Document:

EX-10.3

 Exhibit 10.3 

Execution Version 
  

					
	To:	  	 Centennial Resource Production, LLC
 1001
Seventeenth Street, Suite 1800
 Denver, Colorado 80202
 Attn:
Will Weidig and George Glyphis
	  	
			
	From:	  	 RBC Capital Markets, LLC
 as Agent for Royal
Bank of Canada
 Brookfield Place
 200 Vesey Street

New York, NY 10281-1021
 Telephone: (212) 858-7000
	  	
			
	Re:	  	Base Capped Call Transaction	  	
			
	Date:	  	March 16, 2021	  	

 Dear Ladies and Gentlemen: 

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced
transaction entered into on the Trade Date specified below (the “Transaction”) among Royal Bank of Canada (“Dealer”), through its agent RBC Capital Markets, LLC (“Agent”), Centennial Resource
Production, LLC (“Counterparty”) and Centennial Resource Development, Inc. (“Parent”). This communication constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 

1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006
Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each case, as
published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Equity Definitions, the Equity Definitions will govern and in the event of any
inconsistency between terms defined in the Equity Definitions and this Confirmation, this Confirmation shall govern. 
 This Confirmation
evidences a complete and binding agreement among Dealer, Parent and Counterparty as to the terms of the Transaction to which this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form
of the 2002 ISDA Master Agreement as if Dealer, Counterparty and Parent had executed an agreement in such form on the Trade Date (but without any Schedule except for (i) the election of the laws of the State of New York as the governing law
(without reference to choice of law doctrine and (ii) the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, (a) with a “Threshold Amount” of 3% of the
shareholders’ equity of Dealer on the Trade Date, (b) “Specified Indebtedness” having the meaning set forth in Section 14 of the Agreement, except that it shall not include any obligation in respect of deposits received in
the ordinary course of Dealer’s banking business, (c) the phrase “, or becoming capable at such time of being declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, and (d) the
following sentence shall be added to the end of Section 5(a)(vi) of the Agreement: “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused
solely by error or omission of an administrative or operational nature; (ii) funds were available to enable the relevant party to make payment when due; and (iii) the payment is made within two Local Business Days of such party’s
receipt of written notice of its failure to pay.”). 
 All provisions contained in, or incorporated by reference to, the Agreement will
govern this Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern. 

The Transaction hereunder shall be the sole Transaction under the Agreement. If there exists any ISDA Master Agreement between Dealer and
Counterparty or Parent, or any confirmation or other agreement between Dealer and Counterparty or Parent pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty or Parent, then notwithstanding anything to the
contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty or Parent are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such
existing or deemed ISDA Master Agreement. 

  
 1 

 2. The Transaction constitutes a Share Option Transaction for purposes of the Equity
Definitions. The terms of the particular Transaction to which this Confirmation relates are as follows: 
 General Terms: 

 

			
	 Trade Date:
	  	March 16, 2021
		
	 Effective Date:
	  	March 19, 2021, or such other date as agreed by the parties in writing.
		
	 Components:
	  	The Transaction will be divided into individual Components, each with the terms set forth in this Confirmation, and, in particular, with the Number of Options and Expiration Date set forth in Annex A to this Confirmation. The
exercise, valuation and settlement of the Transaction will be effected separately for each Component as if each Component were a separate Transaction under the Agreement.
		
	 Option Style:
	  	“European”, as described under “Procedures for Exercise” below.
		
	 Option Type:
	  	Call
		
	 Seller:
	  	Dealer
		
	 Buyer:
	  	Counterparty
		
	 Shares:
	  	The Class A common stock of Parent, par value USD $0.0001 per share (Ticker Symbol: “CDEV”).
		
	 Number of Options:
	  	For each Component, as provided in Annex A to this Confirmation.
		
	 Option Entitlement:
	  	One Share per Option
		
	 Strike Price:
	  	USD 6.2790
		
	 Cap Price:
	  	USD 8.4525; provided that in no event shall the Cap Price be reduced to an amount less than the Strike Price in connection with any commercially reasonable adjustment by the Calculation Agent under this
Confirmation.
		
	 Number of Shares:
	  	As of any date, a number of Shares equal to the product of (i) the Number of Options and (ii) the Option Entitlement.
		
	 Premium:
	  	USD 3,240,000.00; Dealer and Counterparty hereby agree that notwithstanding anything to the contrary herein or in the Agreement, following the payment of the Premium, in the event that (a) an Early Termination Date (whether as
a result of an Event of Default or a Termination Event) (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement that is within the Counterparty’s control) occurs or is designated with respect to any
Transaction and, as a result, Counterparty owes to Dealer the amount calculated under Section 6(d) and Section 6(e) or otherwise under the Agreement (calculated as if the Transactions terminated on such Early Termination Date were the sole
Transactions under the Agreement) or (b) Counterparty owes to Dealer, pursuant to Sections 12.2, 12.3, 12.6, 12.7, 12.8 or 12.9 of the Equity Definitions or otherwise under the Equity Definitions, an amount calculated under Section 12.8 of
the Equity Definitions, such amount shall be deemed to be zero.
		
	 Premium Payment Date:
	  	The Effective Date
		
	 Exchange:
	  	Nasdaq Capital Market
		
	 Related Exchange:
	  	All Exchanges

  
 2 

			
	Procedures for Exercise:	  	

  

			
	 Expiration Time:
	  	The Valuation Time
		
	 Expiration Date:
	  	For any Component, as provided in Annex A to this Confirmation (or, if such date is not a Scheduled Valid Day, the next following Scheduled Valid Day that is not already an Expiration Date for another Component);
provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Valid Day that is not a Disrupted Day and is not or is not deemed to be an Expiration Date in respect of any other
Component of the Transaction hereunder; and provided further that in no event shall the Expiration Date be postponed to a date later than the Final Termination Date. Notwithstanding the foregoing and anything to the contrary in the Equity
Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine in a good faith and commercially reasonable manner that such Expiration Date is a Disrupted Day only in part, in which case the Calculation
Agent shall make commercially reasonable adjustments to the Number of Options for the relevant Component for which such day shall be the Expiration Date, shall designate the Scheduled Valid Day determined in the manner described in the immediately
preceding sentence as the Expiration Date for the remaining Options for such Component and may determine the Relevant Price in a commercially reasonable manner based on transactions in the Shares on such Disrupted Day taking into account the nature
and duration of such Market Disruption Event on such day. Any Scheduled Valid Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be a Scheduled Valid Day; if a closure
of the Exchange prior to its normal close of trading on any Scheduled Valid Day is scheduled following the date hereof, then such Scheduled Valid Day shall be deemed to be a Disrupted Day in full. Section 6.6 of the Equity Definitions
shall not apply to any Valuation Date occurring on an Expiration Date.
		
	 Final Termination Date:
	  	May 26, 2028
		
	 Automatic Exercise:
	  	Applicable, which means that the Number of Options for the relevant Component will be deemed to be automatically exercised at the Expiration Time on the Expiration Date for such Component if at such time such Component is In-the-Money, unless Buyer notifies Seller (in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur with respect to
such Component, in which case Automatic Exercise will not apply with respect to such Component. “In-the-Money” means, in respect of any Component, that
the Relevant Price on the Expiration Date for such Component is greater than the Strike Price for such Component.
		
	 Valuation Time:
	  	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in a good faith and commercially
reasonable manner.
		
	 Valuation Date:
	  	For any Component, the Expiration Date therefor.
		
	 Market Disruption Event:
	  	Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in
Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.

  
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		  	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line
thereof.

  

			
	Settlement Terms:	  	

  

			
	 Settlement Method Election:
	  	 Applicable; provided that (a) Section 7.1 of the Equity Definitions is hereby amended by replacing the term “Physical
Settlement” with the term “Net Share Settlement”, (b) Counterparty must make a single irrevocable election for all Components and (c) if Counterparty is electing Cash Settlement or Combination Settlement, such Settlement
Method Election would be effective only if Counterparty represents and warrants to Dealer in writing on the date of such Settlement Method Election that (i) Counterparty is not in possession of any material
non-public information regarding Parent, Counterparty or the Shares, and (ii) such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities
laws. If Counterparty is electing Combination Settlement, Counterparty shall also specify a specified dollar amount (the “Specified Cash Amount”) in the notice specifying its election of Combination Settlement.

 
 Without limiting the generality of the foregoing, Counterparty acknowledges its
responsibilities under applicable securities laws, and in particular Sections 9 and 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder in respect of
such election.

		
	 Electing Party:
	  	Counterparty
		
	 Settlement Method Election Date:
	  	The second Scheduled Valid Day prior to the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.
		
	 Default Settlement Method:
	  	Net Share Settlement
		
	 Net Share Settlement:
	  	 With respect to any Component, if Net Share Settlement is applicable to the Options exercised or deemed exercised hereunder, Dealer will
deliver to Counterparty on the Settlement Date, a number of Shares (the “Net Share Settlement Amount”) equal to (i) the Daily Option Value on the Expiration Date of such Component divided by (ii) the Relevant Price
on such Expiration Date.
  
