pursuant to Section 8.11 and Section 8.14, upon execution and delivery thereof, is effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, legal,
valid and enforceable Liens on, and security interests in, all of the Collateral thereunder, and when all appropriate filings or recordings are made in the appropriate offices as may be required under applicable Governmental Requirements, such
Security Instruments will constitute fully perfected first priority Liens on, and security interests in, all right, title and interest of the Credit Parties in such Collateral, in each case with no other Liens except for Liens permitted by
Section 9.03. 
 Section 7.27 International Operations. None of the Borrower and its Restricted
Subsidiaries own, and have not acquired or made any other expenditure (whether such expenditure is capital, operating or otherwise) in or related to, any Oil and Gas Properties located outside of the geographical boundaries of the United States or
in the offshore federal waters of the United States of America. 
 Section 7.28 Casualty Events. Since December 31,
2018, neither the business nor any Properties of any Credit Party has been materially and adversely affected as a result of any fire, explosion, earthquake, flood, drought, windstorm, accident, strike or other labor disturbance, embargo, requisition
or taking of Property or cancellation of contracts, permits or concessions by any domestic or foreign Governmental Authority, riot, activities or armed forces or acts of God or of any public enemy. 

Section 7.29 Beneficial Ownership Certification. As of the Effective Date, the information included in the Beneficial Ownership
Certification is true and correct in all respects. 

  
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 ARTICLE VIII 

Affirmative Covenants 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder and all
other amounts payable under the Loan Documents have been paid in full (other than indemnities and other contingent obligations not then due and payable and as to which no claim has been made as of the time of determination) and all Letters of Credit
shall have expired, terminated or have been cash collateralized (or as to which other arrangements satisfactory to the Administrative Agent and each Issuing Bank shall have been made) and all LC Disbursements shall have been reimbursed, each of the
Credit Parties covenants and agrees with the Lenders, and covenants and agrees with the Lenders to cause the Restricted Subsidiaries, that:  

Section 8.01 Financial Statements; Other Information. The Borrower will furnish to the Administrative Agent, each Lender and each
Specified Swap Counterparty: 
 (a) Annual Financial Statements. As soon as available and not later than ninety (90) days after
the end of each fiscal year of the Borrower, the Borrower and its Consolidated Subsidiaries’ audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year,
setting forth in comparative form the figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing, without a “going concern” or like
qualification, emphasis on the matter or exception (except to the extent such “going concern” qualification is solely attributable to the Maturity Date or the maturity date of the Permitted Second Lien Notes occurring within the next
twelve months or an actual or projected financial covenant default within the next twelve months) and without any qualification or exception as to the scope of such audit to the effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of operations of the Borrower and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied. 

(b) Quarterly Financial Statements. As soon as available, but in any event and not later than forty-five (45) days after the end of
each of the first three fiscal quarters of each fiscal year of the Borrower, commencing with the fiscal quarter ended March 31, 2020, the Borrower and its Consolidated Subsidiaries’ consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in
the case of the balance sheet, as of the end of) the previous fiscal year, all certified by a Financial Officer as presenting fairly in all material respects the financial position and results of operations of the Borrower and its Consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes. 

(c) Certificate of Financial Officer — Compliance. Concurrently with any delivery of financial statements under
Section 8.01(a) or Section 8.01(b), commencing with the fiscal quarter ended December 31, 2019, a certificate of a Financial Officer of the Borrower in substantially the form of Exhibit
B hereto (i) certifying as to whether a Default has occurred and is continuing as of the date of such certificate and, if a Default has occurred and is continuing, 

  
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specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with
Section 9.01, (iii) stating whether any change in GAAP or in the application thereof has occurred since the Effective Date which materially changes the calculation of any covenant or affects compliance with the terms of
this Agreement and, if applicable, specifying the effect of such change on the financial statements accompanying such certificate, (iv) if, during the applicable period, all of the Consolidated Subsidiaries of the Borrower are not Consolidated
Restricted Subsidiaries, additional financial information (which may be in the form of footnotes to the consolidated financial statements referred to in Section 8.01(a) or Section 8.01(b) above)
setting forth calculations excluding the effects of any Unrestricted Subsidiaries that constitute Consolidated Subsidiaries and containing such calculations for any Unrestricted Subsidiaries as reasonably requested by the Administrative Agent,
including any supporting documents used to prepare such calculations, and (v) setting forth a specification of any change in the identity of the Restricted Subsidiaries, Material Subsidiaries, Guarantors, and Unrestricted Subsidiaries as of the
end of such period, as the case may be, from the Restricted Subsidiaries, Material Subsidiaries, Guarantors and Unrestricted Subsidiaries, respectively, identified on the Effective Date or in the most recently delivered certificate pursuant to this
Section 8.01(c) (and, to the extent necessary, designating sufficient additional Restricted Subsidiaries as Material Subsidiaries so as to comply with the definition of “Material Subsidiary”). 

(d) Certificate of Accounting Firm — Defaults. Concurrently with any delivery of financial statements under
Section 8.01(a), a certificate of the accounting firm that reported on such financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default
(which certificate may be limited to the extent required by accounting rules or guidelines). 
 (e) Swap Agreements. Concurrently with
any delivery of financial statements under Section 8.01(a) and Section 8.01(b), a true and complete list of all Swap Agreements, as of the last Business Day of such fiscal quarter or fiscal year,
of the Borrower, each other Credit Party and each of the Restricted Subsidiaries, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the net mark-to-market value therefore, any new credit support agreements relating thereto not listed on Schedule 7.20, if applicable, any margin required or supplied under any credit support document, if
applicable, and the counterparty to each such agreement. 
 (f) Certificate of Insurer – Insurance Coverage. Concurrently
with the renewal of each insurance policy maintained by the Credit Parties and the Restricted Subsidiaries required by Section 8.07, an ACORD evidence of insurance certificate of such insurance coverage from the insurer
providing such insurance in form and substance reasonably satisfactory to the Administrative Agent, and, if requested by the Administrative Agent or any Lender, copies of all of the applicable policies. 

(g) SEC and Other Filings. To the extent applicable, promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Credit Parties and the Restricted Subsidiaries with the SEC, or with any national securities exchange, or distributed by the Credit Parties and the Restricted Subsidiaries to shareholders
generally, as the case may be. 

  
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 (h) Notices Under Material Instruments. Promptly after the furnishing or receipt
thereof, a copy of any notice of default received from any holder or holders of any Material Debt (other than the Secured Obligations but including, without limitation, the Second Lien Loan Documents) or any trustee or agent on its or their behalf,
to the extent such notice has not otherwise been delivered to the Administrative Agent hereunder. 
 (i) Other Accounting Reports.
Promptly upon receipt thereof, a copy of each other report or letter (except standard and customary correspondence) submitted to the Borrower or any of its Subsidiaries by independent accountants in connection with any annual, interim or special
audit made by them of the books of the Borrower or any such Subsidiary, and a copy of any response by, or on behalf of, the Borrower or any such Subsidiary to such letter or report. 

(j) Notice of Sales or Acquisitions of Oil and Gas Properties or Liquidation of Swap Agreements. In the event the Borrower or any
Restricted Subsidiary intends to (i) Dispose of any Borrowing Base Properties (or any Equity Interests in any Restricted Subsidiary owning interests in Borrowing Base Properties)having an aggregate value in excess of 5% of the Borrowing Base in
effect immediately prior to such Disposition or (ii) acquire any Oil and Gas Properties (or any Equity Interests in any Person owning interests in Oil and Gas Properties) having an aggregate value in excess of 5% of the Borrowing Base in effect
immediately prior to such acquisition, prior written notice of such Disposition or acquisition, the price thereof, the anticipated date of closing, and any other details thereof reasonably requested by the Administrative Agent or any Lender. In the
event that the Borrower, any other Credit Party or any Restricted Subsidiary receives any notice of early termination of any Swap Agreement to which it is a party from any of its counterparties, or any Swap Agreement to which the Borrower, any other
Credit Party or any Restricted Subsidiary is a party is Liquidated (other than the Liquidation of any Swap Agreement required pursuant to Section 6.03 and Schedule 6.03), in each case, upon which the Lenders relied
in determining the most recent Borrowing Base, and the aggregate Swap PV of all such terminations or Liquidations exceeds five percent (5%) of the Borrowing Base as then in effect, prompt written notice of the receipt of such early termination
notice or such Liquidation (and in the case of a voluntary Liquidation of any Swap Agreement, prior written notice thereof), as the case may be, together with a reasonably detailed description or explanation thereof and any other details thereof
requested by the Administrative Agent or any Lender. 
 (k) Notice of Casualty Events. Prompt written notice, and in any event within
three Business Days (or such later date as the Administrative Agent may agree to in its sole discretion), of the occurrence of any Casualty Event in respect of Borrowing Base Properties having an aggregate value in excess of 5% of the Borrowing Base
in effect immediately prior to such Casualty Event. 
 (l) Information Regarding Credit Parties. Prompt written notice of (and in any
event within five (5) days after (or such later date as the Administrative Agent may agree to in its sole discretion)) any change (i) in any Credit Party’s corporate name or in any trade name used to identify such Person in the
conduct of its business or in the ownership of its Properties, (ii) in the location of any Credit Party’s chief executive office or principal place of business, (iii) in any Credit Party’s identity or corporate structure,
(iv) in any Credit Party’s jurisdiction of organization or such Person’s organizational identification number in such jurisdiction of organization, and (v) in any Credit Party’s federal taxpayer identification number, if
any. 

  
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 (m) Production Report and Lease Operating Statements. Concurrently with the delivery
of any Reserve Report to the Administrative Agent pursuant to Section 8.12(a), a report setting forth, for each calendar month during the then-current fiscal year to date, the volume of production and sales attributable to
production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Oil and Gas Properties of the Borrower and the Restricted Subsidiaries, and setting forth the related ad
valorem, severance and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month. 
 (n)
Notices of Certain Changes. Promptly, but in any event within five (5) Business Days after the execution thereof, copies of any amendment, modification or supplement to any agreement governing any Material Debt, or any amendment,
modification or supplement to the certificate or articles of incorporation, by-laws, any preferred stock designation or any other organic document of the Credit Parties or the Restricted Subsidiaries
(including, without limitation, any agreement governing any convertible preferred Equity Interests of the Borrower issued in connection with the Second Lien Exchange). 

(o) Annual Budgets. Concurrently with any delivery of financial statements under Section 8.01(a), a detailed
quarterly business plan and budget, reasonably satisfactory to the Administrative Agent, for such fiscal year of the Borrower and its Consolidated Restricted Subsidiaries on a consolidated basis, including forecasts prepared by management of the
Borrower. 
 (p) Notice of Permitted Debt Issuance. Written notice on or prior to (or, in the case of
Section 9.02(m), promptly following)the offering of any Permitted Debt incurred in reliance on Section 9.02(f), Section 9.02(h) or
Section 9.02(m), the amount thereof and the anticipated date of closing and any material agreements governing such Permitted Debt; provided, however, that in lieu of the delivery requirements hereunder in
respect of Section 9.02(m), to the extent such information and agreements have been published in a Form 8-K on EDGAR or the Borrower’s website, such publication shall satisfy the
Borrower’s delivery requirements under this Section 8.01(p). 
 (q)
Non-Consent Elections. At the Administrative Agent’s reasonable request, a list of any elections to withhold consent to participate in any wells located on Oil and Gas Properties of the Borrower
and its Restricted Subsidiaries during the prior twelve month period. 
 (r) Tax Returns. As soon as available and in any event within
fifteen (15) days after the filing of any federal income Tax return of the Borrower or any Restricted Subsidiary with the Internal Revenue Service, a copy of such filed federal income Tax return, together with all exhibits and attachments
thereto. 
 (s) Surface Acreage Reports. As soon as available and in any event within forty-five (45) days after the last day of
each calendar quarter, a report certified as true and complete in all material respects by a Responsible Officer, in form and substance reasonably satisfactory to the Administrative Agent, setting forth as of the last Business Day of such calendar
quarter an accounting of all surface acreage sold by any Credit Party, the gross and net proceeds received therefore and the amount of such proceeds distributed to the partners of the Borrower. 

  
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 (t) Other Requested Information. (i) Promptly following any request therefor,
(x) such other information regarding the operations, business affairs and financial condition of the Credit Parties or the Restricted Subsidiaries (including, without limitation, any Plan and any reports or other information required to be
filed under ERISA), or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request and (y) information and documentation reasonably requested by the Administrative
Agent on behalf of any Lender and required for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Beneficial Ownership Regulation and (ii) upon the
Borrower’s knowledge thereof, if Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, prompt written notice of any change in the information provided in the Beneficial Ownership Certification that
would result in a change to the list of beneficial owners identified therein (or, if applicable, the Borrower ceasing to fall within an express exclusion to the definition of “legal entity customer” under the Beneficial Ownership
Regulation). 
 (u) EDGAR Postings. In lieu of delivery of paper counterparts of financial statements or other information required to
be delivered to the Administrative Agent and each Lender pursuant to this Section 8.01, to the extent such financial statements or other information has been published on EDGAR and/or on its website (at the date of this
Agreement located at www.northernoil.com), the Borrower may send to the Administrative Agent and each Lender notice that such financial statements or other information is available on EDGAR or its website and delivery of such notice shall satisfy
the Borrower’s requirements under this Section 8.01 to deliver to the Administrative Agent and each Lender paper counterparts of such financial statements and other information; provided, however, that if
any Lender is unable to access EDGAR or the Borrower’s website, the Borrower agrees to provide such Lender with paper copies of the information required to be furnished pursuant to this Section 8.01 promptly following
notice from the Administrative Agent that such Lender has requested the same. Any other information required to be delivered pursuant to this Section 8.01 shall be deemed to have been delivered on the date on which the
Borrower provides notice to the Administrative Agent that such information has been posted on “EDGAR” or the Borrower’s website or another website identified in such notice and accessible by the Administrative Agent without charge
(and the Borrower hereby agrees to provide such notice). 
 Section 8.02 Notices of Material Events. The Credit Parties will
furnish to the Administrative Agent, each Lender and each Specified Swap Counterparty, promptly after any Credit Party obtains knowledge thereof, but in any event within five (5) Business Days thereof, written notice of the following: 

(a) the occurrence of any Default or Event of Default; 

(b) (i) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before any
arbitrator or Governmental Authority against the Credit Parties or any Subsidiary not previously disclosed in writing to the Administrative Agent as to which there is a reasonable possibility of an adverse determination that, if adversely
determined, could reasonably be expected to result in a Material Adverse Effect and (ii) any material adverse development in any action, suit, proceeding, investigation or arbitration by or before any arbitrator or Governmental Authority
against the Credit Parties or any Subsidiary (whether or not previously disclosed to the Lenders) that, in the case of either (i) or (ii) above, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; and

  
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 (c) any other development that has had or could reasonably be expected to result in a
Material Adverse Effect. 
 Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible
Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 8.03 Existence; Conduct of Business. Each Credit Party will, and will cause each Restricted Subsidiary to, do or cause to
be done all things necessary to preserve, renew and keep in full force and effect (a) its legal existence and (b) the rights, licenses, permits, privileges and franchises material to the conduct of its business and maintain, if necessary,
its qualification to do business in each other jurisdiction in which any of its Oil and Gas Properties is located or the ownership of its Properties requires such qualification, except in the case of clause (b) only, where the failure to so
satisfy the foregoing requirements could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under
Section 9.10 or any Disposition permitted under Section 9.11. 
 Section 8.04
Payment of Obligations. The Credit Parties will, and will cause each of the Restricted Subsidiaries to, pay or discharge their obligations, including Tax liabilities, before the same shall become delinquent except where (a) the
validity or amount thereof is being contested in good faith by appropriate proceedings, and such Credit Party or such Restricted Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP or (b) the
failure to pay or discharge the same could not reasonably be expected to result in a Material Adverse Effect. 
 Section 8.05
Performance of Obligations under Loan Documents. The Borrower will repay the Loans according to the terms thereof, and the Credit Parties will, and will cause each of the Restricted Subsidiaries to, do and perform every act and discharge all
of the obligations to be performed and discharged by them under the Loan Documents, including this Agreement, at the time or times and in the manner specified. 

Section 8.06 Operation and Maintenance of Properties. Each Credit Party will, and will cause each of the Restricted Subsidiaries
to: 
 (a) operate its Oil and Gas Properties and other material Properties or cause such Oil and Gas Properties and other material
Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance with all Governmental Requirements, including, without
limitation, applicable proration requirements and Environmental Laws, and all applicable laws, rules and regulations of every other Governmental Authority from time to time constituted to regulate the development and operation of its Oil and Gas
Properties and the production and sale of Hydrocarbons and other minerals therefrom, except, in each case, where the failure to comply could not reasonably be expected to have a Material Adverse Effect. 

  
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 (b) except to the extent disposed of pursuant to a transaction permitted by this Agreement,
keep and maintain all Property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted. 

(c) promptly pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties,
expenses and obligations accruing under the leases or other agreements affecting or pertaining to its material Oil and Gas Properties and will do all other things necessary to keep unimpaired their rights with respect thereto and prevent any
forfeiture thereof or default thereunder except, in each case, where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(d) promptly perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards and in all
material respects, the obligations required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its Oil and Gas Properties and other Properties
except, in each case, where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(e) to the extent neither the Borrower nor one of its Restricted Subsidiaries is the operator of any of its Oil and Gas Property, the Borrower
shall use reasonable efforts to cause the operator to comply with this Section 8.06. 
 Section 8.07
Insurance. The Borrower and each other Credit Party will, and will cause each of the Restricted Subsidiaries to, maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are
customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. The loss payable clauses or provisions in said insurance policy or policies insuring any of the Collateral shall be endorsed in
favor of and made payable to the Administrative Agent as its interests may appear and such policies shall name or otherwise include the Administrative Agent and the Lenders as “additional insureds” and provide that the insurer will
endeavor to give at least thirty (30) days prior notice of any cancellation thereof to the Administrative Agent (or ten (10) days prior notice of any cancelation on account of non-payment). 

Section 8.08 Books and Records; Inspection Rights. The Borrower and each other Credit Party will, and will cause each of the
Restricted Subsidiaries to, keep proper books of record and account in accordance with GAAP. The Borrower and each other Credit Party will, and will cause each of the Restricted Subsidiaries to, permit any representatives designated by the
Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its Properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested. 
 Section 8.09 Compliance with Laws. The
Borrower and each other Credit Party will, and will cause each of the Restricted Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to them or their Property, except where the failure to do
so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Credit Parties will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Credit
Parties, their respective Subsidiaries and their respective directors, officers, employees and agents with AML Laws, Anti-Corruption Laws and applicable Sanctions. 

  
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 Section 8.10 Environmental Matters. 

(a) Except as could not reasonably be expected to have a Material Adverse Effect, the Borrower and each other Credit Party and each of their
Subsidiaries shall at its sole expense (including such contribution from third parties as may be available): (i) comply, and shall cause its Properties and operations and each Subsidiary and each Subsidiary’s Properties and operations to
comply, with all applicable Environmental Laws; (ii) not dispose of or otherwise Release, and shall cause each Subsidiary not to dispose of or otherwise Release, any Hazardous Material on, under, about or from any of the Borrower’s or its
Subsidiaries’ Properties or any other Property to the extent caused by the Borrower’s or any of its Subsidiaries’ operations except in compliance with applicable Environmental Laws; (iii) obtain or file, and shall cause each
Subsidiary to obtain or file, applications for all Environmental Permits required to be obtained or filed in connection with the operation or use of the Borrower’s, any other Credit Parties’, or their respective Subsidiaries’
Properties; and (iv) commence and prosecute to completion, and shall cause each Subsidiary to commence and prosecute to completion, any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration,
remediation or other remedial obligations (collectively, the “Remedial Work”) in the event any Remedial Work is required under applicable Environmental Laws because of or in connection with the actual or suspected past, Release of
Hazardous Material on, under, about or from any of the Borrower’s, any other Credit Parties’, or their respective Subsidiaries’ Properties; provided, however, that the Borrower and each other Credit Party and each of the
Restricted Subsidiaries shall not be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being
maintained with respect to such circumstances in accordance with GAAP. 
 (b) Each Credit Party will promptly, but in any event within ten
(10) Business Days thereof, notify the Administrative Agent and the Lenders in writing of any threatened action, investigation or inquiry by any Governmental Authority or any threatened demand or lawsuit by any landowner or other third party
against the Borrower, any other Credit Party or their respective Subsidiaries or their Properties of which the Borrower or any other Credit Party has knowledge in connection with any Environmental Laws (excluding routine testing and corrective
action) if the Borrower reasonably anticipates that such action will result in liability (whether individually or in the aggregate) in excess of 5% of the Borrowing Base in effect immediately prior to such event, not fully covered by insurance,
subject to normal deductibles. 
 (c) The Credit Parties will, and will cause each Restricted Subsidiary to, provide such environmental
audits, studies and tests as may be reasonably requested by the Administrative Agent and the Lenders and no more than once per year in the absence of any Event of Default (or as otherwise reasonably required to be obtained by the Administrative
Agent or the Lenders by any Governmental Authority), in each case in connection with any Material Acquisition. 

  
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 Section 8.11 Further Assurances. 

(a) The Borrower and each other Credit Party at its sole expense will, and will cause each of its Restricted Subsidiaries to, promptly execute
and deliver to the Administrative Agent all such other documents, agreements and instruments reasonably requested by the Administrative Agent to comply with, cure any defects (in regards to errors and mistakes), or accomplish the conditions
precedent, covenants and agreements of the Credit Parties or the Restricted Subsidiaries, as the case may be, in the Loan Documents, including the Notes, or to further evidence and more fully describe the collateral intended as security for the
Secured Obligations, or to correct any mistakes in this Agreement or the Security Instruments or to perfect, protect or preserve any Liens created pursuant to this Agreement or any of the Security Instruments or the priority thereof, or to make any
recordings, file any notices or obtain any consents, all as may be reasonably necessary or appropriate, in the reasonable discretion of the Administrative Agent, in connection therewith. 

(b) The Borrower and each other Credit Party hereby authorizes the Administrative Agent to file one or more financing or continuation
statements, and amendments thereto, relative to all or any part of the Mortgaged Property without the signature of the Borrower or any other Credit Party where permitted by law. A carbon, photographic or other reproduction of the Security
Instruments or any financing statement covering the Mortgaged Property or any part thereof shall be sufficient as a financing statement where permitted by law. Each Credit Party acknowledges and agrees that any financing statement may describe the
Collateral as “all assets” of the Borrower or the applicable Guarantor or words of similar effect as may be required by the Administrative Agent. The Administrative Agent will promptly send the Borrower any financing or continuation
statements it files without the signature of the Borrower or any other Credit Party and the Administrative Agent will promptly send the Borrower the filing or recordation information with respect thereto. 

Section 8.12 Reserve Reports. 

(a) On or before March 1st and September 1st of each year, commencing March 1, 2020, the Borrower shall furnish to the
Administrative Agent and the Lenders a Reserve Report as of the immediately preceding December 31 or June 30, as applicable. The Reserve Report as of December 31 of each year shall be prepared by one or more Approved Petroleum
Engineers and the June 30 Reserve Report of each year shall be prepared by or under the supervision of the chief engineer of the Borrower who shall certify such Reserve Report to be true and accurate in all material respects and to have been
prepared, except as otherwise specified therein, in accordance with the procedures used in the immediately preceding December 31 Reserve Report. 

(b) In the event of an Interim Redetermination, the Borrower shall furnish to the Administrative Agent and the Lenders a Reserve Report
prepared by or under the supervision of the chief engineer of the Borrower who shall certify such Reserve Report to be true and accurate in all material respects and to have been prepared, except as otherwise specified therein, in accordance with
the procedures used in the immediately preceding December 31 Reserve Report. For any Interim Redetermination requested by the Administrative Agent or the Borrower pursuant to Section 2.07(b), the Borrower shall provide
such Reserve Report with an “as of” date as reasonably required by the Administrative Agent as soon as possible, but in any event no later than thirty (30) days following the receipt of such request. 

  
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 (c) With the delivery of each Reserve Report, the Borrower shall provide to the
Administrative Agent and the Lenders a certificate from a Responsible Officer, in substantially the form of Exhibit G hereto (the “Reserve Report Certificate”), certifying that in all material respects: (i) the
information provided by the Borrower in connection with the preparation of such Reserve Report and any other information delivered in connection therewith by the Borrower is true and correct, and any projections based upon such information have been
prepared in good faith based upon assumptions believed by the Borrower to be reasonable, subject to uncertainties inherent in all projections, (ii) the Borrower and the Restricted Subsidiaries own good and defensible title to the Oil and Gas
Properties evaluated in such Reserve Report and such Properties are free of all Liens except for Liens permitted by Section 9.03, (iii) except as set forth on an exhibit to the certificate, on a net basis there are no gas
imbalances, take or pay or other prepayments in excess of the volume specified in Section 7.18 with respect to the Oil and Gas Properties evaluated in such Reserve Report that would require the Borrower or the Restricted
Subsidiaries to deliver Hydrocarbons either generally or produced from such Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor, (iv) none of the Oil and Gas Properties evaluated in the
immediately preceding Reserve Report have been sold since the date of the last Borrowing Base redetermination except as set forth on an exhibit to the certificate, which certificate shall list all of the Oil and Gas Properties sold and in such
detail as reasonably required by the Administrative Agent, (v) attached to the certificate is a list of all marketing agreements entered into subsequent to the later of the date hereof or the most recently delivered Reserve Report that the
Borrower could reasonably be expected to have been obligated to list on Schedule 7.19 had such agreement been in effect on the date hereof and (vi) attached thereto is a schedule of the Oil and Gas Properties evaluated by such Reserve
Report that are Mortgaged Properties and demonstrating that the percentage of the total value of the Oil and Gas Properties evaluated by such Reserve Report that such Mortgaged Properties represent is in compliance with
Section 8.14(a). 
 Section 8.13 Title Information. 

(a) On or before the delivery to the Administrative Agent and the Lenders of each Reserve Report required by
Section 8.12, to the extent requested by the Administrative Agent, the Borrower will deliver title information in form and substance reasonably acceptable to the Administrative Agent covering enough of the Oil and Gas
Properties evaluated by such Reserve Report that were not included in the immediately preceding Reserve Report, so that the Administrative Agent shall have received together with title information previously delivered to the Administrative Agent,
reasonably satisfactory title information on at least 80% of the total value of the proved Oil and Gas Properties evaluated by such Reserve Report. 

(b) If the Borrower has provided title information for additional Properties under Section 8.13(a), the Borrower
shall, within 60 days of notice from the Administrative Agent that title defects or exceptions exist with respect to such additional Properties, either (i) cure any such title defects or exceptions (including defects or exceptions as to
priority) which are not permitted by Section 9.03, (ii) substitute acceptable Mortgaged Properties with no title defects or exceptions (other than Liens which are permitted by Section 9.03 having
an equivalent value) or 

  
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(iii) deliver title information in form and substance reasonably acceptable to the Administrative Agent so that the Administrative Agent shall have received, together with title information
previously delivered to the Administrative Agent, reasonably satisfactory title information on at least 80% of the total value of the proved Oil and Gas Properties evaluated by such Reserve Report. 

(c) If the Borrower is unable to cure any title defect requested by the Administrative Agent or the Lenders to be cured within the 60-day
period or the Borrower does not comply with the requirements to provide acceptable title information as required by Section 8.13(a) and Section 8.13(b), such default shall not be a Default, but
instead the Administrative Agent and/or the Majority Lenders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future
exercise of the remedy by the Administrative Agent or the Lenders. To the extent that the Administrative Agent or the Majority Lenders are not reasonably satisfied with title to any Mortgaged Property after the 60-day period has elapsed, such
unacceptable Mortgaged Property shall not count towards the requirements of Section 8.13(a) and Section 8.13(b), and the Administrative Agent may send a notice to the Borrower and the Lenders that
the then outstanding Borrowing Base shall be reduced by an amount as determined by the Required Lenders to cause the Borrower to be in compliance with the requirement to provide acceptable title information pursuant to
Section 8.13(a) and Section 8.13(b). Such new Borrowing Base shall become effective immediately after receipt of such notice. 

Section 8.14 Additional Collateral; Additional Guarantors. 

