Document:

EX-10.8

 Exhibit 10.8 

FIRST AMENDMENT TO AMENDED 

AND RESTATED CREDIT AGREEMENT 

dated as January 26, 2018 

among 
 ENERGY VENTURES GOM
LLC, 
 as Borrower, 

ENVEN ENERGY CORPORATION, 

as Parent Guarantor, 
 THE OTHER
GUARANTORS PARTY HERETO 
 BANK OF MONTREAL, 

as Administrative Agent, 
 and 

the Lenders Party Hereto 

 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of January 26, 2018, is
among: ENERGY VENTURES GOM LLC, a Delaware limited liability company (the “Borrower”), ENVEN ENERGY CORPORATION, a Delaware corporation (the “Parent Guarantor”), the other Guarantors party hereto, the Lenders party
to the Credit Agreement referred to below, and BANK OF MONTREAL, as Administrative Agent. 
 R E C I T A L S 

A. The Borrower, the Parent Guarantor, the Administrative Agent and the Lenders are parties to that certain Amended and Restated Credit
Agreement dated as of December 30, 2016 (as amended, restated, supplemented or modified from time to time, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the
Borrower. 
 B. The Borrower, the Administrative Agent and the Lenders have agreed to amend certain provisions of the Credit Agreement as
herein set forth. 
 C. Now, therefore in consideration of the premises and the mutual covenants herein contained, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.
Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Amendment. Unless otherwise indicated, all section references in this Amendment
refer to sections of the Credit Agreement. 
 Section 2. Amendments to Credit Agreement. 

2.1 Amendment to Section 1.02. Section 1.02 is hereby amended by: 

(a) restating or adding the following terms in alphabetical order, as appropriate, as follows: 

“Agreement” means this Credit Agreement, as amended by that certain First Amendment to Credit Agreement dated
as of January 26, 2018, as the same may from time to time be amended, restated, supplemented, or modified. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in Houston,
Texas and New York, New York are authorized or required by law to remain closed; and if such day relates to a Borrowing or continuation of, a payment or prepayment of principal of or interest on, or a conversion of or into, or the Interest Period
for, a Eurodollar Loan or a notice by the Borrower with respect to any such Borrowing or continuation, payment, prepayment, conversion or Interest Period, any day which is also a day on which banks are open for dealings in dollar deposits in the
London interbank market. 

  
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 “Change in Control” shall be deemed to occur if (a) at
any time any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) and the rules of the SEC thereunder as in effect on the Effective Date, but excluding
any employee benefit plan of such Person or group and its Subsidiaries and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than the Permitted Holders, shall at any time have
acquired direct or indirect beneficial ownership (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) of more than 50% of the outstanding Voting Stock of the
Borrower (including, for the avoidance of doubt, through any direct or indirect ownership of a Permitted Holder described in clause (h) or (i) of the definition of “Permitted Holder”), or (b) at any time prior to a Qualified
Equity Offering, and except in connection with a Qualified Equity Offering, the Permitted Holders shall cease to (i) beneficially own or to have the power, directly or indirectly, to vote or direct the voting of, Voting Stock of the Parent
representing a majority of the voting power of the total outstanding Voting Stock of the Parent or (ii) beneficially own, directly or indirectly, Equity Interests representing a majority of the total economic interests of the outstanding Equity
Interests of the Parent. Notwithstanding the foregoing, for the avoidance of doubt, a Change in Control shall not occur as a result of the IPOCo Transactions, the Qualified Equity Offering and any transactions relating thereto, including, without
limitation, (i) the contribution of the Equity Interests of the Parent to IPOCo and (ii) any transaction in which the Parent remains a subsidiary of IPOCo but one or more intermediate holding companies between the Parent and IPOCo are
added, liquidated, merged or consolidated out of existence. 
 “Collateral” means all of the Property of the
Borrower and the Guarantors with respect to which a Lien is granted (or is required to be granted) pursuant to a Security Instrument as security for the Secured Obligations. 

“Double Drilling” means Double’ Drilling Company, LLC, a Delaware limited liability company. 

“Financial Covenants” means each of (a) the Leverage Ratio covenant set forth in Section 9.01(a),
(b) the current ratio covenant set forth in Section 9.01(b), and (c) the Secured Leverage Ratio set forth in Section 9.01(c). The foregoing clauses (a) through (c) are collectively referred to as the “Financial
Covenants”. 
 “Guarantors” means (a) the Parent, (b) EnVen, (c) EnVen Opco, and
(d) each other Domestic Subsidiary that is a party to the Guaranty Agreement as a “Guarantor” and “Grantor” (as such terms are defined in the Guaranty Agreement) and guarantees the Secured Obligations pursuant to
Section 8.14(b) or Section 8.20(b); but excluding (i) Double Drilling and (ii) any Person released as a Guarantor pursuant to Section 11.10. 

  
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 “IPOCo” means a Person formed to acquire, directly or
indirectly, Equity Interests of the Parent in order to undertake an initial public offering of such Person’s Equity Interests. 

“IPOCo Transactions” means the transactions in connection with the formation and capitalization of IPOCo prior
to and in connection with the Qualified Equity Offering, including (a) the legal formation of IPOCo and one or more Subsidiaries of the Permitted Holders to own interests therein, (b) the contribution, directly or indirectly, of the Equity
Interests of the Parent to IPOCo, or the other acquisition by IPOCo thereof, (c) the conversion of the outstanding Equity Interests in the Parent into a new class of Equity Interests in the Parent, (d) the issuance of Equity Interests of
IPOCo or the Parent to the public and the use of proceeds therefrom to pay transaction expenses, distribute funds as a reimbursement for capital expenditures, and other purposes approved by a Permitted Holder, (e) the execution, delivery and
performance of customary documentation (and amendments to existing documentation) governing the relations between and among the Parent, IPOCo, the Permitted Holders and their respective Subsidiaries, including the execution, delivery and performance
of a tax receivables agreement among IPOCo, the Parent and the Permitted Holders on customary terms for similar transactions; provided that the terms of such documentation are not materially adverse to the Lenders, and (f) any other
transactions and documentation related to the foregoing or necessary or appropriate in the view of the Permitted Holders or the board of directors of the Parent or any direct or indirect parent thereof in connection with the Qualified Equity
Offering; provided such transactions and documentation are not materially adverse to the Lenders. 
 “Loan
Documents” means this Agreement, the Notes, the Letter of Credit Agreements, the Security Instruments, the Fee Letter, the AA Fee Letter and any intercreditor agreement approved by the Majority Lenders. 

“Material Indebtedness” means Debt (other than the Loans and Letters of Credit), or obligations in respect of
one or more Swap Agreements, of any one or more of the Parent the Borrower and its Subsidiaries in an aggregate principal amount, individually or collectively, exceeding the greater of (a) $12,500,000 or (b) 5.0% of the Borrowing Base then in
effect. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Parent, the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the Swap Termination Value. 

“Maturity Date” means January 26, 2022. 

“Other Debt Agreement” means any agreement, instrument or other document governing any Material Indebtedness
(other than intercompany Indebtedness) (with committed but unutilized amounts under such Other Debt Agreement being deemed fully drawn for purposes of measuring such threshold), including any Permitted Debt or any Permitted Refinancing Debt in
respect thereof. 

  
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 “Permitted Debt” means each of Permitted Second Lien Debt
and Permitted Unsecured Debt that together do not exceed $400,000,000 of principal in the aggregate at any time outstanding. 

“Permitted Holder” means (a) EIG, (b) Bain, (c) Adage, (d) any affiliated fund, investment account,
or other investment vehicle managed, controlled by or under common control with the entities in clauses (a) through (c) above, (e) Steven A Weyel, (f) David M. Dunwoody, Jr., (g) with respect to the individuals listed in clauses
(e) and (f), their spouse, lineal descendants, spouse of any such lineal descendants, or a trust for their benefit or the benefit of any such individuals, or any entity 100% owned or 100% controlled, directly or indirectly, by such individual
or one or more of such individuals and/or trusts, (h) the Parent or any holding company parent of the Borrower owned directly or indirectly by the other Permitted Holders and (i) Equity Holdings, IPOCo and any direct or indirect
corporation or other holding company parent of the Borrower or the Parent formed for purpose of effecting a Qualified Equity Offering. 

“Permitted Refinancing Debt” means Debt (for purposes of this definition, “new Debt”)
incurred in exchange for, or proceeds of which are used to refinance, all of any other Debt (the “Refinanced Debt”); provided that (a) such new Debt is in an aggregate principal amount not in excess of the sum of (i) the
aggregate principal amount then outstanding of the Refinanced Debt (or, if the Refinanced Debt is exchanged or acquired for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration thereof, such
lesser amount) and (ii) an amount necessary to pay any fees and expenses, including premiums, reasonably incurred in connection with such exchange or refinancing; (b) in the event Permitted Second Lien Debt is the Refinanced Debt,
(i) the Permitted Second Lien Debt is refinanced in its entirety by one or more tranches of such new Debt and (ii) such new Debt either (A) satisfies the requirements of Section 9.02(g) and Section 9.03(d) and is subject to
the intercreditor agreement approved by the Majority Lenders or (B) is not secured by a Lien; (c) such new Debt has a stated maturity no earlier than the stated maturity of the Refinanced Debt and an Average Life no shorter than the
Average Life of the Refinanced Debt; (d) such new Debt does not contain covenants which, taken as a whole, are more onerous to the Borrower and its Subsidiaries than those imposed by the Refinanced Debt; (e) no Subsidiary is required to
guarantee such new Debt unless such Subsidiary has guaranteed the Secured Obligations pursuant to the Guaranty Agreement; (f) such new Debt does not have any mandatory prepayment or redemption provisions (other than customary change of control
or asset sale tender offer provisions and customary acceleration rights upon an event of default thereunder) which would require a mandatory prepayment or redemption in priority to the Obligations; and (g) if such Refinanced Debt was
subordinated, such new Debt (and any guarantees thereof) is subordinated in right of payment to the Secured Obligations (or, if applicable, the Guaranty Agreement) to at least the same extent as the Refinanced Debt and is otherwise subordinated on
terms substantially reasonably satisfactory to the Administrative Agent. 

  
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 “Permitted Second Lien Debt” means Debt issued by the
Borrower or a Guarantor that is (a) secured by a second priority Lien on the Collateral, (b) the terms of which do not provide for any scheduled repayment, mandatory tender, redemption, defeasement or sinking fund obligation prior to the
181st day after the Maturity Date (other than customary offers to purchase upon a change of control, asset sale or casualty or condemnation event and customary acceleration rights after an event of default, in each case to the extent required to be
applied first to the Secured Obligations to the extent required by this Agreement as in effect at the time of such issuance or incurrence), (c) the covenants, events of default, guarantees and other terms of which (other than interest rate, fees,
funding discounts and redemption or prepayment premiums determined by the Borrower to be “market” rates, fees, discounts and premiums at the time of issuance or incurrence of any such Debt), taken as a whole, are determined by the Borrower
to be “market” terms on the date of issuance or incurrence and in any event are not more restrictive on the Borrower and the Guarantors than the terms of this Agreement (as in effect at the time of such issuance or incurrence) and, prior
to the Maturity Date, do not require the maintenance or achievement of any financial performance standards other than as a condition to taking specified actions, (d) the terms of such Debt provide for customary subordination of the Liens on the
Collateral securing such Debt to the Liens on the Collateral securing the Secured Obligations, (e) no Subsidiary of the Borrower (other than a Guarantor) is an obligor under such Debt, provided that a certificate of an Responsible Officer of
the Borrower delivered to the Administrative Agent at least five Business Days prior to the incurrence or issuance of such Debt, together with a reasonably detailed description of the material terms and conditions of such Debt or drafts of the
documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements in clauses (a) through (e) shall be conclusive evidence that such terms and conditions
satisfy the foregoing requirements in clauses (a) through (e) unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis
upon which it disagrees), and (f) subject to an intercreditor agreement approved the Majority Lenders. 

“Permitted Unsecured Debt” means senior, senior subordinated or subordinated Debt issued by the Borrower or a
Guarantor, (a) the terms of which do not provide for any scheduled repayment, mandatory tender, redemption, defeasement or sinking fund obligation prior to the 181st day after the Maturity Date (other than customary offers to purchase upon a
change of control, asset sale or casualty or condemnation event and customary acceleration rights after an event of default, in each case to the extent required to be applied first to the Obligations to the extent required by this Agreement), (b)
the covenants, events of default, guarantees and other terms of which (other than interest rate, fees, funding discounts and redemption or prepayment premiums determined by the Borrower to be “market” rates, fees, discounts and premiums at
the time of issuance or incurrence of any such Indebtedness), taken as a whole, are determined by the Borrower to be “market” terms on the date of issuance or incurrence and in any 

  
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event are not more restrictive on the Borrower and the Guarantors than the terms of this Agreement (as in effect at the time of such issuance or incurrence) and, prior to the Maturity Date, do
not require the maintenance or achievement of any financial performance standards other than as a condition to taking specified actions, (c) if such Debt is senior subordinated or subordinated Debt, the terms of such Debt provide for customary
subordination of such Debt to the Secured Obligations, (d) no Subsidiary of the Borrower (other than a Guarantor) is an obligor under such Debt, provided that a certificate of an Responsible Officer of the Borrower delivered to the
Administrative Agent at least five Business Days prior to the incurrence or issuance of such Debt, together with a reasonably detailed description of the material terms and conditions of such Debt or drafts of the documentation relating thereto,
stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirements in clauses (a) through (d) shall be conclusive evidence that such terms and conditions satisfy the foregoing requirements
in clauses (a) through (d) unless the Administrative Agent notifies the Borrower within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees), and
(e) which is not secured (other than with the proceeds thereof held in escrow). 
 “Qualified Equity
Offering” means the issuance by the Borrower, IPOCo, the Parent or any other direct or indirect parent of the Borrower of its Equity Interests in an underwritten public offering for cash pursuant to a registration statement that has been
declared effective by the SEC pursuant to the Securities Act. 
 “Secured Leverage Ratio” means, as of any
date of determination, the ratio of Total Secured Debt as of such date to EBITDAX for the immediately preceding four fiscal quarters, in each case after giving effect to any applicable Pro Forma Adjustments. 

“Total Secured Debt” means all Debt of the Borrower and the Guarantors that is secured (or required to be
secured) by a Lien on the Collateral. 
 “Transactions” means, collectively, (a) the execution,
delivery and performance by each Loan Party of the Loan Documents to which it is a party and the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, (b) the grant of Liens by the Borrower and
each other Loan Party on Mortgaged Properties pursuant to the Security Instruments, and with respect to each Guarantor, the guaranteeing of the Secured Obligations and the other obligations under the Guaranty Agreement by such Guarantor, and
(c) (d) the payment of the fees, premiums, expenses and other transaction costs in connection with the foregoing transactions and the transactions contemplated thereby. 