 Dealer will deliver cash in lieu of any fractional Shares
to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the Expiration Date of such Component.

		
	 Cash Settlement:
	  	With respect to any Component, if Cash Settlement is applicable to the Options exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the Settlement Date,
an amount of cash (the “Cash Settlement Amount”) equal to the Daily Option Value on the Expiration Date of such Component.
		
	 Combination Settlement:
	  	With respect to any Component, if Combination Settlement is applicable to the Options exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty on the Settlement Date:
		
		  	 (i) an amount of cash (the “Combination Settlement Cash Amount”)
equal to the lesser of (A) the Specified Cash Amount divided by the number of Components for the Transaction and (B) the Daily Option Value on the Expiration Date of such Component;
and

  
 4 

			
		  	 (ii)  a number of Shares (the “Combination Settlement Share Amount”)
equal to (A) the excess of (1) the Daily Option Value on the Expiration Date of such Component over the (2) the Specified Cash Amount divided by the number of Components for the Transaction, divided by
(B) the Relevant Price on such Expiration Date.

		
		  	Dealer will deliver cash in lieu of any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the Expiration Date of such Component.
		
	 Daily Option Value:
	  	For any Component, an amount equal to (i) the Number of Options in such Component, multiplied by (ii) the Option Entitlement, multiplied by (iii) (A) the lesser of the Relevant Price on the Expiration
Date of such Component and the Cap Price, minus (B) the Strike Price on such Expiration Date; provided that if the calculation contained in clause (iii) above results in a negative number, the Daily Option Value for such
Component shall be deemed to be zero. In no event will the Daily Option Value be less than zero.
		
	 Valid Day:
	  	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market,
“Valid Day” means a Business Day.
		
	 Scheduled Valid Day:
	  	A day that is scheduled to be a Valid Day on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Scheduled Valid Day” means a Business Day.
		
	 Business Day:
	  	Any day other than a Saturday, a Sunday or other day on which banking institutions are authorized or required by law, regulation or executive order to close or be closed in the State of New York.
		
	 Relevant Price:
	  	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “CDEV <equity> AQR” (or its equivalent successor if such page is not
available) (the “VWAP”) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Valid Day (or if such volume-weighted average price is unavailable at
such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent in a good faith and commercially reasonable manner using, if practicable, a volume-weighted average method substantially similar to the method for
determining the VWAP). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.
		
	 Settlement Date:
	  	For all Components of the Transaction, the date one Settlement Cycle immediately following the Expiration Date for the Component with the latest scheduled Expiration Date.
		
	 Settlement Currency:
	  	USD
		
	 Other Applicable Provisions:
	  	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share
Settlement.”

  
 5 

			
		  	
	 Representation and Agreement:
	  	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery,
subject to restrictions, obligations and limitations arising from Counterparty’s status as an affiliate of the Issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in
certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the
“Securities Act”)).
		
	Adjustments:	  	
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment; provided that the parties hereto agree that any Share repurchases by Parent, whether pursuant to Rule 10b-18 of the Exchange Act (“Rule 10b-18”), Rule 10b5-1 of the Exchange Act or pursuant to forward contracts or accelerated stock repurchase contracts or similar derivatives transactions on customary
terms, at prevailing market prices, volume-average weighted prices or commercially reasonable discounts thereto shall not be considered Potential Adjustment Events, so long as any such repurchases do not account for an aggregate number of Shares
that exceeds 15% of the total number of Shares outstanding as of the Trade Date.
		
	Extraordinary Events:	  	
		
	 New Shares:
	  	In the definition of New Shares in Section 12.1(i) of the Equity Definitions, (a) the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted, traded or listed on any of The
New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or their respective successors),” and (b) the following phrase shall be inserted immediately prior to the period: “and (iii) of a corporation
organized under the laws of the United States, any State thereof or the District of Columbia that also becomes the Counterparty and Parent under the Transaction following such Merger Event or Tender Offer”.
		
	 Merger Events:
	  	Applicable
		
	 Consequences of Merger Events:
	  	
		
	
(a)    Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	
(b)    Share-for-Other:
	  	Cancellation and Payment (Calculation Agent Determination)
		
	
(c)    Share-for-Combined:
	  	Cancellation and Payment (Calculation Agent Determination); provided that the Calculation Agent may elect Component Adjustment for all or part of the Transaction
		
	 Tender Offer:
	  	Applicable; provided that the definition of “Tender Offer” in Section 12.1(d) of the Equity Definitions will be amended by replacing the phrase “greater than 10% and less than 100% of the outstanding
voting shares of the Issuer” in the third and fourth line thereof with “greater than 20% and less than 100% of the outstanding Shares of the Issuer”.

  
 6 

			
	 Consequences of Tender Offers:
	  	
		
	
(a)    Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	
(b)    Share-for-Other:
	  	Modified Calculation Agent Adjustment
		
	
(c)    Share-for-Combined:
	  	Modified Calculation Agent Adjustment
		
	 Consequences of Announcement Events:
	  	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by
references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event” in the definition of Modified Calculation Agent Adjustment set forth in
Section 12.3(d), (y) the words “whether within a commercially reasonable (as determined in good faith by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word
“which” in the seventh line, and (z) for the avoidance of doubt, the Calculation Agent shall, in good faith and a commercially reasonable manner, determine whether the relevant Announcement Event has had a material economic effect on
the Transaction and, if so, shall adjust the exercise, settlement, payment or other terms of the Transaction accordingly to take into account such economic effect on one or more occasions on or after the date of the Announcement Event up to, and
including, the final Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that (i) any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to
the same Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement and (ii) in making any adjustment the Calculation Agent
shall solely take into account changes in stock price, volatility, expected dividends, stock loan rate, and liquidity relevant to the Shares or to such Transaction. An Announcement Event shall be an “Extraordinary Event” for purposes of
the Equity Definitions, to which Article 12 of the Equity Definitions is applicable; provided further that upon the Calculation Agent making an adjustment, determined in a commercially reasonable manner, to the terms of any Component upon any
Announcement Event, then the Calculation Agent shall make an adjustment to the terms of such Component upon any announcement regarding the same event that gave rise to the original Announcement Event regarding the abandonment of any such event to
the extent necessary to reflect the economic effect of such subsequent announcement on the Transaction.
		
	 Announcement Event:
	  	(i) The public announcement (whether by Parent, a subsidiary, affiliate, agent or representative of Parent, or a Valid Third Party Entity (any such person or entity, a “Relevant Party”)) of any transaction or event
that the Calculation Agent determines is reasonably likely to be completed and that, if completed, would constitute a Merger Event or Tender Offer (it being understood and agreed that in determining whether such transaction or event is reasonably
likely to be completed, the Calculation Agent shall take into consideration whether the relevant announcement by such party has had a material effect on the Shares and/or options on the Shares), or the announcement by a Relevant Party of any
intention to enter into a Merger Event or Tender Offer, (ii) the public announcement by a Relevant Party of any potential acquisition or disposition by Parent and/or its subsidiaries where the consideration exceeds 30% of the market
capitalization of Parent as of the date of such announcement (an “Acquisition Transaction”) (iii) the public announcement by a Relevant Party of an intention by Parent

  
 7 

			
		  	or such other Relevant Party to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event, Tender Offer or Acquisition Transaction, or (iv) any subsequent public
announcement by a Relevant Party of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i), (ii) or (iii) of this sentence (including, without limitation, a new announcement relating to
such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the Calculation Agent in a commercially reasonable manner. For the avoidance of
doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of
“Announcement Event,” “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in
Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded).
		
	 Valid Third Party Entity:
	  	In respect of any transaction or event, any third party (or any subsidiary, affiliate, agent or representative of such a third party) that has a bona fide intent to enter into or consummate such transaction or event (it being
understood and agreed that in determining whether such third party has such a bona fide intent, the Calculation Agent shall take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to
the Shares).
		
	 Notice of Merger Consideration and Consequences:
	  	Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), Parent shall
reasonably promptly (but in any event prior to the relevant Merger Date) notify the Calculation Agent of (i) the type and amount of consideration that a holder of Shares would have been entitled to in the case of reclassifications,
consolidations, mergers, sales or transfers of assets or other transactions that cause Shares to be converted into the right to receive more than a single type of consideration and (ii) the weighted average of the types and amounts of
consideration to be received by the holders of Shares that affirmatively make such an election.
		
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Shares are not
immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The Nasdaq Global Select Market or The
Nasdaq Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any
such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.
		
	Additional Disruption Events:	  	
		
	 (a) Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words
“(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)”, (ii) replacing the phrase
“the

  
 8 

			
		  	interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (iii) by adding the phrase “and/or type of commercially reasonable Hedge Position
that would be entered into by a commercially reasonable dealer” after the word “Shares” in clause (X) thereof, (iv) by immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in
the manner contemplated by the Hedging Party on the Trade Date assuming the dealer maintains a commercially reasonable hedge position.”, (v) adding the words “or holding, acquiring or disposing of Shares or any Hedge Positions relating
to,” after the words “obligations under” in clause (Y) thereof and (vi) adding the words “provided that, in the case of clause (Y) hereof and any law, regulation or interpretation, the consequence of such law,
regulation or interpretation is applied equally by Dealer to all of its similarly situated counterparties and/or similar transactions.” after the semi-colon in the last line thereof.
		