(a) In connection with each redetermination of the Borrowing Base, the Borrower shall review the Reserve Report and the list of current
Mortgaged Properties (as described in Section 8.12(c)(vi)) to ascertain whether the Mortgaged Properties represent at least 85% of the total value of the proved Oil and Gas Properties of the Borrower and the Restricted
Subsidiaries evaluated in the most recently completed Reserve Report, after giving effect to exploration and production activities, acquisitions, dispositions and production. In the event that the Mortgaged Properties represent less than 85% of the
total value of the proved Oil and Gas Properties of the Borrower and the Restricted Subsidiaries evaluated in the most recently completed Reserve Report delivered to the Administrative Agent, then the Borrower shall, and shall cause each of its
Restricted Subsidiaries to, grant, within sixty (60) days (or such later date as the Administrative Agent may agree to in its sole discretion and to the extent permitted by the Second Lien Notes) of the delivery of the Reserve Report
Certificate, to the Administrative Agent or its designee as security for the Secured Obligations a first-priority Lien interest (subject to Liens permitted by Section 9.03 which may attach to Mortgaged Property) on
additional Oil and Gas Properties of the Borrower and the Restricted Subsidiaries not already subject to a Lien of the Security Instruments such that after giving effect thereto, the value of the Mortgaged Properties is equal to or greater than 85%
of the total value of the proved Oil and Gas Properties of the Borrower and the Restricted Subsidiaries evaluated in such Reserve Report. All such Liens will be created and perfected by and in accordance with the provisions of the Guaranty and
Collateral Agreement, deeds of trust, mortgages, security agreements and financing statements or other Security Instruments, all in form and substance reasonably satisfactory to the Administrative Agent or its designee and in sufficient executed
(and acknowledged where necessary or appropriate) counterparts for recording purposes. In order to comply with the foregoing, if any Restricted Subsidiary places a Lien on its Oil and Gas Properties and such Restricted Subsidiary is not a Guarantor,
then it shall become a Guarantor and comply with Section 8.14(b). 

  
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 (b) The Borrower shall promptly cause each Material Subsidiary (other than an Excluded
Subsidiary or Immaterial Subsidiary) to become a Guarantor and guarantee the Secured Obligations pursuant to the Guaranty and Collateral Agreement. In connection with any such guaranty, the Borrower shall, or shall cause the Restricted Subsidiaries
to, promptly, but in any event no later than 15 days (or such later date as the Administrative Agent may agree to in its sole discretion and to the extent permitted by the Second Lien Notes) after the formation or acquisition (or other similar
event, including an Immaterial Subsidiary becoming a Material Subsidiary or upon the designation of an Unrestricted Subsidiary as a Restricted Subsidiary) of any Material Subsidiary (other than an Excluded Subsidiary or Immaterial Subsidiary) to,
(i) cause such Material Subsidiary to execute and deliver a joinder and supplement to the Guaranty and Collateral Agreement, (ii) (A) pledge all of the Equity Interests issued by such Material Subsidiary and (B) cause such Material
Subsidiary to pledge all of the Equity Interests directly owned by such Material Subsidiary in its respective Subsidiaries (including, without limitation, delivery of original stock certificates evidencing such Equity Interests, together with an
appropriate undated stock power for each certificate duly executed in blank by the registered owner thereof); provided, that such pledge shall be limited to (x) 65% of the voting Equity Interests in any Excluded Subsidiary described in
clauses (a) or (b) of the definition thereof and (y) 0% of the Equity Interests in any Excluded Subsidiary described in clauses (c) or (d) of the definition thereof (unless such Equity Interests are pledged to secure any Permitted Second
Lien Notes or any Permitted Refinancing Debt thereof), and (iii) execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent or its designee. 

(c) In the event that the Borrower or any Subsidiary intends to grant any Lien on any Property to secure any Permitted Second Lien Notes or any
Permitted Refinancing Debt thereof, the Borrower will provide at least fifteen (15) day’s prior written notice thereof to the Administrative Agent (or such shorter time as the Administrative Agent may agree in its sole discretion), and the
Borrower will, and will cause its Subsidiaries to, first (or contemporaneously therewith) grant to the Administrative Agent to secure the Secured Obligations a first-priority Lien on the same Property (unless the Administrative Agent declines such
Lien), pursuant to Security Instruments in form and substance satisfactory to the Administrative Agent, to the extent a prior Lien has not already been granted to the Administrative Agent on such Property. In connection therewith, the Borrower
shall, or shall cause its Subsidiaries to, execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. The Borrower will cause any Subsidiary and any
other Person guaranteeing any Permitted Second Lien Notes or any Permitted Refinancing Debt to contemporaneously guarantee the Secured Obligations pursuant to the Guaranty and Collateral Agreement. 

Section 8.15 ERISA Event. The Credit Parties will promptly furnish, and will cause any ERISA Affiliate to promptly furnish,
to the Administrative Agent (a) upon becoming aware of the occurrence of any ERISA Event that would reasonably be expected to result in a Material Adverse Effect, a written notice specifying the nature thereof, what action such Credit Party or
ERISA Affiliate is taking or proposes to take with respect thereto, and, if then known, any action taken or proposed by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto, and (b) upon receipt thereof, copies
of any notice of the PBGC’s intention to terminate or to have a trustee appointed to administer any Plan. 

  
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 Section 8.16 Reserved. 

Section 8.17 Accounts. The Credit Parties shall, and shall cause each Restricted Subsidiary to, (i) in connection with any
Deposit Account or Securities Account established or acquired by a Credit Party (other than Excluded Accounts, but only for so long as it is an Excluded Account) promptly, but in any event within thirty (30) days of the establishment or
acquisition of such account (or, in the case of a Deposit Account or Securities Account that ceases to be an Excluded Account, within thirty (30) days after cessation of its status as an Excluded Account) or by such later date as the
Administrative Agent shall reasonably agree, cause such Deposit Account or Securities Account to become and thereafter be maintained subject to an Account Control Agreement: (ii) subject to clause (i) hereof, deposit or cause to be
deposited directly, all Cash Receipts into one or more Deposit Accounts in which the Administrative Agent has been granted a first-priority Lien (subject to Excepted Liens of the type described in clause (e) of the definition thereof) and is
subject to an Account Control Agreement (in each case, other than amounts referred to in the definition of “Excluded Accounts”, which may be deposited in Excluded Accounts) and (iii) subject to clause (i) hereof, deposit or
credit or cause to be deposited or credited directly, all securities and financial assets held or owned by (whether directly or indirectly), credited to the account of, or otherwise reflected as an asset on the balance sheet of, the Borrower and the
Consolidated Restricted Subsidiaries (including, without limitation, all marketable securities, treasury bonds and bills, certificates of deposit, investments in money market funds and commercial paper) into one or more Securities Accounts in which
the Administrative Agent has been granted a first-priority Lien (subject to Excepted Liens of the type described in clause (e) of the definition thereof) and that is subject to an Account Control Agreement. 

Section 8.18 Most Favored Lender Provisions. 

(a) If, on the Effective Date or at any time thereafter, any Second Lien Loan Document shall include any covenant or event of default (whether
set forth as a covenant, undertaking, event of default, restriction or other such provision (but which, for the avoidance of doubt, excludes applicable interest rates, margins, premiums and fees)) not set forth in this Agreement or that would be
more beneficial to the holders of the Second Lien Notes than any analogous provision contained in this Agreement (any such covenant or event of default, an “Additional Provision”), then, with respect to any such Additional Provision
arising at any time after the Effective Date, the Borrower shall provide a Most Favored Lender Notice to the Administrative Agent. Any Additional Provision (and any related definitions and cross references), whether in effect before or after the
Effective Date, shall be deemed automatically incorporated by reference into this Agreement, mutatis mutandis, for such purpose only as if set forth fully in this Agreement, without any further action required on the part of any Person,
effective as of the date when such Additional Provision became effective under such Second Lien Loan Document (or, in the case of any Additional Provision existing on the Effective Date, effective as of the Effective Date) (each such Additional
Provision, as so incorporated, an “Incorporated Provision”). As used herein, “Most Favored Lender Notice” means, in respect of any Additional Provision arising at any time after the Effective Date, a written notice
to the 

  
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Administrative Agent promptly and in any event within 30 days after the inclusion of such Additional Provision in any Second Lien Loan Document (including by way of amendment or other
modification of any existing provision thereof), by a Responsible Officer of the Borrower referring to the provisions of this Section 8.18 and setting forth a description of such Additional Provision (including any defined
terms used therein) and related explanatory calculations, as applicable. 
 (b) If any Additional Provision is amended, waived or otherwise
modified in each relevant Second Lien Loan Document with the effect that such Additional Provision is made less restrictive, such Additional Provision is removed from each relevant Second Lien Loan Document or each Second Lien Loan Document
containing such Additional Provision shall be terminated, such Additional Provision incorporated into this Agreement pursuant to this Section 8.18: (x) shall automatically be deemed amended, waived, modified or removed
simultaneously with any amendment, waiver, modification or removal of such Additional Provision under each relevant Second Lien Loan Document or (y) shall automatically be deemed deleted from this Agreement at such time as each relevant Second
Lien Loan Document shall be terminated and no amounts shall be outstanding thereunder, as applicable, in each case without any further action by the Borrower. 

ARTICLE IX 
 Negative
Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable
hereunder and all other amounts payable under the Loan Documents have been paid in full (other than indemnities and other contingent obligations not then due and payable and as to which no claim has been made as of the time of determination) and all
Letters of Credit shall have expired, terminated or have been cash collateralized (or as to which other arrangements satisfactory to the Administrative Agent and each Issuing Bank shall have been made) and all LC Disbursements shall have been
reimbursed, each of the Credit Parties covenants and agrees with the Lenders that, and covenants and agrees to cause the Restricted Subsidiaries that: 

Section 9.01 Financial Covenants. 

(a) Maximum Net Leverage Ratio. The Borrower will not permit, as of the last day of each fiscal quarter, beginning with the fiscal
quarter ending December 31, 2019, the Net Leverage Ratio to exceed 3.50 to 1.00. 
 (b) Current Ratio. The Borrower will not
permit, as of the last day of any fiscal quarter, beginning with the fiscal quarter ending December 31, 2019, the Current Ratio to be less than 1.00 to 1.00. 

Section 9.02 Debt. The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, incur, create, assume
or suffer to exist any Debt, except: 

  
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 (a) the Loans, other Secured Obligations and any guaranty of or suretyship arrangement in
respect thereof. 
 (b) intercompany Debt between or among (i) the Borrower and any Subsidiary Guarantor, (ii) any Restricted
Subsidiary that is not a Guarantor and any other Restricted Subsidiary that is not a Guarantor or (iii) the Borrower or any Subsidiary Guarantor to any Restricted Subsidiary that is not a Guarantor to the extent permitted by
Section 9.05(g); provided that such Debt is not held, assigned, transferred, negotiated or pledged to any Person other than the Administrative Agent for the benefit of the Lenders, the Borrower or a Subsidiary
Guarantor, and, provided further, that any such Debt for borrowed money (including without limitation intercompany receivables or other obligations) owed by either the Borrower or any Credit Party shall be subordinated to the Secured
Obligations on the terms set forth in the Guaranty and Collateral Agreement. 
 (c) endorsements of negotiable instruments for collection in
the ordinary course of business. 
 (d) Debt of the Borrower or the Restricted Subsidiaries (i) associated with bonds or surety
obligations required by Governmental Requirements in connection with the operation of the Oil and Gas Properties in the ordinary course of business and (ii) comprised of guarantees of obligations of Restricted Subsidiaries under marketing
agreements entered into in the ordinary course of business and which do not constitute Debt for borrowed money. 
 (e) Debt of the Borrower
and the Restricted Subsidiaries under Capital Leases and Debt incurred to finance the purchase, construction or improvement of such capital assets (excluding real property interests) secured by Liens permitted by
Section 9.03(c) in an aggregate principal amount not to exceed $25,000,000. 
 (f) Permitted Senior Notes and any
guarantees thereof incurred after the Effective Date; provided that (i) both before and immediately after giving effect to the incurrence of such Debt, no Default or Event of Default has occurred and is continuing or would result
therefrom (after giving effect to any concurrent repayment of Debt with the proceeds thereof, any Borrowing Base adjustment under Section 2.07(e) and any prepayment made pursuant to
Section 3.04(c)(iii)); (ii) such Debt and any guarantees thereof (A) are on terms and conditions that are not more restrictive, taken as a whole, than those contained in this Agreement and the other Loan
Documents, as reasonably determined by the Borrower in good faith, and (B) do not contain financial covenants that are more restrictive than those contained in this Agreement and the other Loan Documents, unless in the case of clause
(A) or (B), such more restrictive terms are incorporated into this Agreement, mutatis mutandis, are offered to the Lenders in good faith or are otherwise applicable only after the payment in full of the Loans; (iii) immediately after the
incurrence of such Debt, the Borrowing Base shall be adjusted in accordance with and to the extent required by Section 2.07(e) and prepayment shall be made to the extent required by
Section 3.04(c)(iii); (iv) such Debt does not have any scheduled principal amortization prior to the date that is 91 days after the Maturity Date; (v) such Debt does not mature sooner than the date that is 91 days
after the Maturity Date; (vi) the economic terms of such Debt and any guarantees thereof, taken as a whole, are on market terms for issuers of similar size and credit quality given the then prevailing market conditions as reasonably determined
by the Borrower in good faith; 

  
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(vii) immediately after giving effect to the incurrence of such Debt and any guarantees thereof, the Pro Forma Net Leverage Ratio shall not exceed 3.50 to 1.00; (viii) such Debt does
not have any mandatory prepayment or redemption provisions which would require a mandatory prepayment or redemption thereof in priority to the Secured Obligations (other than (A) customary offers to purchase upon (i) a change of control,
to the extent such offer is subject to the previous payment in full of the Secured Obligations and (ii) asset sale or casualty or condemnation event to the extent the terms of such Debt provide that such Debt shall not be required to be
repurchased or redeemed until the Maturity Date has occurred or such repurchase or redemption is otherwise permitted by this Agreement and (B) customary acceleration rights after an event of default); (ix) no Subsidiary or other Person is
required to guarantee such Debt unless such Subsidiary or other Person has guaranteed the Secured Obligations pursuant to the Guaranty and Collateral Agreement; (x) if such Debt is senior subordinated Debt, such Debt is expressly subordinate to
the payment in full of all of the Secured Obligations on terms and conditions reasonably satisfactory to the Administrative Agent and (xi) the Borrower shall have complied with Section 8.01(p). 

(g) Permitted Second Lien Notes, any guarantees thereof existing on the Effective Date and any PIK Notes issued by the Borrower in connection
with such notes; provided that (i) such Debt shall be at all times subject to the Second Lien Intercreditor Agreement and the Secured Obligations shall be secured on a senior priority basis to such Debt (except with respect to any
unsecured Permitted Refinancing Debt); (ii) such Debt does not have any scheduled principal amortization; (iii) such Debt does not have any mandatory prepayment or redemption provisions which would require a mandatory prepayment or
redemption thereof in priority to the Secured Obligations (other than (A) customary offers to purchase upon (i) a change of control, to the extent such offer is subject to the previous payment in full of the Secured Obligations and
(ii) asset sale or casualty or condemnation event to the extent the terms of such Debt provide that such Debt shall not be required to be repurchased or redeemed until the Maturity Date has occurred or such repurchase or redemption is otherwise
permitted by this Agreement and (B) customary acceleration rights after an event of default); and (iv) no Subsidiary or other Person is required to guarantee such Debt unless such Subsidiary or other Person has guaranteed the Secured
Obligations pursuant to the Guaranty and Collateral Agreement. 
 (h) Permitted Refinancing Debt and any guarantees thereof, the proceeds of
which shall be used concurrently with the incurrence thereof to refinance any outstanding Permitted Debt permitted under Section 9.02(f), Section 9.02(g) and
Section 9.02(m) or to refinance any outstanding Refinanced Debt, as the case may be. 
 (i) Debt in the form of
guaranties by the Credit Parties of Debt of (i) the Borrower or any Subsidiary Guarantor permitted under this Section 9.02 or (ii) other Persons to the extent an Investment would be permitted in such Person under
Section 9.05(g). 
 (j) other Debt in an aggregate principal amount not to exceed $30,000,000 at any one time
outstanding. 
 (k) To the extent constituting Debt, unsecured deferred purchase price arrangements in connection with acquisitions and/or
Investments otherwise permitted by this Agreement so long as (i) no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing or would result therefrom and (ii) the Pro Forma Net Leverage Ratio is equal to or
less than 3.50 to 1.00. 

  
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 (l) Debt existing on the Effective Date and set forth on Schedule 9.02. 

(m) Debt of the Borrower under the Purchaser Note; provided that (i) both before and immediately after giving effect to the
incurrence of such Debt, no Default or Event of Default has occurred and is continuing or would result therefrom; (ii) such Debt and any guarantees thereof (A) are on terms reasonably acceptable to the Administrative Agent (it being agreed
and understood that the form and substance of the draft Purchaser Note provided to the Administrative Agent prior to the Effective Date and as may be amended, amended and restated, replaced or otherwise modified from time to time as permitted by
this Agreement is reasonably acceptable to the Administrative Agent) and are on terms and conditions that are not more restrictive, taken as a whole, than those contained in this Agreement and the other Loan Documents, as reasonably determined by
the Borrower in good faith and (B) do not contain financial covenants that are more restrictive than those contained in this Agreement and the other Loan Documents, unless in the case of clause (A) or (B), such more restrictive terms are
incorporated into this Agreement, mutatis mutandis, are offered to the Lenders in good faith or are otherwise applicable only after the payment in full of the Loans; (iii) immediately after giving effect to the incurrence of such Debt and any
guarantees thereof, the Pro Forma Net Leverage Ratio shall not exceed 3.50 to 1.00; (iv) such Debt does not have any mandatory prepayment or redemption provisions which would require a mandatory prepayment or redemption thereof in priority to
the Secured Obligations (other than (A) customary offers to purchase upon (i) a change of control, to the extent such offer is subject to the previous payment in full of the Secured Obligations and (ii) asset sale or casualty or
condemnation event to the extent the terms of such Debt provide that such Debt shall not be required to be repurchased or redeemed until the Maturity Date has occurred or such repurchase or redemption is otherwise permitted by this Agreement,
(B) required amortization payments pursuant to the Purchaser Note as set forth in the draft Purchaser Note provided to the Administrative Agent prior to the Effective Date, and (C) customary acceleration rights after an event of default);
and (v) no Subsidiary or other Person is required to guarantee such Debt unless such Subsidiary or other Person has guaranteed the Secured Obligations pursuant to the Guaranty and Collateral Agreement and (x) if such Debt is senior
subordinated Debt, such Debt is expressly subordinate to the payment in full of all of the Secured Obligations on terms and conditions reasonably satisfactory to the Administrative Agent. 

Section 9.03 Liens. The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, create, incur, assume
or permit to exist any Lien on any of their respective Properties (now owned or hereafter acquired), except: 
 (a) Liens securing the
payment of any Secured Obligations. 
 (b) Excepted Liens. 

(c) Liens securing Capital Leases and Liens encumbering assets (and those described in subclause (ii) below) securing Debt incurred to
finance the purchase, construction or improvement of such assets (and any refinancings thereof which do not increase the principal amount thereof); provided that (i) the principal amount of the Debt secured by a purchased asset

  
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shall not exceed one hundred percent (100%) of the purchase price of such asset, (ii) such Liens shall not extend to or encumber any other asset of the Credit Parties or the Restricted
Subsidiaries other than the agreement, any related contracts, intangibles and other assets that are incidental thereto, including accessions thereto and replacements thereof, and proceeds and individual financings may be cross-collateralized with
other asset-specific acquisition or construction financings provided by such Person or its Affiliates, (iii) such Liens shall attach to such purchased, constructed or improved asset within 180 days after such acquisition or the completion of
such construction or improvement (or substantially contemporaneously with refinancings of such Debt which do not increase the principal amount thereof) and (iv) such Liens shall not extend to or encumber Borrowing Base Properties. 

(d) Liens on Property securing Permitted Second Lien Notes and Permitted Refinancing Debt, in each case to the extent permitted by
Section 9.02(g); provided however, that (i) such Liens are subordinate to the Liens securing the Secured Obligations pursuant to the Second Lien Intercreditor Agreement and (ii) both before and
immediately after giving effect to the incurrence of any such Lien, the Borrower is in compliance with Section 8.14(c) and the Second Lien Intercreditor Agreement. 

(e) Liens on Property of the Borrower and the Restricted Subsidiaries (other than proved Oil and Gas Properties or Property constituting
Collateral) not otherwise permitted by any other clause of this Section 9.03; provided that the aggregate principal or face amount of all Debt secured under this Section 9.03(e) shall not
exceed $15,000,000 at any time. 
 (f) Liens existing on the Effective Date and set forth on Schedule 9.03. 

Section 9.04 Dividends, Distributions and Redemptions. 

(a) Restricted Payments. The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, declare or make, or
agree to pay or make, directly or indirectly, any Restricted Payment, return any capital to holders of its Equity Interests or make any distribution of its Property to its respective Equity Interest holders (all of which shall be referred to as a
“Restricted Payment” for purposes of this Section 9.04(a)), except: 
 (i) the Borrower may declare and pay Restricted
Payments with respect to its Equity Interests payable solely in additional shares (or the right to acquire additional shares) of its Equity Interests (other than Disqualified Capital Stock); 

(ii) Restricted Subsidiaries of the Borrower may declare and pay Restricted Payments ratably with respect to their Equity Interests to its
direct parent that is the Borrower or a Subsidiary Guarantor; 
 (iii) so long as, both before and immediately after giving effect thereto,
each of the RP/Investment Conditions is satisfied, the Borrower may declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, in each case in cash, and with respect to dividends and distributions, ratably with respect
to its Equity Interests; 

  
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 (iv) the Borrower may make Restricted Payments pursuant to and in accordance with stock
option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries; and 
 (v) the Borrower may make
Restricted Payments with the net cash proceeds of a substantially concurrent sale or issuance of Equity Interests (other than Disqualified Capital Stock) of the Borrower (to the extent contributed to the Borrower and other than a sale or issuance to
a Subsidiary of the Borrower) or of a substantially concurrent cash contribution to the Equity Interests (other than Disqualified Capital Stock) of the Borrower (to the extent contributed to the Borrower and other than a contribution by a Subsidiary
of the Borrower); provided, that the making of a Restricted Payment within 90 days after such sale, issuance or contribution shall be deemed to be substantially concurrent. 

(b) Redemption or Repayment of Permitted Debt or Permitted Refinancing Debt. The Credit Parties will not, and will not permit any
Restricted Subsidiary to: 
 (i) call, make or offer to make any optional Redemption of or otherwise optionally Redeem whether in whole or
in part or optionally repay any Permitted Debt, except (w) the Second Lien Redemption and the Second Lien Exchange, (x)(A) any optional Redemption of the Purchaser Note and (B) any optional Redemption of other Permitted Debt, in the case
of clause (B), up to an aggregate amount not to exceed $200,000,000, and in the case of clauses (A) and (B), so long as both before and immediately after giving effect thereto, each of the RP/Investment Conditions is satisfied, (y) with
proceeds of Permitted Refinancing Debt or (z) with the net cash proceeds of any issuance or sale of or the exchange or conversion into Equity Interests (other than Disqualified Capital Stock) of the Borrower; or 

(ii) amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of
any notes evidencing, or any indenture, agreement, instrument, certificate or other document relating to, any Permitted Debt if: 

(A) the effect of such amendment, modification or waiver is to shorten the final maturity to a date that is earlier than the
date that is 91 days after the Maturity Date, or increase the amount of any payment of principal thereof or increase the rate or shorten any period for payment of interest thereon or modify the method of calculating the interest rate; 

(B) such action adds, amends, changes or otherwise modifies covenants, events of default or other agreements to the extent such
covenants, events of default or other agreements are more restrictive, taken as a whole, than those contained in this Agreement or the other Loan Documents, or financial covenants that are more restrictive than those contained in this Agreement, in
each case, as reasonably determined by the Borrower in good faith, unless such covenants, events of default or agreements or more restrictive terms are incorporated into this Agreement, mutatis mutandis, are offered to the Lenders in good faith or
are otherwise applicable only after the payment in full of the Loans; 

  
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 (C) unless permitted by Section 9.03(d) or, in the
case of the Permitted Second Lien Notes, by the Second Lien Intercreditor Agreement, such action creates a security interest or adds collateral in favor of the holder; 

(D) the effect of such amendment, modification or waiver is to designate any Permitted Debt as subordinate to any other Debt
(other than the Secured Obligations) unless such Permitted Debt is expressly subordinate to the payment in full of all of the Secured Obligations on terms and conditions reasonably satisfactory to the Administrative Agent; or 

(E) with respect to the Permitted Second Lien Notes, such amendment, modification or waiver would violate the Second Lien
Intercreditor Agreement. 
 Section 9.05 Investments, Loans and Advances. The Credit Parties will not, and will not permit any
of the Restricted Subsidiaries to, make or permit to remain outstanding any Investments in or to any Person, except that the foregoing restriction shall not apply to: 

(a) Investments existing on the Effective Date set forth on Schedule 9.05. 

(b) Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade
credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss. 

(c) cash and Cash Equivalents. 

(d) Investments (i) the consideration of which consists of Equity Interests (other than Disqualified Capital Stock) of the Borrower, or
warrants options or other rights to purchase or acquire Equity Interests (other than Disqualified Capital Stock) of the Borrower or (ii) in an amount not to exceed the net cash proceeds of one or more offerings of Equity Interests (other than
Disqualified Capital Stock) of the Borrower (the “Qualifying Net Cash Proceeds”), in each case, to the extent not constituting a Change in Control; provided that, in the case of clause (ii) above: (A) both before, and
immediately after giving effect to, any such Investment, no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing or would result therefrom and (B) any such Investment is made within 90 days after the receipt by
the Borrower of the Qualifying Net Cash Proceeds (provided that Qualifying Net Cash Proceeds shall be reduced on a dollar-for-dollar basis by any Restricted
Payments made by the Borrower in cash during such 90 day period prior to the making of Investments with such Qualifying Net Cash Proceeds). 

(e) Investments (i) made by the Borrower in or to any other Person that, prior to such Investment, is a Subsidiary Guarantor;
(ii) made by any Restricted Subsidiary in or to the Borrower or any other Person that, prior to such Investment, is a Subsidiary Guarantor; (iii) made by any Restricted Subsidiary that is not a Guarantor in or to the Borrower or any other
Restricted Subsidiary; or (iv) made by any Credit Party in any Restricted Subsidiary that is not a Subsidiary Guarantor; provided, that the aggregate amount at any time outstanding pursuant to this clause (iv) shall not exceed
$1,000,000. 

  
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 (f) consideration (other than cash consideration) received by a Credit Party or a Restricted
Subsidiary pursuant to a Disposition permitted under Section 9.11, to the extent such consideration is permitted pursuant to Section 9.11. 

(g) loans or advances to employees, officers or directors in the ordinary course of business of the Credit Parties or the Restricted
Subsidiaries, in each case only as permitted by applicable law, including Section 402 of the Sarbanes Oxley Act of 2002, but in any event not to exceed $2,500,000 in the aggregate at any time. 

(h) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this
Section 9.05 owing to the Credit Parties or the Restricted Subsidiaries as a result of a bankruptcy or other insolvency proceeding of the Credit Party in respect of such debts or upon the enforcement of any Lien in favor of
the Credit Parties or the Restricted Subsidiaries. 
 (i) Investments made in connection with the purchase, lease or other acquisition of
tangible assets of any Person, and Investments made in connection with the purchase, lease or other acquisition of all or substantially all of the business of any Person, or all of the Equity Interests of any Person, so long as such Person becomes a
Restricted Subsidiary immediately after giving effect to such Investment, or any division, line of business or business unit of any Person (including by the merger or consolidation of such Person into the Borrower or any Guarantor); provided
that (i) the Borrower promptly complies with the requirements of Section 8.14 in connection with any newly acquired Restricted Subsidiary to the extent required thereby, (ii) no Default, Event of Default or
Borrowing Base Deficiency exists both before and after giving effect to any such Investment and (iii) immediately after giving effect to any such Investment, the Pro Forma Net Leverage Ratio shall not exceed 3.50 to 1.00. 

(j) Investments permitted by Section 9.10. 

(k) other Investments not to exceed in the aggregate at any time outstanding an amount equal to $25,000,000. 

(l) other Investments, so long as, both before and immediately after giving effect thereto, each of the RP/Investment Conditions is satisfied.

 (m) any guarantee permitted under Section 9.02. 