(b) deleting the following defined terms: “Cap Amount”, “Incremental Second Lien Facility”,
“Incremental Second Lien Facility Documents”, “Intercreditor Agreement”, “PDP Reserves”, “PDP Reserves Coverage Ratio”, “Permitted Refinancing Documents”, “Second Lien Administrative
Agent”, Second Lien Loans”, Second Lien Term Loan Agreement”, Second Lien Term Loan Documents”; and 

  
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 (c) deleting the Borrowing Base Utilization Grid in the definition of
Applicable Margin and replacing it with the following: 
  

																					
	 Commitment Utilization

Percentage               
     
	  	<25%	 	 	>25%<50%	 	 	>50%<75%	 	 	>75%<90%	 	 	>90%	 
	 ABR Loans
	  	 	1.75	% 	 	 	2.00	% 	 	 	3.25	% 	 	 	2.50	% 	 	 	2.75	% 
	 Eurodollar Loans
	  	 	2.75	% 	 	 	3.00	% 	 	 	3.25	% 	 	 	3.50	% 	 	 	3.75	% 

 2.2 Amendment to Section 2.07(h). Section 2.07(h) is hereby amended by deleting
such Section in its entirety and replacing it with the following: 
 “(h) Issuance of Permitted Debt. The
Borrowing Base shall automatically be reduced by $0.25 per $1.00 of the aggregate principal amount of (i) Permitted Second Lien Debt issued in excess of $250,000,000 in the aggregate and (ii) Permitted Unsecured Debt issued in excess of
$350,000,000 in the aggregate; provided that if any such excess that resulted in a reduction of the Borrowing Base is subsequently refinanced, the Permitted Refinancing Debt in respect of such excess shall further reduce the Borrowing Base in
accordance with this Section 2.07(h), only if, and to the extent, such aggregate principal amount of such Permitted Refinancing Debt exceeds the Refinanced Debt.” 

2.3 Amendment to Section 3.04(c)(v). Section 3.04(c)(v) is hereby amended by deleting such Section in its
entirety and replacing it with the following: 
 “(v) Without limitation of any other restrictions on each of the
Parent, the Borrower or any Subsidiary contained herein (including the prohibition on making any such Redemption), if the Parent, the Borrower or any Subsidiary is required to make a mandatory Redemption of, or is required to make an offer to Redeem
or prepay, any Permitted Debt or any Permitted Refinancing Debt in respect thereof, in each case as a result of any event or circumstance (including a Change in Control or the Disposition of any Property), then, whether or not a Borrowing Base
Deficiency exists at such time, the Borrower shall prepay the Borrowings (and if any excess remains after prepaying Borrowings as a result of an LC Exposure, cash collateralize such excess as provided in Section 2.08(j)), together with accrued
and unpaid interest thereon, in an amount equal to the lesser of (A) 100% of the outstanding principal amount of Permitted Debt required to be Redeemed (with respect to any such Redemption in connection with a Disposition, after giving effect to any
reinvestment rights set forth in the Permitted Debt documentation or the Permitted Refinancing documentation, as applicable) and (B) the outstanding principal amount of the Loans on the date of such payment, and

  
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such payment (and/or cash collateralization, as applicable) shall be due one Business Day prior to the date on which the Parent, the Borrower, or such Subsidiary would be required to make such
Redemption pursuant to the terms of the Permitted Second Lien Debt or the Permitted Refinancing Debt, as applicable.” 
 2.4
Amendment to Section 7.03(d). Section 7.03(d) is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“(d) except as contemplated by this Agreement, the Permitted Second Lien Debt or the Permitted Refinancing Debt will not
result in the creation or imposition of any Lien on any Property of the Parent, the Borrower or any Subsidiary.” 
 2.5 Amendment to
Section 7.13. Section 7.13 is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“Section 7.13 Restrictions on Liens. Neither the Parent, the Borrower nor any of the Subsidiaries is a party
to any material agreement or arrangement (other than any Permitted Second Lien Debt documents, the Permitted Refinancing documents or Debt and Capital Leases creating Liens permitted by Section 9.03(c), but then only on the Property securing
such Debt or subject to such Capital Lease, any accessions thereto and proceeds thereof), or is subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability to grant Liens to the Administrative Agent and
the Lenders on or in respect of their Properties to secure the Secured Obligations and the Loan Documents.” 
 2.6 Amendment to
Section 7.21(ii). Section 7.21(ii) is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“(ii) Redeem any Permitted Debt, any Permitted Refinancing Debt in respect thereof or any Effective Date Preferred Equity
Interests.” 
 2.7 Amendment to Section 8.01(g). Section 8.01(g) is hereby amended by deleting such
Section in its entirety and replacing it with the following: 
 “(g) Notices Under Materials Instruments.
Promptly after the furnishing thereof, subject to applicable confidentiality requirements, copies of any financial statement, report or material notice furnished to or by any Person pursuant to the terms of the Permitted Debt, any Permitted
Refinancing Debt, any preferred stock designation, indenture, loan or credit or other similar agreement, other than this Agreement and not otherwise required to be furnished to the Lenders pursuant to any other provision of this
Section 8.01.” 
 2.8 Amendment to Section 8.01(h). Section 8.01(h) is hereby amended by inserting
“and” after Section 8.01(h)(ii)(F); deleting the “and” after Section 8.01(h)(ii)(G) and replacing it with a “.”, and deleting Section 8.01(h)(ii)(H) in its entirety. 

  
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 2.9 Amendment to Section 8.01(n). Section 8.01(n) is hereby
amended by deleting such Section in its entirety and replacing it with the following: 
 “(n) Notices of Certain
Changes. Promptly, but in any event within 10 Business Days after the execution thereof, copies of any amendment, modification or supplement to (i) the certificate or articles of incorporation,
by-laws, any preferred stock designation or any other organic document of the Parent, the Borrower or any Subsidiary, in each case, to the extent such amendment, modification or supplement could reasonably be
expected to be material to the interests of the Lenders and (ii) any Effective Date Preferred Equity Document, Permitted Debt or any Permitted Refinancing Debt.” 

2.10 Amendment to Section 8.02(c). Section 8.02(c) is hereby amended by deleting such Section in its entirety
and replacing it with the following: 
 “(c) any notice of default under the Permitted Debt or the Permitted Refinancing
Debt;” 
 2.11 Amendment to Section 8.13. Section 8.13 is hereby amended by deleting the number
“94%” in each instance of its use therein and replacing it with the number “85%”. 
 2.12 Amendment to
Section 8.14(a). Section 8.14(a) is hereby amended by deleting the number “94%” in each instance of its use therein and replacing it with the number “90%”. 

2.13 Amendment to Sections 8.14(b), (c) and (d). Sections 8.14(b), (c) and (d) are hereby amended by deleting such Sections in
their entirety and replacing them with the following: 
 “(b) In the event that the Borrower creates or acquires any
Domestic Subsidiary, other than Double Drilling, the Borrower shall promptly (and in any case within 10 Business Days, or such longer period as the Administrative Agent may reasonably agree) cause such Subsidiary to guarantee the Secured Obligations
pursuant to the Guaranty Agreement. In connection with any such guaranty, the Borrower shall, or shall cause such Subsidiary to, (i) execute and deliver a supplement to the Guaranty Agreement executed by such Subsidiary, (ii) pledge all of
the Equity Interests of such new Subsidiary (including, without limitation, delivery of original stock certificates evidencing the Equity Interests of such Subsidiary, if any, together with an appropriate undated stock powers for each certificate
duly executed in blank by the registered owner thereof) and (iii) execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. The Borrower will cause
any Subsidiary guaranteeing any Permitted Second Lien Debt or any Permitted Refinancing Debt to contemporaneously guarantee the Secured Obligations pursuant to the Guaranty Agreement, in accordance with the foregoing requirements. 

(c) At any time during the continuation of an Event of Default, if required by the Administrative Agent, the Borrower shall,
and shall cause each of 

  
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its Domestic Subsidiaries, other than Double Drilling, to grant to the Administrative Agent a Lien to secure the Secured Obligations on all other Oil and Gas Properties, except those assets as to
which the Administrative Agent shall determine in its reasonable discretion that the cost of obtaining a Lien or other security interest therein is excessive in relation to the value of the security to be afforded thereby. 

(d) The Borrower agrees that it will not, and will not permit any Subsidiary to, grant a Lien on any Property to secure any
Permitted Second Lien Debt without first (i) giving fifteen (15) days’ prior written notice to the Administrative Agent thereof and (ii) granting to the Administrative Agent to secure the Secured Obligations a first-priority,
perfected Lien (subject to Excepted Liens identified in clauses (a) through (d), (f), (i), (k), (m) and (p) of the definition thereof, but subject to the provisos at the end of such definition) on the same Property pursuant to Security
Instruments in form and substance reasonably satisfactory to the Administrative Agent. In connection therewith, the Borrower shall, or shall cause its Subsidiaries to, execute and deliver such other additional closing documents, certificates and
legal opinions as shall reasonably be requested by the Administrative Agent.” 
 2.14 Amendment to
Section 8.16. Section 8.16 is hereby amended by deleting the phrase “for months 13 to 24” therein and replacing it with the phrase “for months 13 to 18”. 

2.15 Amendment to Section 9.01. Section 9.01 is hereby amended by deleting such Section in its entirety and
replacing it with the following: 
 “Section 9.01 Financial Covenants. 

(a) Ratio of Total Funded Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter beginning
with the fiscal quarter ending December 31, 2017, permit its Leverage Ratio to be greater than 3.0 to 1.0. 
 (b)
Ratio of Total Secured Debt to EBITDAX. The Borrower will not, as of the last day of any fiscal quarter beginning with the fiscal quarter ending December 31, 2017, permit its Secured Leverage Ratio to be greater than 2.5 to 1.0. 

(c) Current Ratio. The Borrower will not permit, as of the last day of any fiscal quarter ending on or after
December 31, 2017, its ratio of (i) consolidated current assets (including the unused amount of the total Commitments, but excluding non-cash assets under ASC 815 and current plugging and abandonment
restricted cash) to (ii) consolidated current liabilities (excluding non-cash obligations under ASC 815, current liabilities for plugging and abandonment expense and current maturities under this
Agreement) to be less than 1.0 to 1.0. 

  
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 (d) Equity Cure. Notwithstanding anything to the contrary in this
Agreement, in the event the Borrower fails to comply with any financial covenant set forth in Section 9.01, the Borrower shall have the right to cure such failure to comply (the “Cure Right”) by issuing equity (other than
Disqualified Capital Stock) for cash or otherwise receiving cash contributions (a “Specified Equity Contribution”), during the period commencing on the Business Day following the last day of the most recently ended fiscal quarter of
the Borrower and ending ten (10) Business Days after the day on which financial statements are required to be delivered pursuant to Sections 8.01(a) or (b), as applicable, with respect to such fiscal quarter (such period, the “Cure
Period”), and at the Borrower’s election, such Specified Equity Contribution shall either (x) be included as a current asset or (y) either (but not both) be included in EBITDAX or be used to repay Debt, and compliance with
this Section 9.01 shall be recalculated giving effect to such adjustment for such fiscal quarter and each applicable subsequent period; provided that (i) the Borrower delivers written notice to the Administrative Agent that it has elected
to cure the failure to comply and clearly setting forth such Specified Equity Contribution in the computation required therein (which written notice may be included in the certificate required by Section 8.01(c)); (ii) such Specified Equity
Contribution is received by the Borrower during the Cure Period; (iii) in each four consecutive fiscal quarter period there shall be at least two fiscal quarters in which no Specified Equity Contribution is made and the Cure Right may not be
exercised in consecutive fiscal quarters; (iv) there shall be no more than five Specified Equity Contributions during the term of this Agreement; (v) the amount of any Specified Equity Contribution shall not exceed the amount necessary for
the Borrower to be in pro forma compliance with each of the financial covenants set forth in Section 9.01 for the relevant fiscal period, as applicable; (vi) 100% of the net cash proceeds received by the Borrower from each Specified Equity
Contribution will, at the Borrower’s election, either (x) be treated as a current asset or (y) either (but not both) be counted as EBITDAX or used to repay Debt with a permanent reduction in commitments; (vii) all Cure Rights
pursuant to this Section 9.01(d) and all Specified Equity Contributions shall be disregarded for the purposes of any financial ratio determination under this Agreement other than for determining compliance with the financial covenants set forth
in Section 9.01 and for the avoidance of doubt, may not be relied on for purposes of calculating pro forma compliance with any Financial Covenants hereunder and shall not result in any adjustment to any baskets or other amounts that are based
in in whole or in part on compliance with the Financial Covenants); (viii) upon the Administrative Agent’s receipt of a written notice from the Borrower that the Borrower intends to exercise the Cure Right (a “Notice of Intent to
Cure”), until the 10th Business Day following the date on which financial statements for the fiscal quarter to which such Notice of Intent to Cure relates are required to be delivered pursuant to Section 8.01(a) or (b), as

  
 11 

 
applicable, neither the Administrative Agent (nor any sub-agent therefor) nor any Lender shall exercise any right to accelerate the Loans or terminate the
Commitments, and none of the Administrative Agent (nor any sub-agent therefor) nor any Lender shall exercise any right to foreclose on or take possession of the Collateral or any other right or remedy under
the Loan Documents solely on the basis of the relevant Event of Default having occurred and being continuing under Section 9.01 (provided that nothing in this clause (viii) shall waive any Default that exists until such recalculation). If
after giving effect to such recalculation the Borrower is in compliance with Section 9.01, the Borrower shall be deemed to have satisfied the requirements of this Section 9.01 as of the relevant date of determination with the same effect
as though there had been no failure to comply therewith at such date, and the applicable breach or default of Section 9.01 that had occurred (or would have occurred) shall be deemed cured for the purposes of this Agreement.” 

2.16 Amendment to Section 9.02(i)(A). Section 9.02(i)(A) is hereby amended by deleting the amount
“$10,000,000” therein and replacing it with the amount “$12,500,000”. 
 2.17 Amendment to
Section 9.02(g). Section 9.02(g) is hereby amended by deleting such Section in its entirety and replacing it with the following: 

“(g) Debt under any Permitted Debt, any guarantees thereof and any Permitted Refinancing Debt thereof;” 

2.18 Amendment to Section 9.02(n). Section 9.02(n) is hereby amended by deleting such Section in its entirety.

 2.19 Amendment to Section 9.03(d). Section 9.03(d) is hereby amended by deleting such Section in its
entirety and replacing it with the following: 
 “(d) Liens on Property securing any Permitted Second Lien Debt and any
guaranties thereof as permitted by Section 9.02(g); provided, however, that such Liens securing such Debt are subordinate to the Liens securing the Secured Obligations, this Agreement and the other Loan Documents pursuant to an intercreditor
agreement approved by the Majority Lenders; 
 2.20 Amendment to Section 9.04. Section 9.04 is hereby amended
by deleting the title thereto and replacing it with “Dividends, Distributions and Redemptions; Repayment of Permitted Debt”. 

