Document:

Exhibit 10.11

 

 

 

 

 

PROPERTY MANAGEMENT AGREEMENT 

 

dated as of October 13, 2016

 

between

 

BR CARROLL GLENRIDGE, LLC

Owner

 

and

 

CARROLL MANAGEMENT GROUP, LLC

Manager

 

 

 

     

     

    

 

PROPERTY MANAGEMENT AGREEMENT

 

THIS PROPERTY MANAGEMENT
AGREEMENT (this "Agreement") is made as of October 13, 2016 (the “Effective Date”), by
and between BR CARROLL GLENRIDGE, LLC, a Delaware limited liability company ("Owner"), and CARROLL
MANAGEMENT GROUP, LLC, a Georgia limited liability company ("Manager").

 

RECITALS:

 

A.           Owner
is the owner of certain real property more particularly described in Exhibit “A” attached hereto and incorporated
herein by this reference, upon which certain improvements consisting of a 480-unit multifamily Project and related amenities, landscaping,
parking facilities and other common areas have been constructed (collectively, the "Project").

 

B.           Manager
has represented to Owner that Manager is experienced in the management, leasing, operation, bookkeeping, reporting, marketing,
maintenance and repair of projects similar to the Project;

 

C.           Owner
hereby appoints Manager as sole and exclusive agent of Owner to manage the Project on the terms herein and Manager accepts such
appointment on the terms herein and agrees to use diligent efforts to conduct and enhance the management of the Project, subject
to the terms herein; and

 

D.           The
relationship of Manager to Owner shall be that of an independent contractor. Nothing herein shall be construed as creating a partnership,
joint venture, or any other relationship between the parties hereto;

 

NOW, THEREFORE,
in consideration of the premises and the sum of TEN AND NO/100 DOLLARS ($10.00) paid by Owner to Manager, and for other valuable
consideration, including the mutual covenants hereinafter set forth, the receipt, adequacy, and sufficiency of which are acknowledged
by the parties hereto, Owner and Manager covenant and agree as follows:

 

		1.	Definitions.

 

"Affiliate"
means any person that directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common
control with a designated Person.

 

“Annual Business
Plan” shall mean, with respect to calendar year 2016, the Annual Business Plan for the management and operation of the
Project attached hereto as Exhibit “B” and incorporated herein by this reference, and for all other years during
the term of this Agreement, the Annual Business Plan for such year established pursuant to Section 5(e) below.

 

“Applicable
Law” shall mean all building codes, zoning ordinances, laws, orders, writs, ordinances, rules and regulations of any
Federal, state, county, city, borough, or municipality, or of any division, agency, bureau, court, commission or department or
of any division, agency, bureau, court, commission or department thereof, or of any public officer or official, having jurisdiction
over or with respect to the Project.

 

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“Approved
Operating Expenses” shall mean, with respect to calendar year 2016, the expenses set forth in the Annual Business Plan
attached hereto as Exhibit “B” and incorporated herein by this reference, and for all other years during the
term of this Agreement, the expenses contained in the Annual Business Plan for such year established pursuant to Section 5(e)
below, together with all other operating expenses with respect to the Project which are otherwise approved by Owner or permitted
pursuant to the express terms of this Agreement.

 

“Cause”
shall have the meaning set forth in the Operating Agreement. 

 

“Claims”
shall have the meaning set forth in Section 9(a) below.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, or any corresponding provision or provisions of succeeding
law.

 

“Confidential
Information” shall mean the books, records, business practices, methods of operations, computer software, financial models,
financial information, policies and procedures, and all other information relating to Owner and the Project (including any such
information relating to the Project generated by Manager), which is not available to the public.

 

“Controllable
Expenses” shall mean all expenses, other than Uncontrollable Expenses, with respect to the Project.

 

“Depository
Accounts” shall have the meaning set forth in Section 5(c) below.

 

“Emergency”
shall mean an event requiring action to be taken prior to the time that approval could reasonably be obtained from Owner, (i) in
order to comply with Applicable Law, any insurance requirement or this Agreement, or to preserve the Project (or any part thereof),
or (ii) for the safety of any Tenants, occupants, customers or invitees thereof, or (iii) to avoid the suspension of any services
necessary to the Tenants, occupants, licensees or invitees thereof.

 

“Emergency
Expenditures” shall have the meaning set forth in Section 5(k) below.

 

“Excluded
Items” means:

 

(a)          capital
contributions by Owner or any interest therein;

 

(b)          the
refinancing of any loan or any voluntary conversion, sale, exchange or other disposition of the Project or any portion thereof;

 

(c)          casualty
insurance proceeds;

 

(d)          proceeds
of condemnation awards;

 

(e)          any
deposits including rental, security, damage, or cleaning deposits;

 

(f)          interest
on investments or otherwise;

 

(g)          abatement
of taxes;

 

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(h)          any
utility reimbursements received from Tenants for amounts actually paid by Owner or Manager directly to the utility companies (Owner
acknowledging and agreeing that any revenues, fees, mark-ups and overhead charges received from Tenants in excess of amounts actually
paid to the utility companies shall be included in Monthly Gross Receipts);

 

(i)          discounts
and dividends on insurance policies;

 

(j)          door
fees, marketing fees or similar lump sum payments from third parties under laundry contracts, cable contracts, antennae leases,
and similar arrangements which are in addition to the monthly payments payable thereunder by such third parties;

 

(k)          revenue
generated from third party contracts negotiated by Owner and managed by Owner or a third party (other than Manager); and

 

(l)          other
income not directly derived from Manager's management of the Project.

 

“Leases”
shall have the meaning set forth in Section 5(f)(ii) below.

 

“Loan Documents”
shall mean any and all documents evidencing or securing any indebtedness obtained by Owner and secured by the Project with respect
to which Manager has received written notice from Owner, as same shall be amended, replaced, refinanced or otherwise modified from
time to time during the Term of this Agreement. Manager acknowledges receipt of the Loan Documents of even date herewith evidencing
and securing that certain Loan in the original maximum principal amount of $48,431,000.00, more or less, from KeyBank National
Association, and its successors or assigns (collectively, “Lender”) to Owner.

 

“Management
Fee” shall have the meaning set forth in Section 4(a).

 

“Manager Indemnitees”
shall have the meaning set forth in Section 9(b) below.

 

“Manager’s
Event of Default” shall have the meaning set forth in Section 10(a) below.

 

“Master Insurance
Program” shall have the meaning set forth in Section 6(b) below.

 

“Monthly Gross
Receipts” shall include the entire amount of all Rental Income and additional revenues derived from the Project other
than the Excluded Items, including all receipts, determined on a cash basis, from:

 

(a)          Rental
Income;

 

(b)          Owner's
share of vendor income proceeds from vending machines and concessions; and

 

(c)          All
other income and cash receipts attributable to or derived from the Project other than the Excluded Items.

 

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“Operating
Agreement” shall mean that certain Limited Liability Company Agreement for BR Carroll Glenridge JV, LLC, dated as of
the Effective Date.

 

“Owner Indemnitees”
shall have the meaning set forth in Section 9(a) below.

 

“Owner’s
Event of Default” shall have the meaning set forth in Section 10(c) below.

 

“Person”
means any individual, partnership, corporation, trust, limited liability company or other entity.

 

“Project”
shall have the meaning set forth in the recitals above.

 

“Reimbursable
Expenses” shall have the meaning set forth in Section 4(b) below.

 

“Rental Income”
means all rent and other charges due from Tenants, from users of garage spaces, storage closets, parking charges, and from any
other lessees of other non-dwelling facilities, if any, in the Project, from concessionaires in consequence of the authorized operation
of facilities in the Project maintained primarily for the benefit of Tenants, and all other rental fees and other charges otherwise
due Owner and collected by Manager with respect to the Project.

 

“Security
Account” shall have the meaning set forth in Section 5(d) below.

 

“Tenants”
shall have the meaning set forth in Section 5(d) below.

 

“Uncontrollable
Expenses” shall mean the following expenses with respect to the Owner or the Project: taxes and insurance; licenses;
HOA assessments; utilities; unanticipated material repairs that are essential to preserve or protect the Project; debt service;
and costs due to a change in law.

 

2.          Appointment
of Manager. On and subject to the terms and conditions of this Agreement, Owner hereby retains Manager commencing on the
Effective Date (the “Commencement Date”) to manage and lease the Project.

 

3.          Term.
This Agreement shall commence on the Commencement Date and shall continue for a term of thirty-six (36) months (the “Initial
Term”) or until Manager is terminated pursuant to Section 11 of this Agreement. For avoidance of doubt, the Initial
Term shall be automatically extended for additional twelve (12) month periods unless either party terminates this Agreement pursuant
to Section 11.

 

4.          Management
Fee; Other Fees; Reimbursement of Expenses. In consideration of the performance by Manager of its duties and obligations
hereunder:

 

(a)          Owner
agrees to pay to Manager a fee computed and payable monthly in arrears in an amount equal to three percent (3.0%) of Monthly Gross
Receipts (the “Management Fee”). The Management Fee shall be deducted each month from the Monthly Gross Receipts
to be paid to Owner pursuant to this Agreement. The foregoing notwithstanding, during the initial twenty four (24) months of the
Initial Term, the Management Fee shall be determined and paid to Manager on a calendar quarter basis rather than on a monthly basis
and shall be subject to the deferral and subordination thereof described in Section 6.1(c) of the Operating Agreement.

 

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(b)          Subject
to the Annual Business Plan, Owner agrees to reimburse Manager for the aggregate expenses incurred by Manager in connection with
or arising from the ownership, operation, management, repair, replacement, maintenance and use or occupancy of the Project, including,
without limitation, those costs expressly set forth in Exhibit “C” attached hereto and incorporated herein by
this reference (all items to be reimbursed pursuant to this Section 4(b) are referred to herein as “Reimbursable
Expenses”). If any such Reimbursable Expenses are a part of the Approved Operating Expenses and are paid by Manager and
not from Monthly Gross Receipts on hand, then Owner agrees to reimburse such amounts to Manager. All other Reimbursable Expenses
which are not a part of Approved Operating Expenses and not contained in the list set forth in Exhibit “C” attached
hereto must be approved by Owner in advance, such approval not to be unreasonably withheld, conditioned or delayed. Manager shall
submit to Owner an invoice detailing the calculation of such Reimbursable Expenses no later than the fifteenth (15th) day of each
month for the immediately preceding month. The Reimbursable Expenses then owed shall be deducted each month from the Monthly Gross
Receipts to be paid to Owner pursuant to this Agreement.

 

(c)          Intentionally
Omitted.

 

(d)          A
construction management fee in the amount of five percent (5.0%) of any expenses incurred
in connection with the original capital expenditure plan attached hereto as Exhibit G.
Any additional support (and any applicable compensation with respect thereto) for any capital improvements beyond those set forth
on Exhibit G shall be agreed to in advance by Owner and Manager. Any
construction management fee shall in all cases be calculated and paid upon each respective draw and within thirty (30)
days of final draw or following completion of the restoration or satisfaction of the claim, whichever is applicable.

 

(e)          A
fee will be charged for the initial takeover of the Project in the amount of $2,000.00 to cover costs for training and marketing
of the Project.

 

(f)          Intentionally
Omitted

 

(g)          Upon
the termination of this Agreement by Owner pursuant to Section 11(c), Owner shall pay to Manager a close-out fee equal to
the sum of the Management Fees paid by Owner to Manager for the full three (3) months immediately preceding the date of termination
(the “Close Out Fee”). The Close Out Fee shall be deducted from the final month’s Monthly Gross Receipts
to be paid to Owner.

 

		5.	Authority and Responsibilities of Manager.

 

(a)          Independent
Contractor. In the performance of its duties hereunder, Manager shall be and act as an independent contractor, with the sole
duty to supervise, manage, operate, control, direct and determine the methods of performance of the specified duties and obligations
hereunder. Nothing contained in this Agreement shall be deemed or construed to create a partnership, joint venture, employment
relationship, or otherwise to create any liability for one party with respect to indebtedness, liabilities or obligations of the
other party except as otherwise may be expressly set forth herein.

 

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(b)          Standard
of Care. Manager shall perform its duties and obligations in a professional manner, and shall maintain the Project in accordance
with the applicable Annual Business Plan and in accordance with the standards a reasonably prudent multifamily property manager
would employ with respect to properties of similar age, size, and class as the Project in the market area in which the Project
is located.

 

(c)          Depository
Accounts. All Monthly Gross Receipts from the Project, after deducting Approved Operating Expenses, Reimbursable Expenses and
the Management Fee, shall be deposited by Manager into one or more deposit accounts designated by Owner (each a “Depository
Account”). All Depository Accounts shall be the sole and exclusive property of Owner, and Manager shall retain no interest
therein, except as may be expressly provided in this Agreement. Manager shall not commingle Depository Accounts with any other
funds. Checks may be drawn upon such Depository Accounts only by persons authorized by Owner in writing to sign checks, at least
one of whom shall be a designee of Manager. No loans shall be made from the Depository Account. All Depository Accounts shall be
established in the name of Owner.

 

(d)          Security
Deposits. Manager shall deposit and maintain all security deposits in a separate account designated by Owner and insured by
the Federal Deposit Insurance Corporation (the “Security Account”). Manager shall fully fund all security deposits
actually received by Manager from tenants of the Project under written leases (collectively, “Tenants”) into
the Security Account, notwithstanding whether Applicable Law requires full funding. The Security Account shall be a segregated
account that is distinct from the Depository Accounts and any other accounts relating to the Project or Manager. The Security Account
shall be the sole and exclusive property of Owner, and Manager shall retain no interest therein, except as may be expressly provided
herein. Manager shall not commingle the Security Account with any other funds. Checks may be drawn upon the Security Account only
by persons authorized by Owner in writing to sign checks, at least one of whom shall be a designee of Manager. No loans shall be
made from the Security Account. Manager shall not use a "standardized clearing account" for the Security Account. The
Security Account shall be established in the name of Manager to be held in trust for Owner.

 

		(e)	Annual Business Plan.

 

		(i)	The initial Annual Business Plan for the period from
the Effective Date through the end of calendar year 2016, which is deemed approved by Owner and Manager and is attached hereto
as Exhibit “B” and is incorporated herein for all intents and purposes under this Agreement (the “Initial
Business Plan”). The foregoing notwithstanding, the Manager has also delivered to Owner on or before September 23, 2016
the proposed Annual Business Plan for the calendar year 2017.

 

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		(ii)	In addition to the Annual Business Plan for 2017 prepared
by Manager and delivered to Owner prior to the Effective Date in accordance with the preceding Section, Manager agrees to prepare
for the calendar year 2018, an Annual Business Plan for the operation of the Project for Owner's review and approval, no later
than September 15 of the immediately preceding year for the 2018 (and any subsequent) calendar year. If final approval of a proposed
Annual Business Plan (including the 2017 Annual Business Plan) by Owner has not been given by the beginning of the year to which
such proposed Annual Business Plan relates, Manager shall operate the Project on the basis of the previous year’s approved
Annual Business Plan, adjusted by (i) assuming that the revenue from the Project will increase to 103% of the revenues collected
in the prior year, (ii) assuming that the Controllable Expenses will increase to 103% of the amount of the actual Controllable
Expenses incurred in the prior year, (iii) increasing all Uncontrollable Expenses by any anticipated or known increases in such
Uncontrollable Expenses, and (iv) including any Emergency Expenditure (as defined in Section 5(k) below). Notwithstanding
the foregoing to the contrary, if, prior to the commencement of calendar year 2017, the parties have not agreed on the budget
for capital expenditures at the Project in the Annual Business Plan for calendar year 2017, there shall be no budgeted capital
expenditures for calendar year 2017; provided, however, that any incomplete capital projects commenced in calendar year 2016 and
contemplated in the Initial Business Plan shall be funded as provided in the Initial Business Plan until such capital projects
are completed.

 

		(iii)	If Manager and Owner agreed to the Annual Business
Plan for calendar year 2018 in accordance with subsection (ii) above, then the Annual Business Plan for calendar year 2019 shall
also be determined in accordance with the applicable provisions of subsection (ii) above. If, however, Manager and Owner were
unable to agree to the Annual Business Plan for calendar year 2018, then Owner may establish the Annual Business Plan for calendar
year 2019 without Manager’s consent.

 

		(iv)	For Annual Business Plans for calendar years 2020 and all
subsequent calendar years, if applicable, Manager shall have the right to prepare and propose an Annual Business Plan for such
calendar year on or prior to September 15 of the immediately preceding year (without obligation to do so), and Owner may, regardless
of the information contained in Manager’s proposal, establish the Annual Business Plan for the applicable calendar year,
without Manager’s consent.

 

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		(v)	Manager and Owner each acknowledge and agree that,
in establishing the Annual Business Plans in accordance with this Section 5(e), each shall be obligated to act reasonably and
in good faith, taking into account past performance of the Project, leasing trends and competitive properties within the market
where the Project is located, the age of the Project and the units at the time such Annual Business Plan is established, and such
other factors as reasonably prudent owners and managers of multifamily assets substantially similar to the Project would take
into account in order to maximize revenue therefrom.

 

		(vi)	No material deviations (as defined herein) from any item
in an Annual Business Plan approved in accordance with the terms herein shall be made by Manager without the prior approval of
the “Management Committee” (as defined in the Operating Agreement), to the extent required by the Operating
Agreement. The Manager shall provide quarterly updates to the Annual Business Plan, solely for informational purposes. Each Annual
Business Plan shall include the information set forth in Exhibit “E”. Owner (and its sole member) will consider
the proposed Annual Business Plan in accordance with the terms of the Operating Agreement and will consult with Manager prior
to the commencement of the forthcoming calendar year in order to agree on an Annual Business Plan for such calendar year. In no
event shall Owner have the right to modify the Annual Business Plan to reduce the Management Fee or Reimbursable Expenses otherwise
due pursuant to Section 4. In no event shall Manager be deemed in default under this Agreement if such changes by Owner
to the Annual Business Plan cause Manager to have insufficient funds to perform its obligations hereunder. Manager agrees to use
commercially reasonable efforts to ensure that the actual costs of maintaining and operating the Project shall not exceed the
amount reasonably necessary and, in any event, will not exceed the Annual Business Plan either in total amount or in any one accounting
category. Notwithstanding anything to the contrary, Manager shall secure Owner's prior written approval for any expenditure that
will result in an excess of the annual budgeted amount set forth in the Annual Business Plan in any one accounting category by
the lesser of ten percent (10%) or $10,000 or $25,000 in the aggregate for all categories (a “material deviation”).
Manager shall promptly advise and inform the Owner of any transaction, notice, event or proposal directly relating to the management
and operation of the Project which does or is likely to significantly affect, either adversely or favorably, the Project, other
assets of the Owner or cause a material deviation from the Annual Business Plan. Nothing contained herein shall in any way diminish
the obligations or duties of Manager hereunder.

 

		(f)	Leasing, Collection of Rents, Etc.

 

(i)          Manager
shall use commercially reasonable efforts consistent with the standard of care set forth herein to lease apartment units in accordance
with all Applicable Laws, to retain residents and to maximize Rental Income. Manager shall not enter into any Lease which has a
term less than six (6) months or greater than fifteen (15) months, except as approved by Owner or as may be expressly permitted
by any loan documents applicable to the Project entered into by Owner from time to time during the term hereof. Manager shall comply
in all material respects with all of the terms and conditions applicable to the leasing of the Project set forth in any Loan Documents.

 

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(ii)         Manager
shall sign apartment leases (“Leases”) on behalf of Owner in its capacity as property manager hereunder. Manager
shall only sign Leases in the form of lease attached hereto as Exhibit “D”.

 

(iii)        Manager
shall collect rents, security deposits and other charges payable by Tenants in accordance with the Leases, and shall collect Monthly
Gross Receipts due Owner with respect to the Project from all other sources, and shall deposit all such monies received promptly
upon receipt in the appropriate accounts as provided herein. If Manager receives Excluded Items, Manager shall promptly deposit
same in an account designated by Owner.

 

(iv)        Manager
shall pay all debt service, monthly bills and insurance premiums on the Project from the Depository Account.

 

(v)         Manager
shall, at Owner's expense, market the Project for rental, terminate Leases, evict Tenants, institute and settle suits for delinquent
payments as Manager, in its reasonable discretion, deems advisable, subject to other provisions of this Agreement. In connection
therewith, Manager may, at Owner's expense, as limited by the provisions of Section 5(l) of this Agreement, consult and
retain legal counsel. Further, notwithstanding anything contained in this Agreement to the contrary, in no event shall Manager
institute or defend any legal proceedings where the amount in dispute exceeds $5,000.00 without Owner’s prior written consent.

 

(vi)        Manager
shall, at Owner’s written request, on the twenty-first (21st) day of each month, pay Owner an amount equal to
Monthly Gross Receipts for such month, less amounts paid for Approved Operating Expenses of the Project in accordance with this
Agreement, including, without limitation, the fees owed to Manager pursuant to Section 4 of this Agreement.

 

(vii)       Manager
shall, at Owner’s written request, cooperate with the seller of the Project to Owner for purposes of determining any post-closing
adjustment to the closing prorations or any allocation of revenues received for the Project in accordance with the terms of the
applicable purchase contract; provided, however, Manager shall not remit any funds to the seller of the Project pursuant to any
such determination without Owner’s prior review of such proposed distributions and Owner’s express authorization to
remit such funds.

 

(viii)      The
responsibilities and services included in this Section 5 as part of Manager's duties shall not entitle Manager to any additional
compensation over and above the fees set forth in Section 4 of this Agreement. Except as expressly provided in Section
4, Manager shall not be entitled to any compensation based upon any Project financing or sale of the Project, unless Manager
is engaged pursuant to a separate agreement with Owner to provide brokerage services in connection therewith, in which case Manager's
right to compensation for Project financing or sale shall be based upon such separate agreement.

 

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(g)          Repair,
Maintenance and Service.

 

(i)          Manager
shall maintain the Project in good repair and condition, consistent with the standard of care set forth herein and in accordance
with the Annual Business Plan.

 

(ii)         Subject
to the other terms and conditions of this Agreement, Manager in its capacity hereunder shall, in Owner's name and at Owner's expense,
execute contracts for water, sanitary sewer, electricity, gas, internet service, telephone, trash removal, television, vermin or
pest extermination and any other services which are necessary to properly maintain the Project, except for utility services to
individual apartment units, which shall be each Tenants’ respective responsibility to the extent provided in the applicable
Leases. Any such contracts shall not, unless the Owner otherwise approves the terms thereof, materially deviate from the terms
of the then existing approved Annual Business Plan of the Project. Manager shall, in Owner's name and at Owner's expense, out of
available cash flow, hire and discharge independent contractors for the repair and maintenance of the Project. Other than Leases,
which Manager is authorized to execute hereunder, Manager shall not, without the prior written consent of the Owner, enter into
any contract in the name of Owner which may not be terminated without payment of penalty or premium with not more than thirty (30)
days’ notice. Except as set forth above, Manager shall be permitted to and shall enter into all other contracts (in the name
of and/or as agent for Owner) in accordance with the standard of care established by this Agreement and as Manager reasonably believes
are necessary to perform Manager’s obligations hereunder. Manager shall act at arms’ length with all contractors and
shall employ no Affiliates of Manager without the prior written consent of Owner.

 

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(h)          Manager's
Employees. Manager shall have in its employ at all times a sufficient number of employees to enable it to professionally manage
the Project in accordance with the terms of this Agreement, as determined by Manager in its professional discretion and subject
to the Annual Business Plan. Manager shall prepare, execute and file all forms, reports and returns, as applicable, but only to
the extent expressly required by Applicable Laws, and Manager shall be permitted to rely on the advice of counsel and other experts
in making the determination of what is required. Manager is authorized to screen, test, investigate, hire, supervise, discharge,
and pay all personnel necessary in Manager’s reasonable discretion to maintain and operate the Project. The foregoing notwithstanding;
in the case of hiring with respect to any property manager, assistant property manager, leasing manager, maintenance supervisor
or similar position for the Project, Manager shall provide Owner with the opportunity to participate in any related interviews
of candidates for such positions and to offer comments or suggestions with respect to Manager’s hiring of any proposed candidates
for such positions; provided, however, nothing herein is intended to provide Owner with any right to make any hiring decisions
on behalf of the Manager, it being understood that the decision as to the hiring of Manager’s employees shall in all events
remain fully and solely vested in the Manager. Owner shall reimburse Manager for all employee related expenses, liabilities, and
administrative burden (including, without limitation, costs for all full-time and part-time employees such as gross salaries and
wages, payroll taxes, health insurance, workers compensation, and other benefits of Manager’s employees including the costs
for training, software, and other administrative and processing costs, including without limitation, payroll processing, risk management,
benefits administration, travel, marketing expenses, bank charges, telephone and answering service [which may be equitably allocated
on a prorata basis (based on the gross revenues of each such property) among the Project and other properties managed by Manager,
if applicable]) and all costs related to pre-employment testing and screening, provided, however, that all of the foregoing costs
shall be subject to the then effective Annual Business Plan or otherwise permitted or approved by Owner pursuant to this Agreement.
Owner expressly acknowledges and agrees that Manager may use employees normally assigned to other work centers and/or part-time
employees to properly staff the Project, in which case wages and related expenses shall be reimbursed on a pro rata basis for the
time actually spent for the Project (rather than being allocated based on the gross revenues of each property); provided, however,
Owner shall not pay or reimburse Manager for all or any part of Manager's general overhead expenses, including salaries and payroll
expenses of personnel of Manager, except as otherwise set forth herein.

 

(i)          Books
and Records.  Manager shall keep, or shall supervise and direct the keeping of, a comprehensive system of office records,
books and accounts pertaining to the Project.  Such accounts shall be maintained using accrual method of accounting in accordance
with generally accepted accounting principles (GAAP); provided that Owner may instruct Manager in writing to utilize an accounting
method other than GAAP.  Manager shall preserve all invoices for a period of seven years (or such other period as may be required
by applicable law) or until this Agreement terminates and such items are delivered to Owner at Owner’s request and expense.
All books, correspondence and data pertaining to the leasing, management and operation of the Project shall, at all times, be safely
preserved. Such books, correspondence and data shall be available to Owner at all reasonable times, upon not less than forty-eight
(48) hours’ advance notice, for Owner’s inspection thereof, and shall, upon the termination of this Agreement be delivered
to Owner in their entirety and upon request of Owner be delivered to Owner within thirty (30) days of such request. Manager shall
maintain files of all original documents relating to Leases, vendors and all other business of the Project in an orderly fashion
at the Project, which files shall be the property of Owner and shall at all times be open to Owner's inspection and available for
copying at Owner's request, cost and expense. Manager shall comply with the Capitalization and Expense Policy of Bluerock Real
Estate, L.L.C., a copy of the current form of which has been provided to Manager.

