Document:

EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (including all exhibits hereto and as may be amended, supplemented or amended and restated from time to
time in accordance with the terms hereof, this “Agreement”) is made and entered into as of March 26, 2019 by and among Parker Drilling Company, a Delaware corporation (the
“Company”), and the other parties signatory hereto and any additional parties identified on the signature pages of any joinder agreement executed and delivered pursuant hereto. 

WHEREAS, on December 12, 2018, Parker Drilling Company and certain of its subsidiaries (collectively, the
“Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy
Court”); 
 WHEREAS, the Chapter 11 Plan of Reorganization of the Debtors, Case
No. 18-36958 (including all exhibits, schedules and supplements thereto and as amended from time to time, the “Plan”) was confirmed by the Bankruptcy Court on March 7, 2019; 

WHEREAS, the Plan provides that the Company will enter into a registration rights agreement with certain recipients of the shares of Common
Stock and Warrant Shares (each as defined below); and 
 WHEREAS, the Company and the Holders (as defined below) are entering into this
Agreement in furtherance of the aforesaid provisions of the Plan. 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in
this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each of the Holders agree as follows: 

1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Plan have the meanings given such terms
in the Plan. As used in this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means,
with respect to any Person, any other Person which directly or indirectly controls, is controlled by, or is under common control with, such Person. The term “control” (including the terms “controlled by” and “under common
control with”) as used in this definition means the possession, directly or indirectly (including through one or more intermediaries), of the power or authority to direct or cause the direction of management, whether through the ownership of
voting securities, by contract or otherwise. 
 “Agreement” has the meaning set forth in the Preamble. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 promulgated under the Securities Act, as such definition may be amended from time to time. 
 “Bankruptcy
Court” has the meaning set forth in the Preamble. 

 “beneficially own” (and related terms such as “beneficial
ownership” and “beneficial owner”) shall have the meaning given to such term in Rule 13d-3 under the Exchange Act, and any Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of
such Rule. 
 “Board” means the Board of Directors of the Company or any authorized committee thereof. 

“Bought Deal” has the meaning set forth in Section 8(a). 

“Business Day” means any day, other than a Saturday or Sunday or a day on which the commercial banks in New York City
are authorized or required by law to be closed. 
 “Commission” means the Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.01 per share, and any securities into which such
shares of common stock may hereinafter be reclassified. 
 “Company” has the meaning set forth in the Preamble and
includes the Company’s successors by merger, acquisition, reorganization or otherwise. 
 “Counsel to the
Holders” means (i) with respect to any Demand Registration, the counsel selected by the Holders of a majority of the Registrable Securities initially requesting such Demand Registration and (ii) with respect to any
Underwritten Offering or Piggyback Offering, the counsel selected by the Majority Holders. 
 “Debtors” has the
meaning set forth in the Preamble. 
 “Demand Registration” has the meaning set forth in
Section 5(a). 
 “Demand Registration Request” has the meaning set forth in
Section 5(a). 
 “Effective Date” means the date that a Registration Statement filed
pursuant to this Agreement is first declared effective by the Commission. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “FINRA” has the meaning
set forth in Section 10. 
 “Form S-1” means Form
S-1 under the Securities Act, or any other form hereafter adopted by the Commission for the general registration of securities under the Securities Act. 

“Form S-3” means Form S-3 under the Securities Act, or any other form
hereafter adopted by the Commission having substantially the same usage as Form S-3. 

“Form S-4” means Form S-4 under the
Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage as Form S-4. 

  
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 “Form S-8” means Form S-8 under the Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage as Form S-8. 

“Grace Period” has the meaning set forth in Section 7(a)(ii). 

“Holder” or “Holders” means the parties signatory to this Agreement, other than the Company,
and any additional parties identified on the signature pages of any joinder agreement executed and delivered pursuant to this Agreement. A Person shall cease to be a Holder hereunder at such time as it ceases to hold any Registrable Securities. 

“Indemnified Party” has the meaning set forth in Section 12(c). 

“Indemnifying Party” has the meaning set forth in Section 12(c). 

“Initial Shelf Expiration Date” has the meaning set forth in Section 2(f). 

“Initial Shelf Registration Statement” has the meaning set forth in Section 2(a). 

“Lockup Period” has the meaning set forth in Section 11(a). 

“Losses” has the meaning set forth in Section 12(a). 

“Majority Holders” means, with respect to any Underwritten Offering, the Holders of a majority of the Registrable
Securities to be included in such Underwritten Offering held by all Holders that have made the request requiring the Company to conduct such Underwritten Offering (but not including any Holders that have exercised “piggyback” rights
hereunder to be included in such Underwritten Offering). 
 “Opt-Out Notice”
has the meaning set forth in Section 8(e). 
 “Person” means an individual or corporation,
partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Piggyback Notice” has the meaning set forth in Section 8(a). 

“Piggyback Offering” has the meaning set forth in Section 8(a). 

“Plan” has the meaning set forth in the Preamble. 

“Plan Effective Date” shall mean the date on which the Plan becomes effective. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

  
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 “Prospectus” means the prospectus included in a Registration
Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Registrable Securities” means, collectively, (a) as of the Plan Effective Date, all shares of Common Stock
issued to any Holder or to any Affiliate or Related Fund of any Holder, either directly or pursuant to a joinder or assignment, and any additional shares of Common Stock acquired by any Holder or any Affiliate or Related Fund of any Holder in open
market or other purchases and issued or issuable to any Holder or any Affiliate or Related Fund of any Holder upon the conversion, exchange or exercise of options, warrants (including the Warrant Shares and any other securities issued or issuable
with respect to or in exchange for the Warrant Shares) and other securities convertible, exchangeable or exercisable (at any time or upon the occurrence of any event or contingency without regard to any vesting or other conditions to which such
securities may be subject) for Common Stock, after the Plan Effective Date and (b) any additional shares of Common Stock paid, issued or distributed in respect of any such shares described under clause (a) by way of a stock dividend, stock
split or distribution, or in connection with a combination of shares, and any security into which such Common Stock shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger,
consolidation, exchange, distribution or otherwise; provided, however, that as to any Registrable Securities, such securities shall cease to constitute Registrable Securities upon the earliest to occur of: (i) the date on which
such securities are sold or disposed of pursuant to an effective Registration Statement; (ii) the date on which such securities are disposed of pursuant to Rule 144 under circumstances in which all of the applicable conditions of Rule 144
(then in effect) are met; (iii) the date on which such Registrable Securities cease to be outstanding; and (iv) the date on which such securities cease to be held by a Holder holding 2% or more of the then outstanding Common Stock. 

“Registration Statement” means any one or more registration statements of the Company filed under the Securities Act
that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including without limitation any Shelf Registration Statement), amendments and supplements to such Registration Statements, including
post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements. 

“Related Fund” means, with respect to any Person, any fund, account or investment vehicle that is controlled, advised,
sub-advised, managed or co-managed by such Person, by any Affiliate of such Person, or, if applicable, such Person’s investment manager. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 158” means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

  
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 “Rule 415” means Rule 415 promulgated by the Commission pursuant to
the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Selling Stockholder Questionnaire” means a questionnaire reasonably adopted by the Company from time to time.

 “Shelf Registration Statement” means a Registration Statement filed with the Commission in
accordance with the Securities Act for the offer and sale of Registrable Securities by Holders on a continuous or delayed basis pursuant to Rule 415. 

“Trading Market” means whichever of the New York Stock Exchange, Nasdaq, OTC Bulletin Board, or OTC Markets Group
marketplace (including, for the avoidance of doubt, OTCQX Premier, OTCQX and the OTCQB) on which the Common Stock is listed or quoted for trading on the date in question. 

“Transfer” has the meaning set forth in Section 15. 

“Underwritten Offering” means an offering of Registrable Securities under a Registration Statement in which the
Registrable Securities are sold to an underwriter for reoffering to the public. 
 “Underwritten Takedown” has the
meaning set forth in Section 2(h). 
 “Warrant Shares” means collectively
the shares of Common Stock issuable upon exercise of the Warrants in accordance with their terms, as such number may be adjusted pursuant to the provisions thereof, and any other Securities to which a Holder may become entitled pursuant to the terms
of the Warrants. 
 “Warrants” means those certain warrants issued as of the Plan Effective Date under
that certain warrant agreement, dated as of the date hereof, by and between the Company and Equiniti Trust Company, as warrant agent. 
 2.
Initial Shelf Registration. 
 (a) The Company shall prepare a Shelf Registration Statement (as may be amended from time to time, the
“Initial Shelf Registration Statement”), and shall include in the Initial Shelf Registration Statement the Registrable Securities of each Holder who shall have requested inclusion therein of some or all of their Registrable
Securities by checking the appropriate box on the signature page of such Holder hereto or by written notice to the Company no later than five (5) days after the Plan Effective Date, provided that at the time of delivery of such written
notice the Holder delivers a completed Selling Stockholder Questionnaire. The Company shall (i) file the 

  
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Initial Shelf Registration Statement as soon as reasonably practicable after the Plan Effective Date (but in no event later than fifteen (15) days after the Plan Effective Date unless
(x) extended by the Board for a period of no more than an additional fifteen (15) days or (y) further extended beyond the period in clause (x) upon the consent of the Holders beneficially owning a majority of the Registrable
Securities) and (ii) use its reasonable best efforts to have the Initial Shelf Registration Statement declared effective by the Commission as soon as reasonably practicable after the Company files the Initial Shelf Registration Statement (but
in no event later than thirty (30) days after it shall have filed such Initial Shelf Registration Statement, unless it is not practicable to do so due to circumstances directly relating to outstanding comments of the Commission relating to such
Shelf Registration Statement; provided that the Company is using its reasonable best efforts to address any such comments as promptly as possible). 

(b) The Company shall include in the Initial Shelf Registration Statement all Registrable Securities whose inclusion has been timely requested
as aforesaid; provided, however, that the Company shall not be required to include an amount of Registrable Securities in excess of the amount as may be permitted to be included in such Registration Statement under the rules and
regulations of the Commission and the applicable interpretations thereof by the Staff of the Commission (with any Registrable Securities not permitted to be included in the Initial Shelf Registration Statement pursuant to this
Section 2(b) to be allocated among the Holders on a pro rata basis, unless the Commission otherwise requires or the Holders otherwise agree). 

(c) Subject to Section 2(b), upon the request of any Holder (i) whose Registrable Securities are not included in
the Initial Shelf Registration Statement at the time of such request or (ii) whose Registrable Securities included in the Initial Shelf Registration Statement constitute less than all of the Registrable Securities held by such Holder at the
time of such request, the Company shall amend the Initial Shelf Registration Statement to include the Registrable Securities of such Holder; provided, however, that the Company shall not be required to amend the Initial Shelf
Registration Statement more than once every one hundred and twenty (120) days. 
 (d) Within five (5) days after receiving a
request pursuant to Section 2(b), the Company shall give written notice of such request to all other Holders of Registrable Securities and shall include in such amendment all such Registrable Securities with respect to
which the Company has received written requests for inclusion therein within ten (10) days after the Company’s giving of such notice, provided, that such Registrable Securities are not already covered by an existing and effective
Registration Statement that may be utilized for the offer and sale of the Registrable Securities requested to be registered in the manner so requested. 

(e) The Initial Shelf Registration Statement shall be on Form S-1; provided, however, that, upon the Company becoming eligible to
register the Registrable Securities for resale by the Holders on Form S-3 (including without limitation a Form S-3 filed as an Automatic Shelf Registration Statement), the Company shall use commercially
reasonable efforts to amend the Initial Shelf Registration Statement to a Shelf Registration Statement on Form S-3 or file a Shelf Registration Statement on Form S-3 in substitution of the Initial Shelf Registration Statement as initially filed as
soon as reasonably practicable thereafter. 

  
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 (f) The Company shall use reasonable best efforts to keep the Initial Shelf Registration
Statement continuously effective, and not subject to any stop order, injunction or other similar order or requirement of the Commission, until the earlier of (i) the date the Company (A) is eligible to register the Registrable Securities
for resale by Holders on Form S-3 and (B) has filed such Registration Statement with the Commission and which is effective and (ii) the date that all Registrable Securities covered by the Initial
Shelf Registration Statement shall cease to be Registrable Securities (such earlier date, the “Initial Shelf Expiration Date”). 

(g) If the Initial Shelf Registration Statement is on Form S-1, then for so long as any Registrable
Securities covered by the Initial Shelf Registration Statement remain unsold, the Company will file any supplements to the Prospectus or post-effective amendments required to be filed by applicable law in order to incorporate into such Prospectus
any Current Reports on Form 8-K necessary or required to be filed by applicable law, any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by the Company with the Commission, or any other information necessary so that (i) the Initial Shelf Registration Statement shall not include any untrue statement of material fact or omit to state
any material fact necessary in order to make the statements therein not misleading, and (ii) the Company complies with its obligations under Item 512(a)(1) of Regulation S-K; provided,
however, that these obligations remain subject to the Company’s rights under Section 7 of this Agreement. 

(h) Upon the demand of one or more Holders, the Company shall facilitate a “takedown” of Registrable Securities in the form of an
Underwritten Offering (each, an “Underwritten Takedown”), in the manner and subject to the conditions described in Section 6 of this Agreement, provided, that the number of
shares of Common Stock included in such Underwritten Takedown shall equal at least five percent (5%) of all outstanding shares of Common Stock at such time. 

3. Subsequent Shelf Registration Statements. 

(a) After the Effective Date of the Initial Shelf Registration Statement and for so long as any Registrable Securities remain outstanding, the
Company shall use its best efforts to (A) become eligible and/or to maintain its eligibility to register the Registrable Securities on Form S-3 and (B) meet the requirements of General Instruction
VII of Form S-1. 
 (b) After the Initial Shelf Expiration Date and for so long as any Registrable
Securities remain outstanding, if there is not an effective Registration Statement which includes the Registrable Securities that are currently outstanding, the Company shall (i) if the Company is eligible to register the Registrable Securities
on Form S-3, promptly file a Shelf Registration Statement on Form S-3 and use its reasonable best efforts to cause such Registration Statement to be declared effective
as promptly as practicable or (ii) if the Company is not eligible at such time to register the Registrable Securities on Form S-3, promptly file a Shelf Registration Statement on Form S-1 and use its reasonable best efforts to cause such Registration Statement to be declared effective as promptly as practicable and for so long as any Registrable Securities covered by such Shelf Registration
Statement on Form S-1 remain unsold, the Company will file any supplements to the Prospectus or post-effective amendments required to be filed by applicable law in order to incorporate into such Prospectus any
Current Reports on Form 8-K necessary or required to be filed by applicable law, any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by the Company with the Commission, or any other information necessary so that (x) such Shelf Registration Statement shall not include any untrue statement of material fact or omit to state any
material fact necessary in order to make the statements therein not misleading, and (y) the Company complies with its obligations under Item 512(a)(1) of Regulation S-K; provided, however,
that these obligations remain subject to the Company’s rights under Section 7 of this Agreement. 

  
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 4. Quotation. 

(a) The Company shall use its reasonable best efforts to cause all Common Stock to be listed on the New York Stock Exchange or Nasdaq as soon
as possible after the Plan Effective Date; if, despite the Company’s reasonable best efforts to satisfy the preceding clause, the Company is unsuccessful in obtaining a listing on the New York Stock Exchange or Nasdaq as of the Plan Effective
Date, the Company shall use its reasonable best efforts to be listed on OTCQX Premier; and if, despite the Company’s reasonable best efforts, the Company is unsuccessful in obtaining a listing of the Common Stock on the OTCQX Premier, the
Company shall use its reasonable best efforts for the Common Stock to be listed on OTCQX; and if, despite the Company’s reasonable best efforts, the Company is unsuccessful in satisfying the preceding listing requirements, the Company shall use
its reasonable best efforts to have the Common Stock listed on OTCQB, and, in each case, shall thereafter use its reasonable best efforts to maintain such quotation or listing. 

5. Demand Registration. 

(a) At any time and from time to time beginning on the date the Company is eligible to use Form S-3 for
the offer and sale of the Registrable Securities, any Holder or group of Holders (together with any of their respective Affiliates or Related Funds) that hold, in the aggregate, at least five percent (5%) of the outstanding Common Stock at such
time, may request in writing (“Demand Registration Request”) that the Company effect the registration of all or part of such Holder’s or Holders’ Registrable Securities with the Commission under and in accordance
with the provisions of the Securities Act (each, a “Demand Registration”). The Company will file a Registration Statement covering such Holder’s or Holders’ Registrable Securities requested to be registered, and
shall use its reasonable best efforts to cause such Registration Statement to be declared effective, as promptly as practicable after receipt of such request; provided, however, that the Company will not be required to file a
Registration Statement pursuant to this Section 5(a): 
 (i) unless the Registrable Securities
requested to be sold by the Holders pursuant to such Registration Statement have an anticipated aggregate gross offering price (before deducing underwriting discounts and commissions) of at least $25 million; 

(ii) if the Registrable Securities requested to be registered are already covered by an existing and effective Registration
Statement and such Registration Statement may be utilized for the offer and sale of the Registrable Securities requested to be registered; or 

(iii) if the number of Demand Registration Requests previously made pursuant to this Section 5(a)
shall equal or exceed three (3) in any twelve (12)-month period; provided, however, that a Demand Registration Request shall not be considered made for purposes of this clause (iii) unless the requested Registration Statement
has been declared effective by the Commission for more than seventy-five percent (75%) of the full amount of Registrable Securities for which registration has been requested. 

  
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 (b) A Demand Registration Request shall specify (i) the then-current name and address
of such Holder or Holders, (ii) the aggregate number of Registrable Securities requested to be registered, (iii) the total number of Registrable Securities then beneficially owned by such Holder or Holders, and (iv) the intended means
of distribution. 
 (c) The Company may satisfy its obligations under Section 5(a) hereof by amending (to the
extent permitted by applicable law) any registration statement previously filed by the Company under the Securities Act, so that such amended registration statement will permit the disposition (in accordance with the intended methods of disposition
specified as aforesaid) of all of the Registrable Securities for which a Demand Registration Request has been properly made under Section 5(b) hereof. If the Company so amends a previously filed registration statement, it
will be deemed to have effected a registration for purposes of Section 5(a) hereof. 
 (d) The Company will use its
reasonable best efforts to keep a Registration Statement that has become effective as contemplated by this Section 5 continuously effective, and not subject to any stop order, injunction or other similar order or
requirement of the Commission: 
 (i) in the case of a Registration Statement other than a Shelf Registration Statement on
Form S-3, until all Registrable Securities registered thereunder have been sold pursuant to such Registration Statement; and 

(ii) in the case of a Shelf Registration Statement on Form S-3, until the earlier of:
(x) three (3) years following the Effective Date of such Shelf Registration Statement on Form S-3; and (y) the date that all Registrable Securities covered by such Shelf Registration Statement on
Form S-3 shall cease to be Registrable Securities. 
 (e) The Holder or Holders making a Demand
Registration Request may, at any time prior to the Effective Date of the Registration Statement relating to such registration, revoke their request for the Company to effect the registration of all or part of such Holder’s or Holders’
Registrable Securities by providing a written notice to the Company. If, pursuant to the preceding sentence, the entire Demand Registration Request is revoked, then, at the option of the Holder or Holders who revoke such request, either
(i) such Holder or Holders shall reimburse the Company for all of its reasonable and documented out-of-pocket expenses incurred in the preparation, filing and
processing of the Registration Statement, which out-of-pocket expenses, for the avoidance of doubt, shall not include overhead expenses and which requested registration
shall not count as one of the permitted Demand Registration Requests hereunder or (ii) the requested registration that has been revoked will be deemed to have been effected for purposes of Section 5(a). 

(f) If a Registration Statement filed pursuant to this Section 5 is a Shelf Registration Statement, then upon the
demand of one or more Holders, the Company shall facilitate a “takedown” of Registrable Securities in the form of an Underwritten Offering, in the manner and subject to the conditions described in Section 6 of
this Agreement, provided, that the number of shares of Common Stock included in such underwritten “takedown” shall equal at least five percent (5%) of all outstanding shares of Common Stock at such time. 

  
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 6. Procedures for Underwritten Offerings. The following procedures shall govern
Underwritten Offerings pursuant to Section 2(h) or Section 5(f), whether in the case of an Underwritten Takedown or otherwise. 

(a) The Majority Holders shall specify one or more investment banking firm(s) of national standing reasonably acceptable to the Company (which
approval shall not be unreasonably conditioned, withheld or delayed) to be the managing underwriter or underwriters for any Underwritten Offering pursuant to a Demand Registration Request or an Underwritten Takedown. 

(b) All Holders proposing to distribute their Registrable Securities through an Underwritten Offering, as a condition for inclusion of their
Registrable Securities therein, shall agree to enter into an underwriting agreement with the underwriters; provided, however, that the underwriting agreement is in customary form and reasonably acceptable to the Majority Holders and
provided, further, that no Holder of Registrable Securities included in any Underwritten Offering shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties
regarding (i) such Holder’s ownership of its Registrable Securities to be sold or transferred, (ii) such Holder’s power and authority to effect such transfer and (iii) such matters pertaining to compliance with securities
laws as may be reasonably requested). 
 (c) Notwithstanding Section 8(b), if the managing underwriter or
underwriters for an Underwritten Offering pursuant to a Demand Registration or an Underwritten Takedown advises the Holders that the total amount of Registrable Securities proposed to be included in such offering is such as to materially adversely
affect the price, timing or distribution of the securities being offered pursuant to such Underwritten Offering, the number of Registrable Securities to be registered on such Registration Statement will be reduced as follows: first, the
Company shall reduce or eliminate any securities of the Company to be included by the Company; and second, the Company shall reduce the number of Registrable Securities to be included by Holders on a pro rata basis based on the total
amount of Registrable Securities owned by the Holders requesting their Registrable Securities be included in the Underwritten Offering. 

