Document:

caponenbscguarantyex102

Exhibit 10.2 29275947v3  SECOND AMENDED AND RESTATED  GUARANTY OF PAYMENT AND PERFORMANCE THIS  SECOND AMENDED AND RESTATED GUARANTY OF PAYMENT AND PERFORMANCE (this “Guaranty”) is made as of May 11, 2017 by Newtek Business Services Corp., a Maryland corporation and successor-in-interest to Newtek Business Services, Inc., a New York corporation, with its principal executive offices at 1981 Marcus Avenue, Suite 130,      Lake Success, New York 11042 (“Guarantor”), in favor of (i) Capital One, National Association, in its capacity as administrative agent (in such capacity, the “Administrative Agent”) for itself and for the Lenders and the other Secured Parties (as such terms are defined in the Loan Agreement identified below), having an address at 299 Park Avenue, New York, New York 10171, and (ii) the Lenders, having addresses set forth in the Loan Agreement. R E C I T A L S : WHEREAS, Lenders established a line of credit in favor of Newtek Small Business Finance, LLC (successor-in-interest by merger to Newtek Small Business Finance, Inc.), a wholly-owned subsidiary of the Guarantor (the “Borrower”), in the maximum principal amount not to exceed One Hundred Million and No/100 Dollars ($100,000,000) pursuant to a Fourth Amended and Restated Loan and Security Agreement dated as of the date hereof (as amended, modified, supplemented, or restated from time to time, the “Loan Agreement”) and as evidenced by the Notes payable to the Lenders; and WHEREAS, it is a condition precedent to the execution and delivery of the Loan Agreement, that the Guarantor execute and deliver this Guaranty in favor of the Administrative Agent and the Lenders. NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged, and in order to induce Lenders to make the Loans to Borrower, Guarantor hereby represents, warrants and covenants to the Administrative Agent and Lenders as follows: 1. Authorization and Enforceability of Loan Documents.  Guarantor has taken all steps required to authorize and has in its capacity as the sole member of Borrower authorized the execution and delivery of the Loan Agreement and the other Loan Documents.  To the best of its knowledge, the Loan Agreement and the other Loan Documents have been duly authorized and executed by Borrower and are legal, valid and binding instruments, enforceable against Borrower in accordance with their respective terms subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other legal or equitable principles now or hereafter in effect generally affecting creditors’ rights and remedies.   2. Secured Obligations Guaranteed.  Guarantor unconditionally guarantees to Administrative Agent and the Lenders (i) the prompt and unconditional payment of all of the Secured Obligations under the Loan Agreement, including without limitation, the Loans and the interest thereon, whether now or hereafter advanced, as the same shall become due and payable under the Notes, the Loan Agreement and the other Loan Documents, whether at stated maturity, by acceleration or otherwise, and any and all sums of money which, at the time, may have become or become due and payable under the provisions of the Loan Agreement or any other 

 

 - 2 -  29275947v3  Loan Document, and the due and prompt performance of all of the terms, agreements, covenants and conditions of the Notes, the Loan Agreement and the other Loan Documents; (ii) payment in full of any and all expenses that may be paid or incurred by Administrative Agent and Lenders in the collection of all or any portion of Guarantor’s obligations hereunder or the exercise or enforcement of any one or more of the other rights, powers, privileges, remedies and interests of Administrative Agent and Lenders under the Loan Documents or hereunder, irrespective of the manner or success of any such collection, exercise or enforcement, and whether or not such expenses constitute part of the Borrower’s obligations; and (iii) performance of all of the Borrower’s (and all of the other entities guaranteeing the Loans) covenants and obligations contained herein and/or therein.  Guarantor’s obligation to cause Borrower and any other guarantors to take any action with respect to their respective covenants and obligations shall be limited to those actions consistent with its status as the sole stockholder (or as a member or majority stockholder as applicable) of such parties and shall be exercised through the power consequent upon such status. 3. Unconditional Guaranty.  This Guaranty is an absolute, unconditional, present and continuing guaranty of payment and performance and not of collection and is in no way conditioned or contingent upon any attempt to enforce the Administrative Agent’s or the Lenders’ rights against Borrower or to collect from the Borrower or upon any other condition or contingency; accordingly, Administrative Agent and Lenders shall have the right to proceed against Guarantor immediately upon any Event of Default under the Loan Documents without taking any prior action or proceeding to enforce the Loan Documents or to liquidate or foreclose on any security Administrative Agent or Lenders may at any time hold pursuant thereto.  Guarantor hereby waives and releases any claim (within the meaning of 11 U.S.C. § 101) which Guarantor may have against Borrower arising from a payment made by Guarantor under this Guaranty and agrees not to assert or take advantage of any subrogation rights of Guarantor or any other right of Guarantor to proceed against Borrower for reimbursement.  It is expressly understood that the waivers and agreements of Guarantor constitute additional and cumulative benefits given to Administrative Agent and Lenders for their security and as an inducement for its extension of credit to Borrower. 4. Liability Unimpaired.  Guarantor’s liability hereunder shall in no way be limited or impaired by, and Guarantor hereby consents to and agrees to be bound by, any amendment, extension or modification of the provisions of any of the Loan Documents or any other instrument made to or with Administrative Agent or Lenders by Borrower or any other guarantor, or any Person who succeeds Borrower as owner of all or part of any Collateral prior to foreclosure of the Loan Agreement or exercise of any power of sale contained therein.  In addition, Guarantor’s liability hereunder shall in no way be limited or impaired by (i) any extensions of time for performance required by any of said documents, (ii) any sale, assignment or foreclosure of the Notes or Loan Agreement or any sale or transfer of all or part of the property covered by the Loan Agreement, (iii) any exculpatory provision in any of said instruments limiting Administrative Agent or Lenders’ recourse to any Collateral or to any other security, or limiting Administrative Agent or Lenders’ rights to a deficiency judgment against Borrower, (iv) the release of Borrower or any other Person (including, without limit, any other guarantor) from performance or observance of any of the agreements, covenants, terms or conditions contained in any of said instruments by operation of law or otherwise, (v) the release or substitution in whole or in part of any security for the Loans, (vi) Administrative Agent or any Lender’s failure to record the Loan Agreement or file any UCC financing statements (or 

 

 - 3 -  29275947v3  Administrative Agent or any Lender’s improper recording or filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Loans or the other Secured Obligations, (vii) the invalidity, irregularity or unenforceability, in whole or in part, of any of the Loan Documents, this Guaranty or any other instrument or agreement executed or delivered to Administrative Agent or Lenders in connection with the Loans, except to the extent that there is a final adjudication by a court of competent jurisdiction of a valid defense to Borrower’s obligations under the Loan Documents to payment of the Indebtedness, (viii)  the inaccuracy of any of the representations and warranties made by Borrower in the Loan Agreement, the other Loan Documents or any disbursement certificates or requests for disbursements made under the Loan Agreement, or (ix) any other action or circumstance whatsoever which constitutes, or might be construed to constitute, a legal or equitable discharge or defense (except full payment and satisfaction) of Borrower for its obligations under any of the Loan Documents or of any Guarantor under this Guaranty (whether as surety, guarantor or otherwise); and, in any such case, whether with or without notice to Guarantor and with or without consideration. 5. Preservation of Loan Documents.  Guarantor will cause Borrower to maintain and preserve the enforceability of the Loan Documents as the same may be amended, modified, supplemented or restated at any time and from time to time, and will not permit Borrower to take or to fail to take actions of any kind, the taking of which or the failure to take which might be the basis for a claim that Guarantor has a defense to Guarantor’s obligations hereunder. 6. Security; Events of Default.  Pursuant to the terms of the  Amended and Restated Security Agreement of even date herewith (the “Security Agreement”), as security for any and all of the obligations of Guarantor under this Guaranty and of the Secured Obligations, now existing or hereafter arising hereunder or otherwise (collectively, the “Liabilities”), Guarantor has granted to Administrative Agent for the benefit of itself and the Secured Parties a lien upon and a security interest in certain collateral more particularly described in the Security Agreement, including in the proceeds thereof.    Without limiting the generality of paragraphs 1-4, inclusive, of this Guaranty, and in addition to any and all rights and remedies Administrative Agent and Lenders may have hereunder or under the other Loan Documents, upon the occurrence of any of the following events or any other agreement with Administrative Agent and/or Lenders (each an “Event of Default”):      (a)  Guarantor defaults under this Guaranty or any Loan Document or any other agreement with Administrative Agent and/or Lenders to which Guarantor is a party;      (b)  any representation or warranty made by Guarantor herein or in any other Loan Document to which Guarantor is a party is false or untrue as of the date such representation or warranty is made;     (c)  Guarantor commences any case, proceeding, or other action under any law of any jurisdiction relating to bankruptcy, insolvency, reorganization, or relief of debtors or seeks to have an order for relief entered with respect to Guarantor or seeks to be adjudicated a bankrupt or insolvent, or seeks reorganization, arrangement, adjustment, liquidation, dissolution, 

 

 - 4 -  29275947v3  composition or other relief with respect to Guarantor or Guarantor’s debts, or seeks the appointment of a receiver, trustee, custodian, or other similar official for Guarantor or for all or any substantial part of Guarantor’s property;      (d)  Guarantor makes a general assignment for the benefit of creditors;      (e)  there is commenced against Guarantor any case, proceeding or other action of the type referred to in clause (c) above or seeking the issuance of a warrant of attachment, execution, distraint, or similar process against all or any substantial part of Guarantor’s property, which case, proceeding or other action results in an entry of an order for relief or is not dismissed, discharged or bonded within sixty days of the commencement thereof;      (f) Guarantor takes any action indicating Guarantor’s consent to, approval of, or acquiescence in or in furtherance of, any of the acts set forth in clause (c) and (e) above;      (g)  Guarantor admits in writing Guarantor’s inability to pay Guarantor’s debts as they mature;      (h)  Guarantor terminates or dissolves or suspends Guarantor’s usual business activities or conveys, sells, leases, transfers or otherwise disposes of all or a substantial part of Guarantor’s property, business or assets other than in the ordinary course of business;      (i)  there shall be any default under or demand made under any other financing agreement or guaranty to which it is a party; or      (j)  the existence or occurrence at any time of one or more conditions or events which, in the reasonable good faith opinion of Administrative Agent, has resulted or is reasonably likely to result in a material adverse change in the business, properties or financial condition of Guarantor;   then, any or all of the obligations of Guarantor shall, at Administrative Agent’s option, become (for the purpose of this Guaranty) immediately due and payable by Guarantor, without demand or notice. In addition, upon the occurrence of any Event of Default, Administrative Agent and Lenders shall have all of the rights and remedies provided to a secured party by the Uniform Commercial Code as in effect in New York State at that time.  Guarantor agrees that in the event that notice is necessary, written notice provided in accordance with paragraph 26 of this Guaranty and given below five Business Days prior to the date of public sale of the property subject to the lien and security interest created herein or prior to the date after which private sale or any other disposition of said property will be made shall constitute reasonable notice. 7. Indemnification; Payments; Certain Waivers.  Guarantor (i) waives any right or claim of right to cause a marshalling of Borrower’s assets or to cause Administrative Agent or any Lender to proceed against any of the security for the Loans or for the obligations guaranteed hereby before proceeding against Guarantor, (ii) agrees that any payments required to be made by Guarantor hereunder shall become due on demand in accordance with the terms of paragraph 2 hereof and without presentment to Borrower, demand for payment or protest, or 

 

 - 5 -  29275947v3  notice of non-payment or protest, and (iii) except as hereinafter provided, expressly waives and relinquishes all rights and remedies accorded by applicable law to guarantors.  Without limiting the generality of the foregoing, Guarantor hereby waives all rights (x) to participate in any claim or remedy Administrative Agent or any Lender may now or hereafter have against Borrower or in any collateral which Administrative Agent or any Lender has or hereafter may acquire for the obligations guaranteed hereby and (y) except as provided below, to contribution, indemnification, set-off, exoneration or reimbursement, whether from Borrower, Guarantor, or any other Person now or hereafter primarily or secondarily liable for any of Borrower’s  obligations to Administrative Agent and Lenders, and whether arising by contract or operation of law or otherwise by reason of Guarantor’s execution, delivery or performance of this Guaranty.  Guarantor does not waive and hereby retains all rights of subrogation, contribution, indemnification, set-off or reimbursement against Borrower or any other guarantor that Guarantor may have (the “Undersigned’s Rights”); provided, however, that (i) this Guaranty shall neither be contingent upon the existence of the Undersigned’s Rights nor subject to any claims or defenses whatsoever which may be asserted in connection with the enforcement or attempted enforcement of the Undersigned’s Rights including, without limitation, any claim that the Undersigned’s Rights were abrogated by any of Administrative Agent’s or any Lender’s acts, and (ii) until the Loans shall have been fully and finally paid and satisfied and Lenders shall have no further commitment or other obligation to make Loans or other financial accommodations to Borrower and the Loan Agreement and all other Loan Documents shall have been terminated and shall be of no further force and effect, Guarantor hereby postpones and subordinates (A) the exercise of any and all of the Undersigned’s Rights to Administrative Agent and Lenders’ rights against Guarantor under this Guaranty or against Borrower under any of the Loan Documents, and (B) any of the Undersigned’s Rights to any collateral securing the Loans. 8. Reinstatement.  This Guaranty shall continue to be effective, or be reinstated automatically, as the case may be, if at any time payment, in whole or in part, of any of the obligations guaranteed hereby is rescinded or otherwise must be restored or returned by Administrative Agent or Lenders (whether as a preference, fraudulent conveyance or otherwise) upon or in connection with the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower, Guarantor or any other Person, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, either Borrower, Guarantor, any other Credit Party or any other Person or for a substantial part of Borrower’s, Guarantor’s, or any of such other Person’s property, as the case may be, or otherwise, all as though such payment had not been made.  Guarantor further agrees that in the event any such payment is rescinded or must be restored or returned, all costs and reasonable expenses (including, without limitation, reasonable legal fees and expenses) incurred by or on behalf of Administrative Agent and Lenders in defending or enforcing such continuance or reinstatement, as the case may be, shall constitute costs of enforcement, the payment of which is guaranteed by Guarantor pursuant to paragraph 2 above and covered by Guarantor’s indemnity pursuant to paragraph 7 above. 9. Litigation, Compliance with Judgments.  Guarantor represents and warrants with respect to itself that there are no actions, suits or proceedings pending or threatened against or affecting Guarantor, at law, in equity or before or by any governmental authorities which would have a material adverse effect on Guarantor’s ability to perform its obligations hereunder and, to the best of Guarantor’s knowledge, Guarantor is not in default with respect to any order, writ, injunction, decree or demand of any court or governmental authorities. 