2.21 Amendment to Section 9.04(a) Section 9.04(a) is hereby amended by (a) deleting the amount
“1,500,000” in Section 9.04(a)(iv) and replacing it with the amount “3,000,000” and (b) adding the following Sections 9.04(a)(ix) and (x): 

“(ix) as long as (A) no Borrowing Base Deficiency, Event of Default or Default shall have occurred and be continuing
or would result therefrom and (B) 

  
 12 

 
after giving pro forma effect to such Restricted Payment (I) the Leverage Ratio would be 1.25 to 1.00 or less and (II) the undrawn principal amount of the Loans would be equal to or
greater than 50% of the aggregate Commitments at such time, the Borrower or any Subsidiary make Restricted Payments pursuant to a tax receivable agreement, including any lump sum amount payable upon an early termination of a tax receivables
agreement. 
 (x) Restricted Payments in connection with clause (b) or (c) of the definition of IPOCo Transaction.”

 2.22 Amendment to Section 9.04(b). Section 9.04(b) is hereby amended by deleting such Section in its
entirety and replacing it with the following: 
 “(b) Redemption of Permitted Debt; Amendment of Permitted Debt.
The Borrower will not, and will not permit any Subsidiary to: 
 (i) call, make or offer to make any optional or voluntary
prepayment or redemption of or otherwise optionally or voluntarily redeem or prepay (whether in whole or in part) any Permitted Debt or any permitted Refinancing Debt in respect thereof; provided that the Borrower may redeem or prepay any Permitted
Debt: 
 (A) with the proceeds of any Permitted Refinancing Debt, 

(B) with the net proceeds of any sale of Equity Interests (other than Disqualified Capital Stock) of the Borrower; or 

(C) so long as 

(I) no Event of Default or Default shall have occurred and be continuing or would result therefrom, 

(II) the Leverage Ratio after giving effect to such Restricted Payment is less than 1.00 to 1.00, and 

(III) Availability under this Agreement after giving effect to such Restricted Payment is not less than the greater of (1)
$40,000,000 and (2) 35% of the then effective Borrowing Base (as adjusted for the relevant prepayment of the Permitted Debt), the Borrower may prepay the Permitted Debt in an amount not to exceed (x) $5,000,000 in any fiscal year and $10,000,000 in
the aggregate prior to the expiration of this Agreement and (y) the net cash proceeds of asset sales or other dispositions of property permitted to be retained by the Borrower under any Permitted Debt; provided that the caps on distributions in
clause (x) of this Section 9.04(b)(i)(C) apply to the aggregate of redemptions and prepayments made under this Section 9.04(b)(i)(C) during such period and provided further that the aggregate of such redemptions or prepayments made
under this Section 9.04(b)(i)(C) may not exceed $50,000,000 during the term of this Agreement; or 

  
 13 

 (ii) amend, modify, waive or otherwise change, consent or agree to any
amendment, modification, waiver or other change to, any of the terms of any Permitted Second Lien Debt in a manner that contravenes any intercreditor agreement with respect thereto (provided that the Borrower complies with Section 8.14(b) and
(d), if applicable).” 
 2.23 Amendment to Section 9.05(e)(iii)(A) and Section 9.05(l)(A).
Section 9.05(e)(iii)(A) and Section 9.05(l)(A) are each hereby amended by deleting the amount “$10,000,000” therein and replacing it with the amount “$12,500,000”. 

2.24 Amendment to Section 9.05. Section 9.05 is hereby amended by deleting “and” at the end of
Section 9.05(o), deleting the “.” at the end of Section 9.05(p) and replacing it with “; and”, and adding the following Section 9.05(q): 

“(q) Investments in Double Drilling, provided that the aggregate amount of all such Investments in any fiscal year shall
not exceed $5,000,000.” 
 2.25 Amendment to Section 9.11. Section 9.11 is hereby amended by deleting
the term “and” at the end of Section 9.11(e) and replacing it with “,”; deleting the “.” At the end of Section 9.11(f) and replacing it with “, and” and adding the following Section 9.11(g):

 “(g) the IPOCo Transactions.” 

2.26 Amendment to Section 9.12(i). Section 9.12(i) is hereby amended by deleting such Section in its entirety
and replacing it with the following: 
 “(i) this Agreement, the Security Instruments or any Permitted Second Lien Debt
documents,” 
 2.27 Amendment to Section 10.01(k)(i)(A) Section 10.01(k)(i)(A) is hereby amended by
deleting the amount “$10,000,000” therein and replacing it with the amount “$12,500,000”. 
 2.28 Amendment to
Section 10.01. Section 10.01 is hereby amended by deleting Section 10.01(m) in its entirety and renumbering Sections 10.01(n) and (o) as Sections 10.01(m) and (n), respectively. 

2.29 Amendment to Section 12.01(a)(ii). Section 12.01(a)(ii) is hereby amended by deleting such Section in its
entirety and replacing it with the following: 
 “(ii)     if to the Administrative Agent, to it at

 700 Louisiana Street, Suite 2100 

Houston, Texas 77002 

Attention: Gumaro Tijerina 

Tel: 713-546-9744 

Fax: 713-223-4007 

  
 14 

 2.30 Amendment to Article XII. Article XII is hereby amended by (a) deleting
Sections 12.19 and 12.21 in their entirety and (b) renumbering Section 12.20 as Section 12.19 and deleting the phrase “Section 12.20” in each instance of its use therein and replacing it with
“Section 12.19”. 
 Section 3. Borrowing Base and Aggregate Elected Commitments. From and after the First
Amendment Effective Date (a) until the next redetermination of the Borrowing Base, the Borrowing Base shall be $250,000,000 and (b) the Aggregate Elected Commitments shall be $250,000,000. Notwithstanding the foregoing, the Borrowing Base
and the Aggregate Elected Commitment Amounts may be subject to further adjustments from time to time pursuant to the Credit Agreement. 

Section 4. Assignments and Reallocations of Commitments and Loans. The Lenders have agreed among themselves, in consultation with
the Borrower, to reallocate their respective Maximum Credit Amounts and to, among other things, allow JPMorgan Chase bank, NA and Societe Generale, to become parties to the Credit Agreement as Lenders (the “New Lenders”) by
acquiring an interest in the Aggregate Maximum Credit Amount. The Administrative Agent and the Borrower hereby consent to such reallocation and the New Lenders’ acquisition of an interest in the Aggregate Maximum Credit Amount and the other
Lenders’ assignments of their Maximum Credit Amounts. On the First Amendment Effective Date and after giving effect to such reallocations, the Maximum Credit Amount of each Lender shall be as set forth on Annex I of this First Amendment, which
Annex I supersedes and replaces the Annex I to the Credit Agreement. With respect to such reallocation, the New Lenders shall be deemed to have acquired the Maximum Credit Amount allocated to them from each of the other Lenders pursuant to the terms
of the Assignment and Assumption Agreement attached as Exhibit F to the Credit Agreement as if the New Lenders and the other Lenders had executed an Assignment and Assumption Agreement with respect to such allocation. 

Section 5. Conditions Precedent. This Amendment shall become effective on the date (such date, the “First Amendment
Effective Date”), when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement); provided that if this Amendment is not is not effective on or before February 28, 2018, it
shall be null and void and of no effect: 
 5.1 The Administrative Agent shall have received (a) from all of the Lenders, the
Administrative Agent, the Borrower and each Guarantor, counterparts (in such number as may be reasonably requested by the Administrative Agent) of this Amendment signed on behalf of such Person and (b) from the Borrower, executed Notes for each
Lender requesting one reflecting the reallocations in Section 4 of this First Amendment. 
 5.2 The Administrative Agent shall have
received (a) all fees and other amounts due and payable on or prior to the First Amendment Effective Date (including those set forth in the Fee Letter of even date herewith) and (b) to the extent invoiced at least three (3) Business
Days (or such lesser period as the Borrower may agree) prior to the First Amendment Effective Date, reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower under the Credit Agreement. 

  
 15 

 5.3 The Administrative Agent shall have received evidence that the Second Lien Loans and the
Incremental Second Lien Loans have been (a) paid in full, (b) the commitments under each terminated and (c) all Liens securing each have been released. 

5.4 The Administrative Agent shall have received a certificate of a Responsible Officer attaching a true, correct and complete copy of the
Permitted Debt documents, each of which shall be in form and substance reasonably acceptable to the Administrative Agent. 
 5.5 No Default
shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Amendment. 
 Section 6.
Miscellaneous. 
 6.1 Confirmation. The provisions of the Credit Agreement, as amended by this Amendment, remain in full force
and effect following the effectiveness of this Amendment. 
 6.2 Ratification and Affirmation; Representations and Warranties. Each
of the Borrower and each Guarantor hereby: 
 (a) acknowledges the terms of this Amendment, 

(b) ratifies and affirms their respective obligations, and acknowledges their respective continued liability, under each Loan
Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby, and 

(c) represents and warrants to the Lenders that as of the date hereof, immediately after giving effect to the terms of this
Amendment, all of the Borrower’s and such Guarantor’s, as applicable, respective representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects on and as of the First
Amendment Effective Date (after giving effect to this Amendment), except that (i) to the extent any such representations and warranties are expressly limited to an earlier date, such representation and warranty was true and correct in all
material respects as of such specified earlier date and (ii) to the extent that any such representation and warranty is qualified by materiality or “Material Adverse Effect”, such representation and warranty (as so qualified) is true
and correct in all respects. 
 6.3 Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this Amendment by facsimile transmission or
other electronic transmission (e.g., .pdf) shall be effective as delivery of a manually executed counterpart hereof. 
 6.4 NO ORAL
AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION  

  
 16 

 
HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 
 6.5 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 6.6 Payment of Expenses. In accordance with Section 12.03 of the Credit
Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket expenses incurred in connection with
this Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable and documented fees, charges and disbursements of one counsel to the Administrative Agent.

 6.7 Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 6.8 Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties to the Credit Agreement and their respective successors and permitted assigns. 
 6.9 Loan Document. This
Amendment is a Loan Document. 
 [SIGNATURES BEGIN NEXT PAGE] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first written above. 
  

							
	BORROWER	 		 	ENERGY VENTURES GOM LLC
				
		 		 	By:	 	             /s/ Larry Willis,
Jr

		 		 	Name:	 	Larry Willis, Jr
		 		 	Title:	 	VP Finance and Treasurer
			
	GUARANTORS:	 		 	ENVEN ENERGY CORPORATION
				
		 		 	By:	 	             /s/ Larry Willis,
Jr

		 		 	Name:	 	Larry Willis, Jr
		 		 	Title:	 	VP Finance and Treasurer
			
		 		 	ENVEN ENERGY VENTURES HOLDING, LLC
				
		 		 	By:	 	             /s/ Larry Willis,
Jr

		 		 	Name:	 	Larry Willis, Jr
		 		 	Title:	 	VP Finance and Treasurer
			
		 		 	ENVEN ENERGY VENTURES, LLC
				
		 		 	By:	 	             /s/ Larry Willis,
Jr

		 		 	Name:	 	Larry Willis, Jr
		 		 	Title:	 	VP Finance and Treasurer

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	ADMINISTRATIVE AGENT:	 		 	BANK OF MONTREAL, as Administrative Agent
				
		 		 	By:	 	             /s/ Gumaro Tijerina

		 		 	Name:	 	Gumaro Tijerina
		 		 	Title:	 	Managing Director

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	BMO HARRIS BANK N.A.
				
		 		 	By:	 	             /s/ Gumaro
Tijerina                                        
            

		 		 	Name:	 	Gumaro Tijerina
		 		 	Title:	 	Managing Director

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	KEYBANK NATIONAL ASSOCIATION
				
		 		 	By:	 	             /s/ David M.
Bornstein                                        
    

		 		 	Name:	 	David M. Bornstein
		 		 	Title:	 	Senior Vice President

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	ABN AMRO CAPITAL USA LLC
				
		 		 	By:	 	             /s/ Beth
Johnson                                        
        

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

		 		 	Name:	 	Darrell Holley
		 		 	Title:	 	Managing Director

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	JPMORGAN CHASE BANK, NA
				
		 		 	By:	 	             /s/ Ron
Dierker                                        
        

		 		 	Name:	 	Ron Dierker
		 		 	Title:	 	Authorized Officer

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	SOCIETE GENERALE
				
		 		 	By:	 	             /s/ Max
Sonnonstine                                       
     

		 		 	Name:	 	Max Sonnonstine
		 		 	Title:	 	Director

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	IBERIABANK
				
		 		 	By:	 	             /s/ Bryan
Chapman                                        
        

		 		 	Name:	 	Bryan Chapman
		 		 	Title:	 	Market President, Energy Lending

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	UBS AG, STAMFORD BRANCH
				
		 		 	By:	 	             /s/ Houssem
Daly                                         
           

		 		 	Name:	 	Houssem Daly
		 		 	Associate Director
				
		 		 	By:	 	             /s/ Craig
Pearson                                        
            

		 		 	Name:	 	Craig Pearson
		 		 	Title:	 	Associate Director

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

							
	LENDERS:	 		 	WHITNEY BANK
				
		 		 	By:	 	             /s/ Brock
Berilgen                                        
        

		 		 	Name:	 	Brock Berilgen
		 		 	Title:	 	Senior Vice President

  
 Signature Page to First
Amendment to Amended and Restated Credit Agreement 

 ANNEX I 

LIST OF MAXIMUM CREDIT AMOUNTS 
  

													
	 Name of Lender
	  	Elected
Commitment	 	  	Applicable
Percentage	 	 	Maximum Credit
Amount	 
	 BMO Harris Bank N.A.
	  	$	38,750,000.00	 	  	 	15.50	% 	 	$	77,500,000.00	 
	 ABN AMRO Capital USA LLC
	  	$	37,500,000.00	 	  	 	15.00	% 	 	$	75,000,000.00	 
	 JPMorgan Chase Bank, NA
	  	$	37,500,000.00	 	  	 	15.00	% 	 	$	75,000,000.00	 
	 KeyBank National Association
	  	$	37,500,000.00	 	  	 	15.00	% 	 	$	75,000,000.00	 
	 Societe Generale
	  	$	37,500,000.00	 	  	 	15.00	% 	 	$	75,000,000.00	 
	 IBERIABANK
	  	$	21,250,000.00	 	  	 	8.50	% 	 	$	42,500,000.00	 
	 UBS AG, Stamford Branch
	  	$	21,250,000.00	 	  	 	8.50	% 	 	$	42,500,000.00	 
	 Whitney Bank
	  	$	18,750,000.00	 	  	 	7.50	% 	 	$	37,500,000.00	 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 
	 TOTAL
	  	$	250,000,000.00	 	  	 	100.00	% 	 	$	500,000,000.00	 
		  	  