(d) The Company will not be required to undertake an Underwritten Offering pursuant to Section 2(h) or
Section 5(f) if the number of Underwritten Offerings previously made pursuant to Section 2(h) or Section 5(f) in the immediately preceding twelve (12)-month period shall
exceed three (3); provided, however, that an Underwritten Offering shall not be considered made for purposes of this Section 6(d) unless the offering has resulted in the disposition by the Holders of at least
seventy-five percent (75%) of the amount and type of Registrable Securities requested to be sold. 

  
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 7. Grace Periods. 

(a) Other than with respect to the filing of the Initial Shelf Registration Statement under Section 2(a), 

(i) the Company shall be entitled to postpone the filing or effectiveness of, or, at any time after a Registration Statement
has been declared effective by the Commission suspend the use of, a Registration Statement (including the Prospectus included therein) if in the good faith judgment of the Board, such registration, offering or use would reasonably be expected to
materially affect in an adverse manner or materially interfere with any bona fide material financing of the Company or any material transaction under consideration by the Company or would require the disclosure of information that has not been, and
is not otherwise required to be, disclosed to the public and the premature disclosure of which would materially affect the Company in an adverse manner; provided, however, that in the event such Registration Statement relates to a
Demand Registration Request or an Underwritten Offering pursuant to Section 2(h) or Section 5(f), then the Holders initiating such Demand Registration Request or such Underwritten Offering shall be
entitled to withdraw the Demand Registration Request or request for the Underwritten Offering and, if such request is withdrawn, it shall not count against the limits imposed pursuant to Section 5(a)(iii) or
Section 6(d) and the Company shall pay all registration expenses in connection with such registration; and 

(ii) at any time after a Registration Statement has been declared effective by the Commission and there is no duty to disclose
under applicable law, the Company may delay the disclosure of material non-public information concerning the Company if the disclosure of such information at the time would, in the good faith judgment of the
Board, adversely affect the Company (the period of a postponement or suspension as described in clause (i) and/or a delay described in this clause (ii), a “Grace Period”). 

(b) The Company shall promptly (i) notify the Holders in writing of the existence of the event or material
non-public information giving rise to a Grace Period (provided, that the Company shall not disclose the content of such material non-public information to any
Holder, without the express consent of such Holder) or the need to file a post-effective amendment, as applicable, and the date on which such Grace Period will begin, (ii) use reasonable best efforts to terminate a Grace Period as promptly as
practicable and (iii) notify the Holders in writing of the date on which the Grace Period ends. 
 (c) The duration of any one Grace
Period shall not exceed sixty (60) days, the aggregate of all Grace Periods in total during any three hundred sixty-five (365) day period shall not exceed ninety (90) days, and the maximum number of Grace Periods that may be declared
by the Company in any fiscal year shall not exceed three (3). For purposes of determining the length of a Grace Period, the Grace Period shall be deemed to begin on and include the date the Holders receive the notice referred to in clause
(i) of Section 7(b) and shall end on and include the later of the date the Holders receive the notice referred to in clause (iii) of Section 7(b) and the date referred to in such notice.
In the event the Company declares a Grace Period, the period during which the Company is required to maintain the effectiveness of an Initial Shelf Registration Statement or a Registration Statement filed pursuant to a Demand Registration Request
shall be extended by the number of days during which such Grace Period is in effect. 
 8. Piggyback Registration. 

(a) If at any time, and from time to time, the Company proposes (whether for its own account or for the account of any other Person) to—

  
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 (i) file a registration statement under the Securities Act (including with
respect to a Demand Registration Request or an Underwritten Offering of Common Stock of the Company or any securities convertible or exercisable into Common Stock of the Company) (other than with respect to a registration statement (x) required
by Section 2 or Section 3, (y) on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to an employee stock plan or other employee
benefit arrangement), (z) on Form S-4 that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto or (z) on another form not available for registering the Registrable Securities for sale to the
public); or 
 (ii) conduct an Underwritten Offering constituting a “takedown” of a class of Common Stock or any
securities convertible or exercisable into Common Stock registered under a Shelf Registration Statement previously filed by the Company; 
 the Company
shall give written notice (the “Piggyback Notice”) of such proposed filing or Underwritten Offering to each Holder (together with any of their respective Affiliates or Related Funds) that hold, in the aggregate, at least five
percent (5%) of the outstanding Common Stock at least ten (10) Business Days before the anticipated filing date; provided, that in the case of a “bought deal,” “registered direct offering” or “overnight
transaction” (a “Bought Deal”), such Piggyback Notice shall be given not less than two (2) Business Days prior to the expected date of commencement of the public announcement of the transaction; provided further,
however, that within three (3) days after receiving a request for an Underwritten Offering constituting a “takedown” from a Shelf Registration Statement, the Company shall provide the Piggyback Notice and subject to the provisions
of Section 8(b) hereof, include in such Underwritten Offering all such Registrable Securities that are the subject of such “takedown” with respect to which the Company has received written requests for inclusion therein within
five (5) days after the Company’s giving of such notice. Such notice shall include the number and class of securities proposed to be registered or offered, the proposed date of filing of such registration statement or the conduct of such
offering, any proposed means of distribution of such securities, any proposed managing underwriter of such securities and a good faith estimate by the Company of the proposed maximum offering price of such securities as such price is proposed to
appear on the front cover page of such prospectus or registration statement, and shall offer such Holders the opportunity to register or offer such amount of Registrable Securities as each Holder may request on the same terms and conditions as the
registration or offering of the Company’s securities and/or the other Holders of of Company securities, as the case may be (a “Piggyback Offering”). Subject to Section 8(b), the Company will
include in each Piggyback Offering for an Underwritten Offering all Registrable Securities for which the Company has received written requests for inclusion within seven (7) Business Days after the date the Piggyback Notice is given
(provided, that in the case of a Bought Deal, such written requests for inclusion must be received within one (1) Business Day after the date the Piggyback Notice is given). 

(b) The Company will cause the managing underwriter or underwriters of the proposed offering to permit the Holders that have requested
Registrable Securities to be included in the Piggyback Offering to include all such Registrable Securities on the same terms and conditions (provided, that no Holder shall be required to make any representations or warranties except as
provided in Section 6(b)) as any similar securities, if any, of the Company. Notwithstanding the foregoing, if the managing underwriter or underwriters of an Underwritten 

  
 12 

 
Offering advises the Company and the selling Holders in writing that, in its view, the total amount of securities that the Company and such Holders propose to include in such offering is such as
to materially adversely affect the price, timing or distribution of the securities being offered pursuant to an Underwritten Offering, then the Company will include in such Piggyback Offering: (i) first, all securities to be offered by
the Company only if the Company has initiated the offering, (ii) second, up to the full amount of securities requested to be included in such Piggyback Offering by the Holders and (iii) third, up to the full amount of
securities requested to be included in such Piggyback Offering by any other holders, if any, entitled to participate in such Offering, such that, in each case, the total amount of securities to be included in such Piggyback Offering is the full
amount that, in the view of such managing underwriter, can be sold without materially adversely affecting the price, timing or distribution of the securities being offered in an Underwritten Offering, provided, that, if in the view of such
managing underwriter, the full amount of the securities requested to be included in such Piggyback Offering pursuant to clause (ii) alone could materially adversely affect the price, timing or distribution of the securities being offered in
such Piggyback Offering, then the number of Registrable Securities included in such Piggyback Offering shall be on a pro rata basis based on the total amount of Registrable Securities owned by the Holders requesting their Registrable Securities be
included in such Piggyback Offering. 
 (c) If the Company has initiated such Piggyback Offering and at any time after giving the Piggyback
Notice and prior to the time sales of securities are confirmed pursuant to the Piggyback Offering, the Company determines for any reason not to register or delay the registration of the Piggyback Offering, the Company may, at its election, give
notice of its determination to all Holders, and in the case of such a determination, will be relieved of its obligation to register any Registrable Securities in connection with the abandoned or delayed Piggyback Offering, without prejudice. 

(d) Any Holder of Registrable Securities requesting to be included in a Piggyback Offering may withdraw its request for inclusion by giving
written notice to the Company, at least three (3) Business Days prior to the anticipated Effective Date of the Registration Statement filed in connection with such Piggyback Offering (in the case that the Registration Statement requires
acceleration of effectiveness), or in all other cases, one (1) Business Day prior to the anticipated date of the filing by the Company under Rule 424 of a supplemental prospectus (which shall be the preliminary supplemental prospectus, if one
is used in the “takedown”) with respect to such offering, of its intention to withdraw from that Piggyback Offering; provided, however, that (i) the Holder’s request be made in writing and (ii) the withdrawal
will be irrevocable and, after making the withdrawal, a Holder will no longer have any right to include its Registrable Securities in that Piggyback Offering. 

(e) Notwithstanding the foregoing, any Holder may deliver written notice (an “Opt-Out
Notice”) to the Company at any time requesting that such Holder not receive notice from the Company of any proposed registration or offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. 

  
 13 

 9. Registration Procedures. If and when the Company is required to effect any
registration under the Securities Act as provided in this Agreement, the Company shall use its reasonable best efforts to: 

(a) prepare and file with the Commission the requisite Registration Statement to effect such registration and thereafter use
its reasonable best efforts to cause such Registration Statement to be declared or become effective as soon as reasonably practicable and in any event within the time periods set forth within this Agreement, and remain effective, subject to the
limitations contained herein; 
 (b) prepare and file with the Commission such amendments and supplements to such
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of
all Registrable Securities covered by such Registration Statement until such time as all of such Registrable Securities have been disposed of in accordance with the method of disposition set forth in such Registration Statement, subject to the
limitations contained herein; 
 (c) (i) before filing a Registration Statement or Prospectus or any amendments or
supplements thereto, at the Company’s expense, furnish to the Holders whose securities are covered by the Registration Statement copies of all such documents, other than documents that are incorporated by reference into such Registration
Statement or Prospectus, proposed to be filed and such other documents reasonably requested by such Holders (which may be furnished by email), and afford Counsel to the Holders a reasonable opportunity to review and comment on such documents; and
(ii) in connection with the preparation and filing of each such Registration Statement pursuant to this Agreement, (A) upon reasonable advance notice to the Company, give each of the foregoing such reasonable access to all financial and
other records, corporate documents and properties of the Company as shall be necessary, in the reasonable opinion of Counsel to the Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities Act
and Exchange Act, and (B) upon reasonable advance notice to the Company and during normal business hours, provide such reasonable opportunities to discuss the business of the Company with its officers, directors, employees and the independent
public accountants who have certified its financial statements as shall be necessary, in the reasonable opinion of Counsel to the Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities Act
and the Exchange Act; 
 (d) notify each selling Holder of Registrable Securities, promptly after the Company receives notice
thereof, of the time when such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; 

(e) with respect to any offering of Registrable Securities, furnish to each selling Holder of Registrable Securities, and the
managing underwriters for such Underwritten Offering, if any, without charge, such number of copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration
Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any “issuer free
writing prospectus” as such term is defined under Rule 433 promulgated under the Securities Act)), all exhibits and other 

  
 14 

 
documents filed therewith and such other documents as such seller or such managing underwriters may reasonably request including in order to facilitate the disposition of the Registrable
Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the Commission or any other governmental authority relating to such offer; 

(f) (i) register or qualify all Registrable Securities covered by such Registration Statement under such other securities
or blue sky laws of such states or other jurisdictions of the United States of America as the Holders covered by such Registration Statement shall reasonably request in writing, (ii) keep such registration or qualification in effect for so long
as such Registration Statement remains in effect and (iii) take any other action that may be necessary or reasonably advisable to enable such Holders to consummate the disposition in such jurisdictions of the securities to be sold by such
Holders, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this subsection (f) be obligated to be
so qualified, to subject itself to taxation in such jurisdiction or to consent to general service of process in any such jurisdiction; 

(g) cause all Registrable Securities included in such Registration Statement to be registered with or approved by such other
federal or state governmental agencies or authorities as necessary upon the opinion of counsel to the Company or Counsel to the Holders to enable such Holder or Holders thereof to consummate the disposition of such Registrable Securities in
accordance with their intended method of distribution thereof; 
 (h) with respect to any Underwritten Offering, obtain and,
if obtained, furnish to each Holder that is named as an underwriter in such Underwritten Offering and each other underwriter thereof, a signed 

(i) opinion of outside counsel for the Company (including a customary 10b-5 statement),
dated the date of the closing under the underwriting agreement and addressed to the underwriters, reasonably satisfactory (based on the customary form and substance of opinions of issuers’ counsel customarily given in such an offering) in form
and substance to such underwriters, if any, and 
 (ii) “comfort” letter, dated the date of the Underwriting
Agreement and another dated the date of the closing under the underwriting agreement and addressed to the underwriters and signed by the independent public accountants who have certified the Company’s financial statements included or
incorporated by reference in such registration statement, reasonably satisfactory (based on the customary form and substance of “cold comfort” letters of issuers’ independent public accountant customarily given in such an offering) in
form and substance to such Holder and such underwriters, if any, 
 in each case, covering substantially the same matters with respect to
such Registration Statement (and the Prospectus included therein) and, in the case of the accountants’ comfort letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of
issuer’s counsel and in accountants’ comfort letters delivered to underwriters in such types of offerings of securities; 

  
 15 

 (i) notify each Holder of Registrable Securities included in such
Registration Statement at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the Prospectus included in such Registration
Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which
they were made and for which the Company chooses to suspend the use of the Registration Statement and Prospectus in accordance with the terms of this Agreement, and, at the written request of any such Holder, promptly prepare and furnish (at the
Company’s expense) to it a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus, as supplemented or amended,
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(j) notify the Holders of Registrable Securities included in such Registration Statement promptly of any written comments from
the Commission or any request by the Commission for the amending or supplementing of such Registration Statement or Prospectus or for additional information; 

(k) advise the Holders of Registrable Securities included in such Registration Statement promptly after the Company receives
notice or obtains knowledge of any order suspending the effectiveness of a registration statement relating to the Registrable Securities at the earliest practicable moment and promptly use its reasonable best efforts to obtain the withdrawal of such
order; 
 (l) otherwise comply with all applicable rules and regulations of the Commission and any other governmental agency
or authority having jurisdiction over the offering of Registrable Securities, and make available to its stockholders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months, but not more than
eighteen (18) months, beginning with the first (1st) full calendar month after the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder and which requirement will be deemed satisfied if the Company timely files complete and accurate information on Form 10-Q and 10-K and Current
Reports on Form 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act; 

(m) provide and cause to be maintained a transfer agent and registrar for the Registrable Securities included in a Registration
Statement no later than the Effective Date thereof; 

  
 16 

 (n) enter into such agreements (including an underwriting agreement in
customary form) and take such other actions as the Holders beneficially owning a majority of the Registrable Securities included in a Registration Statement or the underwriters, if any, shall reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities, including customary indemnification; and provide reasonable cooperation, including causing at least one (1) executive officer and a senior financial officer to attend and participate in “road
shows” and other information meetings organized by the underwriters, if any, as reasonably requested; provided, however, that the Company shall have no obligation to participate in more than two (2) “road shows”
in any twelve (12)-month period and such participation shall not unreasonably interfere with the business operations of the Company; 

(o) if requested by the managing underwriter(s) or the Majority Holders in connection with an Underwritten Offering, promptly
incorporate in a prospectus supplement or post-effective amendment such information relating to the plan of distribution for such Registrable Securities provided to the Company in writing by the managing underwriters and the Majority Holders and
that is required to be included therein relating to the plan of distribution with respect to such Registrable Securities, including without limitation, information with respect to the number of Registrable Securities being sold to such underwriters,
the purchase price being paid therefor by such underwriters and with respect to any other terms of the Underwritten Offering of the Registrable Securities to be sold in such offering, and make any required filings with respect to such information
relating to the plan of distribution as soon as practicable after notified of the information; 
 (p) cooperate with the
Holders of Registrable Securities included in a Registration Statement and the managing underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any
restrictive legends, and enable such Registrable Securities to be in such share amounts and registered in such names as the managing underwriters, or, if none, the Holders beneficially owning a majority of the Registrable Securities being offered
for sale, may reasonably request at least three (3) Business Days prior to any sale of Registrable Securities to the underwriters; 

(q) cause all Registrable Securities included in a Registration Statement to be listed on a Trading Market on which similar
securities issued by the Company are then listed or quoted; 
 (r) permit any Holder of Registrable Securities who, in the
reasonable judgment of the Company upon advice of counsel, might be deemed to be an underwriter or controlling person of the Company, to participate in the preparation of such Registration Statement; and 

(s) otherwise use its reasonable best efforts to take all other steps necessary to effect the registration of such Registrable
Securities contemplated hereby. 

  
 17 

 In addition, prior to the first anticipated filing date of a Registration Statement for any
registration under this Agreement, the Company may from time to time reasonably request each Holder for information the Company requires from that Holder, including any update to or confirmation of the information contained in the Selling
Stockholder Questionnaire. Each Holder agrees to furnish such information to the Company and cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement. Each Holder acknowledges and
agrees that the information in the Selling Stockholder Questionnaire or request for further information as described in this Section 9 will be used by the Company in the preparation of the Registration Statement and hereby
consents to the inclusion of such information in the Registration Statement. 
 10. Registration Expenses. All fees and expenses
incident to the Company’s performance of or compliance with its obligations under this Agreement (excluding any underwriting discounts or commissions or transfer taxes, if any, of any Holder) shall be borne by the Company whether or not any
Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and
expenses (A) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading or quoted, if any, (B) with respect to compliance with applicable state securities or blue sky laws
(including, without limitation, fees and disbursements of counsel for the Company in connection with blue sky qualifications or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for
investment under the laws of such jurisdictions as requested by the Holders) and (C) if not previously paid by the Company, with respect to any filing that may be required to be made by any broker through which a Holder intends to make sales of
Registrable Securities with the Financial Industry Regulatory Authority (“FINRA”) pursuant to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale),
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable
Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) the reasonable fees and expenses incurred in connection with any road show
for Underwritten Offerings, (vi) Securities Act liability insurance, if the Company so desires such insurance, and (vii) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company will pay the reasonable, documented fees and disbursements of Counsel to the Holders, including, for the avoidance of doubt, any expenses of Counsel to the Holders in connection with the
filing or amendment of any Registration Statement, Prospectus or free writing prospectus hereunder or any Underwritten Offering. 
 11.
Lockups. 
 (a) In connection with any Underwritten Takedown or underwritten registration pursuant to a Demand Registration Request or
other underwritten public offering of equity securities by the Company, to the extent requested by any underwriters managing such offering, except with the written consent of such underwriter, no Holder who participates in such offering or, together
with its Affiliates and Related Funds, beneficially owns five percent (5%) or more of the outstanding shares of Common Stock shall effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities of the Company, or
any securities convertible into 

  
 18 

 
or exchangeable or exercisable for such securities, for up to a sixty (60)-day period (or such lesser period as the underwriter may agree) beginning on the
date of the final prospectus filed in connection with such offering (as such period may be waived by the underwriters, the “Lockup Period”), except as part of such offering, provided, that the Lockup Period shall be
the same with respect to all Holders; provided, further, that such Lockup Period restrictions are applicable on substantially similar terms to the Company and all of its and its subsidiaries’ executive officers and directors;
provided, further, that such Lockup Period shall include customary carve-outs, including that a Holder may make a distribution of Registrable Securities to any of its partners, members or stockholders thereof or a transfer of
Registrable Securities to an Affiliate or Related Fund that is otherwise in compliance with the applicable securities laws, so long as such distributees or transferees, as applicable, agree to be bound by the restrictions set forth in this
Section 11(a). To the extent requested by any underwriter managing such offering, each Holder agrees to execute a lock-up agreement in favor of the underwriter managing such offering
to such effect. The provisions of this Section 11(a) will no longer apply to a Holder once such Holder ceases to hold Registrable Securities. 

(b) In connection with any Underwritten Offering, the Company agrees not to effect any public sale or distribution of any of its securities, or
any securities convertible into or exchangeable or exercisable for such securities (except pursuant to registrations on Form S-4 or Form S-8 or any successor thereto or
as part of any registration of securities of offering and sale to employees, directors or consultants of the Company and its subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement), during the Lockup Period,
except as part of such offering, without the prior written consent from the Majority Holders. To the extent requested by any underwriter managing such offering, the Company agrees to execute a lock-up
agreement in favor of the underwriter managing such offering to such effect. 
 12. Indemnification. 

(a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold
harmless each Holder, the officers, directors, agents, partners, members, investment manager, managers, stockholders, Affiliates and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, investment manager, managers, stockholders, agents and employees of each such controlling Person, to the fullest extent permitted by applicable
law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively,
“Losses”), to which any of them may become subject, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of
prospectus or in any amendment or supplement thereto or in any preliminary prospectus or (ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
any Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements, alleged untrue statements, omissions
or alleged omissions are based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in strict conformity with information furnished in writing to the Company by such Holder expressly for use therein. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 12(c)), shall survive the transfer of the Registrable Securities by the
Holders, and shall be in addition to any liability which the Company may otherwise have. 