Section 9.06 Nature of Business. The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, allow any
material change to be made in the character of its business as an independent oil and gas exploration and production company and activities reasonably incidental or related thereto. The Borrower and Credit Parties will not, and will not permit any
of the Restricted Subsidiaries to, operate its business outside the geographical boundaries of the United States. 
 Section 9.07
Proceeds of Loans. The Borrower will not permit the proceeds of the Loans and Letters of Credit to be used for any purpose other than those permitted by Section 7.21. None of the Borrower, its Subsidiaries or any
Person acting on behalf of the Borrower or its Subsidiaries has taken or will take any action which would cause any of the Loan Documents to 

  
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violate Regulations T, U or X or any other regulation of the Board or to violate Section 7 of the Exchange Act. If requested by the Administrative Agent, the Borrower will furnish to the
Administrative Agent a statement to the foregoing effect in conformity with the requirements of FR Form U-1 or such other form referred to in Regulation U, Regulation T or Regulation X of the Board, as
the case may be. The Borrower will not request any Borrowing or Letter of Credit, and the proceeds of any Borrowing or Letter of Credit shall not, directly or, knowingly, indirectly, be used, or lent, contributed or otherwise made available to any
Subsidiary, other Affiliate, joint venture partner or other Person, (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any
Anti-Corruption Laws or AML Laws, (B) for the purpose of funding, financing or facilitating any activity, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country (including, but not limited to, transshipment or
transit through a Sanctioned Country), or involving any goods originating in or with a Sanctioned Person or Sanctioned Country in violation of Sanctions, or (C) in any manner that would result in the violation of any Sanctions by any Person
(including any Person participating in the transactions contemplated hereunder, whether as underwriter, advisor, lender, issuing bank, investor or otherwise). 

Section 9.08 ERISA Compliance. Except as would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect, the Credit Parties will not at any time: 
 (a) terminate, or permit any ERISA Affiliate to terminate, any Plan in a manner,
or take any other action with respect to any Plan, which could reasonably be expected to result in any liability of the Credit Parties to the PBGC; 

(b) contribute to or assume an obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume an obligation to
contribute to, any Multiemployer Plan; 
 (c) permit to exist, or allow any ERISA Affiliate to permit to exist, any failure to comply with
the rules regarding minimum required contributions under Section 302 or 303 of ERISA or Section 412, 430 or 436 of the Code with respect to any Plan; 

(d) incur, or permit any ERISA Affiliate to incur, a liability to or on account of a Plan or Multiemployer Plan under Sections 515, 4062, 4063,
4064, 4201 or 4204 of ERISA; and 
 (e) permit any Plan to (i) fail to satisfy the minimum funding standard applicable to the Plan for
any plan year pursuant to Section 412 of the Code or Section 302 of ERISA (determined without regard to Section 412(c) of the Code or Section 302(c) of ERISA), (ii) be in at-risk status
(within the meaning of Section 430 of the Code or Section 303 of ERISA) for a plan year, or (iii) fail to satisfy the requirements of Section 436 of the Code or Section 206(g) of ERISA. 

Section 9.09 Sale or Discount of Receivables. Except for receivables obtained by the Credit Parties or the Restricted Subsidiaries
out of the ordinary course of business or the settlement of joint interest billing accounts in the ordinary course of business or discounts granted to settle collection of accounts receivable or the sale of defaulted accounts arising in the ordinary
course of business in connection with the compromise or collection thereof and not in connection with any financing transaction, none of the Credit Parties or any of the Restricted Subsidiaries will discount or sell (with or without recourse) any of
its notes receivable or accounts receivable. 

  
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 Section 9.10 Mergers, Etc. The Credit Parties will not, and will not permit any
of the Restricted Subsidiaries to, merge into or with or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, lease or otherwise dispose of (whether in one transaction or in a series of related
transactions) all or substantially all of its Property to any other Person (any such transaction, a “consolidation”) or liquidate, wind-up or dissolve (or suffer any liquidation or
dissolution), terminate or discontinue its business (any such transaction, a “wind-up”) or divide; provided that (a) so long as no Default, Event of Default or Borrowing Base
Deficiency has occurred and is continuing or would result therefrom, any Restricted Subsidiary of the Borrower may participate in a consolidation with the Borrower in a transaction in which the Borrower is the surviving entity or transferee and in
which the Borrower remains a domestic entity, (b) so long as no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing or would result therefrom, any Subsidiary Guarantor may participate in a merger or
consolidation with any other Subsidiary Guarantor, (c) so long as (i) no Event of Default has occurred and is continuing or would result therefrom and (ii) after giving effect thereto, the Credit Parties are in compliance with
Section 8.14, any Restricted Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to a Subsidiary Guarantor, (d) any Restricted Subsidiary may
wind-up if the Borrower determines in good faith that such wind-up is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and
(i) with respect to any Subsidiary Guarantor, provides written notice to the Administrative Agent not less than five (5) days (or less, as the Administrative Agent may agree in its sole discretion) prior to such wind-up, (ii) distributes all Property of the entity subject of the wind-up to the Borrower or another Restricted Subsidiary, and (iii) complies in all respects with
all covenants and agreements in the Loan Documents to provide the Administrative Agent with perfected first-priority liens (subject to Excepted Liens) on all Property so distributed, (e) any Restricted Subsidiary that is not a Guarantor may
participate in a merger or consolidation with any other Restricted Subsidiary; provided that if any Guarantor participates in such merger or consolidation, a Guarantor shall be the surviving Person; and (f) Credit Parties and their
Restricted Subsidiaries may engage in Dispositions permitted by Section 9.11. 
 Section 9.11 Disposition
of Properties. The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, Dispose of any Property, except the below listed transactions: 

(a) the Disposition of inventory, including Hydrocarbons and geological and seismic data, in the ordinary course of business. 

(b) unless a Default or an Event of Default has occurred and is continuing or would result therefrom, 

(i) Disposition of Properties to the extent permitted by Section 9.04(a), Section 9.05,
and Section 9.10; 
 (ii) the Disposition of equipment or other Property (other than Oil and Gas Properties) that
is either obsolete, worn-out or no longer necessary or useful for the business of the Borrower or any Restricted Subsidiary or is promptly replaced by equipment or Property of at least comparable value; and

  
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 (iii) subject to Section 2.07(f) and the Borrower’s
compliance with Section 3.04(c)(iii), Dispositions of any Oil and Gas Properties or any interest therein or the Disposition of any Equity Interests of any Restricted Subsidiary directly or indirectly owning Oil and Gas
Properties; provided that (A) at least seventy-five percent (75%) of the consideration received in respect of such Disposition shall be cash or Cash Equivalents, (B) the consideration received in respect of such Disposition shall be
equal to or greater than the fair market value of the Oil and Gas Property, interest therein or Restricted Subsidiary subject of such Disposition (as reasonably determined by a Financial Officer of the Borrower, or if the aggregate consideration
received in respect of such Disposition exceeds $50,000,000, the board of directors (or equivalent body) of the Borrower and, if requested by the Administrative Agent, the Borrower shall deliver a certificate of a Responsible Officer of the Borrower
certifying to that effect) and (C) if any such Disposition is of a Restricted Subsidiary owning Oil and Gas Properties, such Disposition shall include all the Equity Interests of such Restricted Subsidiary. 

(c) Farm-outs of undeveloped acreage or acreage to which no proved reserves in which the Borrower or any Restricted Subsidiary has an interest
are attributable and assignments in connection with such farm-outs, in each case in the ordinary course of business (for purposes of this clause, farm-out means any contract whereby any Oil and Gas Property,
or any interest therein, may be earned by one party, by the drilling or committing to drill one or more wells by that party, whether directly or indirectly). 

(d) so long as no Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing, (i) any Credit Party or any
Restricted Subsidiary may Dispose of its Properties to the Borrower or to a Subsidiary Guarantor, so long as, after giving effect thereto, the Credit Parties are in compliance with Section 8.14 without giving effect to any
grace periods specified in such section, and (y) any Restricted Subsidiary that is not a Guarantor may Dispose of its Properties to any other Restricted Subsidiary that is not a Subsidiary Guarantor. 

(e) the Disposition of cash and Cash Equivalents in the ordinary course of business. 

(f) the write-off, discount, sale or other disposition of defaulted or
past-due receivables and similar obligations in the ordinary course of business. 
 (g) Casualty
Events; provided that with respect to any Casualty Event of a Borrowing Base Property, Section 2.07(f) and Section 3.04(c)(iii) shall apply. 

(h) Dispositions of Properties not regulated by Section 9.11(a) through (g) having a fair market value
not to exceed $10,000,000 during any 12-month period. 
 (i) the trade or exchange of Oil and Gas Properties for Oil and Gas Properties of
equivalent or higher reserve classification and equivalent discounted present value in the ordinary course of business; provided, that, the aggregate value of Dispositions of Borrowing Base Properties pursuant to this
Section 9.11(i) shall not exceed $10,000,000. 

  
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 Section 9.12 Environmental Matters. The Credit Parties will not, and will not
permit any Restricted Subsidiary to, cause or permit Release of Hazardous Materials on any of its Properties in violation of any Environmental Laws, where such Release could reasonably be expected to have a Material Adverse Effect. 

Section 9.13 Transactions with Affiliates. The Credit Parties will not, and will not permit any Restricted Subsidiary to, enter
into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property or the rendering of any service, with any Affiliate (other than the Guarantors, the Borrower, and Wholly-Owned Subsidiaries of the Borrower)
unless such transactions are otherwise permitted under this Agreement and are upon terms substantially as favorable to it as it would obtain in a comparable arm’s length transaction with a Person not an Affiliate; provided that the
foregoing shall not apply to: 
 (a) any Restricted Payment permitted by Section 9.04 or Investment permitted by
Section 9.05. 
 (b) the payment of reasonable and customary directors’ and officers’ fees and other
benefits to Persons who are not otherwise Affiliates of the Borrower or any Subsidiary. 
 (c) any employment or severance or other employee
compensation, arrangement or plan or any amendment thereto, entered into by the Credit Parties or the Restricted Subsidiaries in the ordinary course of business or which is customary in the oil and gas business, and payments, awards, grants or
issuances of Equity Interests pursuant thereto. 
 (d) provision of officers’ and directors’ indemnification and insurance in the
ordinary course of business to the extent permitted by law. 
 (e) transactions described in Section 9.05(e) or
Section 9.11(d); provided that such transactions are on fair and reasonable financial terms from the perspective of the applicable Credit Party or Restricted Subsidiary, as applicable, as reasonably determined in
good faith by a Financial Officer of the Borrower, or if the aggregate value of such transaction (or series of related transactions) exceeds or is expected to exceed $10,000,000, the board of directors (or equivalent body) of the Borrower. 

(f) transactions pursuant to permitted agreements in existence on the Effective Date and set forth on Schedule 9.13
or any amendment thereto to the extent such amendment is not adverse to the Lenders in any material respect. 
 (g) transactions involving
issuances, exchanges, repayments or other repurchases of Debt or preferred stock to any Affiliate in a transaction in which such Affiliate’s participation in such transaction is on terms no less favorable to the Borrower than the terms offered
to non-Affiliates participating in such transaction. 
 Section 9.14 Negative Pledge
Agreements; Dividend Restrictions. The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, create, incur, assume or suffer to exist any contract, agreement or understanding (other than this Agreement, the Security
Instruments, the Permitted Second Lien Notes and any Permitted Refinancing Debt of any of the foregoing provided that such Permitted Refinancing Debt does not expand the scope of such 

  
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prohibition or restriction) that in any way prohibits or restricts the granting, conveying, creation or imposition of any Lien on any of its Property in favor of the Administrative Agent and the
Lenders to secure the Secured Obligations or restricts any Restricted Subsidiary from paying dividends or making distributions to the Borrower or any Guarantor, or which requires the consent of or notice to other Persons in connection therewith;
provided, however, that the preceding restrictions will not apply to encumbrances or restrictions arising under or by reason of (a) any leases (other than leases of Oil and Gas Properties) or licenses or similar contracts as they
affect any Property or Lien subject to such lease or license, (b) any restriction imposed pursuant to any agreement entered into for the Disposition of any Property otherwise permitted hereunder prior to the closing of such Disposition as they
affect the Property subject to such pending Disposition, (c) any restriction imposed on the granting, conveying, creation or imposition of any Lien on any Property of the Credit Parties or the Restricted Subsidiaries imposed by any contract,
agreement or understanding related to the Liens permitted under Section 9.03(c) so long as such restriction only applies to the Property permitted to be encumbered by such Liens, (d) restrictions imposed by any
Governmental Authority or under any Governmental Requirement, (e) restrictions in the instruments creating an Excepted Lien of the type described in clause (f) of the definition thereof, so long as such restriction only applies to the
Property permitted to be encumbered by such Liens, (f) customary supermajority voting provisions and other customary provisions with respect to the disposition or distribution of assets, each contained in corporate charters, bylaws,
stockholders’ agreements, limited liability company agreements, partnership agreements, joint venture agreements and other similar agreements entered into in the ordinary course of business of the Credit Parties or the Restricted Subsidiaries,
(g) solely with respect to restrictions on the paying of dividends or making distributions to the Borrower or Guarantor, obligations that are binding on a Person at the time such Person first becomes a Restricted Subsidiary of the Borrower, so
long as such obligations are not entered into in contemplation of such Person becoming a Restricted Subsidiary and such Restricted Subsidiary is an Immaterial Subsidiary hereunder, (h) restrictions imposed by any agreement relating to Debt
incurred pursuant to Section 9.01 or Permitted Refinancing Debt in respect thereof, to the extent that such restrictions are not materially more restrictive, taken as a whole, than the restrictions contained in the Loan
Documents as determined by the Borrower in good faith and do not restrict Liens on the Collateral to secure the Secured Obligations to any greater extent than the Second Lien Indenture as in effect on the Effective Date and (i) restrictions
pursuant to the preferred Equity Interests issued in connection with the Second Lien Exchange that are reasonably satisfactory to the Administrative Agent. 

Section 9.15 Gas Imbalances, Take-or-Pay or Other
Prepayments. The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, allow gas imbalances, take-or-pay or other prepayments
(excluding firm transportation contracts entered into in the ordinary course of business) with respect to the Oil and Gas Properties of the Borrower or the Restricted Subsidiaries that would require the Borrower or such Restricted Subsidiary to
deliver, in the aggregate, two percent (2%) or more of the monthly production of Hydrocarbons at some future time without then or thereafter receiving full payment therefore. 

Section 9.16 Swap Agreements. 

(a) The Credit Parties will not, and will not permit any of the Restricted Subsidiaries to, enter into (or, in the case of
Section 9.16(a)(ii) below, permit to exist) any Swap Agreements with any Person, except: 

  
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 (i) Swap Agreements in respect of oil and gas commodities (x) with an Approved
Counterparty and (y) the notional volumes for which (when aggregated with the notional volumes under all other commodity Swap Agreements then in effect other than swaps covering (A) basis differential or (B) oil spread timing risks,
in each case on volumes already hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is executed, for each calendar month in the remainder of the then current calendar year and for the period of five calendar
years thereafter (I) the greater of (1) 80% of the reasonably anticipated projected production from the Borrower’s Oil and Gas Properties and (2) 85% of the reasonably anticipated projected production from the Borrower’s proved Oil
and Gas Properties for each such month of the first twenty-four months during the period such Swap Agreement is in effect, and (II) the greater of (1) 100% of the reasonably anticipated projected production from the Borrower’s proved
developed producing Oil and Gas Properties, (2) 65% of the reasonably anticipated projected production from the Borrower’s proved Oil and Gas Properties and (3) 50% of the reasonably anticipated projected production from the Borrower’s Oil
and Gas Properties for each such month of the next thirty-six months during the period such Swap Agreement is in effect, in each case, for each of crude oil and natural gas, calculated separately, and as
determined by reference to the Reserve Report most recently delivered pursuant to Section 8.12 (the “Ongoing Hedges”); 

(ii) In addition to the Ongoing Hedges, in connection with a proposed or pending acquisition of Oil and Gas Properties (a “Proposed
Acquisition”), the Credit Parties may, upon consultation with and approval from the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed) also enter into incremental Swap Agreements (the
“Acquisition Hedges”) with respect to the Credit Parties’ reasonably anticipated projected production from the Borrower’s Oil and Gas Properties to be acquired (x) with an Approved Counterparty and (y) the
notional volumes for which (when aggregated with the notional volumes under all other commodity Swap Agreements then in effect other than swaps covering (A) basis differential or (B) oil spread timing risks, in each case on volumes already
hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is executed, (I) the greater of (1) 80% of the reasonably anticipated projected production from the Borrower’s Oil and Gas Properties and (2) 85%
of the reasonably anticipated projected production from the Borrower’s proved Oil and Gas Properties for each such month of the first twenty-four months during the period such Swap Agreement is in effect, and (II) the greater of (1) 100%
of the reasonably anticipated projected production from the Borrower’s proved developed producing Oil and Gas Properties, (2) 65% of the reasonably anticipated projected production from the Borrower’s proved Oil and Gas Properties and (3)
50% of the reasonably anticipated projected production from the Borrower’s Oil and Gas Properties, in each case, upon giving effect to such acquisition for each such month of the next thirty-six months
during the period such Swap Agreement is in effect, in each case, for each of crude oil and natural gas, calculated separately, and as determined by reference to the Reserve Report most recently delivered pursuant to
Section 8.12, during the period between (i) the date on which such Credit Party signs a definitive acquisition agreement in connection with a Proposed Acquisition and (ii) the earliest of (A) the date of
consummation of such Proposed Acquisition, (B) the date of termination of such Proposed Acquisition and (C) ninety (90) days after the date of execution of such definitive acquisition agreement (or such longer period as the
Administrative Agent may agree in its reasonable discretion). However, all such incremental Swap Agreements entered into with respect to a Proposed Acquisition must be terminated or unwound within ninety (90) days following the date of
termination of such Proposed Acquisition (it being understood, for avoidance of doubt, that the Acquisition Hedges may be permitted as Ongoing Hedges to the extent such Acquisition Hedges could be entered into pursuant to this
Section 9.16(a) in the absence of a Proposed Acquisition); and 

  
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 (iii) Swap Agreements in respect of interest rates with an Approved Counterparty,
(i) effectively converting interest rates from fixed to floating, the notional amounts of which (when aggregated with all other Swap Agreements of the Credit Parties or any Restricted Subsidiaries then in effect effectively converting interest
rates from fixed to floating) do not exceed 75% of the then outstanding principal amount of the Borrower’s Debt for borrowed money which bears interest at a fixed rate and (ii) effectively converting interest rates from floating to fixed,
the notional amounts of which (when aggregated with all other Swap Agreements of the Credit Parties or their respective Subsidiaries then in effect effectively converting interest rates from floating to fixed) do not exceed at any time 100% of the
then outstanding principal amount of the Borrower’s Debt for borrowed money which bears interest at a floating rate. 
 (b) If, at any
time, the Borrower determines that the notional amounts of Swap Agreements in respect of interest rates exceed 100% of the then outstanding principal amount of the Borrower’s Debt for borrowed money which bears interest at a floating rate, then
the Borrower shall, within thirty (30) days of such determination, terminate, create off-setting positions or otherwise unwind existing Swap Agreements in order to comply with this
Section 9.16. 
 (c) If, as of the end of any fiscal quarter, the Borrower determines that the aggregate volume of
all commodity Swap Agreements (other than swaps covering (A) basis differential or (B) oil spread timing risks, in each case on volumes already hedged pursuant to other Swap Agreements) for which settlement payments were calculated in such
fiscal quarter exceeded the actual production of Hydrocarbons in such fiscal quarter, then the Borrower shall, within thirty (30) days of such determination, terminate, create off-setting positions or
otherwise unwind existing Swap Agreements such that, at such time, future hedging volumes will not exceed, on a quarterly basis, the volume limitations imposed in Section 9.16(a) above for each subsequent monthly period
after such fiscal quarter. 
 (d) Notwithstanding anything to the contrary in this Section 9.16, there shall be no
prohibition against the Borrower, any other Credit Party or any Restricted Subsidiary entering into any “put” contracts or commodity price floors with an Approved Counterparty so long as (i) such agreements are entered into for non-speculative purposes and in the ordinary course of business for the purpose of hedging against fluctuations of commodity prices, (ii) such agreements are not related to corresponding calls, collars or swaps
and (iii) neither the Borrower nor any Restricted Subsidiary has any payment obligation other than premiums and charges the total amount of which are fixed and known at the time such agreement is entered into. 

(e) For purposes of entering into or maintaining Swap Agreement trades or transactions under Section 9.16(a) and
Section 9.16(c), forecasts of reasonably anticipated production from the Credit Parties’ Oil and Gas Properties as set forth on the most recent Reserve Report delivered pursuant to the terms of this Agreement or as
otherwise projected by a Responsible Officer of the Borrower and acceptable to the Administrative Agent shall be revised to account for any increase or decrease therein anticipated based on information obtained by the

  
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Credit Parties and delivered to the Administrative Agent subsequent to the publication of such Reserve Report or projection, including the Credit Parties’ internal forecasts of production
decline rates for existing wells and additions to or deletions from anticipated future production from new wells, completed acquisitions coming on stream or failing to come on stream and Dispositions of Oil and Gas Properties; provided that
(A) any such supplemental information shall be in form and detail reasonably satisfactory to the Administrative Agent and (B) if any such supplemental information is delivered, such information shall be presented on a net basis (i.e., it
shall take into account both increases and decreases in anticipated production subsequent to publication of the most recent Reserve Report). 

(f) In no event shall any Swap Agreement contain any requirement, agreement or covenant for the Borrower or any Credit Party to post
collateral, credit support (including in the form of letters of credit) or margin (other than, in each case, pursuant to the Security Instruments) to secure their obligations under such Swap Agreement or to cover market exposures. 

(g) For the purposes of this Section 9.16, it is understood that Swap Agreements in respect of commodities which may,
from time to time, “hedge” the same volumes, but different elements of commodity risk thereof, shall not be aggregated together when calculating the foregoing limitations on notional volumes. 

Section 9.17 [Reserved]. 

Section 9.18 Subsidiaries. Neither the Borrower nor any Restricted Subsidiary shall have any Restricted Subsidiary (a) that
is a Foreign Subsidiary or (b) that is not a Wholly-Owned Subsidiary. 
 Section 9.19 Account Control Agreements. The
Credit Parties will not, and will not permit any Restricted Subsidiary to deposit, credit or otherwise transfer any Cash Receipts, securities, financial assets or any other Property into, any Deposit Account or Securities Account other than
(a) Deposit Accounts and Securities Accounts in which the Administrative Agent has been granted a first-priority Lien (subject to Excepted Liens of the type described in clause (e) of the definition thereof) and that, in each case, is
subject to an Account Control Agreement, (b) Excluded Accounts (solely with respect to amounts referred to in the definition thereof) and (c) Deposit Accounts and Securities Accounts that were acquired pursuant to an acquisition not
prohibited by this Agreement; provided, that the Credit Parties and Restricted Subsidiaries shall not transfer Property in excess of $5,000,000 in the aggregate from any Deposit Accounts and Securities Accounts subject to an Account Control
Agreement to any such acquired Deposit Accounts and Securities Accounts. 
 Section 9.20 Certain Restrictions with respect to
Unrestricted Subsidiaries. Notwithstanding any other provision in this Agreement to the contrary, the Credit Parties:  

(a) will cause the management, business and affairs of its Unrestricted Subsidiaries to be conducted in such a manner, including, without
limitation, by keeping separate books of account, furnishing separate financial statements of Unrestricted Subsidiaries to creditors and potential creditors thereof and shall not permit Properties of Credit Parties and the Restricted Subsidiaries to
be commingled with Properties of Unrestricted Subsidiaries; in each case, so that each Unrestricted Subsidiary that is a corporation will be treated as a corporate entity separate and distinct from Credit Parties and the Restricted Subsidiaries;

  
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 (b) will not, and will not permit any of their Restricted Subsidiaries to, incur, assume,
guarantee or be or become liable for any Debt of any of the Unrestricted Subsidiaries; 
 (c) will not permit any Unrestricted Subsidiary to
hold any Equity Interest in, or any Debt of, any Credit Party or any Restricted Subsidiary; and 
 (d) will not engage in any transactions
with, or permit any the Restricted Subsidiaries to engage in any transaction with an Unrestricted Subsidiary other than transactions that are permitted by Section 9.13. 

Section 9.21 Sale and Leaseback Transactions. The Credit Parties will not, and will not permit any Restricted Subsidiaries to,
enter into any Sale and Leaseback Transactions. 
 Section 9.22 Organizational Documents; Fiscal Year End. The Credit
Parties will not, and will not permit any of the Restricted Subsidiaries to, amend, modify or supplement in any material respect (or vote to enable, or take any other action to permit, such amendment, modification or supplement of) any
Organizational Document of the Credit Parties or such Restricted Subsidiaries in any manner materially adverse to the interests of the Administrative Agent and the Lenders. The Credit Parties will not, and will not permit any of the Restricted
Subsidiaries to, change the last day of its fiscal year from December 31 of each year, or the last days of the first three fiscal quarters in each of its fiscal years from March 31, June 30 and September 30 of each year,
respectively. 
 Section 9.23 Limitation on Leases. The Credit Parties will not, and will not permit any of the Restricted
Subsidiaries to, create, incur, assume or suffer to exist any obligation for the payment of rent or hire of Property of any kind whatsoever (real or personal but excluding Capital Leases and leases of Oil and Gas Properties), under leases or lease
agreements which would cause the aggregate amount of all payments made by the Borrower and the Subsidiaries pursuant to all such leases or lease agreements, including any residual payments at the end of any lease, to exceed $10,000,000 in any period
of twelve (12) consecutive calendar months during the life of such leases. 
 Section 9.24 Marketing Activities. The Credit
Parties will not, and will not permit any of the Restricted Subsidiaries to, engage in marketing activities for any Hydrocarbons or enter into any contracts related thereto other than (a) contracts for the sale of Hydrocarbons scheduled
or reasonably estimated to be produced from their proved Oil and Gas Properties during the period of such contract, (b) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from proved Oil and Gas
Properties of third parties during the period of such contract associated with the Oil and Gas Properties of the Borrower and its Subsidiaries that the Borrower or one of its Subsidiaries has the right to market pursuant to joint operating
agreements, unitization agreements or other similar contracts that are usual and customary in the oil and gas business and (c) other contracts for the purchase and/or sale of Hydrocarbons of third parties (i) which have generally
offsetting provisions (i.e. corresponding pricing mechanics, delivery dates and points and volumes) such that no “position” is taken and (ii) for which appropriate credit support has been taken to alleviate the material credit
risks of the counterparty thereto. 

  
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 ARTICLE X 

Events of Default; Remedies 

Section 10.01 Events of Default. One or more of the following events shall constitute an “Event of Default”: 

(a) the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the
same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration or otherwise. 

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in
Section 10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) days. 

(c) any representation or warranty made or deemed made by or on behalf of the Borrower or any Guarantor in or in connection with any Loan
Document or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or
modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made. 
 (d) the
Borrower, any Guarantor or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in, Schedule 6.03, Section 8.02(a), Section 8.03 (with
respect to the legal existence of the Borrower or any Guarantor), Section 8.14, Section 8.17 or in Article IX. 

(e) the Borrower, any Guarantor or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in
this Agreement (other than those specified in Section 10.01(a) to (d) or (f) to (n)) or any other Loan Document, and such failure shall continue unremedied for a period of 30 days after the earlier
to occur of (i) notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender) or (ii) a Responsible Officer of the Credit Parties or any Restricted Subsidiary otherwise becoming
aware of such failure. 
 (f) the Borrower or any Guarantor shall fail to make any payment (whether of principal or interest and regardless
of amount) in respect of any Material Debt, when and as the same shall become due and payable (after the expiration of any applicable period of grace and/or notice and cure period). 

(g) any event or condition occurs (after the expiration of any applicable period of grace and/or notice and cure period) that (i) results
in any Material Debt becoming due prior to its scheduled maturity or (ii) that enables or permits the holder or holders of any Material Debt or any trustee or agent on its or their behalf to cause any Material Debt to become due, or to require

  
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the Redemption thereof or any offer to Redeem to be made in respect thereof, prior to its scheduled maturity or require the Credit Parties to make an offer in respect thereof, in each case other
than with respect to (1) Debt consisting of any Swap Obligations, if the event or condition is a termination event rather than an event of default under the applicable Swap Agreements and (2) secured Debt that becomes due as a result of a
Disposition (including as a result of a Casualty Event) of the property or assets securing such Debt permitted under this Agreement. 
 (h)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Credit Party or its or their respective debts, or of a substantial part of its or
their respective assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for any Credit Party or for a substantial part of its or their respective assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing
shall be entered. 
 (i) any Credit Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in Section 10.01(h), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Party or for a substantial
part of its or their respective assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action
for the purpose of effecting any of the foregoing; or the holders of any Equity Interests of the Borrower shall make any request or take any action for the purpose of calling a meeting of the shareholders or members of the Borrower to consider a
resolution to dissolve and wind-up the Borrower’s affairs. 
 (j) any Credit Party shall become
unable, admit in writing its inability or fail generally to pay its debts as they become due. 
 (k) (i) one or more judgments for the
payment of money in an aggregate amount in excess of $25,000,000 (to the extent not covered by independent third-party insurance provided by reputable and financially sound insurers as to which the insurer has not issued a notice denying coverage
and is not subject to an insolvency proceeding) or (ii) any one or more non-monetary judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, shall be rendered by a court of competent jurisdiction against any Credit Party or any Restricted Subsidiary or any combination thereof and the same shall remain undischarged or unsatisfied for a period of sixty (60) consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any material assets of any Credit Party or any Restricted Subsidiary to enforce any such judgment. 