	  
	 	  	  
	  
	 	 	  
	  
	 

  
 Annex IEX-10.9

 Exhibit 10.9 

SECOND LIEN SECURITY AGREEMENT 

made by 
 each of the Grantors (as
defined herein) 
 in favor of 

Wilmington Trust, National Association, 

as Collateral Agent 
 Dated as of
February 15, 2018 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I Definitions
	  	 	2	 
			
	 Section 1.01
	 	 Definitions
	  	 	2	 
			
	 Section 1.02
	 	 Other Definitional Provisions; References
	  	 	4	 
		
	 ARTICLE II Grant of Security Interest
	  	 	4	 
			
	 Section 2.01
	 	 Grant of Security Interest
	  	 	4	 
			
	 Section 2.02
	 	 Transfer of Pledged Securities
	  	 	5	 
			
	 Section 2.03
	 	 Grantors Remain Liable under Accounts, Chattel Paper and Payment Intangibles
	  	 	5	 
			
	 Section 2.04
	 	 Pledged Securities
	  	 	6	 
		
	 ARTICLE III Acknowledgments, Waivers and Consents
	  	 	6	 
			
	 Section 3.01
	 	 Acknowledgments, Waivers and Consents
	  	 	6	 
			
	 Section 3.02
	 	 No Subrogation, Contribution or Reimbursement
	  	 	8	 
		
	 ARTICLE IV Representations and Warranties
	  	 	9	 
			
	 Section 4.01
	 	 Representations in Indenture
	  	 	9	 
			
	 Section 4.02
	 	 Benefit to the Grantor
	  	 	9	 
			
	 Section 4.03
	 	 Perfected Second Priority Liens
	  	 	9	 
			
	 Section 4.04
	 	 Prior Names, Addresses, Locations of Tangible Assets
	  	 	9	 
			
	 Section 4.05
	 	 Pledged Securities
	  	 	10	 
			
	 Section 4.06
	 	 Instruments and Chattel Paper
	  	 	10	 
		
	 ARTICLE V Covenants
	  	 	10	 
			
	 Section 5.01
	 	 Covenants in Indenture
	  	 	10	 
			
	 Section 5.02
	 	 Maintenance of Perfected Security Interest; Further Documentation
	  	 	10	 
			
	 Section 5.03
	 	 Pledged Securities
	  	 	11	 
			
	 Section 5.04
	 	 Commercial Tort Claims
	  	 	12	 
		
	 ARTICLE VI Remedial Provisions
	  	 	13	 
			
	 Section 6.01
	 	 Pledged Securities
	  	 	13	 
			
	 Section 6.02
	 	 Collections on Accounts, Etc.
	  	 	14	 
			
	 Section 6.03
	 	 Proceeds
	  	 	14	 
			
	 Section 6.04
	 	 New York UCC and Other Remedies
	  	 	14	 
			
	 Section 6.05
	 	 Private Sales of Pledged Securities
	  	 	15	 
			
	 Section 6.06
	 	 Waiver; Deficiency
	  	 	16	 
			
	 Section 6.07
	 	 Non-Judicial Enforcement
	  	 	16	 

  
 i 

							
	 ARTICLE VII The Collateral Agent
	  	 	16	 
			
	 Section 7.01
	 	 Collateral Agent’s Appointment as Attorney-in-Fact, Etc.
	  	 	16	 
			
	 Section 7.02
	 	 Duty of Collateral Agent
	  	 	18	 
			
	 Section 7.03
	 	 Execution of Financing Statements
	  	 	19	 
			
	 Section 7.04
	 	 Authority of Collateral Agent
	  	 	19	 
		
	 ARTICLE VIII Subordination of Indebtedness
	  	 	20	 
			
	 Section 8.01
	 	 Subordination of All Grantor Claims
	  	 	20	 
			
	 Section 8.02
	 	 Claims in Bankruptcy
	  	 	20	 
			
	 Section 8.03
	 	 Payments Held in Trust
	  	 	20	 
			
	 Section 8.04
	 	 Liens Subordinate
	  	 	20	 
			
	 Section 8.05
	 	 Notation of Records
	  	 	21	 
		
	 ARTICLE IX Miscellaneous
	  	 	21	 
			
	 Section 9.01
	 	 Waiver
	  	 	21	 
			
	 Section 9.02
	 	 Notices
	  	 	21	 
			
	 Section 9.03
	 	 Amendments in Writing
	  	 	21	 
			
	 Section 9.04
	 	 Successors and Assigns
	  	 	21	 
			
	 Section 9.05
	 	 Invalidity
	  	 	21	 
			
	 Section 9.06
	 	 Counterparts
	  	 	22	 
			
	 Section 9.07
	 	 Survival
	  	 	22	 
			
	 Section 9.08
	 	 Captions
	  	 	22	 
			
	 Section 9.09
	 	 No Oral Agreements
	  	 	22	 
			
	 Section 9.10
	 	 Governing Law; Submission to Jurisdiction
	  	 	22	 
			
	 Section 9.11
	 	 Acknowledgments
	  	 	24	 
			
	 Section 9.12
	 	 Additional Grantors
	  	 	24	 
			
	 Section 9.13
	 	 Set-Off
	  	 	25	 
			
	 Section 9.14
	 	 Releases
	  	 	25	 
			
	 Section 9.15
	 	 Reinstatement
	  	 	26	 
			
	 Section 9.16
	 	Acceptance	  	 	26	 

  
 ii 

 SCHEDULES: 
  

	 	1.	 Notice Addresses of Grantors 

 

	 	2.	 Description of Pledged Securities 

 

	 	3.	 Filings and Other Actions Required to Perfect Security Interests 

 

	 	4.	 Prior Names and Prior Chief Executive Office 

ANNEX: 
  

	 	1.	 Form of Assumption Agreement 

  
 iii 

 NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, (A) THE LIENS AND SECURITY INTERESTS
GRANTED TO THE COLLATERAL AGENT PURSUANT TO THIS AGREEMENT ARE EXPRESSLY SUBJECT AND SUBORDINATE TO THE LIENS AND SECURITY INTERESTS GRANTED IN FAVOR OF THE SENIOR SECURED PARTIES (AS DEFINED IN THE INTERCREDITOR AGREEMENT REFERRED TO BELOW),
INCLUDING LIENS AND SECURITY INTERESTS GRANTED TO BANK OF MONTREAL, AS FIRST LIEN ADMINISTRATIVE AGENT, PURSUANT TO OR IN CONNECTION WITH THE AMENDED AND RESTATED CREDIT AGREEMENT, DATED AS OF DECEMBER 30, 2016 (AS AMENDED, RESTATED,
SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME), AMONG THE ISSUER, THE BANKS AND OTHER FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTIES THERETO AND BANK OF MONTREAL, AS FIRST LIEN ADMINISTRATIVE AGENT, AND (B) THE EXERCISE OF ANY RIGHT OR
REMEDY BY THE COLLATERAL AGENT HEREUNDER IS SUBJECT TO THE LIMITATIONS AND PROVISIONS OF THE INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 15, 2018 (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“INTERCREDITOR AGREEMENT”), AMONG BANK OF MONTREAL, AS SENIOR REPRESENTATIVE, WILMINGTON TRUST, NATIONAL ASSOCIATION, AS SECOND PRIORITY REPRESENTATIVE, THE ISSUERS AND ITS SUBSIDIARIES PARTY THERETO. IN THE EVENT OF ANY CONFLICT BETWEEN
THE TERMS OF THE INTERCREDITOR AGREEMENT AND THE TERMS OF THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN. 
 This
SECOND LIEN SECURITY AGREEMENT, dated as of February 15, 2018, is made by Energy Ventures GoM LLC, a Delaware limited liability company (the “Issuer”), EnVen Finance Corporation, a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), and each of the other signatories hereto (the Issuers and each of the other signatories hereto other than the Collateral Agent,
together with any other Subsidiary of the Issuers that becomes a party hereto from time to time after the date hereof, the “Grantors”), in favor of Wilmington Trust, National Association, as collateral agent (in such capacity,
together with its successors in such capacity, the “Collateral Agent”), for the holders of the notes (the “Note Holders”) issued pursuant to the indenture, dated of even date herewith (as amended, restated,
supplemented or otherwise modified from time to time, the “Indenture”), among the Issuers, the Grantors, the Trustee and the Note Holders. 

RECITALS 
 A. It is a
condition precedent under the Indenture that the Grantors shall have executed and delivered this Agreement to the Collateral Agent for the benefit of the Secured Parties. The Issuers, the Grantors, the Collateral Agent and the First Lien
Administrative Agent have entered into the Intercreditor Agreement that governs the relative rights and priorities of the Collateral Agent and the First Lien Administrative Agent with respect to the Collateral and the proceeds thereof. 

  
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 B. NOW, THEREFORE, each Grantor hereby agrees with the Collateral Agent, for the ratable
benefit of the Secured Parties, as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. 

(a) As used in this Agreement, each term defined above shall have the meaning indicated above. Unless otherwise defined herein, terms defined
in the Indenture and used herein shall have the meanings given to them in the Indenture, and the following terms as well as all uncapitalized terms which are defined in the New York UCC on the date hereof are used herein as so defined: Accounts,
Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, General Intangibles, Goods, Instruments, Inventory, Investment Property,
Letter-of-Credit Rights, Payment Intangibles, Proceeds, Supporting Obligations, and Tangible Chattel Paper. 

(b) Notwithstanding any provision herein to the contrary and only prior to the Discharge of Senior Obligations, if delivery of Collateral
evidenced or represented by an Instrument, certificated securities, negotiable documents or other possessory Collateral is required to be made by a Grantor to the Collateral Agent pursuant to this Agreement (other than, for the avoidance of doubt,
as a result of the Collateral Agent’s exercise of remedies in accordance with the Intercreditor Agreement), the requirements for delivery of such Collateral to the Collateral Agent shall be deemed to have been satisfied by delivery of such
Collateral to the First Lien Administrative Agent (to be held in accordance with the Intercreditor Agreement). 
 (c) The following terms
shall have the following meanings: 
 “Account Debtor” means a Person (other than any Grantor) obligated on an Account,
Chattel Paper, or General Intangible. 
 “Agreement” means this Security Agreement, as the same may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Collateral” shall have the meaning assigned such term in
Section 2.01. 
 “Discharge of Senior Obligations” shall have the meaning assigned to such term in the Intercreditor
Agreement. 
 “Equity Issuers” means, collectively, each issuer of a Pledged Security. 

“Excluded Property” means (a) any Equipment subject to a purchase money security interest or equipment or capital lease
(“Encumbered Equipment”) if and to the extent that the creation of a security interest in the right, title or interest of the Grantor in the Encumbered Equipment would cause or result in a default under any contractual provision or
other restriction; (b) any rights or interest in any contract, license, permit or franchise covering real or personal property of the Grantor if, under the terms of the contract, license, permit or franchise or applicable law, the grant of a
security interest or other Lien therein is prohibited as a matter of law, or under 

  
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the terms of the contract, license, permit or franchise and that prohibition has not been effectively waived or the consent of the other party(ies) to such contract, license, permit or franchise
has not been obtained, but the foregoing exclusions in no way will be construed (i) to apply to the extent that any described prohibition is unenforceable under Section 9-406, 9-407, 9-408, or 9-409 of the New York UCC (as same may be limited by other applicable law) or other applicable law, or (ii) to
limit, impair or otherwise affect the continuing security interests of the Collateral Agent on behalf of the Secured Parties in and Liens upon any rights or interests of the Grantors in or to (A) monies due or to become due under any described
contract, license, permit or franchise (including any Accounts), or (B) any proceeds from the sale, license, lease, or other dispositions of any such contract or license; (c) leasehold interests; (d) assets subject to certificates of
title; (e) “intent to use” trademark applications; (f) Voting Stock owned by any Grantor in any Foreign Subsidiary in excess of 66 2/3% of all Voting Stock of such Foreign Subsidiary; and (g) assets as to which the Issuers
reasonably determine that the cost of obtaining a security interest or perfection thereof is excessive in relation to the benefit to the Note Holders of the security afforded thereby. 

“First Lien Administrative Agent” means Bank of Montreal, as administrative agent under the First Lien Credit Agreement. 

“First Lien Credit Agreement” means the Credit Agreement, dated of as of July 29, 2014, as amended and restated as of
December 30, 2016, and as amended by that certain First Amendment dated as of January 26, 2018, among the Issuer, the lenders party thereto, the First Lien Administrative Agent, and the other parties thereto, as the same may be further
amended, restated, supplemented or otherwise modified from time to time. 
 “First Lien Loan Documents” means the
“Loan Documents” as defined in the First Lien Credit Agreement. 
 “Intercreditor Agreement” shall have the
meaning assigned to such term in the preamble. 
 “New York UCC” means the Uniform Commercial Code, as it may be amended,
from time to time in effect in the State of New York. 
 “Pledged Securities” means: (a) the equity interests
described or referred to in Schedule 2; and (b) (i) the certificates or instruments, if any, representing such equity interests, (ii) all dividends (cash, stock or otherwise), cash, instruments, rights to subscribe, purchase or sell and
all other rights and property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such equity interests, (iii) all replacements, additions to and substitutions for any of the property
referred to in this definition, including, without limitation, claims against third parties, (iv) the proceeds, interest, profits and other income of or on any of the property referred to in this definition and (v) all books and records
relating to any of the property referred to in this definition. 
 “Purchase Agreement” means that certain purchase
agreement, among Energy Ventures GoM LLC and EnVen Finance Corporation, as issuers, the several initial purchasers party thereto (the “Initial Purchasers”) and J.P. Morgan Securities LLC, as representative for the Initial
Purchasers. 
 “Secured Obligations” means the “Obligations” as defined in the Indenture. 

  
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 “Secured Parties” means, collectively, the Collateral Agent, the Trustee
and the Note Holders. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security Termination” means the occurrence of each the following: (i) the Secured Obligations (other than indemnity
obligations not yet due and payable of which the Issuers have not received a notice of potential claim) are paid in full in cash (including interest accruing during the pendency of an insolvency or liquidation proceeding, regardless of whether
allowed or allowable in such insolvency or liquidation proceeding) and premium, if any, on all Notes outstanding under the Indenture and (ii) the Indenture is terminated. 