  
 19 

 (b) Indemnification by Holders. Each Holder shall, severally and not jointly,
indemnify and hold harmless the Company, its respective directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue statement of a material fact contained in
any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading and has not been corrected in a subsequent writing
prior to or concurrently with the sale of the Registrable Securities to the Person asserting such claim, to the extent, but only to the extent, that such untrue statements or omissions are based upon an untrue statement or omission so made in strict
conformity with information furnished in writing to the Company by such Holder expressly for use therein. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by
such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in
Section 12(c)), shall survive the transfer of the Registrable Securities by the Holders, and shall be in addition to any liability which the Holder may otherwise have. 

(c) Conduct of Indemnification Proceedings. 

(i) If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an
“Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in connection with defense thereof; provided, however, that
the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that such failure shall have materially and adversely
prejudiced the Indemnifying Party. 
 (ii) An Indemnified Party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses;
(2) the Indemnifying Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding
(including any impleaded 

  
 20 

 
parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that in the reasonable judgment of such counsel there may be
reasonable defenses available to the Indemnified Party that are in addition to or different from those available to the Indemnified Party or a conflict of interest exists if the same counsel were to represent such Indemnified Party and the
Indemnifying Party; provided, however, that the Indemnifying Party shall not be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties. The
Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims
that are the subject matter of such Proceeding. 
 (iii) Subject to the terms of this Agreement, all reasonable and documented fees and
expenses of the Indemnified Party (including reasonable and documented fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this
Section 12(c)) shall be paid to the Indemnified Party, as incurred, with reasonable promptness after receipt of written notice thereof to the Indemnifying Party; provided, however, that the Indemnified Party
shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder. 

(d) Contribution. 

(i) If a claim for indemnification under Section 12(a) or 12(b) is unavailable to an Indemnified
Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including, as applicable, any untrue or alleged untrue statement of a
material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such action, statement or omission. 
 (ii) The parties hereto agree that it would not
be just and equitable if contribution pursuant to this Section 12(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in
the immediately preceding paragraph. Notwithstanding the provisions of this Section 12(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually
received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue statement or omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

  
 21 

 13. Registration under the Exchange Act. The Company shall use its reasonable best
efforts to cause the Common Stock to be registered under Section 12(b) or 12(g) of the Exchange Act as a successor to Parker Drilling Company as soon as possible after the Plan Effective Date. For as long as any shares of Registrable Securities
are outstanding, the Company shall maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to the Exchange Act regardless of whether the Company is not then subject to the reporting requirements of the Exchange Act. 

14. Section 4(a)(7), Rule 144 and Rule 144A; Other Exemptions. With a
view to making available to the Holders of Registrable Securities the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the Commission that may at any time permit a Holder of
Registrable Securities to sell securities of the Company without registration, until such time as when no Registrable Securities remain outstanding, the Company covenants that it will (i) if it is subject to the reporting requirement of 13 or
15(d) of the Exchange Act, file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder or (ii) if it is not subject
to the reporting requirement of 13 or 15(d) of the Exchange Act, make available information necessary to comply with Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A, if available, with respect to resales of the
Registrable Securities under the Securities Act, at all times, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by (x) Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A promulgated under the Securities Act (if available with respect to resales of the Registrable Securities), as such rules may be amended from time to time
or (y) any other rules or regulations now existing or hereafter adopted by the Commission. Upon the reasonable request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has
complied with such information requirements, and, if not, the specific reasons for non-compliance. 

15. Transfer of Registration Rights. Any Holder may freely assign its rights hereunder on a pro rata basis in connection with any sale,
transfer, assignment, or other conveyance (any of the foregoing, a “Transfer”) of Registrable Securities to any transferee or assignee, including any Affiliate of any Holder; provided, that all of the following
additional conditions are satisfied: (a) such Transfer is effected in accordance with applicable securities laws; and (b) such transferee or assignee executes a joinder to this Agreement substantially in the form attached as Exhibit
A hereto and delivers it to the Company as promptly as reasonably practicable; provided, further, that (i) any rights assigned hereunder shall apply only in respect of Registrable Securities that are Transferred and not in
respect of any other securities that the transferee or assignee may hold and (ii) any Registrable Securities that are Transferred may cease to constitute Registrable Securities following such Transfer in accordance with the terms of this
Agreement. 

  
 22 

 16. Further Assurances. Each of the parties hereto shall execute all such further
instruments and documents and take all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 

17. Miscellaneous. 
 (a)
Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other
rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law. 
 (b) Compliance. Each Holder covenants and agrees that it will comply with the
prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to any Registration Statement and shall sell the Registrable
Securities pursuant to any Registration Statement only in accordance with a method of distribution described in each Registration Statement. 

(c) Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the
Company of the occurrence of a Grace Period or any event of the kind described in Section 9(i), such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until it is
advised in writing by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide appropriate stop transfer orders to its transfer agent to enforce the provisions of
this paragraph. 
 (d) No Inconsistent Agreements; Limitation on Subsequent Registration Rights. The Company has not entered, as of
the date hereof, and the Company shall not enter, after the date of this Agreement, without the prior written consent of the Holders of a majority of the Registrable Securities outstanding at such time, into any agreement that is inconsistent with
or grants registration rights that have parity with or are more favorable than the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. From and after the date of this Agreement, the Company shall not,
without the prior written consent of the Holders of a majority of the Registrable Securities outstanding at such time file or have declared effective a registration statement for equity securities before the Initial Shelf Registration Statement is
declared effective. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities outstanding at such time, enter into any agreement with any current or
future holder of any securities of the Company that would allow such current or future holder to require the Company to include securities in the Initial Shelf Registration Statement, or in any Piggyback Offering on a basis that is on parity with,
or superior in any material respect to, the Piggyback Offering rights granted to the Holders pursuant to Section 8 of this Agreement. 

  
 23 

 (e) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by the Company and Holders holding at least a majority of the then outstanding Registrable Securities;
provided, however, that any party may give a waiver as to itself; provided, further, that no amendment, modification, supplement, or waiver that disproportionately and adversely affects, alters, or changes the interests
of any Holder shall be effective against such Holder without the prior written consent of such Holder; provided further, that the definition of “Holders” in Section 1 and the provisions of
Section 2(c) may not be amended, modified or supplemented, or waived unless in writing and signed by all the signatories to this Agreement; provided, further, that the waiver of any provision with respect to
any Registration Statement or offering may be given by Holders holding at least a majority of the then outstanding Registrable Securities entitled to participate in such offering or, if such offering shall have been commenced, having elected to
participate in such offering. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly affect
the rights of other Holders may be given by Holders of a majority of the Registrable Securities outstanding at such time to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be
amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms and conditions or
any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary,
shall be construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waiver is
claimed in all other instances or for all other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such provision and shall not affect
the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 
 (f) Notices. Any
notice or other communication required or which may be given hereunder shall be in writing and shall be sent by certified or regular mail(return receipt requested, postage prepaid), by private national courier service, by personal delivery, by
electronic mail or by facsimile transmission. Such notice or communication shall be deemed given (i) if mailed, two (2) days after the date of mailing, (ii) if sent by national courier service, one (1) Business Day after being
sent, (iii) if delivered personally, when so delivered, (iv) if sent by electronic mail, on the Business Day such electronic mail is transmitted (if delivered prior to 5 p.m. Houston, Texas time, or, if thereafter, then as of the next
day), or (v) if sent by facsimile transmission, on the Business Day such facsimile is transmitted, in each case as follows: 
  

	 	(i)	 If to the Company: 

Parker Drilling Company 
 Five
Greenway Plaza, Suite 100 
 Houston, Texas 77046 

Attention: John Edward Menger and Jennifer Simons 

E-mail address: Ed.Menger@parkerdrilling.com and 

Jennifer.Simons@parkerdrilling.com 

  
 24 

 with copies (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

609 Main Street 
 Houston, TX
77002 
 Attention: Julian J. Seiguer, P.C. 

E-mail address: Julian.Seiguer@kirkland.com 

 

	 	(ii)	 If to the Holders (or to any of them), at their addresses as they appear in the records of the Company or the
records of the transfer agent or registrar, if any, for the Common Stock. 

 If any time period for giving notice or taking action
hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended to the Business Day
immediately following such Saturday, Sunday or legal holiday. 
 (g) Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns (including any trustee in bankruptcy). In addition, and whether or not any express assignment shall have been made, the provisions of this
Agreement which are for the benefit of the Holders of Registrable Securities (or any portion thereof) as such shall be for the benefit of and enforceable by any subsequent holder of any Registrable Securities (or of such portion thereof);
provided, however, that such subsequent holder of Registrable Securities shall be required to execute a joinder to this Agreement substantially in the form attached as Exhibit A hereto. No assignment or delegation of this
Agreement by the Company, or any of the Company’s rights, interests or obligations hereunder, shall be effective against any Holder without the prior written consent of such Holder. 

(h) Execution and Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 
 (i)
Delivery by Electronic Means. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto,
to the extent signed and delivered by means of a facsimile machine or other electronic means (including electronic mail), shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same
binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall
re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or other electronic means to deliver a
signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each such party
forever waives any such defense. 

  
 25 

 (j) Governing Law; Venue. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the
application of the laws of any jurisdiction other than the State of New York. Each of the parties to this Agreement consents and agrees that any action to enforce this Agreement or any dispute, whether such dispute arises in law or equity, arising
out of or relating to this Agreement shall be brought exclusively in the United States District Court for the Southern District of New York or any New York State Court sitting in New York City. The parties hereto consent and agree to submit to the
exclusive jurisdiction of such courts. Each of the parties to this Agreement waives and agrees not to assert in any such dispute, to the fullest extent permitted by applicable law, any claim that (i) such party and such party’s property is
immune from any legal process issued by such courts or (ii) any litigation or other proceeding commenced in such courts is brought in an inconvenient forum. The parties hereby agree that mailing of process or other papers in connection with any
such action or proceeding to an address provided in writing by the recipient of such mailing, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof and hereby waive any objections to service in the manner
herein provided. 
 (k) Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a
jury trial of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and
that relate to the subject matter of this Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement that
each has already relied on this waiver in entering into this Agreement, and that each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its
legal counsel and that it knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN
WAIVER SPECIFICALLY REFERRING TO THIS SECTION 17(k) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the
event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
 (l) Severability. Whenever possible,
each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 (m) Descriptive Headings;
Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular forms of 

  
 26 

 
nouns, pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise
modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The words “include”, “includes” or “including” in this Agreement shall be deemed to be followed by “without
limitation”. The use of the words “or,” “either” or “any” shall not be exclusive. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules,
regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be
deemed to be references to the comparable successors thereto from time to time. All Registrable Securities held by a Holder, its Affiliates (including any portfolio company) and its Related Funds shall be aggregated together for purposes of
determining the availability of any rights under this Agreement. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

(n) Entire Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant hereto,
constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the parties, written or oral, to the extent they relate in
any way to the subject matter hereof. 
 (o) Termination. The obligations of the Company and of any Holder, other than those
obligations contained in Section 12 and this Section 17, shall terminate with respect to the Company and such Holder as soon as such Holder no longer beneficially owns any Registrable Securities.

 (p) No Third Party Beneficiaries. Except as provided in Section 12 with respect to indemnification of
certain third parties hereunder, nothing in this Agreement shall confer any rights upon any Person other than the parties hereto and their respective heirs, successors and permitted assigns. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 27 

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

			
	PARKER DRILLING COMPANY
		
	By:	 	 /s/ Jennifer F. Simons

	Name:	 	Jennifer F. Simons
	Title:	 	Vice President, General Counsel and Secretary

 Signature Page to Registration Rights Agreement 

 
			
	HOLDERS:
	
	BRIGADE CAPITAL MANAGEMENT, LP
	As Investment Manager on behalf of its various funds
		
	By:	 	 /s/ Patrick Criscillo

		 	Name: Patrick Criscillo
		 	Title: Chief Financial Officer

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	VÄRDE SKYWAY MASTER FUND, L.P.
	By: The Värde Skyway Fund G.P., LLC, Its General Partner
	By: Värde Partners, L.P., Its Managing Member
	By: Värde Partners, Inc. Its General Partner
		
	By:	 	/s/ Matt Mach
		 	Name: Matt Mach
		 	Title: Managing Director

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	 VÄRDE CREDIT PARTNERS MASTER, L.P.

By: Värde Credit Partners G.P., LLC, Its General Partner
 By:
Värde Partners, L.P., Its Managing Member
 By: Värde Partners, Inc. Its General Partner

		
	By:	 	/s/ Matt Mach
		 	Name: Matt Mach
		 	Title: Managing Director

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	 VÄRDE INVESTMENT PARTNERS (OFFSHORE) MASTER, L.P.

By: Värde Investment Partners G.P., LLC, Its General Partner

By: Värde Partners, L.P., Its Managing Member
 By: Värde
Partners, Inc. Its General Partner

		
	By:	 	 /s/ Matt Mach

		 	Name: Matt Mach
		 	Title: Managing Director

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	 VÄRDE INVESTMENT PARTNERS, L.P.

By: Värde Investment Partners G.P., LLC, Its General Partner

By: Värde Partners, L.P., Its Managing Member
 By: Värde
Partners, Inc. Its General Partner

		
	By:	 	 /s/ Matt Mach

		 	Name: Matt Mach
		 	Title: Managing Director

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	 1992 TACTICAL CREDIT MASTER FUND, L.P.

By: Highbridge Capital Management, LLC, as Trading Manager

		
	By:	 	 /s/ Jonathan Segal

		 	Name: Jonathan Segal
		 	Title: Managing Director

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	 1992 MSF INTERNATIONAL LTD.

By: Highbridge Capital Management, LLC, as Trading Manager

		
	By:	 	 /s/ Jonathan Segal

		 	Name: Jonathan Segal
		 	Title: Managing Director

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	PANDORA SELECT PARTNERS, L.P.
	By: Whitebox Advisors LLC, its investment manager
		
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Chief Executive Officer and General Counsel

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	WHITEBOX ASYMMETRIC PARTNERS, L.P.
	By: Whitebox Advisors LLC, its investment manager
		
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Chief Executive Officer and General Counsel

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	WHITEBOX CAJA BLANCA FUND, LP
	By: Whitebox Caja Blanca GP LLC, its general partner
	By: Whitebox Advisors LLC, its investment manager
		
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Chief Executive Officer and General Counsel

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	WHITEBOX CREDIT PARTNERS, L.P.
	By: Whitebox Advisors LLC, its investment manager
		
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Chief Executive Officer and General Counsel

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	WHITEBOX GT FUND, L.P.
	By: Whitebox Advisors LLC, its investment manager
		
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Chief Executive Officer and General Counsel

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	WHITEBOX MULTI-STRATEGY PARTNERS, L.P.
	By: Whitebox Advisors LLC, its investment manager
		
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Chief Executive Officer and General Counsel

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 
			
	WHITEBOX RELATIVE VALUE PARTNERS, L.P.
	By: Whitebox Advisors LLC, its investment manager
		
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Chief Executive Officer and General Counsel

  

	☑	 By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable
Securities in the Initial Shelf Registration Statement. 

  

	☐	 By checking this box, the Holder signing above hereby requests the inclusion of _____________________
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

Signature Page to Registration Rights Agreement 

 Exhibit A 

FORM OF JOINDER 
 THIS
JOINDER (this “Joinder”) to the Registration Rights Agreement dated as of March 26, 2019, by and among Parker Drilling Company, a Delaware corporation (the “Company”), and the holders party thereto (the
“Registration Rights Agreement”), is made and entered into as of [                ],
20[                ] by the undersigned (the “Assuming Holder”). Capitalized terms used herein but not otherwise defined shall have the meanings set
forth in the Registration Rights Agreement. 
 As a condition to the acquisition of rights under the Registration Rights Agreement in
accordance with the terms thereof, the Assuming Holder represents and agrees as follows: 
 1. Transfer or Assignment. The Assuming
Holder has acquired certain Registrable Securities from [                ] as set forth on the signature page. 

2. Agreement to be Bound. The Assuming Holder hereby agrees that upon execution of this Joinder, it shall become a party to the
Registration Rights Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Registration Rights Agreement as though an original party thereto and shall be deemed a Holder for all purposes thereof.

 3. Successors and Assigns. Except as otherwise provided herein, this Joinder shall bind and inure to the benefit of and be
enforceable by the Company and its successors, heirs and assigns and the Assuming Holder and its successors, heirs and assigns. 
 4.
Governing Law. The Joinder is governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to any conflicts of law principles that would result in the application of the laws of any law
other than the law of the State of New York. 
 5. Descriptive Headings. The descriptive headings of this Joinder are inserted for
convenience only and do not constitute a part of this Joinder. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, undersigned has executed this Joinder to the Registration Rights
Agreement as of the date first written above. 
  

			
	[HOLDER]
		
	By:	 	
                     

		 	Name:
		 	Title:

  

			
	Address:	 	
                     
   

		
		 	  

		
		 	  

		
		 	  

		 	
	Email:	 	  

	
	Amount and type of Registrable Securities Acquired:EX-10.4

 Exhibit 10.4 

WARRANT AGREEMENT 

between 
 PARKER
DRILLING COMPANY 
 and 

EQUINITI TRUST COMPANY, 

as Warrant Agent 
 Dated
as of March 26, 2019 
 Warrants To Purchase Common Stock 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Warrant Certificates
	  	 	8	 
		 	 2.1
	  	 Original Issuance of Warrants
	  	 	8	 
		 	 2.2
	  	 Form of Warrant Certificates
	  	 	8	 
		 	 2.3
	  	 Execution and Delivery of Warrant Certificates
	  	 	8	 
		 	 2.4
	  	 Global Warrant Certificates
	  	 	9	 
			
	 3.
	 	 Exercise and Expiration of Warrants
	  	 	11	 
				
		 	 3.1
	  	 Right to Acquire Common Stock Upon Exercise
	  	 	11	 
		 	 3.2
	  	 Exercise and Expiration of Warrants
	  	 	11	 
		 	 3.3
	  	 Application of Funds upon Exercise of Warrants
	  	 	13	 
		 	 3.4
	  	 Payment of Taxes
	  	 	13	 
		 	 3.5
	  	 Cancellation of Warrant Certificates
	  	 	13	 
		 	 3.6
	  	 Shares Issuable
	  	 	13	 
		 	 3.7
	  	 Maximum Percentage
	  	 	13	 
			
	 4.
	 	 Dissolution, Liquidation or Winding Up
	  	 	14	 
			
	 5.
	 	 Adjustments
	  	 	15	 
				
		 	 5.1
	  	 Adjustments
	  	 	15	 
		 	 5.2
	  	 Fractional Interest
	  	 	23	 
		 	 5.3
	  	 No Other Adjustments
	  	 	23	 
			
	 6.
	 	 Loss or Mutilation
	  	 	24	 
			
	 7.
	 	 Reservation and Authorization of Common Stock
	  	 	25	 
			
	 8.
	 	 Warrant Transfer Books
	  	 	25	 
			
	 9.
	 	 Warrant Holders
	  	 	27	 
				
		 	 9.1
	  	 No Voting or Dividend Rights
	  	 	27	 
		 	 9.2
	  	 Rights of Action
	  	 	27	 
		 	 9.3
	  	 Treatment of Holders of Warrant Certificates
	  	 	27	 
			
	 10.
	 	 Concerning the Warrant Agent
	  	 	27	 
				
		 	 10.1
	  	 Nature of Duties and Responsibilities Assumed
	  	 	27	 
		 	 10.2
	  	 Right to Consult Counsel
	  	 	29	 
		 	 10.3
	  	 Compensation, Reimbursement and Indemnification
	  	 	29	 
		 	 10.4
	  	 Warrant Agent May Hold Company Securities
	  	 	29	 
		 	 10.5
	  	 Resignation and Removal; Appointment of Successor
	  	 	30	 
		 	 10.6
	  	 Appointment of Countersigning Agent
	  	 	30	 
			
	 11.
	 	 Notices
	  	 	31	 
				
		 	 11.1
	  	 Notices Generally
	  	 	31	 
		 	 11.2
	  	 Required Notices to Holders
	  	 	33	 
			
	 12.
	 	 Inspection
	  	 	33	 
			
	 13.
	 	 Amendments
	  	 	34	 

  
 i 

							
	 14.
	 	Waivers	  	 	35	 
			
	 15.
	 	Successor to Company	  	 	35	 
			
	 16.
	 	Headings	  	 	35	 
			
	 17.
	 	Counterparts	  	 	35	 
			
	 18.
	 	Severability	  	 	35	 
			
	 19.
	 	No Redemption	  	 	35	 
			
	 20.
	 	Persons Benefiting	  	 	36	 
			
	 21.
	 	Applicable Law; Venue	  	 	36	 
			
	 22.
	 	Entire Agreement	  	 	36	 

  

			
	EXHIBITS	  	
		
	Exhibit A	  	Form of Warrant Certificate

  
 ii 

 WARRANT AGREEMENT 

This Warrant Agreement (as may be supplemented, amended or amended and restated pursuant to the applicable provisions hereof, this
“Agreement”), dated as of March 26, 2019, between Parker Drilling Company, a Delaware corporation (the “Company”), and Equiniti Trust Company, a limited trust company organized under the laws of
the State of New York, as warrant agent (the “Warrant Agent”). Capitalized terms that are used in this Agreement shall have the meanings set forth in Section 1 hereof. 