 

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(j)            Reporting.
Manager shall electronically furnish Owner with the statements and reports listed on Exhibit “F” attached hereto.
For the purposes of delivering any and all statements and reports to be made on a monthly basis pursuant to Exhibit “F”,
Owner acknowledges and agrees that Manager shall base such statements and reports on information current as of the close of business
on the last day of the month, including applicable accruals, with respect to which such statements or reports apply. In addition,
an annual audit report shall be prepared at Owner's expense, showing a balance sheet and an income and expense statement, all in
reasonable detail and certified by an independent certified public accountant approved by Owner in its sole discretion. Within
five (5) business days after the end of each calendar quarter of each year, Manager shall cause to be furnished to BR Glenridge
JV Member, LLC (“Bluerock”) such information as reasonably requested in writing by Bluerock as is necessary for any
reporting requirements of Bluerock or any direct or indirect members of Bluerock or for any reporting requirements of any REIT
Member (as defined in the Operating Agreement) (whether a direct or indirect owner) to determine its qualification as a real estate
investment trust and its compliance with REIT Requirements (as defined in the Operating Agreement) as shall be reasonably requested
by Bluerock. Further, the Manager shall cooperate in a reasonable manner at the request of Owner and any direct or indirect member
of Owner to work in good faith with any designated accountants or auditors of such party or its Affiliates so that such party or
its Affiliate is able to comply with its public reporting, attestation, certification and other requirements under the Securities
Exchange Act of 1934, as amended, applicable to such entity, and to work in good faith with the designated accountants or auditors
of such party or any of its Affiliates in connection therewith, including for purposes of testing internal controls and procedures
of such party or its Affiliates. Owner may request, and Manager shall provide within a commercially reasonable period after such
request, assistance with draw requests, ad hoc reports and special accounting projects at a reasonable cost to be pre-approved
by Owner.  Manager shall also prepare and provide to Owner such reports and information as reasonably required by Owner to
prepare the reports and tax returns required under (i) its limited liability company operating agreement and (ii) the Loan Documents.
Except as noted above, in Section 4(b) or Exhibit F of this Agreement, all costs and expenses incurred in connection
with the preparation of any statements, budgets, schedules, computations and other reports required under this Agreement shall
be the responsibility of Manager.

 

(k)          Approved
Operating Expenses; Emergency Expenditures. The Approved Operating Expenses which Manager is authorized to incur and pay on
behalf of Owner under this Agreement shall in all respects be limited to those expenses set forth in the Annual Business Plan for
the period during which such expenses are paid; provided, however, that (x) notwithstanding the inclusion of any such expense
in the Annual Business Plan, Manager shall be required to obtain Owner’s specific approval of any capital expenditure in
excess of $25,000 prior to incurring such expense, and (y) Manager shall be authorized to incur and pay for all other expenses
permitted pursuant to Section 5(e) above, or which are otherwise expressly permitted by this Agreement regardless of whether
or not such expenses are within the limitations set by the Annual Business Plan. Any expenses permitted pursuant to Section
5(e) or otherwise approved in writing by Owner which were not included in the Annual Business Plan shall be deemed sums permitted
to be expended by Manager in addition to (and not in limitation of) the amounts permitted under the Annual Business Plan. The foregoing
notwithstanding, if an Emergency occurs necessitating repairs the cost of which would have the effect of exceeding the Annual Business
Plan by more than those limitations as provided above (such expenses referred to herein as “Emergency Expenditures”),
and Manager is unable to communicate promptly with Owner, then Manager may order, contract for and pay for such Emergency Expenditures
not to exceed $20,000, with the cost thereof being included as a Reimbursable Expense for the purposes of the Agreement, and Manager
shall promptly thereafter notify Owner of any such expenses and the nature of the Emergency.

 

    	 	12	 

     

    

 

		(l)	Legal Proceedings and Compliance with Applicable
Laws.

 

(i)          Manager
shall promptly notify Owner (and each insurance carrier of which Manager is aware and whose policy may cover a related claim) in
writing of the receipt of, or attempted service on Owner or Manager of (A) any demand, notice or legal process, or (B) the occurrence
of any casualty, loss, injury or damage on, at or concerning the Project.

 

(ii)         Manager
acknowledges that it is not authorized to accept service of process or any other notice on behalf of Owner. Manager shall not make
representations or provide information to any Person that is inconsistent with the foregoing.

 

(iii)        Manager
shall promptly provide copies to Owner of all notices and other written communications from Owner's insurance carriers with respect
to accepting coverage, appointing counsel or any other matter related to a claim against Owner.

 

(iv)        Manager
shall promptly provide notice to Owner of any oral or written communication relating to the Project that Manager receives from
a governmental or regulatory agency. Manager shall promptly provide Owner with a complete copy of any such written materials.

 

(v)         Manager
shall fully comply and cause its employees to fully comply, with all Applicable Laws in connection with this Agreement and the
performance of its obligations hereunder.

 

(vi)        Manager
agrees that it shall not, and shall not permit its employees to, cause any hazardous materials or toxic substances, to be stored,
released or disposed of on or in the Project except as may be incidental to the operation of the Project (e.g., cleaning supplies,
fertilizers, paint, pool supplies and chemicals) and then only in complete compliance with all Applicable Laws, in conformity with
the standard of care established hereby and in accordance with any limitations set forth in any loan documents evidencing or securing
any financing secured by the Project. If (A) there is a violation of Applicable Laws or a violation of the terms of any applicable
loan documents regarding the storage, release and disposal of such hazardous materials, or toxic substances, or (B) Manager reasonably
believes that the storage, release or disposal of any hazardous material, petroleum product, or toxic substances, could cause liability
to the Owner, including any releases caused by Tenants, third parties or employees, on or affecting the Project, Manager shall
notify Owner promptly.

 

(vii)       Manager
agrees that the Project shall be offered to all prospective tenants on a nondiscriminatory basis without regard to race, color,
religion, sex, family status, veteran status, disability, national origin or any other classification protected by local, state
or federal law in accordance with Applicable Law.

 

    	 	13	 

     

    

 

(m)          Computers.
All computers, hardware, software, computer upgrades and maintenance in connection therewith shall be at Owner's expense.

 

(n)          Insufficient
Cash Flow. In the event that the Depository Accounts for the Project do not have sufficient funds to cover the monetary obligations
of Manager or the Project pursuant to this Agreement, Manager shall give Owner prompt written notice with respect to such shortfall
and if Owner has not promptly provided funds, then Manager will have no duty to perform any such obligations until Owner provides
sufficient funding, and Manager shall not be in default under this Agreement for failure to perform any obligation hereunder as
a result of such lack of funds. If Manager suspects that the cash flow from the Project will not, at any time, be sufficient to
cover any Project related expenses, Manager shall promptly notify Owner, and Manager and Owner shall mutually determine the order
in which the obligations of the Project will be satisfied; provided, however, that Manager and Owner agree that available cash
flow will in any event first be applied to Uncontrollable Expenses that are then due and payable.

 

		6.	Insurance Requirements.

 

		(a)	MANAGER'S INSURANCE: Manager shall obtain and maintain
the following insurance (the specifications for which may be changed from time to time by Owner) necessary to protect the interest
of Owner as it relates to Manager's operations hereunder, at Manager's sole cost and expense, from authorized insurance companies
approved by Owner rated by Best's Rating at A XII or higher.

 

		(i)	COMMERCIAL GENERAL LIABILITY INSURANCE: Commercial
general liability insurance for the benefit of Manager and Owner in the amount of $1,000,000 per occurrence and $2,000,000 in
the aggregate covering claims for bodily injury, property damage, personal and advertising injury, products and completed operations
(the "Manager's Liability Insurance"). The Manager’s Liability Insurance shall provide for:

 

		1.	Coverage on an occurrence form.

		2.	Contractual liability coverage covering the indemnification section of this Agreement.

		3.	“Additional Insured – Owners, Lessees or Contractors – (FORM B), CG 20 10 11
85” or its equivalent providing coverage for both ongoing and completed operations and naming Owner as an additional insured.

		4.	Manager’s policy shall not include a Limitation of Coverage Real Estate Operations (CG 22
60 07 98) endorsement, Real Estate Property Managed Endorsement (CG 22 70 11 85) or similar endorsements excluding or limiting
coverage for bodily injury, property damage or personal and advertising injury.

  

    	 	14	 

     

    

 

		5.	Manager shall continue to name Owner as an additional insured for a period of three years following
the termination of this Agreement. Manager shall provide Owner with an original certificate of insurance not less than fifteen
days prior to each renewal date during this three-year period.

		6.	If the Manager utilizes the services of an employee leasing company, then its general liability
policy must include ISO endorsement CG 04 24 10 93 Coverage for Injury to Leased Workers.

		7.	The pollution exclusion must be modified to include coverage for pollution claims related to a
hostile fire as well as pollutants that are released from the building’s heating equipment or equipment used to heat water.

		8.	A separation of insured clause.

 

		(ii)	UMBRELLA OR EXCESS LIABILITY: limits of $5,000,000: Providing follow-form coverage over the Commercial
General Liability, Automobile Liability and Employers’ Liability policies.

 

		(iii)	AUTO LIABILITY INSURANCE: Manager, at its expense which is not reimbursable, shall carry and maintain
business auto liability insurance covering owned, non-owned and hired vehicles with a limit of not less than $1,000,000 per accident.
If the Manager utilizes the services of an employee leasing company then its Commercial Auto Liability policy must include ISO
endorsement CA 23 25 07 97 Coverage for Injury to Leased Workers. Owner shall be named as additional insured.

 

		(iv)	WORKERS’ COMPENSATION AND EMPLOYERS’ LIABILITY INSURANCE:

 

		1.	Workers’ compensation – Statutory limits of insurance covering employees, including
principals. In the event the principal has waived coverage for himself/herself, it is hereby agreed by all parties that the principal
may not perform any work under this Agreement.

		2.	Employers’ liability limits.

(A) $1,000,000
for bodily injury caused by accident, each accident.

(B) $1,000,000
for bodily injury caused by disease, each employee.

(C)
$1,000,000 for bodily injury caused by disease, policy limit.

 

		(v)	PROPERTY MANAGER’S ERRORS AND OMISSIONS LIABILITY:

		1.	Limits of Insurance: $1,000,000 per occurrence, $2,000,000 aggregate

 

    	 	15	 

     

    

 

		2.	If coverage is on a claims-made basis, the retroactive date must be a date that is not later than
the date on which Manager began performing services on behalf of the Owner.

		3.	Contingent bodily injury and property damage coverage.

		4.	Coverage shall be maintained for a period of three years after the termination of services. Manager
shall provide Owner with an original certificate of insurance on or before each renewal date during this three-year period.

		5.	The policy shall include a separation of insureds clause.

 

		(vi)	COMMERCIAL CRIME INSURANCE:

		1.	Limits of Insurance: $1,000,000 employee dishonesty, $1,000,000 forgery or alteration, $1,000,000
computer fraud, $1,000,000 wire funds transfer fraud, $1,000,000 money and securities on and off premises

		2.	Third party coverage.

		3.	No limitation or exclusion related to acts of collusion.

		4.	Owner shall be included as Loss Payees as its interest may appear.

		5.	Coverage shall be included for theft of Owner’s property by Manager’s owners, directors
and officers.

		6.	The definition of employee shall include leased employees if the Manager utilizes the services
of an employee leasing firm.

 

		(vii)	EMPLOYMENT PRACTICES LIABILITY INSURANCE:

Employment Practices Liability
insurance with limits of $1,000,000 per occurrence/aggregate, including third party coverage for sexual harassment, discrimination
and other coverable employment-related torts.

 

		(viii)	CERTIFICATES OF INSURANCE: Manager shall not begin performing services hereunder until original
certificates of insurance showing evidence of the coverages outlined below have been furnished to and approved by Owner. Each policy
shall provide for thirty (30) days' advance written notice of cancellation or material change by mail to Owner from the insurance
company, and this provision shall be evidenced on the certificates. Evidence of renewal or replacement coverages shall be furnished
to the Owner not less than ten (10) days prior to expiration but in no event later than the renewal date itself.

 

		(b)	OWNER’S INSURANCE: Owner shall obtain and maintain the following insurance (the specifications
for which may be changed from time to time by Owner) necessary to protect the interest of Owner as it relates to the Project, at
Owner's sole cost and expense, from authorized insurance companies with an AM Best rating of A VIII or higher.

 

    	 	16	 

     

    

 

		(i)	PROPERTY INSURANCE: Hazard insurance in the amount of the full replacement cost of the Project,
and such other property insurance as Owner may elect, at Owner's expense.

 

		(ii)	LIABILITY INSURANCE: Commercial general liability insurance including contractual liability for
insured contracts, on an "occurrence" basis, naming Manager as an additional insured, with limits of not less than Three
Million Dollars ($3,000,000) per occurrence (the "Owner's Liability Insurance"). This limit may be satisfied by a combination
of CGL and umbrella/excess liability insurance. The Owner's Liability Insurance shall include coverage for losses arising from
the ownership, management, and operation of the Project. This insurance shall be primary for Owner and Manager with respect to
the Project.

 

		(iii)	CERTIFICATE OF INSURANCE: Owner shall provide to Manager a certificate of insurance evidencing
such coverage from an insurance carrier with an A.M. Best Rating of A VIII or higher reflecting that the Owner's Liability Insurance
is effective in accordance with this section and that the Owner's Liability Insurance will not be canceled without at least thirty
(30) days prior written notice to Manager.

 

		(c)	MASTER INSURANCE PROGRAM. Alternatively, Manager has arranged, through its insurance agent, a master
insurance program in which owners of property managed by Manager may participate (the “Master Insurance Program”).
If Owner elects to participate in the Master Insurance Program, the Owner shall pay the amount thereof set forth on the insurance
invoice delivered to Owner under the Master Insurance Program, which invoice may include administrative charges in excess of the
actual insurance premiums charged by the underling insurance carriers. All insurance coverage provided under the Master Insurance
Program shall be terminated when this Agreement expires or is sooner terminated without the need for prior notice of termination
of the insurance coverage. Owner acknowledges that Manager is not an expert or consultant regarding insurance coverages and requirements;
accordingly, Owner assumes all risk with respect to the adequacy of insurance coverages, whether such insurance is provided through
the Master Insurance Program or otherwise, and Manager shall have no liability therefor in any respect. Manager shall be named
an additional insured under any policies of insurance carried by Owner with respect to the Project.

 

		(d)	ANNUAL BUSINESS PLAN. Upon Manager’s submission of each Annual Business Plan, Manager
shall affirmatively and in writing confirm and set forth the scope of all existing insurance coverage, including confirming coverage
for the forthcoming year.

 

    	 	17	 

     

    

 

		7.	Representations and Duties of Manager. Manager represents, warrants, covenants and
agrees that:

 

		(a)	Manager has the authority to enter into and to perform this Agreement, to execute and deliver all
documents relating to this Agreement, and to incur the obligations provided for in this Agreement.

 

		(b)	When executed, this Agreement shall constitute the valid and legally binding obligations of Manager
in accordance with its terms.

 

		(c)	Manager has all necessary licenses, consents and permissions to enter into this Agreement, manage
the Project, and otherwise comply with and perform Manager's obligations and duties hereunder. Manager shall comply with any conditions
or requirements set out in any such licenses, consents and permissions, and shall at all times operate and manage the Project in
accordance with such conditions and requirements.

 

		(d)	During the term of this Agreement, Manager will be a valid limited liability company, duly organized
under the laws of the State of its formation, be qualified in the State in which the Project is located and shall have full power
and authority to manage the Project, and otherwise comply with and perform Manager's obligations and duties under this Agreement.

 

		(e)	Manager shall comply with any requirements under applicable environmental laws, regulations and
orders which affect the Project.

 

		(f)	Manager shall cause the Project to be operated in a manner so that all requirements shall be met
which are necessary to obtain or achieve issuance of all necessary permanent unconditional certificates of occupancy, including
all governmental approvals required to permit occupancy of all of the apartment units in the Project.

 

		8.	Representations of Owner. Owner represents and warrants, that:

 

		(a)	Owner has the authority to enter into and to perform this Agreement, to execute and deliver all
documents relating to this Agreement, and to incur the obligations provided for in this Agreement;

 

		(b)	The Person executing this Agreement on behalf of Owner has the requisite power and authority to
execute this Agreement on behalf of Owner; and

 

		(c)	When executed, this Agreement, together with all documents executed pursuant hereto, shall constitute
the valid and legally binding obligations of Owner in accordance with its terms.

 

    	 	18	 

     

    

 

		9.	Indemnification.

 

		(a)	Indemnification of Owner. Manager shall indemnify, protect, defend (with legal counsel approved
by Owner) and hold harmless Owner and Owner's members, managers, partners and Affiliates, together with their respective officers,
directors, agents, employees and affiliates (collectively, "Owner Indemnitees"), from and against any and all
claims, demands, actions, liabilities, losses, costs, expenses, damages, penalties, interest, fines, injuries and obligations,
including reasonable attorneys' fees, court costs and litigation expenses ("Claims") actually incurred by any
Owner Indemnitee as a result of (i) any act by Manager (or any officer, agent, employee or contractor of Manager) outside the scope
of Manager's authority hereunder, (ii) any act or failure to act by Manager (or any officer, agent, employee or contractor of Manager)
constituting gross negligence, willful misconduct, fraud or material breach of this Agreement, other than as covered by Owner's
insurance (for negligence or misconduct only) and to the extent Owner's insurance is available, (iii) Claims made by current or
former employees or applicants for employment arising from hiring, supervising, firing,
sexual harassment, and other employment-related torts,  (iv) any act or omission by Manager, its employees, officers,
agents or contractors knowingly in violation of any Applicable Laws or (v) any claims for financial harm that are the type covered
under Manager’s property management errors and omissions/professional liability insurance.

 

		(b)	Indemnification of Manager by Owner. Owner shall indemnify, protect, defend and hold harmless
Manager and its Affiliates, together with their respective officers, directors, agents, employees and affiliates (collectively,
"Manager Indemnitees") from and against any and all Claims actually incurred by any Manager Indemnitee resulting
from performance of its obligations under this Agreement, except that this indemnification shall not apply with respect to any
Claims (i) resulting from any act by Manager, its employees, officers, agents or contractors outside the scope of Manager's authority
hereunder, (ii) resulting from any act or failure to act by Manager, its employees, officers, agents or contractors constituting
gross negligence, willful misconduct, fraud or material breach of this Agreement, (iii) resulting from Claims made by current,
former employees or applicants for employment arising from hiring, supervising, firing,
sexual harassment, and other employment-related torts,  (iv) any act by Manager, its employees, agents or contractors
knowingly in violation of any Applicable Law, or (v) any claims for financial harm that are the type covered under Manager’s
property management errors and omissions/professional liability insurance.

 

		(c)	Survival. The provisions of this Section 9 shall survive the termination of this
Agreement.

 

		10.	Defaults.

 

		(a)	Manager's Event of Default. Manager shall be deemed to be in default hereunder upon the
happening of any of the following ("Manager's Event of Default"):

 

i.          The
failure by Manager to keep, observe or perform any covenant, agreement, term or provision of this Agreement and the continuation
of such failure, in full or in part, for a period of thirty (30) days after written notice thereof by Owner to Manager, or if such
default cannot be cured within such thirty (30) day period, then such additional period as shall be reasonable (but in no event
to exceed an additional sixty (60) days thereafter), provided Manager commences to cure such default within such thirty (30) day
period and proceeds diligently to prosecute such cure to completion;

 

    	 	19	 

     

    

 

ii.          The
making of a general assignment by Manager for benefit of its creditors, the filing by Manager with any bankruptcy court of competent
jurisdiction of a voluntary petition under Title 11 of U.S. Code, as amended from time to time, the filing by Manager of any petition
or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under
any present or future federal or state act or law relating to bankruptcy, insolvency, or other relief for debtors, Manager being
the subject of any order for relief issued under such Title 11 of the U.S. Code, as amended from time to time, or the dissolution
or liquidation of Manager;

 

iii.         The
failure of the net operating income derived from operation of the Project for any twelve (12) consecutive month period to be 92%
or more of the net operating income projected in the applicable Annual Business Plan (or Annual Business Plans, as applicable)
for such trailing twelve (12) consecutive month period (the “Performance Standard”). For purposes of this Section
10(a)(iii), the Performance Standard shall be tested every six (6) months, with the first test occurring in the month after
the first (1st) anniversary of this Agreement;

 

iv.         The
intentional misapplication, misappropriation or commingling of funds held by Manager for the benefit of Owner, including the payment
of fees to Affiliates of the Manager or the loaning of funds to Affiliates; or

 

v.          The
occurrence of any other for Cause event with respect to Manager’s Affiliate, Carroll Co-Invest IV Glenridge, LLC, a Georgia
limited liability company.

 

		(b)	Remedies of Owner. Upon a Manager's Event of Default, after expiration of any applicable
notice and cure periods, Owner shall be entitled to (i) terminate in writing this Agreement effective as of the date designated
by Owner (which may be the date upon which notice is given) and/or (ii) pursue an action for the actual compensatory damages incurred
by Owner provided the Manager’s Event of Default has not then been cured or such cure has not commenced and is not being
diligently pursued. Owner expressly agrees that termination of this Agreement and compensatory monetary damages are its sole rights
and remedies with respect to a Manager's Event of Default and Owner expressly waives and releases all other rights and remedies,
including, without limitation, the right to seek equitable relief, including specific performance or injunctive relief, and to
sue for any consequential or punitive damages.

 

		(c)	Owner's Event of Default. Owner shall be deemed to be in default hereunder upon the happening
of any of the following (an "Owner's Event of Default"):

 

    	 	20	 

     

    

 

i.          The
failure by Owner to keep, observe or perform any covenant, agreement, term or provision of this Agreement to be kept, observed
or performed by Owner, and such default shall continue for a period of thirty (30) days after written notice thereof by Manager
to Owner, or if such default cannot be cured within such thirty (30) day period, then such additional period as shall be reasonable,
provided Owner commences to cure such default within such thirty (30) day period and proceeds diligently to prosecute such cure
to completion; or

 

ii.          The
making of a general assignment by Owner for benefit of its creditors, the filing by Owner with any bankruptcy court of competent
jurisdiction of a voluntary petition under Title 11 of U.S. Code, as amended from time to time, the filing by Owner of any petition
or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under
any present or future federal or state act or law relating to bankruptcy, insolvency, or other relief for debtors, Owner being
the subject of any order for relief issued under such Title 11 of the U.S. Code, as amended from time to time, or the dissolution
or liquidation of Owner.

 

		(d)	Remedies of Manager. Upon an Owner's Event of Default, Manager shall be entitled to (i)
terminate in writing this Agreement effective as of the date designated by Manager which is at least ten (10) days after receipt
of such notice of termination by Owner provided the Owner’s Event of Default has not then been cured or such cure commenced,
and/or (ii) pursue an action for the actual compensatory damages incurred by Manager. Manager expressly agrees that termination
and compensatory monetary damages are its sole rights and remedies with respect to an Owner's Event of Default and Manager expressly
waives and releases the right to seek equitable relief, including specific performance or injunctive relief, and to sue for any
consequential or punitive damages.

 

		11.	Termination Rights. In addition to the termination right set forth in Section
3 above, Manager and Owner shall have the following rights to terminate this Agreement:

 

		(a)	Termination By Owner Upon Manager's Event of Default. Upon a Manager's Event of Default,
Owner may terminate this Agreement as specified in Section 10(b) of this Agreement.

 

		(b)	Termination By Manager Upon Owner's Event of Default. Upon an Owner's Event of Default,
Manager may terminate this Agreement as specified in Section 10(d) of this Agreement.

 

		(c)	Termination Without Cause. Beginning on the first day of the thirty-fifth (35th)
month of the Initial Term, and continuing thereafter during any renewal term pursuant to Section 3, either Owner or Manager
may give a written notice of termination, providing the other party at least thirty (30) days’ prior written notice, without
cause.

 

		(d)	Termination Upon Sale. Upon any sale of the Project, this Agreement shall automatically
terminate as of the closing date of such sale.

 

    	 	21	 

     

    

 

		(e)	Effect of Termination Upon Payment of Fees. Upon the termination of this Agreement for any
reason, Manager shall be entitled to its earned, but unpaid, fees as set forth in Section 4 of this Agreement, for the period
prior to the termination.

 

		(f)	Final Accounting; Delivery of Project Upon Termination.

 

i.          Within
thirty (30) days after termination of this Agreement for any reason, Manager shall:

 

1.          deliver
to Owner all funds (less final payroll and applicable fees), checks, keys, Lease files, books and records and other Confidential
Information; and

 

2.          Promptly
leave the Project and cause Manager’s employees to leave the Project without causing any damage thereto.

 

ii.          Within
thirty (30) days after termination of this Agreement, Manager shall deliver to Owner a final accounting for the Project, reflecting
the balance of income and expenses with respect to the Project as of the date of termination.

 

iii.          Termination
of this Agreement under any of the provisions of this Agreement shall not release either party as against the other from liability
for failure to perform any of its duties or obligations as expressed herein and required to be performed prior to such termination.
Owner agrees to cooperate with Manager, and Manager agrees to cooperate with Owner, in the performance of the obligations set forth
in this Section 11(f).

 

Notwithstanding anything
set forth in this Agreement to the contrary, so long as that loan (the “Loan”) in favor of Owner from Lender
is outstanding, Owner and Manager acknowledge and agree that Lender may require termination of this Agreement as more particularly
set forth in the Loan Documents, including, without limitation, any subordination of this Agreement executed by Manager in connection
therewith (the “Subordination”).

 

		12.	Confidentiality.

 

		(a)	Preservation of Confidentiality. In connection with the performance of its obligations hereunder,
Manager acknowledges that it will have access to Confidential Information. Manager shall treat such Confidential Information as
proprietary to Owner and private, and shall preserve the confidentiality thereof and not disclose, or cause or permit its employees,
agents or contractors to disclose, such Confidential Information. Notwithstanding the foregoing, Manager shall have the right to
disclose Confidential Information if and only to the extent it has become public knowledge, but not due to the actions of Manager,
or Manager is required by court order to disclose any Confidential Information. If Manager or anyone to whom Manager transmits
Confidential Information pursuant to this Agreement becomes legally compelled to disclose any of the Confidential Information,
Manager shall provide Owner with prompt notice thereof so that Owner may seek a protective order or other appropriate remedy or
waive compliance with the provisions of this Agreement. In the event that such protective order or other remedy is not obtained
by Owner or Owner waives compliance with the provisions of this Agreement, Manager shall furnish or cause to be furnished only
that portion of the Confidential Information which Manager is required by Applicable Law to furnish, and will exercise commercially
reasonable efforts to obtain reliable assurances that confidential treatment is accorded the Confidential Information so furnished.
The parties shall consult with each other in preparing any press release, public announcements, statement to the press or other
form of release of information to the news media or the public that is related to this Agreement or the relationship of the parties
hereto (a “Press Release”).