	 (b) Failure to Deliver:
	  	Applicable
		
	 (c) Insolvency Filing:
	  	Applicable
		
	 (d) Hedging Disruption:
	  	Applicable; provided that “Hedging Disruption” shall be amended in its entirety to mean that a Hedging Party is unable, after using commercially reasonable efforts, to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) it deems necessary to hedge the equity price risk of entering into and performing its obligations with respect to the
Transaction, or (B) realize, recover or remit the proceeds of any such transaction(s) or asset(s), provided that any such inability that is incurred solely due to the deterioration of the creditworthiness of the Hedging Party shall not
be deemed a Hedging Disruption; provided further that Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a
portion of the Transaction affected by such Hedging Disruption”.
		
	 (e) Increased Cost of Hedging:
	  	Not Applicable
		
	 Hedging Party:
	  	Dealer
		
	 Determining Party:
	  	For all applicable Extraordinary Events, Dealer; provided that, when making any determination or calculation as “Determining Party,” Dealer shall be bound by the same obligations relating to required acts of the
Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent.
		
		  	Following any determination or calculation by Determining Party hereunder, upon a written request by Counterparty, Determining Party will promptly (but in any event within five Scheduled Trading Days) provide to Counterparty by
email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or calculation
(including any assumptions used in making such determination or calculation), it being understood that in no event will Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or any proprietary
or confidential models used by it in making such determination or calculation or any information that is subject to an obligation not to disclose such information.

  
 9 

			
		  	All calculations and determinations made by Determining Party shall be made in good faith and in a commercially reasonable manner.
		
	 Non-Reliance:
	  	Applicable
		
	 Agreements and Acknowledgments Regarding Hedging Activities:
	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	3. Calculation Agent:	  	Dealer; provided that, following the occurrence and during the continuance of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, Counterparty
shall have the right to designate a nationally recognized third party dealer in over-the-counter corporate equity derivatives to replace Dealer as the Calculation Agent,
and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.
		
		  	Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty, the Calculation Agent will promptly (but in any event within five Scheduled Trading Days) provide to
Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such adjustment,
determination or calculation (including any assumptions used in making such adjustment, determination or calculation), it being understood that in no event will the Calculation Agent be obligated to share with Counterparty any proprietary or
confidential data or information or any proprietary or confidential models used by it in making such adjustment, determination or calculation or any information that is subject to an obligation not to disclose such information.
		
		  	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.

 4. Account Details: 

Dealer Payment Instructions: 

[    ] 

Counterparty Payment Instructions: To be advised. 

5. Offices: 
 The
Office of Dealer for the Transaction is: Toronto 
 The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a
Multibranch Party. 
 6. Notices: For purposes of this Confirmation: 

(a) Address for notices or communications to Counterparty or Parent: 

 

					
	        	 	                To:	  	Centennial Resource Production, LLC
		 		  	1001 Seventeenth Street, Suite 1800
		 		  	Denver, Colorado 80202
		 		  	Attn:     Will Weidig
		 		  	       Vice President of Finance and Treasurer

		 		  	       (720)
499-1465

  
 10 

					
		 	                    	  	with a copy to:
			
		 		  	Centennial Resource Production, LLC
		 		  	1001 Seventeenth Street, Suite 1800
		 		  	Denver, Colorado 80202
		 		  	Attn:     George Glyphis
		 		  	      Chief Financial Officer

		 		  	      (720) 499-1443

 (b) Address for notices or communications to Dealer: 

For purpose of Giving Notice: 

To:              RBC Capital Markets, LLC 

          Brookfield Place 

          200 Vesey Street 

          New York, NY 10281 

Attention:    ECM 

Email:          RBCECMCorporateEquityLinkedDocumentation@rbc.com 

For Trade Affirmations and Settlements: 

To:              RBC Capital Markets, LLC 

          Brookfield Place 

          200 Vesey Street 

          New York, NY 10281 

Attention:    Back Office 

Email:          geda@rbccm.com 

For Trade Confirmations: 

To:              RBC Capital Markets, LLC 

          Brookfield Place 

          200 Vesey Street 

          New York, NY 10281 

Attention:    Structured Derivatives Documentation 

Email:  seddoc@rbccm.com 

For the avoidance of doubt, any notice or other communication delivered by electronic messaging system,
e-mail or facsimile transmission shall be deemed to be “in writing.” 
 7.
Representations, Warranties and Agreements:  
 (a) In addition to the representations and warranties in the Agreement
and those contained elsewhere herein, Counterparty and Parent each represent and warrant to and for the benefit of, and agree with, Dealer as follows: 

(i) On the Trade Date (A) none of Counterparty, Parent and their respective officers and directors is aware of any
material non-public information regarding Parent, Counterparty or the Shares, and (B) all reports and other documents filed by Parent and Counterparty with the Securities and Exchange Commission pursuant
to the Exchange Act when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or
any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading. 

  
 11 

 (ii) On the Trade Date, (A) the Shares or securities that are
convertible into, or exchangeable or exercisable for Shares, are not, and shall not be, subject to a “restricted period,” as such term is defined in Regulation M under the Exchange Act (“Regulation M”), and
(B) Counterparty and Parent are not engaged in any “distribution,” as such term is defined in Regulation M, other than (i) a distribution meeting the requirements of the exceptions set forth in Rules 101(b)(10) and 102(b)(7) or
Rule 102(c)(1)(i) of Regulation M and (ii) the distribution of the Exchangeable Notes. 
 (iii) On the Trade Date, none
of Counterparty, Parent nor any “affiliate” or “affiliated purchaser” (each as defined in Rule 10b-18) shall directly or indirectly (including, without limitation, by means of any
cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial
interest in a trust or limited partnership or a depository share) or any security convertible into or exchangeable or exercisable for Shares. 

(iv) Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty and Parent acknowledge that
neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings
Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in
Entity’s Own Equity (or any successor issue statements). 
 (v) Without limiting the generality of
Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule 13e-1 or Rule 13e-4 under the Exchange Act. 

(vi) Counterparty and Parent are not entering into this Confirmation to create actual or apparent trading activity in the
Shares (or any security convertible into or exchangeable for Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act. 

(vii) Counterparty and Parent are not, and after giving effect to the transactions contemplated hereby will not be, required to
register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(viii) On each of the Trade Date and the Premium Payment Date, (A) the value of the total assets of each of Counterparty
and Parent is greater than the sum of the total liabilities (including contingent liabilities) and the capital of Counterparty or Parent, respectively, (B) the capital of each of Counterparty and Parent is adequate to conduct the business of
Counterparty and Parent, and Counterparty’s and Parent’s entry into the Transaction will not impair its capital, (C) Counterparty and Parent have the ability to pay their debts and obligations as such debts mature and do not intend
to, or do not believe that it will, incur debt beyond their ability to pay as such debts mature, (D) Counterparty and Parent are not “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11
of the United States Code) (the “Bankruptcy Code”)) and (E) Counterparty and Parent would each be able to purchase the aggregate Number of Shares for the Transaction in compliance with the laws of their respective jurisdictions
of incorporation. 
 (ix) To Parent’s and Counterparty’s knowledge, no U.S. state or local law, rule, regulation or
regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its
affiliates owning or holding (however defined) Shares; provided that no such representation shall be made by Parent or Counterparty with respect to any rules and regulations applicable to Dealer (including FINRA) arising from Dealer’s
status as a regulated entity under applicable law. 
 (x) Counterparty and Parent (A) are capable of evaluating
investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or
its associated persons, unless it has otherwise notified the broker-dealer in writing, (C) each have total assets of at least $50 million. 

  
 12 

 (b) Each of Dealer, Parent and Counterparty agrees and represents that it is an
“eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended. 
 (c) Each of
Dealer, Parent and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from registration under the Securities Act, by virtue of Section 4(a)(2) thereof. Accordingly, each of Counterparty and
Parent represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able to bear a total loss of its investment and its investments in and liabilities in respect
of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection with the Transaction, including the loss of its entire investment in the Transaction,
(ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for its own account and without a view to the distribution or resale
thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this Confirmation, the Securities Act and state securities laws, and
(v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness and is
capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction.  

(d) Each of Dealer, Parent and Counterparty agrees and acknowledges that Dealer is a “financial institution,” “swap
participant” and “financial participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this Confirmation is (i) a
“securities contract,” as such term is defined in Section 741(7) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment
amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and (ii) a “swap
agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or
“other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to the protections
afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code. 

(e) As a condition to the effectiveness of the Transaction, Counterparty and Parent shall deliver to Dealer an opinion of counsel, dated as of
the Effective Date and reasonably acceptable to Dealer in form and substance, with respect to the matters set forth in Section 3(a)(i), (ii), (iii) and (iv) of the Agreement and Section 7(a)(vii) hereof; provided that any such
opinion of counsel may contain customary exceptions and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions. 