  
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 (l) the Loan Documents after delivery thereof shall for any reason, except to the extent
permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with their terms against any Credit Party party thereto or shall be repudiated by any of them, or any Credit Party shall so state
in writing; or the Loan Documents after delivery thereof cease to create a valid and perfected Lien of the priority required thereby on any material portion of Collateral purported to be covered thereby, except to the extent permitted by the terms
of this Agreement, or any Credit Party shall so state in writing. 
 (m) an ERISA Event shall have occurred that, when taken together with
all other ERISA Events that have occurred, could reasonably be expected to have a Material Adverse Effect. 
 (n) a Change in Control shall
occur. 
 (o) the Second Lien Intercreditor Agreement shall for any reason, except to the extent permitted by the terms thereof, cease to be
in full force and effect and valid, binding and enforceable in accordance with its terms against the parties thereto, or shall be repudiated by any of them, or cease to establish the relative Lien priorities required or purported thereby, or any
party thereto shall so state in writing. 
 Section 10.02 Remedies. 

(a) In the case of an Event of Default other than one described in Section 10.01(h) or
Section 10.01(i) at any time thereafter during the continuance of such Event of Default, the Administrative Agent may, and at the request of the Majority Lenders, shall, by notice to the Borrower, take either or both of the
following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Notes and the Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the other Loan Documents (including, without limitation, the payment of cash collateral to secure the LC Exposure as provided in
Section 2.08(j)), shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by the
Borrower and each Guarantor; and in case of an Event of Default described in Section 10.01(h) or Section 10.01(i), the Commitments shall automatically terminate and the Notes and the principal of
the Loans then outstanding, together with accrued interest thereon and all fees and the other obligations of the Borrower and the Guarantors accrued hereunder and under the Notes and the other Loan Documents (including, without limitation, the
payment of cash collateral to secure the LC Exposure as provided in Section 2.08(j)), shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower and each Guarantor. 
 (b) In the case of the occurrence of an Event of Default, the Administrative Agent and the
Lenders will have all other rights and remedies available at law and equity. 
 (c) Except as provided in
Section 4.04, all proceeds realized from the liquidation or other disposition of Collateral or otherwise received after maturity of the Loans, whether by acceleration or otherwise, shall be applied: first, to payment
or reimbursement of that portion of the Secured Obligations constituting fees, expenses and indemnities payable to the 

  
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Administrative Agent in its capacity as such; second, pro rata to payment or reimbursement of that portion of the Secured Obligations constituting fees, expenses and indemnities payable to
the Lenders; third, pro rata to payment of accrued interest on the Loans; fourth, pro rata to payment of (i) principal outstanding on the Loans, (ii) reimbursement obligations in respect of Letters of Credit pursuant to
Section 2.08(e) (and cash collateralization of LC Exposure hereunder), (iii) Secured Swap Obligations owing to Secured Swap Parties and (iv) Secured Cash Management Obligations owing to Secured Cash Management
Providers; fifth, pro rata to any other Secured Obligations; and sixth, any excess, after all of the Secured Obligations shall have been paid in full in cash, shall be paid to the Borrower or as otherwise required by any Governmental
Requirement; provided that, for the avoidance of doubt, Excluded Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall be made with respect
to payments from the Borrower and any other Guarantors to preserve the allocation to Secured Obligations otherwise set forth above in this Section 10.02(c). 

(d) Without limiting any other provision of this Article X, after the occurrence of, and during the continuation of, an Event of
Default, the Administrative Agent may give instructions directing the disposition of funds, securities or other Property credited or deposited into any Deposit Account or Securities Account subject to an Account Control Agreement (including without
limitation sweeping such proceeds for payment of the Secured Obligations) and/or withhold any withdrawal rights of any Credit Party with respect to any or all funds, securities or other Property credited or deposited into any Deposit Account or
Securities Account subject to an Account Control Agreement. 
 Section 10.03 Disposition of Proceeds. The Security Instruments
contain an assignment by the Borrower and the Credit Parties unto and in favor of the Administrative Agent for the benefit of the Lenders of all of the Borrower’s and each Credit Party’s interest in and to production and all proceeds
attributable thereto which may be produced from or allocated to the Mortgaged Property. The Security Instruments further provide in general for the application of such proceeds to the satisfaction of the Secured Obligations and other obligations
described therein and secured thereby. Notwithstanding the assignment contained in such Security Instruments, except after the occurrence and during the continuance of an Event of Default, (a) the Administrative Agent and the Lenders agree that
they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the
Borrower or its Subsidiaries, as applicable and (b) the Lenders hereby authorize the Administrative Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower or its Subsidiaries, as applicable. 

Section 10.04 Credit Bidding. Each of the Borrower, the other Credit Parties, the Restricted Subsidiaries and the Lenders hereby
irrevocably authorize (and by entering into a Swap Agreement, each Approved Counterparty shall be deemed to authorize) the Administrative Agent, based upon the instruction of the Majority Lenders, to Credit Bid and purchase (either directly or
through one or more acquisition vehicles) all or any portion of the Collateral (and the Borrower, each other Credit Party and the Restricted Subsidiaries shall approve the Administrative Agent as a qualified bidder and such Credit Bid as a qualified
bid) at any sale thereof conducted by the Administrative Agent, based upon the instruction of the Majority Lenders, under any provisions 

  
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of the Uniform Commercial Code, as part of any sale or investor solicitation process conducted by the Borrower the other Credit Parties or the Restricted Subsidiaries, any interim receiver,
manager, receiver and manager, administrative receiver, trustee, agent or other Person pursuant or under any insolvency laws; provided, however, that (a) the Majority Lenders may not direct the Administrative Agent in any manner
that does not treat each of the Lenders equally, without preference or discrimination, in respect of consideration received as a result of the Credit Bid, (b) the acquisition documents shall be commercially reasonable and contain customary
protections for minority holders, such as, among other things, anti-dilution and tag-along rights, (c) the exchanged debt or equity securities must be freely transferable, without restriction (subject to
applicable securities laws) and (d) reasonable efforts shall be made to structure the acquisition in a manner that causes the governance documents pertaining thereto to not impose any obligations or liabilities upon the Lenders individually
(such as indemnification obligations). 
 ARTICLE XI 

The Administrative Agent 

Section 11.01 Appointment; Powers. Each of the Lenders and each Issuing Bank hereby irrevocably appoints the Administrative Agent
as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan Documents, together with such actions and powers
as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and each Issuing Bank, and neither the Credit Parties nor any Subsidiary shall have rights as a third party
beneficiary of any of such provisions. 
 Section 11.02 Duties and Obligations of Administrative Agent. The Administrative Agent
shall have no duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless
of whether a Default has occurred and is continuing (the use of the term “agent” herein and in the other Loan Documents with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties), (b)
the Administrative Agent shall have no duty to take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03, and (c) except as expressly set forth herein, the Administrative
Agent shall have no duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Credit Parties or their respective Subsidiaries that is communicated to or obtained by the bank serving as Administrative
Agent or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and shall not be
responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or under any other Loan Document or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan
Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any 

  
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other Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to the Administrative Agent, (vi) the existence, value, perfection or priority of any collateral security or the financial or other condition of the Credit Parties or their respective Subsidiaries or any
other Credit Party or guarantor, or (vii) any failure by the Borrower or any other Person (other than itself) to perform any of its obligations hereunder or under any other Loan Document or the performance or observance of any covenants,
agreements or other terms or conditions set forth herein or therein. For purposes of determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender prior to the proposed closing
date specifying its objection thereto. 
 Section 11.03 Action by Administrative Agent. The Administrative Agent shall have no
duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing as
directed by the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02) and in all cases the Administrative Agent shall be fully
justified in failing or refusing to act hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Majority Lenders or the Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 12.02), as applicable, specifying the action to be taken and (b) be indemnified to its satisfaction by the Lenders against any and all liability and expenses
which may be incurred by it by reason of taking or continuing to take any such action. The instructions as aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding on all of the Lenders. If a
Default has occurred and is continuing, then the Administrative Agent shall take such action with respect to such Default as shall be directed by the requisite Lenders in the written instructions (with indemnities) described in this
Section 11.03, provided that, unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative Agent be required to take any action which exposes the Administrative Agent to personal liability or
which is contrary to this Agreement, the Loan Documents or applicable law. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Majority Lenders or the Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02), and otherwise the Administrative Agent shall not be liable for any action taken or not taken by it hereunder
or under any other Loan Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith INCLUDING ITS OWN ORDINARY NEGLIGENCE, except for its own gross negligence or willful
misconduct. 

  
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 Section 11.04 Reliance by Administrative Agent. The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper
Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon and each of the Borrower, the Lenders and
each Issuing Bank hereby waives the right to dispute the Administrative Agent’s record of such statement, except in the case of gross negligence or willful misconduct by the Administrative Agent. The Administrative Agent may consult with legal
counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. The
Administrative Agent may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and until a written notice of the assignment or transfer thereof permitted hereunder shall have been filed with the Administrative
Agent. 
 Section 11.05 Subagents. The Administrative Agent may perform any and all its duties and exercise its rights and
powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties
and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding Sections of this Article XI shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities
as the Administrative Agent. 
 Section 11.06 Resignation or Removal of Administrative Agent. Subject to the appointment and
acceptance of a successor Administrative Agent as provided in this Section 11.06, the Administrative Agent may resign at any time by notifying the Lenders, each Issuing Bank and the Borrower and the Administrative Agent may
be removed at any time with or without cause by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders shall have the right, in consultation with the Borrower and with the consent of the Borrower (unless an Event of Default
has occurred and is continuing), to appoint a successor. If no successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its
resignation or removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Lenders and each Issuing Bank, appoint a successor Administrative Agent; provided that in no event shall any such successor
Administrative Agent be a Defaulting Lender. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to the successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article XI and Section 12.03 shall continue in effect
for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as
Administrative Agent. 
 Section 11.07 Administrative Agent and Lenders. The Administrative Agent shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the Administrative Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind
of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 

  
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 Section 11.08 No Reliance. 

(a) Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and each other Loan Document to which it is a party. Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document, any related agreement or any document furnished hereunder or thereunder. The Administrative Agent shall not be required to keep itself informed as to the performance or observance by the Credit Parties or their
respective Subsidiaries of this Agreement, the Loan Documents or any other document referred to or provided for herein or to inspect the Properties or books of the Borrower or its Subsidiaries. Except for notices, reports and other documents and
information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, none of the Administrative Agent and the Arrangers shall have any duty or responsibility to provide any Lender with any credit or other information
concerning the affairs, financial condition or business of the Borrower (or any of its Affiliates) which may come into the possession of the Administrative Agent, the Arrangers or any of their respective Affiliates. In this regard, each Lender
acknowledges that Latham & Watkins LLP is acting in this transaction as special counsel to the Administrative Agent only, except to the extent otherwise expressly stated in any legal opinion or any Loan Document. Each other party hereto
will consult with its own legal counsel to the extent that it deems necessary in connection with the Loan Documents and the matters contemplated therein. 

(b) The Lenders acknowledge that the Administrative Agent and the Arrangers are acting solely in administrative capacities with respect to the
structuring and syndication of this facility and have no duties, responsibilities or liabilities under this Agreement and the other Loan Documents other than their administrative duties, responsibilities and liabilities specifically as set forth in
the Loan Documents and in their capacity as Lenders hereunder. In structuring, arranging or syndicating this facility, each Lender acknowledges that the Administrative Agent and/or the Arrangers may be agents or lenders under this Agreement, other
loans or other securities and waives any existing or future conflicts of interest associated with their role in such other debt instruments. 

Section 11.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Credit Parties or their respective Subsidiaries, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

  
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 (a) to file and prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under
Section 12.03) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such
payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Section 12.03. 

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any
Lender any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 Section 11.10 Authority of Administrative Agent to Release Collateral and Liens. Each Lender, each Issuing Bank, each Secured
Swap Party and Secured Cash Management Provider hereby authorizes the Administrative Agent to release any Collateral and the guarantees of any Guarantor under the Guaranty and Collateral Agreement, and to execute and deliver to the Borrower, at the
Borrower’s sole cost and expense, any and all releases of Liens, releases of guaranty from the Guaranty and Collateral Agreement, termination statements, assignments or other documents reasonably requested by the Borrower, in accordance with
Section 12.20. 
 Section 11.11 The Arrangers. The Arrangers shall have no duties,
responsibilities or liabilities under this Agreement and the other Loan Documents other than its duties, responsibilities and liabilities in its individual capacity as a Lender hereunder to the extent it is a party to this Agreement as a Lender.

 Section 11.12 Disqualified Institutions. The Administrative Agent shall not be responsible or have any liability for, or have
any duty to ascertain, inquire into, monitor or enforce compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to
ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or
disclosure of confidential information, to any Disqualified Institution. 

  
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 ARTICLE XII 

Miscellaneous 

Section 12.01 Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to
Section 12.01(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows:

 (i) if to the Borrower or any Guarantor, to it at: 

Northern Oil and Gas, Inc. 

601 Carlson Parkway, Suite 

990 Minnetonka, MN 55305 

Attention: Nick O’Grady 

Telephone: 952-476-9800 

Facsimile: 952-476-9801 

Electronic Mail: nogrady@northernoil.com 

with a copy to: 

Kirkland & Ellis LLP 

609 Main Street 

Houston, TX 77002 

Attention: Mary Kogut Brawley 

Telephone: 713-836-3650 

Facsimile: 713-836-3601 

Electronic Mail: mkogut@kirkland.com 

(ii) if to the Administrative Agent, to it at: 

Wells Fargo Energy Group 

1700 Lincoln Street, Suite 600 

Denver, CO 80203 

Attention: Oleg Kogan 

Telephone: 303-863-5367 

Facsimile: 303-863-5196 

Electronic Mail: Oleg.Kogan@wellsfargo.com 

(iii) if to any other Lender, in their capacity as such, or any other Lender in its capacity as an Issuing Bank, to it at its address (or fax
number) set forth in its Administrative Questionnaire. 

  
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 (b) Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II, Article III, Article IV and Article V unless
otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
 (c)
Any party hereto may change its address or fax number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt. 
 Section 12.02 Waivers; Amendments. 

(a) No failure on the part of the Administrative Agent, any other agent, any Issuing Bank or any Lender to exercise and no delay in exercising,
and no course of dealing with respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce such right, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies of the Administrative Agent, any
other agent, each Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan
Document or consent to any departure by any Credit Party therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the
Administrative Agent, any other agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. 
 (b)
Subject to Section 4.04(b)(ii), neither this Agreement nor any provision hereof nor any Loan Document nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Borrower and the Majority Lenders or by the Borrower and the Administrative Agent with the written consent of the Majority Lenders. Notwithstanding the foregoing, no such agreement of the Majority Lenders shall (i) increase
the Commitment or Maximum Credit Amount of any Lender without the written consent of such Lender, (ii) increase the Borrowing Base without the written consent of each Lender, maintain or decrease the Borrowing Base without the written consent
or deemed consent of the Required Lenders, or modify in any manner Section 2.07 without the written consent of each Lender; provided that a Scheduled Redetermination may be postponed by the Required Lenders;
provided, further, with respect to any Scheduled Redetermination, such Scheduled Redetermination may be postponed for not more than 90 days with the consent of the Majority Lenders and the Administrative Agent, (iii) reduce the principal amount
of any Loan or LC Disbursement or reduce the rate of interest thereon (other than the waiver of interest at the default 

  
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rate pursuant to Section 3.02(c)), or reduce any fees payable hereunder, or reduce any other Secured Obligations hereunder or under any other Loan Document, without the
written consent of each Lender affected thereby, (iv) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or any other Secured Obligations
hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment, or postpone or extend the Termination Date or the Maturity Date without the written consent of each Lender affected thereby; provided that
mandatory prepayments may be waived or postponed by the Required Lenders other than as provided under clause (vi) below, (v) change Section 2.06(b)(ii), Section 4.01(b),
Section 4.01(c) or Section 10.02(c) in a manner that would alter the pro rata reduction of Commitments or the pro rata sharing of payments required thereby, without the written consent of each
Lender adversely affected thereby, (vi) waive, amend Section 3.04(c)(ii) or Section 6.01, in each case without the written consent of each Lender, (vii) release any Guarantor or release
all or substantially all of the Collateral (in each case, other than as provided in Section 11.10 and Section 12.20) without written consent of each Lender, (viii) modify the definitions of
“Swap Agreement”, “Secured Swap Agreement”, “Secured Swap Obligations”, “Secured Swap Party”, “Secured Parties” or “Secured Obligations”, or the terms of
Section 10.02(c), Section 12.14, any of the provisions of this Section 12.02(b) or Section 12.20, in each case without the written consent of
each Secured Swap Party adversely affected thereby, (ix) change any of the provisions of this Section 12.02(b) or the definition of “Majority Lenders”, “Super Majority Lenders” “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any consent hereunder or any
other Loan Documents, without the written consent of each Lender adversely affected thereby, (x) reduce the percentage set forth in Section 8.14(a) to less than eighty-five (85%) without the written consent of Required
Lenders or (xi) amend or otherwise modify this Agreement or any Security Instrument in a manner that results in the Secured Swap Obligations no longer being secured on an equal and ratable basis with the principal of the Loans pursuant to this
Agreement or such Security Instrument, without the written consent of each Secured Swap Party adversely affected thereby; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent or any Issuing Bank hereunder or under any other Loan Document without the prior written consent of the Administrative Agent or such Issuing Bank, as the case may be. Notwithstanding the foregoing, (i) any supplement to any
Schedule permitted or required to be delivered under this Agreement or any other Loan Document shall be effective simply by delivering to the Administrative Agent a supplemental Schedule clearly marked as such and, upon receipt, the Administrative
Agent will promptly deliver a copy thereof to the Lenders, and (ii) any Security Instrument may be supplemented to add additional collateral with the consent of the Administrative Agent. Notwithstanding the foregoing, (1) the Borrower and
the Administrative Agent may amend this Agreement or any other Loan Document without the consent of the Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in
any Loan Document or to modify or add financial ratio covenants, negative covenants or Events of Default to cause such financial ratio covenants, negative covenants or Events of Default to be more onerous to the Borrower than those contained in this
Agreement (prior to giving effect to such amendment) in connection with any amendment, modification or other change to the Loan Documents pursuant Section 8.18, (2) the Administrative Agent and the Borrower may, without the
consent of any Lender, enter into any amendment, modification or 

  
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waiver of this Agreement or any other Loan Document or enter into any agreement or instrument to add additional Guarantors as contemplated in Section 8.14(b) or to
effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or Property to become Collateral to secure the Secured Obligations for the benefit of the Lenders or as required by any Governmental
Requirement to give effect to, protect or otherwise enhance the rights or benefits of any Lender under the Loan Documents and (3) no Lender consent is required to effect any amendment or supplement to the Second Lien Intercreditor Agreement
that is for the purpose of adding the holders of Permitted Second Lien Notes or Permitted Refinancing Debt thereof, as expressly contemplated by the terms of the Second Lien Intercreditor Agreement (it being understood that any such amendment or
supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing and provided that such other changes are not adverse,
in any material respect, to the interests of the Lenders); provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder or under any other Loan Document without
the prior written consent of the Administrative Agent. The Administrative Agent shall post any amendment, modification or waiver of this Agreement or any other Loan Document to the Lenders reasonably promptly after the effectiveness thereof. 

Section 12.03 Expenses, Indemnity; Damage Waiver. 

(a) The Borrower and each other Credit Party shall jointly and severally pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Arrangers and their respective Affiliates, including, without limitation, the reasonable and documented out-of-pocket fees, charges and disbursements of consultants and of one primary counsel to the Administrative Agent and all Lenders and one local counsel to the Administrative
Agent and all Lenders in each jurisdiction deemed reasonably necessary by the Administrative Agent, and the reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, in each case in connection with the syndication of the
credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration (both before and after the execution hereof and including advice of counsel to the Administrative Agent as to the rights and duties of the
Administrative Agent and the Lenders with respect thereto) of this Agreement and the other Loan Documents and any amendments, modifications or waivers of or consents related to the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket costs, expenses, Other Taxes, assessments and other charges incurred by the Administrative
Agent or any Lender in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other document referred to therein, (iii) all reasonable out-of-pocket expenses incurred by each Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit issued by such Issuing Bank or
any demand for payment thereunder, (iv) all reasonable out-of-pocket expenses incurred by the Administrative Agent (and its Affiliates) and the Lenders (including
(A) the fees, charges and disbursements of counsel to the Administrative Agent and (B) the fees, charges and disbursements of one primary counsel to the Lenders as a group unless there is an actual or perceived conflict of interest in
which case each such Person may retain its own counsel (plus no more than one additional counsel in each jurisdiction that is reasonably necessary to such enforcement or protection of rights)) incurred during any workout or restructuring or in
connection with the enforcement of any rights or remedies in respect of such Loans or Letters of Credit. 

  
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 (b) THE BORROWER AND EACH OTHER CREDIT PARTY SHALL JOINTLY AND SEVERALLY INDEMNIFY THE
ADMINISTRATIVE AGENT, THE ARRANGERS, EACH ISSUING BANK AND EACH LENDER, AND EACH RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND DEFEND AND HOLD EACH INDEMNITEE HARMLESS
FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED EXPENSES, INCLUDING THE REASONABLE AND DOCUMENTED OUT-OF-POCKET FEES, CHARGES AND
DISBURSEMENTS OF ONE PRIMARY COUNSEL FOR ALL INDEMNITEES AND, IF REASONABLY NECESSARY, A SINGLE OUTSIDE LOCAL COUNSEL IN EACH APPROPRIATE JURISDICTION (WHICH MAY INCLUDE A SINGLE SPECIAL COUNSEL IN MULTIPLE JURISDICTIONS) FOR ALL INDEMNITEES TAKEN
AS A WHOLE (AND, IN THE CASE OF AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST, AN ADDITIONAL COUNSEL FOR ALL INDEMNITEES SUBJECT TO SUCH CONFLICT TAKEN AS A WHOLE), INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR
AS A RESULT OF (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (OTHER THAN EXPENSES IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS DATED OF EVEN DATE HEREWITH, WHICH
EXPENSES SHALL ONLY BE PAID BY THE CREDIT PARTIES TO THE EXTENT PROVIDED IN SECTION 12.03(A)) OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF
THEIR RESPECTIVE SECURED OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (ii) THE FAILURE OF THE CREDIT PARTIES OR THEIR RESPECTIVE SUBSIDIARIES TO COMPLY WITH THE
TERMS OF ANY LOAN DOCUMENT, INCLUDING THIS AGREEMENT, OR WITH ANY GOVERNMENTAL REQUIREMENT, (iii) ANY INACCURACY OF ANY REPRESENTATION OR ANY BREACH OF ANY WARRANTY OR COVENANT OF THE BORROWER OR ANY GUARANTOR SET FORTH IN ANY OF THE LOAN
DOCUMENTS OR ANY INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH, (iv) ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM, INCLUDING, WITHOUT LIMITATION, (A) ANY REFUSAL BY ANY ISSUING BANK TO
HONOR A DEMAND FOR PAYMENT UNDER A LETTER OF CREDIT ISSUED BY SUCH ISSUING BANK IF THE DOCUMENTS PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS OF SUCH LETTER OF CREDIT, OR (B) THE PAYMENT OF A DRAWING UNDER ANY
LETTER OF CREDIT NOTWITHSTANDING THE NON-COMPLIANCE, NON-DELIVERY OR OTHER IMPROPER PRESENTATION OF THE DOCUMENTS PRESENTED IN CONNECTION THEREWITH, (v) ANY OTHER
ASPECT OF THE LOAN DOCUMENTS, (vi) THE OPERATIONS OF THE BUSINESS OF THE CREDIT PARTIES OR THEIR RESPECTIVE SUBSIDIARIES BY THE CREDIT PARTIES OR THEIR RESPECTIVE SUBSIDIARIES, (vii) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO
RECEIVE THE PROCEEDS RECEIVED PURSUANT TO THE SECURITY INSTRUMENTS, (viii) THE CREDIT PARTIES’, OR THEIR RESPECTIVE SUBSIDIARIES’, BREACH OF, OR NON-COMPLIANCE WITH, ANY ENVIRONMENTAL LAW

  
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APPLICABLE TO THE CREDIT PARTIES OR THEIR RESPECTIVE SUBSIDIARIES, (ix) THE USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT
OR ARRANGEMENT FOR DISPOSAL OF HAZARDOUS MATERIALS IN VIOLATION OF ENVIRONMENTAL LAWS BY THE CREDIT PARTIES OR THEIR RESPECTIVE SUBSIDIARIES, (x) ANY ENVIRONMENTAL LIABILITY ARISING UNDER ENVIRONMENTAL LAW OF THE CREDIT PARTIES OR THEIR
RESPECTIVE SUBSIDIARIES, (xi) THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEM IN CONNECTION WITH THIS AGREEMENT, THE OTHER
LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR (xii) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BROUGHT BY A THIRD PARTY, THE BORROWER OR ANY
GUARANTOR, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR
CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON
OF STRICT LIABILITY IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES
ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM (I) THE BAD FAITH, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY INDEMNITEE, ANY OF ITS AFFILIATES OR CONTROLLING PERSONS OR ANY OF
THE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS OR MEMBERS OF ANY OF THE FOREGOING AND (II) A MATERIAL BREACH OF FUNDING OBLIGATIONS UNDER THE LOAN DOCUMENTS BY SUCH INDEMNITEE, AND PROVIDED FURTHER THAT THE INDEMNITY SET FORTH HEREIN SHALL
NOT APPLY TO DISPUTES SOLELY BETWEEN LENDERS UNLESS SUCH DISPUTE RESULTS FROM ANY CLAIM ARISING OUT OF ANY REQUEST, ACT OR OMISSION ON THE PART OF ANY CREDIT PARTY OR AGAINST THE ARRANGERS, THE ADMINISTRATIVE AGENT OR ANY ISSUING BANK IN ITS
CAPACITY AS SUCH, IN EACH CASE, IN CONNECTION WITH THE LOAN DOCUMENTS. WITH RESPECT TO THE OBLIGATION TO REIMBURSE AN INDEMNITEE FOR FEES, CHARGES AND DISBURSEMENTS OF COUNSEL, EACH INDEMNITEE AGREES THAT ALL INDEMNITEES WILL AS A GROUP UTILIZE ONE
PRIMARY COUNSEL (PLUS NO MORE THAN ONE ADDITIONAL COUNSEL IN EACH JURISDICTION WHERE A PROCEEDING THAT IS THE SUBJECT MATTER OF THE INDEMNITY IS LOCATED) UNLESS (1) THERE IS A CONFLICT OF INTEREST AMONG INDEMNITEES, (2) DEFENSES OR CLAIMS
EXIST WITH RESPECT TO ONE OR MORE INDEMNITEES THAT ARE NOT AVAILABLE TO ONE OR MORE OTHER INDEMNITEES OR (3) SPECIAL COUNSEL IS REQUIRED TO BE RETAINED AND THE BORROWER 

  
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CONSENTS TO SUCH RETENTION (SUCH CONSENT NOT TO BE UNREASONABLY WITHHELD, CONDITIONED OR DELAYED). THIS SECTION 12.03 SHALL NOT APPLY WITH RESPECT TO TAXES OTHER THAN ANY TAXES THAT
REPRESENT LOSSES, CLAIMS, DAMAGES, ETCETERA, ARISING FROM ANY NON-TAX CLAIM. 
 (c) To the extent
that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, Arrangers or any Issuing Bank under Section 12.03(a) or (b), each Lender severally agrees to pay to the Administrative
Agent, the Arrangers or such Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that
the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, the Arrangers or such Issuing Bank in its capacity as such. 

(d) TO THE EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY HERETO NOR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS SHALL
ASSERT, AND EACH HEREBY WAIVES, ANY CLAIM AGAINST ANY OTHER SUCH PERSON, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT
OF, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE TRANSACTIONS, ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREOF. NOTWITHSTANDING THE FOREGOING, NOTHING HEREIN SHALL LIMIT
OR BE DEEMED TO LIMIT THE CREDIT PARTIES’ OBLIGATION TO INDEMNIFY THE INDEMNITEE’S FOR ANY SUCH CLAIMS BROUGHT BY THIRD PARTIES. 