Section 1.02 Other Definitional Provisions; References. The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms. The gender of all words shall include the masculine, feminine, and neuter, as appropriate. The words “herein,” “hereof,” “hereunder” and other words of
similar import when used in this Agreement refer to this Agreement as a whole, and not to any particular article, section or subsection. Any reference herein to a Section shall be deemed to refer to the applicable Section of this Agreement unless
otherwise stated herein. Any reference herein to an exhibit, schedule or annex shall be deemed to refer to the applicable exhibit, schedule or annex attached hereto unless otherwise stated herein. Where the context requires, terms relating to the
Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof 

ARTICLE II 
 GRANT OF
SECURITY INTEREST 
 Section 2.01 Grant of Security Interest. Each Grantor hereby pledges, assigns, transfers and
grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the
future may acquire any right, title or interest and whether now existing or hereafter coming into existence (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due
(whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations: 
 (1) all Accounts; 

(2) all Chattel Paper (whether Tangible Chattel Paper or Electronic Chattel Paper); 

(3) all Commercial Tort Claims; 

(4) all Deposit Accounts other than payroll, withholding tax and other fiduciary Deposit Accounts; 

(5) all Documents; 
 (6) all
General Intangibles (including, without limitation, rights in and under any Hedging Agreements); 

  
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 (7) all Goods (including, without limitation, all Inventory and all Equipment, but excluding
all Fixtures); 
 (8) all Instruments; 

(9) all Investment Property; 

(10) all Letter-of-Credit Rights (whether or not the letter of
credit is evidenced by a writing); 
 (11) all Pledged Securities; 

(12) all Supporting Obligations; 

(13) all books and records pertaining to the Collateral; 

(14) to the extent not otherwise included, any other property insofar as it consists of personal property of any kind or character defined in
and subject to the New York UCC; and 
 (15) to the extent not otherwise included, all Proceeds and products of any and all of the foregoing
and all collateral security, guarantees and other Supporting Obligations given with respect to any of the foregoing. 
 Notwithstanding
anything to the contrary contained in clauses (1) through (15) above, the Collateral will not include any Excluded Property. 

Section 2.02 Transfer of Pledged Securities. To the extent that such Pledged Securities constitute “securities” under
Article 8 of the New York UCC, subject to Section 1.01(b), all certificates and instruments representing or evidencing such Pledged Securities shall be delivered to and held pursuant hereto by the Collateral Agent or a Person designated by the
Collateral Agent and, in the case of an instrument or certificate in registered form, shall be duly indorsed to the Collateral Agent or in blank by an effective indorsement (whether on the certificate or instrument or on a separate writing), and
accompanied by any required transfer tax stamps to effect the pledge of the Pledged Securities to the Collateral Agent. Notwithstanding the preceding sentence, all Pledged Securities so registered must be delivered or transferred in such manner, and
each Grantor shall take all such further action as may be necessary (or reasonably requested by the Collateral Agent), as to permit the Collateral Agent to be a “protected purchaser” to the extent of its security interest as provided in Section 8-303 of the New York UCC (if the Collateral Agent otherwise qualifies as a protected purchaser). 

Section 2.03 Grantors Remain Liable under Accounts, Chattel Paper and Payment Intangibles. Anything herein to the contrary
notwithstanding, each Grantor shall remain liable under each of the Accounts, Chattel Paper and Payment Intangibles to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the
terms of any agreement giving rise to each such Account, Chattel Paper or Payment Intangible. Neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any Account, Chattel Paper or Payment Intangible (or
any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any such other 

  
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Secured Party of any payment relating to such Account, Chattel Paper or Payment Intangible, pursuant hereto, nor shall the Collateral Agent or any other Secured Party be obligated in any manner
to perform any of the obligations of any Grantor under or pursuant to any Account, Chattel Paper or Payment Intangible (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any
payment received by it or as to the sufficiency of any performance by any party under any Account, Chattel Paper or Payment Intangible (or any agreement giving rise thereto), to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

Section 2.04 Pledged Securities. The granting of the foregoing security interest does not make the Collateral Agent or any Secured
Party a successor to Grantor as a partner or member in any Equity Issuer that is a partnership, limited partnership or limited liability company, as applicable, and neither the Collateral Agent, any Secured Party, nor any of their respective
successors or assigns hereunder shall be deemed to have become a partner or member in any Issuer, as applicable, by accepting this Agreement or exercising any right granted herein unless and until such time, if any, when any such Person expressly
becomes a partner or member in any Issuer, as applicable, and complies with any applicable transfer provisions set forth in the charter or organizational documents relating to an applicable Pledged Security after a foreclosure thereon. 

ARTICLE III 

ACKNOWLEDGMENTS, WAIVERS AND CONSENTS 

Section 3.01 Acknowledgments, Waivers and Consents. 

(a) Each Grantor acknowledges and agrees that the obligations undertaken by it under this Agreement involve the guarantee and the
provision of collateral security for the obligations of Persons other than such Grantor and that such Grantor’s guarantee and provision of collateral security for the Secured Obligations are absolute, irrevocable and unconditional under any and
all circumstances. In full recognition and furtherance of the foregoing, each Grantor understands and agrees, to the fullest extent permitted under applicable law and except as may otherwise be expressly and specifically provided in the Indenture,
that each Grantor shall remain obligated hereunder (including, without limitation, with respect to the guarantee made by such Grantor hereby and the collateral security provided by such Grantor herein) and the enforceability and effectiveness of
this Agreement and the liability of such Grantor, and the rights, remedies, powers and privileges of the Collateral Agent and the other Secured Parties under this Agreement and the Indenture shall not be affected, limited, reduced, discharged or
terminated in any way: 
 (i) notwithstanding that, without any reservation of rights against any Grantor and without notice to or further
assent by any Grantor, (A) any demand for payment of any of the Secured Obligations made by the Collateral Agent or any other Secured Party may be rescinded by the Collateral Agent or such other Secured Party and any of the Secured Obligations
continued; (B) the Secured Obligations, the liability of any other Person upon or for any part thereof or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by, or any indulgence or forbearance in respect thereof granted by, the Collateral Agent or any other Secured Party; (C) the Indenture and any

  
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other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part in accordance with the terms thereof; (D) any Grantor
or any other Person may from time to time accept or enter into new or additional agreements, security documents, guarantees or other instruments in addition to, in exchange for or relative to, any Loan Document, all or any part of the Secured
Obligations or any Collateral now or in the future serving as security for the Secured Obligations; (E) any collateral security, guarantee or right of offset at any time held by the Collateral Agent or any other Secured Party for the payment of
the Secured Obligations may be sold, exchanged, waived, surrendered or released; and (F) any other event shall occur which constitutes a defense or release of sureties generally; and 

(ii) without regard to, and each Grantor hereby expressly waives to the fullest extent permitted by law any defense now or in the future
arising by reason of, (A) the illegality, invalidity or unenforceability of the Indenture, any other Loan Document, any of the Secured Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at
any time or from time to time held by the Collateral Agent or any other Secured Party, (B) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be
available to or be asserted by any Grantor or any other Person against the Collateral Agent or any other Secured Party, (C) the insolvency, bankruptcy arrangement, reorganization, adjustment, composition, liquidation, disability, dissolution or
lack of power of any Grantor or any other Person at any time liable for the payment of all or part of the Secured Obligations or the failure of the Collateral Agent or any other Secured Party to file or enforce a claim in bankruptcy or other
proceeding with respect to any Person; or any sale, lease or transfer of any or all of the assets of the any Grantor, or any changes in the shareholders of any Grantor; (D) the fact that any Collateral or Lien contemplated or intended to be
given, created or granted as security for the repayment of the Secured Obligations shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other Lien, it being recognized and agreed by each of the
Grantors that it is not entering into this Agreement in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability or value of any of the Collateral for the Secured Obligations; (E) any failure of the
Collateral Agent or any other Secured Party to marshal assets in favor of any Grantor or any other Person, to exhaust any collateral for all or any part of the Secured Obligations, to pursue or exhaust any right, remedy, power or privilege it may
have against any Grantor or any other Person or to take any action whatsoever to mitigate or reduce any Grantor’s liability under this Agreement or any other Loan Document; (F) any law which provides that the obligation of a surety or
guarantor must neither be larger in amount nor in other respects more burdensome than that of the principal or which reduces a surety’s or guarantor’s obligation in proportion to the principal obligation; (G) the possibility that the
Secured Obligations may at any time and from time to time exceed the aggregate liability of such Grantor under this Agreement; or (H) any other circumstance or act whatsoever (with or without notice to or knowledge of any Grantor), which
constitutes, or might be construed to constitute, an equitable or legal discharge or defense of the Issuers for the Secured Obligations, or of such Grantor under the guarantee contained in the Indenture or with respect to the collateral security
provided by such Grantor herein, or which might be available to a surety or guarantor, in bankruptcy or in any other instance. 
 (b) Each
Grantor hereby waives to the extent permitted by law: (i) except as expressly provided otherwise in any Loan Document, all notices to such Grantor, or to any other 

  
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Person, including but not limited to, notices of the acceptance of this Agreement, the guarantee contained in the Indenture or the provision of collateral security provided herein, or the
creation, renewal, extension, modification, accrual of any Secured Obligations, or notice of or proof of reliance by the Collateral Agent or any other Secured Party upon the guarantee contained in the Indenture or upon the collateral security
provided herein, or of default in the payment or performance of any of the Secured Obligations owed to the Collateral Agent or any other Secured Party and enforcement of any right or remedy with respect thereto; or notice of any other matters
relating thereto; the Secured Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in the Indenture and the
collateral security provided herein and no notice of creation of the Secured Obligations or any extension of credit already or hereafter contracted by or extended to the Issuers need be given to any Grantor; and all dealings between the Issuers and
any of the Grantors, on the one hand, and the Collateral Agent and the other Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in the Indenture and on
the collateral security provided herein; (ii) diligence and demand of payment, presentment, protest, dishonor and notice of dishonor; (iii) any statute of limitations affecting any Grantor’s liability hereunder or the enforcement
thereof; (iv) all rights of revocation with respect to the Secured Obligations, the guarantee contained in the Indenture and the provision of collateral security herein; and (v) all principles or provisions of law which conflict with the
terms of this Agreement and which can, as a matter of law, be waived. 
 (c) When making any demand hereunder or otherwise pursuing its
rights and remedies hereunder against any Grantor, the Collateral Agent or any other Secured Party may, but shall be under no obligation to, join or make a similar demand on or otherwise pursue or exhaust such rights and remedies as it may have
against the Issuer, any other Grantor or any other Person or against any collateral security or guarantee for the Secured Obligations or any right of offset with respect thereto, and any failure by the Collateral Agent or any other Secured Party to
make any such demand, to pursue such other rights or remedies or to collect any payments from the Issuer, any other Grantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or
any release of the Issuer, any Grantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Grantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies,
whether express, implied or available as a matter of law, of the Collateral Agent or any other Secured Party against any Grantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.
Neither the Collateral Agent nor any other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Secured Obligations or for the guarantee contained in the Indenture or any
property subject thereto. 
 Section 3.02 No Subrogation, Contribution or Reimbursement. Notwithstanding any payment made by any
Grantor hereunder or any set-off or application of funds of any Grantor by the Collateral Agent or any other Secured Party, no Grantor shall be entitled to be subrogated to any of the rights of the Collateral
Agent or any other Secured Party against the Issuers or any other Grantor or any collateral security or guarantee or right of offset held by the Collateral Agent or any other Secured Party for the payment of the Secured Obligations, nor shall any
Grantor seek or be entitled to seek any indemnity, exoneration, participation, contribution or reimbursement from 

  
 8 

 
the Issuers or any other Grantor in respect of payments made by such Grantor hereunder, and each Grantor hereby expressly agrees not to exercise any such rights of subrogation, reimbursement,
indemnity and contribution until Security Termination. To the extent permitted by the Intercreditor Agreement, the Collateral Agent, for the benefit of the Secured Parties, may use, sell or dispose of any item of Collateral or security as it sees
fit without regard to any subrogation rights any Grantor may have, and upon any disposition or sale, any rights of subrogation any Grantor may have shall terminate. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

To induce the Collateral Agent and the other Secured Parties to enter into the Indenture and to induce the Note Holders to make their
respective extensions of credit to the Issuers thereunder, each Grantor hereby represents and warrants to the Collateral Agent and each other Secured Party that: 

Section 4.01 Representations in Indenture. In the case of each Grantor other than the Issuers, the representations and warranties
set forth in Section 3 of the Purchase Agreement as they relate to such Grantor (in its capacity as an Affiliate of the Issuers) or to the documents executed in connection with the Indenture to which such Grantor is a party are true and correct
in all material respects, provided that each reference in each such representation and warranty to the Issuer’s knowledge shall, for the purposes of this Section 4.01, be deemed to be a reference to such Grantor’s knowledge. 

Section 4.02 Benefit to the Grantor. The Issuers are members of an affiliated group of companies that includes each other Grantor,
and the Issuers and the Grantors are engaged in related businesses. Each such Grantor is an Affiliate of the Issuers and its guaranty and surety obligations pursuant to this Agreement reasonably may be expected to benefit, directly or indirectly,
it; and it has determined that this Agreement is necessary and convenient to the conduct, promotion and attainment of the business of such Grantor and the Issuers. 

Section 4.03 Perfected Second Priority Liens. The security interests granted pursuant to this Agreement (a) upon completion
of the filings and other actions specified on Schedule 3 (which, in the case of all filings and other documents referred to on said Schedule, have been delivered to the Collateral Agent in completed and, where applicable, duly executed form) will
constitute valid perfected security interests in favor of the Collateral Agent in all of the Collateral in which a security interest may be perfected by filing under the Uniform Commercial Code or by possession, for the ratable benefit of the
Secured Parties, as collateral security for such Grantor’s obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons purporting to purchase any Collateral from such Grantor and
(b) are prior to all other Liens on the Collateral in existence on the date hereof except for Excepted Liens or Liens permitted by Section 4.10 of the Indenture. 

Section 4.04 Prior Names, Addresses, Locations of Tangible Assets. Schedule 4 correctly sets forth (a) all names that such
Grantor has used in the last five years and (b) the chief executive office of such Grantor over the last five years. 

  
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 Section 4.05 Pledged Securities. The shares (or such other interests) of Pledged
Securities pledged by such Grantor hereunder constitute all the issued and outstanding shares (or such other interests) of all classes of the capital stock or other equity interests of each Equity Issuer owned by such Grantor. All the shares (or
such other interests) of the Pledged Securities have been duly and validly issued and are fully paid and nonassessable; and such Grantor is the record and beneficial owner of, and has good title to, the Pledged Securities pledged by it hereunder,
free of any and all Liens except Excepted Liens and Liens permitted by Section 4.10 of the Indenture or options in favor of, or claims of, any other Person, except the security interest created by this Agreement. 