(f) Counterparty and Parent understand that notwithstanding any other relationship between Counterparty or Parent and Dealer and its
affiliates, in connection with the Transaction and any other over-the-counter derivative transactions between Counterparty or Parent and Dealer or its affiliates, Dealer
or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such transaction, including any entry, exercise, amendment, unwind or termination thereof. 

8. Other Provisions: 

(a) Right to Extend. Dealer may divide any Component into additional Components and designate the Expiration Date and the Number
of Options for each such Component or postpone the Expiration Date of any Component if Dealer determines, in good faith and a commercially reasonable manner, that such further division or postponement would be necessary or advisable to preserve a
commercially reasonable dealer’s hedging or hedge unwind activity with respect to the Transaction in light of existing liquidity conditions or to enable such a dealer to purchase or sell Shares or enter into swap or other derivatives
transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity with respect to the Transaction in a manner that would, if such dealer were Parent or an affiliated purchaser of Parent,
be compliant and consistent with applicable legal, regulatory or self-regulatory requirements generally applicable to transactions of the type of the Transaction, or with related policies and procedures adopted by Dealer in good faith so long as
such policies and procedures are generally applicable in similar situations and applied in a non-discriminatory manner; provided that in no event shall any Expiration Date for any Component be postponed
to a date later than the Final Termination Date.  

  
 13 

 (b) Additional Termination Events. Promptly (but in any event within ten
Scheduled Trading Days) following any repurchase, redemption or exchange (which exchange occurs prior to January 3, 2028) of any of the Counterparty’s 3.25% Exchangeable Senior Notes due 2028 (the “Exchangeable Notes”)
issued pursuant to the Counterparty’s indenture, as supplemented by a supplemental indenture (together, the “Indenture”), each to be dated March 19, 2021 among the Counterparty, the guarantors party thereto and UMB Bank,
N.A., as trustee, Counterparty may notify Dealer in writing of (i) such repurchase, redemption or exchange, (ii) the number of Exchangeable Notes so repurchased, redeemed or exchanged and (iii) the number of Shares underlying each USD
1,000 principal amount of Exchangeable Notes (any such notice, a “Repurchase Notification” and any such event, a “Repurchase Event”). Notwithstanding anything to the contrary in this Confirmation, the receipt by
Dealer from Counterparty of (x) any Repurchase Notification, within the applicable time period set forth in the preceding sentence, and (y) a written representation and warranty by Counterparty and Parent that, as of the date of such
Repurchase Notification, Counterparty and Parent are not in possession of any material non-public information regarding Parent, Counterparty or the Shares, shall constitute an Additional Termination Event as
provided in this paragraph. Upon receipt of any such Repurchase Notification and the related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notification as an Early
Termination Date with respect to the portion of this Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) 25% of the aggregate number of Shares underlying the number of Exchangeable
Notes specified in such Repurchase Notification, divided by the Option Entitlement and (B) the aggregate Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the aggregate Number of Options
shall be reduced by the number of Repurchase Options on a pro rata basis across all Components, as determined by the Calculation Agent in good faith and in a commercially reasonable manner. Any payment hereunder with respect to such termination
shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and an aggregate Number of Options equal to the
number of Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction. Notwithstanding anything to
the contrary in Section 2 above, Increased Cost of Hedging shall be applicable to the extent resulting from Dealer not having received a Repurchase Notification (accompanied by the related written representation and warranty described above)
within ten Scheduled Trading Days of a Repurchase Event. 
 (c) Alternative Calculations and Payment on Early Termination and on
Certain Extraordinary Events. If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or
terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event
or Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination
Event resulted from an event or events within the Counterparty’s control), and if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement or any Cancellation Amount pursuant to Article 12 of the
Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives irrevocable telephonic
notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early
Termination Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) as of the date of such election, Counterparty represents that is not in possession of any material non-public information regarding Parent, Counterparty or the Shares, and that such election is being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and
(c) Dealer agrees, in its commercially reasonable discretion, to such election, in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) and 6(e) of the
Agreement, as the case may be, shall apply. 
  

			
	Share Termination Alternative:	  	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant
to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of
payment.

  
 14 

			
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent in good faith and in a commercially reasonable manner, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation
Agent shall, in good faith and in a commercially reasonable manner, adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based
on the values used to calculate the Share Termination Unit Price.
		
	Share Termination Unit Price:	  	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of
notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider a variety of factors, including the market price of the Share
Termination Delivery Units and/or the purchase price paid in connection with the commercially reasonable purchase of Share Termination Delivery Property.
		
	Share Termination Delivery Unit:	  	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the
“Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any
securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.
		
	Failure to Deliver:	  	Applicable
		
	Other Applicable Provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in
Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as
references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

 (d) Disposition of Hedge Shares. Parent hereby agrees that if, in the good faith and
commercially reasonable judgment of Dealer, based on the advice of legal counsel, the Shares acquired by Dealer for the purpose of effecting a commercially reasonable hedge of its obligations pursuant to the Transaction (the “Hedge
Shares”) cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Parent shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, use its
commercially reasonable efforts to make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance commercially reasonably
satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered offering for companies of a similar size in a similar industry, (B) provide accountant’s “comfort” letters in customary form for
registered offerings of equity securities for companies of a similar size in a similar industry, (C) provide disclosure opinions of nationally recognized outside counsel to Parent in customary form for registered offerings of equity securities
for companies of a similar size in a similar industry, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities for companies of a similar size in a similar

  
 15 

 
industry and (E) afford Dealer a reasonable opportunity to conduct a “due diligence” investigation with respect to Parent customary in scope for underwritten offerings of equity
securities for companies of a similar size in a similar industry; provided, however, that, if Parent elects clause (i) above but Dealer, in its commercially reasonable discretion, is not satisfied with access to due diligence materials,
the results of its due diligence investigation, or the procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Parent;
provided that Dealer has given Parent reasonable notice of its determination and provided Parent with reasonable opportunity to satisfy Dealer’s concerns; (ii) in order to allow Dealer to sell the Hedge Shares in a private placement,
enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of companies of a similar size in a similar industry, in form and substance commercially
reasonably satisfactory to Dealer using reasonable best efforts to include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated
buyer of the Hedge Shares from Dealer), opinions and certificates and such other documentation as is customary for private placements agreements of equity securities of companies of a similar size in a similar industry, as is reasonably acceptable
to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its good faith and commercially reasonable judgment, to compensate Dealer for any customary liquidity discount from the
public market price of the Shares incurred on the sale of Hedge Shares in a private placement); provided that no “comfort letter” or accountants’ consent shall be required to be delivered in connection with any private
placements; or (iii) purchase the Hedge Shares from Dealer at the then-prevailing market price at one or more times on such Exchange Business Days, and in the amounts, requested by Dealer. 

(e) Repurchase Notices. Parent shall, on any day on which Parent effects any repurchase of Shares, give Dealer written notice of
such repurchase (a “Repurchase Notice”) on such day if, following such repurchase, the number of outstanding Shares as determined on such day is less than 252.9 million (in the case of the first such notice) or
(ii) thereafter more than 21.3 million less than the number of Shares included in the immediately preceding Repurchase Notice; provided that, if such repurchase would constitute material
non-public information with respect to Parent, Counterparty or the Shares, Parent shall make public disclosure thereof at or prior to delivery of such Repurchase Notice. In the event that Parent fails to
provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty and Parent jointly and severally agree to indemnify and hold harmless Dealer, its affiliates and their respective directors,
officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified Party”) from and against any and all commercially reasonable losses (including direct losses relating to Dealer’s
commercially reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of hedging activities and
any losses in connection therewith with respect to the Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable securities laws, including
without limitation, Section 16 of the Exchange Act relating to or arising out of such failure. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then
Parent or Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition, Parent or Counterparty will reimburse any
Indemnified Party for all commercially reasonable expenses (including commercially reasonable outside counsel fees and expenses) as they are incurred (after notice to Parent) in connection with the investigation of, preparation for or defense or
settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit or proceeding is initiated or brought by or on
behalf of Parent or Counterparty, in each case relating to or arising out of such failure. Parent and Counterparty shall be relieved from liability under this Section 8(e) to the extent that the Indemnified Party fails promptly to notify Parent
or Counterparty of any action commenced against it in respect of which indemnity may be sought hereunder (it being understood that any such notice delivered within 30 calendar days of the commencement of any such action shall be deemed to have been
delivered promptly for such purpose), if and to the extent that Parent or Counterparty is materially prejudiced by such delayed notification. This indemnity shall survive the completion of the Transaction contemplated by this Confirmation and any
assignment and delegation of the Transaction made pursuant to this Confirmation or the Agreement shall inure to the benefit of any permitted assignee of Dealer. Parent and Counterparty will not be liable under this indemnity provision to the extent
any loss, claim, damage, liability or expense is conclusively found in a final and non-appealable judgment by a court of competent jurisdiction to have resulted from Dealer’s gross negligence or willful
misconduct. 
 (f) Transfer and Assignment. Any of Dealer, Parent or Counterparty may transfer or assign any of its rights or
obligations under the Transaction with the prior written consent of each other party, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or assign its rights and obligations hereunder,