(e) All amounts due under this Section 12.03 shall be payable within ten (10) Business Days of written demand
therefor attaching the relevant invoices and/or a certificate, in each case setting forth the basis for such demand in reasonable detail. 

Section 12.04 Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void), (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section 12.04 or as required under Section 5.04(b), and (iii) no Lender may assign to the Borrower or any other Credit Party or their respective Subsidiaries, or an Affiliate of the Borrower
or any other Credit Party or their respective Subsidiaries, or a Defaulting Lender or an Affiliate of a Defaulting Lender all or any portion of such Lender’s rights and obligations under the Agreement or all or any portion of its Commitments or
the Loans owing to it hereunder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any
Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in Section 12.04(c)) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, each
Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 (b) (i) Subject to the conditions set forth in
Section 12.04(b)(ii), any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of: 
 (A) the
Borrower, provided that no consent of the Borrower shall be required if such assignment is to a Lender or an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, is to any other assignee,
provided further that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 5 Business Days after having received notice thereof (other
than a Disqualified Institution); and 
 (B) the Administrative Agent, provided that no consent of the Administrative
Agent shall be required for an assignment to an assignee that is a Lender or any Affiliate of a Lender or an Approved Fund, immediately prior to giving effect to such assignment. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered
to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default has occurred and
is continuing; 
 (B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; 
 (D) the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and 

  
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 (E) no assignment shall be made to a natural Person, or to any holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or any Disqualified Institution. 

(iii) Subject to Section 12.04(b)(ii) and the acceptance and recording thereof, from and after the effective date
specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits (and obligations) of Section 5.01,
Section 5.02, Section 5.03 and Section 12.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this
Section 12.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.04(c). 

(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall
maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Maximum Credit Amount of, and principal amount (and stated interest) of the
Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive (absent manifest error), and the Borrower, the Administrative Agent,
each Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. In connection with any changes to the Register, if necessary, the Administrative Agent will reflect
the revisions on Annex I and forward a copy of such revised Annex I to the Borrower, each Issuing Bank and each Lender. This Section 12.04(b)(iv) shall be construed so that all Loans are at all times
maintained in “registered form” within the meaning of sections 163(f), 871(h)(2) and 881(c)(2) of the Code and any related Treasury Regulations (or any other relevant or successor provisions of the Code or of such Treasury Regulations).

 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in this Section 12.04(b) and any written consent to such assignment required
by this Section 12.04(b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this Section 12.04(b). 

  
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 (c) (i) Any Lender may, without the consent of the Borrower, the Administrative Agent or any
Issuing Bank, sell participations to one or more banks or other entities other than an Affiliate of the Borrower or any other Credit Party (a “Participant”) in all or a portion of such Lender’s rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, each Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that any such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 12.02(b) that affects such Participant. In addition such agreement must provide that the Participant be bound by the provisions of Section 12.11. Subject
to Section 12.04(c)(ii), the Borrower agrees that each Participant shall be entitled to the benefits of Section 5.01, Section 5.02 and
Section 5.03 (subject to the requirements and limitations therein, including the requirements under Section 5.03(e) (it being understood that the documentation required under
Section 5.03(e) shall be delivered to the participating Lender) and Section 5.03(k)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
Section 12.04(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender, provided such Participant agrees to be
subject to Section 4.01(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain
a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”). No participation shall be effective unless it has been recorded in the Participant Register as provided in this Section 12.04(c); provided that no Lender shall have any obligation to disclose all or any
portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person
except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(ii) A Participant shall not be entitled to receive any greater payment under Section 5.01 or
Section 5.03 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent and such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. A Participant that would be a Foreign Lender if it were a
Lender shall not be entitled to the benefits of Section 5.03 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with
Section 5.03(e) as though it were a Lender. 

  
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 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender, and this
Section 12.04(d) shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto. 
 Section 12.05 Survival; Revival; Reinstatement.

 (a) All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans
and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any other agent, any Issuing Bank or any Lender may have had notice or knowledge
of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Section 5.01, Section 5.02,
Section 5.03, Section 12.03 and Article XI shall survive and remain in full force and effect regardless of the consummation of the Transactions, the repayment of the Loans, the expiration or
termination of the Letters of Credit and the Commitments or the termination of this Agreement, any other Loan Document or any provision hereof or thereof. 

(b) To the extent that any payments on the Secured Obligations or proceeds of any Collateral are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any bankruptcy law, common law or equitable cause, then to such extent, the Secured Obligations so satisfied shall be
revived and continue as if such payment or proceeds had not been received and the Administrative Agent’s and the Lenders’ Liens, security interests, rights, powers and remedies under this Agreement and each Loan Document shall continue in
full force and effect. In such event, each Loan Document shall be automatically reinstated and the Borrower shall take such action as may be reasonably requested by the Administrative Agent and the Lenders to effect such reinstatement. 

Section 12.06 Counterparts; Integration; Effectiveness. 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. 
 (b) This Agreement, the other Loan Documents and any
separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof and 

  
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thereof. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 (c) Except as provided in
Section 6.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by fax, facsimile, as an attachment to an email or other similar electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 12.07 Severability. Any provision of this Agreement or any other Loan Document held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof or
thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 12.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations
(of whatsoever kind, including, without limitation, Swap Obligations) at any time owing by such Lender or Affiliate to or for the credit or the account of the Credit Parties or the Restricted Subsidiaries against any of and all the obligations of
the Credit Parties or the Restricted Subsidiaries owed to such Lender now or hereafter existing under this Agreement or any other Loan Document, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other
Loan Document and although such obligations may be unmatured. Each Lender or its Affiliate agrees to promptly notify the Borrower and the Administrative Agent after any such setoff and application, provided that the failure to give such notice shall
not affect the validity of such setoff and application. The rights of each Lender under this Section 12.08 are in addition to other rights and remedies (including other rights of setoff) which such Lender or its Affiliates
may have. 
 Section 12.09 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK EXCEPT TO THE EXTENT
THAT UNITED STATES FEDERAL LAW PERMITS ANY LENDER TO CONTRACT FOR, CHARGE, RECEIVE, RESERVE OR TAKE INTEREST AT THE RATE ALLOWED BY THE LAWS OF THE STATE WHERE SUCH LENDER IS LOCATED. 

  
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 (b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THE LOAN DOCUMENTS SHALL BE BROUGHT IN
THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF
ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO JURISDICTION IS NON-EXCLUSIVE AND DOES NOT PRECLUDE A PARTY
FROM OBTAINING JURISDICTION OVER ANOTHER PARTY IN ANY COURT OTHERWISE HAVING JURISDICTION. 
 (c) EACH PARTY IRREVOCABLY CONSENTS TO THE
SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO IT AT THE ADDRESS SPECIFIED IN SECTION 12.01 OR SUCH OTHER ADDRESS
AS IS SPECIFIED PURSUANT TO SECTION 12.01 (OR ITS ASSIGNMENT AND ASSUMPTION), SUCH SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF A PARTY OR ANY HOLDER OF A NOTE TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANOTHER PARTY IN ANY OTHER JURISDICTION. 

(d) EACH PARTY HEREBY (i) IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN; (ii) IRREVOCABLY WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR
RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (iii) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OF
COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (iv) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT, THE LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 12.09. 

  
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 Section 12.10 Headings. Article and Section headings and the Table of Contents
used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 12.11 Confidentiality. Each Lender Party agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its and its Related Parties’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or self-regulatory body, (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement or any other Loan Document, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document
or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this
Section 12.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or
its advisors) to any Swap Agreement relating to the Borrower, any other Credit Party or any Restricted Subsidiary and their obligations, (g) with the consent of the Borrower, (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section 12.11 or (ii) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower,
(i) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued
with respect to such Lender or (j) on a confidential basis to (i) any rating agency in connection with rating the Credit Parties or this Agreement or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance
and monitoring of CUSIP numbers for this Agreement. In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar services providers to the
lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement and the other Loan Documents. For the purposes of this Section 12.11,
“Information” means all information received from the Credit Parties or their respective Subsidiaries relating to the Credit Parties or their respective Subsidiaries and their businesses, other than any such information that is
available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Credit Parties or their respective Subsidiaries; provided that, in the case of information received from the Credit
Parties, or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this
Section 12.11 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. 
 Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan
Documents may include material non-public information concerning the Credit Parties and their respective Affiliates and Related Parties or their respective securities, and confirms that it has developed
compliance procedures regarding the use of material non-public information and agrees that it will handle such material non-public information in accordance with those
procedures and applicable law, including federal and state securities laws. 

  
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 All information, including requests for waivers and amendments, furnished by the Credit
Parties or the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public
information about the Credit Parties and their respective Affiliates and Related Parties or their respective securities. Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its Administrative
Questionnaire a credit contact who may receive information that may contain material non-public information in accordance with its compliance procedures and applicable law, including federal and state
securities laws. 
 Section 12.12 Interest Rate Limitation. It is the intention of the parties hereto that each Lender shall
conform strictly to usury laws applicable to it. Accordingly, if the Transactions would be usurious as to any Lender under laws applicable to it (including the laws of the United States of America and the State of New York or any other jurisdiction
whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that event, notwithstanding anything to the contrary in any of the Loan Documents or any agreement entered into in connection
with or as security for the Loans, it is agreed as follows: (a) the aggregate of all consideration which constitutes interest under law applicable to any Lender that is contracted for, taken, reserved, charged or received by such Lender under
any of the Loan Documents or agreements or otherwise in connection with the Loans shall under no circumstances exceed the maximum amount allowed by such applicable law, and any excess shall be canceled automatically and if theretofore paid shall be
credited by such Lender on the principal amount of the Secured Obligations (or, to the extent that the principal amount of the Secured Obligations shall have been or would thereby be paid in full, refunded by such Lender to the Borrower); and
(b) in the event that the maturity of the Loans is accelerated by reason of an election of the holder thereof resulting from any Event of Default under this Agreement or otherwise, or in the event of any required or permitted prepayment, then
such consideration that constitutes interest under law applicable to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided for in this Agreement or otherwise shall be canceled
automatically by such Lender as of the date of such acceleration or prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of the Secured Obligations (or, to the extent that the principal amount of the Secured
Obligations shall have been or would thereby be paid in full, refunded by such Lender to the Borrower). All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent permitted by
law applicable to such Lender, be amortized, prorated, allocated and spread throughout the stated term of the Loans until payment in full so that the rate or amount of interest on account of any Loans hereunder does not exceed the maximum amount
allowed by such applicable law. If at any time and from time to time (i) the amount of interest payable to any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Lender pursuant to this
Section 12.12 and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender would be less than the amount of interest payable to such Lender computed at the
Highest Lawful Rate applicable to such Lender, then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to be computed at the Highest Lawful Rate applicable to such Lender until the
total amount of interest payable to such Lender shall equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed without giving effect to this
Section 12.12. 

  
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 Section 12.13 Exculpation Provisions. EACH OF THE PARTIES HERETO SPECIFICALLY
AGREES THAT IT HAS A DUTY TO READ THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; THAT IT HAS IN FACT READ THIS AGREEMENT AND IS FULLY
INFORMED AND HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS AGREEMENT; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS; AND HAS RECEIVED THE ADVICE OF ITS ATTORNEY IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND THAT IT RECOGNIZES THAT CERTAIN OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS RESULT IN ONE PARTY
ASSUMING THE LIABILITY INHERENT IN SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY
EXCULPATORY PROVISION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.” 

Section 12.14 Collateral Matters; Swap Agreements. The benefit of the Security Instruments and of the provisions of this Agreement
relating to any collateral securing the Secured Obligations shall also extend to and be available to each Secured Swap Party and each Secured Cash Management Provider on a pro rata basis in respect of any Secured Swap Obligations owed to such
Secured Swap Party and any Secured Cash Management Obligations owed to such Secured Cash Management Provider. Except as set forth in Section 12.02(b), no Secured Swap Party or Secured Cash Management Provider shall have any
voting rights under any Loan Document as a result of the existence of any Secured Swap Obligations or Secured Cash Management Obligations owed to it. 

Section 12.15 No Third Party Beneficiaries. This Agreement, the other Loan Documents, and the agreement of the Lenders to make
Loans and each Issuing Bank to issue, amend, renew or extend Letters of Credit hereunder are solely for the benefit of the Borrower, and no other Person (including, without limitation, any Subsidiary of the Borrower, any Credit Party, contractor,
subcontractor, supplier or materialsman) shall have any rights, claims, remedies or privileges hereunder or under any other Loan Document against the Administrative Agent, any other agent, any Issuing Bank or any Lender for any reason whatsoever.
There are no third party beneficiaries other than to the extent contemplated by the last sentence of Section 12.04(a) and other than the Specified Swap Counterparties or any of their respective Affiliates, but only to the
extent and for so long as each constitutes a Secured Swap Party. 

  
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 Section 12.16 USA Patriot Act Notice. Each Lender hereby notifies the Borrower
and other Credit Parties that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information
that identifies the Credit Parties, which information includes the name, address and tax identification number of the Credit Parties and other information that will allow such Lender to identify the Credit Parties in accordance with the Patriot Act.

 Section 12.17 No Fiduciary Duty. The Administrative Agent, each Lender and their Affiliates (collectively, solely for
purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower and the Guarantors, their respective stockholders and/or their affiliates. The Borrower agrees that nothing in the Loan
Documents and nothing in connection with the transactions related thereto will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower and any
Guarantor, its stockholders or its affiliates, on the other. The Borrower acknowledges and agrees that (a) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower on the other, and (b) in connection therewith and with the process leading thereto, (i) no Lender has
assumed an advisory or fiduciary responsibility in favor of the Borrower or any Guarantor, its stockholders or its Affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the
process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower or any Guarantor, its stockholders or its Affiliates on other matters) or any other obligation to the Borrower or any
Guarantor except the obligations expressly set forth in the Loan Documents and (ii) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower or any Guarantor, its management, stockholders, creditors or any
other Person. The Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions
and the process leading thereto. The Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower or any Guarantor, in connection with such
transaction or the process leading thereto. 
 Section 12.18 Flood Insurance Provisions. 

(a) Notwithstanding any provision in this Agreement or any other Loan Document to the contrary, in no event is any Building (as defined in the
applicable Flood Insurance Regulation) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulation) included in the definition of “Mortgaged Property” and no Building or Manufactured (Mobile) Home is hereby
encumbered by this Agreement or any other Loan Document. As used herein, “Flood Insurance Regulations” means (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto,
(ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 (amending 42 USC 4001, et seq.), as the same may be amended or recodified
from time to time and (iv) the Flood Insurance Reform Act of 2004 and any regulations promulgated thereunder and (v) the Biggert-Waters Flood Reform Act of 2012 and any regulations promulgated thereunder. 

  
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 (b) The Administrative Agent has adopted internal policies and procedures that address
requirements placed on federally regulated Lenders under the Flood Insurance Regulations. The Administrative Agent will post on the applicable electronic platform (or otherwise distribute to each Lender in the syndicate) documents that it receives
in connection with the Flood Insurance Regulations. However, the Administrative Agent reminds each Lender and participant in the facility that, pursuant to the Flood Insurance Regulations, each federally regulated Lender (whether acting as a Lender
or participant in the facility) is responsible for assuring its own compliance with the flood insurance requirements. 
 Section 12.19
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such
parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by: (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by
any party hereto that is an EEA Financial Institution; and (b) the effects of any Bail-In Action on any such liability, including, if applicable: (i) a reduction in full or in part or cancellation of
any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or (iii) the variation of the terms of such
liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 
 Section 12.20
Releases. 
 (a) Full Release. Upon the request of the Borrower, if (i) all Secured Obligations under this Agreement and
the other Loan Documents shall have been paid in full in cash (other than indemnities and other contingent obligations not then due and payable and as to which no claim has been made as of the time of determination), (ii) all Letters of Credit shall
have expired, terminated or other arrangements satisfactory to the Administrative Agent and the relevant Issuing Bank shall have been made, (iii) commitments of the Lenders under the Loan Documents shall have been terminated, (iv) all
Secured Swap Agreements have expired or been terminated (and all amounts owing thereunder paid in full) or other arrangements made to the satisfaction of the applicable Secured Swap Party, (v) all Secured Cash Management Agreements have expired
or been terminated (and all amounts owing thereunder paid in full) or other arrangements made to the satisfaction of the applicable Secured Cash Management Provider and (vi) this Agreement and the other Loan Documents shall have been terminated
(other than those provisions that by their terms survive termination), the Administrative Agent at the request and sole expense of the Credit Parties shall execute and deliver or cause to be executed and delivered such instruments as may be
necessary to evidence the release of the Liens and any guarantees granted pursuant to the Security Instruments. 
 (b) Partial
Release. If (i) any of the Collateral shall be sold, transferred, conveyed or otherwise disposed of by the Borrower or any Subsidiary Guarantor in a transaction permitted by this Agreement (other than any sale, transfer, conveyance,
transfer of other disposition to the Borrower or another Subsidiary Guarantor) or (ii) the release of such Lien is 

  
 145 

 
approved, authorized or ratified in writing by the Majority Lenders (or such other percentage of the Lenders whose consent may be required in accordance with
Section 12.02(b)), then upon written request delivered to the Administrative Agent, the Administrative Agent, at the sole expense of the Borrower and the applicable Subsidiary Guarantor, shall promptly execute and
deliver to the Borrower or such Subsidiary Guarantor all releases, termination statements and/or other documents reasonably necessary or desirable to evidence the release of Liens on such Collateral created under the applicable Loan Documents;
provided that the Borrower shall have delivered to the Administrative Agent a written request for release, termination statements and other documents identifying the Borrower or such Subsidiary Guarantor together with a certification by the
Borrower stating (x) that such transaction is in compliance with this Agreement and the other Loan Documents, and (y) no Collateral other than the Collateral required to be released is being released. The Administrative Agent is authorized
to release a Guarantor from its obligations under the Loan Documents (including, without limitation, any guarantee under the Guaranty and Collateral Agreement) and any Liens on the Property of such Guarantor granted pursuant to the Security
Instruments in the event that (i) all the capital stock or other Equity Interests of such Guarantor are sold, transferred, conveyed, associated or otherwise disposed of in a transaction permitted by the Loan Documents, (ii) upon written
request by the Borrower to the Administrative Agent, such Guarantor ceases to be a Material Subsidiary or (iii) such Guarantor is designated as an Unrestricted Subsidiary. In such event, the Administrative Agent, at the sole expense of the
Borrower and the applicable Guarantor, shall promptly execute and deliver to the Borrower or such Guarantor all releases, termination statements and/or other documents reasonably necessary or desirable to evidence such release; provided that
the Borrower shall have delivered to the Administrative Agent a written request for release identifying the relevant Guarantor together with a certification by the Borrower stating (x) that such transaction is in compliance with this Agreement
and the other Loan Documents, and (y) no Guarantor or Collateral other than the Guarantor or Collateral required to be released is being released. 

Section 12.21 Second Lien Intercreditor Agreement. 

(a) EACH LENDER HEREBY (I) INSTRUCTS AND AUTHORIZES THE ADMINISTRATIVE AGENT TO EXECUTE AND DELIVER THE SECOND LIEN INTERCREDITOR
AGREEMENT ON ITS BEHALF, (II) AUTHORIZES AND DIRECTS THE ADMINISTRATIVE AGENT TO EXERCISE ALL OF THE ADMINISTRATIVE AGENT’S RIGHTS AND TO COMPLY WITH ALL OF ITS OBLIGATIONS UNDER THE SECOND LIEN INTERCREDITOR AGREEMENT, (III) AGREES
THAT THE ADMINISTRATIVE AGENT MAY TAKE ACTIONS ON ITS BEHALF AS IS CONTEMPLATED BY THE TERMS OF THE SECOND LIEN INTERCREDITOR AGREEMENT AND (IV) UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT AT ALL TIMES FOLLOWING THE EXECUTION AND DELIVERY OF THE
SECOND LIEN INTERCREDITOR AGREEMENT SUCH LENDER (AND EACH OF ITS SUCCESSORS AND ASSIGNS) SHALL BE BOUND BY THE TERMS THEREOF. 
 (b) EACH
LENDER ACKNOWLEDGES THAT IT HAS REVIEWED AND IS SATISFIED WITH THE TERMS AND PROVISIONS OF THE SECOND LIEN INTERCREDITOR AGREEMENT AND ACKNOWLEDGES AND AGREES THAT SUCH LENDER IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE SECOND LIEN
INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF, AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE SECOND LIEN
INTERCREDITOR AGREEMENT. 

  
 146 

 Section 12.22 Amendment and Restatement of Existing Credit Agreement. 

(a) On the Effective Date, the Existing Credit Agreement shall be amended and restated in its entirety as set forth herein. This Agreement and
any Notes issued hereunder have been given in renewal, extension, rearrangement and increase, and not in extinguishment of the obligations under the Existing Credit Agreement and the notes and other documents related thereto. This Agreement does not
constitute a novation of the obligations and liabilities under the Existing Credit Agreement or evidence repayment of any such obligations and liabilities. All Liens, deeds of trust, mortgages, assignments and security interests securing the
Existing Credit Agreement and the obligations relating thereto are hereby ratified, confirmed, renewed, extended, brought forward and rearranged as security for the Secured Obligations. None of the Liens and security interests created pursuant to
the “Security Instruments” as defined in the Existing Credit Agreement are released. The substantive rights and obligations of the parties hereto shall be governed by this Agreement, rather than the Existing Credit Agreement. Without
limitation of any of the foregoing, (a) this Agreement shall not in any way release or impair the rights, duties, Secured Obligations (as defined in the Existing Credit Agreement) or Liens (as defined in the Existing Credit Agreement) created
pursuant to the Existing Credit Agreement or any other Loan Document (as defined in the Existing Credit Agreement) or affect the relative priorities thereof, in each case to the extent in force and effect thereunder as of the Effective Date and
except as modified hereby or by documents, instruments and agreements executed and delivered in connection herewith, and all of such rights, duties, Secured Obligations and Liens are assumed, ratified and affirmed by the Borrower and each of the
Guarantors; (b) any and all references to the Existing Credit Agreement in any Security Instrument or other Loan Document shall, without further action of the parties, be deemed a reference to the Existing Credit Agreement, as amended and
restated by this Agreement, and as this Agreement shall be further amended, restated, supplemented or otherwise modified from time to time, and any and all references to the Security Instruments or Loan Documents in any such Security Instruments or
any other Loan Documents shall be deemed a reference to the Security Instruments or Loan Documents under the Existing Credit Agreement, as amended and restated by this Agreement, and as this Agreement shall be further amended, restated, supplemented
or otherwise modified from time to time; and (c) the Liens granted pursuant to the Security Instruments to which any Credit Party is a party shall continue without any diminution thereof and shall remain in full force and effect on and after
the Effective Date. 
 (b) From and after the Effective Date, (i) each Exiting Lender shall cease to be a Lender under this Agreement,
(ii) no Exiting Lender shall have any obligations or liabilities as a Lender under this Agreement with respect to the period from and after the Effective Date and, without limiting the foregoing, no Exiting Lender shall have any Commitment
under this Agreement or any LC Exposure outstanding hereunder and (iii) no Exiting Lender shall have any rights under the Existing Credit Agreement, this Agreement or any other Loan Document as a Lender (other than rights under the Existing
Credit Agreement expressly stated to survive the termination of the Existing Credit Agreement and the repayment of amounts outstanding thereunder). 

  
 147 

 (c) The Lenders that are lenders under the Existing Credit Agreement hereby waive any
requirements for notice of prepayment, minimum amounts of prepayments of Loans (as defined in the Existing Credit Agreement), ratable reductions of the commitments of the Lenders under the Existing Credit Agreement and ratable payments on account of
the principal or interest of any Loan (as defined in the Existing Credit Agreement) under the Existing Credit Agreement to the extent such prepayment, reductions or payments are required under the Existing Credit Agreement. 

(d) To the extent that any Loans are outstanding under the Existing Credit Agreement on the Effective Date, subject to the satisfaction of the
conditions precedent set forth in Section 6.01, to the extent necessary to allocate the Loans ratably in accordance with the allocation of Commitments after giving effect to this Agreement, (a) each of the Lenders with
a Commitment shall be deemed to have assigned to each other Lender with a Commitment, and each of such Lenders shall be deemed to have purchased from each of such other Lenders, at the principal amount thereof (together with accrued interest, if
any), such interests in the Loans outstanding on the Effective Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Loans will be held by Lenders with Commitments ratably in accordance with their
Commitments set forth on Annex I. The Lenders hereby confirm that, from and after the Effective Date, all participations of the Lenders in respect of Letters of Credit outstanding hereunder pursuant to
Section 2.08(d) shall be based upon the Applicable Percentages of the Lenders (after giving effect to this Agreement). 

Section 12.23 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit or the Commitments; 

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for
certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank
collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable and the conditions are
satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement; 

  
 148 

 (iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset
Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and
perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the
requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of
Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement;
or 
 (iv) such other representation, warranty and covenant as may be agreed in writing among the Administrative Agent, the Borrower and
such Lender. 
 (b) In addition, unless either (1) sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a
Lender party hereto, for the benefit of, the Administrative Agent, each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that none of the Administrative
Agent, any Arranger and their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

Section 12.24 Acknowledgment Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a
guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows
with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State
of New York and/or of the United States or any other state of the United States): 
 (a) In the event a Covered Entity that is party to a
Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or
under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.

  
 149 

 
In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might
otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime
if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a
Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 
 (b)
As used in this Section 12.25, the following terms have the following meanings: 
 “BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Covered Entity” means any of the following: 

 

	 	(i)	 a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); 

  

	 	(ii)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 

  

	 	(iii)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 

 “Default Right” has the meaning assigned to that term in, and shall be
interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “QFC” has the meaning
assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

[Remainder of Page Intentionally Left Blank - Signature Pages Follow] 

  
 150 

									
	BORROWER:	 		 	NORTHERN OIL AND GAS, INC.	 	
					
		 		 	By:	 	 /s/ Nicholas O’Grady
	 	
		 		 	Name:	 	Nicholas O’Grady	 	
		 		 	Title:	 	Chief Financial Officer	 	

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

									
	ADMINISTRATIVE AGENT:	 		 	WELLS FARGO BANK,	 	
		 		 	NATIONAL ASSOCIATION,	 	
		 		 	as Administrative Agent	 	
					
		 		 	By:	 	 /s/ Oleg Kogan
	 	
		 		 	Name:	 	Oleg Kogan	 	
		 		 	Title:	 	Director	 	

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

									
	ISSUING BANK AND LENDER:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,	 	
		 		 	as Issuing Bank and a Lender	 	
					
		 		 	By:	 	 /s/ Oleg Kogan
	 	
		 		 	Name:	 	Oleg Kogan	 	
		 		 	Title:	 	Director	 	

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	ABN AMRO Capital USA LLC, as a Lender
		
	By:	 	 /s/ Darrell Holley

	Name:	 	Darrell Holley
	Title:	 	Managing Director
		
	By:	 	 /s/ Beth Johnson

	Name:	 	Beth Johnson
	Title:	 	Executive Director

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	Royal Bank of Canada, as a Lender
		
	By:	 	 /s/ Don J. McKinnerney

	Name:	 	Don J. McKinnerney
	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	SunTrust Bank, as a Lender
		
	By:	 	 /s/ John Kovarik

	Name:	 	John Kovarik
	Title:	 	Director

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	 CITIZENS BANK, N.A., as a Documentation

Agent and a Lender

		
	By:	 	 /s/ David Slye

	Name:	 	David Slye
	Title:	 	Managing Director

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

									
	LENDERS:	 		 	FIFTH THIRD BANK, NATIONAL ASSOCIATION	 	
					
		 		 	By:	 	 /s/ Thomas Kleiderer
	 	
		 		 	Name:	 	Thomas Kleiderer	 	
		 		 	Title:	 	Director	 	

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as a

Lender

		
	By:	 	 /s/ Todd S. Anderson

	Name:	 	Todd S. Anderson
	Title:	 	Vice President

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION, as a

Lender

		
	By:	 	 /s/ Cameron Breitenbach

	Name:	 	Cameron Breitenbach
	Title:	 	Vice President

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Victor F. Cruz

	Name:	 	Victor F. Cruz
	Title:	 	Vice President

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	Cadence Bank N.A., as a Lender
		
	By:	 	 /s/ Anthony Blanco

	Name:	 	Anthony Blanco
	Title:	 	Senior Vice President

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	Cathay Bank, as a Lender
		
	By:	 	 /s/ Stephen V Bacala II

	Name:	 	Stephen V Bacala II
	Title:	 	Vice President

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

									
	LENDER:	 		 	CIT BANK, N.A.	 	
					