 

 - 6 -  29275947v3  10. No Conflicts.  Guarantor represents and warrants with respect to itself that the consummation of the transactions contemplated hereby and the performance of this Guaranty and the other Loan Documents to which Guarantor is a party have not resulted and will not result in any breach of, or constitute a default under, any mortgage, deed of trust, lease, bank loan or credit agreement, corporate charter, by-laws, partnership agreement or other instrument to which Guarantor is a party or by which Guarantor may be bound or affected. 11. Compliance with Laws.  Guarantor represents and warrants with respect to itself that Guarantor is in compliance with, and the transactions contemplated by the Loan Documents and this Guaranty do not and will not violate any provision of, or require any filing, registration, consent or approval under, any federal, state or local law, rule, regulation, ordinance, order, writ, judgment, injunction, decree, determination or award (hereinafter, “Laws”) presently in effect having applicability to Guarantor, and agrees that Guarantor will comply promptly with all laws now or hereafter in effect having applicability to Guarantor. 12. Accuracy of Information; Full Disclosure.  Guarantor represents and warrants with respect to itself that (a) neither this Guaranty nor any documents, financial statements, reports, notices, schedules, certificates, statements or other writings furnished by or on behalf of Guarantor to Administrative Agent or Lenders in connection with the negotiation of the Loan Documents or the consummation of the transactions contemplated hereby or thereby, or required herein or by the other Loan Documents to be furnished by or on behalf of Guarantor, contains any untrue or misleading statement of a material fact, and (b) there is no fact which Guarantor has not disclosed to Administrative Agent in writing which materially affects adversely the business affairs or financial condition of Guarantor, or the ability of Guarantor to perform this Guaranty and the other Loan Documents to which Guarantor is a party. 13. Financial Statements and Covenants. (a) Guarantor represents and warrants with respect to itself that the most recent financial statements heretofore delivered by Guarantor to Administrative Agent are true and correct in all respects, have been prepared in accordance with sound accounting principles consistently applied and fairly present Guarantor’s financial condition as of the date thereof, and no material adverse change has occurred in the financial condition reflected there in since the date thereof.   (b) Guarantor shall deliver to Administrative Agent within twenty (20) days of filing, but in no event more than fifteen (15) days after the last permitted extension for filing without penalty, its signed federal tax returns.   (c) Promptly after a written request therefor, such other financial data or information as Administrative Agent or any Lender may reasonably request from time to time.   (d) Guarantor agrees and acknowledges that any now existing or hereinafter created loan from Guarantor to the Borrower shall at all times be subordinate to the Loans to the extent required by the Loan Agreement.   (e) Guarantor shall at all times during the term of the Loans maintain its primary bank accounts with Administrative Agent.   (f) Guarantor shall provide copies of all financial statements, reports 

 

 - 7 -  29275947v3  and the like, as required pursuant to the Loan Agreement.   (g) Promptly upon its becoming available, Guarantor shall provide Administrative Agent with one copy of each financial statement, report, notice or proxy statement sent by Guarantor to stockholders generally pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and, a copy of each regular or periodic report, and any registration statement, or prospectus in respect thereof, filed by Guarantor with any securities exchange or with federal or state securities and exchange commissions or any successor agency.   (h) Guarantor agrees and acknowledges that it shall maintain all of its Subsidiaries and Affiliates as separate and independent entities consistent with the standards of Section 6.18 of the Loan Agreement and shall not allow the Collateral under the Loan Agreement to become intermingled with any Person that is not a Credit Party, nor shall it suffer or permit any of the Borrower’s Collateral under the Loan Agreement to be directly or indirectly pledged to any party other than Administrative Agent. 14. Non-Waiver Remedies Cumulative.  No failure or delay on Administrative Agent’s or any Lender’s part in exercising any right, power or privilege under any of the Loan Documents, this Guaranty or any other document made to or with Administrative Agent or any Lender in connection with the Loans shall operate as a waiver of any such privilege, power or right or shall be deemed to constitute Administrative Agent’s or such Lender’s acquiescence in any default by Borrower or Guarantor under any of said documents.  A waiver by Administrative Agent or any Lender of any right or remedy under any of the Loan Documents, this Guaranty or any other document made to or with Administrative Agent and/or Lender in connection with the Loans on any one occasion shall not be construed as a bar to any right or remedy which Administrative Agent or any Lender otherwise would have on any future occasion.  The rights and remedies provided in said documents are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law. 15. Transfers of Interests in Loans.  Guarantor recognizes that Lenders may sell and transfer interests in the Loans to one or more participants and/or assignees (collectively, “Participants”) and that all documentation, financial statements, appraisals and other data, or copies thereof, relevant to Borrower, Guarantor or the Loans, may be exhibited or delivered on a confidential basis to and retained by any such Participant or prospective Participant, with a request to any prospective Participant to return such information if it does not become a Participant. 16. Separate Indemnity.  Guarantor acknowledges and agrees that Administrative Agent’s and Lenders’ rights (and Guarantor’s obligations) under this Guaranty shall be in addition to all of Administrative Agent’s Lenders’ rights (and all of Guarantor’s obligations) under any indemnity agreement executed and delivered to Administrative Agent and Lenders by Borrower and/or Guarantor or any other guarantor in connection with the Loans, and payments by Guarantor under this Guaranty shall not reduce any of Guarantor’s obligations and liabilities under any such indemnity agreement. 17. Severability.  Any provision of this Guaranty, or the application thereof to any Person or circumstance, which, for any reason, in whole or in part, is prohibited or 

 

 - 8 -  29275947v3  unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Guaranty (or the remaining portions of such provision) or the application thereof to any other Person or circumstance, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision (or portion thereof) or the application thereof to any Person or circumstance in any other jurisdiction. 18. Entire Agreement; Amendments.  This Guaranty contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior oral or written agreements or statements relating to such subject matter, and none of the terms and provisions hereof may be waived, amended or terminated except by a written instrument signed by the Person against whom enforcement of the waiver, amendment or termination is sought. 19. Successors and Assigns.  This Guaranty shall be binding upon and shall inure to the benefit of Administrative Agent and Lenders and Guarantor and their respective successors and assigns.  This Guaranty may be assigned by Administrative Agent and Lenders with respect to all or any portion of the obligations guaranteed hereby, and when so assigned Guarantor shall be liable under this Guaranty to the assignee(s) of the portion(s) of the obligations guaranteed hereby so assigned without in any manner affecting the liability of Guarantor hereunder to Administrative Agent and Lenders with respect to any portion of the obligations guaranteed hereby retained by Administrative Agent and Lenders. 20. WAIVER OF TRIAL BY JURY.  GUARANTOR, AND BY ITS ACCEPTANCE HEREOF, ADMINISTRATIVE AGENT AND EACH LENDER, EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, ADMINISTRATIVE AGENT  AND LENDERS, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.  GUARANTOR AND ADMINISTRATIVE AGENT AND EACH LENDER ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 21. ADDITIONAL WAIVERS IN THE EVENT OF ENFORCEMENT.  GUARANTOR HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT BY OR ON BEHALF OF ADMINISTRATIVE AGENT OR ANY LENDER ON THIS GUARANTY, ANY AND EVERY RIGHT GUARANTOR MAY HAVE TO (I) INJUNCTIVE RELIEF, (II) INTERPOSE ANY COUNTERCLAIM THEREIN (OTHER THAN COMPULSORY COUNTERCLAIMS), AND (III) HAVE THE SAME CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING.  NOTHING HEREIN CONTAINED SHALL PREVENT OR PROHIBIT GUARANTOR FROM INSTITUTING OR MAINTAINING A SEPARATE ACTION AGAINST ADMINISTRATIVE AGENT AND LENDERS WITH RESPECT TO ANY ASSERTED CLAIM. 

 

 - 9 -  29275947v3  22. Governing Law; Submission To Jurisdiction.  This Guaranty and the rights and obligations of the parties hereunder shall in all respects be governed by, and construed and enforced in accordance with, the laws of the State of New York (without giving effect to New York’s principles of conflicts of law other than Section 5-1401 of the New York General Obligations Law).  Guarantor hereby irrevocably submits to the non-exclusive jurisdiction of the federal and state courts located in the City of New York, Borough of Manhattan over any suit, action or proceeding arising out of or relating to this Guaranty, and Guarantor hereby agrees and consents that, in addition to any methods of service of process provided for under applicable law, all service of process in any such suit, action or proceeding in any of the Courts of New York State or the United States District Court for the Eastern District of New York may be made by certified or registered mail, return receipt requested, directed to Guarantor at the address indicated below, and service so made shall be complete five (5) days after the same shall have been so mailed. 23. Paragraph Headings.  Any paragraph headings and captions in this Guaranty are for convenience only and shall not affect the interpretation or construction hereof. 24. Liability Unaffected by Release.  Subject only to written notice to Guarantor, any other Person liable upon or in respect of any obligation hereby guaranteed, may be released without affecting the liability of Guarantor hereunder. 25. Joint and Several Obligations.  If more than one Person comprises Guarantor, then each such Person’s obligations and liability under this Guaranty shall be joint and several. 26. Notices.  Notices shall be given in the manner provided in the Loan Agreement and with respect to Guarantor at the address set forth on the signature page hereto.  Guarantor acknowledges reviewing the notice provision contained in the Loan Agreement and accepts the provisions thereof. 27. Intentionally Omitted.   28. Certain Defined Terms.  Capitalized terms used but not defined herein shall have their respective meanings as set forth in the Loan Agreement.  29. Counterparts; Facsimile or Electronic Transmission.  This Guaranty may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission or other electronic transmission shall be deemed to be an original signature hereto. 30.  Amendment and Restatement. This Guaranty amends, modifies and restates that certain Guaranty of Payment and Performance dated as of December 15, 2010 executed by Guarantor in favor of Administrative Agent, as amended and restated under the terms of the Amended and Restated Guaranty of Payment and Performance dated as of June 16, 2011 executed by Guarantor in favor of Administrative Agent, as further amended and restated under the terms of the Amended and Restated Guaranty of Payment and Performance dated as of June 18, 2015 executed by Guarantor in favor of Administrative Agent (the “Existing 

 

 - 10 -  29275947v3  Guaranty”), it being the intention of Pledgor and Administrative Agent that all of the terms of the Existing Guaranty, as amended, modified and restated hereby, are restated in and are replaced by the terms of this Guaranty, but this Guaranty shall not be deemed or construed to have been made in payment, satisfaction, cancellation or novation of the Existing Guaranty.  (page intentionally ends here)  

 

 - 11 -  29275947v3  SIGNATURE PAGE TO SECOND AMENDED AND RESTATED  GUARANTY OF PAYMENT AND PERFORMANCE OF NEWTEK BUSINESS SERVICES CORP.   IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be duly executed and delivered by its duly authorized official as of the date first above stated.  NEWTEK BUSINESS SERVICES CORP., as successor-in-interest by merger to NEWTEK BUSINESS SERVICES, INC.   By:   /s/ Barry Sloane     Name:  Barry Sloane Title:  Chief Executive Officer Address:  1981 Marcus Avenue, Suite 130 Lake Success, New York 11042EX-10.1

 Exhibit 10.1 

Execution Version 

STOCK ISSUANCE AGREEMENT 

dated as of May 10, 2017 

by and among 
 WILDHORSE
RESOURCE DEVELOPMENT CORPORATION 
 and 

ADMIRAL A HOLDING L.P., 

TE ADMIRAL A HOLDING L.P., 

and 
 AURORA C-I HOLDING L.P. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	ARTICLE I	  			
	 ISSUANCE; CLOSING
	  	 	1	 
	 Section 1.1
	 	Issuance	  	 	1	 
	 Section 1.2
	 	Closing	  	 	1	 
	 Section 1.3
	 	Closing Conditions	  	 	2	 
			
		 	ARTICLE II	  			
	 REPRESENTATIONS AND WARRANTIES
	  	 	4	 
	 Section 2.1
	 	Representations and Warranties of the Company	  	 	4	 
	 Section 2.2
	 	Representations and Warranties of the Admiral Sellers	  	 	10	 
			
		 	ARTICLE III	  			
	 COVENANTS
	  	 	12	 
	 Section 3.1
	 	Filings; Other Actions	  	 	12	 
	 Section 3.2
	 	Negative Covenants	  	 	12	 
	 Section 3.3
	 	Registration Rights Agreement	  	 	13	 
	 Section 3.4
	 	Further Assurances	  	 	13	 
			
		 	ARTICLE IV	  			
	 ADDITIONAL AGREEMENTS
	  	 	13	 
	 Section 4.1
	 	Legend	  	 	13	 
			
		 	ARTICLE V	  			
	 MISCELLANEOUS
	  	 	14	 
	 Section 5.1
	 	Survival; Limitations on Liability	  	 	14	 
	 Section 5.2
	 	Amendment; Waiver	  	 	14	 
	 Section 5.3
	 	Counterparts	  	 	14	 
	 Section 5.4
	 	Governing Law	  	 	15	 
	 Section 5.5
	 	Waiver of Jury Trial	  	 	15	 
	 Section 5.6
	 	Notices	  	 	15	 
	 Section 5.7
	 	Entire Agreement	  	 	16	 
	 Section 5.8
	 	Assignment	  	 	17	 
	 Section 5.9
	 	Interpretation; Other Definitions	  	 	17	 
	 Section 5.10
	 	Captions	  	 	20	 
	 Section 5.11
	 	Severability	  	 	20	 
	 Section 5.12
	 	No Third Party Beneficiaries	  	 	20	 
	 Section 5.13
	 	Conspicuousness	  	 	20	 
	 Section 5.14
	 	Public Announcements	  	 	20	 
	 Section 5.15
	 	Specific Performance	  	 	20	 
	 Section 5.16
	 	Termination	  	 	21	 
	 Section 5.17
	 	Effects of Termination	  	 	21	 
	 Section 5.18
	 	Expenses	  	 	21	 
	 Section 5.19
	 	Non-Recourse	  	 	21	 

  
 i 

 INDEX OF DEFINED TERMS 
  

			
	Term	  	Location of Definition
	accredited investor	  	2.2(c)
	Acquisition	  	Recitals
	Acquisition Agreement	  	Recitals
	Admiral Seller(s)	  	Preamble
	Affiliate	  	5.9(g)
	Agreement	  	Preamble
	business day	  	5.9(d)
	Capitalization Date	  	2.1(b)(i)
	Closing	  	1.2(a)
	Closing Date	  	1.2(a)
	Common Stock	  	Section 5.9(h)
	Common Stock Price	  	Section 5.9(i)
	Company	  	Preamble
	Company Material Adverse Effect	  	5.9(j)
	Company Preferred Stock	  	2.1(b)(i)
	Company Stock Awards	  	2.1(b)(i)
	Consideration Common Stock	  	1.1
	control/controlled by/under common control with	  	Section 5.9(g)
	Damages	  	Section 5.9(k)
	Effect	  	5.9(l)
	Environmental Laws	  	5.9(m)
	Exchange Act	  	Section 2.1
	FCPA	  	2.1(l)
	GAAP	  	2.1(g)(iii)
	Governmental Entity	  	Section 5.9(n)
	herein/hereof/hereunder	  	5.9(c)
	HSR Act	  	Section 5.9(o)
	including/includes/included/include	  	5.9(b)
	Issuance	  	1.1
	Knowledge of the Company	  	Section 5.9(p)

  
 ii 

			
	Term	  	Location of Definition
	Law	  	Section 5.9(q)
	Lien	  	Section 5.9(r)
	Money Laundering Laws	  	2.1(m)
	Non-Recourse Party	  	5.18
	OFAC	  	2.1(n)
	or	  	5.9(a)
	Order	  	Section 5.9(s)
	party/parties	  	Section 5.9(e)
	Permit	  	Section 5.9(t)
	person	  	5.9(f)
	Plan	  	2.1(b)(i)
	poison pill	  	2.1(b)(i)
	Preferred Purchase Agreement	  	Section 5.9(u)
	Preliminary Settlement Statement	  	Section 5.9(v)
	Registration Rights Agreement	  	Section 5.9(w)
	SEC	  	2.1(g)(i)
	SEC Documents	  	2.1(g)(i)
	Securities Act	  	Section 2.1
	Stock Purchase Price	  	Section 5.9(x)
	Subsidiary	  	Section 5.9(y)
	Voting Debt	  	2.1(b)(ii)

  
 iii 

 STOCK ISSUANCE AGREEMENT, dated as of May 10, 2017 (this
“Agreement”), by and among (i) WildHorse Resource Development Corporation, a Delaware corporation (the “Company”), and (ii) Admiral A Holding L.P., a Delaware limited partnership, TE Admiral
A Holding L.P., a Delaware limited partnership and Aurora C-I Holding L.P., a Delaware limited partnership (the persons in this clause (ii), collectively, the “Admiral Sellers” and
each, an “Admiral Seller”). 
 RECITALS: 

WHEREAS, concurrently with the execution of this Agreement, a wholly owned Subsidiary of the Company has entered into a
Purchase and Sale Agreement (as it may be amended or supplemented from time to time, the “Acquisition Agreement” and, the transactions contemplated thereby, the “Acquisition”), by and among such
Subsidiary, the Admiral Sellers and Anadarko E&P Onshore LLC, a Delaware limited liability company; 
 WHEREAS, as
consideration payable to the Admiral Sellers pursuant to the Acquisition Agreement, the Company shall, at the Closing, issue to the Admiral Sellers certain shares of its Common Stock, subject to the terms and conditions set forth in this Agreement;
and 
 WHEREAS, capitalized terms used in this Agreement have the meanings set forth in
Section 5.9 or as otherwise indicated in the preceding Index of Defined Terms. 
 NOW, THEREFORE,
in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, the parties agree as follows: 

ARTICLE I 

ISSUANCE; CLOSING 

Section 1.1 Issuance. On the terms and subject to the conditions herein, on the Closing Date as
consideration for the Acquisition, as set forth in the Acquisition Agreement, the Company agrees to issue and deliver to the Admiral Sellers an aggregate number of shares of Common Stock equal to (i) the Stock Purchase Price, as adjusted
pursuant to the Preliminary Settlement Statement, divided by (ii) the Common Stock Price (the “Consideration Common Stock”). The issuance of the shares of Consideration Common Stock pursuant to this
Section 1.1 is referred to as the “Issuance.” The shares of Consideration Common Stock shall be allocated among the Admiral Sellers as set forth in a written notice to be furnished to the Company by
the Admiral Sellers no later than five (5) days prior to the Closing Date. 
 Section 1.2 Closing.