 

    	 	22	 

     

    

 

		(b)	Property Right in Confidential Information. All Confidential Information shall remain the
property of Owner and Manager shall have no ownership interest therein.

 

		13.	Survival of Agreement. All indemnity obligations set forth herein, all obligations
to pay earned and accrued fees and expenses, all confidentiality obligations, and all obligations to perform accrued prior to the
date of termination shall survive the termination of this Agreement.

 

		14.	Enforcement of Agreement. This Agreement, its interpretation, performance and enforcement,
and the rights and remedies of the parties hereto, shall be governed and construed by and in accordance with the law of the State
in which the Project is located. In any dispute pertaining to, or litigation or arbitration arising from the enforcement or interpretation
of the provisions of this Agreement, the prevailing party shall be entitled to recover its reasonable attorney’s fees and
costs actually incurred, including those incurred in connection with all appellate levels, bankruptcy, mediation or otherwise to
maintain such action, from the losing party.

 

		15.	Assignment. Manager shall not sell, directly or indirectly, assign or otherwise transfer
by operation of law or otherwise all or any part of its rights or obligations under this Agreement, except, with Owner’s
consent, to an Affiliate of Manager or to any lender of Manager as collateral security for any and all borrowings of Manager and/or
any of its Affiliates, and any such unauthorized assignment shall be void ab initio and of no effect. A change in the ownership
of Manager shall not constitute an assignment, provided that the Key Individuals (as defined in the Operating Agreement), or any
of them, remain in control of the day to day operations of Manager with respect to the Project.

 

		16.	Use of Trademark.  If at any time the Project shall be promoted and branded
using the name “ARIUM” (the “Trademark”), as elected by Owner in its sole discretion, Owner and
Manager acknowledge and agree that the Trademark is a federally registered trademark owned by an Affiliate of Manager, and at such
time as such election is made by Owner, Manager shall cause its Affiliate, Carroll Arium, LLC (“Licensor”),
to grant to Owner a non-exclusive, royalty-free license to use (but not the right to sublicense) the Trademark for such purpose
(the “License”) in form and substance reasonably acceptable to Licensor and Owner. Owner and Manager acknowledge
and agree that, upon mutual execution of the License, the Project shall be promoted and branded using the Trademark until such
time as the License has been terminated in accordance with its terms, and Owner, upon execution of the License, shall be deemed
to have granted to Manager a non-exclusive, royalty-free license to use (but not sublicense) the Trademark for such purposes, subject
to and in accordance with the terms of the License.

 

    	 	23	 

     

    

 

		17.	Mortgage Provision. Notwithstanding any provisions contained in this Agreement to
the contrary, the Manager shall observe the restrictions and requirements of any mortgages, deeds of trust and other loan documents
now or hereafter affecting the Project, including, without limitation, the Loan Documents, provided the Owner provides copies thereof
to Manager (Manager acknowledging receipt of the applicable Loan Documents in existence as of the date hereof). Without limiting
the generality of the foregoing, Manager shall comply with any insurance and cash management system required by such loan documents.
Manager agrees to enter into such agreements as the lender under such loan documents reasonably requires (including, without limitation,
any Subordination) (i) to evidence and confirm the subordination of Manager’s rights hereunder to the rights of such lender,
(ii) to acknowledge any assignment of this Agreement by the Owner to such lender; (iii) to give such lender notice of and opportunity
to cure any default of Owner under this Agreement; (iv) to permit termination of this Agreement upon an event of default under
such loan documents; and (v) to agree to continue performance hereunder for the benefit of such lender (so long as the fees provided
herein continue to be paid).

 

		18.	Notices. All notices, demands, requests or other communications to be sent by one
party to the other hereunder or required by Applicable Law shall be in writing and shall be deemed to have been validly given or
served by delivery of same in person to the addressee, by depositing same with a nationally recognized overnight delivery service
such as Federal Express for next business day delivery ("Overnight Delivery") or by sending by facsimile transmission,
addressed as follows:

 

	If to Owner:	c/o Bluerock Real Estate, L.L.C.
	 	712 Fifth Avenue, 9th Floor
	 	New York, New York 10019
	 	Attention:  Jordan B. Ruddy
	 	Facsimile No. (646) 278-4220
	 	 
	with copies to:	c/o Bluerock Real Estate, L.L.C.
	 	712 Fifth Avenue, 9th Floor
	 	New York, New York 10022
	 	Attention:  Michael Konig, Esq.
	 	Facsimile No. (646) 278-4220

 

    	 	24	 

     

    

 

	And:	c/o Carroll Organization, LLC
	 	3340 Peachtree Road, Suite 1620
	 	Atlanta, Georgia 30326
	 	Attention:  M. Patrick Carroll 
	 	Facsimile No. (404) 523-9372
	 	 
	If to Manager:	Carroll Management Group, LLC.
	 	c/o Carroll Organization, LLC
	 	3340 Peachtree Rd, NE Suite 2250
	 	Atlanta, GA 30326
	 	Attn:  Linda Masterson
	 	Facsimile No. 404-806-4266

 

All notices shall be
effective upon such personal delivery, upon being deposited in Overnight Delivery or upon facsimile transmission as required above.
However, with respect to notices so deposited in Overnight Delivery, the time period in which a response to any such notice, demand
or request must be given shall commence to run from the next business day following any such deposit in Overnight Delivery. Notices
delivered via facsimile will be effective upon sender's receipt of confirmation of transmission. A party may change its address
for notice purposes by giving to the other party hereto at least fifteen (15) days' prior written notice in accordance with the
provisions hereof.

 

		19.	Miscellaneous.

 

(a)          Captions.
The captions of this Agreement are inserted only for the purposes of convenient reference and do not define, limit or prescribe
the scope or intent of this Agreement or any part hereof.

 

(b)          Amendments.
This Agreement cannot be amended or modified except by another agreement in writing, signed by both Owner and Manager.

 

(c)          Entire
Agreement. This Agreement embodies the entire understanding of the parties, and there are no further agreements or understandings,
written or oral, in effect between the parties relating to the subject matter hereof.

 

(d)          Time
is of Essence. Time is the essence hereof.

 

(e)          Construction
of Document. This Agreement has been negotiated at arms' length and has been reviewed by counsel for the parties. No provision
of this Agreement shall be construed against any party based upon the identity of the drafter.

 

(f)           Severability.
If any provision of this Agreement or the application thereof is held to be invalid or unenforceable, such defect shall not affect
other provisions or applications of this Agreement that can be given effect without the invalid or unenforceable provisions or
applications, and to this end, the provisions and applications of this Agreement shall be severable.

 

    	 	25	 

     

    

 

(g)          Waiver
of Jury Trial. To the fullest extent permitted by Applicable Law, each party to this Agreement severally, knowingly, irrevocably
and unconditionally waives any and all rights to trial by jury in any action, suit or counterclaim brought by any party to this
Agreement arising in connection with, out of or otherwise relating to this Agreement.

 

(h)          No
Continuing Waiver. No waiver by a party hereto of any breach of this Agreement shall be effective unless in a writing executed
by such party. No waiver shall operate or be construed to be a waiver of any subsequent breach.

 

(i)          Terrorism
and Money Laundering: Owner and Manager mutually represent and warrant to each other as follows:

 

		(i)	They are not now nor will they be at any time following
the execution of this Agreement a Person with whom a U.S. Person is prohibited from transacting business of the type contemplated
by this Agreement, whether such prohibition arises under U.S. law, regulation, executive orders and lists published by the Office
of Foreign Asset Control (“OFAC”) (including those executive orders and lists published by OFAC with respect
to Specially Designated Nationals and Blocked Persons) or otherwise (such persons being referred to in this Agreement as “Prohibited
Persons”); and

 

		(ii)	They have made reasonable inquiry and taken such other steps, consistent with best industry practices
(including conducting background searches and checking published lists of Prohibited Persons) and in any event as required by Applicable
Law, to ensure that no Person who is an employee of their respective organization or who owns an interest in their respective organization
is now, or will be at any time following the execution of the Agreement, a Prohibited Person.

 

(j)          Governing
Law. It is the express intention of Manager and Owner that all legal actions and proceedings related to this Agreement or to
any rights or any relationship between the parties arising therefrom shall be solely and exclusively initiated and maintained in
the courts and the laws of the State in which the Project is located, and such laws shall govern the validity, interpretation,
construction and performance of this Agreement, excluding any conflict-of-law rules which would direct the application of the law
of another jurisdiction. Manager represents that it has qualified to do business in the State in which the Project is located in
connection with all actions based on or arising out of this Agreement. Venue for any action brought to enforce this Agreement or
collect any sums due under this Agreement shall be in any court of applicable jurisdiction where the Project is located.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	26	 

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement under seal as of the date first set forth above.

 

	OWNER:	 
	 	 
	BR CARROLL GLENRIDGE, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:	/s/ Jordan Ruddy	 
	Name:	Jordan Ruddy	 
	Title:	Authorized Signatory	 
	 	 	 
	MANAGER:	 
	 	 
	CARROLL MANAGEMENT GROUP, LLC, a Georgia	 
	limited liability company	 
	 	 	 
	By:	/s/ Josh Champion	 
	Name:	Josh Champion	 
	Title:	President	 

 

Exhibits:

 

Exhibit A - Property Description

Exhibit B - 2016 Annual Business Plan

Exhibit C - Reimbursable Expenses

Exhibit D - Form of Lease

Exhibit E - Additional Business Plan Information

Exhibit F- Statements and Reports

Exhibit G - Initial Capital Expenditure Plan

 

     

     

    

 

EXHIBIT “A”

 

Project Legal Description

 

Tract One:

 

ALL THAT TRACT of land in Land Lots 38
and 69 of the 17th District of Fulton County, Georgia, described as follows:

 

BEGINNING at the intersection of the northeast
right-of-way line of Northland Drive (variable right-of-way) with the south right-of-way line of Glenridge Drive (variable right-of-way);
thence, running along the south and southeast right-of-way line of Glenridge Drive, the following courses and distances: (1) North
79 degrees 10 minutes 20 seconds East 175.27 feet to a point, (2) along the arc of a curve to the left (which arc is subtended
by a chord having a bearing and distance of North 75 degrees 22 minutes 49 seconds East 62.93 feet and a radius of 475.00 feet)
62.87 feet to a point, (3) North 89 degrees 12 minutes 57 seconds East 22.82 feet to a point, (4) along the arc of a curve to the
left (which arc is subtended by a chord having a bearing and distance of North 57 degrees 07 minutes 19 seconds East 231.76 feet
and a radius of 449.22 feet) 234.42 feet to a point, (5) North 47 degrees 51 minutes 39 seconds West 11.78 feet to a point, and
(6) along the arc of a curve to the left (which arc is subtended by a chord having a bearing and distance of North 38 degrees 00
minutes 36 seconds East 62.84 feet and a of 436.44 feet) 62.90 feet to a point; thence, leaving said right-of-way line, South 54
degrees 00 minutes 00 seconds East 91.00 feet to a point; thence South 36 degrees 30 minutes 00 seconds, West 26.00 feet to a point;
thence South 54 degrees 30 minutes 00 seconds East 325.00 feet to a point; thence North 28 degrees 56 minutes 16 seconds East 79.00
feet to a point; thence South 66 degrees 57 minutes 51 seconds East 37.00 feet to a point; thence South 58 degrees 54 minutes 02
seconds East 194.00 feet to a point thence South 28 degrees 02 minutes 54 seconds West 164.00 feet to a point; thence South 18
degrees 12 minutes 19 seconds West 250.86 feet to a 1-inch crimp top iron pin found; thence North 89 degrees 40 minutes 49 seconds
West 340.60 feet to a 1-1/2-inch crimp top iron pin found; thence North 20 degrees 01 minute 13 seconds West 267.84 feet along
the northeast boundary line of Lot 1, Block B, Unit Two, Glenridge Manor Subdivision to a 1-1/2-inch crimp top iron pin found;
thence South 62 degrees 43 minutes 16 seconds West 229.10 feet along the northwest boundary line of said lot 1 to a point on the
northeast right-of-way line of said Northland Drive; thence, along said northeast right-of-way line, the following courses and
distances: (1) North 20 degrees 24 minutes 30 seconds West 24.58 feet to a point, (2) along the arc of a curve to the left (which
arc is subtended by a chord having a bearing and distance of North 25 degrees 52 minutes 13 second West 123.95 feet and a radius
of 651.08 feet) 124.14 feet to a point; (3) North 31 degrees 19 minutes 57 seconds West 12.81 feet to a point, (4) along the arc
of a curve to the left (which arc is subtended by a chord having a bearing and distance of North 45 degrees 14 minutes 44 seconds
West 96.68 feet and a radius of 201.03 feet) 97.53 feet to a point, and (5) along the arc of a curve to the right (which arc is
subtended by a chord having a bearing and distance of North 49 degrees 03 minutes 48 seconds West 148.42 feet and a radius of 423.36
feet) 149.19 feet to the POINT OF BEGINNING, said tract containing 8.41301 acres.

 

    	 	A-1	 

     

    

 

Together with a non-exclusive right, title
and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Andrew E. Chandler
and Independent Living International Corp. dated as of July 20, 1989, recorded in Deed Book 12661, Page 107, Fulton County, Georgia
records.

 

Together with a non-exclusive right, title
and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Sarah J. Carpenter
and Independent Living International Corp. dated as of July 20, 1989, recorded in Deed Book 12661, Page 98, aforesaid records.

 

Tract Two:

 

ALL THAT TRACT of land in Land Lots 38
and 69 of the 17th District of Fulton County, Georgia, described as follows:

 

TO FIND THE TRUE POINT OF BEGINNING, commence
at the intersection of the northeast right-of-way line of Northland Drive (variable right-of-way) with the south right-of-way line
of Glenridge Drive (variable right-of-way); thence, running along the south and southeast right-of-way line of Glenridge Drive,
the following courses and distances: (1) North 79 degrees 10 minutes 20 seconds East 175.27 feet to a point, (2) along the arc
of a curve to the left (which arc is subtended by a chord having a bearing and distance of North 75 degrees 22 minutes 49 seconds
East 62.93 feet and a radius of 475.00 feet) 62.87 feet to a point, (3) North 89 degrees 12 minutes 57 seconds East 22.82 feet
to a point, (4) along the arc of a curve to the left (which arc is subtended by a chord having a bearing and distance of North
57 degrees 07 minutes 19 seconds East 231.76 feet and a radius of 448.22 feet) 234.42 feet to a point, (5) North 47 degrees 51
minutes 39 seconds West 11.78 feet to a point, and (6) along the arc of a curve to the left (which arc is subtended by a chord
having a bearing and distance of North 38 degrees 00 minutes 36 seconds East 62.84 feet and a of 436.44 feet) 62.90 feet to a point
and the TRUE POINT OF BEGINNING: from the TRUE POINT OF BEGINNING as thus established, continuing thence along said right-of-way
line, the following courses and distances: (1) along the arc of a curve to the left (which arc is subtended by a chord having a
bearing and distance of North 29 degrees 56 minutes 36 seconds East 59.95 feet and a radius of 436.44) 60.00 feet to a point, (2)
North 26 degrees 00 minutes 18 seconds East 174.82 feet to a point, (3) along the arc of a curve to the right (which arc is subtended
by a chord having a bearing and distance of North 38 degree 40 minutes 03 seconds East 220.49 feet and a radius of 502.92 feet)
222.29 feet to as point, and (4) North 51 degrees 19 minutes 49 seconds East 120.96 feet to a point on the southwest boundary line
of Lot 4, Block A, Unit One, Glenridge Manor Subdivision; thence, leaving said right-of-way line, South 39 degrees 07 minutes 55
seconds East 216.57 feet along the southwest boundary line of said Lot 4 to a point; thence North 46 degrees 30 Minutes 16 seconds
East 59.50 feet along the South boundary line of said Lot 4 to a 3/8-inch reinforcing, rod found at the northwest corner of Lot
6. Block A, Unit Two, Glenridge Manor Subdivision thence South 49 degrees 50 minutes 45 seconds East 193.19 feet along the southwest
boundary line of said Lot 6 to a 1-3/4-inch crimp top iron pin found on the northwest right-of-way line of Royervista Drive; (
a 50 foot-right-of-way) thence along said northwest right-of-way line, the following courses and distances: (1) along the arc of
a curve to the left (which arc is subtended by a chord having a bearing and distance of South 27 degrees 55 minutes 01 second West
285.75 feet and a radius of 741.197 feet) 287.55 feet to a point, and (2) South 16 degrees 48 minutes 11 seconds West 125.89 feet
to a point; thence, leaving said northwest right-of-way line South 64 degrees 30 minutes 58 seconds East 278.84 feet to a point
on the northwest boundary line of Lot 23, Block B, Unit Two, Glenridge Manor Subdivision; thence South 17 degrees 40 minutes 41
seconds West 249.84 feet along the northwest boundary of said, Lot 23 and along the northwest boundary line of Lot 24 Block B,
Unit Two, Glenridge Manor Subdivision to an angle iron found, thence South 44 degrees 07 minutes 25 seconds West 231.89 feet along
the northwest boundary line of Lot 25 Block B Unit Two, Glenridge Manor Subdivision to a 1-1/2-inch reinforcing rod found on the
land lot line common to said Land Lots 38 and 69; thence North 89 degrees 40 minutes 51 seconds West 104.85 feet to a 1-inch crimp
top iron pin found; thence North 18 degrees 12 minutes 19 seconds East 250.86 feet to a point; thence North 28 degrees 02 minutes
54 seconds Est 164.00 feet to a point; thence North 58 degrees 54 minutes 02 seconds West 194.00 feet to a point; thence North
66 degrees 57 minutes 51 seconds West 37.00 feet to a point; thence South 28 degrees 56 minutes 16 seconds West 79.00 feet to a
point; thence North 54 degrees 30 minutes 00 seconds West 325.00 feet to a point thence North 36 degrees 30 minutes 00 seconds
East 26.00 feet to a point; thence North 54 degrees 00 minutes 00 seconds West 90.00 feet to the TRUE POINT OF BEGINNING, said
tract containing 8.30101 acres.

 

     

     

    

 

Together with a non-exclusive right, title
and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Andrew E. Chandler
and Independent Living International Corp. dated as of July 20, 1989, recorded in Deed Book 12661, Page 107, Fulton County, Georgia
records.

 

Together with a non-exclusive right, title
and interest in and to all non-exclusive easements contained in that certain Sewer Easement Agreement between Sarah J. Carpenter
and Independent Living International Corp. dated as of July 20, 1989, recorded in Deed Book 12661, Page 98, aforesaid records.

 

     

     

    

 

EXHIBIT “B”

 

Calendar Year 2016

Annual Business Plan

 

[See Attached]

 

    	 	B-1	 

     

    

 

EXHIBIT “C”

 

Approved Reimbursable Expenses

 

		1.	license and permit fees, homeowner association fees and assessments, and all other charges of any kind or nature by any governmental
or public authority

 

		2.	Management Fees

 

		3.	advertising and marketing expenses, and leasing fees and commissions

 

		4.	legal, accounting, risk management, engineering, and other professional and consulting fees and disbursements

 

		5.	accounts payable to contractors providing labor, materials, services, and equipment to the Project

 

		6.	premiums for insurance paid with respect to the Project or the operations thereof and costs and expenses associated with the
administration thereof

 

		7.	resident improvements and replacements and segregated reserves therefore

 

		8.	maintenance and repair of the Project and all property and equipment used in connection

with the operation thereof

 

		9.	refunds of security or other deposits to residents and contracting parties

 

		10.	funds reserved for contingent or contested liabilities, real estate taxes, insurance premiums, or other amounts not payable
on a monthly basis

 

		11.	service contracts and public utility charges and assessments

 

		12.	personnel administration charges and pre-employment screening

 

		13.	payroll costs including, without limitation, those set forth in Section5(h) of this Agreement

 

		14.	costs of credit reports, bank charges and like matters

 

		15.	incidental expenses incurred with respect to the performance of Manager’s obligations under this Agreement, including,
without limitation: courier services, postage, photocopies, signage, check printing, marketing expenses, bank charges, telephone
and answering services (which may be equitably allocated on a prorata basis (based on the gross revenues of all properties against
which such charges are allocated) among the other properties managed by Manager).

 

    	 	C-1	 

     

    

 

EXHIBIT “D”

 

Approved form of Lease

 

[See Attached]

 

    	 	D-1	 

     

    

 

EXHIBIT “E”

 

Annual Business Plan Information

 

		1.	a narrative description of any acquisitions or sales that are planned and any other activities
proposed to be undertaken;

 

		2.	a projected annual income statement (accrual basis) on a quarter-by-quarter basis;

 

		3.	a projected balance sheet as of the end of the next year;

 

		4.	a schedule of projected operating cash flow (including itemized operating revenues, project costs
and project expenses) for such year on a quarter-by-quarter basis, including a schedule of projected operating deficits, if any;

 

		5.	a marketing plan indicating the portions of the Project that Manager recommends be made available
for lease and the proposed terms and conditions relating thereto;

 

		6.	a detailed budget reflecting on a line by line basis all projected operating expenses and any proposed
construction and capital expenditures for the Project, including projected dates for commencement and completion of the foregoing;

 

		7.	a description of the proposed investment of any funds of the Owner which are (or are expected to
become) available for investment;

 

		8.	a description, including the identity of the recipient (if known) and the amount and purpose, of
all fees and other payments proposed, expected or projected to be paid for professional services and, if a fee or payment exceeds
$25,000, for other services rendered to or on behalf of the Owner by third parties;

 

		9.	a projection of the amount of any anticipated additional Capital Contributions (as defined in the
Operating Agreement) which may be called for pursuant to Section 5.2(a) of the Operating Agreement and the purposes for
which such additional Capital Contributions may be used; and

 

		10.	such other information reasonably requested from time to time by Owner.

 

    	 	E-1	 

     

    

 

EXHIBIT “F”

 

Statements and Reports

 

		(a)	Within five (5) business days following the end of each month, a statement of Monthly Gross Receipts
for each month;

 

		(b)	Within five (5) business days following the end of each month, a monthly GAAP balance sheet and
GAAP income statement, with a cumulative calendar year GAAP income statement to date, and a statement of change in the Capital
Account for each Member of Owner (“Member”) the preceding month and year to date;

 

		(c)	Within five (5) business days following the end of each month, the monthly and year to date activity
which shall be furnished (without notice or demand) as follows:

 

		1.	Balance Sheet, including monthly comparison and comparison to year end (if applicable)

		2.	Budget Comparison[*], including month-to-date and
year-to-date variances- Detailed Income Statement, including prior 12 months

		3.	Profit and loss statement compared to budget with narrative for any large fluctuations compared
to budget

		4.	Trial Balance that includes mapping of the accounts to the financial statements

		5.	Account reconciliations for each balance sheet account within the trial balance. – Detailed
support for each account  reconciliation including the following:

		a.	Detail Accounts Payable Aging Listing – 0-30 days, 31-60 days, 61-90 days and over 90 days

		b.	Detail Accounts Receivable/Delinquency Aging Report - 0-30 days, 31-60 days, 61-90 days, over 90
days and prepayments

		c.	Fixed asset roll-forward and support (invoices and checks) for any new acquisition/additions and/or
support for any disposals to fixed assets. 

		6.	Security Deposit Activity

		7.	Mortgage Statement

		8.	Monthly Management Fee Calculation

		9.	Monthly Distribution Calculation

		10.	General Ledger, with description and balance detail

		11.	Monthly Check Register together with a detailed bank reconciliation, including copies of all associated
checks

		12.	Market Survey, including property comparison, trends, and concessions

		13.	Rent Roll

		14.	Variance Report, including the following:

		a.	Cap Ex Summary and Commentary

		b.	Monthly Income/Expense Variance with notes

		c.	Yearly Income/Expense Variance with notes

		d.	Occupancy Commentary

		e.	Market/Competition Commentary

		f.	Rent Movement/Concessions Commentary

 

    	 	F-1	 

     

    

 

		g.	Crime Commentary

		h.	Staffing Commentary

		i.	Operating Summary, with leasing and traffic reporting

		j.	-Other reasonable reporting, as requested (e.g. Renovation/Rehab report)

 

All reports shall be prepared on an Accrual
Basis in accordance with generally accepted accounting principles, and shall be as of each calendar month end. Manager shall furnish
to Owner such other reports as may be reasonably requested by Members in order for such Members to be able to comply with any reporting
requirements that are applicable to any such Member (or any Affiliate of any such Member) under any applicable organizational or
offering documents affecting such Member or its Affiliates.

 

Within fifteen (15) days of the end of
each quarter of each year, Manager shall furnish to Owner such information as requested by Owner or its Members or affiliates as
is necessary for any REIT Member of Owner (whether a direct or indirect owner) to determine its qualification as a real estate
investment trust (a “REIT”) and its compliance with any requirements for qualifying as a REIT (the “REIT
Requirements”) as shall be requested by Owner or its Members. Further, Manager shall cooperate in a reasonable manner at
the request of any Member to work in good faith with any designated accountants or auditors of such Member or its Affiliates so
that such Member or its Affiliate is able to comply with its public reporting, attestation, certification and other requirements
under the Securities Exchange Act of 1934, as amended, applicable to such entity, and to work in good faith with the designated
accountants or auditors of the Member or any of its Affiliates in connection therewith, including for purposes of testing internal
controls and procedures of such Member or its Affiliates. The requesting Member shall bear the cost of any information or reports
provided to such Member pursuant to this Exhibit.

 

[*]       
Budget Comparison shall include (i) an unaudited income and expense statement showing the results of operation of the Project for
the preceding calendar month and the Fiscal Year to-date; (ii) a comparison of monthly line item actual income and expenses with
the monthly line item income and expenses projected in the Budget.  The balance sheet will show the cash balances for reserves
and operating accounts as of the cut-off date for such month.