		 		 	By:	 	 /s/ John Feeley
	 	
		 		 	Name:	 	John Feeley	 	
		 		 	Title:	 	Director	 	

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	Morgan Stanley Bank, N.A., as a Lender
		
	By:	 	 /s/ Michael King

	Name:	 	Michael King
	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	 GOLDMAN SACHS LENDING PARTNERS LLC,

as a Lender

		
	By:	 	 /s/ Ryan Durkin

	Name:	 	Ryan Durkin
	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	CARGILL INCORPORATED, as an Exiting Lender and, solely for the purposes of Sections 8.01, 8.02, 10.02(c), 12.02(b), 12.14 and 12.15 of the Agreement, a Specified Swap Counterparty
		
	By:	 	 /s/ Tyler R. Smith

	Name:	 	Tyler R. Smith
	Title:	 	Authorized Signer

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	MACQUARIE INVESTMENTS US INC., as an Exiting Lender
		
	By:	 	 /s/ Sherri Brudner

	Name:	 	Sherri Brudner
	Title:	 	Division Director
	
	MACQUARIE BANK LIMITED, solely for the purposes of Sections 8.01, 8.02, 10.02 (c), 12.02(b), 12.14 and 12.15 of the Agreement, as a Specified Swap Counterparty
		
	By:	 	 /s/ Ben Mossemenear

	Name:	 	Ben Mossemenear
	Title:	 	Division Director
		
	By:	 	 /s/ Lynette Ladhams

	Name:	 	Lynette Ladhams
	Title:	 	Associate Director, CGM Legal

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 
			
	BP ENERGY COMPANY, as an Exiting Lender and, solely for the purposes of Sections 8.01, 8.02, 10.02(c), 12.02(b), 12.14 and 12.15 of the Agreement, a Specified Swap Counterparty
		
	By:	 	 /s/ Ryan McGeachie

	Name:	 	Ryan McGeachie
	Title:	 	Vice President

  

  
 SIGNATURE
PAGE 
 TO CREDIT AGREEMENT 

(NORTHERN OIL AND GAS, INC.) 

 ANNEX I 

MAXIMUM CREDIT AMOUNTS 
  

									
	 Name of Lender
	  	Applicable
Percentage	 	 	Maximum
Credit Amount	 
	 Wells Fargo Bank, National Association
	  	 	11.250	% 	 	$	168,750,000.00	 
	 ABN AMRO Capital USA LLC
	  	 	11.250	% 	 	$	168,750,000.00	 
	 Royal Bank of Canada
	  	 	11.250	% 	 	$	168,750,000.00	 
	 SunTrust Bank
	  	 	11.250	% 	 	$	168,750,000.00	 
	 Citizens Bank, National Association
	  	 	10.000	% 	 	$	150,000,000.00	 
	 Fifth Third Bank, National Association
	  	 	10.000	% 	 	$	150,000,000.00	 
	 U.S. Bank National Association
	  	 	10.000	% 	 	$	150,000,000.00	 
	 Capital One National Association
	  	 	6.250	% 	 	$	93,750,000.00	 
	 Bank of America, N.A.
	  	 	4.375	% 	 	$	65,625,000.00	 
	 Cadence Bank, N.A.
	  	 	4.375	% 	 	$	65,625,000.00	 
	 Cathay Bank
	  	 	4.375	% 	 	$	65,625,000.00	 
	 CIT Bank, NA
	  	 	3.125	% 	 	$	46,875,000.00	 
	 Morgan Stanley Bank, N.A.
	  	 	1.875	% 	 	$	28,125,000.00	 
	 Goldman Sachs Lending Partners LLC
	  	 	0.625	% 	 	$	9,375,000.00	 
		  	  
	  
	 	 	  
	  
	 
	 TOTAL
	  	 	100.000000000	% 	 	$	1,500,000,000.00	 
		  	  
	  
	 	 	  
	  
	 

 ANNEX I 

CREDIT AGREEMENTExhibit 10.1

 

Execution Version

 

Fortress Biotech, Inc.

 

262,500 Shares of 9.375% Series A

Cumulative Redeemable Perpetual Preferred
Stock

 

Liquidation Preference $25.00 per Share

		 	 

 

UNDERWRITING
AGREEMENT

 

		 	 

November 25, 2019

 

     

     

    

 

UNDERWRITING
AGREEMENT

 

November 25, 2019

 

The Benchmark Company LLC

150 East 58th Street, 17th Floor

New York, NY 10155

 

ThinkEquity,

A division of Fordham Financial Management

17 State Street, 22nd Floor

New York, NY 10004

 

As Representatives of the several Underwriters

named in Schedule I hereto

 

Ladies and Gentlemen:

 

Fortress Biotech, Inc., a Delaware corporation
(the “Company”), proposes to issue and sell to the several underwriters named in Schedule I hereto (the
 “Underwriters”), for whom The Benchmark Company LLC (“Benchmark”) and ThinkEquity, A division
of Fordham Financial Management (“ThinkEquity”) are acting as Representatives (the “Representatives”),
262,500 shares (the “Firm Shares”) of the 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock of
the Company, liquidation preference $25.00 per share (the “Series A Preferred Stock”), the Company’s authorized
preferred stock (the “Preferred Stock”). The Company also proposes to sell to the several Underwriters, at the
option of the Underwriters, up to an additional 39,375 shares of Series A Preferred Stock (the “Option Shares”).
The Firm Shares and the Option Shares are hereinafter referred to collectively as the “Shares.”

 

This Underwriting Agreement
(this “Agreement”) confirms the agreement among the Company and the Underwriters concerning the purchase of
the Shares by the Underwriters.

 

As used in this Agreement:

 

(a)              
“Applicable Time” means 5:00 p.m. (New York time) on the date of this Agreement;

 

(b)              
“Basic Prospectus” means the base prospectus filed as part of the Registration Statement, in the form
in which it has most recently been filed with the Commission on or prior to the date of this Agreement;

 

(c)              
“Business Day” shall mean a day on which The NASDAQ Capital Market (“NASDAQ”) is open
for trading and commercial banks in the City of New York are open for business;

 

(d)              
“Commission” means the Securities and Exchange Commission;

 

    1

     

    

 

(e)              
“Effective Date” means any date as of which any part of the Registration Statement became, or is deemed
to have become, effective under the Securities Act in accordance with the Rules and Regulations;

 

(f)               
“Exchange Act” means the Securities Exchange Act of 1934, as amended;

 

(g)              
“Preliminary Prospectus” means any preliminary prospectus (including any preliminary prospectus supplement
relating to the Shares) filed with the Commission by the Company pursuant to Rule 424(b) under the Securities Act and any reference
to “most recent Preliminary Prospectus” shall be deemed to refer to the latest Preliminary Prospectus included in the
Registration Statement or filed pursuant to Rule 424(b) of the Rules and Regulations on or prior to the date of this Agreement;

 

(h)              
“Pricing Disclosure Package” means, as of the Applicable Time, the most recent Preliminary Prospectus,
together with (i) any Issuer Free Writing Prospectus filed with the Commission by the Company on or before the Applicable Time
and identified on Schedule II hereto and (ii) the pricing information identified on Schedule II hereto;

 

(i)                
“Prospectus” means the form of the final prospectus, as first filed with the Commission by the Company
pursuant to Rule 424(b) of the Rules and Regulations;

 

(j)                
“Registration Statement” means, collectively, the various parts of the shelf registration statement on
Form S-3 (File No. 333-226089), including all exhibits, financial statements and any documents incorporated by reference therein
at such time and any information in any prospectus supplement relating to the Shares that is filed with the Commission by the Company
pursuant to Rule 424(b) of the Rules and Regulations and deemed to be a part of such registration statement pursuant to Rule 430B
of the Rules and Regulations, each as amended at the latest Effective Date;

 

(k)              
“Rules and Regulations” means the rules and regulations of the Commission under the Securities Act; and

 

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

 

Reference made herein
to any Basic Prospectus, any Preliminary Prospectus or to the Prospectus shall be deemed to refer to and include any documents
incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of the date of such prospectus;
any reference to any amendment or supplement to the Basic Prospectus, any Preliminary Prospectus or the Prospectus shall be deemed
to refer to and include any post-effective amendment to the Registration Statement, any prospectus supplement relating to the Shares
filed with the Commission by the Company pursuant to Rule 424(b) under the Securities Act and any documents filed under the Exchange
Act, and incorporated therein, in each case after the date of the Basic Prospectus, any Preliminary Prospectus or the Prospectus,
as the case may be; any reference to any amendment to the Registration Statement shall be deemed to include any annual report
of the Company filed with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act after the effective date of the
Registration Statement that is incorporated by reference in the Registration Statement; and any “issuer free writing prospectus”
as defined in Rule 433 under the Securities Act relating to the Shares is hereinafter called an “Issuer Free Writing Prospectus.”

 

    2

     

    

 

1.           
Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, the Underwriters
that, as of the date hereof and as of the Closing Date and each Option Closing Date, if any:

 

(a)              
The Registration Statement has (i) been prepared by the Company in conformity with the requirements of the Securities Act
and the Rules and Regulations; (ii) been filed with the Commission under the Securities Act; and (iii) become effective
under the Securities Act. The Commission has not issued any order suspending the effectiveness of the Registration Statement or
any part thereof, and no proceeding for such purpose has been instituted or, to the knowledge of the Company, threatened by the
Commission.

 

(b)              
No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued
by the Commission, and any Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements
of the Securities Act and the Rules and Regulations, and did not contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided, however, that this representation and warranty shall not apply
to any statements or omissions made in reliance upon and in strict conformity with the information furnished in writing to the
Company by or on behalf of any Underwriter through the Representatives expressly for use therein, it being understood and agreed
that the only such information provided by or on behalf of any Underwriter is that described as such in Section 8(a) of
this Agreement.

 

(c)              
The Pricing Disclosure Package, as of the Applicable Time, did not include any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; and each Issuer Free Writing Prospectus listed on Schedule II hereto does not conflict with
the information contained in the Registration Statement, Pricing Disclosure Package or the Prospectus, and each such Issuer Free
Writing Prospectus, as supplemented by and taken together with Pricing Disclosure Package as of the Applicable Time, did not include
any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided, however, that this representation
and warranty shall not apply to statements or omissions made in an Issuer Free Writing Prospectus or Pricing Disclosure Package
in reliance upon and in strict conformity with the information furnished in writing to the Company by or on behalf of any Underwriter
through the Representatives expressly for use therein, it being understood and agreed that the only such information provided by
or on behalf of any Underwriter is that described as such in Section 8(a) of this Agreement.

 

(d)               The
Registration Statement, at each Effective Date, and the Prospectus, as of its date and on the Closing Date (and, if any
Option Shares are purchased, at each Option Closing Date), did not and will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in
the case of the Prospectus, in the light of the circumstances under which they were made) not misleading; provided, that
no representation or warranty is made as to information contained in or omitted from the Registration Statement or the
Prospectus in reliance upon and in strict conformity with the information furnished in writing to the Company by or on behalf
of any Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such
information provided by or on behalf of any Underwriter is that described as such in Section 8(a) of this Agreement.
The conditions for use of Form S-3, as set forth in the General Instructions thereto, have been satisfied.

 

    3

     

    

 

(e)              
The Pricing Disclosure Package and the Prospectus will conform in all material respects when filed with the Commission pursuant
to Rule 424(b) and on the Closing Date (and, if any Option Shares are purchased, at each Option Closing Date) to the requirements
of the Securities Act and the Rules and Regulations. The documents incorporated by reference in the Registration Statement, Pricing
Disclosure Package and the Prospectus, when they became effective or when filed with the Commission, as the case may be, conformed
in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations
of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the statements therein not misleading; and any further documents
so filed and incorporated by reference in the Registration Statement and the Prospectus, when filed with Commission and on the
Closing Date (and, if any Option Shares are purchased, at each Option Closing Date), will conform in all material respects to the
requirements of the Securities Act and the Exchange Act, as applicable, and the Rules and Regulations and the rules and regulations
of the Commission under the Exchange Act, as applicable and will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(f)                The
consolidated financial statements of the Company included or incorporated by reference in the Registration Statement, the
Prospectus and Pricing Disclosure Package, if any, together with the related notes and schedules, complied as to form in
all material respects with applicable accounting requirements and the published rules and regulations of the Commission with
respect thereto as in effect as of the time of filing. Such financial statements have been prepared in compliance in all
material respects with the requirements of the Securities Act and Exchange Act, as applicable, and in conformity with
generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis
(except for such adjustments to accounting standards and practices as are noted therein) during the periods involved
(subject, in the case of unaudited statements, to normal recurring adjustments); the other financial and statistical data
with respect to the Company and the Subsidiaries (as defined below) contained or incorporated by reference in the
Registration Statement, the Prospectus and Pricing Disclosure Package, if any, are accurately and fairly presented and
prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial
statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration
Statement, the Prospectus or Pricing Disclosure Package that are not included or incorporated by reference as required; the
Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any
off-balance sheet obligations), not described in the Registration Statement (including the exhibits thereto and documents
incorporated by reference therein), and the Prospectus which are required to be described in the Registration Statement, the
Prospectus and Pricing Disclosure Package (including exhibits thereto and documents incorporated by reference therein);
and all disclosures contained or incorporated by reference in the Registration Statement, the Prospectus and Pricing
Disclosure Package, if any, regarding “non-GAAP financial measures” (as such term is defined by the rules and
regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of
Regulation S-K under the Securities Act, to the extent applicable.

 

    4

     

    

 

(g)              
The Pricing Disclosure Package and Prospectus delivered to the Underwriters for use in connection with the sale of the Shares
pursuant to this Agreement will be identical to the versions of Pricing Disclosure Package and Prospectus created to be transmitted
to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.

 

(h)              
The Company and the Subsidiaries are, and will be, duly organized, validly existing as corporations and in good standing
under the laws of their respective jurisdictions of organization. The Company and the Subsidiaries are, and will be, duly licensed
or qualified as a foreign corporation for transaction of business and in good standing under the laws of each other jurisdiction
in which their respective ownership or lease of property or the conduct of their respective businesses requires such license or
qualification, and have all corporate power and authority necessary to own or hold their respective properties and to conduct their
respective businesses as described in the Registration Statement, the Prospectus and Pricing Disclosure Package, except where the
failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have
a material adverse effect or would reasonably be expected to have a material adverse effect on the assets, business, operations,
earnings, properties, condition (financial or otherwise), prospects, stockholders’ equity (as set forth on the Company’s
most recent balance sheet included in the documents incorporated by reference therein) or results of operations of the Company
and the Subsidiaries taken as a whole, or prevent or materially interfere with consummation of the transactions contemplated hereby
(a “Material Adverse Effect”).

 

(i)                
The list on Schedule III hereto sets forth a complete list of the Company’s materially active subsidiaries
(each a “Subsidiary,” and collectively, the “Subsidiaries”). Except as set forth in the Registration
Statement, the Prospectus and Pricing Disclosure Package, the Company’s equity interests of the Subsidiaries are free and
clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests
of the Subsidiaries are validly issued and are fully paid, nonassessable and free of preemptive and similar rights.

 

(j)                
Neither the Company nor the Subsidiaries are (i) in violation of its charter or by-laws or similar organizational documents;
(ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the
due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or the Subsidiaries are party or by which the Company or Subsidiaries are
bound or to which any of the property or assets of the Company or the Subsidiaries is subject; or (iii) in violation of any law
or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority having
jurisdiction over the Company, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(k)               Subsequent
to the respective dates as of which information is given in the Registration Statement, the Prospectus and Pricing Disclosure
Package (including the documents incorporated by reference therein), there has not been (i) any Material Adverse Effect, or
any development involving a prospective Material Adverse Effect, in or affecting the business, properties, management,
condition (financial or otherwise), results of operations, or prospects of the Company and the Subsidiaries taken as a whole,
(ii) other than the transactions contemplated by this Agreement, any transaction which is material to the Company and the
Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet
obligations), incurred by the Company or any Subsidiaries, which is material to the Company and the Subsidiaries taken as a
whole, (iv) any material change in the capital stock (other than (a) as a result of the sale of Shares (b) changes in the
number of outstanding shares of common stock, par value $0.001 per share (the “Common Stock”) due to the
issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, shares of Common Stock
outstanding on the date hereof, or (c) the issuance of options or warrants to purchase Common Stock or the issuance of
restricted stock or other equity awards of the Company, in each case, pursuant to the Company’s equity incentive plans)
or outstanding long-term indebtedness of the Company or the Subsidiaries or (v) any dividend or distribution of any kind
declared, paid or made on the capital stock of the Company or any Subsidiary, other than in each case above (A) in the
ordinary course of business, (B) as otherwise disclosed in the Registration Statement, Prospectus or Pricing Disclosure
Package (including the documents incorporated by reference therein) or (C) where such matter, item, change, or development
would not make the statements in the Registration Statement, the Prospectus and Pricing Disclosure Package contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading.

 

    5

     

    

 

(l)                
The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and non-assessable
and, other than as disclosed in or contemplated by the Registration Statement, the Prospectus and Pricing Disclosure Package, are
not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding
capitalization as set forth in the Registration Statement, the Prospectus and Pricing Disclosure Package as of the dates referred
to therein (other than the grant of additional options, restricted stock or other equity awards under the Company’s equity
incentive plans, or changes in the number of outstanding Common Stock of the Company due to the issuance of shares upon the exercise
or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date hereof or as a result of
the issuance of Shares) and such authorized capital stock conforms in all material respects to the description thereof set forth
in the Registration Statement, the Prospectus and Pricing Disclosure Package. The description of the Series A Preferred Stock in
the Registration Statement, the Prospectus and Pricing Disclosure Package is complete and accurate in all material respects. Except
as disclosed in or contemplated by the Registration Statement, the Prospectus, or Pricing Disclosure Package, as of the date referred
to therein, the Company did not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities
or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock
or other securities.

 

(m)             The
Company has full legal right, power and authority to enter into this Agreement and perform the transactions
contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and
binding agreement of the Company enforceable against the Company in accordance with its terms, except to the extent that (i)
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ rights generally and by general equitable principles and (ii) the indemnification and contribution
provisions of Section 8 hereof may be limited by federal or state securities laws and public policy considerations in
respect thereof.

 

(n)              
The Shares, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly
authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, will be duly
and validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest
or other claim (other than any pledge, lien, encumbrance, security interest or other claim arising from an act or omission of the
Underwriters or a purchaser), including any statutory or contractual preemptive rights, resale rights, rights of first refusal
or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform
in all material respects to the description thereof set forth in or incorporated into the Prospectus and Pricing Disclosure Package.

 

    6

     

    

 

(o)              
No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or any governmental
or regulatory authority having jurisdiction over the Company is required for the execution, delivery and performance by the Company
of this Agreement, and the issuance and sale by the Company of the Shares as contemplated hereby, except for the registration of
the Shares under the Securities Act and such consents, approvals, authorizations, orders and registrations or qualifications as
may be required under the Exchange Act, applicable state securities laws or by the by-laws and rules of Financial Industry Regulatory
Authority (“FINRA”) or NASDAQ in connection with the sale of the Shares by the Underwriters.

 

(p)              
Except as set forth in the Registration Statement, the Prospectus and Pricing Disclosure Package, (i) no person, as such
term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a “Person”), has
the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Series A Preferred Stock or shares
of any other capital stock or other securities of the Company (other than upon the exercise of options or warrants to purchase
Common Stock or upon the exercise of options that may be granted or issuances of Common Stock or other equity awards, from time
to time under the Company’s equity incentive plans), (ii) no Person has any preemptive rights, rights of first refusal, or
any other rights (whether pursuant to a “poison pill” provision or otherwise) to purchase any Series A Preferred Stock
or shares of any other capital stock or other securities of the Company from the Company which have not been duly waived with respect
to the offering contemplated hereby, (iii) except as may be disclosed to the Underwriters in writing, no Person has the right to
act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of the Series A Preferred
Stock, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act
any Series A Preferred Stock or shares of any other capital stock or other securities of the Company, or to include any such shares
or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness
of the Registration Statement or the sale of the Shares as contemplated thereby or otherwise, except for such rights as have been
waived on or prior to the date hereof.

 

(q)               BDO
USA LLP (the “Accountants”), whose reports on the consolidated financial statements of the Company are
filed with the Commission as part of the Company’s most recent Annual Report on Form 10-K filed with the Commission and
incorporated into the Registration Statement, are and, during the periods covered by their respective reports, were
independent registered public accounting firms within the meaning of the Securities Act and the Public Company Accounting
Oversight Board (United States). To the Company’s knowledge, the Accountants are not in violation of the auditor
independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with respect to the
Company.

 

(r)               
All agreements between the Company and third parties expressly referenced in the Prospectus and Pricing Disclosure Package,
other than such agreements that have expired by their terms or whose termination is disclosed in documents filed by the Company
on EDGAR, are legal, valid and binding obligations of the Company enforceable against the Company in accordance with their respective
terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors’ rights generally and by general equitable principles and (ii) the indemnification provisions of
certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, except
for any unenforceability that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

 

    7

     

    

 

(s)               
Except as set forth in the Registration Statement, the Prospectus or Pricing Disclosure Package, there are no legal, governmental
or regulatory actions, suits or proceedings pending, nor, to the Company’s knowledge, any legal, governmental or regulatory
investigations, to which the Company or a Subsidiary is a party or to which any property of the Company or a Subsidiary is the
subject that, individually or in the aggregate, if determined adversely to the Company or the Subsidiaries, would reasonably be
expected to have a Material Adverse Effect or materially and adversely affect the ability of the Company to perform its obligations
under this Agreement; to the Company’s knowledge, no such actions, suits or proceedings are threatened or contemplated by
any governmental or regulatory authority or threatened by others that, individually or in the aggregate, are reasonably be expected
to have a Material Adverse Effect; and (i) there are no current or pending legal, governmental or regulatory actions, suits or
proceedings, or, to the Company’s knowledge, investigations, that are required under the Securities Act to be described in
the Prospectus or Pricing Disclosure Package that are not described in the Prospectus or Pricing Disclosure Package, including
any documents incorporated by reference therein; and (ii) there are no contracts or other documents that are required under the
Securities Act to be filed as exhibits to the Registration Statement that are not so filed.

 

(t)                 Except
as set forth in the Registration Statement, the Prospectus or Pricing Disclosure Package, the Company and the
Subsidiaries possess or have obtained, all licenses, certificates, consents, orders, approvals, permits and other
authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign
governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the
conduct of their respective businesses as described in the Registration Statement, the Prospectus and Pricing Disclosure
Package (the “Permits”), except where the failure to possess, obtain or make the same would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as disclosed in the
Registration Statement, the Prospectus or Pricing Disclosure Package, neither the Company nor the Subsidiaries have received
written notice of any proceeding relating to revocation or modification of any such Permit or has any reason to believe that
such Permit will not be renewed in the ordinary course, except where the failure to obtain any such renewal would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(u)              
Neither the Company nor the Subsidiaries has defaulted on any installment on indebtedness for borrowed money or on any rental
on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material
Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its
last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred
stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases,
which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

 

(v)              
Neither the Company, nor the Subsidiaries, nor, to the Company’s knowledge, any of their respective directors, officers
or controlling persons has taken, directly or indirectly, any action designed, or that has constituted or might reasonably be expected
to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Shares.

 

(w)            
Neither the Company nor any of its Subsidiaries (excluding those currently registered as a broker or dealer) (i) is required
to register as a “broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly
or indirectly through one or more intermediaries, controls or is a “person associated with a member” or “associated
person of a member” (within the meaning set forth in the FINRA Manual).

 

(x)              
The Company has not relied upon Underwriters or legal counsel for the Underwriters for any legal, tax or accounting advice
in connection with the offering and sale of the Shares.

 

    8

     

    

 

(y)              
The Company and the Subsidiaries have filed all federal, state, local and foreign income tax returns and all other material
tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such
taxes have become due and are not being contested in good faith, except where the failure to do so would not reasonably be expected
to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement, the Prospectus
or Pricing Disclosure Package, no tax deficiency has been determined adversely to the Company or the Subsidiaries which has had,
or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge
of any federal, state or other governmental tax deficiency, penalty or assessment which has been asserted or threatened against
it in writing which would have a Material Adverse Effect.

 

(z)               Except
as set forth in the Registration Statement, the Prospectus or Pricing Disclosure Package, the Company and the
Subsidiaries have good and valid title in fee simple to all items of real property and good and marketable title to all
personal property (excluding Intellectual Property which is addressed below) described in the Registration Statement,
Prospectus or Pricing Disclosure Package as being owned by them that are material to the businesses of the Company or such
Subsidiary, in each case free and clear of all liens, encumbrances and claims, except those that (i) do not materially
interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries or (ii) would not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Any real property described in
the Registration Statement, Prospectus or Pricing Disclosure Package as being leased by the Company and the Subsidiaries is
held by them under valid, existing and enforceable leases, except those that (A) do not materially interfere with the use
made or proposed to be made of such property by the Company or the Subsidiaries or (B) would not be reasonably expected,
individually or in the aggregate, to have a Material Adverse Effect.

 

(aa)           
Except as set forth in the Registration Statement, the Prospectus or Pricing Disclosure Package, to the Company’s
and the Subsidiaries’ knowledge, the Company and the Subsidiaries own or possess adequate and valid rights to use all patents,
patent applications, trademarks (both registered and unregistered), service marks, trade names, trademark registrations, service
mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary
or confidential information, systems or procedures) (collectively, the “Intellectual Property”), necessary for
the conduct of their respective businesses as conducted as of the date hereof, except to the extent that the failure to own or
possess adequate rights to use such Intellectual Property would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect; except as disclosed in writing to Underwriters, the Company and the Subsidiaries have not received
any written notice of any claim of infringement or conflict which asserted Intellectual Property rights of others, which infringement
or conflict, if the subject of an unfavorable decision, would reasonably be expected to result in a Material Adverse Effect; there
are no pending, or to the Company’s and the Subsidiaries’ knowledge, threatened judicial proceedings or interference
proceedings against the Company or the Subsidiaries challenging the Company’s or any Subsidiaries’ rights in or to
or the validity of the scope of any of the Company’s or the Subsidiaries’ material patents, patent applications or
proprietary information, except for such proceedings that would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect; no other entity or individual has any right or claim in any of the Company’s or the Subsidiaries’
material patents, patent applications or any patent to be issued therefrom by virtue of any contract, license or other agreement
entered into between such entity or individual and the Company or a Subsidiary or by any non-contractual obligation, other than
by written licenses granted by the Company or the Subsidiaries, except for such right or claim that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect; the Company and the Subsidiaries have not received
any written notice of any claim challenging the rights of the Company or the Subsidiaries in or to any Intellectual Property owned,
licensed or optioned by the Company or the Subsidiaries which claim, if the subject of an unfavorable decision would reasonably
be expected to result in a Material Adverse Effect.

 

    9

     

    

 

(bb)           Except
as set forth in the Registration Statement, the Prospectus and Pricing Disclosure Package, the Company and the
Subsidiaries (i) are in compliance in all material respects with any and all applicable federal, state, local and foreign
laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or
hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”);
(ii) have received and are in compliance in all material respects with all permits, licenses or other approvals required of
them under applicable Environmental Laws to conduct their respective businesses as described in the Registration Statement,
the Prospectus and Pricing Disclosure Package; and (iii) have not received written notice of any actual or potential
liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes,
pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or
failure to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

(cc)           
The Company maintains systems of internal accounting controls designed to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets
is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company is not aware of any material weaknesses in its internal control over financial reporting. Since the date of the latest
audited financial statements of the Company included in the Prospectus and Pricing Disclosure Package, there has been no change
in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting (other than as set forth in the Prospectus and Pricing Disclosure
Package). The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for
the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company and
the Subsidiaries is made known to the certifying officers by others within those entities, particularly during the period in which
the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, is being prepared. The Company’s
certifying officers have evaluated the effectiveness of the Company’s controls and procedures as of a date within 90 days
prior to the filing date of the Form 10-K for the fiscal year most recently ended (such date, the “Evaluation Date”).
The Company presented in its Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about
the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
Date, there have been no significant changes in the Company’s internal controls (as such term is defined in Item 307(b) of
Regulation S-K under the Securities Act) or, to the Company’s knowledge, in other factors that could significantly adversely
affect the Company’s internal controls. To the knowledge of the Company, the Company’s “internal controls over
financial reporting” and “disclosure controls and procedures” are effective.

 

(dd)          
There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company’s
directors or officers, in their capacities as such, to comply with any applicable provisions of the Sarbanes-Oxley Act and the
rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer of the
Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as
applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports,
schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission during the past
12 months. For purposes of the preceding sentence, “principal executive officer” and “principal financial officer”
shall have the meanings given to such terms in the Sarbanes-Oxley Act.