 (a) Subject to the terms and conditions hereof, the closing of the Issuance (the “Closing”) shall
be held at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002, on the date of the closing of the Acquisition, and contemporaneously therewith, or at such other time and place as the Company and the
Admiral Sellers agree in writing (the “Closing Date”). 
 (b) Subject to the satisfaction or waiver
on the Closing Date of the conditions to the Closing in Section 1.3, at the Closing: 

  
 1 

 (i) the Company will deliver to each Admiral Seller (i) the number of
shares of Consideration Common Stock set forth in the written notice to be delivered by the Admiral Sellers pursuant to Section 1.1, which shall be registered in the name of such Admiral Seller in book-entry form and
(ii) all other documents, instruments and writings required to be delivered by the Company to the Admiral Sellers pursuant to this Agreement or otherwise required in connection herewith; and 

(ii) each Admiral Seller will deliver or cause to be delivered all documents, instruments and writings required to be
delivered by such Admiral Seller to the Company pursuant to this Agreement or otherwise required in connection herewith. 

Section 1.3 Closing Conditions. 

(a) The obligations of each Admiral Seller, on the one hand, and the Company, on the other hand, to effect the Closing is
subject to the satisfaction or waiver at or prior to the Closing of the following conditions (or, to the extent permitted by applicable Law, waiver by the Company and a Admiral Seller, as to such Admiral Seller): 

(i) on the Closing Date, no Order restraining, enjoining or otherwise prohibiting the consummation of the transactions
contemplated by this Agreement shall have been issued and remain in force, and no suit, action or other proceeding by any Governmental Entity seeking to restrain, enjoin or otherwise prohibit the consummation of the transactions contemplated by this
Agreement, or seeking substantial Damages in connection therewith, shall be pending before any Governmental Entity; and 

(ii) all conditions to closing the Acquisition set forth in Article 9 of the Acquisition Agreement shall have been satisfied
or waived in accordance with the Acquisition Agreement (excluding conditions that, by their nature cannot be satisfied until the closing thereof, so long as such conditions will be satisfied at the closing thereof). 

(b) The obligations of each Admiral Seller to effect the Closing are also subject to the satisfaction or waiver at or prior to
the Closing of the following conditions (or, to the extent permitted by applicable Law, waiver by any Admiral Seller (as to such Admiral Seller)): 

(i) (i) the representations and warranties of the Company set forth in Section 2.1 hereof
(other than Sections 2.1(a), 2.1(b), 2.1(c)(i), 2.1(g), 2.1(i) and 2.1(k)) shall be true and correct (disregarding all qualifications or limitations as to materiality or Company Material
Adverse Effect) as of the Closing Date as though made on and as of the Closing Date (other than representations and warranties that refer to a specified date, which need only be true and correct on and as of such specified date), except where the
failure of such representations and warranties to be so true and correct would not, individually or in the aggregate, have a Company Material Adverse Effect, (ii) the representations and warranties of the Company set forth in Section
2.1(b) shall be true and correct as of the Closing Date as though made on and as of the Closing Date (other than representations and warranties that refer to a specified date, which need only be true and correct on and as of such specified date)
except for de minimis inaccuracies, (iii) the representations and warranties of the Company set forth in Section  

  
 2 

 
2.1(g)(ii) (other than Section 2.1(g)(ii)(ii)(B)) shall be true and correct (disregarding all qualifications or limitations as to materiality or Company Material Adverse Effect) in
all material respects as of the Closing Date as though made on and as of the Closing Date (other than representations and warranties that refer to a specified date, which need only be true and correct on and as of such specified date) and
(iv) the representations and warranties of the Company set forth in Sections 2.1(a), 2.1(c)(i), 2.1(g)(i), 2.1(g)(ii)(ii)(B), 2.1(g)(iii), 2.1(i), and 2.1(k) shall be true and
correct as of the Closing Date as though made on and as of the Closing Date (other than representations and warranties that refer to a specified date, which need only be true and correct on and as of such specified date); 

(ii) the Company shall have performed in all material respects its obligations required to be performed by it pursuant to this
Agreement at or prior to the Closing; 
 (iii) the Admiral Sellers shall have received a certificate signed on behalf of the
Company by a senior executive officer certifying to the effect that the conditions set forth in Section 1.3(b)(i) and (ii) have been satisfied; 

(iv) the shares of Consideration Common Stock to be issued hereunder shall have been approved for listing on the New York
Stock Exchange, subject to official notice of issuance; and 
 (v) the Admiral Sellers shall have received a counterpart of
the Registration Rights Agreement, duly executed by the Company. 
 (c) The obligation of the Company to effect the Closing
is subject to the satisfaction or waiver by the Company at or prior to the Closing of the following conditions (or, to the extent permitted by applicable Law, waiver by the Company): 

(i) (i) the representations and warranties of each Admiral Seller set forth in Section 2.2
hereof (other than Sections 2.2(a), 2.2(b)(i) and 2.2(d)) shall be true and correct (disregarding all qualifications or limitations as to materiality) in all material respects as of the Closing Date as though
made on and as of the Closing Date (other than representations and warranties that refer to a specified date, which need only be true and correct on and as of such specified date), and (ii) the representations and warranties of each Admiral
Seller set forth in Sections 2.2(a), 2.2(b)(i) and 2.2(d) shall be true and correct as of the Closing Date as though made on and as of the Closing Date (other than representations and warranties that
refer to a specified date, which need only be true and correct on and as of such specified date); 
 (ii) each Admiral
Seller shall have performed in all material respects its obligations required to be performed by it pursuant to this Agreement at or prior to the Closing; and 

(iii) the Company shall have received a certificate signed on behalf of each Admiral Seller by a senior executive officer
certifying to the effect that the conditions set forth in Section 1.3(c)(i) and (ii) have been satisfied. 

  
 3 

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Company. Except as set forth (x) in the SEC
Documents filed by the Company with the SEC, and publicly available before the date of this Agreement, excluding any disclosures set forth in risk factors or any “forward looking statements” within the meaning of the Securities Act of
1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or any other statements that are similarly predictive, cautionary or forward looking in
nature or (y) in a correspondingly identified schedule attached hereto (provided, that any item disclosed in any particular schedule attached hereto shall be deemed to be disclosed with respect to any other schedule to the extent it is
reasonably apparent on the face of such disclosure that it applies to such other schedule), the Company represents and warrants to the Admiral Sellers, as of the date hereof and as of the Closing, that (provided, that the Company makes no
representations or warranties whatsoever in this Agreement regarding assets, operations or business to be acquired by the Company pursuant to the Acquisition Agreement): 

(a) Organization. The Company is a corporation duly organized and validly existing under the laws of the State of
Delaware, has all requisite power and authority to own its properties and conduct its business as presently conducted, is duly qualified to do business and is in good standing in all jurisdictions where its ownership or leasing of property or the
conduct of its business requires it to be so qualified and where failure to be so qualified and in good standing would, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

(b) Capitalization. 

(i) The authorized capital stock of the Company consists of 500,000,000 shares of Common Stock and 50,000,000 shares of
preferred stock, par value $0.01 per share (the “Company Preferred Stock”). As of the close of business on April 30, 2017 (the “Capitalization Date”), there were 93,987,541 shares of Common Stock
outstanding and zero shares of Company Preferred Stock outstanding or designated as a series. As of the close of business on the Capitalization Date, (i) 9,512,500 shares of Common Stock were reserved for issuance under the WildHorse Resource
Development Corporation 2016 Long Term Incentive Plan (the “Plan”), of which 363,334 shares of Common Stock have been issued subject to restricted stock awards granted pursuant to the Plan (collectively, the
“Company Stock Awards”), (ii) no shares of Common Stock were held by the Company in its treasury and (iii) no shares of Company Preferred Stock were held by the Company in its treasury. All of the issued and
outstanding shares of Common Stock have been duly authorized and validly issued in accordance with applicable securities laws and are fully paid, nonassessable and free of preemptive rights. From the Capitalization Date through and as of the date of
this Agreement, no other shares of Common Stock or Company Preferred Stock have been issued other than shares of Common Stock issued in respect of Company Stock Awards in the ordinary course of business and shares of Company Preferred Stock issued
as contemplated by the Preferred Purchase Agreement. The Company does not have outstanding shareholder purchase rights, a “poison pill” or any similar arrangement in effect. 

  
 4 

 (ii) No bonds, debentures, notes or other indebtedness having the right to vote
on any matters on which the stockholders of the Company or any of its Subsidiaries may vote (“Voting Debt”) are issued and outstanding. As of the date of this Agreement, except (i) pursuant to the surrender of shares to
the Company or the withholding of shares by the Company to cover tax withholding obligations under Company Stock Awards, and (ii) as set forth in Section 2.1(b)(i), neither the Company nor any of its Subsidiaries has
or is bound by any outstanding options, subscriptions, preemptive rights, rights of first offer, warrants, calls, commitments or other rights or agreements calling for the purchase or issuance of, or securities or rights convertible into, or
exchangeable for, any shares of Common Stock or any other equity securities of the Company or its Subsidiaries or Voting Debt or any securities representing the right to purchase or otherwise receive any shares of capital stock of the Company
(including any rights plan or agreement) or its Subsidiaries. 
 (iii) As of the close of business on the Capitalization
Date, Schedule 2.1(b)(iii) sets forth (A) a complete listing of all capital stock of each Subsidiary of the Company, along with the applicable par value for such stock (B) the number of shares of capital stock that are outstanding, by
class and designated series, as applicable, (C) the number of shares of capital stock that are reserved for issuance under any agreement, whether written or otherwise and (D) the number of shares of treasury stock held by each such
Subsidiary. All shares of issued and outstanding capital stock of each Subsidiary have been duly authorized and validly issued in accordance with applicable securities laws and are fully paid, nonassessable and free of preemptive rights. From the
Capitalization Date through and as of the date of this Agreement, no other shares of capital stock (whether common, preferred or otherwise) have been issued. No Subsidiary of the Company is subject to any shareholder purchase rights, a poison pill
or any similar arrangement. 
 (c) Authorization; Consents. 

(i) The Company has the requisite power, authority and capacity to execute and deliver this Agreement and the other
instruments and agreements to be executed and delivered by it as contemplated hereby and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and all documents required to be
executed and delivered by the Company at the Closing, and the performance of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary action on the part of the Company. This Agreement has been duly
executed and delivered by the Company (and all documents required hereunder to be executed and delivered by the Company at the Closing will be duly executed and delivered by the Company) and this Agreement constitutes, and at the Closing such
documents will constitute, the valid and binding obligations of the Company, enforceable in accordance with their terms, subject to any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other Laws, now or hereafter in
effect, relating to or limiting creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at Law). 

(ii) The execution, delivery and performance of this Agreement by the Company, and the transactions contemplated by this
Agreement, will not (a) violate any provision of the organizational documents of the Company, (b) result in a default (with or 

  
 5 

 
without due notice or lapse of time or both) under or require any consent under any note, bond, mortgage, indenture or other agreement to which the Company is a party or by which the Company or
its property or other assets are bound or subject, (c) violate any Law applicable to the Company, (d) assuming the accuracy of the representation in Section 2.2(b)(ii)(d), require any filing, notice or submission or observation of
any waiting period under the HSR Act or (e) assuming the accuracy of the representation in Section 2.2(b)(ii)(d), other than the securities or blue sky laws of the various states, require the Company to obtain any material consent or
approval of any Governmental Entity that has not been made or obtained, except any matters described in clauses (b) or (c) of this Section 2.1(c)(ii) that, individually or in the
aggregate, would not reasonably be expected to materially and adversely affect the ability of the Company to consummate the transactions contemplated hereby. 

(d) Sale of Securities. Assuming the accuracy of the Admiral Sellers’ representations in Section 2.2(c), the
Issuance is exempt from the registration and prospectus delivery requirements of the Securities Act and the rules and regulations promulgated thereunder. Without limiting the foregoing, neither the Company nor to the Knowledge of the Company any
other Person authorized by the Company to act on its behalf, has engaged in a general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) of investors with respect to offer or sales of the Consideration
Common Stock and neither the Company nor, to the Knowledge of the Company, any person acting on its behalf has made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the offering or
issuance of the Consideration Common Stock under this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act that would result in none of Regulation D or any other applicable exemption from registration
under the Securities Act to be available, nor will the Company take any action or steps that would cause the offering or issuance of the Consideration Common Stock under this Agreement to be integrated with other offerings. 

(e) No Price Manipulation. Neither the Company nor any of its Subsidiaries has taken, directly or indirectly, any action
designed to, or that has constituted or that could reasonably be expected to, cause or result in the artificial stabilization or manipulation of the price of any security of the Company or to facilitate the sale or resale of its securities. 

(f) Status of Securities. The shares of Consideration Common Stock have been duly authorized by all necessary corporate
action. When issued and sold against receipt of the consideration therefor as provided in this Agreement, such securities will be validly issued, fully paid and nonassessable, will not be subject to preemptive rights of any other stockholder of the
Company, and will be free and clear of all Liens, except restrictions imposed by the Securities Act and any applicable state or foreign securities laws. The respective rights, preferences, privileges, and restrictions of the Consideration Common
Stock are as stated in the Certificate of Incorporation or as otherwise provided by applicable Law. Neither the Company nor any of its Subsidiaries have, directly or indirectly through any agent, sold, offered for sale, solicited offers to buy or
otherwise negotiated in respect of, any “security” (as defined in the Securities Act) that is or will be integrated with the sale of the Common Stock hereunder in a manner that would require registration under the Securities Act. 

  
 6 

 (g) SEC Documents; Financial Statements. 

(i) The Company has filed all required reports, proxy statements, forms, and other documents with the Securities and Exchange
Commission (the “SEC”) since January 1, 2017 (collectively, the “SEC Documents”). Each of the SEC Documents, as of its respective date complied as to form in all material respects with the
requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder applicable to such SEC Documents, and, except to the extent that information contained in any SEC Document
has been revised or superseded by a later filed SEC Document filed and publicly available prior to the date of this Agreement, none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(ii) The Company (i) has implemented and maintains an effective system of disclosure controls and procedures (as defined
in Rule 13a-15(e) under the Exchange Act) that are reasonably designed to ensure that the information required to be disclosed by the Company, including its consolidated Subsidiaries, in the reports it
files or will file or submit under the Exchange Act, is made known to the individuals responsible for the preparation of the Company’s filings with the SEC on a timely basis and (ii) has disclosed, based on its most recent evaluation prior
to the date of this Agreement, to the Company’s outside auditors and the board of director’s audit committee (A) any significant deficiencies and material weaknesses in the design or operation of internal controls over financial
reporting (as defined in Rule 13a-15(f) under the Exchange Act) that are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information and
(B) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal controls over financial reporting. As of the date of this Agreement, to the Knowledge of the Company,
there is no reason that its outside auditors and its chief executive officer and chief financial officer, would not be able to give as of the date hereof and as of the Closing Date, and will not be able to give when next due, the certifications and
attestations required pursuant to the rules and regulations adopted pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, without qualification. 

(iii) The financial statements of the Company and its consolidated Subsidiaries included in the SEC Documents
(a) complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, in each case as of the date such SEC Document was filed, and (b) have been
prepared in accordance with generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved (except as may be indicated in such financial statements or the notes thereto or as
permitted by Regulation S-X) in all material respects and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof
and the consolidated results of their operations and cash flows of the Company and its consolidated Subsidiaries for the periods then ended (subject, in the case of unaudited statements, to normal recurring audit adjustments). 