 

    	 	F-2	 

     

    

 

EXHIBIT G

 

INITIAL CAPITAL EXPENDITURE PLAN

 

    	 	G-1EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

Gulfport Energy Corporation 

Issuer 
 6.000% Senior Notes due
2024 
  
  

INDENTURE 
 Dated as of October
14, 2016 
  
  

Wells Fargo Bank, N.A. 
 Trustee

  
  

 

 CROSS-REFERENCE TABLE 
  

					
	 Trust Indenture Act Section
	  	Indenture
Section	 
		
	 310(a)(1)
	  	 	7.10	  
		
	 (a)(2)
	  	 	7.10	  
		
	 (a)(3)
	  	 	N.A.	  
		
	 (a)(4)
	  	 	N.A.	  
		
	 (b)
	  	 	7.08; 7.10	  
		
	 (c)
	  	 	N.A.	  
		
	 311(a)
	  	 	7.11	  
		
	 (b)
	  	 	7.11	  
		
	 (c)
	  	 	N.A.	  
		
	 312(a)
	  	 	2.05	  
		
	 (b)
	  	 	11.03	  
		
	 (c)
	  	 	11.03	  
		
	 313(a)
	  	 	7.06	  
		
	 (b)(1)
	  	 	N.A.	  
		
	 (b)(2)
	  	 	7.06	  
		
	 (c)
	  	 	11.02	  
		
	 (d)
	  	 	7.06	  
		
	 314(a)
	  	 	4.02; 4.10; 11.02	  
		
	 (b)
	  	 	N.A.	  
		
	 (c)(1)
	  	 	11.04	  
		
	 (c)(2)
	  	 	11.04	  
		
	 (c)(3)
	  	 	N.A.	  
		
	 (d)
	  	 	N.A.	  
		
	 (e)
	  	 	11.05	  

					
		
	 (f)
	  	 	4.10	  
		
	 315(a)
	  	 	7.01	  
		
	 (b)
	  	 	7.05; 11.02	  
		
	 (c)
	  	 	7.01	  
		
	 (d)
	  	 	7.01	  
		
	 (e)
	  	 	6.11	  
		
	 316(a)(last sentence)
	  	 	11.0	  
		
	 (a)(1)(A)
	  	 	6.05	  
		
	 (a)(1)(B)
	  	 	6.04	  
		
	 (a)(2)
	  	 	N.A.	  
		
	 (b)
	  	 	6.07	  
		
	 317(a)(1)
	  	 	6.08	  
		
	 (a)(2)
	  	 	6.09	  
		
	 (b)
	  	 	2.04	  
		
	 318(a)
	  	 	11.01	  

 N.A. means Not Applicable. 

 
 Note: This Cross-Reference Table shall not,
for any purpose, be deemed to be part of this Indenture. 

  
 3 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	
	Article 1	  
	
	Definitions and Incorporation by Reference	  
			
	 SECTION 1.01.
	  	 Definitions
	  	 	1	  
	 SECTION 1.02.
	  	 Other Definitions
	  	 	41	  
	 SECTION 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	42	  
	 SECTION 1.04.
	  	 Rules of Construction
	  	 	42	  
	
	Article 2	  
	
	The Securities	  
			
	 SECTION 2.01.
	  	 Form and Dating
	  	 	43	  
	 SECTION 2.02.
	  	 Execution and Authentication
	  	 	43	  
	 SECTION 2.03.
	  	 Registrar and Paying Agent
	  	 	44	  
	 SECTION 2.04.
	  	 Paying Agent To Hold Money in Trust
	  	 	45	  
	 SECTION 2.05.
	  	 Securityholder Lists
	  	 	45	  
	 SECTION 2.06.
	  	 Transfer and Exchange
	  	 	45	  
	 SECTION 2.07.
	  	 Replacement Securities
	  	 	45	  
	 SECTION 2.08.
	  	 Outstanding Securities
	  	 	45	  
	 SECTION 2.09.
	  	 Temporary Securities
	  	 	46	  
	 SECTION 2.10.
	  	 Cancellation
	  	 	46	  
	 SECTION 2.11.
	  	 Defaulted Interest
	  	 	46	  
	 SECTION 2.12.
	  	 CUSIP Numbers, ISINs, etc
	  	 	46	  
	 SECTION 2.13.
	  	 Issuance of Additional Securities
	  	 	47	  
	
	Article 3	  
	
	Redemption	  
			
	 SECTION 3.01.
	  	 Notices to Trustee
	  	 	47	  
	 SECTION 3.02.
	  	 Selection of Securities to Be Redeemed
	  	 	48	  
	 SECTION 3.03.
	  	 Notice of Redemption
	  	 	48	  
	 SECTION 3.04.
	  	 Effect of Notice of Redemption
	  	 	49	  
	 SECTION 3.05.
	  	 Deposit of Redemption Price
	  	 	49	  
	 SECTION 3.06.
	  	 Securities Redeemed in Part
	  	 	49	  

  
 i 

							
	Article 4	  
	
	Covenants	  
			
	 SECTION 4.01.
	  	 Payment of Securities
	  	 	49	  
	 SECTION 4.02.
	  	 SEC Reports
	  	 	50	  
	 SECTION 4.03.
	  	 Limitation on Indebtedness
	  	 	51	  
	 SECTION 4.04.
	  	 Limitation on Restricted Payments
	  	 	55	  
	 SECTION 4.05.
	  	 Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	 	59	  
	 SECTION 4.06.
	  	 Limitation on Sales of Assets and Subsidiary Stock
	  	 	62	  
	 SECTION 4.07.
	  	 Limitation on Affiliate Transactions
	  	 	67	  
	 SECTION 4.08.
	  	 Limitation on Line of Business
	  	 	69	  
	 SECTION 4.09.
	  	 Change of Control
	  	 	69	  
	 SECTION 4.10.
	  	 Limitation on Liens
	  	 	71	  
	 SECTION 4.11.
	  	 Future Subsidiary Guarantors
	  	 	71	  
	 SECTION 4.12.
	  	 Compliance Certificate
	  	 	71	  
	 SECTION 4.13.
	  	 Further Instruments and Acts
	  	 	72	  
	 SECTION 4.14.
	  	 Waiver of Stay or Extension Laws
	  	 	72	  
	 SECTION 4.15.
	  	 Termination of Covenants
	  	 	72	  
	
	Article 5	  
	
	Successor Company	  
			
	 SECTION 5.01.
	  	 When Company May Merge or Transfer Assets
	  	 	73	  
	
	Article 6	  
	
	Defaults and Remedies	  
			
	 SECTION 6.01.
	  	 Events of Default
	  	 	75	  
	 SECTION 6.02.
	  	 Acceleration
	  	 	76	  
	 SECTION 6.03.
	  	 Other Remedies
	  	 	77	  
	 SECTION 6.04.
	  	 Waiver of Past Defaults
	  	 	77	  
	 SECTION 6.05.
	  	 Control by Majority
	  	 	78	  
	 SECTION 6.06.
	  	 Limitation on Suits
	  	 	78	  
	 SECTION 6.07.
	  	 Rights of Holders to Receive Payment
	  	 	78	  
	 SECTION 6.08.
	  	 Collection Suit by Trustee
	  	 	79	  
	 SECTION 6.09.
	  	 Trustee May File Proofs of Claim
	  	 	79	  
	 SECTION 6.10.
	  	 Priorities
	  	 	79	  
	 SECTION 6.11.
	  	Undertaking for Costs	  	 	79	  

  
 ii 

							
	Article 7	  
	
	Trustee	  
			
	 SECTION 7.01.
	  	 Duties of Trustee
	  	 	80	  
	 SECTION 7.02.
	  	 Rights of Trustee
	  	 	81	  
	 SECTION 7.03.
	  	 Individual Rights of Trustee
	  	 	82	  
	 SECTION 7.04.
	  	 Trustee’s Disclaimer
	  	 	82	  
	 SECTION 7.05.
	  	 Notice of Defaults
	  	 	82	  
	 SECTION 7.06.
	  	 Reports by Trustee to Holders
	  	 	82	  
	 SECTION 7.07.
	  	 Compensation and Indemnity
	  	 	82	  
	 SECTION 7.08.
	  	 Replacement of Trustee
	  	 	83	  
	 SECTION 7.09.
	  	 Successor Trustee by Merger
	  	 	84	  
	 SECTION 7.10.
	  	 Eligibility; Disqualification
	  	 	84	  
	 SECTION 7.11.
	  	 Preferential Collection of Claims Against Company
	  	 	84	  
	
	Article 8	  
	
	Satisfaction and Discharge of Indenture; Defeasance	  
			
	 SECTION 8.01.
	  	 Discharge of Liability on Securities; Defeasance
	  	 	85	  
	 SECTION 8.02.
	  	 Conditions to Defeasance
	  	 	86	  
	 SECTION 8.03.
	  	 Application of Trust Money
	  	 	87	  
	 SECTION 8.04.
	  	 Repayment to Company
	  	 	87	  
	 SECTION 8.05.
	  	 Indemnity for Government Obligations
	  	 	88	  
	 SECTION 8.06.
	  	 Reinstatement
	  	 	88	  
	
	Article 9	  
	
	Amendments	  
			
	 SECTION 9.01.
	  	 Without Consent of Holders
	  	 	88	  
	 SECTION 9.02.
	  	 With Consent of Holders
	  	 	89	  
	 SECTION 9.03.
	  	 Compliance with Trust Indenture Act
	  	 	90	  
	 SECTION 9.04.
	  	 Revocation and Effect of Consents and Waivers
	  	 	90	  
	 SECTION 9.05.
	  	 Notation on or Exchange of Securities
	  	 	91	  
	 SECTION 9.06.
	  	 Trustee To Sign Amendments
	  	 	91	  
	 SECTION 9.07.
	  	 Payment for Consent
	  	 	91	  
	
	Article 10	  
	
	Subsidiary Guarantees	  
			
	 SECTION 10.01.
	  	 Guarantees
	  	 	92	  
	 SECTION 10.02.
	  	 Limitation on Liability
	  	 	93	  

  
 iii 

							
	 SECTION 10.03.
	  	 Successors and Assigns
	  	 	94	  
	 SECTION 10.04.
	  	 No Waiver
	  	 	94	  
	 SECTION 10.05.
	  	 Modification
	  	 	94	  
	 SECTION 10.06.
	  	 Release of Subsidiary Guarantor
	  	 	94	  
	 SECTION 10.07.
	  	 Contribution
	  	 	95	  
	
	Article 11	  
	
	Miscellaneous	  
			
	 SECTION 11.01.
	  	 Trust Indenture Act Controls
	  	 	95	  
	 SECTION 11.02.
	  	 Notices
	  	 	95	  
	 SECTION 11.03.
	  	 Communication by Holders with Other Holders
	  	 	96	  
	 SECTION 11.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	96	  
	 SECTION 11.05.
	  	 Statements Required in Certificate or Opinion
	  	 	96	  
	 SECTION 11.06.
	  	 When Securities Disregarded
	  	 	97	  
	 SECTION 11.07.
	  	 Rules by Trustee, Paying Agent and Registrar
	  	 	97	  
	 SECTION 11.08.
	  	 Legal Holidays
	  	 	97	  
	 SECTION 11.09.
	  	 Governing Law
	  	 	97	  
	 SECTION 11.10.
	  	 No Recourse Against Others
	  	 	97	  
	 SECTION 11.11.
	  	 Successors
	  	 	97	  
	 SECTION 11.12.
	  	 Multiple Originals
	  	 	97	  
	 SECTION 11.13.
	  	 Table of Contents; Headings
	  	 	98	  

  

			
	Rule 144A/Regulation S Appendix
		
	Exhibit 1 –	  	Form of Initial Security
		
	Exhibit A –	  	Form of Exchange Security or Private Exchange Security
		
	Exhibit B –	  	Form of Guaranty Agreement

  
 iv 

 INDENTURE dated as of October 14, 2016, among Gulfport Energy Corporation, a Delaware corporation
(the “Company”), those Subsidiary Guarantors that from time to time become parties to this Indenture and Wells Fargo Bank, N.A., a national banking association (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Initial
Securities, Exchange Securities, Private Exchange Securities and any Additional Securities: 
 Article 1 

Definitions and Incorporation by Reference 

SECTION 1.01. Definitions. 

“Additional Assets” means: (1) any property, plant or equipment used or useful in a Related Business; (2) the
Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company or another Restricted Subsidiary; or (3) Capital Stock constituting a minority interest in any Person that at
such time is a Restricted Subsidiary; provided, however, that any such Restricted Subsidiary described in clause (2) or (3) above is primarily engaged in a Related Business. 

“Additional Securities” means Securities issued under this Indenture after the Issue Date and in compliance with
Sections 2.13 and 4.03, it being understood that any Securities issued in exchange for or replacement of any Initial Security issued on the Issue Date shall not be an Additional Security, including any such Securities issued pursuant to the
Registration Rights Agreement. 
 “Adjusted Consolidated Net Tangible Assets” means (without duplication), as of the date
of determination: 
 (1) the sum of: 
  

	 	(a)	 discounted future net revenue from proved oil and natural gas reserves of the Company and its Restricted
Subsidiaries calculated in accordance with SEC guidelines before any state or federal income taxes, as estimated in a reserve report prepared as of the end of the fiscal year ending prior to the date of determination (or, if the date of
determination is within 45 days after the end of the immediately preceding fiscal year and no reserve report as of the end of such fiscal year has at the time been prepared, as of the end of the second preceding fiscal year), which reserve report is
prepared or audited by the Company’s petroleum engineers or independent petroleum engineers, as increased by, as of 

	 	
the date of determination, the discounted future net revenue calculated in accordance with SEC guidelines (utilizing the prices utilized in such year-end reserve report) of: 

(i) estimated proved oil and natural gas reserves of the Company and its Restricted Subsidiaries attributable to acquisitions
consummated since the date of such reserve report, and 
 (ii) estimated oil and natural gas reserves of the Company and its
Restricted Subsidiaries attributable to extensions, discoveries and other additions and upward determinations of estimates of proved oil and natural gas reserves (including previously estimated development costs incurred during the period and the
accretion of discount since the prior period end) due to exploration, development or exploitation, production or other activities which reserves were not reflected in such reserve report; 

and decreased by, as of the date of determination, the discounted future net revenue attributable to: 

(iii) estimated proved oil and natural gas reserves of the Company and its Restricted Subsidiaries reflected in such reserve
report produced or disposed of since the date of such reserve report, and 
 (iv) reductions in the estimated oil and natural
gas reserves of the Company and its Restricted Subsidiaries reflected in such reserve report since the date of such reserve report attributable to downward determinations of estimates of proved oil and natural gas reserves due to exploration,
development or exploitation, production or other activities conducted or otherwise occurring since the date of such reserve report; 

provided, however, that, in the case of each of the determinations made pursuant to clauses (i) through (iv), such increases and
decreases shall be estimated by the Company’s petroleum engineers or any independent petroleum engineer engaged by the Company for such purpose, in accordance with customary reserve engineering practices; 

 

	 	(b)	the capitalized costs that are attributable to oil and natural gas properties of the Company and its Restricted Subsidiaries to which no proved oil and natural gas reserves are attributed, based on the Company’s
books and records as of a date no earlier than the end of the most recent fiscal quarter for which internal financial statements of the Company have been made available prior to the date of determination; 

 

	 	(c)	the Net Working Capital as of the end of the most recent fiscal quarter for which internal financial statements of the Company have been made available prior to the date of determination; and 

  
 2 

	 	(d)	the greater of (i) the net book value as of a date no earlier than the end of the most recent fiscal quarter for which internal financial statements of the Company have been made available prior to the date of
determination and (ii) the appraised value, as estimated by independent appraisers, of other tangible assets of the Company and its Restricted Subsidiaries as of a date within the immediately preceding twelve months (provided, however, that the
Company shall not be required to obtain such an appraisal of such assets if no such appraisal has been performed); minus 

(2) to the extent not otherwise taken into account in the immediately preceding clause (1), the sum of: 

 

	 	(a)	minority interests; 

  

	 	(b)	any net natural gas balancing liabilities of the Company and its Restricted Subsidiaries as of the effective date of the reserve report referred to in (1)(a) above; 

 

	 	(c)	the discounted future net revenue before any state or federal income taxes, as of the effective date of such reserve report, calculated in accordance with SEC guidelines (utilizing the same prices utilized in the
Company’s year-end reserve report), attributable to participation interests, overriding royalty interests or other interests of third parties in reserves, pursuant to participation, partnership, vendor financing or other agreements then in
effect, or which otherwise are required to be delivered to third parties; 

  

	 	(d)	the discounted future net revenue before any state or federal income taxes, as of the effective date of such reserve report, calculated in accordance with SEC guidelines (utilizing the same prices utilized in the
Company’s year-end reserve report), attributable to reserves that are required to be delivered to third parties to fully satisfy the obligations of the Company and its Restricted Subsidiaries with respect to Volumetric Production Payments on
the schedules specified with respect thereto; and 

  
 3 

	 	(e)	the discounted future net revenue before any state or federal income taxes, as of the effective date of such reserve report, calculated in accordance with SEC guidelines, attributable to reserves subject to Dollar-Denominated Production Payments that, based on the estimates of production included in determining the discounted future net revenue specified in the immediately preceding clause (1)(a) (utilizing the same
prices utilized in the Company’s year-end reserve report), would be necessary to satisfy fully the obligations of the Company and its Restricted Subsidiaries with respect to Dollar-Denominated Production Payments on the schedules specified with
respect thereto. 

 Whether the Company uses the successful efforts method of accounting or the full cost (or similar method)
method of accounting, “Adjusted Consolidated Net Tangible Assets” will be calculated as if the Company were using the full cost method of accounting. 

“Adjusted Treasury Rate” means, with respect to any redemption date, (i) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no
maturity is within three months before or after October 15, 2019, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or
extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate
per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date, in each case calculated on the third
Business Day immediately preceding the redemption date, in each case, plus 0.50%. 
 “Affiliate” of any specified Person
means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. For purposes of Sections 4.04, 4.06 and 4.07 only, “Affiliate” shall also mean any beneficial owner of Capital Stock representing 10% or more of the total voting power of the Voting Stock (on a fully
diluted basis) of the Company or of rights or warrants to purchase such Capital Stock (whether or not currently exercisable). No Person shall be deemed an Affiliate of an oil and gas royalty trust solely by virtue of ownership of units of beneficial
interest in such trust. 

  
 4 

 “Applicable Premium” means with respect to a Security at any redemption date,
the greater of (1) 1.00% of the principal amount of such Security and (2) the excess of (A) the present value at such redemption date of (i) the redemption price of such Security on October 15, 2019 (such redemption price being described in
paragraph 5(a) of the Securities, exclusive of any accrued interest) plus (ii) all required remaining scheduled interest payments due on such Security through October 15, 2019 (but excluding accrued and unpaid interest to the redemption date),
computed using a discount rate equal to the Adjusted Treasury Rate, over (B) the principal amount of such Security on such redemption date. The Company will calculate the Applicable Premium and deliver such calculation to the Trustee prior to the
applicable redemption date. The Trustee will not be responsible for the calculation of the Applicable Premium. 
 “ASC”
means the Financial Standards Accounting Board’s Accounting Standards Codification. 
 “Asset Disposition” means any
sale, lease, transfer or other disposition or issuance (or series of related sales, leases, transfers or other dispositions or issuances) by the Company or any Restricted Subsidiary, including by means of a merger, consolidation or similar
transaction (each, a “disposition”), of: 
 (1) any shares of Capital Stock of a Restricted Subsidiary (other than
directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary); 

(2) all or substantially all the assets of any division or line of business of the Company or any Restricted Subsidiary; or

 (3) any other assets of the Company or any Restricted Subsidiary outside of the ordinary course of business of the Company
or such Restricted Subsidiary. 
 Notwithstanding the foregoing, the following shall be deemed not to be Asset Dispositions for purposes of Section 4.06:
(A) a disposition by the Company or a Restricted Subsidiary to the Company or a Restricted Subsidiary; (B) a disposition that constitutes (i) a Restricted Payment that is not prohibited by Section 4.04 or (ii) a Permitted Investment; (C) a
disposition of all or substantially all the assets of the Company in accordance with Section 5.01, or any disposition that constitutes a Change of Control; (D) a disposition in any single transaction or series of related transactions of assets
with a Fair Market Value of less than $2.5 million; (E) a disposition of cash or Temporary Cash Investments; (F) the creation of a Lien (but not the sale or other disposition of the property subject to such Lien); (G) the trade or exchange by the
Company or any Restricted Subsidiary of any Hydrocarbon and Mineral Property or any related assets or other assets commonly used in the Oil and Gas Business owned or held by the Company or such Restricted Subsidiary, or any Capital Stock of a Person
all or 

  
 5 

 
substantially all of whose assets consist of one or more of such types of assets, for (i) assets of such types owned or held by another Person or (ii) the Capital Stock of another Person all or
substantially all of whose assets consist of assets of such types and any cash or cash equivalents necessary in order to achieve an exchange of equivalent value; provided, however, that the Fair Market Value of the property or Capital
Stock received by the Company or any Restricted Subsidiary in such trade or exchange (including any cash or cash equivalents) is substantially equal to the Fair Market Value of the property (including any cash or cash equivalents) so traded or
exchanged; provided, further, that an amount equal to the amount of Net Available Cash from such disposition must be applied in accordance with the covenant described under Section 4.06; (H) any Production Payment and Reserve Sales
created, issued or assumed in connection with the financing of the acquisition of oil and gas properties that are subject thereto (and within 90 days after such acquisition), if the owner or purchaser of such Production Payment and Reserve Sale has
recourse solely to such oil and gas properties and to the proceeds thereof, subject to the obligation of the grantor or transferor of such Production Payment and Reserve Sale to operate and maintain the related oil and gas properties in a prudent
manner or other customary standard, to deliver the associated production (if required) and to indemnify with respect to environmental, title and other matters customary in the Oil and Gas Business; (I) a disposition of oil and gas properties in
connection with tax credit transactions complying with Section 45K or any successor or analogous provisions of the Code; (J) a disposition of the Capital Stock of or any Investment in any Unrestricted Subsidiary (other than Grizzly Holdings); (K)
surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind; (L) any Sale/Leaseback Transaction with respect to an asset acquired after the Issue Date; provided, however,
that such transaction occurs within 180 days after the date of the acquisition of such asset by the Company or such Restricted Subsidiary; (M) any disposition of defaulted receivables that arose in the ordinary course of business for collection; and
(N) a disposition of property pursuant to condemnation or eminent domain (or deed in lieu thereof); provided, however, that an amount equal to the amount of Net Available Cash from such disposition must be applied in accordance with
Section 4.06. 
 For the avoidance of doubt: (i) any disposition of Hydrocarbons and Minerals; (ii) any abandonment, relinquishment,
farm-in, farm-out, lease, sub-lease, pooling, unitization, deemed transfer of working interests under any joint operating agreement or other similar or other disposition of developed or undeveloped or both developed and underdeveloped Hydrocarbon
and Mineral Properties; (iii) the provision of services, equipment and other assets for the operation and development of the Company’s and its Restricted Subsidiaries’ oil and natural gas wells (notwithstanding that any such
transaction may be recorded as an asset sale in accordance with full cost accounting guidelines); (iv) any assignment of a working, overriding royalty or net profits interest to an employee or consultant of the Company or any of its Restricted
Subsidiaries in connection with the generation of prospects or the exploration or development of oil and natural gas projects; (v) the licensing or abandonment of intellectual property in the ordinary course of business; (vi) the granting of leases
or subleases that do not interfere in any material respect with the business of the Company and its Restricted Subsidiaries; (vii) the disposition of obsolete or worn out equipment or 

  
 6 

 
equipment that is no longer used in the conduct of the business of the Company and its Restricted Subsidiaries and that is disposed of in each case in the ordinary course of business; (viii) the
liquidation of any assets received in settlement of claims owed to the Company or any Restricted Subsidiary; and (ix) the disposition of, or voluntary or involuntary termination of, a Hedging Obligation, in each such case in the ordinary course of
business of the Company or its Subsidiaries or as otherwise customary in the Oil and Gas Business, will not constitute an Asset Disposition. 

“Average Life” means, as of the date of determination, with respect to any Indebtedness, the quotient obtained by dividing
(1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of or redemption or similar payment with respect to such Indebtedness multiplied by the amount of
such payment by (2) the sum of all such payments. 
 “Bankruptcy Law” means Title 11, United States Code, or any
similar Federal or state law for the relief of debtors.
 “Board of Directors” means the board of directors of the Company
or any committee thereof duly authorized to act on behalf of such board. 
 “Business Day” means each day which is not a
Legal Holiday. 
 “Capital Lease Obligation” means an obligation that is required to be classified and accounted for as a
capital lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.10, a Capital
Lease Obligation will be deemed to be Indebtedness secured by a Lien on the property being leased. 
 “Capital Stock” of
any Person means any and all shares, interests (including partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred
Stock, but excluding any debt securities convertible into such equity. 
 “Change of Control” means the occurrence of any
of the following events: 
 (1) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange
Act) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; provided,
however, that, for the purposes of this clause (1), a person shall be deemed (x) to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only
after the passage of time and (y) to beneficially own any Voting Stock of a Person (the “specified person”) 

  
 7 

 
held by any other Person (the “parent entity”), if such person is the beneficial owner (as defined above in this clause (1)), directly or indirectly, of more than 50% of the Voting
Stock of such parent entity; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; or 

(3) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the
Company, or the sale of all or substantially all the assets of the Company and its Restricted Subsidiaries (determined on a consolidated basis) to another Person other than a transaction following which (A) in the case of a merger or consolidation
transaction, one or more holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation
transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation transaction immediately after such transaction and (B) in the case of a sale of assets
transaction, each transferee is or becomes an obligor in respect of the Securities and a Subsidiary of the transferor of such assets; 
 but,
notwithstanding the foregoing, Permitted Grizzly Dispositions shall not constitute or give rise to a Change of Control. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor
and, for purposes of any provision contained herein and required by the Trust Indenture Act, each other obligor on the indenture securities. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the Securities from the redemption date to October 15, 2019, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of a maturity most nearly equal to October 15, 2019. 
 “Comparable Treasury Price” means, with respect to any
redemption date, if clause (ii) of the Adjusted Treasury Rate definition is applicable, the average of three, or such lesser number as is obtained by the Quotation Agent, Reference Treasury Dealer Quotations for such redemption date. 