 

    10

     

    

 

 

(ee)           
Neither the Company nor the Subsidiaries has incurred any liability for any finder’s fees, brokerage commissions or
similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Underwriters
pursuant to this Agreement.

 

(ff)             
No labor disturbance by or dispute with employees of the Company or the Subsidiaries exists or, to the knowledge of the
Company, is threatened which would reasonably be expected to result in a Material Adverse Effect.

 

(gg)          
Neither the Company nor the Subsidiaries or, after giving effect to the offering and sale of the Shares, will be an “investment
company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment
Company Act of 1940, as amended (the “Investment Company Act”).

 

(hh)          
The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance in all material
respects with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company or the Subsidiaries are subject,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency having jurisdiction over the Company (collectively, the “Money Laundering Laws”),
except as would not reasonably be expected to result in a Material Adverse Effect; and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company or the Subsidiaries with respect to
the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(ii)             
There are no transactions, arrangements and other relationships between and/or among the Company, and/or, to the knowledge
of the Company, any of its affiliates and any unconsolidated entity, including, but not limited to, any structured finance, special
purpose or limited purpose entity (each, an “Off Balance Sheet Transaction”) that would reasonably be expected
to affect materially the Company’s liquidity or the availability of or requirements for its capital resources, including
those Off Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion and Analysis
of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Prospectus
which have not been described as required.

 

(jj)              To
the knowledge of the Company, (i) each material employee benefit plan, within the meaning of Section 3(3) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or
contributed to by the Company or any of its affiliates for employees or former employees of the Company and the Subsidiaries
has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and
regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the
 “Code”); (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the
Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding
transactions effected pursuant to a statutory or administrative exemption; and (iii) for each such plan that is subject to
the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as
defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each
such plan (excluding for these purposes accrued but unpaid contributions) equals or exceeds the present value of all benefits
accrued under such plan determined using reasonable actuarial assumptions other than, in the case of (i), (ii) and (iii)
above, as would not reasonably be expected to have a Material Adverse Effect.

 

    11

     

    

 

(kk)          
No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act)
(a “Forward Looking Statement”) contained in the Registration Statement, the Prospectus and Pricing Disclosure
Package has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Forward Looking
Statements incorporated by reference in the Registration Statement, the Prospectus and Pricing Disclosure Package from the Company’s
Annual Report on Form 10-K for the fiscal year most recently ended (i) except for any Forward Looking Statement included in any
financial statements and notes thereto, are, to the Company’s knowledge, within the coverage of the safe harbor for forward
looking statements set forth in Section 27A of the Securities Act, Rule 175(b) under the Securities Act or Rule 3b-6 under the
Exchange Act, as applicable, (ii) were made by the Company with a reasonable basis and in good faith and reflect the Company’s
good faith commercially reasonable best estimate of the matters described therein as of the respective dates on which such statements
were made, and (iii) have been prepared in accordance with Item 10 of Regulation S-K under the Securities Act.

 

(ll)             
Neither the issuance, sale and delivery of the Shares nor the application of the proceeds thereof by the Company as described
in the Registration Statement, the Prospectus or Pricing Disclosure Package will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System or any other regulation of such Board of Governors.

 

(mm)     
The Company and the Subsidiaries carry, or are covered by, insurance in such amounts and covering such risks as the Company
and the Subsidiaries reasonably believe are adequate for the conduct of their business and as is customary for companies of similar
size engaged in similar businesses in similar industries.

 

(nn)           (i)
Neither the Company nor, to the Company’s knowledge, the Subsidiaries, nor to the Company’s knowledge, any of
their respective executive officers has, in the past five years, made any unlawful contributions to any candidate for
any political office (or failed fully to disclose any contribution in violation of law) or made any contribution or other
payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with
similar public or quasi-public duty in violation of any law or of the character required to be disclosed in the Prospectus;
(ii) to the Company’s knowledge, no relationship, direct or indirect, exists between or among the Company or, to the
Company’s knowledge, any Subsidiaries or any affiliate of any of them, on the one hand, and the directors, officers and
stockholders of the Company or, to the Company’s knowledge, any Subsidiaries, on the other hand, that is required by
the Securities Act to be described in the Registration Statement, the Prospectus and Pricing Disclosure Package that is not
so described; (iii) to the Company’s knowledge, no relationship, direct or indirect, exists between or among the
Company or any Subsidiary or any affiliate of them, on the one hand, and the directors, officers, stockholders or directors
of the Company or, to the Company’s knowledge, any Subsidiary, on the other hand, that is required by the rules of
FINRA to be described in the Registration Statement, the Prospectus and Pricing Disclosure Package that is not so described;
(iv) except as described in the Prospectus and Pricing Disclosure Package, there are no material outstanding loans or
advances or material guarantees of indebtedness by the Company or, to the Company’s knowledge, any Subsidiary to or for
the benefit of any of their respective officers or directors or any of the members of the families of any of them; and (v) to
the Company’s knowledge, no officer or director of the Company has offered, or caused any placement agent to offer,
Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or any
Subsidiary to alter the customer’s or supplier’s level or type of business with the Company or any Subsidiary or
(B) a trade journalist or publication to write or publish favorable information about the Company or any Subsidiary or any of
their respective products or services; and, (vi) neither the Company nor any Subsidiary nor, to the
Company’s knowledge, any employee or agent of the Company or any Subsidiary has made any payment of funds of the
Company or any Subsidiary or received or retained any funds in violation of any law, rule or regulation (including, without
limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of a character
required to be disclosed in the Registration Statement, the Prospectus or Pricing Disclosure Package.

 

    12

     

    

 

(oo)          
The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities Act at the times specified
in Rules 164 and 433 under the Securities Act in connection with the offering of the Shares.

 

(pp)          
Neither the execution of this Agreement by the Company, nor the issuance, offering or sale of the Shares, nor the consummation
by the Company of any of the transactions contemplated herein and therein, nor the compliance by the Company with the terms and
provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted
or will constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company pursuant to the terms of any contract or other agreement to which the Company may be
bound or to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may
have been waived and (ii) such conflicts, breaches, defaults, liens, charges or encumbrances that would not reasonably be expected
to have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the certificate of incorporation
or bylaws of the Company, or (y) in any material violation of the provisions of any statute or any order, rule or regulation applicable
to the Company or of any court or of any federal, state or other regulatory authority or other government body having jurisdiction
over the Company, except where such violation would not reasonably be expected to have a Material Adverse Effect.

 

(qq)           The
clinical, pre-clinical and other studies and tests conducted by or, to the knowledge of the Company, on behalf of the Company
were, and, if still pending, are being, conducted in accordance in all material respects with all statutes, laws, rules and
regulations, as applicable (including, without limitation, those administered by the U.S. Food and Drug
Administration’s (the “FDA”) Good Laboratory Practices and Good Clinical Practices as well as all
other applicable rules, regulations, or requirements of the FDA or by any foreign, federal, state or local governmental or
regulatory authority performing functions similar to those performed by the FDA), except where the failure do so would not
have a Material Adverse Effect. Except as set forth in the Registration Statement, Prospectus and Pricing Disclosure Package,
the Company has not received any written notices or other written correspondence from the FDA or any other foreign, federal,
state or local governmental or regulatory authority performing functions similar to those performed by the FDA requiring the
Company to terminate or suspend any ongoing clinical or pre-clinical studies or tests.

 

(rr)             
Except as disclosed in the Registration Statement, Prospectus and Pricing Disclosure Package, the Company has established
and administers a compliance program applicable to the Company, to assist the Company and the directors, officers and employees
of the Company in complying with applicable regulatory guidelines (including, without limitation, those administered by the FDA
and any other foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed
by the FDA), except where such noncompliance would not reasonably be expected to have a Material Adverse Effect.

 

    13

     

    

 

(ss)            
OFAC.

 

(i)        
The Company represents that, neither the Company nor the Subsidiaries (collectively, the “Entity”), and
to the Company’s knowledge, no director, officer, employee agent, affiliate or representative of the Entity, is a government,
individual, or entity (in this paragraph (ss), “Person”) that is, or is owned or controlled by a Person that
is:

 

(a)            
the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets
Control, the United Nations Security Council, the European Union, or Her Majesty’s Treasury, or other relevant sanctions
authority (collectively, “Sanctions”); nor

 

(b)            
located, organized or resident in a country or territory that is the subject of Sanctions.

 

(ii) The
Company represents and covenants that it will not, directly or indirectly, knowingly use the proceeds of the offering, or lend,
contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:

 

(a)            
to fund or facilitate any activities or business of or with any Person or in any country or territory that at the time of
such funding or facilitation is the subject of Sanctions; or

 

(b)           
in any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the
offering, whether as underwriter, advisor, investor or otherwise).

 

(iii) The
Company represents and covenants that, except as detailed in the Prospectus and Pricing Disclosure Package, for the past five years
it has not knowingly engaged in and is not now knowingly engaged in any dealings or transactions with any Person, or in any country
or territory, that at the time of the dealing or transaction is or was the subject of Sanctions

 

(tt)              On
the Closing Date, and each Option Closing Date, if any, all stock transfer or other taxes (other than income taxes) which are
required to be paid by the Company in connection with the sale and transfer of the Shares to be sold hereunder will be, or
will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been
fully complied with by the Company in all material respects.

 

(uu)          
The Series A Preferred Shares, including the Shares, will be issued in compliance with all applicable rules of NASDAQ as
of the Closing Date, and any Option Closing Date, as applicable.

 

(vv)          
To enable the Underwriters to rely on Rule 5110(b)(7)(C)(i) of FINRA, the Company represents that the Company satisfies
the pre-1992 eligibility requirements for the use of a registration statement on Form S-3 in connection with this offering.

 

Any certificate signed
by any authorized representative of the Company and delivered to the Underwriters or counsel for the Underwriters in connection
with the offering of the Shares shall be deemed a representation and warranty by the Company, as to matters covered thereby, to
the Underwriters.

 

    14

     

    

 

2.                 
Sale and Purchase. Subject to the terms and conditions herein set forth, (a) the Company agrees to sell to each
of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at a purchase
price per share of $18.40 (the “Purchase Price”), the number of Firm Shares determined by multiplying the aggregate
number of Firm Shares to be sold by the Company hereunder by a fraction, the numerator of which is the aggregate number of Firm
Shares to be purchased by such Underwriter as set forth opposite the name of such Underwriter in Schedule I hereto and the
denominator of which is the aggregate number of Firm Shares to be purchased by all of the Underwriters from the Company hereunder
and (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Option Shares as provided
below, the Company agrees to sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly,
to purchase from the Company, at the Purchase Price, the number of Option Shares (to be adjusted by the Representatives so as to
eliminate fractional shares) determined by multiplying the number of Option Shares as to which such election shall have been exercised
by the fraction set forth in clause (a) above.

 

The Company hereby grants to the Underwriters
the right to purchase at their election up to an additional 39,375 Option Shares, at the Purchase Price. The Underwriters may exercise
their option to acquire Option Shares in whole or in part from time to time only by written notice from the Representatives to
the Company, given within a period of forty-five (45) calendar days after the date of this Agreement and setting forth the aggregate
number of Option Shares to be purchased and the date on which such Option Shares are to be delivered, as determined by the Representatives
but in no event earlier than the Closing Date or, unless the Representatives and the Company otherwise agree in writing, earlier
than one or later than five (5) business days after the date of such notice.

 

It is understood that the several Underwriters
propose to offer the Firm Shares for sale to the public upon the terms and conditions set forth in the Prospectus.

 

3.                  Payment
and Delivery. The Company will deliver the Firm Shares to the Representatives through the facilities of The
Depository Trust Company (“DTC”) for the accounts of the Underwriters, against payment of the
purchase price therefor in Federal (same day) funds by wire transfer drawn to the order of the Company at the offices of
Duane Morris LLP, 1540 Broadway, New York, NY 10036, at 9:00 A.M., New York time, on November 29, 2019, or at such other time
not later than seven (7) full business days thereafter as the Representatives and the Company may determine, such time being
herein referred to as the “Closing Date.” For purposes of Rule 15c6-1 under the Exchange Act, the Closing
Date (if later than the otherwise applicable settlement date) shall be the settlement date for payment of funds and delivery
of securities for all the Firm Shares.

 

Each time for the delivery
of and payment for the Option Shares, being herein referred to as an “Option Closing Date,” which may be the
Closing Date, shall be determined by the Representatives and the Company as provided above. The Company will deliver the Option
Shares being purchased on each Option Closing Date to the Representatives through the facilities of DTC for the accounts of the
Underwriters, against payment of the purchase price therefor in Federal (same day) funds by wire transfer drawn to the order of
the Company at the above office of Duane Morris LLP, at 9:00 A.M., New York time on the applicable Option Closing Date.

 

    15

     

    

 

4.                 
Certain Covenants of the Company. The Company hereby covenants and agrees with each of the Underwriters that:

 

(a)              
The Company, subject to Section 4(b), will comply with the requirements of Rule 430B under the Securities Act, and
will notify the Representatives immediately, and confirm the notice in writing, (i) when any post-effective amendment to the Registration
Statement shall become effective, or any supplement to the Prospectus or any amended prospectus shall have been filed, to furnish
the Representatives with copies thereof, and to file promptly all materials required to be filed by the Company with the Commission
pursuant to Rule 433(d) under the Securities Act, (ii) of the receipt of any comments from the Commission, (iii) of any request
by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional
information, and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or of any order preventing or suspending the use of any Preliminary Prospectus, or of the suspension of the qualification of the
Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes.
The Company will timely effect the filings necessary pursuant to Rule 424(b) under the Securities Act and will take such steps
as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received
for filing by the Commission and, in the event that it was not, it will promptly file such prospectus; and will file promptly all
reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery
of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required in connection
with the offering or sale of the Shares. The Company will make commercially reasonable efforts to prevent the issuance of any stop
order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment.

 

(b)               The
Company will give the Underwriters notice of its intention to file or prepare any amendment to the Registration Statement, or
any amendment, supplement or revision to the Prospectus, or any Issuer Free Writing Prospectus, will furnish the
Underwriters with copies of any such documents a reasonable amount of time prior to such proposed filing or use, as the case
may be, and will not file or use any such document to which the Underwriters or counsel for the Underwriters shall reasonably
object.

 

(c)              
The Company will use its commercially reasonable efforts to qualify the Shares for offering and sale under the securities
laws of each such jurisdictions as the Underwriters, through the Representatives, may reasonably request and to comply with such
laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete
the distribution of the Shares, provided that nothing in this Section 4(c) shall require the Company to qualify as a foreign
corporation in any jurisdiction in which it is not already so qualified, or to file a general consent to service of process in
any jurisdiction.

 

(d)              
Upon written request, the Company will furnish or deliver to the Representatives, without charge, two signed copies of the
Registration Statement as originally filed and of each amendment to the Registration Statement (including exhibits filed therewith
or incorporated by reference therein) and signed copies of all consents and certificates of experts, and will also, upon your request,
deliver to the Representatives, without charge, a conformed copy of the Registration Statement as originally filed and of each
amendment thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment
thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission
pursuant to its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”), except to the extent permitted
by Regulation S-T.

 

(e)              
The Company has delivered to each Underwriter, without charge, as many written and electronic copies of each Preliminary
Prospectus and any document incorporated by reference in the Prospectus (excluding exhibits thereto) as such Underwriter reasonably
requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company
will furnish to each Underwriter promptly, without charge, during the period when the Prospectus is required to be delivered in
connection with sales of the Shares under the Securities Act or the Exchange Act or in lieu thereof, the notice referred to in
Rule 173(a) under the Securities Act, such number of written and electronic copies of the Prospectus (as amended or supplemented)
and any Issuer Free Writing Prospectus as such Underwriter may reasonably request. The Prospectus and any amendments or supplements
thereto and any Issuer Free Writing Prospectus furnished to the Underwriters will be identical to the electronically transmitted
copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

 

    16

     

    

 

(f)                The
Company will comply with the Securities Act and the Rules and Regulations so as to permit the completion of the
distribution of the Shares as contemplated in this Agreement and in the Prospectus. If at any time when, in the opinion of
counsel for the Underwriters, a prospectus is required to be delivered in connection with sales of the Shares under the
Securities Act or the Exchange Act (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act), any
event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel for the
Underwriters or for the Company, to amend the Registration Statement or amend or supplement the Prospectus in order that the
Prospectus will not include any untrue statements of a material fact or omit to state a material fact necessary in order to
make the statements therein not misleading in the light of the circumstances existing at the time it (or in lieu thereof, the
notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser, or if it shall be necessary, in the
opinion of either such counsel, at any such time to amend the Registration Statement or amend or supplement the Prospectus or
to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the
requirements of the Securities Act and the Exchange Act, as applicable, and the Rules and Regulations and the rules and
regulations of the Commission under the Exchange Act, as applicable, the Company will promptly prepare and file with the
Commission, subject to Section 4(b), such document as may be necessary to correct such statement or omission or to
make the Registration Statement or the Prospectus comply with such requirements, and the Company will furnish to the
Underwriters such number of written and electronic copies of such document as each Underwriter may reasonably request. The
Company will provide the Representatives with notice of the occurrence of any event during the period specified above
that may give rise to the need to amend or supplement the Registration Statement or the Prospectus as provided in the
preceding sentence promptly after the occurrence of such event.

 

(g)              
The Company will make generally available to its security holders and to the Underwriters an earnings statement or statements
of the Company and the Subsidiaries which will satisfy, on a timely basis, the provisions of Section 11(a) of the Securities Act
and Rule 158 under the Securities Act;

 

(h)              
The Company will use its commercially reasonable efforts to cause the Shares to be listed on NASDAQ within thirty (30) days
of the Closing Date and to maintain the listing of the Series A Preferred Stock, including the Shares, on NASDAQ.

 

(i)                
The Company will apply the net proceeds from the sale of the Shares in the manner set forth under the caption “Use
of Proceeds” in the Prospectus.

 

(j)                
During a period of forty-five (45) days from the date of the Prospectus, without the prior written consent of Benchmark,
the Company will not (1) sell, offer, contract to sell, pledge, grant any option to purchase or otherwise dispose of, directly
or indirectly, any shares of Preferred Stock, or any securities convertible into or exercisable or exchangeable for Preferred Stock,
or (2) enter into any swap or other arrangement that transfer to another, in whole or in part, any of the economic consequences
of ownership of the Series A Preferred Stock, whether any such transaction described in clause (1) or (2) above is to be settled
by delivery of Series A Preferred Stock or such other securities, in cash or otherwise, or (3) file any registration statement
with the Commission relating to the offering of any shares of Preferred Stock or any securities convertible into or exercisable
or exchangeable for Preferred Stock, except for the offering of the Shares pursuant to this Agreement and the Prospectus.

 

(k)              
The Company will prepare a final term sheet containing a description of the Shares, substantially in the form of Annex
I hereto, and approved by the Representatives and file such term sheet pursuant to Rule 433(d) of the Rules and Regulations
within the time period prescribed by such Rule.

 

(l)                 The
Company, during the period when the Prospectus is required to be delivered in connection with sales of the Shares under the
Securities Act or the Exchange Act (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act),
will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods
required by the Exchange Act and the rules and regulations of the Commission thereunder.

 

    17

     

    

 

(m)            
The Company will maintain, at its expense, a registrar and transfer agent for the Shares.

 

(n)              
If so requested by the Representatives, the Company shall cause to be prepared and delivered, at its expense, to the Representatives
an “electronic Prospectus” to be used by the Underwriters in connection with the offering and sale of the Shares. As
used herein, the term “electronic Prospectus” means a form of the most recent Preliminary Prospectus, any Issuer
Free Writing Prospectus or the Prospectus, and any amendment or supplement thereto, that meets each of the following conditions:
(i) it shall be encoded in an electronic format, satisfactory to the Representatives, that may be transmitted electronically by
the Representatives and the other Underwriters to offerees and purchasers of the Shares, (ii) it shall disclose the same information
as such paper Preliminary Prospectus, Issuer Free Writing Prospectus or the Prospectus, as the case may be; and (iii) it shall
be in or convertible into a paper format or an electronic format, satisfactory to the Representatives, that will allow investors
to store and have continuously ready access to such Preliminary Prospectus, Issuer Free Writing Prospectus or the Prospectus at
any future time, without charge to investors (other than any fee charged for subscription to the Internet generally). The Company
hereby confirms that, if so requested by the Representatives, it has included or will include in the Prospectus filed with the
Commission an undertaking that, upon receipt of a request by an investor or his or her representative, the Company shall transmit
or cause to be transmitted promptly, without charge, a paper copy of such paper Preliminary Prospectus, Issuer Free Writing Prospectus
or the Prospectus to such investor or representative.

 

(o)              
The Company will not take, directly or indirectly, any action designed to cause or result in, or which might reasonably
be expected to constitute the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Shares in violation of any law, rule or regulation.

 

(p)               Provided
that the Firm Securities are sold in accordance with the terms of this Agreement, Benchmark shall have a right of first
refusal (the “Right of First Refusal”), for a period of six (6) months from the commencement of sales of
the offering, to act as sole and exclusive investment banker, sole and exclusive book-runner, sole and exclusive
financial advisor, sole and exclusive underwriter and/or sole and exclusive placement agent, at Benchmark’s sole and
exclusive discretion, for each and every future public and private offering of Series A Preferred Stock (each, a
 “Subject Transaction”), during such six (6) month period, of the Company, or any successor to or
subsidiary of the Company, on terms and conditions customary to Benchmark for such Subject Transactions. For the avoidance of
any doubt, the Company shall not retain, engage or solicit any additional investment banker, book-runner, financial advisor,
underwriter and/or placement agent in a Subject Transaction for which Benchmark has exercised its Right of First Refusal
without the express written consent of Benchmark. Benchmark shall have the sole right to determine whether or not any other
broker dealer shall have the right to participate in a Subject Transaction and the economic terms of any such participation.
For the avoidance of any doubt, such Right of First Refusal does not extend to (i) mergers, acquisitions, joint ventures,
licensing arrangements or any other similar non-capital raising transactions that may or may not involve a broker or similar
finder, (ii) sales of Series A Preferred Stock under the Company’s existing at the market sales program, or (iii) sales
which would be captured under the terms of the Company’s engagement letter with Dawson James Securities, Inc.

 

The Company shall notify
Benchmark of its intention to pursue a Subject Transaction, including the material terms thereof, by providing written notice thereof
by registered mail or overnight courier service addressed to Benchmark. If Benchmark fails to exercise its Right of First Refusal
with respect to any Subject Transaction within ten (10) Business Days after the mailing of such written notice, then Benchmark
shall have no further claim or right with respect to the Subject Transaction. Benchmark may elect, in its sole and absolute discretion,
not to exercise its Right of First Refusal with respect to any Subject Transaction; provided that any such election by Benchmark
shall not adversely affect Benchmark’s Right of First Refusal with respect to such Subject Transaction or any other Subject
Transaction during the six (6) month period agreed to above.  If Benchmark does not elect to exercise the Right of First Refusal
and the material terms of the Subject Transaction are subsequently materially modified as to scope and nature, then the Company
will resubmit the proposed modified terms of the Subject Transaction in writing to Benchmark, and Benchmark shall have ten (10)
Business Days after receipt of such written notice to advise the Company of its election to participate in the proposed transaction.

 

    18

     

    

 

5.                 
 

 

(a)              
The Company represents and agrees that, without the prior consent of the Representatives, it has not made and will not make
any offer relating to the Shares that would constitute a “free writing prospectus” as defined in Rule 405 under the
Securities Act; each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives,
it has not made and will not make any offer relating to the Shares that would constitute a free writing prospectus; any such free
writing prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule II
hereto;

 

(b)              
The Company has complied and will comply with the requirements of Rule 433 under the Securities Act applicable to any Issuer
Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; the Company represents
that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Securities Act to avoid a requirement
to file with the Commission any electronic road show;

 

(c)               The
Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event occurred or occurs as a
result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement,
Pricing Disclosure Package or the Prospectus or would include an untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in light of the circumstances then prevailing, not
misleading, the Company will give prompt notice thereof to the Representatives and, if requested by the Representatives, will
prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus or other document which will correct
such conflict, statement or omission; provided, however, that this representation and warranty shall not apply to any
statements or omissions in an Issuer Free Writing Prospectus made in reliance upon and in strict conformity with information
furnished in writing to the Company by or on behalf of such Underwriter through the Representatives expressly for use
therein, it being understood and agreed that the only such information provided by any Underwriter is that described as such
in Section 8(b) of this Agreement.

 

6.                 
Expenses. The Company will pay or cause to be paid all expenses incident to the performance of its obligations
under this Agreement, including (i) the preparation, printing and filing of the Registration Statement (including financial statements
and exhibits) as originally filed and each amendment thereto, (ii) the preparation, printing and delivery to the Underwriters of
copies of the Preliminary Prospectus, each Issuer Free Writing Prospectus and the Prospectus and any amendments or supplements
thereto or any document incorporate by reference therein and any costs associated with electronic delivery of any of the foregoing
by the Underwriters to investors, (iii) any preparation, issuance and delivery of certificates for the Shares to the Underwriters,
including any unit or other transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the Shares
to the Underwriters, (iv) the fees and disbursements of the Company’s counsel, accountants and other advisors, (v) the fees
and expenses of any transfer agent or registrar for the Shares, (vi) the costs and expenses of the Company relating to investor
presentations on any “road show” undertaken in connection with the marketing of the Shares, including without limitation,
expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection
with the road show presentations, travel and lodging expenses of the representatives and officers of the Company and any such consultants,
and the cost of aircraft and other transportation chartered in connection with the road show, except that the lodging, airfare
(except if the Company charters a flight in which case employees of the Underwriters ride on such charter without charge), and
incidental expenses of employees of the Underwriters shall be the responsibility of the Underwriters, (vii) the filing fees incurred
in connection with, the review by FINRA of the terms of the sale of the Shares, (viii) the fees and expenses incurred in connection
with the listing of the Shares on the NASDAQ, and (ix) other reasonable, documented, out-of-pocket expenses incurred by the Underwriters
in connection with the offering of the Shares and other transactions contemplated by this Agreement, up to an aggregate of $70,000
(contingent upon the Underwriters purchase of the Firm Shares as of the Closing Date).  Should the Underwriters fail to purchase
the Firm Shares as of the Closing Date, the reimbursement of expenses by the Company will be limited to $25,000, in addition to
the $25,000 deposit previously paid by the Company to the Representatives.

 

    19

     

    

 

7.                 
Conditions of Underwriter’s Obligations. The several obligations of the Underwriters hereunder to purchase
the Shares on the Closing Date or each Option Closing Date, as the case may be, are subject to the performance by the Company of
its obligations hereunder and to the following additional conditions:

 

(a)              
The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act within the applicable
time period prescribed for such filing by the Rules and Regulations and in accordance with Section 4(a); all material required
to be filed by the Company pursuant to Rule 433(d) under the Securities Act shall have been filed with the Commission within the
applicable time period prescribed for such filing by Rule 433 under the Securities Act; no stop order suspending the effectiveness
of the Registration Statement or any part thereof or the Prospectus or any part thereof or any Issuer Free Writing Prospectus shall
have been issued and no proceeding for that purpose shall have been initiated or threatened by the Commission or any state securities
commission; and all requests for additional information on the part of the Commission shall have been complied with to your reasonable
satisfaction.

 

(b)              
The representations and warranties of the Company contained herein are true as of the date hereof and shall be true and
correct on and as of the Closing Date or the Option Closing Date, as the case may be, as if made on and as of the Closing Date
or the Option Closing Date, as the case may be, and the Company shall have complied with all agreements and all conditions on its
part to be performed or satisfied hereunder at or prior to the Closing Date or the Option Closing Date, as the case may be.

 

(c)              
(i) Neither the Company nor any Subsidiary shall have sustained since the date of the latest audited financial statements
included or incorporated by reference in Pricing Disclosure Package any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action,
order or decree, otherwise than as set forth or contemplated in Pricing Disclosure Package, and (ii) since the respective dates
as of which information is given in the Registration Statement and the Prospectus, (1) there shall not have been any change in
the capital stock or long-term debt of the Company or any Subsidiary or (2) there shall not have been any material adverse change
in or affecting the general affairs, business, prospects, management, financial position, shareholders’ equity or results
of operations of the Company and the Subsidiaries, considered as one enterprise, the effect of which, in any such case described
in clause (i) or (ii), is so material and adverse as to make it impracticable or inadvisable to proceed with the public offering
or the delivery of the Shares being delivered on the Closing Date or the Option Closing Date, as the case may be, on the terms
and in the manner contemplated in Pricing Disclosure Package.