  
 16 

 
in whole or in part, to (A) without the consent of Counterparty or Parent, any affiliate of Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s
credit rating at the time of such transfer or assignment, or (2) whose obligations would be guaranteed by Dealer or Dealer’s ultimate parent or (B) with Counterparty’s consent (such consent not to be unreasonably withheld or
delayed) any person (including any affiliate of Dealer not satisfying clause (A)) or any person whose obligations would be guaranteed by a person (a “Designated Transferee”), in either case under this clause (B), with a rating for
its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer’s (or its guarantor’s), provided, however, that, in the case of this clause (B), in no event shall the credit rating of the Designated
Transferee or of its guarantor (whichever is higher) be lower than A3 from Moody’s Investor Service, Inc. or its successor or A- from Standard and Poor’s Rating Group, Inc. or its successor;
provided further that after any such transfer or assignment, (i) Counterparty will not, as a result of such transfer or assignment, be required to pay the transferee or assignee an amount under Section 2(d)(i)(4) of the Agreement
greater than the amount that Counterparty would have been required to pay to Dealer in the absence of such transfer or assignment and (ii) Counterparty will not, as a result of such transfer or assignment, receive from such transferee or
assignee an amount or number of Shares, as applicable, less than it would have been entitled to receive (including under Section 2(d)(i)(4) of the Agreement) in the absence of such transfer or assignment, and (iii) Dealer shall cause the
transferee or assignee, prior to becoming a party to the Transaction, to provide Counterparty with a complete and accurate U.S. Internal Revenue Service Form W-9 or W-8
(or successor form), as applicable, and make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by the Counterparty to permit Counterparty to determine that the results described in clauses
(i) and (ii) of this proviso will not occur upon or after such transfer and assignment. At any time at which (1) the Equity Percentage exceeds 8.0% or (2) Dealer, Dealer Group (as defined below) or any person whose ownership position
would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer Person”) under any applicable “business combinations statute” or other federal, state or local law, rule,
regulation or regulatory order or organizational documents or contracts of Parent applicable to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or
otherwise meets a relevant definition of ownership in excess of a number of Shares equal to (x) the number of Shares that would give rise to reporting, registration, filing or notification obligations or other requirements (including obtaining
prior approval by a state or federal regulator) of a Dealer Person under Applicable Restrictions and with respect to which such requirements have not been met or the relevant approval has not been received minus (y) 1% of the number of Shares
outstanding on the date of determination (either such condition described in clause (1) or (2), an “Excess Ownership Position”), if Dealer, in its commercially reasonable discretion, is unable to effect a transfer or assignment
to a third party in accordance with the requirements set forth above after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists,
Dealer may designate any Scheduled Valid Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership Position no longer exists following such partial
termination. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation as
if (i) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination,
(iii) such portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable
pursuant to Section 6(e) of the Agreement. The “Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates subject
to aggregation with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all persons who may form a “group” (within the meaning of Rule
13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”) “beneficially own” (within the meaning of Section 13 of the Exchange Act) without duplication on
such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is
the number of Shares outstanding on such day. 
 In the case of a transfer or assignment by Counterparty or Parent of its rights and
obligations hereunder and under the Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer Options”), to 

  
 17 

 
any party, withholding of such consent by Dealer shall not be considered unreasonable if such transfer or assignment does not meet the reasonable conditions that Dealer may impose including, but
not limited, to the following conditions: 
 (A) with respect to any Transfer Options, Counterparty and Parent shall not be
released from any notice and indemnification obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation; 

(B) any Transfer Options shall only be transferred or assigned to a U.S. person (as defined in the Internal Revenue Code of
1986, as amended (the “Code”)), and the transferee or assignee shall provide Dealer with a complete and accurate U.S. Internal Revenue Service Form W-9 prior to becoming a party to the
Transaction; 
 (C) such transfer or assignment shall be effected on terms, including any commercially reasonable
undertakings by such third party (including, but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the commercially reasonable judgment of Dealer, will not expose Dealer to material risks
under applicable securities laws) and execution of any documentation and delivery of customary legal opinions with respect to securities laws and other matters by such third party, Counterparty and Parent as are commercially reasonably requested and
commercially reasonably satisfactory to Dealer; 
 (D) Dealer will not, as a result of such transfer and assignment, be
required to pay the transferee or assignee on any payment date an amount or number of Shares under Section 2(d)(i)(4) of the Agreement greater than the amount or number of Shares that Dealer would have been required to pay to Counterparty in
the absence of such transfer and assignment; 
 (E) Dealer shall not, as a result of such transfer or assignment, receive
from the transferee or assignee any amount less than it would have been entitled to receive (including under Section 2(d)(i)(4) of the Agreement) in the absence of such transfer or assignment; 

(F) an Event of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and
assignment; 
 (G) without limiting the generality of clause (B), Counterparty shall cause the transferee to make such Payee
Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and 

(H) Counterparty or Parent, as applicable, shall be responsible for all commercially reasonable costs and expenses, including
commercially reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment. 
 Notwithstanding any other
provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty or Parent, Dealer may designate any of
its affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such
obligations. Dealer shall be discharged of its obligations to Counterparty and Parent to the extent of any such performance. 
 (g)
Staggered Settlement. If Dealer determines in good faith and in its commercially reasonable discretion that the number of Shares required to be delivered to Counterparty hereunder on any Settlement Date would result in an Excess
Ownership Position, then Dealer may, by notice to Counterparty prior to such Settlement Date (a “Nominal Settlement Date”), elect to deliver any Shares due to be delivered on two or more dates (each, a “Staggered Settlement
Date”) or at two or more times on the Nominal Settlement Date as follows: 
 (i) in such notice, Dealer will specify
to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver hereunder on the Settlement Date among the
Staggered Settlement Dates or delivery times; and 
 (ii) the aggregate number of Shares that Dealer will deliver to
Counterparty hereunder on all such Staggered Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; provided that in no event shall any Staggered
Settlement Date be a date later than the Final Termination Date. 

  
 18 

 (h) Disclosure. Effective from the date of commencement of discussions
concerning the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any
kind (including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.  

(i) No Netting and Set-off. The provisions of Section 2(c) and 6(f) of the
Agreement shall not apply to the Transaction. Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery
or payment obligations owed to it by the other party, whether arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise. 

(j) Equity Rights. Dealer acknowledges and agrees that this Confirmation is not intended to convey to it rights with respect to
the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy. For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time other than during
Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of Counterparty
under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement. 

(k) Early Unwind. In the event the sale of the “Underwritten
Securities” (as defined in the Underwriting Agreement dated as of March 16, 2021, among Counterparty, the guarantors party thereto and Citigroup Global Markets Inc., J.P. Morgan
Securities LLC and Jefferies LLC, as representatives of the Underwriters party thereto (the “Underwriters”)) is not consummated with the Underwriters for any reason by 5:00 p.m. (New York City time) on the Premium Payment Date, or
such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on the Early Unwind Date and
(i) the Transaction and all of the respective rights and obligations of Dealer, Counterparty and Parent under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from
and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date. Each of
Dealer, Counterparty and Parent represents and acknowledges to the other that, upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 

(l) Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall Street Transparency
and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit or otherwise impair
either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change
or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess Ownership Position, or Illegality (as defined in
the Agreement)). 
 (m) Amendments to Equity Definitions and the Agreement. The following amendments shall be made to the
Equity Definitions: 
 (i) solely for purposes of applying the Equity Definitions and for purposes of this Confirmation, any
reference in the Equity Definitions to a Strike Price shall be deemed to be a reference to either of the Strike Price or the Cap Price, or both, as appropriate; 

(ii) for the purpose of any adjustment under Section 11.2(c) of the Equity Definitions, the first sentence of
Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is hereby amended to read as follows: “If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of a Share
Option Transaction, then following the announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has, in the commercially reasonable judgment of the Calculation Agent,
a material economic effect on the theoretical value of the relevant Shares or options on the Shares (provided that such event is not based on (x) an observable market, other than the market for Parent’s own stock or (y) an
observable index, other than an index calculated and measured solely by reference to Parent’s own operations) and, if so, will (i) make appropriate adjustment(s), if any, determined in a commercially reasonable manner, to any one or more
of:”, and the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by 

  
 19 

 
deleting the words “diluting or concentrative” and the words “(provided that no adjustments will be made to account solely for changes in volatility, expected dividends,
stock loan rate or liquidity relative to the relevant Shares)” and replacing such latter phrase with the words “(provided that solely in the case of Section 11.2(e)(i), (ii)(A) and (iv), no adjustments will be made to account
for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares as determined by the Calculation Agent in a commercially reasonable manner, but, for the avoidance of doubt, solely in the case of Sections
11.2(e)(ii)(B) through (D), (iii), (v), (vi) and (vii), adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)”; 