“Consolidated Coverage Ratio” as of any date of determination means the ratio of 

(1) the aggregate amount of EBITDA for the period of the most recent four consecutive fiscal quarters ending at least 45 days
prior to the date of such determination to 
 (2) Consolidated Interest Expense for such four fiscal quarters; 

  
 8 

 provided, however, that: 

(A) if the Company or any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that remains
outstanding or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness, or both, then EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect
on a pro forma basis to such Indebtedness and the use of the proceeds thereof as if such Indebtedness had been Incurred on the first day of such period and such proceeds had been applied as of such date; provided,
however, that the pro forma calculation of Consolidated Interest Expense shall not give effect to any Indebtedness Incurred on the date of determination pursuant to Section 4.03(b); 

(B) if the Company or any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness
since the beginning of such period or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged on the date of the transaction giving rise to the need to calculate the Consolidated Coverage Ratio, then EBITDA and
Consolidated Interest Expense for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such period and as if the Company or such Restricted Subsidiary had not earned the interest
income actually earned (if any) during such period in respect of cash or Temporary Cash Investments used to repay, repurchase, defease or otherwise discharge such Indebtedness; provided, however, that the pro forma
calculation of Consolidated Interest Expense shall not give effect to the discharge on the date of determination of any Indebtedness to the extent such discharge results from the proceeds of Indebtedness Incurred pursuant Section 4.03(b); 

(C) if, since the beginning of such period, the Company or any Restricted Subsidiary shall have made any Asset Disposition,
then EBITDA for such period shall be reduced by an amount equal to EBITDA (if positive) directly attributable to the assets which were the subject of such Asset Disposition for such period, or increased by an amount equal to EBITDA (if negative)
directly attributable thereto for such period, and Consolidated Interest Expense for such period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any Restricted
Subsidiary repaid, repurchased, defeased or otherwise discharged with respect to the Company and its continuing Restricted Subsidiaries in connection with such Asset Disposition for such period (or, if the Capital Stock of any Restricted Subsidiary
is sold, the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after
such sale), and interest income in respect of cash or Temporary Cash Investments received in connection with such Asset Disposition and not otherwise used (or required to be used) either to make a subsequent Investment or

  
 9 

 
to purchase, repay, redeem or repurchase Indebtedness, shall be calculated on a pro forma basis as if such Asset Disposition had occurred on the first day of such period, with such
cash or Temporary Cash Investments being deemed to have earned interest income at the same average rate as the Company’s and the Restricted Subsidiaries’ cash and Temporary Cash Investments actually earned interest over the period for
which pro forma effect is being given; 
 (D) if, since the beginning of such period, the Company or any
Restricted Subsidiary (by merger or otherwise) shall have made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of material assets, then EBITDA and Consolidated Interest Expense for
such period shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition had occurred on the first day of such period; and 

(E) if, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or
into the Company or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition, any Investment or acquisition of assets that would have required an adjustment pursuant to clause (C) or (D) above if made
by the Company or a Restricted Subsidiary during such period, then EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset Disposition, Investment or
acquisition had occurred on the first day of such period. 
 For purposes of this definition, whenever pro forma effect is to be given to an
event, the pro forma calculations shall be determined in good faith by a responsible financial or accounting Officer of the Company.

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness
shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness, but if the remaining term of such Interest
Rate Agreement is less than 12 months, then such Interest Rate Agreement shall only be taken into account for that portion of the period equal to the remaining term thereof). 

The Consolidated Interest Expense attributable to interest on any Indebtedness under a revolving credit facility the outstanding principal
balance of which is required to be computed on a pro forma basis in accordance with the foregoing shall be computed based upon the average daily balance of such Indebtedness during the applicable period, provided,
however, that such average daily balance shall be reduced by the amount of any repayment of Indebtedness under such revolving credit facility during the applicable period, to the extent such repayment permanently reduced the commitments or
amounts available to be borrowed under such facility. 

  
 10 

 “Consolidated Interest Expense” means, for any period, the total interest
expense of the Company and its consolidated Restricted Subsidiaries, plus, to the extent not included in such total interest expense, and to the extent incurred by the Company or its Restricted Subsidiaries, without duplication: 

(1) interest expense attributable to Capital Lease Obligations; 

(2) amortization of debt discount and debt issuance cost; 

(3) capitalized interest; 

(4) non-cash interest expense; 

(5) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing; 
 (6) net payments pursuant to Interest Rate Agreements; 

(7) dividends accrued in respect of all Disqualified Stock of the Company and all Preferred Stock of any Restricted Subsidiary,
in each case, held by Persons other than the Company or a Wholly Owned Subsidiary (other than dividends payable solely in Capital Stock (other than Disqualified Stock) of the Company); 

(8) interest incurred in connection with Investments in discontinued operations; 

(9) interest accruing on any Indebtedness of any other Person to the extent such Indebtedness is Guaranteed by (or secured by
the assets of) the Company or any Restricted Subsidiary; and 
 (10) the cash contributions to any employee stock ownership
plan or similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than the Company) in connection with Indebtedness Incurred by such plan or trust; 

minus, to the extent included above, write-off of deferred financing costs and interest attributable to Dollar-Denominated Production Payments. 

“Consolidated Net Income” means, for any period, the net income of the Company and its consolidated Subsidiaries;
provided, however, that there shall not be included in such Consolidated Net Income: 
 (1) any net income of
any Person (other than the Company) if such Person is not a Restricted Subsidiary, except that: 
 (A) subject to the
exclusion contained in clause (4) below, the Company’s equity in the net income of any such Person for such period 

  
 11 

 
shall be included in such Consolidated Net Income in an amount equal to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Restricted
Subsidiary as a dividend, interest payment or other distribution (subject, in the case of a dividend, interest payment or other distribution paid to a Restricted Subsidiary, to the limitations contained in clause (3) below); and 

(B) the Company’s equity in a net loss of any such Person for such period shall not be included in determining such
Consolidated Net Income, except to the extent of the aggregate cash actually contributed to such Person by the Company or a Restricted Subsidiary during such period; 

(2) solely for purposes of determining the aggregate amount available for Restricted Payments under Section 4.04(a)(3), any net
income (or loss) of any Person acquired by the Company or a Subsidiary in a pooling of interests transaction (or any transaction accounted for in a manner similar to a pooling of interests) for any period prior to the date of such acquisition; 

(3) any net income of any Restricted Subsidiary if such Restricted Subsidiary is subject to restrictions, directly or
indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company, except that: 

(A) subject to the exclusion contained in clause (4) below, the net income of any such Restricted Subsidiary for such
period shall be included in such Consolidated Net Income in an amount equal to the aggregate amount of cash actually distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend, interest
payment or other distribution (subject, in the case of a dividend, interest payment or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause); and 

(B) the net loss of any such Restricted Subsidiary for such period shall be included in determining such Consolidated Net
Income; 
 (4) any gain or loss, together with any related provision for taxes on such gain or loss and all related fees and
expenses, realized in connection with (A) the sale or other disposition of any assets of the Company, its consolidated Subsidiaries or any other Person that are not sold or otherwise disposed of in the ordinary course of business and (B) the
disposition of any securities of any Person or the extinguishment of any Indebtedness of the Company or any of its Subsidiaries; 

  
 12 

 (5) extraordinary or nonrecurring gains or losses, together with any related
provision for taxes on such gains or losses and all related fees and expenses; 
 (6) the cumulative effect of a change in
accounting principles; 
 (7) any asset impairment, write-off or write-down on or related to oil and gas properties under
GAAP or SEC guidelines; 
 (8) any after-tax gain or loss realized on the termination of any employee pension benefit plan;

 (9) any adjustments of a deferred tax liability or asset pursuant to ASC 740 that result from changes in enacted tax laws
or rates; 
 (10) costs incurred in connection with acquisitions that were eligible for capitalization treatment under GAAP
but instead were expensed at the time of incurrence, provided, however, that any such costs shall instead reduce Consolidated Net Income for any period to the extent of any amortization in such period that would have occurred if they
had been capitalized; 
 (11) income or losses attributable to discontinued operations (including operations disposed of
during such period whether or not such operations were classified as discontinued according to GAAP); 
 (12) non-cash
charges relating to grants of performance shares, stock options, stock awards, stock purchase agreements, management compensation plans or other equity-based awards for officers, directors, employees or consultants of the Company or a Subsidiary
(excluding any such non-cash charge to the extent that it represents an accrual of or reserve for cash charges in any future period or amortization of a prepaid cash expense that was paid in a prior period) to the extent that such non-cash charges
are deducted in computing such Consolidated Net Income; provided, however, that if the Company or any Restricted Subsidiary makes a cash payment in respect of a non-cash charge in any period, such cash payment shall (without
duplication) be deducted from the Consolidated Net Income for such period; 
 (13) any unrealized non-cash gains or
losses or charges in respect of Hedging Obligations (including those resulting from the application of ASC 815); 
 (14)
gains and losses due to fluctuations in exchange rates or currency values; and 
 (15) gains and losses due to fluctuations
in the value of Post-Closing Payments, 
 in each case, for such period. Notwithstanding the foregoing, for the purposes of Section 4.04 only, there
shall be excluded from Consolidated Net Income (1) any repurchases, 

  
 13 

 
repayments or redemptions of Investments, proceeds realized on the sale of Investments or return of capital to the Company or a Restricted Subsidiary to the extent such repurchases, repayments,
redemptions, proceeds or returns increase the amount of Restricted Payments permitted under such Section pursuant to Section 4.04(a)(3)(D) thereof and (2) any dividends or other distributions of assets received by the Company or a Restricted
Subsidiary from Unrestricted Subsidiaries as dividends or other distributions by such Unrestricted Subsidiaries to the extent used to make Restricted Payments pursuant to Section 4.04(b)(12)(B). 

“Credit Agreements” means one or more credit facilities, including the Existing Credit Agreement, other revolving credit
loans, term loans, receivables financings, debt securities or other forms of debt, convertible debt or exchangeable debt financings or letters of credit and including any promissory notes, mortgages, guarantees, collateral documents, instruments and
agreements executed in connection therewith, any amendments, supplements, modifications or Refinancings thereof and any such credit facilities that replace in any manner (whether upon or after termination or otherwise) or Refinance, restate, amend,
supplement or modify any part of the loans, notes or commitments thereunder, including any such Refinanced, restated, amended, supplemented or modified facility that increases the amount permitted to be borrowed thereunder or alters the maturity
thereof (provided that such increase in borrowings is permitted under Section 4.03) or adds the Company or any of the Subsidiary Guarantors as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or
group of lenders or creditor or group of creditors. 
 “Currency Agreement” means any foreign exchange contract, currency
swap agreement or other financial agreement or arrangement with respect to currency values. 
 “Custodian” means any
receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “Default” means any
event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Disqualified Stock” means,
with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event: 

(1) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself
Disqualified Stock) pursuant to a sinking fund obligation or otherwise; 
 (2) is convertible or exchangeable at the option
of the holder for Indebtedness or Disqualified Stock; or 
 (3) is mandatorily redeemable or must be repurchased upon the
occurrence of certain events or otherwise, in whole or in part; 

  
 14 

 in each case on or prior to the date that is 91 days after the date of the Stated Maturity of the Securities;
provided, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of
an “asset sale” or “change of control” occurring prior to the date that is 91 days after the date of the Stated Maturity of the Securities shall not constitute Disqualified Stock if: (A) the “asset sale” or “change
of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to the Securities in Sections 4.06 and 4.09 of this Indenture and (B) any such requirement only
becomes operative after compliance with such terms applicable to the Securities, including the repurchase of any Securities tendered pursuant thereto. 

The amount of any Disqualified Stock that does not have a fixed redemption, repayment or repurchase price shall be calculated in accordance with the terms of
such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified Stock is to be determined pursuant to this Indenture; provided, however, that if such
Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price shall be the book value of such Disqualified Stock as reflected in the most recent
financial statements of such Person. 
 “Dollar-Denominated Production Payments” means production payment obligations
recorded as liabilities in accordance with GAAP, together with all undertakings and obligations in connection therewith. 

“EBITDA” for any period means the sum of Consolidated Net Income, plus the following to the extent deducted in calculating
such Consolidated Net Income: 
 (1) all income tax expense of the Company and its consolidated Restricted Subsidiaries; 

(2) Consolidated Interest Expense; 

(3) depreciation, depletion and amortization expense of the Company and its consolidated Restricted Subsidiaries (excluding
amortization expense attributable to a prepaid item that was paid in cash in a prior period); and 
 (4) all other non-cash
charges of the Company and its consolidated Restricted Subsidiaries (excluding any such non-cash charge to the extent that it represents an accrual of or reserve for cash expenditures in any future period) less all non-cash items of income of
the Company and its consolidated Restricted Subsidiaries (other than accruals of revenue by the Company and its consolidated Restricted Subsidiaries in the ordinary course of business); 

  
 15 

 in each case for such period and less, to the extent included in calculating such Consolidated Net Income and in
excess of any costs or expenses attributable thereto and deducted in calculating such Consolidated Net Income, the sum of: 

(A) the amount of deferred revenues that are amortized during such period and are attributable to reserves that are subject to
Volumetric Production Payments; and 
 (B) amounts recorded in accordance with GAAP as repayments of principal and interest
pursuant to Dollar-Denominated Production Payments. 
 Notwithstanding the foregoing, the provision for taxes based on the income or profits of, and the
depreciation and amortization and non-cash charges of, a Restricted Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion, including by reason of minority interests) that the net income
or loss of such Restricted Subsidiary was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior
approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Restricted Subsidiary or its stockholders. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Existing Credit Agreement” means the Amended and Restated Credit Agreement, dated as of December 27, 2013 and amended or
modified on or prior to the Issue Date, by and among the Company, as borrower, The Bank of Nova Scotia, as administrative agent, sole lead arranger and sole bookrunner, Amegy Bank National Association, as syndication agent, KeyBank National
Association, as documentation agent, and the other lenders party thereto, together with the related documents thereto (including the revolving notes thereunder and any guarantees and security documents). 

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s
length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value will be determined in good faith by an
Officer of the Company who has responsibility for such transaction, whose determination will be conclusive, or, if in excess of $50.0 million, the Board of Directors, whose determination will be conclusive and evidenced by a resolution of such Board
of Directors. 
 “Foreign Subsidiary” means any Restricted Subsidiary of the Company that is not organized under the laws
of the United States of America or any State thereof or the District of Columbia. 
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect as of the Issue Date, including those set forth in: 
 (1)
the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants; 

  
 16 

 (2) statements and pronouncements of the Financial Accounting Standards Board;

 (3) such other statements by such other entity as approved by a significant segment of the accounting profession; and 

(4) the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma
financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the
SEC. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 

“Grizzly Holdings” means Grizzly Holdings, Inc., a Delaware corporation, and its successors. 

“Grizzly Oil Sands ULC” means Grizzly Oil Sands ULC, a Canadian unlimited liability company, and its successors. 

“Grizzly Sponsor Contribution Agreement” means that certain Sponsor Contribution Agreement, dated as of October 5, 2012,
among Grizzly Oil Sands ULC, Wexford Capital LP, Grizzly Oil Sands Inc., the Company and Grizzly Holdings, as amended from time to time to the extent such amendments are not materially adverse to the Company. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (1) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness of such Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to
maintain financial statement conditions or otherwise); or 
 (2) entered into for the purpose of assuring in any other manner
the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a correlative meaning. 
 “Guaranty Agreement”
means a supplemental indenture, substantially in the form attached hereto as Exhibit B, pursuant to which a Subsidiary Guarantor guarantees the Company’s obligations with respect to the 6.000% Senior Notes due 2024 on the terms provided
for in this Indenture. 

  
 17 

 “Hedging Obligations” of any Person means the obligations of such Person
pursuant to any Interest Rate Agreement, Currency Agreement or Oil and Natural Gas Hedging Contract. 
 “Holder” or
“Securityholder” means the Person in whose name a Security is registered on the Registrar’s books. 

“Hydrocarbon and Mineral Properties” means all properties, including any interest therein, which contain or are believed to
contain Hydrocarbons and Minerals. 
 “Hydrocarbons and Minerals” means oil, natural gas, other
hydrocarbons, sand, minerals and all constituents, elements or compounds thereof, and other products commonly created, recovered or produced in association therewith or refined or processed therefrom. 

“Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any
Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Restricted
Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 4.03: 

(1) the accrual of interest or dividends, the amortization of original issue discount or debt discount or the accretion of
principal, accreted value or liquidation preference; 
 (2) the payment of regularly scheduled interest in the form of
additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; 

(3) the obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of
redemption or prepayment or the making of a mandatory offer to purchase such Indebtedness; 
 (4) unrealized losses or
charges in respect of Hedging Obligations (including those resulting from the application of ASC 815); and 
 (5)
increases in the amount of Indebtedness outstanding solely as a result of fluctuations in exchange rates or currency values; 
 in each case will be deemed
not to be Incurrences of Indebtedness. 
 “Indebtedness” means, with respect to any Person on any date of determination
(without duplication): 
  

	 	(1)	 the principal in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness
evidenced by notes, debentures, bonds 

  
 18 

	 	
or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such premium has become due and
payable; 

 (2) all Capital Lease Obligations of such Person; 

(3) all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale
obligations of such Person and all obligations of such Person under any title retention agreement (but excluding any accounts payable or other liability to trade creditors arising in the ordinary course of business); 

(4) all obligations of such Person for the reimbursement of any obligor on any letter of credit, bankers’ acceptance or
similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3) above) entered into in the ordinary course of business of such
Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth Business Day following payment on the letter of credit); 

(5) the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any
Disqualified Stock of such Person or, with respect to any Preferred Stock of any Restricted Subsidiary of such Person, the principal amount of such Preferred Stock to be determined in accordance with this Indenture (but excluding, in each case, any
accrued dividends) (and the term “Incur Indebtedness” and similar terms include issuances of such Disqualified Stock and Preferred Stock); 

(6) all obligations of the types referred to in clauses (1) through (5) of other Persons and all dividends of
other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, including by means of any Guarantee; 

(7) all obligations of the types referred to in clauses (1) through (6) of other Persons secured by any Lien on any
property of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the liquidation value of such property and the amount of the obligation so secured; 

(8) to the extent not otherwise included in this definition, Hedging Obligations of such Person; and 

(9) any guarantee by such Person of production or payment with respect to a Production Payment (but, for the avoidance of
doubt, excluding all other obligations associated with such Production Payments, such as guarantees with respect to operation and maintenance of the related oil and gas properties in a prudent manner, delivery of the associated production (if
required) and other such contractual obligations). 

  
 19 

 Notwithstanding the foregoing, in connection with the purchase by the Company or any Restricted Subsidiary of any
business, the term “Indebtedness” will exclude (i) any post-closing payment to which the seller or any of its Affiliates may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends
on the performance of such business after the closing (“Post-Closing Payments”); provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment
thereafter becomes fixed and determined, the amount is paid within 60 days thereafter, (ii) accrued expenses and royalties arising in the ordinary course of business, (iii) obligations to satisfy customer prepayment arrangements arising in the
ordinary course of business, (iv) asset retirement obligations, (v) obligations in respect of environmental reclamation or site rehabilitation, (vi) workers compensation obligations (including superannuation, pensions and retiree medical care) that
are not overdue by more than 90 days, (vii) obligations under farm-in and farm-out agreements or operating agreements, (viii) obligations arising out of the endorsement of negotiable instruments for collection in the ordinary course of business and
(ix) customary indemnification obligations. In addition, except as expressly provided in clause (9) above, Production Payments and Reserve Sales shall not constitute “Indebtedness.” 

The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as
described above; provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value thereof at such time. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national standing;
provided, however, that such firm is not an Affiliate of the Company. 
 “Interest Rate Agreement” means any
interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure to interest rates. 

“Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary
course of business that are recorded as accounts receivable on the balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or
other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition for value of Capital Stock, Indebtedness or other similar instruments issued by, such Person. If the Company or
any Restricted Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or
any Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment at such time. Except as otherwise provided for herein, the 

  
 20 

 
amount of an Investment shall be its Fair Market Value at the time the Investment is made and without giving effect to subsequent changes in value or write-ups, write-downs or write-offs with
respect to such Investment. 
 For purposes of the definition of “Unrestricted Subsidiary,” the definition of “Restricted
Payment” and Section 4.04: 
 (1) “Investment” shall include the portion (proportionate to the
Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; and 

(2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such
transfer. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB– (or the equivalent) by Standard & Poor’s. 
 “Issue Date” means October 14, 2016. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of
New York. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any
conditional sale or other title retention agreement or lease in the nature thereof). 
 “Material Change” means an increase
or decrease (excluding changes that result solely from changes in prices and changes resulting from the incurrence of previously estimated development costs) of more than 30% during a fiscal quarter in the discounted future net revenues from proved
oil and natural gas reserves of the Company and the Restricted Subsidiaries, calculated in accordance with clause (1)(a) of the definition of Adjusted Consolidated Net Tangible Assets; provided, however, that the following will be
excluded from the calculation of Material Change: 
 (1) any acquisitions during the fiscal quarter of oil and natural gas
reserves that have been estimated by independent petroleum engineers and with respect to which a report or reports of such engineers exist; and 

(2) any disposition of properties existing at the beginning of such fiscal quarter that have been disposed of in compliance
with Section 4.06. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency
business. 
 “Net Available Cash” from an Asset Disposition means cash payments received therefrom (including any cash
payments received by way of deferred payment of 

  
 21 

 
principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but
excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other non-cash form), in each case net of: 

(1) all accounting, engineering, investment banking, brokerage, legal, title and recording tax expenses, commissions and other
fees and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Disposition, and any relocation expenses incurred or assumed in connection with
such Asset Disposition; 
 (2) all payments made on any Indebtedness which is secured by any assets subject to such Asset
Disposition, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law, be
repaid out of the proceeds from (or concurrently with) such Asset Disposition; 
 (3) all distributions and other payments
required to be made to minority interest holders in Restricted Subsidiaries or to holders of royalty or similar interests as a result of such Asset Disposition; 

(4) the deduction of appropriate amounts provided by the seller as a reserve for adjustment in respect of the sale price of the
assets that were the subject of such Asset Disposition or as a reserve, in accordance with GAAP, against any liabilities associated with such assets and retained by the Company or any Restricted Subsidiary after such Asset Disposition; and 

(5) any portion of the purchase price from an Asset Disposition placed in escrow, whether as a reserve for adjustment of the
purchase price, for satisfaction of indemnities in respect of such Asset Disposition or otherwise in connection with that Asset Disposition; provided, however, that upon the termination of that escrow, Net Available Cash will be
increased by any portion of funds in the escrow that are released to the Company or any Restricted Subsidiary. 
 Notwithstanding the
foregoing, to the extent that any or all of the Net Available Cash from an Asset Disposition made outside the United States of America is prohibited or delayed from being repatriated to the United States pursuant to applicable local law (or to the
extent that the Board of Directors of the Company determines, in good faith, that repatriation of such Net Available Cash would have a material adverse tax consequence to the Company) despite reasonable effort by the Company or such Restricted
Subsidiary to exclude or release those funds from such restrictions or to avoid such tax, the portion of such Net Available Cash so affected shall be deemed excluded from Net Available Cash for so long as such restrictions or material adverse tax
consequences exist. 

  
 22 

 “Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock or
Indebtedness, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually
incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof.
 Notwithstanding anything to the
contrary herein, all references herein to “Net Cash Proceeds” shall be deemed to mean cash in an amount equal to the amount of Net Cash Proceeds, but not necessarily the actual cash received from the relevant issuance or sale. The
Company and its Restricted Subsidiaries shall have no obligation to segregate, trace or otherwise identify Net Cash Proceeds (other than the amount thereof), it being agreed that cash is fungible and that the Company’s obligations may be
satisfied by the application of funds from other sources. 
 “Net Working Capital” of the Company means: 

(1) all current assets of the Company and its Restricted Subsidiaries, except current assets from commodity price risk
management activities arising in the ordinary course of business; minus 
 (2) all current liabilities of the Company
and its Restricted Subsidiaries, except current liabilities included in Indebtedness (including the Securities), current liabilities from commodity price risk management activities arising in the ordinary course of business, current liabilities
recorded with respect to stock-based compensation and current liabilities that constitute estimated abandonment costs pursuant to ASC 410; 

in each case, determined in accordance with GAAP. 

“Obligations” means, with respect to any Indebtedness, all obligations for principal, premium, interest, penalties, fees,
indemnifications, reimbursements and other amounts payable pursuant to the documentation governing such Indebtedness. 
 “Offering
Circular” means the final offering circular, dated October 6, 2016, relating to the offering of $650.0 million of 6.000% Senior Notes due 2024 issued on the Issue Date. 

“Officer” means the Chairman of the Board, the President, the Chief Financial Officer, any Vice President, the Treasurer or
the Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two Officers. 