 

(d)              
The Underwriters shall have received on and as of the Closing Date or the Option Closing Date, as the case may be, a certificate
of the Chief Executive Officer and the Chief Financial Officer of the Company, satisfactory to the Underwriters, to the effect
that (1) the representations and warranties of the Company contained herein are true and correct on and as of the Closing Date
or the Option Closing Date, as the case may be, as if made on and as of the Closing Date or the Option Closing Date, as the case
may be, and that the Company has complied with all agreements and all conditions on its part to be performed or satisfied hereunder
at or prior to the Closing Date or the Option Closing Date, as the case may be, (2) none of the situations set forth in clause
(i) or (ii) of Section 7(c) shall have occurred and (3) no stop order suspending the effectiveness of the
Registration Statement has been issued and to the knowledge of the Company, no proceedings for that purpose have been instituted
or are pending or contemplated by the Commission.

 

(e)              
On the Closing Date or the Option Closing Date, as the case may be, Alston & Bird LLP, counsel for the Company, shall
have furnished to the Underwriters their favorable written opinion, dated the Closing Date or the Option Closing Date, as the case
may be, in form and substance satisfactory to the Representatives, to the effect set forth in Exhibit A hereto and to such
further effect as counsel for the Underwriters may reasonably request.

 

(f)               
On the Closing Date or the Option Closing Date, as the case may be, Alston & Bird LLP, intellectual property counsel
for the Company, shall have furnished to the Underwriters their favorable written intellectual property opinion, dated the Closing
Date or the Option Closing Date, as the case may be, in form and substance satisfactory to the Representatives and their counsel.

 

    20

     

    

 

(g)              
On the date hereof, BDO shall have furnished to the Underwriters a letter, dated the date hereof, in form and substance
satisfactory to the Underwriters, containing statements and information of the type customarily included in accountants’
 “comfort letters” to underwriters with respect to the financial statements and certain financial information contained
in the Registration Statement and the Prospectus.

 

(h)              
On the Closing Date and each Option Closing Date, as the case may be, the Underwriters shall have received from BDO a letter,
dated the Closing Date and each such Option Closing Date, as the case may be, to the effect that they reaffirm the statements made
in the letter or letters furnished pursuant to Section 7(g), except that the specified date referred to shall be a date
not more than three business days prior to the Closing Date or such Option Closing Date, as the case may be.

 

(i)                
On the Closing Date or the Option Closing Date, as the case may be, Duane Morris LLP, counsel for the Underwriters, shall
have furnished to the Underwriters their favorable opinion dated the Closing Date or the Option Closing Date, as the case may be,
with respect to the due authorization and valid issuance of the Shares, the Registration Statement, the Prospectus and other related
matters as the Underwriters may reasonably request, and such counsel shall have received such papers and information as they may
reasonably request to enable them to pass upon such matters.

 

(j)                
FINRA shall have raised no objection with respect to the fairness and reasonableness of the underwriting terms and conditions.

 

(k)              
The Certificate of Designations of Rights and Preferences filed with the Secretary of State of the State of Delaware on
November 7, 2017, complies with all applicable requirements of the DGCL and remains in full force and effect.

 

(l)                
Subsequent to the execution and delivery of this Agreement and prior to the Closing Date, the Company shall have submitted
an application to NASDAQ to list the Shares on NASDAQ.

 

(m)            
On or prior to the Closing Date and each Option Closing Date, as the case may be, the Company shall have furnished to the
Underwriters such further information, certificates and documents as the Underwriters shall reasonably request.

 

(n)               On
or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in
trading in securities generally on the New York Stock Exchange or the NASDAQ; (ii) a suspension or material limitation in
trading in the Company’s securities on the NASDAQ; (iii) a general moratorium on commercial banking activities declared
by any of Federal or New York State authorities or a material disruption in commercial banking or securities settlement or
clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the
declaration by the United States of a national emergency or war; or (v) the occurrence of any other calamity or crisis or any
change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event
specified in clause (iv) or (v) makes it impracticable or inadvisable to proceed with the public offering or the delivery of
the Shares being delivered on the Closing Date or Option Closing Date, as the case may be, on the terms and in the manner
contemplated in the Prospectus.

 

If any condition specified
in this Section 7 shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated,
subject to the provisions of Section 10, by the Representatives by notice to the Company at any time at or prior to the
Closing Date or Option Closing Date, as the case may be, and such termination shall be without liability of any party to any other
party, except as provided in Section 10.

 

    21

     

    

 

8.                 
Indemnification.

 

(a)              
The Company agrees to indemnify and hold harmless each Underwriter and each of their directors, officers, employees, agents
and representatives and each person, if any, who controls any Underwriter within the meaning of Section 15 of the Securities Act
or Section 20(a) of the Exchange Act, against any and all losses, liabilities, claims, damages and expenses whatsoever as incurred
(including without limitation, reasonable attorneys’ fees and any and all reasonable expenses whatsoever incurred in investigating,
preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in
settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Securities
Act, the Exchange Act or otherwise, insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement, or any post-effective amendment thereof, any Preliminary Prospectus, Pricing Disclosure Package or the Prospectus, or
in any supplement thereto or amendment thereof, any Issuer Free Writing Prospectus or any “issuer information” filed
or required to be filed pursuant to Rule 433(d) under the Securities Act, 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 not misleading;
provided, however, that the Company will not be liable in any such case to the extent that any such loss, liability, claim,
damage or expense arises out of or is based upon any such untrue statement or alleged untrue statement, as originally filed or
any amendment thereof, the Registration Statement, or any post-effective amendment thereof, any Preliminary Prospectus, Pricing
Disclosure Package or the Prospectus, or in any supplement thereto or amendment thereof or any Issuer Free Writing Prospectus in
reliance upon and in strict conformity with written information furnished to the Company by or on behalf of any Underwriter through
the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter
is the information described as such in Section 8(b) of this Agreement.

 

(b)               Each
Underwriter severally, and not jointly, agrees to indemnify and hold harmless the Company and each of its
directors, officers, employees, agents and representatives, and each other person, if any, who controls the Company within
the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, against any and all losses,
liabilities, claims, damages and expenses whatsoever as incurred (including without limitation, reasonable attorneys’
fees and any and all reasonable expenses whatsoever incurred in investigating, preparing or defending against any litigation,
commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation),
joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any
post-effective amendment thereof, or any Preliminary Prospectus, Pricing Disclosure Package or the Prospectus, or in any
supplement thereto or amendment thereof, any Issuer Free Writing Prospectus, to the extent, but only to the extent, that any
such loss, liability, claim, damage or expense arises out of or is based upon any such untrue statement or alleged untrue
statement made therein in reliance upon and in strict conformity with written information furnished to the Company by or on
behalf of such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the
only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on
behalf of any Underwriter: (i) the selling concession figure set forth under the caption
 “Underwriting—Underwriting Discount and Expenses” in Pricing Disclosure Package and (ii) the information
provided under the captions “Underwriting—Passive Market Making,” “Underwriting—Price
Stabilization, Short Positions and Penalty Bids” and “Underwriting—Electronic Distribution” in
Pricing Disclosure Package.

 

(c)               Promptly
after receipt by an indemnified party under Section 8(a) or 8(b) 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 under such Section,
notify each party against whom indemnification is to be sought in writing of the commencement thereof (but the failure so to
notify an indemnifying party shall not relieve it from any liability which it may have under this Section 8). In case
any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement
thereof, the indemnifying party will be entitled to participate therein, and jointly with any other indemnifying party
similarly notified, to the extent it may elect by written notice delivered to the indemnified party promptly after receiving
the aforesaid notice from such indemnified party, to assume the defense thereof with counsel satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be counsel to the indemnified party). Notwithstanding
the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such case, but
the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment
of such counsel shall have been authorized in writing by one of the indemnifying parties in connection with the defense of
such action, (ii) the indemnifying parties shall not have employed counsel to have charge of the defense of such action
within a reasonable time after notice of commencement of the action, or (iii) such indemnified party or parties shall have
reasonably concluded that there may be defenses available to it or them which are different from or additional to those
available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to
direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and
expenses shall be borne by the indemnifying parties. In no event shall the indemnifying parties be liable for fees and
expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances, which counsel, in the event of indemnified parties under Section 8(a),
shall be selected by the Representatives. No indemnifying party shall, without the written consent of the indemnified party,
effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or
threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the
indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i)
includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii)
does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any
indemnified party.

 

    22

     

    

 

(d)              
If the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless an indemnified
party under Section 8(a) or 8(b) in respect of any losses, liabilities, claims, damages or expenses (or actions in
respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, liabilities, claims, damages or expenses (or actions in respect thereof) in such proportion as
is appropriate to reflect the relative benefits received by the Company, on the one hand and the Underwriter, on the other hand,
from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by
applicable law, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company, on the one
hand, and the Underwriters, on the other hand, in connection with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses (or actions in respect thereof), as well as any other relevant equitable considerations. The relative
benefits received by the Company, on the one hand, and the Underwriters, on the other hand, from the offering of the Shares shall
be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the
Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the
table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information supplied by the Company, on the one hand, or the Underwriters on the other hand, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

The Company and the
Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 8(d) were determined
by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to above in this Section 8(d). The amount
paid or payable by an indemnified party as a result of the losses, liabilities, claims, damages or expenses (or actions in respect
thereof) referred to above in this Section 8(d) shall be deemed to include any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 8(d), no Underwriter shall be required to contribute any amount pursuant to this Section 8(d) in
excess of the sum of (i) any structuring fees paid to it hereunder and (ii) the underwriting discounts and commissions applicable
to the Shares underwritten by it and distributed to the public.

 

No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations in this Section 8(d)
to contribute are several in proportion to their respective underwriting obligations and not joint.

 

    23

     

    

 

 

The obligations of
the parties to this Agreement contained in this Section 8 are not exclusive and shall not limit any rights or remedies which
may otherwise be available to any indemnified party at law or in equity.

 

9.                 
Increase in Underwriters’ Commitments. If any Underwriter or Underwriters default in its or their obligations
to purchase Shares hereunder on the Closing Date or any Option Closing Date and the aggregate number of Shares that such defaulting
Underwriter or Underwriters agreed but failed to purchase does not exceed 10% of the total number of Shares that the Underwriters
are obligated to purchase on such Closing Date or Option Closing Date, as the case may be, the Representatives may make arrangements
satisfactory to the Company for the purchase of such Shares by other persons, including any of the other Underwriters, but if no
such arrangements are made within 36 hours after such default, this Agreement will terminate, subject to the provisions of Section
10, without liability on the part of any non-defaulting Underwriter or the Company, except as provided in Section 10.
Nothing herein will relieve a defaulting Underwriter from liability for its default.

 

In the event of any
such default, which does not result in a termination of this Agreement, either the Representatives or the Company shall have the
right to postpone the Closing Date or the relevant Option Closing Date, as the case may be, for a period not exceeding seven (7)
days in order to effect any required changes in the Registration Statement or Prospectus or in any other documents or arrangements.
As used in this Agreement, the term “Underwriter” includes any person substituted for an Underwriter under this Section
9.

 

10.             
Survival. The respective indemnities, agreements, representations, warranties and other statements of the Company
or any of its officers and of the several Underwriters set forth in or made pursuant to this Agreement will remain in full force
and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Underwriter or
the Company or any of their respective representatives, officers or directors or any controlling person, and will survive delivery
of and payment for the Shares. If this Agreement is terminated pursuant to Section 7 or 9 or if for any reason the
purchase of any of the Shares by the Underwriters is not consummated, the Company shall remain responsible for the expenses to
be paid or reimbursed by it pursuant to Section 6, the respective obligations of the Company and the Underwriters pursuant
to Section 8 and the provisions of Sections 10, 11 and 14 shall remain in effect.

 

11.             
Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the
Company and the Underwriters, the officers and directors of the Company referred to herein, any controlling persons referred to
herein and their respective successors and assigns. Nothing expressed or mentioned in this Agreement is intended or shall be construed
to give any other person, firm or corporation any legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision herein contained. No purchaser of Shares from any Underwriter shall be deemed to be a successor or assign by reason
merely of such purchase.

 

12.              Notices.
All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given upon receipt
thereof by the recipient if mailed or transmitted by any standard form of telecommunication. Notices to the Underwriters
shall be given to the Representatives, The Benchmark Company, LLC, 150 East 58th Street, 17th Floor, New York, New York
10155, Attention: Managing Director, Telephone: 212-312-6700, Email: prospectus@benchmarkcompany.com, and ThinkEquity,
17 State Street, 22nd Floor, New York, NY 10004, Attention: Eric Lord, Email: notices@think-equity.com,, with a copy to Duane
Morris LLP, 1540 Broadway, New York, NY 10036, Attention: James T. Seery, Telephone: (973) 424-2088, Email:
jtseery@duanemorris.com. Notices to the Company shall be given to it at Fortress Biotech, Inc., 2 Gansevoort Street,
9th Floor, New York, New York 10014; Attention: Samuel W. Berry, Corporate Counsel, with a copy to Alston &
Bird LLP, 90 Park Avenue, New York, NY 10016, Attention: Mark F. McElreath, Telephone: (212) 210-9595, Email:
mark.mcelreath@alston.com.

 

    24

     

    

 

13.             
Counterparts. This Agreement may be signed in counterparts, each of which shall be an original and all of which
together shall constitute one and the same instrument.

 

14.             
Governing Law; Construction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK. The Section headings in this Agreement have been inserted as a matter of convenience of reference and are
not a part of this Agreement.

 

15.             
Submission to Jurisdiction. The parties hereby submit to the jurisdiction of and venue in the federal courts
located in the City of New York, New York in connection with any dispute related to this Agreement, any transaction contemplated
hereby, or any other matter contemplated hereby.

 

16.             
Parties At Interest. The Agreement herein set forth has been and is made solely for the benefit of the Underwriters,
the Company and to the extent provided in Section 8 hereof the controlling Persons, directors and officers referred to in
such Section, and their respective successors, assigns, heirs, pursuant representatives and executors and administrators. No other
Person, partnership, association or corporation (including a purchaser, as such purchaser, from any of the Underwriters) shall
acquire or have any right under or by virtue of this Agreement.

 

17.             
No Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (a) the purchase and sale of
the Shares pursuant to this Agreement, including the determination of the purchase price of the Shares and any related discounts
and commissions, is an arm’s-length commercial transaction between the Company, on the one hand, and the several Underwriters,
on the other hand, (b) in connection therewith and with the process leading to such transaction each Underwriter is and has been
acting solely as a principal and not the agent or fiduciary of the Company, or its stockholders, creditors, employees or any other
party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company with respect
to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the offering
contemplated hereby except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of each of the Company, and (e) the
Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby
and the Company has consulted its own respective legal, accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

18.             
Research Analyst Independence. The Company acknowledges that the Underwriters’ research analysts and research
departments are required to be independent from their respective investment banking divisions and are subject to certain regulations
and internal policies, and that such Underwriters’ research analysts may hold views and make statements or investment recommendations
and/or publish research reports with respect to the Company and/or the offering that differ from the views of their respective
investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the
Company may have against the Underwriters with respect to any conflict of interest that may arise from the fact that the views
expressed by their independent research analysts and research departments may be different from or inconsistent with the views
or advice communicated to the Company by such Underwriter’s investment banking divisions.

 

19.             
Tax Disclosure. Notwithstanding anything herein to the contrary, the Company is authorized to disclose to any
persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any
kind (including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure, without
the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure
shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with
securities laws. For this purpose, “tax structure” is limited to any facts that may be relevant to that treatment.

 

20.             
Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between
the Company and the Underwriters, or any of them, with respect to the subject matter hereof

 

21.             
RIGHT TO TRIAL BY JURY. Each of the Company and the Underwriters hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement
or the transactions contemplated hereby.

 

[Signature Pages Follow]

 

    25

     

    

 

If the foregoing correctly sets forth the
agreement among the Company and the Underwriters, please so indicate your acceptance in the space provided below for that purpose.

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	FORTRESS BIOTECH, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Lindsay A. Rosenwald, M.D.
	 	Name:  	Lindsay A. Rosenwald, M.D.
	 	Title: 	President & Chief Executive Officer

 

Signature Page to Underwriting Agreement
(Series A Preferred Stock)

 

     

     

    

 

Accepted and agreed to as of the date first

above written, on behalf of themselves and as

Representatives of the other Underwriters named in Schedule
I

 

 

the benchmark company
llc

 

 

	By:	/s/ John J. Borer III	 
	Name:     	John J. Borer III	 
	Title:	Senior Managing Director	 

 

 

THINKEQUITY, A DIVISION OF FORDHAM FINANCIAL MANAGEMENT

 

 

	By:	/s/ Eric Lord	 
	Name:    	 Eric Lord	 
	Title:	Head of Investment Banking	 

 

Signature Page to Underwriting Agreement
(Series A Preferred Stock)

 

     

     

    

 

SCHEDULE I

 

	Underwriter	 	Number of Firm Shares To

 Be Purchased	 
	The Benchmark Company LLC	 	 	118,125	 
	ThinkEquity, A division of Fordham Financial Management 	 	 	118,125	 
	Dawson James Securities, Inc.	 	 	26,250	 
	Total:	 	 	262,500	 

 

Schedule
I

 

     

     

    

 

SCHEDULE II

 

Issuer
Free Writing Prospectus

 

1.       The
Pricing Term Sheet set forth in Annex I.

 

PRICING INFORMATION

 

Number of Shares: 262,500

 

Public Offering Price for Shares: $20.00

 

Schedule II

 

     

     

    

 

SCHEDULE III

 

List
of materially active subsidiaries

 

Subsidiaries of Fortress Biotech, Inc. with jurisdiction of
incorporation or formation:

 

Avenue Therapeutics, Inc. (Delaware)

Checkpoint Therapeutics, Inc. (Delaware)

Mustang Bio, Inc. (Delaware)

Aevitas Therapeutics, Inc. (Delaware)

Caelum Biosciences, Inc. (Delaware)

Journey Medical Corporation (Delaware)

Cellvation, Inc. (Delaware)

Cyprium Therapeutics,
Inc. (Delaware)

Helocyte, Inc., formerly
DiaVax Biosciences, Inc. (Delaware)

 

Schedule III

 

     

     

    

 

ANNEX I

 

FREE WRITING PROSPECTUS

Filed Pursuant to Rule 433 

Registration No. 333-226089

November 25, 2019

 

Final Pricing Term Sheet

 

FORTRESS BIOTECH, INC. 

 

9.375% Series A Cumulative Redeemable
Perpetual Preferred Shares

(Liquidation Preference $25.00 per Share)

	Issuer:	Fortress Biotech, Inc.
	 	 
	Securities Offered:	9.375% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”).
	 	 
	Number of Shares:	262,500 shares of Series A Preferred Stock.
	 	 
	Number of Option Shares:	39,375 shares of Series A Preferred Stock.
	 	 
	Trade Date:	November 26, 2019.
	 	 
	Settlement and Delivery Date:	November 29, 2019
	 	 
	Public Offering Price:	$20.00 per share of Series A Preferred Stock; $5,250,000 total (assuming no exercise of the underwriters’ option to purchase additional shares of Series A Preferred Stock).
	 	 
	Underwriting Discount:	$1.60 per share; $420,000 total (assuming no exercise of the underwriters’ option to purchase additional shares of Series A Preferred Stock).
	 	 
	Maturity Date:	Perpetual (unless redeemed by Issuer on or after December 15, 2022 or in connection with a change of control).
	 	 
	Dividend Rate:	9.375% per annum of the $25.00 liquidation preference per share (equivalent to $2.34375 per annum per share).
	 	 
	Dividend Payment Date:	Dividends on the Series A Preferred Stock shall accrue daily and be cumulative from, and including, the date of original issue and shall be payable quarterly on every March 31, June 30, September 30 and December 31 (each such payment date, a “Dividend Payment Date,” and each such quarterly period, a “Dividend Period”); provided that if any Dividend Payment Date is not a Business Day, then the dividend which would otherwise have been payable on that Dividend Payment Date may be paid on the next succeeding Business Day, and no interest, additional dividends or other sums will accrue on the amount so payable for the period from and after that Dividend Payment Date to that next succeeding Business Day. The first dividend to be paid on the Series A Preferred Stock to be sold in this offering is payable on December 31, 2019 in the amount of $0.5850375 per share of Series A Preferred Stock to the persons who are the holders of record of the Series A Preferred Stock at the close of business on December 15, 2019.
	 	 
	Liquidation Preference:	$25.00 per share of Series A Preferred Stock, plus accumulated and unpaid dividends. 
	 	 
	Optional Redemption Date:	On and after December 15, 2022, for cash at a redemption price of $25.00 per share of Series A Preferred Stock, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. 
	 	 
	Special Optional Redemption:	Upon the occurrence of a Change of Control, the Issuer may, at its option, upon not less than thirty (30) days nor more than sixty (60) days’ written notice, redeem the Series A Preferred Stock, in whole or in part, within one hundred twenty (120) days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. If, prior to the Change of Control Conversion Date, the Issuer provided notice of its election to redeem some or all of the shares of Series A Preferred Stock (whether pursuant to the Issuer’s optional redemption right described above or this special optional redemption right), the holders of shares of Series A Preferred Stock will not have the Change of Control Conversion Right with respect to the shares called for redemption. If the Issuer elects to redeem any shares of the Series A Preferred Stock as described in this paragraph, it may use any available cash to pay the redemption price.

 

     

     

    

 

	Limited Conversion Rights Upon a Change of Control:	
        Upon the occurrence of a Change
of Control, each holder of shares of Series A Preferred Stock will have the right (unless, prior to the Change of Control Conversion
Date, the Issuer has provided or provides irrevocable notice of its election to redeem the Series A Preferred Stock, in which
case such holder will only have the right with respect to the shares of Series A Preferred Stock not called for redemption (unless
the Issuer defaults in the payment of the redemption price and accumulated and unpaid dividends in which case such holder will
again have a conversion right with respect to the shares of Series A Preferred Stock subject to such default in payment)) to convert
some or all of the shares of Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number
of shares of the Issuer’s common stock per share of Series A Preferred Stock, which is equal to the lesser of: 

        

 

	 		·	the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of Series A Preferred Stock plus
the amount of any accumulated and unpaid dividends (whether or not declared) to, but not including, the Change of Control Conversion
Date (unless the Change of Control Conversion Date is after a record date for a Series A Preferred Stock dividend payment and prior
to the corresponding Dividend Payment Date, in which case no additional amount for such accumulated and unpaid dividend will be
included in this sum) by (ii) the Common Stock Price; and

 

	 		·	13.05483
shares of common stock (the “Share Cap”), subject to certain adjustments described in the prospectus supplement.
The Share Cap was derived by dividing the $25.00 liquidation preference by $1.915 (50% of the last sale price of our common stock
as reported on the NASDAQ on November 6, 2017).

 

	CUSIP/ISIN:	34960Q 208/US34960Q2084
	 	 
	Lead Manager and Joint Bookrunner:	
        The Benchmark Company LLC

        ThinkEquity, a division of Fordham Financial Management

	 	 
	Joint Bookrunners:	Dawson James Securities, Inc.

 

The Issuer has filed a registration
statement (including a base prospectus dated July 23, 2019) and a preliminary prospectus supplement, dated November 12, 2019 with
the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement and the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information
about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus
and related preliminary prospectus supplement if you request them from The Benchmark Company LLC by calling 212-312-6700
or ThinkEquity, a division of Fordham Financial Management, Inc. by calling 877-436-3673. 

 

     

     

    

 

EXHIBIT A

 

FORM OF OPINION OF ALSTON
 & BIRD LLP

 

		1.	The Company and its Subsidiaries are corporations validly existing in good standing under the laws
of the State of Delaware.

 

		2.	The Company and its Subsidiaries are duly qualified to do business as a foreign corporation in
each jurisdiction in which the Company and its Subsidiaries own any material property or conduct any material business or in which
the failure to be qualified as a foreign corporation would have a Material Adverse Effect.

 

		3.	The Company has the corporate power to own, lease and operate its properties and conduct its business
as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

 

		4.	The execution and delivery by the Company of, and the performance by the Company of its obligations
under, the Underwriting Agreement has been duly authorized by all necessary corporate action on the part of the Company.

 

		5.	The Shares, when issued and delivered by the Company in accordance with the terms of the Underwriting
Agreement against payment of the consideration set forth therein, will be duly authorized, validly issued, fully paid and nonassessable.

 

		6.	The issuance and sale of the Shares by the Company is not subject to preemptive or other similar
rights arising under the Amended & Restated Certificate of Incorporation (the “Certificate of Incorporation”)
or Second Amended & Restated Bylaws (the “Bylaws”) of the Company or under any agreement to which the Company
is a party.

 

		7.	The execution, delivery and performance of the Underwriting Agreement by the Company and the transactions
contemplated thereby do not conflict with, or result in any breach of, or constitute a default under (nor constitute an event that
with notice, lapse of time or both would constitute a breach of or default under), (i) the Certificate of Incorporation or Bylaws
of the Company, (ii) any agreement to which the Company is a party or (iii) any applicable law or, to our knowledge, any decree,
judgment or order applicable to the Company (other than state and foreign securities or blue sky laws, as to which we express no
opinion), except in the case of clauses (ii) and (iii) for such conflicts, breaches or defaults, which individually or in the aggregate
could not be reasonably expected to have a Material Adverse Effect.

 

		8.	No approval, notice to, consent, authorization or order of any court or governmental agency, body
or official is required for, the execution and delivery by the Company of the Underwriting Agreement or to issue and sell the Shares,
other than as may be required under the Securities Act, the Exchange Act, blue sky laws of any state, the rules of listing on the
Nasdaq Capital Market or the rules and regulations of the Financial Industry Regulatory Authority.

 

		9.	To our knowledge, except as described in the Registration Statement, Pricing Disclosure Package
and the Prospectus, there are no persons with registration rights or other similar rights to have any securities of the Company
registered pursuant to the Registration Statement.

 

     

     

    

 

		10.	The Registration Statement, as of the date it became effective under the Securities Act and as
of the date hereof, the Pricing Disclosure Package, as of its date and the date hereof, and the Prospectus, as of its date and
the date hereof (in each case other than the financial statements and schedules and other financial data included or incorporated
by reference therein, as to which we express no opinion), complied as to form in all material respects with the requirements of
the Securities Act and the rules and regulations of the Commission promulgated thereunder.

 

		11.	The Registration Statement has become effective under the Securities Act and, to our knowledge,
no stop order suspending the effectiveness of the Registration Statement has been issued under the Securities Act and no proceedings
for that purpose have been instituted or are pending or threatened by the Commission. The Prospectus has been filed in the manner
and within the time period required by Rule 424(b) under the Securities Act.

 

		12.	The Company is not an “investment company,” as such term is defined in the Investment
Company Act of 1940, as amended, (the “1940 Act”) or a company “controlled” by an “investment
company” within the meaning of the 1940 Act.

 

		13.	The statements under the captions “Description of Series A Preferred Stock,” and “Material
U.S. Federal Income Tax Considerations” in the Preliminary Prospectus, Pricing Disclosure Package and the Prospectus insofar
as such statements purport to summarize certain provisions of documents and legal matters referred to therein and reviewed by us
as described above, fairly summarize such provisions and legal matters in all material respects, subject to the qualifications
and assumptions stated therein.

 

In addition, we participated in conferences with officers and
other representatives of the Company, representatives of independent public accountants for the Company at which the contents of
the Registration Statement, Pricing Disclosure Package and the Prospectus (including any of the Company’s reports that have
been filed with the Commission and are incorporated by reference in the Registration Statement (the “Incorporated Documents”)
and related matters were discussed, and although we are not passing upon, and do not assume any responsibility for, the accuracy,
completeness or fairness of the statements contained or incorporated by reference in the Registration Statement, Pricing Disclosure
Package and the Prospectus (except as and to the extent set forth in Paragraph 12 above) and have not made any independent check
or verification thereof, during the course of such participation, nothing has come to our attention that leads us to believe (i)
that the Registration Statement, as of its most recent effective date, contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) the Pricing
Disclosure Package (including the Incorporated Documents), as of 5:00 p.m., New York city time, on November 25, 2019 (which you
have informed us is a time prior to the time of the first sale of the Firm Shares by any Underwriter), insofar as relating to the
offering of the Shares, contained an untrue statement of a material fact or omitted to state any material fact necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading, or (iii) that the Prospectus
(including the Incorporated Documents), as of its date and as of the date hereof, included or includes an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading (it being understood that we express no belief with respect to the financial
statements, financial schedules and other financial data included or incorporated by reference in, or excluded from, the Registration
Statement, Pricing Disclosure Package or the Prospectus).

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