(iii) Section 11.2(a) of the Equity Definitions is hereby amended by (1) deleting the words “in the
determination of the Calculation Agent, a diluting or concentrative effect on the theoretical value of the relevant Shares” and replacing these words with “in the commercially reasonable judgment of the Calculation Agent, a material
economic effect on the theoretical value of the Shares or options on such Shares”; and (2) adding at the end thereof “; provided that such event is not based on (i) an observable market, other than the market for
Parent’s own stock or (ii) an observable index, other than an index calculated and measured solely by reference to Parent’s own operations”; 

(iv) Section 11.2(e)(vii) of the Equity Definitions is hereby amended and restated as follows: “any other corporate
event involving the Parent that in the commercially reasonable judgment of the Calculation Agent has a material economic effect on the theoretical value of the Shares or options on the Shares; provided that such corporate event involving the
Issuer is not based on (a) an observable market, other than the market for Parent’s own stock or (b) an observable index, other than an index calculated and measured solely by reference to Parent’s own operations.”; 

(v) Section 12.7(b) of the Equity Definitions is hereby amended by deleting the words “(and in any event within five
Exchange Business Days) by the parties after” appearing after the words “agreed promptly” and replacing with the words “by the parties on or prior to”; and 

(vi) Section 12.9(b)(i) of the Equity Definitions is hereby amended by replacing “either party may elect” with
“(x) Dealer may elect or, (y) solely with respect to a “Change in Law”, if Counterparty and Parent represent to Dealer in writing at the time of such election that (i) they are not aware of any material nonpublic information
with respect to Parent, Counterparty or the Shares and (ii) Counterparty is not making such election as part of a plan or scheme to evade compliance with the U.S. federal securities laws, Counterparty may elect”. 

(n) Governing Law. THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING IN CONNECTION WITH THE AGREEMENT AND THIS
CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF THE NEW YORK GENERAL OBLIGATIONS LAW). THE PARTIES HERETO
IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY
TRANSACTIONS CONTEMPLATED HEREBY. 
 (o) Adjustments. For the avoidance of doubt, whenever the Calculation Agent or
Determining Party is called upon to make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent or Determining Party shall make such adjustment by
reference to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position. 

(p) Delivery or Receipt of Cash. For the avoidance of doubt, other than payment of the Premium by Counterparty, nothing in this
Confirmation shall be interpreted as requiring Counterparty to cash settle the Transaction, except in circumstances where cash settlement is within Counterparty’s control (including, without limitation, where Counterparty elects to deliver or
receive cash) or in those circumstances in which holders of Shares would also receive cash. 
 (q) Waiver of Jury Trial.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY. 

  
 20 

 (r) Amendment. This Confirmation and the Agreement may not be modified,
amended or supplemented, except in a written instrument signed by Counterparty, Parent and Dealer.  
 (s)
Counterparts. This Confirmation may be executed in several counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

(t) Tax Matters. For the purpose of Sections 4(a)(i) and (ii) of the Agreement, each party agrees to deliver the following
documents, as applicable: 
 Dealer agrees to deliver U.S. Internal Revenue Service Form W-8ECI (or
any successor of such form) with the “corporation” box checked on line 4 thereof, (ii) Counterparty agrees to deliver a U.S. Internal Revenue Form W-9 of Parent (or any successor of such form),
with the “corporation” box checked on line 3 thereof and (iii) Dealer and Counterparty agree to deliver any other form or document that may be required or reasonably requested by the other party in order to allow such party to make a
payment under this Confirmation, including any Credit Support Document, without any deduction or withholding for or on account of any tax or with such deduction or withholding at a reduced rate. In each case, such form or document shall be completed
accurately and in a manner reasonably acceptable to the other party and shall be delivered (a) promptly upon reasonable demand by the other party (b) promptly upon learning that the information on any such previously delivered form is
inaccurate or incorrect and (c) in the case of (i) and (ii), above, upon execution of this Confirmation. 
 (u) Payee Tax
Representations.  
 (i) For the purpose of Section 3(f) of the Agreement, Counterparty makes the
representations below: 
 It is a limited liability company organized under the laws of Delaware (ii) for U.S. federal income tax
purposes it is disregarded as an entity separate from Parent, its sole owner, (iii) Parent is a corporation for U.S. federal income tax purposes and (iv) Parent is a “US person” (as that term is defined in
Section 7701(a)(30) of the Code) and an exempt recipient under Treasury Regulations Section 1.6049-4(c)(1)(ii). 

(ii) For the purpose of Section 3(f) of the Agreement, Parent makes the representations below: 

It is a corporation organized under the laws of Delaware and is a corporation and a U.S. person (as that term is defined in
Section 7701(a)(30) of the Code and used in Treasury Regulations Section 1.1441-4(a)(3)(ii)) for U.S. federal income tax purposes. It is an exempt recipient under Treasury Regulations Section 1.6049-4(c)(1)(ii). 
 (iii) For the purpose of Section 3(f) of the
Agreement, Dealer makes the representations below: 
 (x) It is a bank organized under the laws of Canada, (y) it is a corporation for
U.S. federal income tax purposes and (z) each payment received or to be received by it in connection with this Confirmation will be effectively connected with its conduct of a trade or business in the United States. 

(v) Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
Account Tax Compliance Act. “Indemnifiable Tax”, as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any
current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by
applicable law for the purposes of Section 2(d) of the Agreement. 
 (w) Incorporation of ISDA 2015
Section 871(m) Protocol Provisions. The parties agree that the definitions and provisions contained in the Attachment to the ISDA 2015 Section 871(m) Protocol published on November 2, 2015 by the
International Swaps and Derivatives Association, Inc. are incorporated into and apply to this Confirmation. References in those definitions and provisions to any ‘Covered Master Agreement’ will be deemed to be references to this
Confirmation, and references to “Implementation Date” shall be deemed to be references to the date of this Confirmation. For greater certainty, if there is any inconsistency between this provision and the provisions in any other agreement
between the parties to which this Transaction relates, this provision shall prevail unless such other agreement expressly overrides the provisions of the Attachment to the ISDA 2015 Section 871(m) Protocol. 

  
 21 

 (x) Agreements and Acknowledgements Regarding Hedging. Counterparty and
Parent understand, acknowledge and agree that: (A) at any time on or prior to the final Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or
other derivative securities in order to adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the
Transaction; (C) Dealer shall make its own determination as to whether, when or in what manner any hedging or market activities in securities of the Parent shall be conducted and shall do so in a manner that it deems appropriate to hedge its
price and market risk with respect to the Relevant Prices; and (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices, each in a manner
that may be adverse to Counterparty or Parent. 
 (y) Reserved. 

(z) Financial Assistance. Counterparty and Parent acknowledge that the Transaction may constitute a purchase of Parent’s
equity securities. Counterparty and Parent further acknowledge that, pursuant to the provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Counterparty, Parent and/or their respective subsidiaries
would be required to agree to certain time-bound restrictions on their ability to purchase Parent’s equity securities if Parent, Counterparty or any of their respective subsidiaries receive loans, loan guarantees or direct loans (as that term
is defined in the CARES Act) under section 4003(b) of the CARES Act. Counterparty and Parent further acknowledge that they may be required to agree to certain time-bound restrictions on their ability to purchase Parent’s equity securities if
Parent or Counterparty receive loans, loan guarantees or direct loans (as that term is defined in the CARES Act) under programs or facilities established by the Board of Governors of the Federal Reserve System for the purpose of providing liquidity
to the financial system (together with loans, loan guarantees or direct loans under section 4003(b) of the CARES Act, “Governmental Financial Assistance”). Accordingly, Counterparty and Parent represent and warrant that they and
their respective subsidiaries have not applied for, and prior to the termination or settlement of the Transaction shall not apply for, Governmental Financial Assistance under any governmental program or facility that (a) is established under
the CARES Act or the Federal Reserve Act, as amended, and (b) requires, as a condition of such Governmental Financial Assistance, that Counterparty, Parent or any of their respective subsidiaries agree, attest, certify or warrant that it has
not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Parent. Counterparty and Parent further represent and warrant that the Premium is not being paid, in whole or in part, directly or
indirectly, with funds received under or pursuant to any program or facility, including the U.S. Small Business Administration’s “Paycheck Protection Program”, that (a) is established under applicable law (whether in existence as
of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other
pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase of this Transaction. 

(aa) Agency. Royal Bank of Canada (“RBC” or the “Bank”) has appointed as its agent, its
indirect wholly-owned subsidiary, RBC Capital Markets, LLC (“RBCCM”), for purposes of conducting on the Bank’s behalf, a business in privately negotiated transactions in options and other derivatives. You hereby are advised
that RBC, the principal and stated counterparty in such transactions, duly has authorized RBCCM to market, structure, negotiate, document, price, execute and hedge transactions in
over-the-counter derivative products. RBCCM has full, complete and unconditional authority to undertake such activities on behalf of RBC. RBCCM acts solely as agent and
has no obligation, by way of issuance, endorsement, guarantee or otherwise with respect to the performance of either party under this Transaction. This Transaction is not insured or guaranteed by RBCCM. 