  
 7 

 (h) Undisclosed Liabilities. Except for (i) those liabilities that
are reflected or reserved for in the consolidated financial statements of the Company included in its Annual Report on Form 10-K for the year ended December 31, 2016, (ii) liabilities incurred since December 31, 2016 in the ordinary
course of business (including incremental borrowings under the Company’s revolving credit facility), (iii) liabilities that would not, individually and in the aggregate, reasonably be expected to have a Company Material Adverse Effect,
(iv) the $350,000,000 in aggregate principal amount of 6.875% Senior Notes due 2025 issued by the Company on February 1, 2017 and obligations to make payment of interest with respect thereto and (v) liabilities incurred pursuant to
the transactions contemplated by this Agreement, the Acquisition Agreement or the Preferred Purchase Agreement, the Company and its Subsidiaries do not have any liabilities or obligations of any nature whatsoever (whether accrued, absolute,
contingent or otherwise). The Company does not maintain any “off-balance sheet arrangements” within the meaning of Item 303(a)(4)(ii) of Regulation S-K of the
SEC. 
 (i) Brokers and Finders. Except for Evercore Partners Inc. and Barclays Capital Inc., the fees of which will
be paid by the Company, no Admiral Seller shall, directly or indirectly, have any responsibility, liability or expense, as a result of undertakings or agreements of the Company, for brokerage fees, finder’s fees, agent’s commissions or
other similar forms of compensation in connection with this Agreement or any agreement or transaction contemplated hereby. 

(j) Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the
Exchange Act, and the Company has taken no action designed to, or which is reasonably likely to, have the effect of terminating the registration of the Common Stock under the Exchange Act nor has the Company received as of the date of this Agreement
any notification that the SEC is contemplating terminating such registration. 
 (k) Absence of Certain Changes. Since
January 1, 2017, there has not been any event that has caused, or is reasonably likely to cause, directly or indirectly, a Company Material Adverse Effect. 

(l) Foreign Corrupt Practices Act. None of the Company or any of its Subsidiaries, nor, to the knowledge of the Company,
any of their directors, officers, agents or employees, has since December 31, 2016 (i) violated or is in violation of any provision of the United States Foreign Corrupt Practices Act of 1977, as amended (the
“FCPA”), or similar law of a jurisdiction in which the Company or any of its Subsidiaries conduct their business and to which they are lawfully subject or (ii) made any unlawful bribe, rebate, payoff, influence payment,
kickback or other unlawful payment. 
 (m) Money Laundering Laws. The operations of the Company and its Subsidiaries
are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the “Money Laundering Laws”), and no action, suit or
proceeding by or before any court or Governmental Entity or any arbitrator involving the Company or its Subsidiaries with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened. 

  
 8 

 (n) OFAC. None of the Company, any of its Subsidiaries, or, to the
Knowledge of the Company, any director, officer, agent, employee or affiliate of the Company, is in violation of any of the country or list-based economic and trade sanctions administered and enforced by the Office of Foreign Assets Control of the
U.S. Treasury Department (“OFAC”). Neither the Company nor any of its Subsidiaries (i) is currently subject to any United States sanctions administered by OFAC, (ii) have any assets located in a country or entity
that is currently subject to United States sanctions administered by OFAC or (iii) derives revenues from investments in, or transactions with, persons or entities subject to any United States sanctions administered by OFAC. 

(o) Litigation. Except (i) as described or disclosed in the SEC Documents or (ii) as would not, individually
or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, there are no legal or governmental proceedings pending to which the Company or its Subsidiaries is a party or of which any property or assets of the Company or
its Subsidiaries is the subject. To the Company’s Knowledge, no such proceedings are threatened or contemplated by any Governmental Entity or others, except as would not, individually or in the aggregate, reasonably be expected to have a
Company Material Adverse Effect. 
 (p) Investment Company Status. The Company is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended. 
 (q) Environmental, Health and
Safety. Except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the Company, its Subsidiaries, its predecessors, and its and their operations are and have been in
material compliance with, and are not subject to any material liability under and Environmental Law. Neither the Company nor any of its Subsidiaries has received any written notice, report, or other information that it is or was in material
violation of, or has or had any material liability under, any Environmental Law, except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. 

(r) No Additional Representations. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES MADE BY THE COMPANY IN THIS
ARTICLE II AND IN ARTICLE 7 OF THE ACQUISITION AGREEMENT, NEITHER THE COMPANY NOR ANY OTHER PERSON MAKES (AND THE ADMIRAL SELLERS HEREBY ACKNOWLEDGE THAT THEY HAVE NOT RELIED UPON) ANY EXPRESS OR
IMPLIED REPRESENTATION OR WARRANTY WITH RESPECT TO THE CONSIDERATION COMMON STOCK, THE COMMON STOCK OR THE COMPANY OR ANY OF ITS SUBSIDIARIES OR THEIR RESPECTIVE BUSINESSES, OPERATIONS, ASSETS, LIABILITIES, CONDITION OR PROSPECTS, AND THE COMPANY
HEREBY DISCLAIMS ANY SUCH OTHER REPRESENTATIONS OR WARRANTIES. IN PARTICULAR, WITHOUT LIMITING THE FOREGOING DISCLAIMER, NEITHER THE COMPANY NOR ANY OTHER PERSON MAKES OR HAS MADE ANY REPRESENTATION OR WARRANTY TO THE ADMIRAL SELLERS, OR ANY OF
THEIR RESPECTIVE AFFILIATES OR REPRESENTATIVES WITH RESPECT TO (I) ANY FINANCIAL PROJECTION, FORECAST, ESTIMATE, BUDGET OR PROSPECT INFORMATION RELATING TO THE COMPANY OR ANY OF ITS SUBSIDIARIES OR THEIR RESPECTIVE
BUSINESS, OR (II) EXCEPT FOR  

  
 9 

 
THE REPRESENTATIONS AND WARRANTIES MADE BY THE COMPANY IN THIS ARTICLE II, ANY ORAL OR WRITTEN INFORMATION PRESENTED TO THE ADMIRAL SELLERS OR ANY OF THEIR RESPECTIVE
AFFILIATES OR REPRESENTATIVES IN THE COURSE OF THEIR DUE DILIGENCE INVESTIGATION OF THE COMPANY, THE NEGOTIATION OF THIS AGREEMENT OR IN THE COURSE OF THE TRANSACTIONS CONTEMPLATED HEREBY. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, NOTHING IN
THIS AGREEMENT SHALL LIMIT THE RIGHT OF THE ADMIRAL SELLERS AND THEIR RESPECTIVE AFFILIATES TO RELY ON THE REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE ACQUISITION AGREEMENT OR IN ANY CERTIFICATE
DELIVERED HEREUNDER OR THEREUNDER, NOR WILL ANYTHING IN THIS AGREEMENT OPERATE TO LIMIT ANY CLAIM BY THE ADMIRAL SELLERS OR ANY OF THEIR RESPECTIVE AFFILIATES FOR FRAUD. 

Section 2.2 Representations and Warranties of the Admiral Sellers. Each Admiral Seller, severally and not
jointly, hereby represents and warrants to the Company, as of the date hereof and as of the Closing, that: 
 (a)
Organization and Authority. Such Admiral Seller is (i) a limited partnership existing and in good standing under the Laws of the State of Delaware, (ii) duly qualified and authorized to do business in, and is in good standing in,
each jurisdiction where the conduct of its business as currently conducted requires such qualifications and (iii) has the corporate power and authority to own or lease its property and assets, as applicable, and to transact the business in
which it is currently engaged and presently proposes to engage. 
 (b) Authorization; Consents. 

(i) Such Admiral Seller has the requisite power and authority to execute and deliver this Agreement and the other instruments
and agreements to be executed and delivered by it as contemplated hereby and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and all documents required to be executed and
delivered by such Admiral Seller at the Closing, and the performance of the transactions contemplated hereby and thereby, have been duly and validly authorized by all necessary corporate, partnership or limited liability action on the part of such
Admiral Seller. This Agreement has been duly executed and delivered by such Admiral Seller (and all documents required hereunder to be executed and delivered by such Admiral Seller at the Closing will be duly executed and delivered by such Admiral
Seller) and this Agreement constitutes, and at the Closing such documents will constitute, assuming the due execution and delivery of all other parties thereto, the valid and binding obligations of such Admiral Seller, enforceable in accordance with
their terms, subject to any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other Laws, now or hereafter in effect, relating to or limiting creditors’ rights generally and to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or at Law). 

  
 10 

 (ii) The execution, delivery and performance of this Agreement by such Admiral
Seller, and the transactions contemplated by this Agreement, will not (a) violate any provision of the organizational documents of such Admiral Seller, (b) result in a default (with or without due notice or lapse of time or both) under, or
require any consent under, any note, bond, mortgage, indenture or other agreement to which such Admiral Seller is a party or by which such Admiral Seller is bound or subject, (c) violate any Law applicable to such Admiral Seller,
(d) require any filing, notice or submission or observation of any waiting period under the HSR Act or (e) other than the securities or blue sky laws of the various states, require such Admiral Seller to obtain any material consent or
approval of any Governmental Entity that has not been made or obtained except any matters described in clauses (b) or (c) of this Section 2.2(b)(ii) that, individually or in the aggregate, would not
reasonably be expected to materially and adversely affect the ability of such Admiral Seller to consummate the transactions contemplated hereby. 

(c) Investment. Such Admiral Seller acknowledges that the shares of Consideration Common Stock issued hereunder have not
been registered under the Securities Act or under any state securities laws. Such Admiral Seller (1) acknowledges that it is acquiring the Consideration Common Stock pursuant to an exemption from registration under the Securities Act solely for
investment with no present intention to distribute any of the Consideration Common Stock to any person in violation of applicable securities laws, (2) will not sell or otherwise dispose of any of the Consideration Common Stock, except in
compliance with the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws, (3) has such knowledge and experience in financial and business matters and in investments of this type that
it is capable of evaluating the merits and risks of its investment in the Consideration Common Stock and of making an informed investment decision, (4) is an “accredited investor” (as that term is defined by
Rule 501 of the Securities Act) and (5) (A) has been furnished with or has had full access to all the information that it considers necessary or appropriate to make an informed investment decision with respect to the Consideration Common
Stock, (B) has had an opportunity to discuss with management of the Company the intended business and financial affairs of the Company and to obtain information (to the extent the Company possessed such information or could acquire it without
unreasonable effort or expense) necessary to verify any information furnished to it or to which it had access and (C) can bear the economic risk of (x) an investment in the Consideration Common Stock indefinitely and (y) a total loss
in respect of such investment. Such Admiral Seller has such knowledge and experience in business and financial matters so as to enable it to understand and evaluate the risks of and form an investment decision with respect to its investment in the
Consideration Common Stock and to protect its own interest in connection with such investment. 
 (d) Brokers and
Finders. The Company shall not, directly or indirectly, have any responsibility, liability or expense, as a result of undertakings or agreements of such Admiral Seller entered into in connection with this Agreement, for brokerage fees,
finder’s fees, agent’s commissions or other similar forms of compensation in connection with this Agreement or any agreement or transaction contemplated hereby. 

(e) Ownership. As of the date of this Agreement, neither such Admiral Seller nor any of their respective Affiliates
(other than any portfolio company with respect to which such Admiral Seller is not the party exercising control over investment decisions) are the owners of record of shares of Common Stock or securities convertible into or exchangeable for Common
Stock. 

  
 11 

 ARTICLE III 

COVENANTS 

Section 3.1 Filings; Other Actions. 

(a) From the date hereof until the Closing, each Admiral Seller, on the one hand, and the Company, on the other hand, will
cooperate and consult with the other and use commercially reasonable efforts to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, and to obtain all necessary permits,
consents, orders, approvals and authorizations of, or any exemption by, all third parties and Governmental Entities, and the expiration or termination of any applicable waiting period, required to consummate the Issuance. 

(b) The Admiral Sellers and the Company will have the right to review in advance, and to the extent practicable each will
consult with the other, in each case subject to applicable laws relating to the exchange of information, all the information relating to such other party, and any of their respective Affiliates, which appears in any filing made with, or written
materials submitted to, any third party or any Governmental Entity in connection with the transactions contemplated by this Agreement. In exercising the foregoing right, each of the parties hereto agrees to act reasonably and as promptly as
practicable. Each party hereto agrees to keep the other party apprised of the status of matters referred to in this Section 3.1. The Admiral Sellers shall promptly furnish the Company, and the Company shall promptly furnish
the Admiral Sellers, to the extent permitted by applicable law, with copies of written communications received by it or its Subsidiaries from, or delivered by any of the foregoing to, any Governmental Entity in respect of the transactions
contemplated by this Agreement. 
 (c) Notwithstanding anything to the contrary in this Agreement, nothing in this
Section 3.1 shall require the Company or any of its Affiliates to (i) hold separate or divest or refrain from acquiring, investing in or otherwise dealing in any property, assets, facilities, business, or equity or
(ii) commit on behalf of itself any of its Affiliates to any conduct remedies or any amendment, modification or termination of any existing, or entering into any new, contracts with any third parties. 

Section 3.2 Negative Covenants. From the date of this Agreement through the Closing, the
Company and its Subsidiaries shall not, without the prior written consent of the Admiral Sellers: 
 (a) declare, or make
payment in respect of, any dividend or other distribution upon any shares of capital stock of the Company; 
 (b) other than
as contemplated by the Preferred Purchase Agreement, amend the Certificate of Incorporation or Bylaws in a manner that would affect the Admiral Sellers in an adverse manner as a holder of Common Stock; 

(c) authorize, issue or reclassify any capital stock, or debt securities convertible into capital stock, of the Company or any
of its Subsidiaries other than (i) the authorization and issuance of the Company Preferred Stock contemplated by the Preferred Purchase Agreement, (ii) the issuance of the Consideration Common Stock contemplated herein,

  
 12 

 
and (iii) the issuance of Common Stock in respect of the exercise of Company Stock Awards outstanding as of the date of this Agreement or the issuance or grant of Common Stock or other
securities in the ordinary course pursuant to the Plan; 
 (d) repurchase, redeem or otherwise acquire any outstanding shares
of capital stock or other ownership interests in the Company or its Subsidiaries other than Common Stock repurchased, redeemed or otherwise acquired pursuant to net settlement of any award granted under the Plan, including net withholding to satisfy
applicable tax withholding obligations and the net exercise of stock options, stock appreciation rights or similar awards granted under the Plan; 

(e) permit the Company or any of its Subsidiaries to enter into or modify the terms of any transaction with an Affiliate of the
Company or its Subsidiaries or terminate any such arrangement, in each case solely to the extent such transaction or arrangement (or action related thereto) is not approved by the independent directors in accordance with the policies of the Company
applicable to affiliate transactions; or 
 (f) agree or commit to do any of the foregoing. 

Section 3.3 Registration Rights Agreement. At the Closing, the Company shall deliver
to the Admiral Sellers an executed counterpart to the Registration Rights Agreement in substantially the form attached hereto as Exhibit A. 

Section 3.4 Further Assurances. After the Closing, the Company and the Admiral Sellers
agree to take such further actions and to execute, acknowledge and deliver all such further documents as are reasonably requested by the other party for carrying out the purposes of this Agreement or of any document delivered pursuant to this
Agreement. 
 ARTICLE IV 

ADDITIONAL AGREEMENTS 

Section 4.1 Legend. 

(a) The Admiral Sellers agree that all certificates or other instruments representing the Consideration Common Stock subject to
this Agreement will bear a legend substantially to the following effect: 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 

  
 13 

 (b) Upon request of the applicable Admiral Seller, upon receipt by the Company of
an opinion of counsel reasonably satisfactory to the Company to the effect that such legend is no longer required under the Securities Act and applicable state laws, the Company shall promptly cause the legend described in
Section 4.1(a) to be removed from any certificate for any Consideration Common Stock to be transferred in accordance with the terms of this Agreement. The Admiral Sellers acknowledge that the shares of Consideration Common
Stock issued hereunder have not been registered under the Securities Act or under any state securities laws and agrees that it will not sell or otherwise dispose of any of such Consideration Common Stock, except in compliance with the registration
requirements or exemption provisions of the Securities Act and any other applicable securities laws or pursuant to the terms of the Registration Rights Agreement. 