WITNESSETH THAT: 

WHEREAS, pursuant to the terms and conditions of the Joint Chapter 11 Plan of Reorganization of Parker Drilling
Company and Its Debtor Affiliates, Docket No. 17 (the “Plan”) relating to a reorganization under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), the Company proposes
to issue and deliver Warrants (as defined below) to purchase up to an aggregate of 2,580,182 shares of its Common Stock (as defined below), subject to adjustment as provided herein, and the Warrant Certificates evidencing such Warrants; 

WHEREAS, each Warrant shall entitle the registered owner thereof to purchase one share of the Common Stock, subject to adjustment as
provided herein; 
 WHEREAS, the Warrants and the shares of Common Stock issuable upon exercise of the Warrants are being issued in
an offering in reliance on the exemption from the registration requirements of the Securities Act (as defined below) and of any applicable state securities or “blue sky” laws afforded by Section 1145 of the Bankruptcy Code; and 

WHEREAS, the Company desires that the Warrant Agent act on behalf of the Company, and the Warrant Agent is willing to so act, in
connection with the issuance, exchange, transfer, substitution and exercise of Warrants and the Warrant Certificates evidencing such Warrants. 

NOW THEREFORE in consideration of the mutual agreements herein contained, the Company and the Warrant Agent agree as follows: 

 

	1.	 Definitions. 

“Action” has the meaning set forth in Section 11.2. 

“Affiliate” of any specified Person, means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such specified Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent Members” has the meaning set forth in Section 2.4(b). 

“Agreement” has the meaning set forth in the preamble hereto. 

 “Applicable Procedures” means, with respect to any transfer or
exchange of, or exercise of any Warrants evidenced by, any Global Warrant Certificate, the procedures of the Depositary that apply to such transfer, exchange or exercise. 

“Appropriate Officer” means any person designated as such by the Board of Directors from time to time. 

“Bankruptcy Code” has the meaning set forth in the recitals hereto. 

“Black-Scholes Value” means, with respect to any Sale Cash Only Transaction, the fair market value of a Warrant on the
date of consummation of such Sale Cash Only Transaction in accordance with the Black-Scholes model for valuing options, using (a) a risk free rate equal to the annual yield on the U.S. Treasury security with a maturity date closest to the
Scheduled Expiration Date, as the yield on that security exists as of such date, (b) a term equal to the time in years (rounded to the nearest 1/1000th of a year) from such date until the
Scheduled Expiration Date, (c) an assumed volatility of 35%, (d) an underlying security price for Common Stock of the value of the consideration received in such Sale Cash Only Transaction in respect of each outstanding share of Common Stock
and (e) the aggregate number of shares of Common Stock for which such Warrant is then exercisable. 
 “Black-Scholes Value
Limit” for each Warrant means, with respect to any Sale Cash Only Transaction, the quotient obtained by dividing (i) $15,000,000 by (ii) the aggregate number of Warrants outstanding immediately prior to the closing of such Sale
Cash Only Transaction. 
 “Board of Directors” means either the board of directors of the Company or any duly
authorized committee of that board. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a legal holiday in the State of New York or a day on which banking institutions and trust companies in the state in which the Corporate Agency Office is located are authorized or obligated by law, regulation or executive order to close.

 “Cash Consideration” means, with respect to any Sale Cash Only Transaction or Sale Cash and Securities
Transaction, the consideration constituting cash and property other than securities receivable upon such Sale Transaction by holders of shares of Common Stock that are Qualifying Persons on account of their holdings of Common Stock. 

“Commission” means the Securities and Exchange Commission, or any other federal agency at the time administering the
Securities Act or the Exchange Act, whichever is the relevant statute for the particular purpose. 
 “Common Stock”
means, subject to the provisions of Section 5.1(h), the common stock, par value $0.01 per share, of the Company. 

“Company” means the company identified in the preamble hereof, and any Successor Company that becomes successor to the
Company in accordance with Section 15. 

  
 2 

 “Company Order” means a written request or order signed in
the name of the Company by an Appropriate Officer, and delivered to the Warrant Agent. 
 “Constituent Person” has
the meaning set forth in the definition of “Qualifying Person.” 
 “Corporate Agency Office” has the
meaning set forth in Section 8. 
 “corporation” means a corporation, association, company
(including limited liability company), joint-stock company, business trust or other similar entity. 
 “Countersigning
Agent” means any Person authorized by the Warrant Agent to act on behalf of the Warrant Agent to countersign Warrant Certificates. 

“Current Market Price” means on any date: 

(i) if the reference is to the per share price of Common Stock on any date herein specified and if on such date the Common
Stock is listed or admitted to trading on any U.S. national securities exchange or traded in the over-the-counter market in the United States (A) the average of the
Quoted Prices for the 30 consecutive Trading Days ending on the Trading Day that next precedes such date or, if such date is not a Trading Day, for the next preceding Trading Day or (B) in the case of any computation under
Section 5.1(d), the average of the Quoted Prices for the 30 consecutive Trading Days ending on the Trading Day that is the day before the “ex” date for the Spin-Off Dividend
requiring such computation; or 
 (ii) if the reference is to the per share price of Common Stock on any date herein
specified and if on such date the Common Stock is not listed or admitted to trading on any U.S. national securities exchange or traded in the over-the-counter market in
the United States, the amount which a willing buyer would pay a willing seller in an arm’s length transaction on such date (neither being under any compulsion to buy or sell) for one share of the Common Stock as determined as of such date by
the Treasurer or Chief Financial Officer of the Company in good faith, whose determination shall be conclusive and evidenced by a certificate of such officer delivered to the Warrant Agent. 

“Definitive Warrant Certificate” means a Warrant Certificate registered in the name of the Holder thereof that does
not bear the Global Warrant Legend and that does not have a “Schedule of Decreases in Warrants” attached thereto. 

“Depositary” means DTC and its successors as depositary hereunder. 

“DTC” means The Depository Trust Company. 

“ex’ date” means, when used with respect to any dividend or distribution, the first
date on which the Common Stock trades regular way on the relevant exchange or in the relevant market from which the Quoted Price was obtained, in each case without the right to receive such dividend or distribution. 

  
 3 

 “Exchange Act” means the Securities Exchange Act of 1934 and any
statute successor thereto, in each case, as amended from time to time. 
 “Exercise Date” has the meaning set forth
in Section 3.2(f). 
 “Exercise Form” has the meaning set forth in
Section 3.2. 
 “Exercise Period” means the period from and including the Original Issue
Date to and including the Expiration Date. 
 “Exercise Price” means the exercise price per share of Common Stock,
initially set at $48.85, subject to adjustment as provided in Section 5.1. 
 “Expiration
Date” means the earlier to occur of (x) the Scheduled Expiration Date, (y) the date of consummation of a Sale Cash Only Transaction and (z) a Winding Up. 

“Fair Market Value” means on any date, as to any non-cash property that is
receivable upon conversion, change or exchange of shares of Common Stock in any Sale Transaction or comprises all or a portion of any Spin-Off Dividend: the amount which a willing buyer would pay a willing
seller in an arm’s length transaction on such date (neither being under any compulsion to buy or sell) for such security or other non-cash property, as determined as of such date by the Board of Directors
in good faith, whose determination shall be evidenced by a resolution of the Board of Directors filed with the Warrant Agent with written notice of such determination given by the Company to the Holders in accordance with
Section 11.2. 
 “Global Warrant Certificate” means a Warrant Certificate deposited with
or on behalf of and registered in the name of the Depositary or its nominee, that bears the Global Warrant Legend and that has the “Schedule of Decreases in Warrants” attached thereto. 

“Global Warrant Legend” means the legend set forth in Section 2.4(a). 

“Group Member” has the meaning set forth in Section 3.7. 

“Holder” means any Person in whose name at the time any Warrant Certificate is registered upon the Warrant Register
and, when used with respect to any Warrant Certificate, the Person in whose name such Warrant Certificate is registered in the Warrant Register. 

“Maximum Percentage” has the meaning set forth in Section 3.7. 

“Non-Sale Transaction” means any Transaction if immediately after consummation
of such Transaction a Specified Person beneficially own more than 50% of the Common Stock (if a Surviving Transaction) or the common equity securities of the Successor Company (if a Non-Surviving Transaction).

 “Non-Surviving Transaction” has the meaning set forth in
Section 5.1(h). 
 “Original Issue Date” means March 26, 2019, the date on which
Warrants are originally issued under this Agreement. 

  
 4 

 “outstanding” when used with respect to any Warrants, means, as of
the time of determination, all Warrants theretofore originally issued under this Agreement except (i) Warrants that have been exercised pursuant to Section 3.2(a), (ii) Warrants that have expired, terminated and become
void pursuant to Section 3.2(b), Section 4 or Section 5.1(h) and (iii) Warrants that have otherwise been acquired by the Company; provided, however,
that in determining whether the Holders of the requisite amount of the outstanding Warrants have given any request, demand, authorization, direction, notice, consent or waiver under the provisions of this Agreement, Warrants held directly or
beneficially by the Company or any Subsidiary of the Company or any of their respective employees shall be disregarded and deemed not to be outstanding. 

“Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof. 
 “Plan” has the meaning set forth in the recitals
hereto. 
 “Qualifying Electing Person” means, with respect to any Non-Sale
Transaction, a holder of Common Stock that (i) is a Qualifying Person; and (ii) if (as a result of rights of election or otherwise) the kind or amount of securities, cash and other property receivable upon such Transaction is not the same
for each share of Common Stock held immediately prior to such Transaction, makes an election to receive the maximum amount of securities pursuant to any rights of election, if any, as to the kind or amount of securities, cash and other property
receivable upon conversion, change or exchange of shares of Common Stock in such Transaction. 
 “Qualifying Person”
means, with respect to any Transaction, a holder of Common Stock that is neither (i) an employee of the Company or of any Subsidiary thereof nor (ii) a Person with which the Company consolidated or into which the Company merged or which
merged into the Company or to which such sale or transfer was made, as the case may be (“Constituent Person”), or an Affiliate of a Constituent Person. 

“Quoted Price” means, on any Trading Day, with respect to the Common Stock, the VWAP of the Common Stock on such
Trading Day on the principal U.S. national securities exchange on which the Common Stock is listed or admitted to trading or, if the Common Stock is not listed or admitted to trading on any U.S. national securities exchange, the average of the
closing bid and asked prices in the over-the-counter market in the United States as furnished by any New York Stock Exchange member firm that shall be selected from time
to time by the Company for that purpose. 
 “Recipient” has the meaning set forth in
Section 3.2(e). 
 “Redomestication Transaction” means a Non-Surviving Transaction in which all of the property received upon such Non-Surviving Transaction by each holder of shares of Common Stock consists solely of securities,
cash in lieu of fractional shares and other de minimis consideration, and the holders of the shares of Common Stock immediately prior to such Non-Surviving Transaction are the only holders of the equity
securities of the Successor Company immediately after the consummation of such Non-Surviving Transaction. 

  
 5 

 “Related Fund” means, with respect to any Person, any fund, account
or investment vehicle that is controlled, advised, sub-advised, managed or co-managed by such Person, by any Affiliate of such Person, or, if applicable, such
Person’s investment manager. 
 “Required Warrant Holders” means Holders of Warrant Certificates evidencing a
majority of the then-outstanding Warrants. 
 “Sale Cash and Securities Transaction” means a Sale Transaction that
is neither (i) a Sale Cash Only Transaction nor (ii) a Sale Securities Only Transaction. 
 “Sale Cash Only
Transaction” means a Sale Transaction in which all of the consideration receivable upon the consummation (which includes, for the avoidance of doubt, a dividend or distribution if such Sale Transaction consists of a sale of all or
substantially all of the assets of the Company and its Subsidiaries (taken as a whole)) of such Sale Transaction by holders of shares of Common Stock that are Qualifying Persons on account of their holdings of Common Stock consists of cash and/or
property other than securities. 
 “Sale Securities Only Transaction” means a Sale Transaction
in which all of the property received upon the consummation (which includes, for the avoidance of doubt, a dividend or distribution if such Sale Transaction consists of a sale of all or substantially all of the assets of the Company and its
Subsidiaries (taken as a whole)) of such Sale Transaction by holders of shares of Common Stock that are Qualifying Persons on account of their holdings of Common Stock consists solely of securities. 

“Sale Transaction” means any Transaction that does not constitute a Non-Sale Transaction or a Redomestication Transaction (i.e. either (i) a Sale Cash and Securities Transaction, (ii) a Sale Cash Only Transaction or (iii) a Sale Securities Only Transaction). 

“Scheduled Expiration Date” means September 26, 2024 5:00 p.m. New York time (the fifth and a half (5 1/2)
anniversary of the Original Issue Date) or, if not a Business Day, then the next Business Day thereafter. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Special Dividend” means any payment by the
Company to all holder of its Common Stock of any dividend, or any other distribution by the Company to such holders, of cash to the extent paid from and on account of (directly or indirectly) the proceeds of any sale of assets of the Company or any
of its Subsidiaries other than any dividend or distribution upon a Transaction to which Section 5.1(h) applies. 

“Specified Person” means any of (i) Brigade Capital Management, LLC and its Related Funds and controlled
Affiliates, (ii) Highbridge Capital Management LLC and its Related Funds and controlled Affiliates, (iii) Whitebox Advisors LLC and its Related Funds and controlled Affiliates or (iv) Värde Partners and its Related Funds and
controlled Affiliates. 
 “Spin-Off Dividend” means any payment by the
Company to all holders of its Common Stock of any dividend, or any other distribution by the Company to such holder of any shares of capital stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business
unit or of any rights, warrants or other securities exercisable for or convertible for or exchangeable into any such shares of capital stock, other than any dividend or distribution (i) upon a Transaction to which
Section 5.1(h) applies or (ii) of any Common Stock referred to in Section 5.1(b). 

  
 6 

 “Subsidiary” means a corporation (as defined in this
Section 1) more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For purposes of
this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

“Substituted Property” has the meaning set forth in Section 5.1(h)(y)(i)(A). 

“Substituted Securities” has the meaning set forth in Section 5.1(h). 

“Successor Company” has the meaning set forth in Section 15. 

“Surviving Transaction” has the meaning set forth in Section 5.1(h). 

“Trading Day” means each Monday, Tuesday, Wednesday, Thursday and Friday, other than any day on which securities are
not traded on the applicable securities exchange or in the applicable securities market. 
 “Transaction” has the
meaning set forth in Section 5.1(h). 
 “VWAP” means the volume-weighted average price for
trading hours of the regular trading session (including any extensions thereof), determined without regard to pre-open or after-hours trading or any other trading outside of the trading hours of the regular
trading session (including any extensions thereof). 
 “Warrant Agent” means the warrant agent set forth in the
preamble hereof or the successor or successors of such Warrant Agent appointed in accordance with the terms hereof. 
 “Warrant
Certificates” means those certain warrant certificates evidencing the Warrants, substantially in the form set forth in Exhibit A attached hereto, which, for the avoidance of doubt, are either Global Warrant Certificates or
Definitive Warrant Certificates. 
 “Warrant Register” has the meaning set forth in
Section 8. 
 “Warrants” means those certain warrants to purchase initially up to an
aggregate of 2,580,182 shares of Common Stock at the Exercise Price, subject to adjustment pursuant to Section 5, issued hereunder. 

“Winding Up” has the meaning set forth in Section 4. 

  
 7 

	2.	 Warrant Certificates. 

2.1 Original Issuance of Warrants. 

(a) On the Original Issue Date, one or more Global Warrant Certificates evidencing the Warrants shall be executed by the Company and delivered
to the Warrant Agent for countersignature, and the Warrant Agent shall, upon receipt of a Company Order and at the direction of the Company set forth therein, countersign and deliver such Global Warrant Certificates for original issuance to the
Depositary, or its custodian, for crediting to the accounts of its participants for the benefit of the holders of beneficial interests in the Warrants on the Original Issue Date pursuant to the Applicable Procedures of the Depositary on the Original
Issue Date. 
 (b) Except as set forth in Section 2.4, Section 3.2(d),
Section 6 and Section 8, the Global Warrant Certificates delivered to the Depositary (or a nominee thereof) on the Original Issue Date shall be the only Warrant Certificates issued or outstanding
under this Agreement. 
 (c) Each Warrant Certificate shall evidence the number of Warrants specified therein, and each Warrant evidenced
thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one share of Common Stock, subject to adjustment as provided in Section 5. 

2.2 Form of Warrant Certificates. 

The Warrant Certificates evidencing the Warrants shall be in registered form only and substantially in the form set forth in Exhibit A
hereto, shall be dated the date on which countersigned by the Warrant Agent, shall have such insertions as are appropriate or required or permitted by this Agreement and may have such letters, numbers or other marks of identification and such
legends and endorsements typed, stamped, printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. 

2.3 Execution and Delivery of Warrant Certificates. 

(a) Warrant Certificates evidencing the Warrants which may be countersigned and delivered under this Agreement are limited to Warrant
Certificates evidencing 2,580,182 Warrants except for Warrant Certificates countersigned and delivered upon registration of transfer of, or in exchange for, or in lieu of, one or more previously countersigned Warrant Certificates pursuant to
Section 2.4, Section 3.2(d), Section 6 and Section 8. 

(b) The Warrant Agent is hereby authorized to countersign and deliver Warrant Certificates as required by
Section 2.1 or by Section 2.4, Section 3.2(d), Section 6 or Section 8. 

(c) The Warrant Certificates shall be executed in the corporate name and on behalf of the Company by the Chairman (or any Co-Chairman) of the Board of Directors, the Chief Executive Officer, the President or any one of the Vice Presidents of the Company under corporate seal reproduced thereon and attested to by the Secretary or one of
the Assistant Secretaries of the 

  
 8 

 
Company, either manually or by facsimile signature printed thereon. The Warrant Certificates shall be manually countersigned by the Warrant Agent and shall not be valid for any purpose unless so
countersigned. In case any officer of the Company whose signature shall have been placed upon any of the Warrant Certificates shall cease to be such officer of the Company before countersignature by the Warrant Agent and issue and delivery thereof,
such Warrant Certificates may, nevertheless, be countersigned by the Warrant Agent and issued and delivered with the same force and effect as though such person had not ceased to be such officer of the Company, and any Warrant Certificate may be
signed on behalf of the Company by such person as, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company, although at the date of the execution of this Agreement any such person was not such
officer. 
 2.4 Global Warrant Certificates. 

(a) Any Global Warrant Certificate shall bear the legend substantially in the form set forth in Exhibit A hereto (the “Global
Warrant Legend”). 
 (b) So long as a Global Warrant Certificate is registered in the name of the Depositary or its nominee,
members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Agreement with respect to the Warrants evidenced by such Global Warrant Certificate held on their behalf by the Depositary or
its custodian, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Warrants, and as the sole Holder of such Warrant Certificate, for all purposes.
Accordingly, any such Agent Member’s beneficial interest in such Warrants will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Agent Members, and
neither the Company nor the Warrant Agent shall have any responsibility or liability with respect to such records maintained by the Depositary or its nominee or its Agent Members. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the
operation of customary practices governing the exercise of the rights of a holder of any security. 
 (c) Any holder of a beneficial interest
in Warrants evidenced by a Global Warrant Certificate registered in the name of the Depositary or its nominee shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in the Warrants evidenced by such Global
Warrant Certificate may be effected only through a book-entry system maintained by the Holder of such Global Warrant Certificate (or its agent), and that ownership of a beneficial interest in Warrants evidenced thereby shall be reflected solely in
such book-entry form. 
 (d) Transfers of a Global Warrant Certificate registered in the name of the Depositary or its nominee shall be
limited to transfers in whole, and not in part, to the Depositary, its successors, and their respective nominees except as set forth in Section 2.4(e). Interests of beneficial owners in a Global Warrant Certificate
registered in the name of the Depositary or its nominee shall be transferred in accordance with the Applicable Procedures of the Depositary. 

  
 9 

 (e) A Global Warrant Certificate registered in the name of the Depositary or its nominee
shall be exchanged for Definitive Warrant Certificates only if the Depositary (i) has notified the Company that it is unwilling or unable to continue as or ceases to be a clearing agency registered under Section 17A of the Exchange Act and
(ii) a successor to the Depositary registered as a clearing agency under Section 17A of the Exchange Act is not able to be appointed by the Company within 90 days or the Depositary is at any time unwilling or unable to continue as
Depositary and a successor to the Depositary is not able to be appointed by the Company within 90 days. In any such event, each Global Warrant Certificate registered in the name of the Depositary or its nominee shall be surrendered to the Warrant
Agent for cancellation in accordance with Section 3.5, and the Company shall execute, and the Warrant Agent shall countersign and deliver, to each beneficial owner identified by the Depositary, in exchange for such
beneficial owner’s beneficial interest in such Global Warrant Certificate, Definitive Warrant Certificates evidencing, in the aggregate, the number of Warrants theretofore represented by such Global Warrant Certificate with respect to such
beneficial owner’s respective beneficial interest. Any Definitive Warrant Certificate delivered in exchange for an interest in a Global Warrant Certificate pursuant to this Section 2.4(e) shall not bear the Global
Warrant Legend. Interests in any Global Warrant Certificate may not be exchanged for Definitive Warrant Certificates other than as provided in this Section 2.4(e). 