(bb) Risk Disclosure Statement. Counterparty has received, read and understands the OTC Options Risk Disclosure Statement
provided by Dealer and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”. 

(cc) Additional Representation. Counterparty represents that the person(s) executing this document are duly authorized to act on
behalf of Counterparty in connection with the entry of this Transaction. 

  
 22 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by sending
to us a letter or telex substantially similar to this facsimile, which letter or telex sets forth the material terms of the Transaction to which this Confirmation relates and indicates your agreement to those terms. 

 

					
	Yours faithfully,
	
	 RBC Capital Markets, LLC

as agent for
 ROYAL BANK OF CANADA

		
	By:	 	 /s/ Shane Didier

		 	Name:	 	Shane Didier
		 	Title:	 	Associate Director

  

					
		 	Agreed and Accepted By:
		
		 	Centennial Resource Production, LLC
		
	By	 	 /s/ George S. Glyphis

		 	Name:	 	George S. Glyphis
		 	Title:	 	Vice President, Chief Financial Officer and Assistant Secretary
		
		 	Centennial Resource Development, Inc.
		
	By	 	 /s/ George S. Glyphis

		 	Name:	 	George S. Glyphis
		 	Title:	 	Vice President, Chief Financial Officer and Assistant Secretary

  
 23 

 Annex A 

For each Component of the Transaction, the Number of Options and Expiration Date is set forth below. 

 

					
	 Component Number
	  	Number of Options	  	Expiration Date
	 1
	  	149,307	  	February 3, 2028
	 2
	  	149,307	  	February 4, 2028
	 3
	  	149,307	  	February 7, 2028
	 4
	  	149,307	  	February 8, 2028
	 5
	  	149,307	  	February 9, 2028
	 6
	  	149,307	  	February 10, 2028
	 7
	  	149,307	  	February 11, 2028
	 8
	  	149,307	  	February 14, 2028
	 9
	  	149,307	  	February 15, 2028
	 10
	  	149,307	  	February 16, 2028
	 11
	  	149,307	  	February 17, 2028
	 12
	  	149,307	  	February 18, 2028
	 13
	  	149,307	  	February 22, 2028
	 14
	  	149,307	  	February 23, 2028
	 15
	  	149,307	  	February 24, 2028
	 16
	  	149,307	  	February 25, 2028
	 17
	  	149,307	  	February 28, 2028
	 18
	  	149,307	  	February 29, 2028
	 19
	  	149,307	  	March 1, 2028
	 20
	  	149,307	  	March 2, 2028
	 21
	  	149,307	  	March 3, 2028
	 22
	  	149,307	  	March 6, 2028
	 23
	  	149,307	  	March 7, 2028
	 24
	  	149,307	  	March 8, 2028
	 25
	  	149,307	  	March 9, 2028
	 26
	  	149,307	  	March 10, 2028
	 27
	  	149,307	  	March 13, 2028
	 28
	  	149,307	  	March 14, 2028
	 29
	  	149,307	  	March 15, 2028
	 30
	  	149,307	  	March 16, 2028
	 31
	  	149,307	  	March 17, 2028
	 32
	  	149,307	  	March 20, 2028
	 33
	  	149,307	  	March 21, 2028
	 34
	  	149,308	  	March 22, 2028
	 35
	  	149,308	  	March 23, 2028
	 36
	  	149,308	  	March 24, 2028
	 37
	  	149,308	  	March 27, 2028
	 38
	  	149,308	  	March 28, 2028
	 39
	  	149,308	  	March 29, 2028
	 40
	  	149,308	  	March 30, 2028

  
 24EX-10.4

 Exhibit 10.4 

Execution Version 

Limited Consent and Fifth Amendment to 

Second Amended and Restated Credit Agreement 

This Limited Consent and Fifth Amendment to Second Amended and Restated Credit Agreement (this “Fifth Amendment”), dated as
of March 15, 2021 (the “Fifth Amendment Effective Date”), is among Centennial Resource Production, LLC, a Delaware limited liability company (the “Borrower”); Centennial Resource Development, Inc., a Delaware
corporation (the “Parent”); each of the other undersigned guarantors (the “Guarantors”, and together with the Borrower and the Parent, the “Credit Parties”); each of the Lenders party hereto; and
JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 

R E C I T A L S: 
 A. The
Borrower, the Administrative Agent and the Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of May 4, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the
date hereof, the “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf of the Borrower. 

B. The Borrower has informed the Administrative Agent and the Lenders that the Credit Parties intend to issue certain senior unsecured notes
which are convertible into Equity Interests of the Parent (other than Disqualified Capital Stock) (such notes, the “Specified Permitted Senior Unsecured Notes”), on or before April 21, 2021 (such date, the “Outside
Date”). 
 C. The Borrower has informed the Administrative Agent and the Lenders that the Credit Parties intend to enter into bond
hedge or capped call options purchased by the Credit Parties from one or more financial institutions selected by the Credit Parties to hedge the Credit Parties’ payment and/or delivery obligations due upon conversion of the Specified Permitted
Senior Unsecured Notes. 
 D. The Borrower has requested that the Administrative Agent and the Lenders enter into this Fifth Amendment to
(i) consent to the waiver of the automatic reduction of the Borrowing Base that would otherwise occur pursuant to Section 2.07(e) of the Credit Agreement upon the issuance of the Specified Permitted Senior Unsecured Notes and
(ii) amend the Credit Agreement to permit the Credit Parties to enter into such bond hedge or capped call options. 
 E. The
Administrative Agent and the Lenders party hereto have agreed, subject to the terms and conditions set forth herein, to enter into this Fifth Amendment. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Each
capitalized term which is defined in the Credit Agreement, but which is not defined in this Fifth Amendment, shall have the meaning ascribed to such term in the Credit Agreement, as amended by this Fifth Amendment. Unless otherwise indicated, all
section references in this Fifth Amendment refer to sections of the Credit Agreement. 

 Section 2. Amendments. In reliance on the representations, warranties, covenants
and agreements contained in this Fifth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement shall be amended effective as of the Fifth Amendment Effective Date in the
manner provided in this Section 2. 
 2.1 Additional Definitions. Section 1.02 of the Credit Agreement is hereby
amended to add thereto in alphabetical order the following definitions which shall read in full as follows: 

“Call Spread Counterparties” means one or more financial institutions selected by the Borrower. 

“Convertible Notes” means any Permitted Senior Unsecured Notes permitted to be incurred under the terms
of this Agreement which are either (a) convertible into common Equity Interests of the Parent (and cash in lieu of fractional shares of common Equity Interests) and/or cash (in an amount (i) determined by reference to the publicly traded
price of such common Equity Interests or (ii) equal to the principal amount of such Permitted Senior Unsecured Notes, whichever is greater) or (b) sold as common units constituting Equity Interests of the Parent with call options, warrants
or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common Equity Interests of the Parent and/or cash (in an amount determined by reference to the publicly traded price of such common Equity
Interests). 
 “Convertible Notes Indenture” means any indenture among the Borrower, as issuer, the
guarantors (if any, including the Parent) party thereto from time to time and the trustee named therein, pursuant to which any Convertible Notes are issued. 

“Fifth Amendment” means that certain Limited Consent and Fifth Amendment to Second Amended and Restated
Credit Agreement dated as of March 15, 2021, among the Borrower, the Guarantors party thereto, the Administrative Agent and the Lenders party thereto. 

“Permitted Bond Hedge Transactions” means the bond hedge or capped call options purchased by the Parent
or the Borrower from the Call Spread Counterparties to hedge the Credit Parties’ payment and/or delivery obligations due upon conversion of any Convertible Notes, so long as, the purchase price for such Permitted Bond Hedge Transaction, does
not exceed the net proceeds received by the Borrower from the sale of such Convertible Notes issued in connection with the Permitted Bond Hedge Transaction. 

2.2 Amended and Restated Definition. The following definition contained in Section 1.02 of the Credit Agreement is hereby amended
and restated in its entirety to read in full as follows: 
 “Loan Documents” means this Agreement,
the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Notes, the Letter of Credit Agreements, the Letters of Credit, any Intercreditor Agreement, the Fee Letter and the Security Instruments.

  
 2 

 2.3 Amended Definitions. 

(a) The definition of “Equity Interests” contained in Section 1.02 of the Credit Agreement is hereby amended by inserting
“, but excluding, for the avoidance of doubt, Convertible Notes” immediately following the words “any such Equity Interest” therein. 

(b) The definition of “Permitted Senior Unsecured Notes” contained in Section 1.02 of the Credit Agreement is hereby amended by
inserting “, other than customary fundamental change provisions with respect to Convertible Notes” immediately following the parenthetical “(as determined in good faith by senior management of the Parent)” therein. 

2.4 Amendment to Section 9.04 of the Credit Agreement. Section 9.04(a) of the Credit Agreement is hereby amended by
(a) deleting “and” immediately before “ (ix)” therein and inserting “,” in lieu thereof, and (b) inserting “ and (x) any payments in connection with a Permitted Bond Hedge Transaction”
immediately before the “.” at the end thereof. 
 2.5 Amendment to Section 9.17 of the Credit Agreement.
Section 9.17(a) of the Credit Agreement is hereby amended by adding a new clause (iv) immediately following clause (iii) therein to read in full as follows: 

(iv) Any Permitted Bond Hedge Transaction. 