ARTICLE V 

MISCELLANEOUS 

Section 5.1 Survival; Limitations on Liability. The representations and warranties of the parties contained
in this Agreement shall survive until the first anniversary of the Closing, except (i) the representations and warranties contained in Sections 2.1(a), Section 2.1(b),
Section 2.1(c)(i), 2.1(g), 2.1(i) and 2.1(k), which shall survive until the expiration of the applicable statute of limitations and (ii) the representations and warranties contained in
Sections 2.2(a), 2.2(b)(i) and 2.2(d), which shall survive until the expiration of the applicable statute of limitations. All of the covenants or other agreements of the parties contained in this Agreement
that must be performed (i) between the date hereof and Closing shall survive until the first anniversary of the Closing (ii) after Closing shall survive in accordance with their terms and until fully performed (which, for the avoidance of
doubt, those covenants and agreements set forth in Section 5.15 shall survive indefinitely). Except as otherwise set forth in Section 5.15, the sole and exclusive remedy of any party to this
Agreement shall be as set forth in Article 12 of the Acquisition Agreement and, except as set forth therein, no party shall have any liability for any Damages or any other matter arising out or relating to this Agreement or the Issuance, other than
any liability resulting from actual (and not constructive) fraud. 
 Section 5.2 Amendment; Waiver. This
Agreement may be amended or modified only by an agreement in writing executed by all parties and expressly identified as an amendment or modification. Any failure by any party to comply with any of its obligations, agreements or conditions herein
contained may be waived by the party to whom such compliance is owed by an instrument signed by such party and expressly identified as a waiver, but not in any other manner. No waiver of, or consent to a change in, any of the provisions of this
Agreement shall be deemed or shall constitute a waiver of, or consent to a change in, other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. Notwithstanding
anything to the contrary contained herein, the Admiral Sellers may waive the obligations contained in Section 3.3 in their sole discretion by delivering written notice of such waiver to the Company. 

Section 5.3 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original instrument, but all such counterparts together shall constitute but one agreement. Any party’s delivery of an executed counterpart signature page by facsimile or email is as effective as executing and delivering this Agreement in the
presence of the other parties. No party shall be bound until such time as all of the parties have executed counterparts of this Agreement. 

  
 14 

 Section 5.4 Governing Law. 

(a) THIS AGREEMENT AND THE LEGAL RELATIONS BETWEEN THE PARTIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW WHICH WOULD PERMIT OR REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

(b) THE PARTIES HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS OF THE UNITED STATES OF
AMERICA OR THE CIVIL DISTRICT COURTS OF THE STATE OF TEXAS LOCATED IN HARRIS COUNTY, TEXAS AND APPROPRIATE APPELLATE COURTS THEREFROM, AND EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY DISPUTE, CONTROVERSY OR CLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT DELIVERED IN CONNECTION HEREWITH MAY BE HEARD AND DETERMINED IN SUCH COURTS. THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAWS,
ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH DISPUTE, CONTROVERSY OR CLAIM BROUGHT IN ANY SUCH COURT OR ANY DEFENSE OF INCONVENIENT FORUM FOR THE MAINTENANCE OF SUCH DISPUTE, CONTROVERSY OR CLAIM. EACH PARTY
AGREES THAT A JUDGMENT IN ANY SUCH DISPUTE MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY APPLICABLE LAW. 

Section 5.5 Waiver of Jury Trial. EACH OF THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT DELIVERED IN CONNECTION HEREWITH. EACH PARTY ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO CONSULT WITH INDEPENDENT
COUNSEL AND THAT IT HAS KNOWINGLY AND VOLUNTARILY AGREED TO THIS WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 5.6 Notices. All notices and other communications that are required or may be given pursuant to
this Agreement must be given in writing, in English and delivered personally, by courier, by facsimile or by registered or certified mail, postage prepaid, as follows. 
  

	 	(a)	 If to the Admiral Sellers: 

Admiral A Holding L.P. 

TE Admiral A Holding L.P. 

Aurora C-I Holding L.P. 

600 Travis Street, Suite 7200 

Houston, Texas 77002 

Attention: Dash Lane 

  
 15 

 Fax: (713) 583-9430 

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

Kirkland & Ellis LLP 

600 Travis Street, Suite 3300 

Houston, Texas 77002 

Attention: John D. Pitts, P.C.; Doug Bacon, P.C. 

Facsimile: (713) 835-3601 

 

	 	(b)	 If to the Company: 

WildHorse Resource Development Corporation 

9805 Katy Freeway, Suite 400 

Houston, Texas 77024 

Attn: Kyle N. Roane 

Fax: (713) 568-4911 

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

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, Texas 77002 

Attn: Douglas E. McWilliams 

Fax: (713) 758-2222 

Any party may change its address for notice by providing notice to the other parties in the manner set forth above. All notices shall be
deemed to have been duly given and the receiving party charged with notice (a) if personally delivered, when received, (b) if sent by facsimile during normal business hours of the recipient, upon confirmation of transmission, or if sent by
facsimile after normal business hours of the recipient, on the next business day, (c) if mailed, two business days after the date of mailing to the address below or (d) if sent by overnight courier, one day after sending. Notwithstanding
the foregoing, any notices or other communications delivered pursuant to this Agreement prior to or at the Closing may be given via email, return receipt requested, during normal business hours of the recipient. Such email notices can be sent to the
Admiral Sellers at dash.lane@kkr.com and the Company at kroane@wildhorserd.com. 
 Section 5.7 Entire
Agreement. This Agreement (including, for purposes of certainty, the Appendices, Exhibits and Schedules attached hereto), the Acquisition Agreement and the documents to be executed hereunder and thereunder (including the Registration Rights
Agreement) constitute the entire agreement among the parties pertaining to the subject matter hereof, and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties pertaining to the subject
matter hereof. 

  
 16 

 Section 5.8 Assignment. No party shall assign all or any part
of this Agreement, nor shall any party assign or delegate any of its rights or duties hereunder, without the prior written consent of the other parties, which consent may be withheld for any reason, and any assignment or delegation made without such
consent shall be void; provided, however, that no such consent shall be required to assign this Agreement in part or in whole to one or more Affiliates of the Admiral Sellers (including EIGF Aggregator LLC, a Delaware limited liability
company, and TE Drilling Aggregator LLC, a Delaware limited liability company); provided, further, that no assignment by an Admiral Seller to its Affiliate shall relieve such Admiral Seller from any of its obligations hereunder; and
provided, further, that such assignee (i) makes the representations and warranties of the Admiral Sellers set forth in Section 2.2 of this Agreement as of the date of such assignment and (ii) represents and
warrants to the Company as of the date of such assignment that such assignment will not require the Company to comply with the registration and prospectus delivery requirements of the Securities Act and the rules and regulations promulgated
thereunder. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. 

Section 5.9 Interpretation; Other Definitions. Wherever required by the context of this Agreement, the
singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or
instrument as amended, supplemented or modified from time to time. All article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and
schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. In addition, the following terms are ascribed the following meanings: 

(a) the word “or” is not exclusive; 

(b) the words “including,” “includes,” “included” and
“include” are deemed to be followed by the words “without limitation”; 
 (c) the terms
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 

(d) the term “business day” means each calendar day except Saturdays, Sundays, and United States
federal holidays; 
 (e) the term “party” means the Company and each Admiral Seller, individually,
and the term “parties” means the Company and the Admiral Sellers, collectively; and 
 (f) the term
“person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. 

(g) “Affiliate” means, with respect to any person, any person directly or indirectly controlling,
controlled by or under common control with, such other person; provided, however, that the Company, any of its Subsidiaries, or any of the Company’s other controlled Affiliates, in each case, will not be deemed to be Affiliates of
any Admiral Seller for purposes of this Agreement. For purposes of this Agreement, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to
any person, means the possession, directly or indirectly, of the power to cause the direction of management or policies of such person, whether through the ownership of voting securities, by contract or otherwise. 

  
 17 

 (h) “Common Stock” means the common stock of the Company,
par value $0.01 per share. 
 (i) “Common Stock Price” means $11.01. 

(j) “Company Material Adverse Effect” shall mean, with respect to the Company, any Effect that,
individually or taken together with all other Effects that have occurred prior to the date of determination of the occurrence of the Company Material Adverse Effect, is or is reasonably likely to be materially adverse to the business, assets,
liabilities, results of operations or financial condition of the Company and its Subsidiaries, taken as a whole; provided, however, that in no event shall any of the following, alone or in combination, be deemed to constitute, or be
taken into account in determining whether a Company Material Adverse Effect has occurred: (A) any change in the Company’s stock price or trading volume, (B) any failure by the Company to meet revenue or earnings projections,
(C) any Effect that results from changes affecting the oil and gas industry generally, or the United States economy generally, or any Effect that results from changes affecting general worldwide economic or capital market conditions, in each
case except to the extent such changes disproportionately affect the Company and its Subsidiaries, taken as a whole, relative to other oil and gas exploration and production companies operating in the United States, (D) any Effect caused by the
announcement or pendency of the Acquisition, the issuance of Company Preferred Stock pursuant to the Preferred Purchase Agreement, or the identity of the Company or any of its Affiliates as the acquirer in connection with the Acquisition (including
any litigation arising from the Acquisition Agreement, the Preferred Purchase Agreement or the transactions contemplated by the Acquisition Agreement or the Preferred Purchase Agreement), (E) any Effect caused by the announcement or pendency of
the transactions contemplated by this Agreement, or the identity of the Admiral Sellers or any of their Affiliates as the Admiral Sellers in connection with the transactions contemplated by this Agreement (including any litigation arising from this
Agreement or the transactions contemplated by this Agreement), (F) acts of war or terrorism or natural disasters, (G) the performance of this Agreement, the Acquisition Agreement, the Preferred Purchase Agreement and the transactions
contemplated hereby and thereby, including compliance with the covenants set forth herein and therein, or any action taken or omitted to be taken by the Company at the request or with the prior consent of the Admiral Sellers, (H) changes in
GAAP or other accounting standards (or any interpretation thereof) or (I) changes in any Laws or other binding directives issued by any Governmental Entity or interpretations or enforcement thereof; provided, however, that
(x) the exceptions in clause (A) and (B) shall not prevent or otherwise affect a determination that any Effect underlying such change or failure has resulted in, or contributed to, a Company Material Adverse Effect, and
(y) without limiting clause (C), with respect to clauses (F), (H) and (I), such Effects, alone or in combination, may be deemed to constitute, or be taken into account in determining whether a Company Material Adverse Effect has
occurred, but only to the extent such Effects disproportionately affect the Company and its Subsidiaries, taken as a whole, relative to other oil and gas exploration and production companies operating in the United States. 

  
 18 

 (k) “Damages” means the amount of any liability, fine,
expense, debt, diminution in value, penalties, obligation, loss, cost, expense, claim, tax, award, settlement or judgment incurred or suffered by any person under any theory of tort, contract, breach of contract or otherwise, including contractual
indemnity claims (whether absolute, accrued, contingent, fixed or otherwise, or whether known or unknown, or due or to become due or otherwise), including reasonable fees and expenses of attorneys, consultants, accountants or other agents and
experts reasonably incident to matters indemnified against, and the costs of investigation and/or monitoring of such matters, and the costs of enforcement of the indemnity. 

(l) “Effect” shall mean any change, event, effect or circumstance. 

(m) “Environmental Laws” shall mean all Laws relating to human or worker health and safety, pollution,
or protection of the environment. 
 (n) “Governmental Entity” means any instrumentality,
subdivision, court, administrative agency, commission, official or other governmental authority of the United States or any other country or any state, municipality, locality, tribe or other government or political subdivision thereof, or any
quasi-governmental or private body exercising any administrative, executive, judicial, legislative, police, regulatory, taxing, importing or other governmental or quasi-governmental body. 

(o) “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the
regulations promulgated thereto. 
 (p) “Knowledge of the Company” means the actual knowledge of one
or more of Jay Graham and Andrew J. Cozby. 
 (q) “Law” means all Permits, laws, statutes, rules,
regulations, ordinances, Orders and codes of Governmental Entities and common law. 
 (r) “Lien”
means any mortgage, claim, encumbrance, pledge, lien (statutory or otherwise), security agreement, restriction on transfer, conditional sale or trust receipt or a lease, consignment or bailment, preference or priority, assessment, deed of trust,
charge, easement, servitude or other encumbrance upon or with respect to any property of any kind. 
 (s)
“Order” means any judgment, order, consent order, injunction, decree or writ of any Governmental Entity. 

(t) “Permit” means all permits, approvals, consents, licenses, waivers, grants, concessions,
exemptions, orders, registrations or authorizations by, or filings with, any Governmental Entity. 
 (u)
“Preferred Purchase Agreement” means that certain Preferred Stock Purchase Agreement dated as of the date hereof by and between the Company and CP VI Eagle Holdings, L.P. 

(v) “Preliminary Settlement Statement” has the meaning given to it in the Acquisition Agreement. 

  
 19 

 (w) “Registration Rights Agreement” has the meaning given
to it in the Preferred Purchase Agreement. 
 (x) “Stock Purchase Price” has the meaning given to it
in the Acquisition Agreement. 
 (y) “Subsidiary” means, as to any person, any corporation or other
entity of which: (i) such person or a subsidiary of such person is a general partner or manager; (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board
of directors or similar governing body of such corporation or other entity (irrespective of whether or not at the time any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by
reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such person or one or more of its subsidiaries; or (iii) any corporation or other entity as to which such person consolidates for
accounting purposes. 
 Section 5.10 Captions. The article, section, paragraph and clause captions herein
are for convenience of reference only, do not constitute part of this Agreement and will not be deemed to limit or otherwise affect any of the provisions hereof. 

Section 5.11 Severability. The invalidity or unenforceability of any term or provision of this Agreement in
any situation or jurisdiction shall not affect the validity or enforceability of the other terms or provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction, and the
remaining terms and provisions shall remain in full force and effect unless doing so would result in an interpretation of this Agreement that is manifestly unjust. 

Section 5.12 No Third Party Beneficiaries. Nothing in this Agreement shall entitle any person other than
the Company and the Admiral Sellers Sellers to any claim, cause of action, remedy or right of any kind. 
 Section 5.13
Conspicuousness. THE ADMIRAL SELLERS AND THE COMPANY AGREE THAT, TO THE EXTENT REQUIRED BY APPLICABLE LAW TO BE EFFECTIVE, THE PROVISIONS IN THIS AGREEMENT IN BOLD-TYPE ALL CAPS FONT ARE
“CONSPICUOUS” FOR THE PURPOSE OF ANY APPLICABLE LAW. 
 Section 5.14
Public Announcements. Neither the Admiral Sellers nor the Company shall make any press release or other public disclosure regarding the identity of the parties or disclosing express terms of this Agreement, other than as set forth in
the Acquisition Agreement. 
 Section 5.15 Specific Performance. The parties agree that if any of the
provisions of this Agreement were not performed in accordance with their specific terms, irreparable damage would occur, no adequate remedy at Law would exist and damages would be difficult to determine, and the parties shall be entitled to specific
performance of the terms hereof and immediate injunctive relief, without the necessity of proving the inadequacy of money damages as a remedy, in addition to any other remedy available at Law or in equity. 

  
 20 

 Section 5.16 Termination. Prior to the Closing, this Agreement
may only be terminated: 
 (a) without any action by any party, if the Acquisition Agreement is terminated in accordance with
its terms; or 
 (b) by mutual written consent of the parties hereto; 

Section 5.17 Effects of Termination. In the event of any termination of this Agreement in
accordance with Section 5.16, no party (or any of its Affiliates) shall have any liability or obligation to the other parties (or any of their Affiliates) under or in respect of this Agreement, other than as set forth in
Sections 11.2 and 11.3 of the Acquisition Agreement. In the event of any such termination, this Agreement shall become void and have no effect, and the transactions contemplated hereby shall be abandoned without further action by the parties hereto,
in each case, except (x) as set forth in the preceding sentence and (y) that the provisions of Sections 5.2 to 5.14, this Section 5.17 and Section 5.18 shall survive the termination of this
Agreement. 
 Section 5.18 Expenses. All costs and expenses, including fees and disbursements of counsel,
financial advisors and accountants, incurred in connection with the preparation, negotiation and due diligence of this Agreement shall be paid by the party incurring such costs and expenses; provided, however, that the Company shall
reimburse the Admiral Sellers and their Affiliates for all of their reasonable, third-party costs and expenses incurred in connection with the preparation of financial statements required under Rule 3.05 of Regulation
S-X of the Securities Act in connection with the transactions contemplated by this Agreement and the Acquisition Agreement. 