Section 4.06 Instruments and Chattel Paper. Such Grantor has delivered to the Collateral Agent all Collateral constituting
Instruments and Chattel Paper having a value in excess of $1,000,000. No Collateral constituting Chattel Paper or Instruments contains any statement therein to the effect that such Collateral has been assigned to an identified party other than the
Collateral Agent or the First Lien Administrative Agent in accordance with the Intercreditor Agreement, and the grant of a security interest in such Collateral in favor of the Collateral Agent hereunder does not violate the rights of any other
Person as a secured party. 
 ARTICLE V 

COVENANTS 
 Each Grantor
covenants and agrees with the Collateral Agent and the other Secured Parties that, from and after the date of this Agreement until Security Termination: 

Section 5.01 Covenants in Indenture. In the case of each Grantor, such Grantor shall take, or shall refrain from taking, as the
case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action by such Grantor or any of its
Subsidiaries. 
 Section 5.02 Maintenance of Perfected Security Interest; Further Documentation. 

(a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority
described in Section 4.03 and shall defend such security interest against the claims and demands of all Persons whomsoever except for Liens permitted by Section 4.10 of the Indenture. 

(b) At any time and from time to time, upon the reasonable request of the Collateral Agent or any other Secured Party, and at the sole expense
of such Grantor, such Grantor will promptly and duly give, execute, deliver, indorse, file or record any and all financing statements, continuation statements, amendments, notices (including, without limitation, notifications to financial
institutions and any other Person), contracts, agreements, assignments, certificates, stock powers or other instruments, obtain any and all governmental approvals and consents and take or cause to be taken any and all steps or acts that may be
necessary or advisable (or as the Collateral Agent may reasonably request) to create, perfect, establish the priority of, or to preserve the validity, perfection or priority of, the Liens granted by this Agreement or to enable the Collateral Agent
or any other Secured Party to enforce its rights, remedies, powers and privileges under this Agreement with respect to such Liens or to otherwise obtain or preserve the full benefits of this Agreement and the rights, powers and privileges herein
granted. 

  
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 (c) Each Grantor shall enter into and deliver to the Collateral Agent a Deposit Account
Control Agreement with each bank at which such Grantor maintains any deposit account with respect to each such deposit account (other than accounts maintained solely for the benefit of Persons other than the Issuers or any other Subsidiary and
payroll accounts) in favor of the Collateral Agent for the benefit of the Secured Parties (subject in priority only to Liens permitted under Section 4.10 of the Indenture and customary Liens provided in favor of such depositary bank); provided,
that the foregoing shall be deemed satisfied to the extent that the Grantors have complied with the requirements set forth in Section 1 of the Purchase Agreement within the time periods set forth therein. 

Section 5.03 Pledged Securities. 

(a) If such Grantor shall become entitled to receive or shall receive any stock certificate or other instrument (including, without limitation,
any certificate or instrument representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate or instrument issued in connection with any reorganization), option or rights in
respect of the capital stock or other equity interests of any Equity Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares (or such other interests) of the Pledged Securities, or otherwise in respect
thereof, such Grantor shall accept the same as the agent of the Collateral Agent and the other Secured Parties, hold the same in trust for the Collateral Agent and the other Secured Parties and deliver the same forthwith to the Collateral Agent in
the exact form received, duly indorsed by such Grantor to the Collateral Agent, if required, together with an undated stock power or other equivalent instrument of transfer acceptable to the Collateral Agent covering such certificate or instrument
duly executed in blank by such Grantor and with, if the Collateral Agent so requests, signature guaranteed, to be held by the Collateral Agent, subject to the terms hereof, as additional collateral security for the Secured Obligations. 

(b) Without the prior written consent of the Collateral Agent, such Grantor will not (i) unless otherwise permitted hereby, vote to
enable, or take any other action to permit, any Equity Issuer to issue any stock or other equity interests of any nature or to issue any other securities or interests convertible into or granting the right to purchase or exchange for any stock or
other equity interests of any nature of any Equity Issuer, (ii) sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Pledged Securities or Proceeds thereof (except pursuant to a transaction
permitted by the Indenture), (iii) except for Liens permitted by Section 4.10 of the Indenture, create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of the Pledged Securities or
Proceeds thereof, or any interest therein, except for the security interests created by this Agreement or (iv) except as permitted by the Indenture enter into any agreement or undertaking restricting the right or ability of such Grantor or the
Collateral Agent to sell, assign or transfer any of the Pledged Securities or Proceeds thereof. 
 (c) In the case of each Grantor which is
an Equity Issuer, such Equity Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Pledged Securities 

  
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issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Collateral Agent promptly in writing of the occurrence of any of the events
described in Section 5.03(a) with respect to the Pledged Securities issued by it and (iii) the terms of Section 6.01(c) and Section 6.05 shall apply to it, mutatis mutandis, with respect to all actions that may be required
of it pursuant to Section 6.01(c) or Section 6.05 with respect to the Pledged Securities issued by it. 
 (d) Such Grantor shall
furnish to the Collateral Agent such stock powers and other equivalent instruments of transfer as may be necessary (or required by the Collateral Agent) to assure the transferability of and the perfection of the security interest in the Pledged
Securities when and as often as may be necessary (or reasonably requested by the Collateral Agent). 
 (e) The Pledged Securities will at
all times constitute not less than 100% of the capital stock or other equity interests of the Equity Issuer thereof owned by any Grantor; provided that the Pledged Securities shall not include any Excluded Property. Each Grantor will not permit any
Equity Issuer of any of the Pledged Securities to issue any new shares (or other interests) of any class of capital stock or other equity interests of such Equity Issuer without the prior written consent of the Collateral Agent unless immediately
upon issuance the same are pledged and, if applicable, delivered to Collateral Agent pursuant to the terms hereof to the extent necessary to give Collateral Agent a second priority security interest (subject only to Liens permitted by
Section 4.10 of the Indenture) after such issue in at least the same percentage of such Equity Issuer’s outstanding shares or other interests as Grantor had before such issue. 

Section 5.04 Commercial Tort Claims. If such Grantor shall at any time hold or acquire a Commercial Tort Claim that satisfies the
requirements of the following sentence, such Grantor shall, within thirty (30) days after such Commercial Tort Claim satisfies such requirements, notify the Collateral Agent and the other Secured Parties in a writing signed by such Grantor
containing a brief description thereof, and granting to the Collateral Agent in such writing (for the benefit of the Secured Parties) a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement. The provisions of
the preceding sentence shall apply only to a Commercial Tort Claim that satisfies the following requirements: (a) the monetary value claimed by or payable to the relevant Grantor in connection with such Commercial Tort Claim shall exceed
$2,000,000, and either (b) (i) such Grantor shall have filed a law suit or counterclaim or otherwise commenced legal proceedings (including, without limitation, arbitration proceedings) against the Person against whom such Commercial Tort Claim
is made, or (ii) such Grantor and the Person against whom such Commercial Tort Claim is asserted shall have entered into a settlement agreement with respect to such Commercial Tort Claim. In addition, to the extent that the existence of any
Commercial Tort Claim held or acquired by any Grantor is disclosed by such Grantor in any public filing with the Securities Exchange Commission or any successor thereto or analogous Governmental Authority, or to the extent that the existence of any
such Commercial Tort Claim is disclosed in any press release issued by any Grantor, then, upon the request of the Collateral Agent, the relevant Grantor shall, within thirty (30) days after such request is made, transmit to the Collateral Agent
and the other Secured Parties a writing signed by such Grantor containing a brief description of such Commercial Tort Claim and granting to the Collateral Agent in such writing (for the benefit of the Secured Parties) a security interest therein and
in the Proceeds thereof, all upon the terms of this Agreement. 

  
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 ARTICLE VI 

REMEDIAL PROVISIONS 

Section 6.01 Pledged Securities. 

(a) Unless an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given notice to the relevant Grantor
of the Collateral Agent’s intent to exercise its corresponding rights pursuant to Section 6.01(b), each Grantor shall be permitted to receive all dividends paid in respect of the Pledged Securities, to the extent permitted in the
Indenture, and to exercise all voting and corporate rights with respect to the Pledged Securities. 
 (b) Upon (x) the occurrence and
during the continuance of an Event of Default and (y) delivery of written notice by the Collateral Agent to the Issuer, with a copy to the issuer of Equity Interests owned by any Grantor, directing the Grantors to refrain from voting those
Equity Interests, (i) the Collateral Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Pledged Securities and make application thereof to the Secured Obligations in accordance
with Section 6.13 of the Indenture, and (ii) any or all of the Pledged Securities shall be registered in the name of the Collateral Agent or its nominee, and the Collateral Agent or its nominee may thereafter exercise (A) all voting,
corporate and other rights pertaining to such Pledged Securities at any meeting of shareholders (or other equivalent body) of the relevant Equity Issuer or Equity Issuers or otherwise and (B) any and all rights of conversion, exchange and
subscription and any other rights, privileges or options pertaining to such Pledged Securities as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Securities
upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of any Equity Issuer, or upon the exercise by any Grantor or the Collateral Agent of any right, privilege or option
pertaining to such Pledged Securities, and in connection therewith, the right to deposit and deliver any and all of the Pledged Securities with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and
conditions as the Collateral Agent may determine), all without liability except to account for property actually received by it, but the Collateral Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not
be responsible for any failure to do so or delay in so doing. 
 (c) Each Grantor hereby authorizes and instructs each Equity Issuer of any
Pledged Securities pledged by such Grantor hereunder (and each Equity Issuer party hereto hereby agrees) to (i) comply with any instruction received by it from the Collateral Agent in writing that (A) states that an Event of Default has
occurred and is continuing and (B) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Equity Issuer shall be fully protected in so
complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Pledged Securities directly to the Collateral Agent. 

(d) After the occurrence and during the continuation of an Event of Default, if the Equity Issuer of any Pledged Securities is the subject of
bankruptcy, insolvency, receivership, custodianship or other proceedings under the supervision of any Governmental Authority, then all rights of the Grantor in respect thereof to exercise the voting and other consensual rights which such Grantor
would otherwise be entitled to exercise with respect to the Pledged Securities issued 

  
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by such Equity Issuer shall cease, and all such rights shall thereupon become vested in the Collateral Agent who shall thereupon have the sole right to exercise such voting and other consensual
rights, but the Collateral Agent shall have no duty to exercise any such voting or other consensual rights and shall not be responsible for any failure to do so or delay in so doing. 

Section 6.02 Collections on Accounts, Etc. The Collateral Agent hereby authorizes each Grantor to collect upon the Accounts,
Instruments, Chattel Paper and Payment Intangibles, and the Collateral Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. Upon the request of the Collateral Agent at any
time after the occurrence and during the continuance of an Event of Default, each Grantor shall notify the Account Debtors that the applicable Accounts, Chattel Paper and Payment Intangibles have been assigned to the Collateral Agent for the ratable
benefit of the Secured Parties and that payments in respect thereof shall be made directly to the Collateral Agent. During the existence of an Event of Default, the Collateral Agent may in its own name or in the name of others communicate with the
Account Debtors to verify with them to its satisfaction the existence, amount and terms of any Accounts, Chattel Paper or Payment Intangibles. 

Section 6.03 Proceeds . If required by the Collateral Agent at any time after the occurrence and during the continuance of an
Event of Default, any payments of Accounts, Instruments, Chattel Paper and Payment Intangibles, when collected or received by each Grantor, and any other cash or non-cash Proceeds received by each Grantor upon
the sale or other disposition of any Collateral, shall be forthwith (and, in any event, within two Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Agent if required, in a special
collateral account maintained by the Collateral Agent, subject to withdrawal by the Collateral Agent for the ratable benefit of the Secured Parties only, as hereinafter provided, and, until so turned over, shall be held by such Grantor in trust for
the Collateral Agent for the ratable benefit of the Secured Parties, segregated from other funds of any such Grantor. Each deposit of any such Proceeds shall be accompanied by a report identifying in reasonable detail the nature and source of the
payments included in the deposit. All Proceeds (including, without limitation, Proceeds constituting collections of Accounts, Chattel Paper, Instruments) while held by the Collateral Agent (or by any Grantor in trust for the Collateral Agent for the
ratable benefit of the Secured Parties) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At such intervals as may be agreed upon by each
Grantor and the Collateral Agent, or, if an Event of Default shall have occurred and be continuing, at any time at the Collateral Agent’s election, the Collateral Agent shall apply all or any part of the funds on deposit in said special
collateral account on account of the Secured Obligations in such order as the Collateral Agent may elect, and any part of such funds which the Collateral Agent elects not so to apply and deems not required as collateral security for the Secured
Obligations shall be paid over from time to time by the Collateral Agent to each Grantor or to whomsoever may be lawfully entitled to receive the same. 

Section 6.04 New York UCC and Other Remedies. 

(a) If an Event of Default shall occur and be continuing, the Collateral Agent, on behalf of the Secured Parties, may exercise in its
discretion, in addition to all other rights, remedies, powers and privileges granted to them in this Agreement, the Indenture and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights,

  
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remedies, powers and privileges of a secured party under the New York UCC (whether the New York UCC is in effect in the jurisdiction where such rights, remedies, powers or privileges are
asserted) or any other applicable law or otherwise available at law or equity. Without limiting the generality of the foregoing, the Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by law) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and
realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one
or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Collateral Agent or any other Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may
deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Collateral Agent or any other Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any
such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released. If an Event of Default shall occur and be
continuing, each Grantor further agrees, at the Collateral Agent’s request, to assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall reasonably select, whether at such Grantor’s
premises or elsewhere. Any such sale or transfer by the Collateral Agent either to itself or to any other Person shall be absolutely free from any claim of right by Grantor, including any equity or right of redemption, stay or appraisal which
Grantor has or may have under any rule of law, regulation or statute now existing or hereafter adopted. Upon any such sale or transfer, the Collateral Agent shall have the right to deliver, assign and transfer to the purchaser or transferee thereof
the Collateral so sold or transferred. The Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.04, after deducting all reasonable costs and expenses of every kind incurred in connection therewith
or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Collateral Agent and the other Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees
and disbursements, to the payment in whole or in part of the Secured Obligations, in accordance with Section 6.13 of the Indenture. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire
against the Collateral Agent or any other Secured Party arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable
and proper if given at least 10 days before such sale or other disposition. 
 (b) In the event that the Collateral Agent elects not to sell
the Collateral, the Collateral Agent retains its rights to dispose of or utilize the Collateral or any part or parts thereof in any manner authorized or permitted by law or in equity, and to apply the proceeds of the same towards payment of the
Secured Obligations. Each and every method of disposition of the Collateral described in this Agreement shall constitute disposition in a commercially reasonable manner. The Collateral Agent may appoint any Person as agent to perform any act or acts
necessary or incident to any sale or transfer of the Collateral. 
 Section 6.05 Private Sales of Pledged Securities. Each
Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all the Pledged Securities, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws

  
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or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such
securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a
public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Collateral Agent shall be under no obligation to delay a sale of any of the Pledged
Securities for the period of time necessary to permit the Equity Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Equity Issuer would agree to do so. Each
Grantor agrees to use its commercially reasonable efforts to do or cause to be done all such other acts as may reasonably be necessary to make such sale or sales of all or any portion of the Pledged Securities pursuant to this Section 6.05
valid and binding and in compliance with any and all other applicable Governmental Requirements, but no Grantor will be required to register any of the Pledged Securities under the Securities Act. 