2.6 Amendment to Section 10.1 of the Credit Agreement. Section 10.1(g) of the Credit Agreement is hereby amended by inserting
the parenthetical “(other than any event which triggers the conversion right of holders of Convertible Notes)” immediately following the reference therein to “mandatory Redemption offer in respect thereof”. 

Section 3. Limited Consent. In reliance on the representations by the Credit Parties contained herein, the Lenders party hereto,
constituting at least the Required Lenders, hereby consent to a one time waiver of the automatic reduction of the Borrowing Base pursuant to Section 2.07(e) of the Credit Agreement solely with respect to the issuance of the first $200,000,000
(in principal amount) of the Specified Permitted Senior Unsecured Notes; provided that: 
 (a) as of the date of issuance of such
Specified Permitted Senior Unsecured Notes and after giving effect to the issuance thereof and the application of proceeds thereof, the Parent shall be in pro forma compliance with Section 9.01 of the Credit Agreement; 

(b) as of the date of issuance of such Specified Permitted Senior Unsecured Notes and after giving effect to the issuance thereof and the
application of proceeds thereof, no Event of Default or Borrowing Base Deficiency shall exist; 
 (c) the Specified Permitted Senior
Unsecured Notes shall have been issued on or before the Outside Date; 

  
 3 

 (d) the Credit Parties shall use the net proceeds of the issuance of the Specified Permitted
Senior Unsecured Notes solely to (i) Redeem in full all Permitted Junior Lien Debt outstanding immediately prior to such issuance and terminate all obligations, and release all Liens granted, thereunder, (ii) engage in Permitted Bond Hedge
Transactions and (iii) make a prepayment of the Loans in an aggregate principal amount equal to such net proceeds, minus the amount required to Redeem in full all Permitted Junior Lien Debt pursuant to the foregoing clause (i), without a
reduction in the Commitments, in each case, substantially contemporaneously with the Credit Parties’ receipt of such net proceeds; and 

(e) the Credit Parties shall have otherwise complied with the terms of the Credit Agreement regarding the issuance of such Specified Permitted
Senior Unsecured Notes, and such Specified Permitted Senior Unsecured Notes shall constitute Permitted Senior Unsecured Notes. 
 For the
avoidance of doubt, there shall be no reduction of the Borrowing Base due to the issuance of the Specified Permitted Senior Unsecured Notes so long as the foregoing conditions are satisfied as of the date of such issuance of the Specified Permitted
Senior Unsecured Notes. 
 Section 4. Conditions Precedent. The effectiveness of this Fifth Amendment is subject to the
following: 
 4.1 Counterparts. The Administrative Agent shall have received counterparts of this Fifth Amendment from the Credit
Parties and each of the Lenders constituting at least the Required Lenders. 
 4.2 Fees and Expenses. The Administrative Agent shall
have received, to the extent invoiced, all fees and other amounts due and payable on or prior to the Fifth Amendment Effective Date. 

Section 5. Miscellaneous. 

5.1 Confirmation and Effect. The provisions of the Credit Agreement (as amended by this Fifth Amendment) shall remain in full force and
effect in accordance with its terms following the effectiveness of this Fifth Amendment, and this Fifth Amendment shall not constitute a waiver of any provision of the Credit Agreement or any other Loan Document, except as expressly provided for
herein. Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof’, “herein”, or words of like import shall mean and be a reference to the Credit Agreement as amended hereby, and each
reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. 

5.2 Ratification and Affirmation of Credit Parties. Each of the Credit Parties hereby expressly (a) acknowledges the terms of this
Fifth Amendment, (b) ratifies and affirms its obligations under the Credit Agreement, the Guaranty Agreement and the other Loan Documents to which it is a party, (c) acknowledges, renews and extends its continued liability under the Credit
Agreement, the Guaranty Agreement and the other Loan Documents to which it is a party, (d) agrees that its guarantee under the Guaranty Agreement and the other Loan Documents to which it is a party remains in full force and effect with respect
to the Indebtedness as amended hereby, (e) represents and warrants to the Lenders and the Administrative Agent that each representation 

  
 4 

 
and warranty of such Credit Party contained in the Credit Agreement, the Guaranty Agreement and the other Loan Documents to which it is a party is true and correct in all material respects as of
the date hereof and after giving effect to this Fifth Amendment except (i) to the extent any such representations and warranties are expressly limited to an earlier date, in which case, on and as of the date hereof, such representations and
warranties shall continue to be true and correct as of such specified earlier date, and (ii) to the extent that any such representation and warranty is expressly qualified by materiality or by reference to Material Adverse Effect, such
representation and warranty (as so qualified) shall continue to be true and correct in all respects, (f) represents and warrants to the Lenders and the Administrative Agent that the execution, delivery and performance by such Credit Party of
this Fifth Amendment are within such Credit Party’s corporate, limited partnership or limited liability company powers (as applicable), have been duly authorized by all necessary action and that this Fifth Amendment constitutes the valid and
binding obligation of such Credit Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and (g) represents and
warrants to the Lenders and the Administrative Agent that, after giving effect to this Fifth Amendment, no Borrowing Base Deficiency, Default or Event of Default exists. 

5.3 Counterparts. This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and
all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Fifth Amendment by facsimile or electronic (e.g. pdf) transmission shall be effective as delivery of a manually executed original
counterpart hereof. 
 5.4 No Oral Agreement. This written Fifth Amendment, the Credit Agreement and the other Loan Documents executed
in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties. There are no subsequent oral agreements between
the parties that modify the agreements of the parties in the Credit Agreement and the other Loan Documents. 
 5.5 Governing Law. This
Fifth Amendment (including, but not limited to, the validity and enforceability hereof) shall be governed by, and construed in accordance with, the laws of the State of New York. 

5.6 Payment of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs
and expenses incurred in connection with this Fifth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent. 
 5.7 Severability. Any provision of this Fifth Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 

  
 5 

 5.8 Successors and Assigns. This Fifth Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. 
 [Signature Pages Follow.] 

  
 6 

 The parties hereto have caused this Fifth Amendment to be duly executed as of the day and
year first above written. 
  

			
	BORROWER:
	
	CENTENNIAL RESOURCE
	PRODUCTION, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ George S. Glyphis

		 	George S. Glyphis
		 	Vice President and Chief Financial Officer
	
	PARENT:
	
	CENTENNIAL RESOURCE
	 DEVELOPMENT, INC.,
 a
Delaware corporation

		
	By:	 	 /s/ George S. Glyphis

		 	George S. Glyphis
		 	Vice President and Chief Financial Officer

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	GUARANTORS:
	
	ATLANTIC EXPLORATION, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ George S. Glyphis

		 	George S. Glyphis
		 	Vice President and Chief Financial Officer
	
	CENTENNIAL RESOURCE
	 MANAGEMENT, LLC, 

a Delaware limited liability company

		
	By:	 	 /s/ George S. Glyphis

		 	George S. Glyphis
		 	Vice President and Chief Financial Officer

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and a Lender
		
	By:	 	 /s/ Michael A. Kamauf

	Name:	 	Michael A. Kamauf
	Title:	 	Authorized Officer

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	WELLS FARGO BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Edward Pak

	Name:	 	Edward Pak
	Title:	 	Director

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	COMERICA BANK,
	as a Lender
		
	By:	 	 /s/ Caroline M. McClurg

	Name:	 	Caroline M. McClurg
	Title:	 	Senior Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	BMO HARRIS BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Benjamin J. Johnson

	Name:	 	Benjamin J. Johnson
	Title:	 	Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Donavan C. Broussard

	Name:	 	Donavan C. Broussard
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jacob W. Lewis

	Name:	 	Jacob W. Lewis
	Title:	 	Authorized Signatory

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ John C. Lozano

	Name:	 	John C. Lozano
	Title:	 	Senior Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	TRUIST BANK, formerly known as BRANCH BANKING AND TRUST COMPANY,
	as a Lender
		
	By:	 	 /s/ Ryan K. Michael

	Name:	 	Ryan K. Michael
	Title:	 	Senior Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	ROYAL BANK OF CANADA,
	as a Lender
		
	By:	 	 /s/ Kristan Spivey

	Name:	 	Kristan Spivey
	Title:	 	Authorized Signatory

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	CITIBANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Jeff Ard

	Name:	 	Jeff Ard
	Title:	 	Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	FIFTH THIRD BANK,
	as a Lender
		
	By:	 	          

	Name:	 	
	Title:	 	

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Cameron Breitenbach

	Name:	 	Cameron Breitenbach
	Title:	 	Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	KEYBANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ George E. McKean

	Name:	 	George E. McKean
	Title:	 	Senior Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ John Engel

	Name:	 	John Engel
	Title:	 	Senior Vice President

  
 Signature Page to Fifth
Amendment to 
 Second Amended and Restated Credit Agreement 

Centennial Resource Production, LLC

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