Section 5.19 Non-Recourse. This Agreement may only be enforced
against, and any claims or causes of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as
parties hereto, including entities that become parties hereto after the date hereof or that agree in writing for the benefit of the Company to be bound by the terms of this Agreement applicable to the Admiral Sellers, and no former, current or
future equityholders, controlling persons, directors, officers, employees, agents or Affiliates of any party hereto or any former, current or future equityholder, controlling person, director, officer, employee, general or limited partner, member,
manager, agent or Affiliate of any of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities of the parties to this Agreement or for
any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the transactions contemplated hereby or in respect of any representations made or alleged to be made in connection herewith. Without limiting the rights of
any party against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Non-Recourse Party. 
 [Signature Pages Follow] 

  
 21 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the
duly authorized officers of the parties hereto as of the date first herein above written. 
  

			
	WILDHORSE RESOURCE DEVELOPMENT CORPORATION
		
	 By:
	 	 /s/ Jay C. Graham

	 Name:
	 	 Jay C. Graham

	 Title:
	 	 Chief Executive Officer

 [Signature Page to Stock Issuance Agreement] 

 
			
	ADMIRAL A HOLDING L.P.
		
	 By:
	 	 Admiral A Holding GP LLC,

		 	 its general partner

		
	 By:
	 	 /s/ Thomas Dashiell Lane

	 Name:
	 	 Thomas Dashiell Lane

	 Title:
	 	 Vice President

  

			
	TE ADMIRAL A HOLDING L.P.
		
	 By:
	 	 TE Admiral A Holding GP LLC,

		 	 its general partner

		
	 By:
	 	 /s/ Thomas Dashiell Lane

	 Name:
	 	 Thomas Dashiell Lane

	 Title:
	 	 Vice President

 

			
	AURORA C-I HOLDING L.P.
		
	 By:
	 	 Aurora Holding GP LLC,

		 	 its general partner

		
	 By:
	 	 /s/ Thomas Dashiell Lane

	 Name:
	 	 Thomas Dashiell Lane

	 Title:
	 	 Vice President

 [Signature Page to Stock Issuance Agreement] 

 EXHIBIT A 

Form of Registration Rights Agreement 

 Final Form 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

This Amended and Restated Registration Rights Agreement (this “Agreement”), dated as of [•], 2017, is entered
into by and among WildHorse Resource Development Corporation, a Delaware corporation (the “Company”), and each of the other parties listed on the signature pages hereto (the “Initial Holders” and,
together with the Company, the “Parties”). 
 WHEREAS, in connection with the Company’s initial public
offering, the Company entered into that certain Registration Rights Agreement, dated as of December 19, 2016, by and among the Company and the IPO Holders (as defined below) (the “Initial RRA”); 

WHEREAS, the Company and Carlyle are parties to that certain Preferred Stock Purchase Agreement, dated as of May 10, 2017, pursuant to
which the Company has issued and sold certain shares of Convertible Preferred Stock (as defined below) to Carlyle (the “Preferred Purchase Agreement”); 

WHEREAS, the Company and the KKR Holders are parties to that certain Stock Issuance Agreement, dated as of May 10, 2017, pursuant to
which the Company has issued and sold certain shares of Common Stock (as defined below) to the KKR Holders (the “Stock Issuance Agreement”). 

WHEREAS, as a condition to the closing of the transactions contemplated by the Preferred Purchase Agreement, the Company and Carlyle agreed to
execute and deliver this Agreement in order for the Company to grant certain registration and other rights to Carlyle by amending the Initial RRA on the terms and subject to the conditions set forth in this Agreement. 

WHEREAS, as a condition to the closing of the transactions contemplated by the Stock Issuance Agreement, the Company and the KKR Holders
agreed to execute and deliver this Agreement in order for the Company to grant certain registration and other rights to the KKR Holders by amending the Initial RRA on the terms and subject to the conditions set forth in this Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows: 
 1.
Definitions. As used in this Agreement, the following terms have the meanings indicated: 

“Acquisition Co. Holdings” means WHE AcqCo Holdings, LLC, a Delaware limited liability company. 

“Affiliate” means, with respect to any specified Person, a Person that directly or indirectly Controls
or is Controlled by, or is under common Control with, such specified Person; provided, however, that (i) the Company shall not be considered an Affiliate of any Holder for purposes of this Agreement and (ii) the Preferred Holders
and the Sponsoring Holders shall not be considered Affiliates of each other for purposes of this Agreement. 

  
 1 

 “Automatic Shelf Registration Statement” means an
“automatic shelf registration statement” as defined under Rule 405. 
 “Board” means the
board of directors of the Company. 
 “Business Day” means any day other than a Saturday, Sunday, any
federal holiday or any other day on which banking institutions in the State of Texas or the State of New York are authorized or required to be closed by law or governmental action. 

“Carlyle” means CP VI Eagle Holdings, L.P. 

“Certificate” means the Certificate of Designations establishing the terms of the Convertible Preferred
Stock filed with the Secretary of State of the State of Delaware on [•], 2017. 
 “Commission”
means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act. 

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

“Company Securities” means any equity interest of any class or series in the Company. 

“Control” (including the terms “Controls,” “Controlled
by” and “under common Control with”) means the possession, direct or indirect, of the power to (a) direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise or (b) vote 10% or more of the securities having ordinary voting power for the election of directors of a Person. 

“Convertible Preferred Stock” means the shares of Series A Perpetual Convertible Preferred Stock of the
Company issued to Carlyle pursuant to the Preferred Purchase Agreement. 
 “Effective Date” means the
time and date that a Registration Statement is first declared effective by the Commission or otherwise becomes effective. 

“Esquisto Holdings” means Esquisto Holdings, LLC, a Delaware limited liability company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules
and regulations of the Commission promulgated thereunder. 
 “Holder” means (a) WildHorse
Holdings unless and until WildHorse Holdings ceases to hold any Registrable Securities; (b) Esquisto Holdings unless and until Esquisto Holdings ceases to hold any Registrable Securities; (c) Acquisition Co. Holdings unless

  
 2 

 
and until Acquisition Co. Holdings ceases to hold any Registrable Securities, (d) Jay Graham unless and until Jay Graham ceases to hold any Registrable Securities, (e) Anthony Bahr
unless and until Anthony Bahr ceases to hold any Registrable Securities, (f) NGP unless and until NGP ceases to hold any Registrable Securities, (g) each Preferred Holder unless and until such Preferred Holder ceases to hold any
Registrable Securities; (h) each KKR Holder unless and until such KKR Holder ceases to hold any Registrable Securities; and (i) any holder of Registrable Securities to whom registration rights conferred by this Agreement have been
transferred in compliance with Section 8(e) hereof; provided that any Person referenced in clause (i) shall be a Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 

“Initiating Holder” means the Sponsoring Holder or Preferred Holder delivering the Demand Notice or the
Underwritten Offering Notice, as applicable. 
 “IPO Holders” means WildHorse Holdings, Esquisto
Holdings, Acquisition Co. Holdings, Jay Graham, Anthony Bahr and NGP. 
 “KKR Holders” means Admiral
A Holding L.P., a Delaware limited partnership, TE Admiral A Holding L.P., a Delaware limited partnership, and Aurora C-I Holding L.P., a Delaware limited partnership. 

“Lock-Up Period” (i) with respect to the Preferred Holders,
means the first anniversary of the date of this Agreement and (ii) with respect to all other Holders, has the meaning set forth in the underwriting agreement entered into by the Company in connection with the initial underwritten public
offering of shares of Common Stock. 
 “Material Adverse Change” means (a) any general
suspension of trading in, or limitation on prices for, securities on any national securities exchange or in the over-the-counter market in the United States;
(b) the declaration of a banking moratorium or any suspension of payments in respect of banks in the United States; (c) a material outbreak or escalation of armed hostilities or other international or national calamity involving the United
States or the declaration by the United States of a national emergency or war or a change in national or international financial, political or economic conditions; or (d) any event, change, circumstance or effect that is or is reasonably likely
to be materially adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations, results of operations or prospects of the Company and its subsidiaries taken as a whole. 

“NGP” means NGP XI US Holdings, L.P., a Delaware limited partnership. 

“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind. 

“Preferred Holder” means (a) Carlyle unless and until Carlyle ceases to hold any Convertible
Preferred Stock or Registrable Securities and (b) any holder of Convertible Preferred Stock or Registrable Securities to whom registration rights of a “Preferred 

  
 3 

 
Holder” conferred by this Agreement have been transferred in compliance with Section 8(e) hereof; provided that any Person referenced in clause (b) shall be a Preferred Holder
only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 

“Preferred No-Blocking Period” is defined in Section
3(o). 
 “Proceeding” means any action, claim, suit, proceeding or investigation (including a
preliminary investigation or partial proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened. 

“Prospectus” means the prospectus included in a Registration Statement (including a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “Registrable
Securities” means the Shares; provided, however, that Registrable Securities shall not include: (a) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or
otherwise transferred to a Person who is not entitled to the registration and other rights hereunder; (b) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the
Securities Act) and the transferee thereof does not receive “restricted securities” as defined in Rule 144; and (c) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise);
provided, however, that any Registrable Security shall cease to be a Registrable Security at such time that (a) the holder thereof (together with its Affiliates) ceases to hold at least 2.5% of the outstanding Common Stock (on an as-converted basis with respect to any Convertible Preferred Stock outstanding); (b) such Registrable Security may be sold pursuant to any section of Rule 144 under the Securities Act (or any successor or similar
provision adopted by the SEC then in effect) without any volume or manner of sale restrictions or information requirements thereunder; and (c) at least two years have elapsed since the date of this Agreement. 

“Registration Statement” means a registration statement of the Company in the form
required to register under the Securities Act and other applicable law for the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder included therein, and including any Prospectus, amendments and
supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by
reference in such registration statement. 
 “Rule 144” means Rule 144 promulgated by
the Commission pursuant to the Securities Act. 

  
 4 

 “Rule 405” means Rule 405 promulgated by
the Commission pursuant to the Securities Act. 
 “Rule 415” means Rule 415 promulgated
by the Commission pursuant to the Securities Act. 
 “Rule 424” means Rule 424
promulgated by the Commission pursuant to the Securities Act. 
 “Securities Act” means
the Securities Act of 1933, as amended. 
 “Selling Expenses” means all underwriting
discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder. 

“Shares” means (i) with respect to the Preferred Holders, any shares of Common Stock issued or
issuable upon conversion of the Convertible Preferred Stock, (ii) with respect to all other Holders, the shares of Common Stock held by the IPO Holders as of the date hereof and (iii) any other equity interests of the Company or equity
interests in any successor of the Company issued in respect of such shares referenced in clauses (i) and (ii) by reason of or in connection with any stock dividend, stock split, combination, reorganization recapitalization, conversion to
another type of entity or similar event involving a change in the capital structure of the Company. 
 “Shelf
Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 (or any successor form or other appropriate form under the Securities Act) for an
offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable. 

“Sponsoring Holder” means (a) WildHorse Holdings unless and until WildHorse Holdings ceases to
hold any Registrable Securities; (b) Esquisto Holdings unless and until Esquisto Holdings ceases to hold any Registrable Securities; (c) Acquisition Co. Holdings unless and until Acquisition Co. Holdings ceases to hold any Registrable
Securities; and (d) any holder of Registrable Securities to whom registration rights of a “Sponsoring Holder” conferred by this Agreement have been transferred in compliance with Section 8(e) hereof; provided that any Person
referenced in clause (d) shall be a Sponsoring Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 

“Stockholders Agreement” means that certain Stockholders Agreement, dated as of December 19, 2016,
by and among the Company, Wildhorse Holdings, Esquisto Holdings and Acquisition Co. Holdings. 
 “Trading
Market” means the principal national securities exchange on which Registrable Securities are listed. 

  
 5 

 “Underwritten Offering” means an
underwritten offering of Common Stock for cash (whether a Requested Underwritten Offering or in connection with a public offering of Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit
plan, or an offering relating to a transaction on Form S-4 or S-8. 

“VWAP” means, as of a specified date and in respect of Registrable Securities, the volume weighted
average price for such security on the Trading Market for the five trading days immediately preceding, but excluding, such date. 

“WildHorse Holdings” means WHR Holdings LLC, a Delaware limited liability company. 

“WKSI” means a “well known seasoned issuer” as defined under Rule 405. 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms; (b) references to Sections refer to sections of this Agreement; (c) the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words
“without limitation”; (d) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) unless the context
otherwise requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms
will have correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions
consolidating, amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days unless
otherwise indicated. 
 2. Registration. 

(a) Demand Registration. 

(i) At any time after the expiration of the applicable Lock-Up Period, any Preferred
Holder and Sponsoring Holder shall severally have the option and right, exercisable by delivering a written notice to the Company (a “Demand Notice”), to require the Company to, pursuant to the terms of and subject to the
limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice,
which may include sales on a delayed or continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement (a “Demand Registration”). The Demand Notice must set forth the number of Registrable Securities that
the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand

  
 6 

 
Registration unless the Registrable Securities of the Holders to be included therein after compliance with Section 2(a)(ii) have an aggregate value of at least $75 million based on
the VWAP (the “Minimum Amount”) as of the date of the Demand Notice; provided, however, that the Minimum Amount shall not apply in the event that, as the result of Cutback Shares being removed from such Registration Statement
pursuant to this Section 2(a)(i), the Registrable Securities of the Holders to be included therein after compliance with Section 2(a)(ii) have an aggregate value of less than $75 million. If at any time the Commission takes the
position that some or all of the Registrable Securities proposed to be included in a Registration Statement filed pursuant to a Demand Registration must be removed from such Registration Statement (such portion of the Registrable Securities, the
“Cut Back Shares”) in order for all of the Registrable Securities in such Registration Statement filed pursuant to a Demand Registration to be eligible to be made on a delayed or continuous basis under the provisions of Rule
415 or for the Initiating Holder to not be named as an “underwriter” in such Registration Statement, then if the Initiating Holder so elects, the Company shall remove the Cutback Shares from such Registration Statement. Any Cut Back Shares
so removed pursuant to this Section 2(a)(i) shall be allocated among the Holders including Registrable Securities for resale on such Registration Statement on a pro rata basis. Further, a Demand Registration shall not constitute a Demand
Registration of the Initiating Holder for purposes of Section 2(a)(iii) if, as a result of the cutback provisions in this Section 2(a)(i) or Registrable Securities of Holders other than the Initiating Holder included in such Demand
Registration pursuant to Section 2(a)(ii), there is included in the Demand Registration less than the lesser of (x) Registrable Securities of the Initiating Holder having a VWAP measured on the effective date of the related Registration
Statement of $75 million and (y) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable Demand Notice. 

(ii) Within five Business Days (or if the Registration Statement will be a Shelf Registration Statement, within two Business
Days) after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all Holders and, within 30 days after receipt of the Demand Notice (except if the Company is not then eligible to register for resale the
Registrable Securities on Form S-3, in which case, within 90 days thereof), shall, subject to the limitations of this Section 2(a), file a Registration Statement in accordance with the terms and
conditions of the Demand Notice, which Registration Statement shall cover all of the Registrable Securities that the Holders shall in writing request to be included in the Demand Registration (such request to be given to the Company within three
Business Days (or if the Registration Statement will be a Shelf Registration Statement, within one Business Day) after receipt of notice of the Demand Notice given by the Company pursuant to this Section 2(a)(ii)). The Company shall use
reasonable best efforts to cause such Registration Statement to become and remain effective (including using reasonable best efforts to file a Registration Statement including Registrable Securities included on any previous Registration Statement
that ceases to be effective, which, for the avoidance of doubt shall not be considered an additional Demand Registration for any Holder pursuant to Section 2(a)(iii)) under the Securities Act until all such securities registered for resale
thereunder cease to be Registrable Securities (the “Effectiveness Period”). 