(f) The Holder of a Global Warrant Certificate registered in the name of the Depositary or its nominee may grant proxies and otherwise
authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder of a Warrant Certificate is entitled to take under this Agreement or such Global Warrant Certificate. 

(g) Each Global Warrant Certificate will evidence such of the outstanding Warrants as will be specified therein and each shall provide that it
evidences the aggregate number of outstanding Warrants from time to time endorsed thereon and that the aggregate number of outstanding Warrants evidenced thereby may from time to time be reduced, to reflect exercises or expirations. Any endorsement
of a Global Warrant Certificate to reflect the amount of any decrease in the aggregate number of outstanding Warrants evidenced thereby will be made by the Warrant Agent (i) in the case of an exercise, in accordance with the Applicable
Procedures as required by Section 3.2(c) or (ii) in the case of an expiration, in accordance with Section 3.2(b). 

(h) The Company initially appoints DTC to act as Depositary with respect to the Global Warrant Certificates. 

(i) Every Warrant Certificate authenticated and delivered in exchange for, or in lieu of, a Global Warrant Certificate or any portion thereof,
pursuant to this Section 2.4 or Section 8 or Section 10, shall be authenticated and delivered in the form of, and shall be, a Global Warrant Certificate, and a Global
Warrant Certificate may not be exchanged for a Definitive Warrant Certificate, in each case, other than as provided in Section 2.4(e). Whenever any provision herein refers to issuance by the Company and countersignature and
delivery by the Warrant Agent of a new Warrant Certificate in exchange for the portion of a surrendered Warrant Certificate that has not been exercised, in lieu of the surrender of any Global Warrant Certificate and the issuance, countersignature
and delivery of a new Global Warrant Certificate in exchange therefor, the Warrant Agent may endorse such Global Warrant Certificate to reflect a reduction in the number of Warrants evidenced thereby in the amount of Warrants so evidenced that have
been so exercised. 

  
 10 

 (j) Beneficial interests in any Global Warrant Certificate may be transferred to Persons who
take delivery thereof in the form of a beneficial interest in the same Global Warrant Certificate in accordance with the Applicable Procedures. 

(k) At such time as all Warrants evidenced by a particular Global Warrant Certificate have been exercised or expires, terminates or become void
in whole and not in part, such Global Warrant Certificate shall, if not in custody of the Warrant Agent, be surrendered to or retained by the Warrant Agent for cancellation in accordance with Section 3.5. 

 

	3.	 Exercise and Expiration of Warrants. 

3.1 Right to Acquire Common Stock Upon Exercise. Each Warrant Certificate shall, when countersigned by the Warrant Agent, entitle the
Holder thereof, subject to the provisions thereof and of this Agreement, to acquire from the Company, for each Warrant evidenced thereby, one share of Common Stock at the Exercise Price, subject to adjustment as provided in this Agreement. The
Exercise Price, and the number of shares of Common Stock obtainable upon exercise of each Warrant, shall be adjusted from time to time as required by Section 5.1. 

3.2 Exercise and Expiration of Warrants. 

(a) Exercise of Warrants. Subject to and upon compliance with the terms and conditions set forth herein, a Holder of a Warrant
Certificate may exercise all or any whole number of the Warrants evidenced thereby, on any Business Day from and after the Original Issue Date until 5:00 p.m., New York time, on the Expiration Date, for the shares of Common Stock obtainable
thereunder. 
 (b) Expiration of Warrants. The Warrants, to the extent not exercised prior thereto, shall automatically expire,
terminate and become void as of 5:00 p.m., New York time, on the Expiration Date. No further action of any Person (including by, or on behalf of, any Holder, the Company, or the Warrant Agent) shall be required to effectuate the expiration of
Warrants pursuant to this Section 3.2(b). 
 (c) Method of Exercise. In order for a Holder to exercise all
or any of the Warrants represented by a Warrant Certificate, the Holder thereof must (i) (x) in the case of a Global Warrant Certificate, deliver to the Warrant Agent an exercise form for the election to exercise such Warrants substantially in
the form set forth in Exhibit A hereto (an “Exercise Form”), setting forth the number of Warrants being exercised and otherwise properly completed and duly executed by the Holder thereof and deliver such Warrants by
book-entry transfer through the facilities of the Depositary to the Warrant Agent in accordance with the Applicable Procedures and otherwise comply with the Applicable Procedures in respect of the exercise of such Warrants or (y) in the case of
a Definitive Warrant Certificate, at the Corporate Agency Office, (I) deliver to the Warrant Agent an Exercise Form, setting forth the number of Warrants being exercised and otherwise properly completed and duly executed by the Holder thereof,
and (II) surrender to the Warrant Agent the Definitive Warrant Certificate evidencing such Warrants; and (ii) pay to the Warrant Agent an amount equal to (x) all taxes required to be paid by the Holder, if any, pursuant to
Section 3.4 prior to, or concurrently with, exercise of such Warrants and (y) the aggregate of the Exercise Price in respect of each share of Common Stock into which such Warrants are exercisable, in case of
(x) and (y), by cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds to such account of the Company at such banking institution as the Company shall have designated from time to time for
such purpose in accordance with Section 11.1(b). 

  
 11 

 (d) Partial Exercise. If fewer than all the Warrants represented by a Warrant
Certificate are exercised, (i) in the case of exercise of Warrants evidenced by a Global Warrant Certificate, the Warrant Agent shall endorse the “Schedule of Decreases in Warrants” attached to such Global Warrant Certificate to
reflect the Warrants being exercised and (ii) in the case of exercise of Warrants evidenced by a Definitive Warrant Certificate, such Definitive Warrant Certificate shall be surrendered and a new Definitive Warrant Certificate of the same tenor
and for the number of Warrants which were not exercised shall be executed by the Company. The Warrant Agent shall countersign the new Definitive Warrant Certificate, registered in such name or names, subject to the provisions of
Section 8 regarding registration of transfer and payment of governmental charges in respect thereof, as may be directed in writing by the Holder, and shall deliver the new Definitive Warrant Certificate to the Person or
Persons in whose name such new Definitive Warrant Certificate is so registered. The Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Definitive Warrant Certificates duly executed on behalf of the Company for such
purpose. 
 (e) Issuance of Common Stock. Upon due exercise of Warrants evidenced by any Warrant Certificate in conformity with the
foregoing provisions of Section 3.2(c), the Warrant Agent shall, when actions specified in Section 3.2(c)(i) have been effected and any payment specified in
Section 3.2(c)(ii) is received, deliver to the Company the Exercise Form received pursuant to Section 3.2(c)(i), deliver or deposit all funds received as instructed in writing by the Company and
advise the Company by telephone at the end of such day of the amount of funds so deposited to its account. The Company shall thereupon, as promptly as practicable, and in any event within five (5) Business Days after the Exercise Date referred
to below, (i) determine the number of shares of Common Stock issuable pursuant to exercise of such Warrants pursuant to Section 3.6 and (ii) (x) in the case of exercise of Warrants evidenced by a Global Warrant
Certificate, deliver or cause to be delivered to the Recipient (as defined below) in accordance with the Applicable Procedures shares of Common Stock in book-entry form to be so held through the facilities of DTC in an amount equal to, or, if the
Common Stock may not then be held in book-entry form through the facilities of DTC, duly executed certificates representing, or (y) in the case of exercise of Warrants evidenced by Definitive Warrant Certificates, execute or cause to be
executed and deliver or cause to be delivered to the Recipient (as defined below) a certificate or certificates representing, in case of (x) and (y), the aggregate number of shares of Common Stock issuable upon such exercise (based upon the
aggregate number of Warrants so exercised), as so determined, together with an amount in cash in lieu of any fractional share(s), if the Company so elects pursuant to Section 5.2. The shares of Common Stock in book-entry
form or certificate or certificates representing shares of Common Stock so delivered shall be, to the extent possible, in such denomination or denominations as such Holder shall request in the applicable Exercise Form and shall be registered or
otherwise placed in the name of, and delivered to, the Holder or, subject to Section 3.4, such other Person as shall be designated by the Holder in such Exercise Form (the Holder or such other Person being referred to
herein as the “Recipient”). 

  
 12 

 (f) Time of Exercise. Each exercise of a Warrant shall be deemed to have been
effected immediately prior to the close of business on the day on which each of the requirements for exercise of such Warrant specified in Section 3.2(c) has been duly satisfied (the “Exercise
Date”). At such time, subject to Section 5.1(f)(iv), shares of Common Stock in book-entry form or the certificates for the shares of Common Stock issuable upon such exercise as provided in
Section 3.2(e) shall be deemed to have been issued and, for all purposes of this Agreement, the Recipient shall, as between such Person and the Company, be deemed to be and entitled to all rights of the holder or record of
such Common Stock. 
 3.3 Application of Funds upon Exercise of Warrants. Any funds delivered to the Warrant Agent upon exercise of
any Warrant(s) shall be held by the Warrant Agent in trust for the Company. The Warrant Agent shall promptly deliver and pay to or upon the written order of the Company all funds received by it upon the exercise of any Warrants by bank wire transfer
to an account designated by the Company or as the Warrant Agent otherwise may be directed in writing by the Company. 
 3.4 Payment of
Taxes. The Company shall pay any and all taxes (other than income taxes) that may be payable in respect of the issue or delivery of shares of Common Stock on exercise of Warrants pursuant hereto. The Company shall not be required, however, to
pay any tax or other charge imposed in respect of any transfer involved in the issue and delivery of shares of Common Stock in book-entry form or any certificates for shares of Common Stock or payment of cash or other property to any Recipient other
than the Holder of the Warrant Certificate evidencing the exercised Warrant, and in case of such transfer or payment, the Warrant Agent and the Company shall not be required to issue or deliver any shares of Common Stock in book-entry form or any
certificate or pay any cash until (a) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered to the Warrant Agent or the Company or (b) it has been established to the Company’s satisfaction
that any such tax or other charge that is or may become due has been paid. 
 3.5 Cancellation of Warrant Certificates. Any
Definitive Warrant Certificate surrendered for exercise shall, if surrendered to the Company, be delivered to the Warrant Agent. All Warrant Certificates surrendered or delivered to or received by the Warrant Agent for cancellation pursuant to this
Section 3.5 or Section 2.4(e) or Section 2.4(k) shall be promptly cancelled by the Warrant Agent and shall not be reissued by the Company. The Warrant Agent shall destroy
any such cancelled Warrant Certificates and deliver its certificate of destruction to the Company, unless the Company shall otherwise direct. 

3.6 Shares Issuable. The number of shares of Common Stock “obtainable upon exercise” of Warrants at any time shall be the
number of shares of Common Stock into which such Warrants are then exercisable. The number of shares of Common Stock “into which each Warrant is exercisable” shall be one share, subject to adjustment as provided in
Section 5.1. 
 3.7 Maximum Percentage. A Holder of a Warrant will have notified the Company and the
Warrant Agent in writing by submitting the notice form included as Exhibit B attached hereto to the Company and the Warrant Agent prior to the Original Issue Date in the event it elects to be subject to the provisions contained in this
Section 3.7; however, no Holder of a Warrant shall be subject to this Section 3.7 unless he, she or it makes such election. If the election is made by a

  
 13 

 
Holder, the Warrant Agent shall not effect the exercise of the Holder’s Warrant, and such Holder shall not have the right to exercise such Warrant, to the extent that after giving effect to
such exercise, such Person (together with such Person’s Affiliates and any Person who is a member of a group (as defined in Rule 13d-5 under the Exchange Act) with such Person (such Person a
“Group Member”) relating to the equity securities of the Company), to the Warrant Agent’s knowledge based solely on the information certified to the Warrant Agent in the Exercise Form, would beneficially own in excess of
9.9% (the “Maximum Percentage”) of the shares of Common Stock outstanding. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Person, its Affiliates and its Group
Members shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon
(x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such Person and its Affiliates and Group Members, if the shares underlying the Warrant would exceed the Maximum Percentage and (y) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such Person and its Affiliates and Group Members (including, without limitation, any convertible notes or convertible preferred stock
or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act. Solely the Warrant Agent shall determine the extent to which the Warrant is exercisable in accordance with this Section 3.7, and neither the Company nor any transfer agent of the
Company shall have any obligation to verify or confirm the accuracy of such determination. For purposes of making the foregoing determination, the Company shall, within two (2) Business Days, confirm orally and in writing to the Warrant Agent
the number of shares of Common Stock then outstanding. For any reason at any time, upon the written request of the Holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such Holder the number
of shares of Common Stock then outstanding. By written notice to the Company and the Warrant Agent, the Holder of a Warrant may from time to time (i) increase or decrease the Maximum Percentage applicable to such Holder to any other percentage
specified in such notice or (ii) revoke its election pursuant to this Section 3.7; provided, however, that any such increase, decrease or revocation shall not be effective until the sixty-first (61st) day after such
notice is delivered to the Company and the Warrant Agent. 
  

	4.	 Dissolution, Liquidation or Winding Up. 

Unless Section 5.1(h) applies, if, on or prior to the Expiration Date, the Company (or any other Person controlling
the Company) shall propose a voluntary or involuntary dissolution, liquidation or winding up (collectively, a “Winding Up”; provided that a Winding Up shall not be effected pursuant to a Transaction) of the affairs of the
Company, the Company shall give written notice thereof to the Warrant Agent and all Holders in the manner provided in Section 11.1(b) prior to the date on which such transaction is expected to become effective or, if
earlier, the record date for such transaction. Such notice shall also specify the date as of which the holders of record of the shares of Common Stock shall be entitled to exchange their shares for securities, money or other property deliverable
upon such dissolution, liquidation or winding up, as the case may be, on which date each Holder of Warrant Certificates shall receive the securities, money or other property which such Holder would have been entitled to receive had such Holder been
the holder of record of the shares of Common Stock into which the Warrants were exercisable immediately prior to such dissolution, liquidation or winding up (net of the then applicable Exercise Price) and the rights to exercise the Warrants shall
terminate. 

  
 14 

 Unless Section 5.1(h) applies, in case of any Winding Up of the
Company, the Company shall deposit with the Warrant Agent any funds or other property which the Holders are entitled to receive pursuant to the above paragraph, together with a Company Order as to the distribution thereof. After receipt of such
deposit from the Company and after receipt of surrendered Warrant Certificates evidencing Warrants, the Warrant Agent shall make payment in appropriate amount to such Person or Persons as it may be directed in writing by the Holder surrendering such
Warrant Certificate. The Warrant Agent shall not be required to pay interest on any money deposited pursuant to the provisions of this Section 4 except such as it shall agree with the Company to pay thereon. Any moneys,
securities or other property which at any time shall be deposited by the Company or on its behalf with the Warrant Agent pursuant to this Section 4 shall be, and are hereby, assigned, transferred and set over to the Warrant
Agent in trust for the purpose for which such moneys, securities or other property shall have been deposited; provided that moneys, securities or other property need not be segregated from other funds, securities or other property held
by the Warrant Agent except to the extent required by law. 
  

	5.	 Adjustments. 

5.1 Adjustments. In order to prevent dilution of the rights granted under the Warrants and to grant the Holders certain additional
rights, the Exercise Price shall be subject to adjustment from time to time only as specifically provided in this Section 5.1 and the number of shares of Common Stock obtainable upon exercise of Warrants shall be subject to
adjustment from time to time only as specifically provided in this Section 5.1. 
 (a) Subdivisions and
Combinations. In the event the Company shall, at any time or from time to time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, effect a subdivision (by any stock split, subdivision or
otherwise) of the outstanding shares of Common Stock into a greater number of shares of Common Stock (other than (x) a subdivision upon a Transaction to which Section 5.1(h) applies or (y) a stock split effected
by means of a stock dividend or distribution to which Section 5.1(b) applies), then and in each such event the Exercise Price in effect at the opening of business on the day after the date upon which such subdivision
becomes effective shall be proportionately decreased. Conversely, if the Company shall, at any time or from time to time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, effect a combination (by
any reverse stock split, combination or otherwise) of the outstanding shares of Common Stock into a smaller number of shares of Common Stock (other than a combination upon a Transaction to which Section 5.1(h) applies),
then and in each such event the Exercise Price in effect at the opening of business on the day after the date upon which such combination becomes effective shall be proportionately increased. Any adjustment under this
Section 5.1(a) shall become effective immediately after the opening of business on the day after the date upon which the subdivision or combination becomes effective. 

  
 15 

 (b) Stock Dividends. In the event the Company shall, at any time or from time to time
after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, make or issue to the holders of its Common Stock a dividend or distribution payable in, or otherwise make or issue a dividend or other
distribution on any class of its capital stock payable in, shares of Common Stock (other than a dividend or distribution upon a Transaction to which Section 5.1(h) applies), then and in each such event the Exercise Price in
effect at the opening of business on the day after the date for the determination of the holders of shares of Common Stock entitled to receive such dividend or distribution shall be decreased by multiplying such Exercise Price by a fraction (not to
be greater than 1): 
 (i) the numerator of which shall be the total number of shares of Common Stock issued and outstanding
at the close of business on such date for determination; and 
 (ii) the denominator of which shall be the total number of
shares of Common Stock issued and outstanding at the close of business on such date for determination plus the number of shares of Common Stock issuable in payment of such dividend or distribution. 

Any adjustment under this Section 5.1(b) shall, subject to Section 5.1(f)(iv), become
effective immediately after the opening of business on the day after the date for the determination of the holders of shares of Common Stock entitled to receive such dividend or distribution. 

(c) Reclassifications. A reclassification of the Common Stock (other than any such reclassification in connection with a Transaction to
which Section 5.1(h) applies) into shares of Common Stock and shares of any other class of stock shall be deemed: 

(i) a Spin-Off Dividend by the Company to the holders of its Common Stock of such
shares of such other class of stock for the purposes and within the meaning of Section 5.1(d) (and the effective date of such reclassification shall be deemed to be “the date for the determination of the holders of
Common Stock entitled to receive such Spin-Off Dividend” for the purposes and within the meaning of Section 5.1(d)); and 

(ii) if the outstanding shares of Common Stock shall be changed into a larger or smaller number of shares of Common Stock as a
part of such reclassification, such change shall be deemed a subdivision or combination, as the case may be, of the outstanding shares of Common Stock for the purposes and within the meaning of Section 5.1(a) (and the
effective date of such reclassification shall be deemed to be “the date upon which such subdivision becomes effective” or “the date upon which such combination becomes effective,” as applicable, for the purposes and within the
meaning of Section 5.1(a)). 
 (d) Spin-Off Dividend. In the event
the Company shall, at any time or from time to time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, make or issue any Spin-Off Dividend, then and in each
such event, the Exercise Price in effect immediately prior to the close of business on the date for the determination of the holders of Common Stock entitled to receive such Spin-Off Dividend shall be
decreased by multiplying such Exercise Price by a fraction (not to be greater than 1): 

  
 16 

 (i) the numerator of which shall be the Current Market Price per share of
Common Stock on such date for determination minus the portion applicable to one share of Common Stock of the Fair Market Value ( as determined in good faith by the Board of Directors, whose determination shall be evidenced by a resolution of the
Board of Directors filed with the Warrant Agent) of such Spin-Off Dividend so distributed; and 

(ii) the denominator of which shall be such Current Market Price per share of Common Stock. 

Any adjustment under this Section 5.1(d) shall, subject to Section 5.1(f)(v) become
effective immediately prior to the opening of business on the day after the date for the determination of the holders of Common Stock entitled to receive such Spin-Off Dividend. If the Board of Directors
determines the Fair Market Value of any Spin-Off Dividend for purposes of this Section 5.1(d) by reference to the actual or when issued trading market for any securities comprising
such Spin-Off Dividend, it must in doing so consider the volume weighted average prices in such market on the same date used in computing the Current Market Price per share of Common Stock. 

For purposes of clarity, if a Spin-Off Dividend would have reduced the Exercise Price to an amount
below the par value per share of the Common Stock, the Exercise Price will be reduced to the par value per share of the Common Stock. 
 (e)
Special Dividends. In the event the Company shall, at any time or from time to time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, pay or make any Special Dividend, then and in each such
event, the Exercise Price in effect immediately prior to the close of business on the date for the determination of the holders of Common Stock entitled to receive such Special Dividend shall be decreased (to an amount not less than the lesser of
the par value of the Common Stock as of the date hereof and such par value as of such date of determination) by an amount equal to the amount of the cash so distributed to one share of Common Stock. 

Any adjustment under this Section 5.1(e) shall, subject to Section 5.1(f)(v), become
effective immediately prior to the opening of business on the day after the date for the determination of the holders of Common Stock entitled to receive such Special Dividend. 

For purposes of clarity, if a Special Dividend would have reduced the Exercise Price to an amount below the par value per share of the Common
Stock, the Exercise Price will be reduced to the par value per share of the Common Stock and any remaining amount of cash of the Special Dividend that would have resulted in a reduction of the Exercise Price below the par value per share of the
Common Stock shall be disregarded. 
 (f) Other Provisions Applicable to Adjustments. The following provisions shall be applicable to
the making of adjustments to the Exercise Price and the number of shares of Common Stock into which each Warrant is exercisable under Section 5.1: 

(i) Treasury Stock. The dividend or distribution of any issued shares of Common Stock owned or held by or for the
account of the Company shall be deemed a dividend or distribution of shares of Common Stock for purposes of Section 5.1(b). The Company shall not make or issue any dividend or distribution on shares of Common Stock held in
the treasury of the Company. For the purposes of Section 5.1(b), the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company. 