“Oil and Gas Business” means: 

(1) the acquisition, exploration, exploitation, development, production, operation and disposition of interests in Hydrocarbon
and Mineral Properties; 

  
 23 

 (2) the gathering, marketing, distribution, treating, processing, storage,
refining, selling and transporting of any production from Hydrocarbon and Mineral Properties and the marketing of Hydrocarbons and Minerals obtained therefrom and from unrelated Persons; 

(3) any business or activity relating to or arising from exploration for or exploitation, development, production, treatment,
processing, storage, refining, transportation, gathering or marketing of Hydrocarbons and Minerals; 
 (4) any business
relating to oilfield services and any other business providing assets or services used or useful in connection with the activities described in clauses (1) through (3) of this definition, including the sale, leasing, ownership or operation of
drilling rigs, fracturing units or other assets used or useful in any such business; and 
 (5) any activity necessary,
appropriate or incidental to the activities described in the preceding clauses (1) through (4) of this definition. 
 “Oil and Gas
Liens” means: 
 (1) Liens on any specific property or any interest therein, construction thereon or improvement
thereto or products or proceeds thereof to secure all or any part of the costs (other than Indebtedness) incurred for surveying, exploration, drilling, extraction, development, operation, production, construction, alteration, repair or improvement
of, in, under or on such property and the plugging and abandonment of wells located thereon (it being understood that, in the case of oil and gas producing properties, or any interest therein, costs incurred for “development” will include
costs incurred for all facilities relating to such properties or to projects, ventures or other arrangements of which such properties form a part or that relate to such properties or interests); 

(2) Liens on Hydrocarbon and Mineral Properties and Hydrocarbons and Minerals to secure obligations incurred or Guarantees of
obligations incurred (in each case, other than Indebtedness) in connection with or necessarily incidental to commitments for the purchase or sale of, or the transportation or distribution of, Hydrocarbons and Minerals; 

(3) Liens arising under partnership agreements, oil and gas leases and subleases, overriding royalty agreements, net profits
agreements, production payment agreements, royalty trust agreements, incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for geologists, geophysicists and other providers of technical services to the
Company or a Restricted Subsidiary, farm-out agreements, farm-in agreements, division orders, contracts for the sale, purchase, exchange, transportation, gathering or processing of Hydrocarbons and Minerals, unitizations and pooling designations,
declarations, orders and agreements, development agreements, joint venture agreements, working interests, joint interest billing arrangements, production sale 

  
 24 

 
contracts, operating agreements, marketing agreements, royalty agreements, gas balancing or deferred production agreements, production sharing agreements, area of mutual interests agreements,
injection, repressuring and recycling agreements, salt water or other disposal agreements, seismic or geophysical permits or agreements, licenses and sublicenses, and other agreements that are customary in the Oil and Gas Business; provided,
however, that in all instances such Liens are limited to the assets that are the subject of the relevant agreement, program, order or contract; 

(4) Liens securing Production Payments and Reserve Sales; provided, however, that such Liens are limited to the
property that is subject to such Production Payments and Reserve Sales, and such Production Payments and Reserve Sales either: 
  

	 	(a)	were in existence on the Issue Date, 

  

	 	(b)	were created in connection with the acquisition of property after the Issue Date and such Lien was incurred in connection with the financing of, and within 180 days after, the acquisition of the property subject
thereto, or 

  

	 	(c)	constitute Asset Dispositions made in compliance with Section 4.06; and 

 (5)
Liens on pipelines or pipelines facilities that arise by operation of law. 
 “Oil and Natural Gas Hedging Contract” means
futures contract, swap, option, floor, cap, collar, forward sale, forward purchase or other agreement or arrangement relating to, or the value of which is dependent upon, crude oil, condensate, natural gas, natural gas liquids or other Hydrocarbons
and Minerals, steam, electricity, by-products of the utilization of Hydrocarbons and Minerals or other assets commonly created, recovered, produced or used in the Oil and Gas Business or revenues or costs (including basis) associated with the Oil
and Gas Business, and equities, bonds, or indices based on any of the foregoing and any other derivative agreement or arrangement based on any of the foregoing. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or the Trustee. 
 “Permitted Business Investments” means Investments made in the
ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business, either generally or in the particular geographical location or industry segment in which such Investment is made, in each case as determined in
good faith by the Company, including investments or expenditures for actively exploiting, exploring for, acquiring, developing, producing, processing, gathering, marketing, transporting or otherwise dealing with Hydrocarbons and Minerals or
Hydrocarbon and Mineral 

  
 25 

 
Properties (including with respect to plugging and abandonment) through agreements, transactions, interests or arrangements that permit one to share risk or costs, comply with regulatory
requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties, including: 

(1) ownership of Hydrocarbon and Mineral Properties or any interest therein or gathering, transportation, processing, storage
or related systems or ancillary real or personal property interests (including intellectual property), either directly or indirectly, including through entities the primary business of which is to own or operate any of the foregoing; 

(2) the entry into and Investments in the form of or pursuant to operating agreements, joint ventures, processing agreements,
working interests, royalty interests, mineral leases, farm-in agreements, farm-out agreements, development agreements, production sharing agreements, production sales and marketing agreements, area of mutual interest agreements, contracts for the
sale, transportation or exchange of Hydrocarbons and Minerals, unitization agreements, pooling arrangements, joint bidding agreements, service contracts, partnership agreements (whether general or limited), subscription agreements, stock purchase
agreements, stockholder agreements or other similar or customary agreements (including for limited liability companies), incentive compensation programs for geologists, geophysicists and other providers of technical services, and other similar or
customary agreements, transactions, properties, interests or arrangements, and Investments and expenditures in connection therewith or pursuant thereto, in each case made or entered into in the ordinary course of the Oil and Gas Business; and 

(3) direct or indirect ownership interests in drilling rigs, fracturing units, vehicles, vessels and other equipment
customarily used or useful in the Oil and Gas Business. 
 “Permitted Grizzly Disposition” means a sale, lease, transfer or
other disposition or issuance of any or all (or substantially all) of the Capital Stock or assets of Grizzly Holdings. 
 “Permitted
Investment” means an Investment by the Company or any Restricted Subsidiary in: 
 (1) (A) the Company or a
Restricted Subsidiary or (B) a Person that will, upon the making of such Investment, become a Restricted Subsidiary; provided, however, that the primary business of such Restricted Subsidiary is a Related Business; 

(2) another Person if, as a result of such Investment, such other Person is merged or consolidated with or into, or transfers
or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; provided, however, that such Person’s primary business is a Related Business; 

  
 26 

 (3) cash and Temporary Cash Investments; 

(4) receivables owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary course of business and
payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances;

 (5) payroll, travel and similar extensions of credit to cover matters that are expected at the time of such extensions of
credit ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(6) extensions of credit to employees, officers, directors, customers and suppliers made in the ordinary course of business of
the Company or such Restricted Subsidiary; 
 (7) Capital Stock, obligations or securities received in settlement or
resolution of obligations created in the ordinary course of business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments; 

(8) any Person to the extent such Investment represents the non-cash portion of the consideration received for (i) an Asset
Disposition as permitted pursuant to Section 4.06 or (ii) a disposition of assets not constituting an Asset Disposition; 

(9) any Person where such Investment was acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for
any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts
receivable or (b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

(10) any Person to the extent such Investments consist of prepaid expenses, negotiable instruments held for collection and
lease, utility and workers’ compensation, performance and other similar pledges and deposits made in the ordinary course of business by the Company or any Restricted Subsidiary; 

(11) any Person to the extent such Investments consist of Hedging Obligations not prohibited by Section 4.03; 

(12) any extension, modification, exchange, conversion or renewal of an Investment or any Investment constituting proceeds of,
or made with proceeds 

  
 27 

 
of, the disposition of an Investment, but in each case only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof
(other than as a result of the appreciation, accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such original Investment); 

(13) Guarantees of performance or other obligations (other than Indebtedness) arising in the ordinary course in the Oil and Gas
Business, including obligations under oil and natural gas exploration, development, joint operating and related agreements and licenses or concessions related to the Oil and Gas Business; 

(14) Permitted Business Investments; 

(15) Guarantees issued or made in accordance with Section 4.03 other than Guarantees of Indebtedness of an Affiliate of the
Company that is not a Restricted Subsidiary of the Company; 
 (16) obligations of one or more officers, directors, or
employees of the Company or any of its Restricted Subsidiaries in connection with such individual’s acquisition of shares of Capital Stock of the Company (and Refinancings of the principal thereof and accrued interest thereon) so long as no net
cash is paid by the Company or any of its Restricted Subsidiaries to such individuals in connection with the acquisition of any such obligations; 

(17) Investments acquired after the Issue Date as a result of the acquisition by the Company or any of its Restricted
Subsidiaries of another Person, including by way of a merger, amalgamation, or consolidation with or into the Company or any of its Restricted Subsidiaries, in a transaction that is not prohibited by Section 5.01 to the extent that such Investments
were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(18) advances and prepayments for asset purchases in the ordinary course of business; 

(19) Grizzly Oils Sands ULC in the amounts required by, or Grizzly Holdings in amounts sufficient to permit Grizzly Holdings to
make the Investments required by, the Grizzly Sponsor Contribution Agreement; 
 (20) any Person to the extent consisting of
Capital Stock of Grizzly Holdings or assets received from Grizzly Holdings; 
 (21) Investments received in connection with a
Permitted Grizzly Disposition; and 
 (22) Persons to the extent that, at the time of each such Investment, the aggregate
amount of such Investments made during each period ending December 31 after October 17, 2012, beginning with the period starting on October 17, 2012 and ending on December 31, 2012, and continuing thereafter with calendar years, when taken
together with all other Investments made after October 17, 2012 and during such period pursuant to this clause (22), does not exceed the greater of $75.0 million and 4.0% of Adjusted Consolidated Net Tangible Assets, determined as of the date of
such Investment. 

  
 28 

 For purposes of this definition, in the event that a proposed Investment (or portion thereof)
meets the criteria of more than one of the categories of Permitted Investments described in clauses (1) through (22) above, the Company will be entitled to classify (but not reclassify) such Investment (or portion thereof) in one or more of such
categories set forth above, but, notwithstanding the foregoing, any Investment made in a Person pursuant to clause (22) above may be reclassified as outstanding under clause (1) above (and no longer outstanding under clause (22) above) if such
Person thereafter becomes a Restricted Subsidiary. 
 “Permitted Liens” means, with respect to any Person: 

(1) pledges or deposits by such Person under workers’ compensation laws, unemployment insurance laws or similar
legislation or regulation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, plugging and abandonment obligations, or deposits to secure public
or statutory obligations of such Person or deposits of cash or United States government bonds to secure surety bonds, appeal bonds, performance or return of money bonds to which such Person is a party, or deposits as security for contested taxes or
import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
 (2) (a) Liens incurred
in the ordinary course of business (other than in connection with Indebtedness) or imposed by law, such as carriers’, operators’, repairmens’, vendors’, suppliers’, workers’, landlords’, warehousemen’s,
mechanics’ and construction Liens, in each case for sums not yet overdue for more than 60 days or being contested in good faith by appropriate proceedings, (b) Liens arising out of judgments or awards against such Person with respect to which
such Person shall then be proceeding with an appeal or other proceedings for review or which do not constitute an Event of Default, (c) Liens incurred in the ordinary course of business (other than in connection with Indebtedness) relating to
banker’s Liens, rights of set-off, rights of revocation, refund, chargeback or similar rights and remedies as to deposit accounts, instruments or other funds maintained with a creditor depository institution; provided, however, that such
deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated by the Federal Reserve Board and (d) notices of lis pendens and
associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

  
 29 

 (3) Liens for taxes, assessments and governmental charges not yet subject to
penalties for non-payment or which are being contested in good faith by appropriate proceedings; 
 (4) Liens in favor of
issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however, that such letters
of credit do not constitute Indebtedness; 
 (5) survey exceptions, encumbrances, servitudes, permits, conditions, covenants,
ground leases, easements or reservations of, or rights of others for, licenses, rights-of-way, roads, pipelines, transmission lines, transportation lines, distribution lines for the removal of gas, oil, coal or other minerals or timber, sewers,
electric lines, telegraph and telephone lines and other similar purposes, or for the joint or common use of real estate rights of way, facilities and equipment, Liens related to surface leases and surface operations, or zoning or other restrictions
(including minor defects or irregularities in title and similar encumbrances) as to the use of real property or Liens that were not Incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of
said properties or materially impair their use in the operation of the business of such Person; 
 (6) Liens securing
Indebtedness Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any other property owned
by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto, improvements, additions and accessions thereto and proceeds and distributions thereof), and the
Indebtedness (other than any interest thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the
property subject to the Lien; 
 (7) prior to the Termination Date, Liens to secure Indebtedness permitted under the
provisions described in Section 4.03(b)(1) and related obligations; 
 (8) Liens existing on the Issue Date (other than
Liens Incurred to secure obligations under the Existing Credit Agreement); 
 (9) Liens on property or shares of Capital
Stock of another Person at the time such other Person becomes a Subsidiary of such Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or
series of transactions pursuant to which such Person becomes a Subsidiary); provided, however, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and
property affixed or appurtenant thereto and improvements, additions and accessions thereto and proceeds and distributions thereof); 

  
 30 

 (10) Liens on property at the time such Person or any of its Subsidiaries
acquires the property, including any acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of such Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit
support utilized to consummate, the transaction or series of transactions pursuant to which such Person or any of its Subsidiaries acquired such property); provided, however, that the Liens may not extend to any other property owned by
such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto and improvements, additions and accessions thereto and proceeds and distributions thereof); 

(11) Liens securing Indebtedness or other obligations owing to the Company or a Restricted Subsidiary; 

(12) Liens securing Hedging Obligations so long as such Hedging Obligations are not prohibited by Section 4.03; 

(13) Oil and Gas Liens; 

(14) Liens securing the Securities or any Subsidiary Guarantee; 

(15) Liens on the Capital Stock of Unrestricted Subsidiaries; 

 

	 	(16)	Liens arising under this Indenture in favor of the Trustee for its own benefit and similar Liens in favor of other trustees, agents and representatives arising under instruments governing Indebtedness permitted to be
Incurred under this Indenture; provided, however, that such Liens are solely for the benefit of the trustees, agents, or representatives in their capacities as such and not for the benefit of the holders of such Indebtedness;

 (17) Liens arising from the deposit of funds, cash equivalents or securities or other property in trust for
the purpose of decreasing, discharging, redeeming or defeasing Indebtedness so long as such deposit of funds, cash equivalents or securities or other property and such decreasing, discharging, redeeming or defeasing of Indebtedness are not
prohibited by Section 4.04; 
 (18) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of
any Indebtedness secured by any Lien referred to in clauses (6), (8), (9), (10) or (14) of this definition; provided, however, that: 
  

	 	(A)	 such new Lien shall be limited to all or part of the same property and assets that secured or, under the written
agreements pursuant to which the original Lien arose, could have secured the original Lien (plus assets or property 

  
 31 

	 	
affixed or appurtenant thereto, improvements, additions and accessions thereto and proceeds and distributions thereof); and 

 

	 	(B)	the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (x) the outstanding principal amount or, if greater, committed amount of such Indebtedness at the time the
original Lien became a Permitted Lien and (y) an amount necessary to pay accrued but unpaid interest and any fees and expenses, including premiums, related to such Refinancing; 

 

	 	(19)	Liens Incurred to secure cash management services in the ordinary course of business; 

  

	 	(20)	Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements limiting the disposition of such assets pending the closing of the transactions contemplated thereby;

  

	 	(21)	Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 

  

	 	(22)	Liens on any cash earnest money deposits made by the Company or any Restricted Subsidiary in connection with any letter of intent or purchase agreement; 

 

	 	(23)	prior to the Termination Date, Liens securing Indebtedness permitted under Section 4.03(b)(14) to the extent such Liens extend only to the assets that are the subject of the agreements described in such Section
4.03(b)(14); 

  

	 	(24)	any interest or title of a lessor under any lease; 

  

	 	(25)	Liens encumbering property or assets under construction arising from progress or partial payments by a customer of the Company or its Restricted Subsidiaries relating to such property or assets; 

 

	 	(26)	Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

 

	 	(27)	leases, licenses, subleases and sublicenses of assets (including real property and intellectual property rights) that do not materially interfere with the ordinary conduct of the business of the Company and its
Restricted Subsidiaries, taken as a whole; 

  
 32 

	 	(28)	any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or any interest acquired pursuant to a Permitted Business Investment; 

 

	 	(29)	Liens (A) on advances of cash or Temporary Cash Investments in favor of the seller of any asset to be acquired by the Company or any Restricted Subsidiary to be applied against the purchase price for such asset, (B)
consisting of an agreement to dispose of any property in a disposition not prohibited by this Indenture and (C) on cash earnest money deposits made by the Company or any Restricted Subsidiary in connection with any letter of intent or purchase
agreement not prohibited by this Indenture; 

  

	 	(30)	Liens reserved in oil and gas mineral leases for bonus or rental payments and for compliance with the terms of such leases; 

  

	 	(31)	prior to the Termination Date, other Liens to the extent that, at the time of each such incurrence, the aggregate outstanding principal amount of the obligations secured thereby does not exceed the greater of (a) 3.0%
of Adjusted Consolidated Net Tangible Assets determined as of the date of such incurrence and (b) $75.0 million at any one time outstanding; and 

  

	 	(32)	from and after the Termination Date, other Liens to the extent that, at the time of each such incurrence, the aggregate outstanding principal or face amount of the obligations secured thereby does not exceed the greater
of (a) 15.0% of Adjusted Consolidated Net Tangible Assets determined as of the date of such incurrence, and (b) the aggregate principal or face amount of obligations outstanding on the Termination Date and at such time secured by Liens permitted
under this definition of Permitted Liens clauses (7), (23) and (31). 

 In each case set forth above and in the definition of the term
“Oil and Gas Liens,” notwithstanding any stated limitation on the assets or property that may be subject to such Lien, a Permitted Lien or an Oil and Gas Lien on a specified asset or property or group or type of assets or property may
include Liens on all improvements, repairs, additions, attachments and accessions thereto, assets and property affixed or appurtenant thereto, construction thereon, parts, replacements and substitutions therefor, and all products and proceeds
thereof, including dividends, distributions, interest and increases in respect thereof. 
 “Person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

  
 33 

 “Preferred Stock,” as applied to the Capital Stock of any Person, means Capital
Stock of any class or classes (however designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of
Capital Stock of any other class of such Person. 
 “principal” of a Security means the principal of the Security plus the
premium, if any, payable on the Security which is due or overdue or is to become due at the relevant time. 
 “Production
Payments” means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments. 
 “Production
Payments and Reserve Sales” means the grant or transfer to any Person of a Dollar-Denominated Production Payment, Volumetric Production Payment, royalty, overriding royalty, net profits interest, master limited partnership interest or other
interest in oil and natural gas properties, reserves or the right to receive all or a portion of the production or the proceeds from the sale of production attributable to such properties or reserves. 

“Purchase Money Indebtedness” means Indebtedness (including Capital Lease Obligations) (1) consisting of the deferred
purchase price of property, conditional sale obligations, obligations under any title retention agreement, other purchase money obligations and obligations in respect of industrial revenue bonds or similar Indebtedness, in each case where the
maturity of such Indebtedness does not exceed the anticipated useful life of the asset being financed, and (2) Incurred to finance the purchase, lease or improvement by the Company or a Restricted Subsidiary of such property; provided,
however, that such Indebtedness is Incurred within 180 days after such acquisition of such property. 
 “Qualifying Equity
Offering” means the issuance after the Issue Date of Capital Stock of the Company (other than Disqualified Stock) to any Person or Persons other than a Subsidiary of the Company. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means Credit Suisse Securities (USA) LLC, Scotia Capital (USA) Inc. and their respective
successors or affiliates and assigns and one other nationally recognized investment banking firm selected by the Company that is a primary U.S. Government securities dealer. 

“Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00
p.m., New York City time, on the third Business Day immediately preceding such redemption date. 

  
 34 

 “Refinance” means, in respect of any Indebtedness, to refinance or refund or to
issue other Indebtedness in exchange or replacement for, such Indebtedness (whether contemporaneously with the satisfaction of such Indebtedness or within 180 days of such satisfaction). “Refinanced” and “Refinancing” shall
have correlative meanings. 
 “Refinancing Indebtedness” means Indebtedness that Refinances any Indebtedness of the Company
or any Restricted Subsidiary existing on the Issue Date or Incurred in compliance with this Indenture, including Indebtedness that Refinances Refinancing Indebtedness; provided, however, that: 

(1) such Refinancing Indebtedness has a Stated Maturity no earlier than the earlier of (a) the date 367 days after the Stated
Maturity of the Securities and (b) the Stated Maturity of the Indebtedness being Refinanced; 
 (2) such Refinancing
Indebtedness has an Average Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the lesser of (a) the Average Life of the Securities at such time plus 367 days and (b) the Average Life of the Indebtedness
being Refinanced; 
 (3) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with original issue
discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding (plus accrued interest thereon and fees and expenses,
including any premium and defeasance costs) under the Indebtedness being Refinanced; and 
 (4) if the Indebtedness being
Refinanced is subordinated in right of payment to the Securities, such Refinancing Indebtedness is subordinated in right of payment to the Securities at least to the same extent as the Indebtedness being Refinanced; 

provided further, however, that Refinancing Indebtedness shall not include (A) Indebtedness of a Restricted Subsidiary that is not a
Subsidiary Guarantor that Refinances Indebtedness of the Company or a Subsidiary Guarantor and (B) Indebtedness of the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary. 

“Registration Rights Agreement” means the Registration Rights Agreement dated the Issue Date, among the Company, the
Subsidiary Guarantors and the initial purchasers. 
 “Related Business” means any Oil and Gas Business, any business in
which the Company, any of its Restricted Subsidiaries or any Person in which the Company or any Restricted Subsidiary had an Investment was engaged on the Issue Date, and any business related, ancillary or complementary to any of the foregoing. 

  
 35 

 “Restricted Payment” with respect to any Person means: 

(1) the declaration or payment, without duplication, of any dividends or any other distributions of any sort in respect of its
Capital Stock (including any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect holders of its Capital Stock (other than (A) dividends or distributions payable solely in its
Capital Stock (other than Disqualified Stock), (B) dividends or distributions payable to the Company or a Restricted Subsidiary and (C) to the holders of any class of its Capital Stock on a pro rata basis, dividends or other distributions
made by a Subsidiary); 
 (2) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value
of any Capital Stock of the Company held by any Person (other than by a Restricted Subsidiary) or of any Capital Stock of a Restricted Subsidiary held by any Affiliate of the Company (other than by the Company or a Restricted Subsidiary and other
than transactions involving all holders of any class of Capital Stock of such Restricted Subsidiary on a pro rata basis), including in connection with any merger or consolidation and including the exercise of any option to exchange any
Capital Stock (other than into Capital Stock of the Company that is not Disqualified Stock); 
 (3) the purchase, repurchase,
redemption, defeasance or other acquisition or retirement for value, prior to scheduled maturity, scheduled repayment or scheduled sinking fund payment of any Subordinated Obligations of the Company or any Subsidiary Guarantor (other than (A)
Subordinated Obligations held by the Company or a Restricted Subsidiary and (B) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations purchased in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case due within one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition or retirement); or 

(4) the making of any Investment (other than a Permitted Investment) in any Person. 

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

“Sale/Leaseback Transaction” means an arrangement relating to property owned by the Company or a Restricted Subsidiary on the
Issue Date or thereafter acquired by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers such property to a Person (other than the Company or a Restricted Subsidiary) and thereafter the Company or a
Restricted Subsidiary leases it from such Person. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities” means the Initial Securities, the Exchange Securities, the Private Exchange Securities and any Additional
Securities, treated as a single class. 

  
 36 

 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Senior Indebtedness” means with respect to any Person: 

(1) Indebtedness of such Person, whether outstanding on the Issue Date or thereafter Incurred; and 

(2) all other Obligations of such Person (including interest accruing on or after the filing of any petition in bankruptcy or
for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above 

unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is
provided that such Indebtedness or other Obligations are subordinate in right of payment to the Securities or the Subsidiary Guarantee of such Person, as the case may be; provided, however, that Senior Indebtedness shall not include:

 (A) any obligation of such Person to the Company or any Subsidiary of the Company; 

(B) any liability for Federal, state, local or other taxes owed or owing by such Person; 

(C) any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

(D) any Indebtedness or other Obligation of such Person that is subordinate in right of payment to any other Indebtedness or
other Obligation of such Person; or 
 (E) that portion of any Indebtedness that at the time of Incurrence was Incurred in
violation of this Indenture. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant
Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “Standard
& Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency unless such contingency has occurred). 

  
 37 

 “Subordinated Obligation” means, with respect to a Person, any Indebtedness of
such Person (whether outstanding on the Issue Date or thereafter Incurred) that is subordinate in right of payment to the Securities or a Subsidiary Guarantee of such Person, as the case may be, pursuant to a written agreement to that effect. 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which
more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or more Subsidiaries of
such Person. 
 Unless otherwise specified, “Subsidiary” means a Subsidiary of the Company. 

“Subsidiary Guarantee” means a Guarantee by a Subsidiary Guarantor of the Company’s obligations with respect to the
Securities. 
 “Subsidiary Guarantor” means each Subsidiary of the Company that executes this Indenture as a guarantor and
each other Subsidiary of the Company that thereafter Guarantees the Securities pursuant to the terms of this Indenture, in each case unless and until such Subsidiary is released from its obligations under its Subsidiary Guarantee pursuant to the
terms of this Indenture. 
 “Temporary Cash Investments” means any of the following: 

(1) any investment in direct obligations of the United States of America or any agency or instrumentality thereof or
obligations guaranteed by the United States of America or any agency or instrumentality thereof; 
 (2) investments in demand
and time deposit accounts, bankers’ acceptances, overnight bank deposits, certificates of deposit and money market deposits maturing within 12 months of the date of acquisition thereof issued by a bank or trust company which is organized under
the laws of the United States of America, any State thereof or any foreign country recognized by the United States of America, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $500.0 million (or the
foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (registered pursuant Section 15E of the
Exchange Act) or any money-market fund sponsored by a registered broker dealer or mutual fund distributor; 
 (3) repurchase
obligations with a term of not more than 180 days for underlying securities of the types described in clause (1) above entered into with a bank or trust company meeting the qualifications described in clause (2) above; 

(4) investments in commercial paper issued by a corporation (other than an Affiliate of the Company) organized and in existence
under the laws of 

  
 38 

 
the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of “P-1” (or higher)
according to Moody’s or “A-1” (or higher) according to Standard and Poor’s; 
 (5) investments in
securities with maturities of nine months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and, at
the time of acquisition, rated at least “A” by Standard & Poor’s or “A” by Moody’s (or equivalent ratings by any other nationally recognized rating agency); 

(6) investments in money market funds that invest substantially all their assets in securities of the types described in
clauses (1) through (5) above; and 
 (7) investments in deposits available for withdrawal on demand with any commercial bank
or similar institution that is organized under the laws of any country in which the Company or any Restricted Subsidiary maintains an office or is engaged in the Oil and Gas Business, provided, however, that (i) all such deposits
have been made in such accounts in the ordinary course of business and (ii) such deposits do not at any one time exceed $5.0 million in the aggregate. 

“Trustee” means Wells Fargo Bank, N.A. until a successor replaces it and, thereafter, means the successor. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the
Issue Date. 
 “Trust Officer” means the Chairman of the Board, the President or any other officer or assistant officer of
the Trustee assigned by the Trustee to administer its corporate trust matters. 
 “Uniform Commercial Code” means the New
York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board
of Directors in the manner provided below; 
 (2) any Subsidiary of an Unrestricted Subsidiary; and 

(3) Grizzly Holdings; 
 in each
case unless and until such time as such Subsidiary is designated a Restricted Subsidiary for the purposes of this Indenture. The Board of Directors may designate any 

  
 39 

 
Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital Stock or
Indebtedness of, or holds any Lien on any property of, the Company or any other Restricted Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that either (A) the Subsidiary to
be so designated has total assets of $1,000 or less or (B) if such Subsidiary has assets greater than $1,000, such designation would not be prohibited by Section 4.04 (the amount of any such Restricted Payment or Permitted Investment being
calculated in the manner set forth in the definition of the term “Investment”). 
 The Board of Directors may designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation (A) the Company could Incur $1.00 of additional Indebtedness under Section 4.03(a) and (B) no
Default shall have occurred and be continuing. Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Board of Directors giving effect to such designation
and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Government
Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and
credit of the United States of America is pledged and which are not callable at the issuer’s option. 
 “Volumetric Production
Payments” means production payment obligations recorded as deferred revenue in accordance with GAAP, together with all undertakings and obligations in connection therewith. 