  
 7 

 (iii) Subject to the other limitations contained in this Agreement, the Company
is not obligated hereunder to effect (A) a Demand Registration within 90 days after the closing of any Underwritten Offering (or such shorter time as the Company may notify the Holders in writing) (any such time period, a “No Demand
Period”), unless any Preferred No-Blocking Period exists during such No Demand Period, in which case the Company shall nevertheless be required to effect a Demand Registration initiated by any
Preferred Holder that is then otherwise entitled to initiate a Demand Registration during such Preferred No-Blocking Period, (B) more than a total of four Demand Registrations for which WildHorse Holdings
(or any transferee thereof in accordance with Section 8(e)) is the Initiating Holder, (C) more than a total of four Demand Registrations for which Esquisto Holdings (or any transferee thereof in accordance with Section 8(e)) is
the Initiating Holder, (D) more than a total of four Demand Registrations for which Acquisition Co. Holdings (or any transferee thereof in accordance with Section 8(e)) is the Initiating Holder, (E) more than a total of six Demand
Registrations for which any Preferred Holder is the Initiating Holder; and (F) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder
shall have become and remains effective under the Securities Act and is sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended
timing and method or methods of distribution thereof specified in the Demand Notice. No Demand Registration shall be deemed to have occurred for purposes of this Section 2(a)(iii) if the Registration Statement relating thereto does not become
effective or is not maintained effective for its entire Effectiveness Period, in which case the Initiating Holder shall be entitled to an additional Demand Registration in lieu thereof.     

(iv) A Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand
Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from the Initiating Holder that the Initiating Holder is withdrawing all of its Registrable Securities from the Demand
Registration or a notice from a Holder to the effect that the Holder is withdrawing an amount of its Registrable Securities such that the remaining amount of Registrable Securities to be included in the Demand Registration is below the Minimum
Amount, the Company may cease all efforts to secure effectiveness of the applicable Registration Statement, unless one or more Holders other than the withdrawing Holder(s) shall promptly request the Company in writing to include additional
Registrable Securities in the Demand Registration such that amount of Registrable Shares to be included in the Demand Registration satisfies the Minimum Amount (a “Requisite Holder Substitution”). In the absence of a
Requisite Holder Substitution, such registration nonetheless shall be deemed a Demand Registration with respect to the Initiating Holder for purposes of Section 2(a)(iii) unless (A) the Initiating Holder shall have paid or reimbursed the
Company for its pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection with the withdrawn registration of
such Registrable Securities (based on the number of securities the Initiating Holder sought to register, as compared to the total number of securities included in such Demand Registration) or (B) the withdrawal is made following the occurrence
of a Material Adverse Change or pursuant to the Company’s request for suspension pursuant to Section 3(o). 

  
 8 

 (v) The Company may include in any such Demand Registration other Company
Securities for sale for its own account or for the account of any other Person, subject to Section 2(c)(iii). 
 (vi)
Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate registration form of the Commission (A) as shall be selected by the Company and (B) subject to applicable law and
the requirements of the Commission, as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the Demand Notice; provided that, subject to Section 3(o), (X) if
the Registration Statement is on Form S-1, the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the Commission (provided that Form S-1 is then available for sales on a delayed or continuous basis
under the provisions of Rule 415 in respect of such Demand Registration), and (Y) if the Company becomes, and is at the time of its receipt of a Demand Notice eligible to use Form S-3, the Demand
Registration for any offering and selling of Registrable Securities shall be registered on Form S-3 (or any equivalent or successor form under the Securities Act (if available to the Company) and (Z) if
at the time of its receipt of a Demand Notice, the Company is a WKSI, the Demand Registration for any offering and selling of Registrable Securities shall be registered on an Automatic Shelf Registration Statement on Form S-3 or any equivalent or successor form under the Securities Act (if available to the Company). If at any time a Registration Statement on Form S-3 is effective and a Holder
provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary
in order to enable such offering to take place. 
 (vii) Without limiting Section 3, in connection
with any Demand Registration pursuant to and in accordance with this Section 2(a), the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses,
certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the securities subject to such Demand Registration, including under the securities laws of such jurisdictions as the Holders shall
reasonably request; provided, however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such
jurisdiction solely as a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities
subject to such Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of
such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof. 

  
 9 

 (viii) In the event a Holder transfers Registrable Securities included on a
Registration Statement and such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable
such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; provided that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such
Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from a Person for whom Registrable Securities have
been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder. 

(ix) Notwithstanding the foregoing restrictions of this Section 2(a), but subject to any applicable No Demand Periods,
the Preferred Holders shall be permitted to deliver a Demand Notice for a Demand Registration during the Lock-Up Period so long as (A) the Company is then-eligible to use Form S-3 to register the resale of Registrable Securities and (B) the Preferred Holders do not dispose of any Registrable Securities pursuant to the applicable Registration Statement for the duration of the Lock-Up Period. Further, and for the avoidance of doubt, nothing in this Agreement shall prohibit a Preferred Holder from exercising its rights as a Holder during the Lock-Up
Period, including, but not limited to, a Preferred Holder’s participation in a Demand Registration, Underwritten Offering and/or Underwritten Piggyback Offering, other than with respect to (Y) except as provided in the immediately
preceding sentence, delivering a Demand Notice as an Initiating Holder during its Lock-Up Period pursuant to Section 2(a)(i) and (Z) exercising its right to receive a Piggyback Notice or to
participate in any Piggyback Registration during its Lock-Up Period with respect to the filing of a registration statement for the sale of securities solely for the account of the Company, which registration
statement, for the avoidance of doubt, does not include Registrable Securities of any Holder. 
 (b) Requested Underwritten Offering.
Any Holder then able to effectuate a Demand Registration pursuant to the terms of Section 2(a) (or who has previously effectuated a Demand Registration pursuant to Section 2(a) but has not engaged in an Underwritten Offering in respect
of such Demand Registration) shall have the option and right, exercisable by delivering written notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten Offering
Notice”), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new
Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a “Requested Underwritten Offering”); provided, that the Registrable Securities of such Initiating Holder requested
to be included in such Requested Underwritten Offering have an aggregate value of at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice. The Underwritten Offering Notice must set forth the number of Registrable
Securities that the Initiating Holder intends to include in such Requested Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten Offering shall be designated by the Company; provided, however,
that 

  
 10 

 
such designated managing underwriter or managing underwriters shall be reasonably acceptable to the Initiating Holder; provided, further, however that no later than 9:00 A.M., New York Time, on
the day of a proposed block trade or bought deal pursuant to an Initiating Holder’s Requested Underwritten Offering (an “Initiating Holder Block”), the Initiating Holder thereof may deliver to the Company in writing a
list of one or more proposed managing underwriters of the Initiating Holder Block (each a “Bidding Bank” and collectively, the “Bidding Banks”) and, unless the Company reasonably objects to any Bidding
Bank in writing to the Initiating Holder by Noon, New York Time on the same day, any one or more of such Bidding Banks to which the Company does not so timely reasonably object (the “Approved Bidding Banks”), shall be deemed
to be designated by the Company as a managing underwriter for the purposes of this Section 2(b), and the Initiating Holder of the Initiating Holder Block may select, without any additional prior consent by or approval from the Company, one or
more Approved Bidding Bank as a managing underwriter or the managing underwriters for such Initiating Holder Block as if it as if it had assumed the Company’s the right of designation pursuant to this Section 2(b). In connection with any
Initiating Holder Block, the Initiating Holder thereof shall take commercially reasonable efforts to advise the Company with respect to its obligations thereunder and related schedule thereto. Notwithstanding the foregoing, the Company is not
obligated to effect a Requested Underwritten Offering within 90 days after the closing of an Underwritten Offering (or such shorter time as the Company may notify the Holders in writing) (any such time period, a “No Requested Underwritten
Offering Period”), unless any Preferred No-Blocking Period exists during such No Requested Underwritten Offering Period, in which case the Company shall nevertheless be required to effect a
Requested Underwritten Offering initiated by any Preferred Holder that is then otherwise entitled to initiate a Requested Underwritten Offering during such Preferred No-Blocking Period. Any Requested
Underwritten Offering (other than the first Requested Underwritten Offering made in respect of a prior Demand Registration) shall constitute a Demand Registration of the Initiating Holder for purposes of Section 2(a)(iii) (it being understood
that if requested concurrently with a Demand Registration then, together, such Demand Registration and Requested Underwritten Offering shall count as one Demand Registration); provided, however, that a Requested Underwritten Offering shall not
constitute a Demand Registration of the Initiating Holder for purposes of Section 2(a)(iii) if, as a result of Section 2(c)(iii)(A), the Requested Underwritten Offering includes less than the lesser of (i) Registrable Securities
of the Initiating Holder having a VWAP measured on date of the applicable Underwritten Offering Notice of $75 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder
set forth in the applicable Underwritten Offering Notice. 
 (c) Piggyback Registration and Piggyback Underwritten Offering. 

(i) If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an
offering of Common Stock (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer
or any employee benefit or dividend reinvestment plan and other than a Demand Registration), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least
five Business Days, except if the registration statement will be a Shelf Registration Statement, at least two Business Days, before) the anticipated filing date (the “Piggyback Registration Notice”). The
Piggyback 

  
 11 

 
Registration Notice shall offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a
“Piggyback Registration”). The Company shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion
therein (“Piggyback Registration Request”) within three Business Days or, if the Piggyback Registration will be on a Shelf Registration Statement, within one Business Day, after sending the
Piggyback Registration Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided that
(A) such request must be made in writing prior to the effectiveness of such registration statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include
Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent registration statement or registration
statements as may be filed by the Company with respect to offerings of Common Stock, all upon the terms and conditions set forth herein. Notwithstanding anything to the contrary in this Section 2(c)(i), the Preferred Holders shall not have
the right to receive any Piggyback Notice or to participate in any Piggyback Registration, in each case with respect to the filing of a registration statement for the sale of securities solely for the account of the Company, which registration
statement, for the avoidance of doubt, does not include Registrable Securities of any Holder, until the expiration of the Lock-Up Period applicable to the Preferred Holders. 

(ii) If the Company shall at any time propose to conduct an Underwritten Offering (including a Requested Underwritten
Offering), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days, except if the Underwritten Offering will be made pursuant to a
Shelf Registration Statement, at least two Business Days, before) the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price or range of offering prices
(if known), the anticipated filing date of the related registration statement (if applicable) and the number of shares of Common Stock that are proposed to be registered (the “Underwritten Offering Piggyback Notice”). The
Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related registration, if applicable) the number of Registrable Securities as they may request in writing (an
“Underwritten Piggyback Offering”); provided, however, that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement other than an Automatic
Shelf Registration Statement, only Registrable Securities of Holders which are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback Offering. The Company shall use commercially reasonable efforts to
include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein (“Underwritten Offering Piggyback Request”) within three Business Days
or, if such Underwritten Piggyback Offering will be made pursuant to a Shelf Registration Statement, within one Business Day after sending the Underwritten Offering Piggyback 

  
 12 

 
Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten Piggyback Offering at any time prior to the effectiveness of the
applicable registration statement, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein. Notwithstanding anything to the
contrary in this Section 2(c)(ii), the Preferred Holders shall not have the right to receive any Underwritten Offering Piggyback Notice or to participate in any Underwritten Piggyback Offering, in each case with respect to an Underwritten
Offering of securities solely for account of the Company (and not including Registrable Securities of any other Holder), until the expiration of the Lock-Up Period applicable to the Preferred Holders. 

(iii) If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders that
in their reasonable opinion that the inclusion of all of the Holders’ Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other Common Stock proposed to be
included in such offering) exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall
include in such Underwritten Offering (and any related registration, if applicable) only that number of shares of Common Stock proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the
reasonable opinion of the managing underwriter or managing underwriters, will not have such adverse effect, with such number to be allocated as follows: (A) in the case of a Requested Underwritten Offering, (1) first, pro-rata among all Holders (including the Initiating Holder) that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by
each such Holder, (2) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, the Company, and (3) third, if there remains availability for additional shares of Common Stock
to be included in such Underwritten Offering, any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Common Stock then held by each such holder; and (B) in the case of
any other Underwritten Offerings, (x) first, to the Company, (y) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, pro-rata
among all Holders desiring to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, and (z) third, if there remains availability for additional shares
of Common Stock to be included in such registration, pro-rata among any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of Common Stock then
held by each such holder. If any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the
commencement of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration. In making any determination of the relative number of Registrable Securities then held by each Holder
for purposes of Section 2(a)(iv) and this Section 2(c)(iii), each Holder of Convertible 

  
 13 

 
Preferred Stock shall be deemed for purposes of such determination to hold a number of shares of Common Stock equal to the number of shares of Common Stock issuable in respect of such
Holder’s Convertible Preferred Stock in the event such Holder converted all of its shares of Convertible Preferred Stock into shares of Common Stock as of such time of determination. 

(iv) The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2(c)
at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The registration expenses of such withdrawn registration shall be borne by the Company in accordance with
Section 4 hereof. 
 (v) Each Holder agrees that, following receipt of any Piggyback Registration
Notice, Underwritten Offering Piggyback Notice or any notice pursuant to Section 2(a)(ii), such Holder will keep confidential and will not disclose, divulge, or use for any purpose (other than as necessary to exercise its rights pursuant to
this Agreement, including, but not limited to, disclosure to its advisors and Affiliates) the fact that such Piggyback Registration Notice, Underwritten Offering Piggyback Notice or any notice pursuant to Section 2(a)(ii) exists or was
received by such Holder or the contents of any such Piggyback Registration Notice, Underwritten Offering Piggyback Notice or any notice pursuant to Section 2(a)(ii), until the earlier of (a) the date that is 30 days following receipt of
such notice, (b) such time as the registration or Underwritten Offering that is the subject of such notice is known or becomes known to the public in general (other than as a result of a breach of this Section 2(c)(v)) and (c) the
date the Company notifies the Holder that the proposed Underwritten Piggyback offering has been abandoned. 
 3. Registration and
Underwritten Offering Procedures. The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations
of the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows: 

(a) In connection with a Demand Registration, the Company will, at least three Business Days prior to the anticipated filing of the
Registration Statement and any related Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration
Statement), (i) furnish to such Holders copies of all such documents prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall
propose prior to the filing thereof. 
 (b) In connection with a Piggyback Registration, Underwritten Piggyback Offering or a Requested
Underwritten Offering, the Company will, at least three Business Days (or in the case of a Shelf Registration Statement or an offering that will be made pursuant to a Shelf Registration Statement, at least one Business Day) prior to the anticipated
filing of any initial Registration Statement that identifies the Holders and any related Prospectus or any 

  
 14 

 
amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with
respect thereto), as applicable, furnish to such Holders copies of any such Registration Statement or related Prospectus or amendment or supplement thereto that identify the Holders and any related Prospectus or any amendment or supplement
thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto). The Company will also use commercially reasonable efforts to
address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof. 

(c) The Company will use commercially reasonable efforts to as promptly as reasonably practicable (i) prepare and file with the Commission
such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary under applicable law to keep such Registration Statement continuously effective
with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, applicable law and the requirements of the Commission, prepare and file with the
Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders; (ii) cause the related Prospectus to be amended or supplemented by any required
prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as
reasonably practicable provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling stockholders but not any comments that would
result in the disclosure to such Holders of material and non-public information concerning the Company. 

(d) The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the
Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 
 (e) The Company will
notify such Holders who are included in a Registration Statement as promptly as reasonably practicable: (i)(A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included
has been filed; (B) when the Commission notifies the Company whether there will be a “review” of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the
Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that pertain to such Holders as selling stockholders); and (C) with respect to each applicable Registration Statement or any
post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus
or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the
Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable

  
 15 

 
Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes any
statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or
other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any 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 no notice by the Company shall be required pursuant to this clause (v) in the event that the Company
either promptly files a prospectus supplement to update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which in either
case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading). 
 (f) The Company will use commercially reasonable efforts to avoid the issuance
of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period
is over. 
 (g) During the Effectiveness Period, the Company will furnish to each such Holder, without charge, at least one conformed copy of
each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company
will not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 
 (h)
The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may
reasonably request during the Effectiveness Period. Subject to the terms of this Agreement, including Section 8(b), the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in
connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 

(i) The Company will cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities
Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such 

  
 16 

 
Holder may request in writing. In connection therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause
an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize
and direct the transfer agent to issue such Registrable Securities without any such legend upon sale by the Holder of such Registrable Securities under the Registration Statement. 