Section 6.06 Waiver; Deficiency. To the extent permitted by applicable law, each Grantor waives and agrees not to assert any
rights or privileges which it may acquire under the New York UCC or any other applicable law. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Secured
Obligations and the documented fees and disbursements of any attorneys employed by the Collateral Agent or any other Secured Party to collect such deficiency. 

Section 6.07 Non-Judicial Enforcement. The Collateral Agent may enforce its rights
hereunder without prior judicial process or judicial hearing, and to the extent permitted by law, each Grantor expressly waives any and all legal rights which might otherwise require the Collateral Agent to enforce its rights by judicial process.

 ARTICLE VII 
 THE
COLLATERAL AGENT 
 Section 7.01 Collateral Agent’s Appointment as Attorney-in-Fact, Etc. 
 (a) Each Grantor hereby irrevocably constitutes and appoints the
Collateral Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in
the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all reasonably appropriate action and to execute any and all documents and
instruments which may be reasonably necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Collateral Agent the power and right, on behalf of such
Grantor, without notice to or assent by such Grantor, to do any or all of the following: 
 (i) unless being disputed under paragraph
(5) of the definition of “Permitted Liens” in the Indenture, pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and
pay all or any part of the premiums therefor and the costs thereof; 

  
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 (ii) execute, in connection with any sale provided for in Section 6.04 or
Section 6.05, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; and 

(iii) (A) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due
thereunder directly to the Collateral Agent or as the Collateral Agent shall direct; (B) take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Account,
Instrument, General Intangible, Chattel Paper or Payment Intangible or with respect to any other Collateral, and to file any claim or to take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the
Collateral Agent for the purpose of collecting any and all such moneys due under any Account, Instrument or General Intangible or with respect to any other Collateral whenever payable; (C) ask or demand for, collect, and receive payment of and
receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (D) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse
receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (E) receive, change the address for delivery, open and dispose of mail addressed to any Grantor, and to execute,
assign and indorse negotiable and other instruments for the payment of money, documents of title or other evidences of payment, shipment or storage for any form of Collateral on behalf of and in the name of any Grantor; (F) commence and
prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (G) defend any suit, action or
proceeding brought against such Grantor with respect to any Collateral; (H) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Collateral Agent may deem
appropriate; and (I) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes,
and do, at the Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Collateral Agent deems necessary to protect, preserve or realize upon the Collateral and the Collateral
Agent’s and the other Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 

Anything in this Section 7.01(a) to the contrary notwithstanding, the Collateral Agent agrees that it will not exercise any rights under
the power of attorney provided for in this Section 7.01(a) unless an Event of Default shall have occurred and be continuing. 
 (b) If
any Grantor fails to perform or comply with any of its agreements contained herein within the applicable grace periods, the Collateral Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance
or compliance, with such agreement. 
 (c) The expenses of the Collateral Agent incurred in connection with actions undertaken as provided
in this Section 7.01, together with interest thereon at the rate as provided in the Indenture from the date of payment by the Collateral Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Collateral
Agent on demand. 

  
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 (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be
done by virtue and in compliance hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released.

 Section 7.02 Duty of Collateral Agent. The Collateral Agent’s sole duty with respect to the custody, safekeeping and
physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar
property for its own account and shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which comparable secured
parties accord comparable collateral. Neither the Collateral Agent, any other Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or
for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.
The powers conferred on the Collateral Agent and the other Secured Parties hereunder are solely to protect the Collateral Agent’s and the other Secured Parties’ interests in the Collateral and shall not impose any duty upon the Collateral
Agent or any other Secured Party to exercise any such powers. The Collateral Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of
their officers, directors, employees or agents (collectively, the “Indemnitees”) shall be responsible to any Grantor for any act or failure to act hereunder, NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND OR CHARACTER
WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY REASON OF STRICT
LIABILITY IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT SUCH EXCULPATION SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A
COURT OF COMPETENT JURISDICTION BY FINAL AND NON-APPEALABLE JUDGMENT TO HAVE RESULTED PRIMARILY FROM THE GROSS NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. To the fullest extent
permitted by applicable law, the Collateral Agent shall be under no duty whatsoever to make or give any presentment, notice of dishonor, protest, demand for performance, notice of non-performance, notice of
intent to accelerate, notice of acceleration, or other notice or demand in connection with any Collateral or the Secured Obligations, or to take any steps necessary to preserve any rights against any Grantor or other Person or ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not it has or is deemed to have knowledge of such matters. Each Grantor, to the extent permitted by applicable law,
waives any right of marshaling in respect of any and all Collateral, and waives any right to require the Collateral Agent or any other Secured Party to proceed against any Grantor or other Person, exhaust any Collateral or enforce any other remedy
which the Collateral Agent or any other Secured Party now has or may hereafter have against each Grantor or other Person. 

  
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 Section 7.03 Execution of Financing Statements. Pursuant to the New York UCC and
any other applicable law, each Grantor authorizes the Collateral Agent, its counsel or its representative, at any time and from time to time, to file or record financing statements, continuation statements, amendments thereto and other filing or
recording documents or instruments with respect to the Collateral without the signature of such Grantor in such form and in such offices as the Collateral Agent reasonably determines appropriate to perfect the security interests of the Collateral
Agent under this Agreement. Additionally, each Grantor authorizes the Collateral Agent, its counsel or its representative, at any time and from time to time, to file or record such financing statements that describe the collateral covered thereby as
“all assets of the Grantor”, “all personal property of the Grantor” or words of similar effect. A photographic or other reproduction of this Agreement shall be sufficient as a financing statement or other filing or recording
document or instrument for filing or recording in any jurisdiction. 
 Section 7.04 Authority of Collateral Agent. Each Grantor
acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent
of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the other Secured Parties, be governed by the Indenture and by such
other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Grantors, the Collateral Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and
valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. The Collateral Agent has been appointed to act as Collateral Agent hereunder by the Note
Holders. The provisions of the Indenture relating to the Collateral Agent or the Trustee, if applicable, including, without limitation, the provisions relating to resignation or removal of the Collateral Agent and the protections, rights,
indemnities, powers and duties and immunities of the Collateral Agent are incorporated herein by this reference and shall survive any termination of the Indenture or removal or resignation of the Collateral Agent or Trustee, if applicable. In
connection with exercising any right or discretionary duty hereunder (including, without limitation, the exercise of any rights following the occurrence of an Event of Default), the Collateral Agent shall be entitled to request and rely upon the
direction of Note Holders of a majority in aggregate outstanding amount of the Notes to direct the Collateral Agent in connection thereto. The Collateral Agent shall not have any liability for taking any action at such direction or for its failure
to take any action pending the receipt of such direction. The Collateral Agent shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement, and it shall not be responsible for any statement or recital in
this Agreement. Neither the Collateral Agent nor any of its affiliates, directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made
in connection with this Agreement; (ii) the performance or observance of any of the covenants or agreements of a Grantor herein; or (iii) the receipt of items required to be delivered to the Collateral Agent. In no event shall the
Collateral Agent be required to execute and deliver any landlord lien waiver, estoppel or collateral access letter, or any account control agreement or any instruction or direction letter delivered in connection with such document that the
Collateral Agent determines adversely affects it or otherwise subjects it to personal liability, including without limitation agreements to indemnify any contractual counterparty. 

  
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 ARTICLE VIII 

SUBORDINATION OF INDEBTEDNESS 

Section 8.01 Subordination of All Grantor Claims. As used herein, the term “Grantor Claims” means all debts and
obligations of the Issuers or any other Grantor to any Grantor (other than the Issuers), whether such debts and obligations now exist or are hereafter incurred or arise, or whether the obligation of the debtor thereon be direct, contingent, primary,
secondary, several, joint and several, or otherwise, and irrespective of whether such debts or obligations be evidenced by note, contract, open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or obligations
may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by. After and during the continuation of an Event of Default, no Grantor shall receive or collect, directly or
indirectly, from any obligor in respect thereof any amount upon the Grantor Claims. 
 Section 8.02 Claims in Bankruptcy. In the
event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief or other insolvency proceedings involving any Grantor, the Collateral Agent on behalf of the Secured Parties shall have the right to prove their claim in any
proceeding, so as to establish their rights hereunder and receive directly from the receiver, trustee or other court custodian, dividends and payments which would otherwise be payable upon Grantor Claims. Should any Agent or Secured Party receive,
for application upon the Secured Obligations, any such dividend or payment which is otherwise payable to any Grantor, and which, as between such Grantor, shall constitute a credit upon the Grantor Claims, then upon Security Termination, the intended
recipient shall become subrogated to the rights of the Collateral Agent and the other Secured Parties to the extent that such payments to the Collateral Agent and the other Secured Parties on the Grantor Claims have contributed toward the
liquidation of the Secured Obligations, and such subrogation shall be with respect to that proportion of the Secured Obligations which would have been unpaid if the Collateral Agent and the other Secured Parties had not received dividends or
payments upon the Grantor Claims. 
 Section 8.03 Payments Held in Trust. In the event that notwithstanding Section 8.01
and Section 8.02, any Grantor should receive any funds, payments, claims or distributions which is prohibited by such Sections, then it agrees: (a) to hold in trust for the Collateral Agent and the other Secured Parties an amount equal to
the amount of all funds, payments, claims or distributions so received, and (b) that it shall have absolutely no dominion over the amount of such funds, payments, claims or distributions except to pay them promptly to the Collateral Agent, for
the benefit of the Secured Parties; and each Grantor covenants promptly to pay the same to the Collateral Agent. 
 Section 8.04
Liens Subordinate. Each Grantor agrees that, until Security Termination, any Liens securing payment of the Grantor Claims shall be and remain inferior and subordinate to any Liens securing payment of the Secured Obligations, regardless of
whether such encumbrances in favor of such Grantor, the Collateral Agent or any other Secured Party presently exist or are hereafter created or attach. Without the prior written consent of the Collateral Agent, no Grantor, until Security
Termination, shall (a) exercise or enforce any creditor’s right it may have against any debtor in respect of the Grantor Claims, or (b) foreclose, repossess, sequester or otherwise take steps or institute any action or proceeding
(judicial or otherwise, including without limitation the commencement of or joinder in any liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to enforce any Lien held by it. 

  
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 Section 8.05 Notation of Records. Upon the request of the Collateral Agent, all
promissory notes and all accounts receivable ledgers or other evidence of the Grantor Claims accepted by or held by any Grantor shall contain a specific written notice thereon that the indebtedness evidenced thereby is subordinated under the terms
of this Agreement. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.01 Waiver. No failure on the part of the Collateral Agent or any other Secured Party to exercise and no delay in
exercising, and no course of dealing with respect to, any right, remedy, power or privilege under the Indenture or any other document executed in connection therewith shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege under the Indenture or any other document executed in connection therewith preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges provided herein are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. The exercise by the Collateral Agent of any one or more of the rights, powers and remedies herein shall not be construed as a
waiver of any other rights, powers and remedies, including, without limitation, any rights of set-off. 

Section 9.02 Notices. All notices and other communications provided for herein shall be given in the manner and subject to the
terms of Section 12.02 of the Indenture; provided that any such notice, request or demand to or upon any Grantor shall be addressed to such Grantor at its notice address set forth on Schedule 1. 

Section 9.03 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or
otherwise modified except in accordance with Section 9.01 of the Indenture. 
 Section 9.04 Successors and Assigns. This
Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the Collateral Agent and the other Secured Parties and their successors and assigns; provided that except as set forth in Section 5.01
of the Indenture, no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Collateral Agent and the Note Holders. 

Section 9.05 Invalidity. In the event any one or more of the provisions contained in this Agreement or in any other Loan Document
to which a Grantor is a party should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby
(it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

  
 21 

 Section 9.06 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy or other electronic means (such as a PDF) shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 9.07 Survival. To the extent that any payments on the Secured Obligations or proceeds of any Collateral are subsequently
invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person under any bankruptcy law, common law or equitable cause, then to such extent, the Secured
Obligations so satisfied shall be revived and continue as if such payment or proceeds had not been received and the Collateral Agent’s and the other Secured Parties’ Liens, security interests, rights, powers and remedies under this
Agreement and each Security Instrument shall continue in full force and effect. In such event, each Security Instrument shall be automatically reinstated and each Grantor shall take such action as may be reasonably requested by the Collateral Agent
and the other Secured Parties to effect such reinstatement. 
 Section 9.08 Captions. Article and section headings appearing
herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 

Section 9.09 No Oral Agreements. This Agreement, the Indenture or any other document executed in connection therewith and any
written agreement regarding the payment of any fees or other amounts due and payable to the Collateral Agent and/or the Note Holders embody the entire agreement and understanding between the parties and supersede all other agreements and
understandings between such parties relating to the subject matter hereof and thereof. THE AGREEMENT, THE INDENTURE AND EACH OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. Nothing in this Agreement or the Indenture or any other document executed in connection
therewith, expressed or implied, is intended to confer upon any Person (other than the parties hereto and thereto, their respective successors and assigns permitted hereunder and, to the extent expressly contemplated hereby, the Related Parties of
each of the Collateral Agent and the Note Holders) any rights, remedies, obligations or liabilities under or by reason of this Agreement or the Indenture or any other document executed in connection therewith. 

Section 9.10 Governing Law; Submission to Jurisdiction. 

(a) This Agreement shall be governed by, and construed in accordance with, the laws of the state of New York. 

  
 22 

 (B) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT, THE INDENTURE OR ANY
OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH TO WHICH A GRANTOR IS A PARTY SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND EACH OF THE NOTE HOLDERS, THE
COLLATERAL AGENT AND THE GRANTORS HEREBY ACCEPTS FOR ITSELF AND (TO THE EXTENT PERMITTED BY LAW) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE NOTE HOLDERS, THE COLLATERAL AGENT AND
THE GRANTORS HEREBY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR
PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS. THIS SUBMISSION TO JURISDICTION IS NON-EXCLUSIVE AND DOES NOT PRECLUDE THE COLLATERAL AGENT OR ANY NOTE HOLDER FROM OBTAINING JURISDICTION OVER SUCH GRANTOR IN ANY
COURT OTHERWISE HAVING JURISDICTION. 
 (c) EACH OF THE NOTE HOLDERS, THE COLLATERAL AGENT AND THE GRANTORS IRREVOCABLY CONSENTS TO
THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PERSON AT THE ADDRESS SPECIFIED ON SCHEDULE 1 OF THIS AGREEMENT OR
IN THE INDENTURE, AS APPLICABLE, SUCH SERVICE TO BECOME EFFECTIVE THIRTY (30) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE COLLATERAL AGENT OR ANY NOTE HOLDER OR GRANTOR TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST SUCH GRANTOR IN ANY OTHER JURISDICTION. 
 (D)
EACH GRANTOR AND EACH NOTE HOLDER HEREBY (I) IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AND FOR ANY COUNTERCLAIM THEREIN; (II) IRREVOCABLY WAIVE, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR
DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (III) CERTIFY THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OR AGENT OR COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (IV) ACKNOWLEDGE THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE INDENTURE, EACH OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH AND THE
TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION 9.10. 