“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 
 “Wholly Owned
Subsidiary” means a Restricted Subsidiary all the Capital Stock of which (other than directors’ qualifying shares and shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary) is owned
by the Company or one or more other Wholly Owned Subsidiaries. 

  
 40 

 SECTION 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined in

Section

		
	 “Affiliate Transaction”
	  	4.07(a)
		
	 “Appendix”
	  	2.01
		
	 “Asset Disposition Offer”
	  	4.06(b)
		
	 “Change of Control Offer”
	  	4.09(b)
		
	 “Change of Control Purchase Price”
	  	4.09(b)(1)
		
	 “Commission”
	  	1.03
		
	 “covenant defeasance option”
	  	8.01(b)
		
	 “Event of Default”
	  	6.01
		
	 “Exchange Securities”
	  	Appendix Section 1.1
		
	 “Guaranteed Obligations”
	  	10.01(a)
		
	 “indenture securities”
	  	1.03
		
	 “indenture security holder”
	  	1.03
		
	 “indenture to be qualified”
	  	1.03
		
	 “indenture trustee”
	  	1.03
		
	 “Initial Lien”
	  	4.10
		
	 “Initial Securities”
	  	Appendix Section 1.1
		
	 “legal defeasance option”
	  	8.01(b)
		
	 “Offer Amount”
	  	4.06(c)(2)
		
	 “Offer Period”
	  	4.06(c)(2)
		
	 “Paying Agent”
	  	2.03
		
	 “Post-Closing Payments”
	  	1.01 (“Indebtedness”)

  
 41 

			
	 “Private Exchange Securities”
	  	Appendix Section 1.1
		
	 “Purchase Date”
	  	4.06(c)(1)
		
	 “Registrar”
	  	2.03
		
	 “Successor Company”
	  	5.01(a)(1)
		
	 “Termination Date”
	  	4.15(a)

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the
mandatory provisions of the Trust Indenture Act which are incorporated by reference in and made a part of this Indenture. The following Trust Indenture Act terms have the following meanings: 

“Commission” means the SEC; 

“indenture securities” means the Securities and the Subsidiary Guarantees; 

“indenture security holder” means a Securityholder; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company, each Subsidiary Guarantor and any other obligor on the indenture
securities. 
 All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust
Indenture Act reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04.
Rules of Construction. Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) “including” means including without limitation; 

  
 42 

 (5) words in the singular include the plural and words in the plural include the
singular; 
 (6) Indebtedness shall not be considered subordinate in right of payment to any other Indebtedness solely by
virtue of being unsecured, secured with a subset of the collateral securing such other Indebtedness or with different collateral, secured to a lesser extent or secured with lower priority, by virtue of structural subordination, by virtue of maturity
date, order of payment or order of application of funds, or by virtue of not being guaranteed by all guarantors of such other Indebtedness, and any subordination in right of payment must be pursuant to a written agreement or instrument; 

(7) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 
 (8) the
principal amount of any Preferred Stock shall be (A) the maximum liquidation value of such Preferred Stock or (B) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; and 

(9) all references to the date the Securities were originally issued shall refer to the Issue Date. 

Article 2 
 The
Securities 
 SECTION 2.01. Form and Dating. Provisions relating to the Initial Securities, the Private Exchange Securities and
the Exchange Securities are set forth in the Rule 144A/Regulation S Appendix attached hereto (the “Appendix”), which is hereby incorporated in, and expressly made part of, this Indenture. The Initial Securities and the
Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to the Appendix, which is hereby incorporated in, and expressly made a part of, this Indenture. The Exchange Securities, the Private Exchange Securities and
the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required by
law, stock exchange rule, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated the date of its authentication. The
terms of the Securities set forth in the Appendix and Exhibit A are part of the terms of this Indenture. 
 SECTION 2.02. Execution
and Authentication. Two Officers shall sign the Securities for the Company by manual or facsimile signature. The Company’s seal shall be impressed, affixed, imprinted or reproduced on the Securities and may be in facsimile form. 

  
 43 

 If an Officer whose signature is on a Security no longer holds that office at the time the
Trustee authenticates the Security, the Security shall be valid nevertheless. 
 A Security shall not be valid until an authorized signatory
of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

On the Issue Date, the Trustee shall authenticate and deliver $650.0 million of 6.000% Senior Notes due 2024 and, at any time and from time to
time thereafter, the Trustee shall authenticate and deliver Securities for original issue in an aggregate principal amount specified in such order, in each case upon a written order of the Company signed by two Officers or by an Officer and either
an Assistant Treasurer or an Assistant Secretary of the Company. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and, in the case of an
issuance of Additional Securities pursuant to Section 2.13 after the Issue Date, shall certify that such issuance is in compliance with Section 4.03.

The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless limited by
the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
 SECTION 2.03. Registrar and
Paying Agent. The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment
(the “Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying
Agent” includes any additional paying agent. 
 The Company shall enter into an appropriate agency agreement with any Registrar, Paying
Agent or co-registrar not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the
Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company
or any Wholly Owned Subsidiary incorporated or organized within The United States of America may act as Paying Agent, Registrar, co-registrar or transfer agent. 

The Company initially appoints the Trustee as Registrar and Paying Agent in connection with the Securities. 

  
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 SECTION 2.04. Paying Agent To Hold Money in Trust. Prior to each due date of the
principal and interest on any Security, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in
writing that the Paying Agent shall hold in trust for the benefit of Securityholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any default by the
Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 

SECTION 2.05. Securityholder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at least five Business Days before each interest payment date and at such other times
as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders. 

SECTION 2.06. Transfer and Exchange. The Securities shall be issued in registered form and shall be transferable only upon the
surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of this
Indenture and Section 8-401(a) of the Uniform Commercial Code are met. When Securities are presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount
of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met.
 SECTION 2.07.
Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall
authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such
Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Security is
replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Security. 
 Every replacement Security
is an additional Obligation of the Company. 
 SECTION 2.08. Outstanding Securities. Securities outstanding at any time are all
Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not 

  
 45 

 
outstanding. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security, but, in certain circumstances, Section 11.06 provides that
certain Securities shall be disregarded. 
 If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the
Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient
to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be outstanding and
interest on them ceases to accrue. 
 SECTION 2.09. Temporary Securities. Until definitive Securities are ready for delivery,
the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. 

SECTION 2.10. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and
the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and destroy (subject to the record retention requirements of the
Exchange Act) all Securities surrendered for registration of transfer, exchange, payment or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Trustee to deliver canceled Securities to the
Company. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. 

SECTION 2.11. Defaulted Interest. If the Company defaults in a payment of interest on the Securities, the Company shall pay
defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the Persons who are Securityholders on a subsequent special record date. The Company
shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Securityholder a notice that states the special record date, the payment date and the amount
of defaulted interest to be paid. 
 SECTION 2.12. CUSIP Numbers, ISINs, etc. The Company in issuing the Securities may use
“CUSIP” numbers, ISINs and “Common Code” numbers (in each case if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers, ISINs and “Common Code” numbers in notices of redemption as a
convenience to Holders; provided, however, that any such notice may state that no representation is made 

  
 46 

 
as to the correctness of such numbers either as printed on the Securities or as contained in any notice of redemption and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee in writing of any change in any “CUSIP” numbers, ISINs or “Common
Code” numbers applicable to the Securities. 
 SECTION 2.13. Issuance of Additional Securities. After the Issue Date, the
Company shall be entitled, subject to its compliance with Section 4.03, to issue Additional Securities under this Indenture, which Securities shall have identical terms as the Initial Securities issued on the Issue Date, other than with respect
to the date of issuance and issue price. All the Securities issued under this Indenture shall be treated as a single class for all purposes of this Indenture including waivers, amendments, redemptions and offers to purchase. 

With respect to any Additional Securities, the Company shall set forth in a resolution of the Board of Directors and an Officers’
Certificate and, if the Company so elects, a supplemental indenture, a copy of each which shall be delivered to the Trustee, the following information: 

(1) the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to this Indenture
and the provision of Section 4.03 that the Company is relying on to issue such Additional Securities; 
 (2) the issue price,
the issue date and the CUSIP number of such Additional Securities; provided, however, that a separate CUSIP number will be issued for any Additional Securities if the Securities and the Additional Securities are not fungible for U.S.
federal income tax purposes; and 
 (3) whether such Additional Securities shall be Initial Securities or shall be issued in
the form of Exchange Securities as set forth in Exhibit A. 
 Article 3 

Redemption 
 SECTION 3.01.
Notices to Trustee. If the Company elects to redeem Securities pursuant to paragraph 5 of the Securities, it shall notify the Trustee in writing of the redemption date, the principal amount of Securities to be redeemed and the
paragraph of the Securities or this Indenture pursuant to which the redemption will occur. 
 The Company shall give each notice to the
Trustee provided for in this Section at least 60 days before the redemption date unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officers’ Certificate and an Opinion of Counsel from the Company
to the effect that such redemption will comply with the conditions herein. 

  
 47 

 SECTION 3.02. Selection of Securities to Be Redeemed. If fewer than all the
Securities are to be redeemed, the Trustee shall select the Securities to be redeemed on a pro rata basis to the extent practicable and in accordance with the applicable rules and procedures of the Depository. The Trustee shall make the
selection from outstanding Securities not previously called for redemption. Securities and portions of them the Trustee selects shall be in principal amounts of $2,000 or any greater integral multiple of $1,000 thereof. Securities of $2,000 or
less shall be redeemed in whole and not in part. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of the
Securities or portions of Securities to be redeemed. 
 SECTION 3.03. Notice of Redemption. At least 30 days but not more
than 60 days before a date for redemption of Securities, the Company shall cause a notice of redemption to be sent to each Holder of Securities to be redeemed at such Holder’s registered address, except that redemption notices may be sent more
than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of this Indenture. Any inadvertent defect in the notice of redemption, including an inadvertent
failure to give notice, to any Holder selected for redemption shall not impair or affect the validity of the redemption of any other Security redeemed in accordance with provisions of this Indenture. 

The notice shall identify the Securities to be redeemed and shall state: 

(1) the redemption date; 

(2) the redemption price; 

(3) the name and address of the Paying Agent; 

(4) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(5) if fewer than all the outstanding Securities are to be redeemed, the identification and principal amounts of the particular
Securities to be redeemed; 
 (6) that, unless the Company defaults in making such redemption payment, interest on Securities
(or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
 (7) the “CUSIP”
number, ISIN or “Common Code” number, if any, printed on the Securities being redeemed; 
 (8) that no
representation is made as to the correctness or accuracy of the “CUSIP” number, ISIN, or “Common Code” number, if any, listed in such notice or printed on the Securities; and 

(9) if the notice of redemption is subject to one or more conditions precedent as provided in Section 3.04, a statement to that
effect and a description of such condition or conditions. 

  
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 At the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee with the information required by this Section. 

SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is sent, Securities called for redemption become due and
payable on the redemption date and at the redemption price stated in the notice; provided that notice of any redemption in connection with any Qualifying Equity Offering or other securities offering or any other financing, or in connection
with a transaction (or a series of related transactions) that constitute a Change of Control, may, at the Company’s discretion, be given prior to the completion thereof and be subject to one or more conditions precedent, including completion of
the related Qualifying Equity Offering, securities offering, financing or Change of Control. If a redemption is subject to satisfaction of one or more conditions precedent, the redemption date may be delayed up to 10 Business Days; provided
that if such conditions precedent are not satisfied within 10 Business Days of the proposed redemption date, such redemption shall not occur and the notice thereof shall be rescinded. Upon surrender to the Paying Agent, such Securities shall be
paid at the redemption price stated in the notice, plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date), and such Securities
shall be canceled by the Trustee.
 SECTION 3.05. Deposit of Redemption Price. Prior to the redemption date, the Company shall
deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Securities to be redeemed on that date other than
Securities or portions of Securities called for redemption which have been delivered by the Company to the Trustee for cancellation. 

SECTION 3.06. Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and
the Trustee shall authenticate for the Holder (at the Company’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

Article 4 
 Covenants

 SECTION 4.01. Payment of Securities. The Company shall promptly pay the principal of and interest on the Securities on the
dates and in the manner provided in the Securities and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient
to pay all principal and interest then due. 

  
 49 

 The Company shall pay interest on overdue principal at the rate specified therefor in the
Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 SECTION 4.02. SEC
Reports. Whether or not the Company is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file with or furnish to the SEC, as applicable, subject to the next sentence, and provide the
Trustee and Securityholders with, such annual and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections (but without exhibits in the case of reports provided to
Holders), such reports to be so filed and provided at the times specified for the filings of such reports under such Sections (after giving effect to all applicable extensions and cure periods) and containing all the information, audit reports and
exhibits required for such reports.
 If, at any time, the Company is not subject to the periodic reporting requirements of the Exchange Act
for any reason, the Company shall nevertheless continue filing the reports specified in the preceding sentence with the SEC within such time periods unless the SEC will not accept such a filing. The Company agrees that it will not take any
action for the purpose of causing the SEC not to accept such filings. If, notwithstanding the foregoing, the SEC will not accept such filings for any reason, the Company will post the reports specified in the preceding sentence on its website
within the time periods (after giving effect to all applicable extensions and cure periods) that would apply if the Company were required to file those reports with the SEC.

Notwithstanding anything to the contrary contained in the immediately preceding paragraph, if the Company is not required to file reports with
the SEC pursuant to Section 13 or 15(d) of the Exchange Act, (i.e., is a “voluntary filer”), the reports described in the preceding paragraph shall not be required to contain certain disclosures relating to the Company’s controls and
procedures, corporate governance, code of ethics, director independence, market for the Company’s equity securities and executive compensation. 

At any time that any of the Company’s Subsidiaries are Unrestricted Subsidiaries, then the quarterly and annual financial information
required by the preceding paragraph will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company.

In addition, the Company shall furnish to the Holders of the Securities and to prospective investors, upon the requests of such Holders, any
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Securities are not freely transferable under the Securities Act. 

  
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 The Company also shall comply with the other provisions of Trust Indenture Act
§ 314(a). 
 The Company shall be deemed to have furnished such reports to the Trustee and the Holders of the Securities if it has
filed such reports with the SEC using the EDGAR (or any successor) filing system and such reports are publicly available through such filing system. 

In the event that any direct or indirect parent company of the Company becomes a guarantor of the Securities, the Company may satisfy its
obligations under this covenant by furnishing financial information relating to such parent; provided, however, that (a) such financial statements are accompanied by consolidating financial information for such parent, the Company, the
Subsidiary Guarantors and the Subsidiaries of the Company that are not Subsidiary Guarantors in the manner prescribed by the SEC and (b) such parent is not engaged in any business in any material respect other than incidental to its ownership,
directly or indirectly, of the Capital Stock of the Company. 
 So long as any Securities are outstanding, the Company shall also: 

(1) as promptly as reasonably practicable after filing with the SEC or posting the annual and quarterly reports required by the
first paragraph of this Section 4.02, hold a conference call to discuss such reports and the results of operations for the relevant reporting period; and 

(2) issue a press release to the appropriate nationally recognized wire services prior to the date of the conference call
required to be held in accordance with clause (1) of this paragraph, announcing the time and date of such conference call and including all information necessary to access the call. 

This covenant shall be deemed not to impose any duty on the Company under the Sarbanes-Oxley Act of 2002 and the related SEC rules that would
not otherwise be applicable. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only, and
the Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any
of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 
 SECTION 4.03.
Limitation on Indebtedness. (a) The Company shall not, and shall not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided, however, that the Company and the Subsidiary
Guarantors shall be entitled to Incur Indebtedness if, on the date of such Incurrence and after giving effect thereto on a pro forma basis, the Consolidated Coverage Ratio exceeds 2.00 to 1.00. 

  
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 (b) Notwithstanding the foregoing paragraph (a), the Company and the Restricted Subsidiaries
shall be entitled to Incur any or all of the following Indebtedness: 
 (1) Indebtedness Incurred by the Company and the
Subsidiary Guarantors pursuant to Credit Agreements; provided, however, that, after giving effect to any such Incurrence, the aggregate principal amount of all Indebtedness Incurred under this clause (1) and then outstanding does
not exceed the greater of (i) $700.0 million and (ii) 35.0% of Adjusted Consolidated Net Tangible Assets determined as of the date of such Incurrence; 

(2) Indebtedness owed to and held by the Company or a Restricted Subsidiary; provided, however, that (A) any
subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness (other than to the Company or a Restricted Subsidiary) shall
be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon, (B) if the Company is the obligor on such Indebtedness, unless such Indebtedness is owing to a Subsidiary Guarantor, such Indebtedness is
expressly subordinated to the prior payment in full in cash of all obligations with respect to the Securities and (C) if a Subsidiary Guarantor is the obligor on such Indebtedness, unless such Indebtedness is owing to the Company or another
Subsidiary Guarantor, such Indebtedness is expressly subordinated to the prior payment in full in cash of all obligations of such Subsidiary Guarantor with respect to its Subsidiary Guarantee; 

(3) the Securities (including the Exchange Securities issued in exchange therefor but excluding any Additional Securities) and
all Subsidiary Guarantees thereof; 
 (4) Indebtedness outstanding on the Issue Date (other than Indebtedness described in
clause (1), (2) or (3) of this Section 4.03(b)); 
 (5) Indebtedness of a Restricted Subsidiary outstanding on or
prior to the date on which it became a Restricted Subsidiary or secured by a Lien on an asset acquired by the Company or by a Restricted Subsidiary (other than Indebtedness Incurred in connection with, or to provide all or any portion of the funds
or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such entity became a Restricted Subsidiary or such asset was so acquired); provided, however, that on the date such entity
became a Restricted Subsidiary or such asset was so acquired and after giving pro forma effect thereto, the Company would have been entitled to Incur at least $1.00 of additional Indebtedness pursuant to Section 4.03(a); 

(6) Refinancing Indebtedness in respect of Indebtedness Incurred pursuant to Section 4.03(a) or pursuant to clause (3),
(4) or (5) of this Section 4.03(b) or this clause (6); provided, however, that to the extent such Refinancing Indebtedness directly or indirectly Refinances Indebtedness of a Restricted Subsidiary Incurred pursuant to
clause (5), such Refinancing 

  
 52 

 
Indebtedness shall be Incurred only by such Restricted Subsidiary or, so long as such Restricted Subsidiary has no liability with respect to such Refinancing Indebtedness, by the Company or by a
Subsidiary Guarantor; provided, further, however, that for purposes of this clause (6), the Company’s 7.750% Senior Notes due 2020 shall be deemed not to be outstanding pursuant to clause (4) above; 

(7) Hedging Obligations consisting of Interest Rate Agreements related to Indebtedness outstanding on the Issue Date or
permitted to be Incurred by the Company and its Restricted Subsidiaries pursuant to this Indenture; 
 (8) Hedging
Obligations consisting of Oil and Natural Gas Hedging Contracts and Currency Agreements, in each case entered into in the ordinary course of business for the purpose of limiting risks that arise in the ordinary course of business of the Company and
its Subsidiaries; 
 (9) obligations in respect of workers’ compensation claims, health, disability or other benefits,
unemployment or other insurance or self-insurance obligations and other social security or similar legislation, old age pension or public liability obligations, statutory obligations, government contracts, trade contracts, regulatory obligations,
leases, utility contracts and similar obligations, plugging and abandonment, appeal, performance, tender, bid and surety bonds, completion guarantees and other reimbursement obligations provided by, or for the account of, the Company or any
Restricted Subsidiary in the ordinary course of business (in each case other than for an obligation for money borrowed), including any Guarantees, contingent reimbursement obligations or other contingent obligations with respect to letters of credit
or bank guarantees functioning as or supporting or issued to assure payment or performance of any of the foregoing bonds or obligations; 

(10) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business;
 (11) Indebtedness consisting of any Guarantee by the
Company or a Subsidiary Guarantor of Indebtedness outstanding on the Issue Date or permitted by this Indenture to be incurred by the Company or a Subsidiary Guarantor; provided, however, that if the Indebtedness being guaranteed is
subordinated to the Securities or a Subsidiary Guarantee, then the Guarantee thereof shall be subordinated to at least the same extent as the Indebtedness being Guaranteed; 

(12) Purchase Money Indebtedness of the Company or a Restricted Subsidiary Incurred to finance the purchase, lease or
improvement of property (real or personal), and any Refinancing Indebtedness Incurred to Refinance such Indebtedness, in an aggregate principal amount which, when added together with the amount of Indebtedness Incurred pursuant to this clause (12)
and then outstanding, does not exceed the greater of (i) $75.0 million and (ii) 4.0% of Adjusted Consolidated Net Tangible Assets determined as of the date of such Incurrence; 

  
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 (13) Indebtedness in respect of the financing of insurance premiums with the
providers of such insurance or their Affiliates in the ordinary course of business; 
 (14) Indebtedness arising from any
agreement providing for indemnities, contribution, Guarantees, purchase price adjustments, holdbacks, earn-outs, deferred compensation, contingency payment obligations based on the performance of the acquired or disposed assets or similar
obligations (in each case, other than Guarantees of Indebtedness) incurred or assumed by any Person in connection with the acquisition or disposition of assets; 

(15) in-kind obligations relating to oil and natural gas balancing obligations arising in the ordinary course of business; and

 (16) Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount which, when taken together
with all other Indebtedness outstanding on the date of such Incurrence under this clause (16), does not exceed the greater of (i) $75.0 million and (ii) 4.0% of Adjusted Consolidated Net Tangible Assets determined as of the date of such
Incurrence. 
 (c) Notwithstanding the foregoing, neither the Company nor any Subsidiary Guarantor shall Incur any Indebtedness pursuant to
Section 4.03(b) if the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated Obligations of the Company or any Subsidiary Guarantor unless such Indebtedness shall be subordinated to the Securities or the applicable
Subsidiary Guarantee to at least the same extent as such Subordinated Obligations. 
 (d) For purposes of determining compliance with this
Section 4.03, in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the types of Indebtedness described herein, the Company, in its sole discretion, shall classify such item of Indebtedness
(or any portion thereof) at the time of Incurrence and shall only be required to include the amount and type of such Indebtedness in one of the above clauses and the Company shall be entitled to divide and classify and reclassify from time to time
an item of Indebtedness in more than one of the types of Indebtedness described herein. 
 (e) For purposes of determining compliance with
any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the making of Investments or any other covenant, limitation or ratio in this Indenture, the U.S. dollar-equivalent of the principal amount of Indebtedness, Investment or
other amount denominated in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, such Investment was made, or such other amount was expended or incurred.
Notwithstanding any other provision of this Indenture, the maximum amount of Indebtedness that the Company or any Restricted 

  
 54 

 
Subsidiary may Incur pursuant to this Indenture shall be deemed not to be exceeded and all other covenants, limitations and ratios in this Indenture be deemed not to be breached or exceeded,
solely as a result of fluctuations in exchange rates or currency values. 
 SECTION 4.04. Limitation on Restricted
Payments. (a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, make a Restricted Payment if at the time the Company or such Restricted Subsidiary makes such Restricted Payment: 

(1) a Default shall have occurred and be continuing (or would result therefrom); 

(2) the Company is not entitled to Incur an additional $1.00 of Indebtedness pursuant to Section 4.03(a); or 

(3) the aggregate amount of such Restricted Payment and all other Restricted Payments since October 17, 2012 (all payment
calculations being made as if the provisions of this Section 4.04 had been in effect as of October 17, 2012 and at all times thereafter) would exceed the sum of (without duplication): 

(A) 50% of the Consolidated Net Income accrued during the period (treated as one accounting period) from October 1, 2012
to the end of the most recent fiscal quarter ending at least 45 days prior to the date of such Restricted Payment (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); plus 

(B) 100% of the aggregate Net Cash Proceeds or the Fair Market Value of property other than cash (including Capital Stock of
Persons engaged in the Oil and Gas Business or assets used in the Oil and Gas Business) received by the Company from the issuance or sale of its Capital Stock (other than Disqualified Stock) subsequent to October 17, 2012 (other than an issuance or
sale to a Subsidiary of the Company and other than an issuance or sale to an employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees) and 100% of any capital contribution
received by the Company from its shareholders subsequent to October 17, 2012; plus 
 (C) the amount by which
Indebtedness of the Company or a Restricted Subsidiary is reduced on the Company’s consolidated balance sheet upon the conversion or exchange (other than by a Subsidiary of the Company) subsequent to October 17, 2012 of any Indebtedness of the
Company or a Restricted Subsidiary convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Company (less the amount of any cash, or the Fair Market Value of any other property, distributed by the Company upon such
conversion or exchange); provided, however, that the foregoing amount shall not exceed the Net Cash Proceeds received by the Company or any Restricted Subsidiary from the 

  
 55 

 
sale of such Indebtedness (excluding any Net Cash Proceeds from sales to a Subsidiary of the Company or to an employee stock ownership plan or a trust established by the Company or any of its
Subsidiaries for the benefit of their employees); plus 
 (D) an amount equal to the sum of (x) the net reduction
subsequent to October 17, 2012 in the Investments (other than Permitted Investments) made by the Company or any Restricted Subsidiary in any Person resulting from repurchases, repayments, releases or redemptions of such Investments by such Person,
proceeds realized on the sale of such Investment and proceeds representing the return of capital (excluding dividends and distributions), in each case received by the Company or any Restricted Subsidiary, and (y) if such Person is an Unrestricted
Subsidiary, the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time subsequent to October 17, 2012 such Unrestricted Subsidiary is
designated as, merged or consolidated into, or transfers or otherwise disposes of all or substantially all of its properties or assets to or is liquidated into, a Restricted Subsidiary; provided, however, that the foregoing sum shall not exceed, in
the case of any such Person, the amount of Investments (excluding Permitted Investments) previously made (and treated as a Restricted Payment) subsequent to October 17, 2012 by the Company or any Restricted Subsidiary in such Person. 