  
 17 

 (ii) When Adjustments Are to be Made. The adjustments required by
Section 5.1(a), Section 5.1(b), Section 5.1(c), Section 5.1(d) and Section 5.1(e) shall be made whenever and as often
as any specified event requiring an adjustment shall occur, except that no adjustment of the Exercise Price that would otherwise be required shall be made unless and until such adjustment either by itself or with other adjustments not previously
made increases or decreases the Exercise Price immediately prior to the making of such adjustment by at least 1%. Any adjustment representing a change of less than such minimum amount (except as aforesaid) shall be carried forward and made as soon
as such adjustment, together with other adjustments required by Section 5.1(a), Section 5.1(b), Section 5.1(c), Section 5.1(d) and
Section 5.1(e) and not previously made, would result in such minimum adjustment. 
 (iii)
Fractional Interests. In computing adjustments under this Section 5.1, fractional interests in Common Stock shall be taken into account to the nearest one-thousandth of a
share. 
 (iv) Deferral of Issuance Upon Exercise. In any case in which Section 5.1(b) or
Section 5.1(d) shall require that a decrease in the Exercise Price be made effective prior to the occurrence of a specified event and any Warrant is exercised after the time at which the adjustment became effective but
prior to the occurrence of such specified event and, in connection therewith, Section 5.1(g) shall require a corresponding increase in the number of shares of Common Stock into which each Warrant is exercisable, the Company
may elect to defer (but not in any event later than the Expiration Date or the closing date of the applicable Sale Transaction) until the occurrence of such specified event (A) the issuance to the Holder of the Warrant Certificate evidencing
such Warrant (or other Person entitled thereto) of, and the registration of such Holder (or other Person) as the record holder of, the Common Stock over and above the Common Stock issuable upon such exercise on the basis of the number of shares of
Common Stock obtainable upon exercise of such Warrant immediately prior to such adjustment and to require payment in respect of such number of shares the issuance of which is not deferred on the basis of the Exercise Price in effect immediately
prior to such adjustment and (B) the corresponding reduction in the Exercise Price; provided, however, that the Company shall deliver to such Holder or other person a due bill or other appropriate instrument that meet any
applicable requirements of the principal national securities exchange or other market on which the Common Stock is then traded and evidences the right of such Holder or other Person to receive, and to become the record holder of, such additional
shares of Common Stock, upon the occurrence of such specified event requiring such adjustment (without payment of any additional Exercise Price in respect of such additional shares). 

  
 18 

 (v) Deferral of Reduction in Exercise Price. In any case in which
Section 5.1(e) shall require that a decrease in the Exercise Price be made effective prior to the occurrence of a specified event and any Warrant is exercised after the time at which the adjustment became effective but
prior to the occurrence of such specified event, the Company may elect to defer (but not in any event later than the Expiration Date or the closing date of the applicable Sale Transaction) until the occurrence of such specified event the
corresponding reduction in the Exercise Price; provided, however, that the Company shall deliver to the Holder of the Warrant Certificate evidencing such Warrant an appropriate instrument that evidences the right of such Holder to
receive from the Company, upon the occurrence of such specified event requiring such adjustment, a cash refund equal to the difference between (x) the Exercise Price paid to the Company on the Exercise Date and (y) the Exercise Price as so
reduced as a result of such adjustment pursuant to Section 5.1(e). 
 (g) Adjustment to Shares Obtainable Upon
Exercise. Whenever the Exercise Price is adjusted as provided in this Section 5.1 (other than in Section 5.1(e) in the case of a Special Dividend), the number of shares of Common Stock into
which a Warrant is exercisable shall simultaneously be adjusted by multiplying such number of shares of Common Stock into which a Warrant is exercisable immediately prior to such adjustment by a fraction, the numerator of which shall be the Exercise
Price immediately prior to such adjustment, and the denominator of which shall be the Exercise Price immediately thereafter. 
 (h)
Changes in Common Stock. In case at any time or from time to time after the Original Issue Date while any Warrants remain outstanding and unexpired in whole or in part, the Company (including any Successor Company) shall be a party to or
shall otherwise engage in any transaction or series of related transactions constituting: (1) a consolidation of the Company with, a merger of the Company into, a sale of all or substantially all of the assets of the Company and its
Subsidiaries (taken as a whole) to, any other Person, or any similar transaction, in each case, in which the previously outstanding shares of Common Stock shall be entitled to receive (either directly or upon subsequent liquidation), cancelled,
reclassified or converted or changed into or exchanged for securities or other property (including cash) or any combination of the foregoing (a “Non-Surviving Transaction”), or
(2) any merger of another Person into the Company in which the previously outstanding shares of Common Stock shall be cancelled, reclassified or converted or changed into or exchanged for securities of the Company or other property (including
cash) or any combination of the foregoing (a “Surviving Transaction”; any Non-Surviving Transaction or Surviving Transaction being herein called a
“Transaction”); then: 
 (x) if such Transaction constitutes a Sale Cash Only Transaction, then, at
the effective time of the consummation of such Sale Cash Only Transaction, (i) any Warrants not exercised prior to the closing of such Sale Cash Only Transaction shall automatically expire, terminate and become void and (ii) the Company
shall deliver or cause to be delivered to the Holder of each Warrant Certificate evidencing any unexercised Warrants, cash in an amount, for each Warrant so evidenced, equal to (1) the product of (I) the number of shares of Common Stock
into which such Warrant was exercisable immediately prior to such closing and (II) the positive difference, if any, of the Fair Market Value of the Cash Consideration per share of Common Stock in the Transaction and the Exercise Price per share
of Common Stock immediately prior to such closing plus (2) if the effective time of 

  
 19 

 
the consummation of such Transaction is prior to both (a) the eighteen (18) month anniversary of the Original Issue Date and (b) the effective time of any Sale Securities Only
Transaction or Sale Cash and Securities Transaction that occurs after the Original Issue Date, the lesser of (I) the Black-Scholes Value Limit with respect to such Sale Cash Only Transaction and (II) the Black-Scholes Value of each Warrant
as of the date of the consummation of the Sale Cash Only Transaction; or 
 (y) if such Transaction is a Redomestication
Transaction, a Non-Sale Transaction, a Sale Cash and Securities Transaction or a Sale Securities Only Transaction: 

(i) as a condition to the consummation of such Transaction, the Company shall (or, in the case of any Non-Surviving Transaction, the Company shall cause such other Person to) execute and deliver to the Warrant Agent a written instrument providing that: 

(A) if such Transaction constitutes a Redomestication Transaction or a Non-Sale
Transaction, any Warrant that remains outstanding in whole or in part, upon the exercise thereof at any time on or after the consummation of such Transaction, shall be exercisable (on such terms and subject to such conditions as shall be as nearly
equivalent as may be practicable to the provisions set forth in this Agreement) into, in lieu of the Common Stock issuable upon such exercise prior to such consummation, only the securities or other property (“Substituted
Property”) that would have been receivable upon such Transaction by a Qualifying Electing Person holding the number of shares of Common Stock into which such Warrant was exercisable immediately prior to such Transaction and for an
aggregate Exercise Price for such Warrant equal to the product of (I) the number of shares of Common Stock into which such Warrant was exercisable immediately prior to such Transaction and (II) the Exercise Price per share of Common Stock
immediately prior to such Transaction; provided that if (i) such Non-Sale Transaction would have otherwise been a Sale Cash Only Transaction (but for the percentage beneficial ownership of a Specified
Person specified in the definition of such term that caused such Non-Sale Transaction to become such) and (ii) such Warrants would not be entitled to any amount of cash pursuant to Subsection
5.1(h)(x)(ii)(1) or Subsection 5.1(h)(x)(ii)(2), then the Warrants shall automatically expire, terminate and become void upon the closing of such Non-Sale Transaction; 

  
 20 

 (B) if such Transaction constitutes a Sale Securities Only Transaction, any
Warrant that remains outstanding in whole or in part, upon the exercise thereof at any time on or after the consummation of such Transaction, shall be exercisable (on such terms and subject to such conditions as shall be as nearly equivalent as may
be practicable to the provisions set forth in this Agreement) into, in lieu of the Common Stock issuable upon such exercise prior to such consummation, only the securities (“Substituted Securities”) that would have been
receivable upon the consummation of such Transaction by a Qualifying Person holding the number of shares of Common Stock into which such Warrant was exercisable immediately prior to such Transaction and for an aggregate Exercise Price for such
Warrant equal to the product of (I) the number of shares of Common Stock into which such Warrant was exercisable immediately prior to such Transaction and (II) the Exercise Price per share of Common Stock immediately prior to such
Transaction; or 
 (C) if such Transaction constitutes a Sale Cash and Securities Transaction, any Warrant that remains
outstanding in whole or in part, upon the exercise thereof at any time on or after the consummation of such Transaction, shall be exercisable (on such terms and subject to such conditions as shall be as nearly equivalent as may be practicable to the
provisions set forth in this Agreement) into, in lieu of the Common Stock issuable upon such exercise prior to such consummation, only the Substituted Securities that would have been receivable upon such Transaction by a Qualifying Person holding
the number of shares of Common Stock into which such Warrant was exercisable immediately prior to such Transaction and for an aggregate Exercise Price for such Warrant equal to the product of (I) the number of shares of Common Stock into which
such Warrant was exercisable immediately prior to such Transaction and (II) the Exercise Price per share of Common Stock immediately prior to such time as decreased (to an amount not less than the lesser of the par value of the Common Stock as
of the date hereof and such par value as of such date of determination) by an amount equal to the Fair Market Value of the Cash Consideration per share of Common Stock receivable in such Sale Cash and Securities Transaction by a Qualifying Person;
provided further, however, that if, as the result of rights of election, the kind or amount of securities, cash and other property receivable upon such Sale Cash and Securities Transaction is not the same for each share of
Common Stock held by a Qualifying Person, then, for the purposes of this Section 5.1(h)(y)(i)(C), the kind and amount of securities, cash and other property receivable upon such Sale Cash and Securities Transaction for each
share of Common Stock held by a Qualifying Person shall be deemed to be the pro rata kind and amount per share of Common Stock (determined on the basis of all outstanding shares of Common Stock held by Qualifying Persons) actually received by all
Qualifying Persons; 

  
 21 

 (ii) except as otherwise specified in
Section 5.1(h)(y)(i), the rights and obligations of the Company (or, in the event of a Non-Surviving Transaction, such other Person) and the Holders in respect of Substituted Property
(in the case of Section 5.1(h)(y)(i)(A)) or Substituted Securities (in the case of Section 5.1(h)(y)(i)(B) or (C)) shall be substantially unchanged to be as nearly equivalent as may be
practicable to the rights and obligations of the Company and Holders in respect of Common Stock hereunder as set forth in Section 3.1 hereof; and 

(iii) such written instrument under clause (y)(i) above shall provide for adjustments which, for events subsequent to
the effective date of such written instrument, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 5. The above provisions of this Section 5.1(h)
shall similarly apply to successive Transactions. 
 For the avoidance of doubt, notwithstanding anything to the contrary contained herein,
(i) in no event shall a Holder be entitled to any Fair Market Value on account of the Warrants (using the Black-Scholes Value or otherwise) in any Sale Cash Only Transaction (other than the amount of cash specified in
Section 5.1(h)(x)(ii)(1)) if the effective time of the consummation of a Sale Cash Only Transaction is prior to the eighteen (18) month anniversary of the Original Issue Date but after the effective time of any Sale
Securities Only Transaction or Sale Cash and Securities Transaction that occurs after the Original Issue Date and (ii) in no event shall a Holder be entitled to any Fair Market Value on account of the Warrants (using the Black-Scholes Value or
otherwise) in any Sale Cash and Securities Transaction, Sale Securities Only Transaction, Redomestication Transaction or Non-Sale Transaction (other than the amount of Substituted Property or Substituted
Securities, as applicable, specified in Section 5.1(h)(y)(i)(A), (B) or (C), as applicable). 
 (i)
Compliance with Governmental Requirements. Before taking any action that would cause an adjustment reducing the Exercise Price below the then par value of any of the shares of Common Stock into which the Warrants are exercisable, the Company
will take any corporate action that may be necessary in order that the Company may validly and legally issue fully paid and non-assessable shares of such Common Stock at such adjusted Exercise Price. 

(j) Optional Tax Adjustment. The Company may at its option, at any time during the term of the Warrants, increase the number of shares
of Common Stock into which each Warrant is exercisable, or decrease the Exercise Price, in addition to those changes required by Section 5.1(a), Section 5.1(b),
Section 5.1(c), Section 5.1(d) or Section 5.1(e) as deemed advisable by the Board of Directors of the Company, in order that any event treated for Federal income tax
purposes as a dividend of stock or stock rights shall not be taxable to the recipients. 
 (k) Warrants Deemed Exercisable. For
purposes solely of this Section 5, the number of shares of Common Stock which the holder of any Warrant would have been entitled to receive had such Warrant been exercised in full at any time or into which any Warrant was
exercisable at any time shall be determined assuming such Warrant was exercisable in full at such time. 

  
 22 

 (l) Notice of Adjustment. Upon the occurrence of each adjustment of the Exercise
Price or the number of shares of Common Stock into which a Warrant is exercisable pursuant to this Section 5.1, the Company at its expense shall promptly: 

(i) compute such adjustment in accordance with the terms hereof; 

(ii) after such adjustment becomes effective, deliver to all Holders, in accordance with
Section 11.1(b) and Section 11.2 (including by means of a current report on Form 8-K), a notice setting forth such adjustment and showing in detail the facts
upon which such adjustment (including the kind and amount of securities, cash or other property for which the Warrants shall be exercisable and the Exercise Price) is based; and 

(iii) deliver to the Warrant Agent a certificate of the Treasurer of the Company setting forth the Exercise Price and the
number of shares of Common Stock into which each Warrant is exercisable after such adjustment and setting forth a brief statement of the facts requiring such adjustment and the computation by which such adjustment was made (including a description
of the basis on which the Current Market Price of the Common Stock or the Fair Market Value of any evidences of indebtedness, shares of capital stock, securities, cash or other assets or consideration used in the computation was determined). As
provided in Section 10.1, the Warrant Agent shall be entitled to rely on such certificate and shall be under no duty or responsibility with respect to any such certificate, except to exhibit the same from time to time to
any Holder desiring an inspection thereof during reasonable business hours. 
 (m) Statement on Warrant Certificates. Irrespective of
any adjustment in the Exercise Price or amount or kind of shares into which the Warrants are exercisable, Warrant Certificates theretofore or thereafter issued may continue to express the same Exercise Price initially applicable or amount or kind of
shares initially issuable upon exercise of the Warrants evidenced thereby pursuant to this Agreement. 
 5.2 Fractional Interest. The
Company shall not be required upon the exercise of any Warrant to issue any fractional shares, but may, in lieu of issuing any fractional shares of Common Stock make an adjustment therefore in cash on the basis of the Current Market Price per share
of Common Stock on the date of such exercise. If Warrant Certificates evidencing more than one Warrant shall be presented for exercise at the same time by the same Holder, the number of full shares of Common Stock which shall be issuable upon such
exercise thereof shall be computed on the basis of the aggregate number of Warrants so to be exercised. The Holders, by their acceptance of the Warrant Certificates, expressly waive their right to receive any fraction of a share of Common Stock or a
stock certificate representing a fraction of a share of Common Stock. 
 5.3 No Other Adjustments. Except in accordance with
Section 5.1, the applicable Exercise Price and the number of shares of Common Stock obtainable upon exercise of any Warrant will not be adjusted for the issuance of Common Stock or any securities convertible into or
exchangeable for Common Stock or carrying the right to purchase any of the foregoing, including, without limitation: 

  
 23 

 (i) upon the issuance of any other securities by the Company on or after the
Original Issue Date, whether or not contemplated by the Plan, or upon the issuance of shares of Common Stock upon the exercise of any such securities; 

(ii) upon the issuance of any shares of Common Stock or other securities or any payments pursuant to the Management Incentive
Plan (as defined in the Plan) or any other equity incentive plan of the Company; 
 (iii) upon the issuance of any shares of
Common Stock pursuant to the exercise of the Warrants; or 
 (iv) upon the issuance of any shares of Common Stock or other
securities of the Company in connection with a business acquisition transaction. 
  

	6.	 Loss or Mutilation. 

If (a) any mutilated Warrant Certificate is surrendered to the Warrant Agent or (b) both (i) there shall be delivered to the
Company and the Warrant Agent (A) a claim by a Holder as to the destruction, loss or wrongful taking of any Warrant Certificate of such Holder and a request thereby for a new replacement Warrant Certificate, and (B) such indemnity bond as
may be required by them to save each of them and any agent of either of them harmless and (ii) such other reasonable requirements as may be imposed by the Company and the Warrant Agent as permitted by
Section 8-405 of the Uniform Commercial Code have been satisfied, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a “protected
purchaser” within the meaning of Section 8-405 of the Uniform Commercial Code, the Company shall execute and upon its written request the Warrant Agent shall countersign and deliver to the registered Holder of the lost, wrongfully taken,
destroyed or mutilated Warrant Certificate, in exchange therefore or in lieu thereof, a new Warrant Certificate of the same tenor and for a like aggregate number of Warrants. At the written request of such registered Holder, the new Warrant
Certificate so issued shall be retained by the Warrant Agent as having been surrendered for exercise, in lieu of delivery thereof to such Holder, and shall be deemed for purposes of Section 3.2 to have been surrendered for
exercise on the date the conditions specified in clauses (a) or (b) of the preceding sentence were first satisfied. 
 Upon the
issuance of any new Warrant Certificate under this Section 6, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and other expenses
(including the fees and expenses of the Warrant Agent and of counsel to the Company) in connection therewith. 
 Every new Warrant
Certificate executed and delivered pursuant to this Section 6 in lieu of any lost, wrongfully taken or destroyed Warrant Certificate shall constitute an additional contractual obligation of the Company, whether or not the
allegedly lost, wrongfully taken or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly
executed and delivered hereunder. 

  
 24 

 The provisions of this Section 6 are exclusive and shall preclude
(to the extent lawful) all other rights or remedies with respect to the replacement of mutilated, lost, wrongfully taken, or destroyed Warrant Certificates. 
  

	7.	 Reservation and Authorization of Common Stock. 

The Company covenants that, for the duration of the Exercise Period, the Company will at all times reserve and keep available, from its
authorized and unissued Common Stock solely for issuance and delivery upon the exercise of the Warrants and free of preemptive rights, such number of shares of Common Stock and other securities, cash or property as from time to time shall be
issuable upon the exercise in full of all outstanding Warrants for cash. The Company further covenants that it shall, from time to time, take all steps necessary to increase the authorized number of shares of its Common Stock if at any time the
authorized number of shares of Common Stock remaining unissued would otherwise be insufficient to allow delivery of all the shares of Common Stock then deliverable upon the exercise in full of all outstanding Warrants. The Company covenants that all
shares of Common Stock issuable upon exercise of the Warrants will, upon issuance, be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer and will be free from all taxes, liens and charges in respect of
the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company shall take all such actions as may be necessary to ensure that all such shares of Common Stock may be so issued
without violation of any applicable law or governmental regulation or any requirements of any U.S. national securities exchange upon which shares of Common Stock may be listed (except for official notice of issuance which shall be immediately
delivered by the Company upon each such issuance). The Company covenants that all shares of Common Stock will, at all times that Warrants are exercisable, be duly approved for listing subject to official notice of issuance on each securities
exchange, if any, on which the Common Stock is then listed. The Company covenants that the stock certificates, if any, issued to evidence any shares of Common Stock issued upon exercise of Warrants will comply with the Delaware General Corporation
Law and any other applicable law. 
 The Company hereby authorizes and directs its current and future transfer agents for the Common Stock
at all times to reserve stock certificates for such number of authorized shares, to the extent as, and if, required. The Warrant Agent is hereby authorized to requisition from time to time from any such transfer agents stock certificates required to
honor outstanding Warrants upon exercise thereof in accordance with the terms of this Agreement, and the Company hereby authorizes and directs such transfer agents to comply with all such requests of the Warrant Agent. The Company will supply such
transfer agents with duly executed stock certificates for such purposes, to the extent as, and if, required. 
  

	8.	 Warrant Transfer Books. 

The Warrant Agent will maintain an office (the “Corporate Agency Office”) in the United States of America, where
Warrant Certificates may be surrendered for registration of transfer or exchange and where Warrant Certificates may be surrendered for exercise of Warrants evidenced thereby, which office is 1110 Centre Point Curve, Suite 101, Mendota Heights, MN
55120-4101, on the Original Issue Date. The Warrant Agent will give prompt written notice to all Holders of Warrant Certificates of any change in the location of such office. 

  
 25 

 The Warrant Certificates evidencing the Warrants shall be issued in registered form only.
The Company shall cause to be kept at the office of the Warrant Agent designated for such purpose a warrant register (the “Warrant Register”) in which, subject to such reasonable regulations as the Warrant Agent may prescribe
and such regulations as may be prescribed by law, the Company shall provide for the registration of Warrant Certificates and of transfers or exchanges of Warrant Certificates as herein provided. 