  
 23 

 Section 9.11 Acknowledgments. Each Grantor hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement the Indenture and each other document executed
in connection therewith to which it is a party; 
 (b) neither the Collateral Agent nor any other Secured Party has any fiduciary
relationship with or duty to any Grantor arising out of or in connection with this Agreement, the Indenture or any other document executed in connection therewith, and the relationship between the Grantors, on the one hand, and the Collateral Agent
and the other Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no
joint venture is created hereby or by the Indenture or any other document executed in connection therewith or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the Note Holders.

 (d) Each of the parties hereto specifically agrees that it has a duty to read this Agreement and the Security Instruments and agrees that
it is charged with notice and knowledge of the terms of this Agreement and the Security Instruments; that it has in fact read this Agreement and is fully informed and has full notice and knowledge of the terms, conditions and effects of this
Agreement; that it has been represented by independent legal counsel of its choice throughout the negotiations preceding its execution of this Agreement and the Security Instruments; and has received the advice of its attorney in entering into this
Agreement and the Security Instruments; and that it recognizes that certain of the terms of this Agreement and the Security Instruments result in one party assuming the liability inherent in some aspects of the transaction and relieving the other
party of its responsibility for such liability. Each party hereto agrees and covenants that it will not contest the validity or enforceability of any exculpatory provision of this Agreement and the Security Instruments on the basis that the party
had no notice or knowledge of such provision or that the provision is not “conspicuous.” 
 (e) Each Grantor warrants and agrees
that each of the waivers and consents set forth in this Agreement are made voluntarily and unconditionally after consultation with outside legal counsel and with full knowledge of their significance and consequences, with the understanding that
events giving rise to any defense or right waived may diminish, destroy or otherwise adversely affect rights which such Grantor otherwise may have against the Issuer, any other Grantor, the Secured Parties or any other Person or against any
collateral. If, notwithstanding the intent of the parties that the terms of this Agreement shall control in any and all circumstances, any such waivers or consents are determined to be unenforceable under applicable law, such waivers and consents
shall be effective to the maximum extent permitted by law. 
 Section 9.12 Additional Grantors. Each Subsidiary of the Issuers
that is required to become a party to this Agreement pursuant to Section 4.11 of the Indenture and is not a signatory hereto shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an
Assumption Agreement in the form of Annex I hereto. 

  
 24 

 Section 9.13 Set-Off. Each Grantor
agrees that, in addition to (and without limitation of) any right of set-off, bankers’ lien or counterclaim a Secured Party may otherwise have, each Secured Party shall have the right and be entitled
during the continuance of an Event of Default (after consultation with the Collateral Agent), at its option, to offset balances held by it or by any of its Affiliates for account of any Grantor or any Subsidiary at any of its offices, in Dollars or
in any other currency against any principal of or interest on any of such Secured Party’s Notes, or any other amount due and payable to such Secured Party hereunder, which is not paid when due (regardless of whether such balances are then due
to such Person), in which case it shall promptly notify the Issuers and the Collateral Agent thereof, provided that such Secured Party’s failure to give such notice shall not affect the validity thereof. 

Section 9.14 Releases. 

(a) Release Upon Security Termination. The grant of a security interest hereunder and all of rights, powers and remedies in connection
herewith shall remain in full force and effect until Security Termination, at which time the Collateral Agent shall at the written request and the expense of the Company (i) retransfer and deliver all Collateral in its possession to the
Grantors, and (ii) execute a written release or termination statement and reassign to the Grantors without recourse or warranty any remaining Collateral and all rights conveyed hereby. 

(b) Further Assurances. If any of the Collateral shall be sold, transferred or otherwise disposed of by any Grantor in a transaction
permitted by the Indenture, then the Collateral Agent, at the request and sole expense of such Grantor, shall promptly execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens
created hereby on such Collateral and the capital stock of such Grantor. At the request and sole expense of the Issuer, a Grantor shall be released from its obligations hereunder in the event that all the capital stock of such Grantor shall be sold,
transferred or otherwise disposed of in a transaction permitted by the Indenture; provided that the Issuers shall have delivered to the Collateral Agent, at least ten Business Days prior to the date of the proposed release, a written request for
release identifying the relevant Grantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Issuers stating that such
transaction is in compliance with the Indenture and the other documents executed in connection therewith. 
 (c) Retention in
Satisfaction. Except as may be expressly applicable pursuant to Section 9-620 of the New York UCC, no action taken or omission to act by the Collateral Agent or the other Secured Parties hereunder,
including, without limitation, any exercise of voting or consensual rights or any other action taken or inaction, shall be deemed to constitute a retention of the Collateral in satisfaction of the Secured Obligations or otherwise to be in full
satisfaction of the Secured Obligations, and the Secured Obligations shall remain in full force and effect, until the Collateral Agent and the other Secured Parties shall have applied payments (including, without limitation, collections from
Collateral) towards the Secured Obligations in the full amount then outstanding or until such subsequent time as is provided in Section 9.14(a). 

  
 25 

 Section 9.15 Reinstatement. The obligations of each Grantor under this Agreement
(including, without limitation, with respect to the guarantee contained in the Indenture and the provision of collateral herein) shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Collateral Agent or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Grantor, or upon or as a
result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, an Equity Issuer or any Grantor or any substantial part of its property, or otherwise, all as though such payments had not been made. 

Section 9.16 Acceptance. Each Grantor hereby expressly waives notice of acceptance of this Agreement, acceptance on the part of
the Collateral Agent and the other Secured Parties being conclusively presumed by their request for this Agreement and delivery of the same to the Collateral Agent. 

[Signatures begin on next page.] 

  
 26 

 IN WITNESS WHEREOF, each of the undersigned has caused this Second Lien Security Agreement
to be duly executed and delivered as of the date first above written. 
  

							
	ISSUER:	 		 	ENERGY VENTURES GoM LLC
				
		 		 	By:	 	             /s/ John Wilkirson

		 		 	Name:	 	John Wilkirson
		 		 	Title:	 	CFO
			
	CO-ISSUER:	 		 	ENVEN FINANCE CORPORATION
				
		 		 	By:	 	             /s/ John Wilkirson

		 		 	Name:	 	John Wilkirson
		 		 	Title:	 	CFO
			
	GRANTORS:	 		 	ENVEN ENERGY CORPORATION
				
		 		 	By:	 	             /s/ John Wilkirson

		 		 	Name:	 	John Wilkirson
		 		 	Title:	 	CFO
			
		 		 	ENVEN ENERGY VENTURES, LLC
				
		 		 	By:	 	             /s/ John Wilkirson

		 		 	Name:	 	John Wilkirson
		 		 	Title:	 	CFO
			
		 		 	ENVEN ENERGY VENTURES HOLDING, LLC
				
		 		 	By:	 	             /s/ John Wilkirson

		 		 	Name:	 	John Wilkirson
		 		 	Title:	 	CFO

  
 Signature Page 

Second Lien Security Agreement 

							
		 		 	Acknowledged and Agreed to as of the date hereof by:
			
	COLLATERAL AGENT:	 		 	WILMINGTON TRUST, NATIONAL ASSOCIATION
				
		 		 	By:	 	             /s/ Shawn Goffinet

		 		 	Name:	 	Shawn Goffinet
		 		 	Title:	 	Assistant Vice President

  
 Signature Page 

Second Lien Security Agreement 

 Schedule 1 

NOTICE ADDRESSES OF GRANTORS 
 EnVen
Energy Corporation, a Delaware corporation 
 Energy Ventures GoM LLC, a Delaware limited liability company 

EnVen Finance Corporation, a Delaware corporation 

EnVen Energy Ventures, LLC, a Louisiana limited liability company 

EnVen Energy Ventures Holding, LLC, a Delaware limited liability company 

Notice Address: 
 Attn: David Dunwoody, President 

Three Allen Center 
 333 Clay Street, Suite 4200 

Houston, Texas 77002 
 Telephone: (713) 335-7003 
 Facsimile: (713) 335-7503 

  
 Schedule 1 - 1 

 Schedule 2 

DESCRIPTION OF PLEDGED SECURITIES 

Pledged Equity Interests: 
  

									
	 Owner
	 	 Issuer
	 	 Class of Stock

or other Equity

Interest
	 	 Percentage of

Shares/Units
	 	 Certificated or

Uncertificated

	 EnVen Energy Corporation
	 	 Energy Ventures

GoM LLC
	 	Membership Interests	 	88.25%	 	Uncertificated
	 Energy Ventures

GoM LLC
	 	 EnVen Energy Ventures

Holding, LLC
	 	Membership Interests	 	100%	 	Uncertificated
	 EnVen Energy Ventures Holding, LLC
	 	 EnVen Energy

Ventures, LLC
	 	Membership Interests	 	100%	 	Uncertificated
	 Energy Ventures

GoM LLC
	 	EnVen Finance Corporation	 	Common Stock	 	100%	 	Certificated

  
 Schedule 2 - 1 

 Schedule 3 

FILINGS AND OTHER ACTIONS 

REQUIRED TO PERFECT SECURITY INTERESTS 

Uniform Commercial Code Filings 
 Filing
of UCC-1 Financing Statement for the Issuer with respect to the Collateral with the Secretary of State of the State of Delaware. 

Filing of UCC-1 Financing Statement for the Co-Issuer with respect to the
Collateral with the Secretary of State of the State of Delaware. 
 Filing of UCC-1 Financing Statement for the
Parent with respect to the Collateral with the Secretary of State of the State of Delaware. 
 Filing of UCC-1
Financing Statement for EnVen Energy Ventures Holding, LLC with respect to the Collateral with the Secretary of State of the State of Delaware. 
 Filing of
UCC-1 Financing Statement for EnVen Energy Ventures, LLC with respect to the Collateral in any parish located within the State of Louisiana. 

Delivery of Pledged Securities 

Certificated common stock of Co-Issuer delivered to First Lien Administrative Agent pursuant to the First Lien Credit
Agreement. 
 Deposit Account Control Agreement 

Amendment to Deposit Account Control Agreement dated February 15, 2018, among EnVen Energy Ventures, LLC, IBERIA Bank, Bank of Montreal, in its capacity
as First Lien Agent, Bank of Montreal, in its capacity as the Second Lien Agent and Wilmington Trust, National Association, in its capacity as collateral agent under the Second Lien Security Agreement. 

  
 Schedule 3 - 1 

 Schedule 4 

PRIOR NAMES AND PRIOR CHIEF EXECUTIVE OFFICE 
  

					
	1.	  	EnVen Energy Ventures, LLC	 	
		  	Prior Names: Pisces Energy LLC	 	
		  	Prior Chief Executive Office:	 	3850 N. Causeway Blvd., Suite 1770
		  		 	Metairie, Louisiana 70002
		
	2.	  	EnVen Energy Ventures Holding, LLC
		  	Prior Names: Pisces Energy Holding LLC
		  	Prior Chief Executive Office:	 	3850 N. Causeway Blvd., Suite 1770
		  		 	Metairie, Louisiana 70002
		
	3.	  	EnVen Energy Corporation
		  	Prior Names: Energy Ventures GoM Holdings, LLC

  
 Schedule 4 - 1 

 ACKNOWLEDGMENT AND CONSENT 

The undersigned hereby acknowledges receipt of a copy of the Second Lien Security Agreement dated as of February 15, 2018 (the
“Agreement”), made by the Grantors parties thereto for the benefit of Wilmington Trust, National Association, as Collateral Agent on behalf of the Secured Parties. The undersigned agrees for the benefit of the Collateral Agent and
the Note Holders as follows: 
 1. The undersigned will be bound by the terms of the Agreement and will comply with such terms insofar as
such terms are applicable to the undersigned. 
 2. The terms of Sections 6.01(c) and 6.05 of the Agreement shall apply to it, mutatis
mutandis, with respect to all actions that may be required of it pursuant to Sections 6.01(c) or 6.05 of the Agreement. 
  

			
	[NAME OF EQUITY ISSUER]
		
	By:	 	
                     
                                         
          

	Title:	 	
	
	Address for Notices:
	
	
                     

	
                     
    

	
                     
    

	Fax:	 	
                     
    

  
  

	*	 This consent is necessary only with respect to any Equity Issuer which is not also a Grantor. This consent may
be modified or eliminated with respect to any Equity Issuer that is not controlled by a Grantor. 

 Acknowledgement and
Consent 

 Annex I 

Assumption Agreement 

ASSUMPTION AGREEMENT, dated as of             , 20    , made
by                     , a                     
(the “Additional Grantor”), in favor of Wilmington Trust, National Association, as collateral agent (in such capacity, the “Collateral Agent”) for the note holders (the “Note Holders”) parties to
the Indenture referred to below. All capitalized terms not defined herein shall have the meaning assigned to them in such Indenture. 
 W I T
N E S S E T H: 
 WHEREAS, Energy Ventures GoM LLC (the “Issuer”), EnVen Finance Corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), the Note Holders and Wilmington Trust, National Association, in its capacity as Trustee, have entered into an Indenture, dated as
of February 15, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”); 

WHEREAS, in connection with the Indenture, the Issuers and certain of its Subsidiaries have entered into the Second Lien Security Agreement,
dated as of February 15, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent for the benefit of the Secured Parties; 

WHEREAS, the Indenture requires the Additional Grantor to become a party to the Security Agreement; and 

WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Security
Agreement; 
 NOW, THEREFORE, IT IS AGREED: 

1. Security Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 9.12
of the Security Agreement, hereby becomes a party to the Security Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly
assumes all obligations and liabilities of a Grantor thereunder and expressly grants to the Collateral Agent, for the benefit of the Secured Parties (as defined in the Security Agreement), a security interest in all Collateral owned by such
Additional Grantor to secure all of such Additional Grantor’s obligations and liabilities thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in
Schedules 1 through 4 to the Security Agreement. The Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Indenture is true and correct on and as the date hereof (after giving effect to this
Assumption Agreement) as if made on and as of such date. 
 2. Governing Law. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

  
 Annex I - 1 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written. 
  

			
	[ADDITIONAL GRANTOR]
		
	By:	 	
                     
                                        

	Name:	 	
	Title:	 	

  
 Annex I - 2

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