(j) Upon the occurrence of any event contemplated by Section 3(e)(v), as promptly as reasonably practicable, the Company will prepare a
supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by
reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will 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. 
 (k) With respect
to Underwritten Offerings, (i) the right of any Holder to include such Holder’s Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder’s
Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten
Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements. The Company hereby agrees
with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions, auditor “comfort” letters and reports of the independent petroleum engineers of the Company relating to the oil and
gas reserves of the Company included in the Registration Statement if the Company has had its reserves prepared, audited or reviewed by an independent petroleum engineer. 

(l) For a reasonable period prior to the filing of any Registration Statement and throughout the Effectiveness Period, the Company will make
available, upon reasonable notice at the Company’s principal place of business or such other reasonable place, for inspection during normal business hours by a representative or representatives of the selling Holders, the managing underwriter
or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent
certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel’s reasonable belief) to conduct a reasonable
investigation within the meaning of Section 11 of the 

  
 17 

 
Securities Act; provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless
disclosure of such information is required by court or administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such
disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure. 
 (m) In connection
with any Requested Underwritten Offering, the Company will use commercially reasonable efforts to cause appropriate officers and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in
presentations, meetings and road shows. 
 (n) Each Holder agrees to furnish to the Company any other information regarding the Holder and
the distribution of such securities as the Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering. 

(o) Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment
thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities
pursuant to such Registration Statement) for a period of up to 60 days if (i) the Board determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company
(including a pending securities offering by the Company), (ii) the Board determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Board determines such registration would require
disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Blackout Period”); provided, however, that in no event shall any Blackout Period
together with any Suspension Period, any No Demand Period (but only if such No Demand Period relates to a an Underwritten Offering other than a Requested Underwritten Offering in which the Preferred Holders participated) and any No Requested
Underwritten Offering Period (but only if such No Demand Period relates to a an Underwritten Offering other than a Requested Underwritten Offering in which the Preferred Holders participated) collectively exceed an aggregate of 120 days in any 12-month period; provided, further, that nothing in this Section 3(o) shall (i) relieve the Company of any obligation it may otherwise have pursuant to this Agreement to file a Registration Statement (or
any amendment thereto) or effect a Requested Underwritten Offering or (ii) permit the Company to suspend the offer and sale of Registrable Securities pursuant to a Shelf Registration Statement that has been previously filed pursuant to this
Agreement, in each case at the request of or with respect to a Preferred Holder or with respect to Registrable Securities of any such Preferred Holder, within any 45-day period following the date upon which
any Convertible Preferred Stock of such Preferred Holder is converted into shares of Common Stock pursuant to Section 7(b) of the Certificate (any such 45-day period, a “Preferred No-Blocking Period”). 

  
 18 

 (p) In connection with an Underwritten Offering, the Company shall use all commercially
reasonable efforts to provide to each Holder named as a selling securityholder in any Registration Statement a copy of any auditor “comfort” letters, customary legal opinions or reports of the independent petroleum engineers of the Company
relating to the oil and gas reserves of the Company, in each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the effective date
of such Registration Statement. 
 (q) In connection with any Underwritten Offering (including any Requested Underwritten Offering), any
Holder that (i) together with its Affiliates owns five percent (5%) or more of the outstanding Common Stock (assuming all Convertible Preferred Stock held by any Holder has been converted to Common Stock) or (ii) is entitled (or any of its
Affiliates is entitled) to designate a director to the Company’s board of directors pursuant to the Stockholders Agreement or to elect a director to the Company’s board of directors pursuant to the Certificate, shall execute a customary “lock-up” agreement with the underwriters of such Underwritten Offering containing a lock-up period equal to the shorter of (A) the shortest number of days that
a director of the Company, “executive officer” (as defined under Section 16 of the Exchange Act) of the Company or any stockholder of the Company (other than a Holder or director or employee of, or consultant to, the Company) who owns
five percent (5%) or more of the outstanding Common Stock contractually agrees to with the underwriters of such Underwritten Offering not to sell any securities of the Company following such Underwritten Offering and (B) 45 days from the date of the
execution of the underwriting agreement with respect to such Underwritten Offering. 
 (r) In connection with any Requested Underwritten
Offering, the Company will, and will use its commercially reasonable efforts to cause the members of the Board of Directors of the Company and the officers of the Company that are “executive officers” as defined under Section 16 of
the Exchange Act to, execute a customary “lock-up” agreement with the underwriters of such Requested Underwritten Offering containing a lock-up period equal to
the shorter of (A) the number of days that the Initiating Holder in such Requested Underwritten Offering contractually agrees with the underwriters of such Requested Underwritten Offering not to sell securities of the Company following such
Requested Underwritten Offering and (B) 45 days from the date of the execution of the underwriting agreement with respect to such Requested Underwritten Offering. 

4. No Inconsistent Agreements; Additional Rights. The Company shall not hereafter enter into, and is not currently a party
to, any agreement with respect to its securities that is inconsistent in any material respect with the rights granted to the Holders by this Agreement. 

5. Registration Expenses. All Registration Expenses incident to the Parties’ performance of or compliance with their
respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses) shall be
borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement. “Registration Expenses” shall include, without limitation, (i) all registration and filing fees (including
fees and expenses (A) with respect to filings required to be made with the Trading Market, (B) in compliance with applicable state securities or “Blue Sky” laws and (C) FINRA fees and expenses associated with any
Registration Statement and the 

  
 19 

 
FINRA filing obligations of any underwriter related thereto), (ii) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the
printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors, accountants and
independent petroleum engineers for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of
the transactions contemplated by this Agreement, and (vii) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.” In addition, the Company shall be
responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and employees
performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market. 

6. Indemnification. 

(a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective officers and directors and any agent
thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable costs
of preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or
investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of or
relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in any preliminary prospectus (if the Company authorized the use of such
preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during
the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements made therein, in the light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is
based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in
reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person or any underwriter specifically for use therein, it being understood and agreed that the only such information so
furnished by any Holder to the Company consists of (A) the legal name and address of the Holder set forth in its footnote that appears under the caption “Principal and Selling Stockholders” of any such Registration Statement, such
preliminary, summary or final prospectus and (B) the number of shares of Common Stock or Convertible Preferred Stock, as applicable, owned by the Holder 

  
 20 

 
before and after the offering (excluding percentages) that appears in the table (and corresponding footnotes) under the caption “Principal and Selling Stockholders” of any such
Registration Statement, such preliminary, summary or final prospectus (the “Selling Stockholder Information”). The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which
the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full force and effect regardless of any investigation
made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the contrary herein, this Section 6 shall survive
any termination or expiration of this Agreement indefinitely. 
 (b) In connection with any Registration Statement in which a Holder
participates, such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors and any agent thereof, to the fullest extent permitted by applicable law, from and
against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such
Registration Statement), or in any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of,
based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading,
but only to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free
writing prospectus or such amendment or supplement, in reliance upon and in conformity with such Holder’s Selling Stockholder Information. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in
full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received
by such Holder from the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c) Any Person entitled to
indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of
interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying
party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel (in addition to any local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may

  
 21 

 
be one or more legal or equitable defenses available to such indemnified party that are in addition to or may conflict with those available to another indemnified party with respect to such
claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder. 
 (d) If the
indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of
indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such
Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

7. Facilitation of Sales Pursuant to Rule 144. To the extent it shall be required to do so under the Exchange Act, the Company
shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further
action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by
Rule 144. Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. 

8. Miscellaneous. 

(a) Remedies. In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in
addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not
provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate. 
 (b) Discontinued Disposition. Each Holder agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until
such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section  

  
 22 

 
3(j) or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental
filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement (a “Suspension Period”). The Company may provide appropriate stop orders to enforce the provisions of
this Section 8(b). 
 (c) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written
instrument signed by the Company and Holders that hold a majority of the Registrable Securities (counting Convertible Preferred Stock held by any Preferred Holder as Registrable Securities on an as-converted
basis to Common Stock as provided in the Certificate) as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other Holders shall require the
consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing
waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any
such right. 
 (d) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Section 8(d) prior to 5:00
p.m. in the time zone of the receiving party on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Agreement later than 5:00
p.m. in the time zone of the receiving party on any date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the Party to whom such notice is
required to be given. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	  	WildHorse Resource Development Corporation
		  	 Attention: General Counsel
 9805 Katy Freeway,
Suite 400
 Houston, TX 77024

E-mail: KRoane@wildhorserd.com

		
		  	 With copy to:
  

Vinson & Elkins L.L.P.
 Attention: Douglas E.
McWilliams
 1001 Fannin Street, Suite 2500
 Houston, Texas
77002
 E-mail: dmcwilliams@velaw.com

		
	If to any Person who is then the registered Holder:	  	To the address of such Holder as indicated on the signature page of this Agreement or, if different, as it appears in the applicable register for the Registrable Securities or as may be designated in writing by such Holder in
accordance with this Section 8(d).

  
 23 

 (e) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this Section 8(e), this Agreement, and any rights or obligations hereunder, may not be
assigned or directly or indirectly transferred without the prior written consent of the Company and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any
portion of its Registrable Securities may be assigned or transferred without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution
with respect to, in exchange for or in replacement of such Registrable Securities) by such Holder in connection with an assignment or transfer of (i) Registrable Securities to an Affiliate of such Holder, (ii) Registrable Securities with
an aggregate VWAP (assuming any Convertible Preferred Stock that is the subject of such transfer has been converted to Common Stock pursuant to the Certificate and the Registrable Securities being transferred consist of such Common Stock) of at
least $75 million, or (iii) in the case of the KKR Holders, in connection with the transfer of all of the Registrable Securities held by the KKR Holders and all other Holders that are Affiliates of the KKR Holders, provided such transfer
consists of at least two-thirds of the Registrable Securities held by the KKR Holders as of the date of this Agreement, in each case provided that (A) the Company is, within a reasonable time after such
transfer, furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (B) such transferee or assignee agrees in
writing to be bound by and subject to the terms set forth in this Agreement. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders. 

(f) No Third Party Beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other
than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement. 

(g) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation
of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof. 

(h) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with,
the internal laws of the State of New York. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in in the Borough of Manhattan in the City of New York and the United States District
Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the 

  
 24 

 
transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified
for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER. 
 (i) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any
remedies provided by law. 
 (j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the Parties shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(k) Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and
supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written. 

(l) Transfers of Common Stock by Sponsoring Holders and NGP. From the date hereof until the date that both (i) the Schedule 14C
Waiting Period (as defined in the Preferred Purchase Agreement) has expired and (ii) the earlier of (A) 60 days following the date of this Agreement and (B) the date on which all approvals and authorizations of, filings and registrations
with, and notifications to, or expiration or termination of any applicable waiting period, under the HSR Act (as defined in the Preferred Purchase Agreement) required with respect to the Preferred Voting and Conversion Features (as defined in the
Preferred Purchase Agreement) of the Convertible Preferred Stock held by Carlyle have been obtained, made, expired or terminated, as applicable, the Sponsoring Holders and NGP shall not, without the prior written consent of Carlyle, (A) sell,
transfer, assign, or otherwise dispose of, directly or indirectly (collectively, a “Transfer”), any shares of the Company’s capital stock held or beneficially owned by such Sponsoring Holder or NGP, as applicable, except
that any Sponsoring Holder or NGP may Transfer any shares of Common Stock held by it to an Affiliate, provided such Affiliate agrees in writing to be bound by and subject to the terms set forth in this Agreement or (B) make any short sale of,
grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a short sale of or the purpose of which is to offset the loss which results from a decline in the market price of, any shares of
the Company’s capital stock, or otherwise establish or increase, directly or indirectly, a put equivalent position, as defined in Rule 16a-1(h) under the Exchange Act, with respect to any of the
Company’s capital stock. 

  
 25 

 (m) Termination. Except for Section 6 and
Section 8(m), this Agreement shall terminate as to any Holder, when all Registrable Securities held by such Holder no longer constitute Registrable Securities. 

[Signature page follows.] 

  
 26 

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

			
	COMPANY:
	
	WILDHORSE RESOURCE DEVELOPMENT CORPORATION

 
			
		
	 By:
	 	  

	 Name:

	 Title:

 
			
	
	HOLDERS:
	
	WHR HOLDINGS, LLC

 
			
		
	 By:
	 	  

	 Name:

	 Title:

 
			
	
	 Address for notice:

	
	 9805 Katy Freeway, Suite 400

Houston, Texas 77024
 Attention:
General Counsel
 E-mail: KRoane@wildhorserd.com

	
	 With a copy to:

	
	 Natural Gas Partners

5221 N. O’Connor Boulevard, Suite 1100

Irving, Texas 75039
 Fax: (972) 432-1441
 Attention: General Counsel

E-mail: jzlotky@ngptrs.com

 Signature Page to Registration Rights Agreement 

 
			
	ESQUISTO HOLDINGS, LLC

 
			
		
	 By:
	 	  

	 Name:

	 Title:

 
			
	
	 Address for notice:

	
	 9805 Katy Freeway, Suite 400

Houston, Texas 77024
 Attention:
General Counsel
 E-mail: KRoane@wildhorserd.com

	
	 With a copy to:

	
	 Natural Gas Partners

5221 N. O’Connor Boulevard, Suite 1100

Irving, Texas 75039
 Fax: (972) 432-1441
 Attention: General Counsel

E-mail: jzlotky@ngptrs.com

  

			
	WHE ACQCO HOLDINGS, LLC

 
			
		
	 By:
	 	  

	 Name:

	 Title:

 
			
	
	 Address for notice:

	
	 9805 Katy Freeway, Suite 400

Houston, Texas 77024
 Attention:
General Counsel
 E-mail: KRoane@wildhorserd.com

	
	 With a copy to:

	
	 Natural Gas Partners

5221 N. O’Connor Boulevard, Suite 1100

Irving, Texas 75039
 Fax: (972) 432-1441
 Attention: General Counsel

E-mail: jzlotky@ngptrs.com

 Signature Page to Registration Rights Agreement 

 
			
	NGP XI US HOLDINGS, L.P.
	
	By: NGP XI Holdings GP, L.L.C., general partner

 
			
		
	 By:
	 	  

	 Name:

	 Title:

 
			
	
	 Address for notice:

	
	 Natural Gas Partners

5221 N. O’Connor Boulevard, Suite 1100

Irving, Texas 75039
 Fax: (972) 432-1441
 Attention: General Counsel

E-mail: jzlotky@ngptrs.com

 Signature Page to Registration Rights Agreement 

 
	
	JAY C. GRAHAM
	
	  

	
	 Address for notice:

	
	 9805 Katy Freeway, Suite 400

	 Houston, Texas 77024

	 Attention: General Counsel

	 E-mail: jay.graham@wildhorseresources.com

 Signature Page to Registration Rights Agreement 

 
	
	ANTHONY BAHR
	
	  

	
	 Address for notice:

	
	 9805 Katy Freeway, Suite 400

	 Houston, Texas 77024

	 Attention: General Counsel

	 E-mail: anthony.bahr@wildhorseresources.com

 Signature Page to Registration Rights Agreement 

 
			
	CP VI EAGLE HOLDINGS, L.P.
	
	By: TC Group VI S1, L.P., its general partner
		
	 By:
	 	  

	 Name:

	 Title:

	
	 Address for notice:

	
	 [•]

 Signature Page to Registration Rights Agreement 

 
			
	ADMIRAL HOLDING L.P.
		
	 By:
	 	  

	 Name:

	 Title:

	
	 Address for notice:

	
	 [•]

	
	TE ADMIRAL A HOLDING L.P.
		
	 By:
	 	  

	 Name:

	 Title:

	
	 Address for notice:

	
	 [•]

  

			
	AURORA C-1 HOLDING L.P.
		
	 By:
	 	  

	 Name:

	 Title:

	
	 Address for notice:

	
	 [•]

 Signature Page to Registration Rights Agreement

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