Upon surrender for registration of transfer of any Warrant Certificate at the Corporate Agency Office, the Company shall execute, and the
Warrant Agent shall countersign and deliver, in the name of the designated transferee or transferees, one or more new Warrant Certificates evidencing a like aggregate number of Warrants. 

At the option of the Holder, Warrant Certificates may be exchanged at the office of the Warrant Agent upon payment of the charges hereinafter
provided for other Warrant Certificates evidencing a like aggregate number of Warrants. Whenever any Warrant Certificates are so surrendered for exchange, the Company shall execute, and the Warrant Agent shall countersign and deliver, the Warrant
Certificates of the same tenor and evidencing the same number of Warrants as evidenced by the Warrant Certificates surrendered by the Holder making the exchange. 

All Warrant Certificates issued upon any registration of transfer or exchange of Warrant Certificates shall be the valid obligations of the
Company, evidencing the same obligations, and entitled to the same benefits under this Agreement, as the Warrant Certificates surrendered for such registration of transfer or exchange. 

Every Warrant Certificate surrendered for registration of transfer or exchange shall (if so required by the Company or the Warrant Agent) be
duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Warrant Agent, duly executed by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be made for any registration of transfer or exchange of Warrant Certificates; provided, however, the
Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Warrant Certificates. 

The Warrant Agent shall, upon request of the Company from time to time, deliver to the Company such reports of registered ownership of the
Warrants and such records of transactions with respect to the Warrants and the shares of Common Stock as the Company may request. The Warrant Agent shall also make available to the Company for inspection by the Company’s agents or employees,
from time to time as the Company may request, such original books of accounts and records maintained by the Warrant Agent in connection with the issuance and exercise of Warrants hereunder, such inspections to occur at the Corporate Agency Office
during normal business hours. 
 The Warrant Agent shall keep copies of this Agreement and any notices given to Holders hereunder available
for inspection by the Holders during normal business hours at the Corporate Agency Office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Agreement as the Warrant Agency may request. 

  
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	9.	 Warrant Holders. 

9.1 No Voting or Dividend Rights. 

(a) No Holder of a Warrant Certificate evidencing any Warrant shall have or exercise any rights by virtue hereof as a holder of Common Stock of
the Company, including, without limitation, the right to vote, to receive dividends and other distributions as a holder of Common Stock or to receive notice of, or attend, meetings or any other proceedings of the holders of Common Stock. 

(b) The consent of any Holder of a Warrant Certificate shall not be required with respect to any action or proceeding of the Company. 

(c) Except as provided in Section 4, no Holder of a Warrant Certificate, by reason of the ownership or possession of
a Warrant or the Warrant Certificate representing the same, shall have any right to receive any cash dividends, stock dividends, allotments or rights or other distributions paid, allotted or distributed or distributable to the holders of Common
Stock prior to, or for which the relevant record date preceded, the date of the exercise of such Warrant. 
 (d) No Holder of a Warrant
Certificate shall have any right not expressly conferred hereunder or under, or by applicable law with respect to, the Warrant Certificate held by such Holder. 

9.2 Rights of Action. All rights of action against the Company in respect of this Agreement, except rights of action vested in the
Warrant Agent, are vested in the Holders of the Warrant Certificates, and any Holder of any Warrant Certificate, without the consent of the Warrant Agent or the Holder of any other Warrant Certificate, may, in such Holder’s own behalf and for
such Holder’s own benefit, enforce and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such Holder’s right to exercise such Holder’s Warrants in the manner
provided in this Agreement. 
 9.3 Treatment of Holders of Warrant Certificates. Every Holder, by virtue of accepting a Warrant
Certificate, consents and agrees with the Company, with the Warrant Agent and with every subsequent holder of such Warrant Certificate that, prior to due presentment of such Warrant Certificate for registration of transfer, the Company and the
Warrant Agent may treat the Person in whose name the Warrant Certificate is registered as the owner thereof for all purposes and as the Person entitled to exercise the rights granted under the Warrants, and neither the Company, the Warrant Agent nor
any agent thereof shall be affected by any notice to the contrary. 
  

	10.	 Concerning the Warrant Agent. 

10.1 Nature of Duties and Responsibilities Assumed. The Company hereby appoints the Warrant Agent to act as agent of the Company as set
forth in this Agreement. The Warrant Agent hereby accepts the appointment as agent of the Company and agrees to perform that agency upon the terms and conditions set forth in this Agreement and in the Warrant Certificates or as the Company and the
Warrant Agent may hereafter agree, by all of which the Company and the Holders of Warrant Certificates, by their acceptance thereof, shall be bound; provided, however, that the terms and conditions contained in the Warrant Certificates
are subject to and governed by this Agreement or any other terms and conditions hereafter agreed to by the Company and the Warrant Agent. 

  
 27 

 The Warrant Agent shall not, by countersigning Warrant Certificates or by any other act
hereunder, be deemed to make any representations as to validity or authorization of (i) the Warrants or the Warrant Certificates (except as to its countersignature thereon), (ii) any securities or other property delivered upon exercise of
any Warrant, (iii) the accuracy of the computation of the number or kind or amount of stock or other securities or other property deliverable upon exercise of any Warrant or (iv) the correctness of any of the representations of the Company
made in such certificates that the Warrant Agent receives. The Warrant Agent shall not at any time have any duty to calculate or determine whether any facts exist that may require any adjustments pursuant to Section 5
hereof with respect to the kind and amount of shares or other securities or any property issuable to Holders upon the exercise of Warrants required from time to time. The Warrant Agent shall have no duty or responsibility to determine the accuracy
or correctness of such calculation or with respect to the methods employed in making the same. The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock or of any
securities or property which may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment pursuant to Section 5 hereof, and it makes no representation with respect thereto. The Warrant
Agent shall not be responsible for any failure of the Company to make any cash payment or to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property upon the surrender of any Warrant Certificate
for the purpose of exercise or upon any adjustment pursuant to Section 5 hereof or to comply with any of the covenants of the Company contained in Section 5 hereof. 

The Warrant Agent shall not (i) be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any
action taken, suffered or omitted by it in good faith on the belief that any Warrant Certificate or any other documents or any signatures are genuine or properly authorized, (ii) be responsible for any failure on the part of the Company to
comply with any of its covenants and obligations contained in this Agreement or in the Warrant Certificates or (iii) be liable for any act or omission in connection with this Agreement except for its own gross negligence, bad faith or willful
misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction). 

The Warrant Agent is hereby authorized to accept and protected in accepting instructions with respect to the performance of its duties
hereunder by Company Order and to apply to any such officer named in such Company Order for instructions (which instructions will be promptly given in writing when requested), and the Warrant Agent shall not be liable for any action taken or
suffered to be taken by it in good faith in accordance with the instructions in any Company Order. 
 The Warrant Agent may execute and
exercise any of the rights and powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or employees; provided, however, reasonable care has been exercised in the selection and in
the continued employment of any such attorney, agent or employee. The Warrant Agent shall not be under any obligation or duty to institute, appear in or defend any action, suit or legal proceeding in respect hereof, unless first indemnified to its
satisfaction, but this provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without such indemnity. The Warrant Agent shall promptly notify the Company in writing of
any claim made or action, suit or proceeding instituted against it arising out of or in connection with this Agreement. 

  
 28 

 The Company shall perform, execute, acknowledge and deliver or cause to be performed,
executed, acknowledged and delivered all such further acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable it to carry out or perform its duties under this Agreement. 

The Warrant Agent shall act solely as agent of the Company hereunder and does not assume any obligation or relationship of agency or trust for
or with any of the Holders or any beneficial owners of Warrants. The Warrant Agent shall not be liable except for the failure to perform such duties as are specifically set forth herein or specifically set forth in the Warrant Certificates, and no
implied covenants or obligations shall be read into this Agreement against the Warrant Agent whose duties and obligations shall be determined solely by the express provisions hereof or the express provisions of the Warrant Certificates. 

10.2 Right to Consult Counsel. The Warrant Agent may at any time consult with legal counsel satisfactory to it (who may be legal
counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to any Holder for any action taken, suffered or omitted by it in good faith in accordance with the opinion or advice of such counsel. 

10.3 Compensation, Reimbursement and Indemnification. The Company agrees to pay the Warrant Agent from time to time compensation for
all fees and expenses relating to its services hereunder as the Company and the Warrant Agent may agree from time to time and to reimburse the Warrant Agent for reasonable expenses and disbursements, including reasonable counsel fees incurred in
connection with the execution and administration of this Agreement. The Company further agrees to indemnify the Warrant Agent for and hold it harmless against any losses, liabilities or reasonable expenses arising out of or in connection with the
acceptance and administration of this Agreement, including the reasonable costs, legal fees and expenses of investigating or defending any claim of such liability, except that the Company shall have no liability hereunder to the extent that any such
loss, liability or expense results from the Warrant Agent’s own gross negligence, bad faith or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final,
non-appealable judgment of a court of competent jurisdiction). 
 10.4 Warrant Agent May Hold
Company Securities. The Warrant Agent, any Countersigning Agent and any stockholder, director, officer or employee of the Warrant Agent or any Countersigning Agent may buy, sell or deal in any of the warrants or other securities of the Company
or its Affiliates, become pecuniarily interested in transactions in which the Company or its Affiliates may be interested, contract with or lend money to the Company or its Affiliates or otherwise act as fully and freely as though it were not the
Warrant Agent or the Countersigning Agent, respectively, under this Agreement. Nothing herein shall preclude the Warrant Agent or any Countersigning Agent from acting in any other capacity for the Company or for any other legal entity. 

  
 29 

 10.5 Resignation and Removal; Appointment of Successor. 

(a) The Warrant Agent may resign its duties and be discharged from all further duties and liability hereunder (except liability arising as a
result of the Warrant Agent’s own gross negligence or willful misconduct) after giving 30 days’ prior written notice to the Company. The Company may remove the Warrant Agent upon 30 days’ written notice, and the Warrant Agent shall
thereupon in like manner be discharged from all further duties and liabilities hereunder, except as aforesaid. The Warrant Agent shall, at the expense of the Company, cause notice to be given in accordance with
Section 11.1(b) to each Holder of a Warrant Certificate of said notice of resignation or notice of removal, as the case may be. Upon such resignation or removal, the Company shall appoint in writing a new Warrant Agent. If
the Company shall fail to make such appointment within a period of 30 calendar days after it has been notified in writing of such resignation by the resigning Warrant Agent or after such removal, then the Holder of any Warrant Certificate may apply
to any court of competent jurisdiction for the appointment of a new Warrant Agent. Any new Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation doing business under the laws of the United States or any state
thereof in good standing, authorized under such laws to act as Warrant Agent, and having a combined capital and surplus of not less than $25,000,000. The combined capital and surplus of any such new Warrant Agent shall be deemed to be the combined
capital and surplus as set forth in the most recent annual report of its condition published by such Warrant Agent prior to its appointment; provided, however, such reports are published at least annually pursuant to law or to the
requirements of a Federal or state supervising or examining authority. After acceptance in writing of such appointment by the new Warrant Agent, it shall be vested with the same powers, rights, duties and responsibilities as if it had been
originally named herein as the Warrant Agent, without any further assurance, conveyance, act or deed; but if for any reason it shall be reasonably necessary or expedient to execute and deliver any further assurance, conveyance, act or deed, the same
shall be done at the reasonable expense of the Company and shall be legally and validly executed and delivered by the resigning or removed Warrant Agent. Not later than the effective date of any such appointment, the Company shall file notice
thereof with the resigning or removed Warrant Agent. Failure to give any notice provided for in this Section 10.5(a), however, or any defect therein, shall not affect the legality or validity of the resignation of the
Warrant Agent or the appointment of a new Warrant Agent as the case may be. 
 (b) Any Person into which the Warrant Agent or any new Warrant
Agent may be merged, or any corporation resulting from any consolidation to which the Warrant Agent or any new Warrant Agent shall be a party, shall be a successor Warrant Agent under this Agreement without any further act; provided,
that, such corporation would be eligible for appointment as successor to the Warrant Agent under the provisions of Section 10.5(a). Any such successor Warrant Agent shall promptly cause notice of its succession as
Warrant Agent to be given in accordance with Section 11.1(b) to each Holder of a Warrant Certificate at such Holder’s last address as shown on the Warrant Register. 

10.6 Appointment of Countersigning Agent. 

(a) The Warrant Agent may appoint a Countersigning Agent or Agents which shall be authorized to act on behalf of the Warrant Agent to
countersign Warrant Certificates issued upon original issue and upon exchange, registration of transfer or pursuant to Section 6, and Warrant Certificates so countersigned shall be entitled to the benefits of this Agreement
equally and proportionately with any and all other Warrant Certificates duly executed and delivered 

  
 30 

 
hereunder. Wherever reference is made in this Agreement to the countersignature and delivery of Warrant Certificates by the Warrant Agent or to Warrant Certificates countersigned by the Warrant
Agent, such reference shall be deemed to include countersignature and delivery on behalf of the Warrant Agent by a Countersigning Agent and Warrant Certificates countersigned by a Countersigning Agent. Each Countersigning Agent shall be acceptable
to the Company and shall at the time of appointment be a corporation doing business under the laws of the United States of America or any State thereof in good standing, authorized under such laws to act as Countersigning Agent, and having a
combined capital and surplus of not less than $25,000,000. The combined capital and surplus of any such new Countersigning Agent shall be deemed to be the combined capital and surplus as set forth in the most recent annual report of its condition
published by such Countersigning Agent prior to its appointment; provided, however, such reports are published at least annually pursuant to law or to the requirements of a Federal or state supervising or examining authority. 

(b) Any Person into which a Countersigning Agent may be merged or any corporation resulting from any consolidation to which such Countersigning
Agent shall be a party, shall be a successor Countersigning Agent without any further act; provided, that, such corporation would be eligible for appointment as a new Countersigning Agent under the provisions of
Section 10.6(a), without the execution or filing of any paper or any further act on the part of the Warrant Agent or the Countersigning Agent. Any such successor Countersigning Agent shall promptly cause notice of its
succession as Countersigning Agent to be given in accordance with Section 11.1(b) to each Holder of a Warrant Certificate at such Holder’s last address as shown on the Warrant Register. 

(c) A Countersigning Agent may resign at any time by giving 30 days’ prior written notice thereof to the Warrant Agent and to the Company.
The Warrant Agent may at any time terminate the agency of a Countersigning Agent by giving 30 days’ prior written notice thereof to such Countersigning Agent and to the Company. 

(d) The Warrant Agent agrees to pay to each Countersigning Agent from time to time reasonable compensation for its services under this
Section 10.6 and the Warrant Agent shall be entitled to be reimbursed for such payments, subject to the provisions of Section 10.3. 

(e) Any Countersigning Agent shall have the same rights and immunities as those of the Warrant Agent set forth in
Section 10.1. 
  

	11.	 Notices. 

11.1 Notices Generally. 

(a) Any request, notice, direction, authorization, consent, waiver, demand or other communication permitted or authorized by this Agreement to
be made upon, given or furnished to or filed with the Company or the Warrant Agent by the other party hereto or by any Holder shall be sufficient for every purpose hereunder if in writing (including telecopy communication) and telecopied or
delivered by hand (including by courier service) as follows: 

  
 31 

 if to the Company, to: 

Parker Drilling Company 
 5
Greenway Plaza, Suite 100 
 Houston, Texas 77046 

Attention: John Edward Menger and 

Jennifer Simons 
 with a copy
which shall not constitute notice to: 
 Kirkland & Ellis LLP 

609 Main Street 
 Houston, TX
77002 
 Attention: Julian J. Seiguer, P.C. 

Facsimile: (713) 836-3601 

if to the Warrant Agent, to: 

Equiniti Trust Company 
 c/o EQ
Shareowner Services 
 1110 Centre Point Curve, Suite 101 

Mendota Heights, MN 55120-4101 

Attention: Chris Ward 

Facsimile: (651) 450-4101 

or, in either case, such other address as shall have been set forth in a notice delivered in accordance with this Section 11.1(a).

 All such communications shall, when so telecopied or delivered by hand, be effective when telecopied with confirmation of receipt or
received by the addressee, respectively. 
 Any Person that telecopies any communication hereunder to any Person shall, on the same date as
such telecopy is transmitted, also send, by first class mail, postage prepaid and addressed to such Person as specified above, an original copy of the communication so transmitted. 

(b) Where this Agreement provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Warrant Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. Where this Agreement provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice by mail, then such notification as shall be made by a method approved by the Warrant Agent as one which would be most reliable under the circumstances for successfully delivering the notice to the addressees shall
constitute a sufficient notification for every purpose hereunder. 

  
 32 

 Where this Agreement provides for notice of any event to a Holder of a Global Warrant
Certificate, such notice shall be sufficiently given if given to the Depositary (or its designee), pursuant to its Applicable Procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the
giving of such notice. 
 11.2 Required Notices to Holders. In the event the Company shall: 

(a) take any action that would result (or, but for the third paragraph of Section 5.1(d) or the third paragraph of
Section 5.1(e), would have resulted) in (x) an adjustment to the Exercise Price and/or the number of shares of Common Stock issuable upon exercise of a Warrant pursuant to Section 5.1 or
(y) any dividend or distribution to holders of the Common Stock that does not constitute a Special Dividend or a Spin-Off Dividend; 

(b) consummate any Winding Up; or 

(c) consummate any Sale Transaction (each of (a), (b) or (c), an “Action”); 

then, in each such case, unless the Company has made a filing with the Commission, including pursuant to a Current Report on Form 8-K, which filing discloses
such Action, the Company shall cause to be delivered to the Warrant Agent and shall give to each Holder of a Warrant Certificate, in accordance with Section 11.1(b) hereof, a written notice of such Action, including, in the
case of an action pursuant to Section 11.2(a), the information required under Section 5.1(l)(ii). Such notice shall be given promptly after (or, in the case of an Action specified in clause (a)(y)
or the parenthetical in clause (a), at least five (5) Business Days prior to) the earlier of (i) the effective date of such Action or (ii) the date for the determination of the holders of Common Stock entitled to receive any dividend
or distribution or otherwise participate in such Action. 
 If at any time the Company shall cancel any of the Actions for which notice has
been given under this Section 11.2 prior to the consummation thereof, the Company shall give each Holder prompt notice of such cancellation in accordance with Section 11.1(b), unless the Company
has made a filing with the Commission, including pursuant to a current report on Form 8-K, which filing discloses the cancellation of such Actions. 

In addition, in the event the Company enters into any definitive agreement with respect to any Sale Transaction, unless the Company has made a
filing with the Commission, including pursuant to a Current Report on Form 8-K, which filing discloses such agreement, the Company shall cause to be delivered to the Warrant Agent and shall give to each Holder of a Warrant Certificate, in accordance
with Section 11.1(b), a notice of the entering into such definitive agreement. 
  

	12.	 Inspection. 

The Warrant Agent shall cause a copy of this Agreement to be available at all reasonable times at the office of the Warrant Agent for
inspection by any Holder of any Warrant Certificate. The Warrant Agent may require any such Holder to submit its Warrant Certificate for inspection by the Warrant Agent. 

  
 33 

	13.	 Amendments. 

(a) Subject to Section 13(c), this Agreement may be amended by the Company and the Warrant Agent with the consent of
the Required Warrant Holders. 
 (b) Notwithstanding the foregoing, subject to Section 13(c), the Company and the
Warrant Agent may, without the consent or concurrence of the Holders of the Warrant Certificates, by supplemental agreement or otherwise, amend this Agreement for the purpose of making any changes or corrections in this Agreement that (i) are
required to cure any ambiguity or to correct or supplement any defective or inconsistent provision or clerical omission or mistake or manifest error herein contained or (ii) add to the covenants and agreements of the Company in this Agreement
further covenants and agreements of the Company thereafter to be observed, or surrender any rights or powers reserved to or conferred upon the Company in this Agreement; provided, however, that in either case such amendment
shall not adversely affect the rights or interests of the Holders of the Warrant Certificates hereunder in any material respect. 
 (c) The
consent of each Holder of any Warrant Certificate evidencing any Warrants affected thereby shall be required for any supplement or amendment to this Agreement or the Warrants that would: (i) increase the Exercise Price or decrease the number of
shares of Common Stock receivable upon exercise of Warrants, in each case other than as provided in Section 5.1; (ii) the Expiration Date is changed to an earlier date; or (iii) modify the provisions contained in
Section 5.1 in a manner adverse to the Holders of Warrant Certificates generally with respect to their Warrants. 

(d) The Warrant Agent shall join with the Company in the execution and delivery of any such amendment unless such amendment affects the Warrant
Agent’s own rights, duties or immunities hereunder, in which case the Warrant Agent may, but shall not be required to, join in such execution and delivery; provided, that, as a condition precedent to the Warrant Agent’s
execution of any amendment to this Agreement, the Company shall deliver to the Warrant Agent a certificate from an Appropriate Officer that states that the proposed amendment is in compliance with the terms of this
Section 13. Upon execution and delivery of any amendment pursuant to this Section 13, such amendment shall be considered a part of this Agreement for all purposes and every Holder of a Warrant
Certificate theretofore or thereafter countersigned and delivered hereunder shall be bound thereby. 
 (e) Promptly after the execution by
the Company and the Warrant Agent of any such amendment, unless the Company has made a filing with the Commission, including pursuant to a current report on Form 8-K, which filing discloses such adjustment, the Company shall give notice to the
Holders of Warrant Certificates, setting forth in general terms the substance of such amendment, in accordance with the provisions of Section 11.1(b). Any failure of the Company to mail such notice or any defect therein,
shall not, however, in any way impair or affect the validity of any such amendment. 

  
 34 

	14.	 Waivers. 

The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has
obtained the written consent of the Required Warrant Holders as required pursuant to Section 13 and, if Section 13(c) applies, the consent of the Holders of any Warrant Certificates evidencing any
Warrants affected thereby. 
  

	15.	 Successor to Company. 

So long as Warrants remain outstanding, the Company will not enter into any Non-Surviving Transaction
in which Warrants would be outstanding after consummation unless the acquirer (a “Successor Company”) shall expressly assume by a supplemental agreement, executed and delivered to the Warrant Agent, in form reasonably
satisfactory to the Warrant Agent, the due and punctual performance of every covenant of this Agreement on the part of the Company to be performed and observed and shall have provided for exercise rights in accordance with
Section 5.1(h). Upon the consummation of such Non-Surviving Transaction, the acquirer shall succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Agreement with the same effect as if such acquirer had been named as the Company herein. 
  

	16.	 Headings. 

The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation
of this Agreement. 
  

	17.	 Counterparts. 

This Agreement may be executed in two or more counterparts, each of which will be deemed to be an original, but all of which together
constitute one and the same instrument. 
  

	18.	 Severability. 

The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision hereof will not affect the
validity or enforceability of the other provisions hereof; provided, that, if any provision of this Agreement, as applied to any party or to any circumstance, is adjudged by a court or governmental body not to be enforceable in
accordance with its terms, the parties agree that the court or governmental body making such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific
words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 
  

	19.	 No Redemption. 

The Warrants shall not be subject to redemption by the Company or any other Person; provided, that, the Warrants may be acquired
by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of this
Agreement. 

  
 35 

	20.	 Persons Benefiting. 

This Agreement shall be binding upon and inure to the benefit of the Company, the Warrant Agent and the Holders from time to time. Nothing in
this Agreement, express or implied, is intended to confer upon any person other than the Company, the Warrant Agent and the Holders any rights or remedies under or by reason of this Agreement or any part hereof, and all covenants, conditions,
stipulations, promises and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and of the Holders. Each Holder, by acceptance of a Warrant Certificate, agrees to all of the terms and provisions of
this Agreement applicable thereto. 
  

	21.	 Applicable Law; Venue. 

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE
OF LAW OR CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) TO THE EXTENT SUCH RULES OR PROVISIONS WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. EACH OF
THE PARTIES TO THIS AGREEMENT CONSENTS AND AGREES THAT ANY ACTION TO ENFORCE THIS AGREEMENT OR ANY DISPUTE, WHETHER SUCH DISPUTE ARISES IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE BROUGHT EXCLUSIVELY IN THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY. THE PARTIES HERETO CONSENT AND AGREE TO SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS. EACH OF THE PARTIES TO THIS AGREEMENT WAIVES AND
AGREES NOT TO ASSERT IN ANY SUCH DISPUTE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY CLAIM THAT (I) SUCH PARTY AND SUCH PARTY’S PROPERTY IS IMMUNE FROM ANY LEGAL PROCESS ISSUED BY SUCH COURTS OR (II) ANY LITIGATION OR
OTHER PROCEEDING COMMENCED IN SUCH COURTS IS BROUGHT IN AN INCONVENIENT FORUM. THE PARTIES HEREBY AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH ANY SUCH ACTION OR PROCEEDING TO AN ADDRESS PROVIDED IN WRITING BY THE RECIPIENT OF
SUCH MAILING, OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW, SHALL BE VALID AND SUFFICIENT SERVICE THEREOF AND HEREBY WAIVE ANY OBJECTIONS TO SERVICE IN THE MANNER HEREIN PROVIDED. 

 

	22.	 Entire Agreement. 

This Agreement sets forth the entire agreement of the parties hereto as to the subject matter hereof and supersedes all previous agreements
among all or some of the parties hereto with respect thereto, whether written, oral or otherwise. 
 [Remainder of Page Intentionally Left
Blank] 

  
 36 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the day and year first above written. 
  

					
	PARKER DRILLING COMPANY, a Delaware corporation
		
	By:	 	 /s/ Jennifer F. Simons

		 	Name:	 	Jennifer F. Simons
		 	Title:	 	Vice President, General Counsel and Secretary
	
	EQUINITI TRUST COMPANY, as Warrant Agent
		
	By:	 	 /s/ Martin J. Knapp

		 	Name:	 	Martin J. Knapp
		 	Title:	 	Vice President

 [Signature Page to Warrant Agreement] 

 EXHIBIT A 

[FACE OF WARRANT CERTIFICATE]1 

PARKER DRILLING COMPANY 

WARRANT CERTIFICATE 

EVIDENCING 
 WARRANTS TO
PURCHASE COMMON STOCK 
 [FACE] 
  

			
	No. [    ]	 	CUSIP No. 701081119

 [UNLESS THIS GLOBAL WARRANT CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO PARKER DRILLING COMPANY (THE “COMPANY”), THE CUSTODIAN OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFER OF THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR
RESPECTIVE NOMINEES.]2 
  

	1 	 To be removed in the versions of the Definitive Warrant Certificates printed in multiple copies for use by the
Warrant Agent in preparing Definitive Warrants Certificates for issuance and delivery from time to time to holders. 

	2 	 Include only on Global Warrant Certificate. 

  
 A-1 

 PARKER DRILLING COMPANY 

 

			
	No. [    ]	  	[    ,    ,    ] Warrants
		  	CUSIP No. 701081119

 THIS CERTIFIES THAT, for value received,
[                ], or registered assigns, is the registered owner of the number of Warrants to purchase Common Stock of Parker Drilling Company, a Delaware corporation
(the “Company”, which term includes any successor thereto under the Warrant Agreement, dated as of March 26, 2019 (the “Warrant Agreement”), between the Company and Equiniti Trust Company, as
warrant agent (the “Warrant Agent”, which term includes any successor thereto permitted under the Warrant Agreement)) specified above [or such lesser number as may from time to time be endorsed on the “Schedule of
Decreases in Warrants” attached hereto]3, and is entitled, subject to and upon compliance with the provisions hereof and of the Warrant Agreement, at such Holder’s option, at any time
when the Warrants evidenced hereby are exercisable, to purchase from the Company one share of Common Stock of the Company for each Warrant evidenced hereby, at the purchase price of $48.85 per share (as adjusted from time to time, the
“Exercise Price”), payable in full at the time of purchase, the number of shares of Common Stock into which and the Exercise Price at which each Warrant shall be exercisable each being subject to adjustment as provided in
Section 5 of the Warrant Agreement. 
 All shares of Common Stock issuable by the Company upon the exercise of
Warrants shall, upon such issuance, be duly and validly issued and fully paid and nonassessable. The Company shall pay any and all taxes (other than income taxes) that may be payable in respect of the issue or delivery of shares of Common Stock on
exercise of Warrants. The Company shall not be required, however, to pay any tax or other charge imposed in respect of any transfer involved in the issue and delivery of shares of Common Stock in book-entry form or any certificates for shares of
Common Stock or payment of cash to any Person other than the Holder of the Warrant Certificate evidencing the exercised Warrant, and in case of such transfer or payment, the Warrant Agent and the Company shall not be required to issue or deliver any
shares of Common Stock in book-entry form or any certificate or pay any cash until (a) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered to the Warrant Agent or to the Company or (b) it has
been established to the Company’s satisfaction that any such tax or other charge that is or may become due has been paid. 
 Each
Warrant evidenced hereby may be exercised by the Holder hereof at the Exercise Price then in effect on any Business Day from and after the Original Issue Date until 5:00 p.m., New York time, on the Expiration Date in the Warrant Agreement. 

Subject to the provisions hereof and of the Warrant Agreement, the Holder of this Warrant Certificate may exercise all or any whole number of
the Warrants evidenced hereby by, in the case of a Global Warrant Certificate, delivery to the Warrant Agent of the Exercise Form on the reverse hereof, setting forth the number of Warrants being exercised and otherwise properly completed and duly
executed by the Holder thereof to the Warrant Agent, and delivering such Warrants by book-entry transfer through the facilities of the Depositary, to the Warrant Agent in accordance 

 

	3 	 Include only on Global Warrant Certificate.

  
 A-2 

 
with the Applicable Procedures and otherwise complying with Applicable Procedures in respect of the exercise of such Warrants or, in the case of a Definitive Warrant Certificate, delivery to the
Warrant Agent of the Exercise Form on the reverse hereof, setting forth the number of Warrants being exercised and otherwise properly completed and duly executed by the Holder thereof to the Warrant Agent, and surrendering this Warrant Certificate
to the Warrant Agent at its office maintained for such purpose (the “Corporate Agency Office”), together with payment in full of the Exercise Price as then in effect for each share of Common Stock receivable upon exercise of
each Warrant being submitted for exercise. Any such payment of the Exercise Price is to be by cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds to such account of the Company at such banking
institution as the Company shall have designated from time to time for such purpose. 
 Reference is hereby made to the further provisions
of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless this Warrant Certificate has been countersigned by the Warrant Agent by manual signature of an authorized officer on behalf of the
Warrant Agent, this Warrant Certificate shall not be valid for any purpose and no Warrant evidenced hereby shall be exercisable. 
 IN
WITNESS WHEREOF, the Company has caused this certificate to be duly executed under its corporate seal. 
 Dated:
[                     ], 20[        ] 

 

									
		 		 		 	PARKER DRILLING COMPANY
					
	  
	 	  
	 		 	By:	 	      

		 		 		 		 	Jennifer Simons
		 		 		 		 	 Vice President, General Counsel

and Secretary

	 ATTEST:
	 		 		 	
				
	 Countersigned:
	 		 		 	
				
	 EQUINITI TRUST COMPANY, as

Warrant Agent
	 	OR	 		 	
					
	By:	 	      
	 		 	By:	 	  

		 	Authorized Agent	 		 		 	as Countersigning Agent
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Officer

  
 A-3 

 Reverse of Warrant Certificate 

PARKER DRILLING COMPANY 

WARRANT CERTIFICATE 

EVIDENCING 
 WARRANTS TO
PURCHASE COMMON STOCK 
 The Warrants evidenced hereby are one of a duly authorized issue of Warrants of the Company designated as its
Warrants to Purchase Common Stock (“Warrants”), limited in aggregate number to 2,580,182 issued under and in accordance with the Warrant Agreement, to which the Warrant Agreement and all amendments thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Warrant Agent, the Holders of Warrant Certificates and the owners of the Warrants evidenced thereby and of the terms upon
which the Warrant Certificates are, and are to be, countersigned and delivered. A copy of the Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent for inspection by the Holder hereof. 

The Warrant Agreement provides that, in addition to certain adjustments to the number of shares of Common Stock into which a Warrant is
exercisable and the Exercise Price required to be made in certain circumstances, (x) in the case of any Transaction that is a Redomestication Transaction, a Non-Sale Transaction, a Sale Cash and
Securities Transaction or a Sale Securities Only Transaction, the Company shall (or, in the case of any Non-Surviving Transaction, the Company shall cause the other Person involved in such Transaction to)
execute and deliver to the Warrant Agent a written instrument providing that (i) the Warrants evidenced hereby, if then outstanding, will be exercisable thereafter, during the period the Warrants evidenced hereby shall be exercisable as
specified herein, only into the Substituted Securities (in the case of any Sale Securities Only Transaction or Sale Cash and Securities Transaction) or Substituted Property (in the case of any Transaction (other than a Sale Transaction)), subject to
certain limitations if the Warrants have no value, that would have been receivable upon such Transaction by a Qualifying Person holding the number of shares of Common Stock that would have been issued upon exercise of such Warrant if such Warrant
had been exercised in full immediately prior to such Transaction (upon certain assumptions specified in the Warrant Agreement); (ii) in the case of any Sale Cash and Securities Transaction, the aggregate Exercise Price for any Warrant will be
reduced in respect of the Cash Consideration receivable upon such Transaction by a Qualifying Person holding such number of shares of Common Stock; and (iii) the rights and obligations of the Company (or, in the case of any Non-Surviving Transaction, the other Person involved in such Transaction) and the holders in respect of Substituted Securities shall be substantially unchanged to be as nearly equivalent as may be practicable to the
rights and obligations of the Company and Holders in respect of Common Stock, and (y) in the case of any Sale Cash Only Transaction, the Company shall make certain specified payments of cash and the Warrants will expire or become immediately
exercisable, in each case as more fully specified in the Warrant Agreement. 

  
 A-4 

 Except as provided in the Warrant Agreement, all outstanding Warrants shall expire,
terminate and become void and all rights of the Holders of Warrant Certificates evidencing such Warrants shall automatically terminate and cease to exist, as of 5:00 p.m., New York time, on the Expiration Date. The “Expiration
Date” shall mean the earlier to occur of (x) September 26, 2024 5:00 p.m. New York time (the fifth and a half (5 1/2) anniversary of the Original Issue Date) or, if not a Business Day, then the next Business Day thereafter;
(y) the date of consummation of any Sale Cash Only Transaction; and (z) a Winding Up. 
 In the event of the exercise of less than
all of the Warrants evidenced hereby, a new Warrant Certificate of the same tenor and for the number of Warrants which are not exercised shall be issued by the Company in the name or upon the written order of the Holder of this Warrant Certificate
upon the cancellation hereof. 
 The Warrant Certificates are issuable only in registered form in denominations of whole numbers of
Warrants. Upon surrender at the office of the Warrant Agent and payment of the charges specified herein and in the Warrant Agreement, this Warrant Certificate may be exchanged for Warrant Certificates in other authorized denominations or the
transfer hereof may be registered in whole or in part in authorized denominations to one or more designated transferees; provided, however, that such other Warrant Certificates issued upon exchange or registration of transfer shall
evidence the same aggregate number of Warrants as this Warrant Certificate. The Company shall cause to be kept at the office of the Warrant Agent the Warrant Register in which, subject to such reasonable regulations as the Warrant Agent may
prescribe and such regulations as may be prescribed by law, the Company shall provide for the registration of Warrant Certificates and of transfers or exchanges of Warrant Certificates. No service charge shall be made for any registration of
transfer or exchange of Warrant Certificates; provided, however, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Warrant Certificates. 
 Prior to due presentment of this Warrant Certificate for registration of transfer, the Company, the
Warrant Agent and any agent of the Company or the Warrant Agent may treat the Person in whose name this Warrant Certificate is registered as the owner hereof for all purposes, and neither the Company, the Warrant Agent nor any such agent shall be
affected by notice to the contrary. 
 The Warrant Agreement permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of Warrant Certificates under the Warrant Agreement at any time by the Company and the Warrant Agent with the consent of the Required Warrant Holders. 

Until the exercise of any Warrant, subject to the provisions of the Warrant Agreement and except as may be specifically provided for in the
Warrant Agreement, (i) no Holder of a Warrant Certificate evidencing any Warrant shall have or exercise any rights by virtue hereof as a holder of Common Stock of the Company, including, without limitation, the right to vote, to receive
dividends and other distributions or to receive notice of, or attend meetings of, stockholders or any other proceedings of the Company; (ii) the consent of any such Holder shall not be required with respect to any action or proceeding of the
Company; (iii) except as provided with respect to a Winding Up of the Company, no such Holder, by reason of the ownership or possession of a Warrant or the Warrant Certificate representing the same, shall have any right to receive any cash
dividends, stock dividends, allotments or rights or other distributions (except as specifically 

  
 A-5 

 
provided in the Warrant Agreement), paid, allotted or distributed or distributable to the stockholders of the Company prior to or for which the relevant record date preceded the date of the
exercise of such Warrant; and (iv) no such Holder shall have any right not expressly conferred by the Warrant or Warrant Certificate held by such Holder. 

This Warrant Certificate, each Warrant evidenced thereby and the Warrant Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the application of the
laws of any jurisdiction other than the State of New York. Any action to enforce the this Warrant Certificate, each Warrant evidenced thereby and the Warrant Agreement or any dispute, whether such dispute arises in law or equity, arising out of or
relating to this Warrant Certificate, each Warrant evidenced thereby and the Warrant Agreement shall be brought exclusively in the United States District Court for the Southern District of New York or any New York State Court sitting in New York
City. 
 All terms used in this Warrant Certificate which are defined in the Warrant Agreement shall have the meanings assigned to them in
the Warrant Agreement. In the event of any conflict between this Warrant Certificate and the Warrant Agreement, the Warrant Agreement shall control. 

  
 A-6 

 Exercise Form 

Equiniti Trust Company 
 c/o EQ Shareowner Services 

1110 Centre Point Curve, Suite 101 
 Mendota Heights, MN
55120-4101 
 Attention: Transfer Department 
 Re: Parker
Drilling Company Warrant Agreement, dated as of March 26, 2019 
 In accordance with and subject to the terms and conditions hereof and
of the Warrant Agreement, the undersigned Holder of this Warrant Certificate hereby irrevocably elects to exercise
                                 Warrants evidenced by this Warrant Certificate and
represents that for each of the Warrants evidenced hereby being exercised such Holder has tendered the Exercise Price in the aggregate amount of
$                     by cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds to such account
of the Company at such banking institution as the Company shall have designated from time to time for such purpose.4 

The undersigned requests that the shares of Common Stock issuable upon exercise be issued in accordance with
Section 3.2(e) of the Warrant Agreement and delivered, together with any other property receivable upon exercise, in such manner as is specified in the instructions set forth below 

If the number of Warrants exercised is less than all of the Warrants evidenced hereby, (i) if this Warrant Certificate is a Global
Warrant Certificate, the Warrant Agent shall endorse the “Schedule of Decreases in Warrants” attached hereto to reflect the Warrants being exercised or (ii) if this Warrant Certificate is a Definitive Warrant Certificate, the
undersigned requests that a new Definitive Warrant Certificate representing the remaining Warrants evidenced hereby be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

 
  

	4 	 If electing Holder pursuant to Section 3.7, Exercise Form will also state beneficial ownership of Common
Stock by the Holder, its Affiliates and its Group Members. 

  
 A-7 

													
	Dated:	 	  
	 	    	 		 		  	Name:	  	  

	  
	 		 		 		  	(Please Print)
	  
	 		 		 		  		  	
	 (Insert Social Security or Other

Identifying Number of Holder and

Holder Name)
	 		 		 		  	Address:	  	  

		 		 		 		  	  

		 		 		 		  	  

		 		 		 		  	  

		 		 		 		  	  

		 		 		 		 		  	Signature
		 		 		 		 		  	(Signature must conform in all respects to name of Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust company or member firm of a U.S. national securities
exchange.)

 Signature Guaranteed: 

Instructions (i) as to denominations and names of Common Stock issuable upon exercise and as to delivery of such securities and any other
property issuable upon exercise and (ii) if applicable, as to Definitive Warrant Certificates evidencing unexercised Warrants: 

Assignment 
 (Form of
Assignment To Be Executed If Holder Desires To Transfer Warrant Certificate) 
 FOR VALUE RECEIVED
                                         
        hereby sells, assigns and transfers unto 
 Please insert social security or 

other identifying number 
 (Please print name and
address including zip code) 
 the Warrants represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint
                    Attorney, to transfer said Warrant Certificate on the books of the within-named Company with full power of substitution in the
premises. 
  

									
	Dated:	 	  
	 	    	 	Signature	  	  

				
		 		 		 	(Signature must conform in all respects to name of Holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a bank, trust company or member firm of a U.S. national securities
exchange.)

  
 A-8 

 [SCHEDULE A 

SCHEDULE OF DECREASES IN WARRANTS 
 The
following decreases in the number of Warrants evidenced by this Global Warrant Certificate have been made: 
  

							
	 Date
	  	 Amount of decrease in

number of Warrants

evidenced by this Global

Warrant Certificate
	  	 Number of Warrants

evidenced by this Global

Warrant Certificate

following such decrease
	  	 Signature of authorized
signatory]5

  

	5 	 Include only on Global Warrant Certificate. 

  
 A-9 

 EXHIBIT B 

March [•], 2019 
 Parker Drilling Company

 5 Greenway Plaza, Suite 100 
 Houston, Texas 77046 

Attention: John Edward Menger and Jennifer Simons 
 Equiniti
Trust Company 
 c/o EQ Shareowner Services 
 1110 Centre Point
Curve, Suite 101 
 Mendota Heights, MN 55120-4101 
 Attention:
Chris Ward 
  

	Re:	 Maximum Percentage Election 

Ladies and Gentlemen: 
 Reference is made to the
Warrant Agreement, to be dated on or about March 26, 2019 (as amended, the “Agreement”), by and between Parker Drilling Company, a Delaware corporation (the “Company”), and Equiniti Trust Company,
a limited trust company organized under the laws of the State of New York, as warrant agent (the “Warrant Agent”). Capitalized terms used herein and not defined shall have the meaning assigned to such term in the Warrant
Agreement. 
 Pursuant to Section 3.7 of the Agreement, the undersigned hereby notifies the Company and the Warrant Agent that it
elects to be subject to the provisions contained in Section 3.7 of the Agreement. 
 [Remainder of page intentionally left blank]

  
 B-1 

 
					
	Very truly yours, 
	
	[Name of Holder]
		
	By:	 	  

		 	Name:	 	[•]
		 	Title:	 	[•]

  
 B-2

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