(b) The provisions of Section 4.04(a) shall not prohibit: 

(1) any Restricted Payment made out of the Net Cash Proceeds of the substantially concurrent issuance or sale of, or made by
conversion into or exchange for, Capital Stock of the Company (other than Disqualified Stock and other than Capital Stock issued or sold to a Subsidiary of the Company or an employee stock ownership plan or to a trust established by the Company or
any of its Subsidiaries for the benefit of their employees) or a substantially concurrent cash capital contribution received by the Company from one or more of its shareholders; provided, however, that (A) such Restricted Payment
shall be excluded in the calculation of the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation
of amounts under Section 4.04(a)(3)(B); 
 (2) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of Subordinated Obligations of the Company or of any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent Incurrence of, Indebtedness of such Person which is permitted to be Incurred
pursuant to Section 4.03; provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments; 

  
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 (3) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of Disqualified Stock of the Company or a Subsidiary Guarantor made by conversion into or exchange for, or out of the proceeds of the substantially concurrent issuance or sale (other than to a Subsidiary of the Company or an
employee stock ownership plan or to a trust established by the Company or any of its Subsidiaries for the benefit of their employees) of, Disqualified Stock of the Company which is permitted to be issued pursuant to Section 4.03; provided,
however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments; 

(4) dividends or distributions paid or consummations of redemptions within 60 days after the date of declaration thereof if at
such date of declaration such dividend, distribution or redemption would have complied with this covenant; provided, however, that such dividend, distribution or redemption shall be included in the calculation of the amount of Restricted
Payments;
 (5) the purchase, repurchase, redemption or other acquisition or retirement of shares of Capital Stock of the
Company or any of its Subsidiaries from employees, former employees, directors or former directors of the Company or any of its Subsidiaries (or permitted transferees of such employees, former employees, directors or former directors), pursuant to
the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of Directors under which such individuals purchase or sell or are granted the option to purchase or sell, shares of such Capital
Stock; provided, however, that the aggregate amount of such Restricted Payments (excluding amounts representing cancelation of Indebtedness or funded by “key man” life insurance policies) shall not exceed $15.0 million in any
calendar year, with unused amounts in any calendar year being permitted to be carried forward to succeeding calendar years subject to a maximum of $30.0 million in any calendar year; provided further, however, that such Restricted Payments shall be
excluded in the calculation of the amount of Restricted Payments; 
 (6) declarations and payments of dividends on
Disqualified Stock or Preferred Stock of a Restricted Subsidiary issued pursuant to Section 4.03; provided, however, that such dividends shall be excluded in the calculation of the amount of Restricted Payments; 

(7) repurchases, redemptions and other acquisitions and retirements of Capital Stock deemed to occur upon exercise, exchange or
vesting of any equity compensation (including, without limitation, stock options, restricted stock, phantom stock, warrants, incentives, rights to acquire Capital Stock or other derivative securities) if such Capital Stock represents a portion of
the exercise or other price or cost thereof, and repurchases, redemptions and other acquisitions and retirements of Capital Stock made in lieu of withholding for, or to satisfy taxes in connection with any exercise, exchange or vesting of stock
options, restricted stock, phantom stock, warrants, incentives, rights to acquire Capital 

  
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Stock or other derivative securities; provided, however, that such Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments; 

(8) cash payments in lieu of the issuance of fractional shares in connection with any transaction otherwise permitted by this
Section 4.04; provided, however, that any such cash payment shall not be for the purpose of evading the limitation of this Section 4.04 (as determined in good faith by the Board of Directors); provided further,
however, that such payments shall be excluded in the calculation of the amount of Restricted Payments; 
 (9) in the
event of a Change of Control or an Asset Disposition, and if no Default shall have occurred and be continuing, and within 60 days after the completion of the offer to repurchase the Securities under Section 4.06 or 4.09 (including the purchase of
all Securities tendered), the payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations or Disqualified Stock of the Company or any Subsidiary Guarantor, in each case, at a purchase price
not greater than 101% of the principal amount of such Subordinated Obligations or Disqualified Stock, plus any accrued and unpaid interest or dividends thereon; provided, however, that prior to such payment, purchase, repurchase,
redemption, defeasance or other acquisition or retirement, the Company (or a third party to the extent permitted by this Indenture) has made a Change of Control Offer or an Asset Disposition Offer with respect to the Securities as a result of such
Change of Control or Asset Disposition and has repurchased all Securities validly tendered and not withdrawn in connection with such Change of Control Offer or Asset Disposition Offer; provided further, however, that such
payments, purchases, repurchases, redemptions, defeasances or other acquisitions or retirements shall be included in the calculation of the amount of Restricted Payments; 

(10) payments of intercompany subordinated Indebtedness, the Incurrence of which was permitted under Section 4.03(b)(2);
provided, however, that such payments shall be excluded in the calculation of the amount of Restricted Payments; 

(11) payments to dissenting stockholders of the Company not to exceed $5.0 million in the aggregate (A) pursuant to applicable
law or (B) in connection with the settlement or other satisfaction of legal claims made pursuant to or in connection with a consolidation, merger or transfer of assets in connection with a transaction that is not prohibited by this Indenture;
provided, however, that such payments shall be included in the calculation of the amount of Restricted Payments; 

(12) the declaration and payment of dividends or other distributions of (A) shares of Capital Stock of, or Indebtedness
owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries, or (B) assets received by the Company or a Restricted Subsidiary from Unrestricted Subsidiaries as dividends 

  
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or other distributions by such Unrestricted Subsidiaries; provided, however, that such declaration and payment of dividends or other distributions shall be excluded in the
calculation of the amount of Restricted Payments; provided further, however, that this clause (12) shall not apply to dividends or distributions of Capital Stock of, Indebtedness owed by, or assets received from, Grizzly
Holdings; or 
 (13) other Restricted Payments in an aggregate amount which, when taken together with all other Restricted
Payments made pursuant to this clause (13) at any one time outstanding, does not exceed $25.0 million; provided, however, that such amounts shall be included in the calculation of the amount of Restricted Payments. 

(c) If any Person in which an Investment is made, which Investment constitutes a Restricted Payment or a Permitted Investment under clause
(22) of such definition when made, thereafter becomes a Restricted Subsidiary, all such Investments previously made in such Person shall no longer be counted as Restricted Payments or Permitted Investments under such clause for purposes of
calculating the aggregate amount of Restricted Payments made or Permitted Investments made pursuant to such clause. 
 SECTION 4.05.
Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Company shall not, and shall not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions on its Capital Stock to the Company or a Restricted Subsidiary or pay any Indebtedness owed to the Company,
(b) make any loans or advances to the Company or (c) transfer any of its property or assets to the Company, except: 

(1) with respect to clauses (a), (b) and (c), 

(A) any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Issue Date; 

(B) any encumbrance or restriction with respect to a Restricted Subsidiary or any property or assets thereof pursuant to an
agreement of such Restricted Subsidiary (including the Capital Stock thereof) outstanding on the date on which such Restricted Subsidiary was acquired by the Company or otherwise became a Restricted Subsidiary (other than agreements relating to
Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary was acquired by the
Company or otherwise became a Restricted Subsidiary); 

  
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 (C) any encumbrance or restriction pursuant to an agreement effecting a
Refinancing of Indebtedness Incurred pursuant to an agreement referred to in Section 4.05(1)(A) or (B) or this clause (C) or contained in any amendment to or renewal or replacement of an agreement referred to in Section 4.05(1)(A) or
(B) or this clause (C); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such Refinancing agreement or amendment, renewal or replacement are not materially less
favorable, taken as a whole, to the Securityholders than the encumbrances and restrictions with respect to such Restricted Subsidiary contained in such predecessor agreement; 

(D) any encumbrance or restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for
the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 

(E) any encumbrance or restriction on the disposition or distribution of assets or property, including cash or other deposits,
under agreements entered into in the ordinary course of the Oil and Gas Business of the types described in clause (2) of the definition of Permitted Business Investments; 

(F) any encumbrance or restriction contained in the terms of any agreement or instrument governing any Indebtedness for money
borrowed or Hedging Obligation if (x) either (i) the encumbrance or restriction applies only in the event of and during the continuance of a payment default or a default with respect to a financial covenant contained in such agreement or instrument
or (ii) the Company determines at the time any such Indebtedness or Hedging Obligation is Incurred (and at the time of any modification of the terms of any such encumbrance or restriction) that any such encumbrance or restriction will not materially
affect the Company’s ability to make principal or interest payments on the Securities and (y) the encumbrance or restriction is not materially more disadvantageous to the Holders than is customary in comparable financings or agreements (as
determined by the Company in good faith); 
 (G) customary supermajority voting provisions and other customary provisions
with respect to the disposition or distribution of assets, each contained in corporate charters, bylaws, stockholders’ agreements, limited liability company agreements, partnership agreements, joint venture agreements and other similar
agreements entered into in the ordinary course of business of the Company and its Restricted Subsidiaries; 
 (H) any
restrictions on cash, cash equivalents or other deposits or net worth requirements imposed by customers under contracts entered into in the ordinary course of business; 

  
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 (I) provisions contained in any license, permit or other accreditation with a
regulatory authority or directly or indirectly required by any applicable laws, statutes, rules, regulations, orders, requirements, guidelines, interpretations, directives and requests (whether or not having the force of law) from and of, and plans,
memoranda and agreements with, any regulatory authority; 
 (J) provisions in agreements or instruments that prohibit the
payment or making of dividends or other distributions other than on a pro rata basis; 
 (K) any encumbrance or
restriction contained in the terms of Preferred Stock of a Restricted Subsidiary that does not expressly restrict the ability of a Restricted Subsidiary to pay dividends or make any other distributions on its Capital Stock (other than requirements
to pay dividends or liquidation preferences on such Preferred Stock prior to paying any dividends or making any other distributions on such other Capital Stock); and 

(L) customary subordination provisions governing Indebtedness permitted pursuant to Section 4.03; and 

(2) with respect to clause (c) only, 

(A) any encumbrance or restriction consisting of customary nonassignment provisions in Hydrocarbon and Mineral Properties
purchase and sale or exchange agreements or similar operational agreements, agreements of the types described in the defined term “Permitted Business Investments” and leases governing leasehold interests and licenses to the extent such
provisions restrict the transfer of the lease or license or the property leased or licensed thereunder; 
 (B) any
encumbrance or restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of any Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition
to the extent such encumbrance or restriction restricts the transfer of the property subject to such agreement; 
 (C) any
encumbrance or restriction contained in security agreements or mortgages securing Indebtedness or other obligations of a Restricted Subsidiary and related documents to the extent such encumbrance or restriction restricts the transfer of the property
subject to such security agreements or mortgages; 
 (D) any encumbrance or restriction contained in any agreement or
instrument assumed by the Company or any of its Restricted Subsidiaries or for which any of them becomes liable as in effect at the 

  
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time of such transaction (except to the extent such agreement or instrument was entered into in connection with or in contemplation of such transaction), which encumbrance or restriction is not
applicable to any assets other than assets acquired in connection with such transaction and all improvements, additions and accessions thereto and products and proceeds thereof; 

(E) encumbrances and restrictions contained in contracts entered into in the ordinary course of business, not relating to any
Indebtedness, and that do not, individually or in the aggregate, detract from the value of, or the ability of the Company or any Restricted Subsidiary to realize the value of, property or assets of the Company or any Restricted Subsidiary in any
manner material to the Company and its Restricted Subsidiaries taken as a whole; 
 (F) any encumbrance or restriction
contained in agreements governing or relating to reserves that are the subject of Production Payments and Reserve Sales; 

(G) customary restrictions set forth in “lock up” agreements entered into in connection with securities offerings;
and 
 (H) any encumbrance or restriction with respect to the Capital Stock of Grizzly Holdings. 

In each case set forth above, notwithstanding any stated limitation on the assets or property that may be subject to such encumbrance or
restriction, an encumbrance or restriction on a specified asset or property or group or type of assets or property may also apply to all improvements, repairs, additions, attachments and accessions thereto, assets and property affixed or appurtenant
thereto, construction thereon, parts, replacements and substitutions therefor, and all products and proceeds thereof, including dividends, distributions, interest and increases in respect thereof. 

SECTION 4.06. Limitation on Sales of Assets and Subsidiary Stock. (a) The Company shall not, and shall not permit any
Restricted Subsidiary or, so long as it is an Unrestricted Subsidiary, Grizzly Holdings, to, directly or indirectly, consummate any Asset Disposition unless: 

(1) the Company or such Subsidiary receives consideration at the time of such Asset Disposition at least equal to the Fair
Market Value, including as to the value of all non-cash consideration (as determined in good faith by the Board of Directors, an Officer or an officer of such Subsidiary with responsibility for such transaction, such determination to be made as of
the date of contractually agreeing to such Asset Disposition, which determination shall be conclusive evidence of compliance with this provision) of the shares or assets subject to such Asset Disposition; 

  
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 (2) at least 75% of the consideration thereof received by the Company or such
Subsidiary is in the form of cash or cash equivalents, Hydrocarbon and Mineral Properties, capital assets to be used by the Company or such Subsidiary (or any Restricted Subsidiary) in the Oil and Gas Business, Capital Stock of a Person primarily
engaged in a Related Business and, in the case of an Asset Disposition by, or of the Capital Stock of, Grizzly Holdings, other securities or Indebtedness that are by their terms payable within two years of the date of such Asset Disposition in cash
or other assets described in this clause (a)(2); and 
 (3) an amount equal to 100% of the Net Available Cash from such Asset
Disposition is applied by the Company (or such Subsidiary, as the case may be) 
 (A) to the extent the Company so elects (or
is required by the terms of any Indebtedness), to prepay, repay, purchase, repurchase, redeem, defease or otherwise acquire or retire for value Senior Indebtedness of the Company or any Subsidiary Guarantor or Indebtedness or Preferred Stock of such
Subsidiary or of any Restricted Subsidiary that is not a Subsidiary Guarantor (in each case other than Indebtedness owed to the Company or an Affiliate of the Company) within one year (or in the case of an Asset Disposition by, or of the Capital
Stock of, Grizzly Holdings, two years) from the later of the date of such Asset Disposition or the receipt of such Net Available Cash; 

(B) to the extent the Company so elects, to acquire Additional Assets or make capital expenditures in the Oil and Gas Business
within one year (or in the case of an Asset Disposition by, or of the Capital Stock of, Grizzly Holdings, two years) from the later of the date of such Asset Disposition or the receipt of such Net Available Cash; and 

(C) to the extent of the balance of the amount of Net Available Cash after application in accordance with clauses (A) and
(B), or, if the Company so elects, at any earlier time, to make an offer to the holders of the Securities (and to holders of other Senior Indebtedness of the Company or a Subsidiary Guarantor designated by the Company) to purchase Securities (and
such other Senior Indebtedness) pursuant to and subject to the conditions contained in this Indenture; 
 provided, however,
that in connection with any prepayment, repayment, purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness pursuant to clause (A) or (C) above (other than Indebtedness outstanding pursuant to
Section 4.03(b)(1)), the Company or such Subsidiary shall permanently retire such Indebtedness and shall cause the related loan commitment (if any) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid, purchased or
otherwise retired.

  
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 Notwithstanding the foregoing provisions of this Section 4.06, the Company and such
Subsidiaries shall not be required to apply any amount of Net Available Cash in accordance with this Section 4.06 except to the extent that the aggregate amount of Net Available Cash from all Asset Dispositions which is not applied in
accordance with this Section 4.06 exceeds $25.0 million.
 Pending application of any amount of Net Available Cash pursuant to this
Section 4.06, such amount may be invested in any manner not prohibited by this Indenture, including to temporarily reduce revolving credit indebtedness. 

For the purposes of Section 4.06(a)(2), the following are deemed to be cash or cash equivalents: (i) the release of, pursuant
to a novation or other agreement, or the discharge of, the Company or such Subsidiary from all liability on Indebtedness in connection with such Asset Disposition; (ii) with respect to any Asset Disposition of Hydrocarbon and Mineral
Properties, any agreement by the transferee (or an Affiliate thereof) to pay all or a portion of the Company’s or a Restricted Subsidiary’s share of any costs or expenses related to the exploration, development, completion or production of
Hydrocarbon and Mineral Properties and activities related thereto; and (iii) any securities, notes or other obligations received by the Company or any Restricted Subsidiary from such transferee that are, within 90 days after the Asset Disposition,
converted by the Company or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion. 
 The requirement
of Section 4.06(a)(3)(B) shall be deemed to be satisfied if an agreement (including a lease, whether a capital lease or an operating lease) committing to make the acquisitions or expenditures referred to therein is entered into by the Company or
such Subsidiary (or any Restricted Subsidiary) within the time period specified in such clause and the amount of such Net Available Cash is subsequently applied in accordance with such agreement within six months following such agreement. 

Notwithstanding the foregoing, in the event that a Subsidiary that is not a Wholly Owned Subsidiary effects an Asset Disposition and dividends
or distributes to all of its stockholders (including the Company or a Restricted Subsidiary) on a pro rata basis any Net Available Cash from such Asset Disposition, the Company or such Restricted Subsidiary need only apply an amount equal to
its pro rata share of such Net Available Cash in accordance with Section 4.06(a)(3) above. 
 (b) In the event of an Asset
Disposition that requires the purchase of Securities (and other Senior Indebtedness of the Company or a Subsidiary Guarantor) pursuant to Section 4.06(a)(3)(C), the Company shall make such offer to purchase Securities on or before the 366th day (or in the case of an Asset Disposition by, or of the Capital Stock of, Grizzly Holdings, the 731st day) after the later of the date of such Asset Disposition or the receipt of such Net
Available Cash and will purchase Securities tendered pursuant to an offer (an “Asset Disposition Offer”) by the Company for the Securities (and such other Senior Indebtedness) at a purchase price of 100% of their principal amount
(or, in the event such other Senior Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof) without premium, 

  
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plus accrued but unpaid interest, subject to the rights of Holders of record on the relevant record date to receive interest due on the relevant interest payment date (or, in respect of such
other Senior Indebtedness, such lesser price, if any, as may be provided for by the terms of such Senior Indebtedness) in accordance with the procedures (including prorating in the event of oversubscription) set forth in Section 4.06(c). If the
aggregate purchase price of the securities tendered exceeds the Net Available Cash allotted to their purchase, the Company will select the securities to be purchased on a pro rata basis but in round denominations, which in the case of
the Securities will be denominations of $2,000 principal amount or any greater multiple of $1,000. The Company shall not be required to make such an offer to purchase Securities (and other Senior Indebtedness) pursuant to this Section 4.06 if the
amount of Net Available Cash available therefor is less than $25.0 million (which lesser amount shall be carried forward for purposes of determining whether such an offer is required with respect to the Net Available Cash from any subsequent
Asset Disposition). Upon completion of such an offer to purchase, Net Available Cash shall be deemed to be reduced by the aggregate amount of such offer. 

(c) (1) Promptly, and in any event within 10 days after the Company becomes obligated to make an Asset Disposition Offer, the
Company shall deliver to the Trustee, and cause to be sent to each Holder, a written notice stating that the Holder may elect to have its Securities purchased by the Company either in whole or in part (subject to prorating as described in Section
4.06(b) in the event the Asset Disposition Offer is oversubscribed) in denominations of $2,000 of principal amount or any greater integral multiple of $1,000 thereof, at the applicable purchase price. The notice shall specify a purchase date not
less than 30 days nor more than 60 days after the date of such notice (the “Purchase Date”) and shall contain such information concerning the business of the Company which the Company in good faith believes will enable such Holders
to make an informed decision (which at a minimum will include (A) the most recently filed Annual Report on Form 10-K (including audited consolidated financial statements) of the Company, the most recent subsequently filed Quarterly Report on Form
10-Q and any Current Report on Form 8-K of the Company filed subsequent to such Quarterly Report, other than Current Reports describing Asset Dispositions otherwise described in the offering materials (or corresponding successor reports), (B) a
description of material developments in the Company’s business subsequent to the date of the latest of such Reports, and (C) if material, appropriate pro forma financial information) and all instructions and materials necessary to
tender Securities pursuant to the Offer, together with the information contained in clause (3). 
 (2) Not later than the
date upon which written notice of an Asset Disposition Offer is delivered to the Trustee as provided below, the Company shall deliver to the Trustee an Officers’ Certificate as to (A) the amount of the Offer (the “Offer
Amount”), including information as to any other Senior Indebtedness included in the Asset Disposition Offer, (B) the allocation of the Net Available Cash from the Asset Dispositions pursuant to which such Asset Disposition Offer is being
made and (C) the compliance of such allocation with the provisions of Section 4.06(a) and (b). On such date, the Company shall also irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust) in Temporary Cash 

  
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Investments, maturing on the last day prior to the Purchase Date or on the Purchase Date if funds are immediately available by open of business, an amount equal to the Offer Amount to be held for
payment in accordance with the provisions of this Section. If the Asset Disposition Offer includes other Senior Indebtedness, the deposit described in the preceding sentence may be made with any other paying agent pursuant to arrangements
satisfactory to the Trustee. Upon the expiration of the period for which the Asset Disposition Offer remains open (the “Offer Period”), the Company shall deliver to the Trustee for cancellation the Securities or portions thereof
which have been properly tendered to and are to be accepted by the Company. The Trustee shall, on the Purchase Date, mail or deliver payment (or cause the delivery of payment) to each tendering Holder in the amount of the purchase price. In the
event that the aggregate purchase price of the Securities delivered by the Company to the Trustee is less than the Offer Amount applicable to the Securities, the Trustee shall deliver the excess to the Company immediately after the expiration of the
Offer Period for application in accordance with this Section 4.06. 
 (3) Holders electing to have a Security purchased shall
be required to surrender the Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the Purchase Date. Holders shall be entitled to withdraw their election if
the Trustee or the Company receives, not later than one Business Day prior to the Purchase Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the
Holder and a statement that such Holder is withdrawing its election to have such Security purchased. Holders whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the
Securities surrendered. 
 (4) At the time the Company delivers Securities to the Trustee which are to be accepted for
purchase, the Company shall also deliver an Officers’ Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance with the terms of this Section. A Security shall be deemed to have been accepted for
purchase at the time the Trustee, directly or through an agent, mails or otherwise sends or delivers payment therefor to the surrendering Holder. 

(d) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Securities pursuant to this Section 4.06. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.06, the
Company shall comply with the applicable securities laws and regulations and shall be deemed not to have breached its obligations under this Section 4.06 by virtue of its compliance with such securities laws or regulations. 

Notwithstanding anything to the contrary in this Section 4.06, all references herein to “Net Available Cash” shall be deemed
to mean cash in an amount 

  
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equal to the amount of Net Available Cash but not necessarily the actual cash received from the relevant Asset Disposition. The Company and its Subsidiaries shall have no obligation to segregate,
trace or otherwise identify Net Available Cash (other than the amount thereof), it being agreed that cash is fungible and that the Company’s obligations under this covenant may be satisfied by the application of funds from other sources. 

SECTION 4.07. Limitation on Affiliate Transactions. (a) The Company shall not, and shall not permit any Restricted Subsidiary
to, enter into any transaction (including the purchase, sale, lease or exchange of any property, employee compensation arrangements or the rendering of any service) with (which term, for purposes of this Section 4.07, shall include “for the
benefit of” where appropriate in the context) any Affiliate of the Company involving aggregate consideration in excess of $1.0 million (an “Affiliate Transaction”) unless: 

(1) the terms of the Affiliate Transaction, taken as a whole, are no less favorable to the Company or such Restricted
Subsidiary than those that could reasonably be expected to be obtained at the time of the Affiliate Transaction in arm’s-length dealings with a Person who is not an Affiliate; 

(2) if such Affiliate Transaction involves an amount in excess of $20.0 million, the terms of the Affiliate Transaction are set
forth in writing and an officer of the Company disinterested with respect to such Affiliate Transaction shall have determined in good faith that the criteria set forth in Section 4.07(a)(1) are satisfied and shall have approved the relevant
Affiliate Transaction as evidenced by an Officers’ Certificate delivered to the Trustee stating that such Affiliate Transaction complies with this Indenture; 

(3) if such Affiliate Transaction involves an amount in excess of $50.0 million, the terms of the Affiliate Transaction are set
forth in writing and a majority of the members of the Board of Directors of the Company disinterested with respect to such Affiliate Transaction shall have determined in good faith that the criteria set forth in clause (1) are satisfied and shall
have approved the relevant Affiliate Transaction, all as evidenced by a resolution of the Board of Directors; and 
 (4) if
such Affiliate Transaction involves an amount in excess of $100.0 million, the Board of Directors shall have received a written opinion from an Independent Qualified Party to the effect that such Affiliate Transaction is fair, from a financial
standpoint, to the Company and its Restricted Subsidiaries or is not less favorable to the Company and its Restricted Subsidiaries than could reasonably be expected to be obtained at the time in an arm’s-length transaction with a Person who was
not an Affiliate. 

  
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 (b) The provisions of Section 4.07(a) shall not prohibit: 

(1) any Investment or other Restricted Payment (or any other payments excluded from such definitions or their component
definitions), in each case not prohibited to be made pursuant to Section 4.04; 
 (2) any issuance of securities, or
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment and consulting arrangements, stock options and stock ownership plans or other benefit plans approved by the Board of Directors; 

(3) loans or advances to officers, directors and employees in the ordinary course of business of the Company or its Restricted
Subsidiaries, but in any event not to exceed $2.5 million in the aggregate outstanding at any one time; 
 (4) reasonable
fees, compensation and other benefits paid to, severance arrangements with, and indemnity and similar arrangements provided on behalf of, officers, directors, employees and consultants of the Company or any Restricted Subsidiary of the Company as
determined in good faith by the Company’s Board of Directors or senior management; 
 (5) any transaction with the
Company, a Restricted Subsidiary or joint venture or other Person (other than an Unrestricted Subsidiary) that would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns, directly or indirectly, an equity
interest in or otherwise controls such Restricted Subsidiary, joint venture or other Person; provided that no Affiliate of the Company, other than the Company or a Restricted Subsidiary, shall have a beneficial interest or otherwise
participate in such Restricted Subsidiary, joint venture or other Person other than through such Affiliate’s ownership of the Company; 

(6) the issuance or sale of any Capital Stock (other than Disqualified Stock) of the Company and the granting of customary
registration rights in connection therewith; 
 (7) any transaction with Affiliates pursuant to or contemplated by any
agreement that is described in the Offering Circular or that is described in a filing with the SEC that is incorporated by reference in the Offering Circular and in each case any amendments, renewals or extensions of any such agreement (so long as
such amendments, renewals or extensions are not materially less favorable to the Company or the Restricted Subsidiaries, taken as a whole, than the agreement so amended, renewed or extended) and all transactions pursuant thereto or contemplated
thereby; 
 (8) transactions with customers, clients, vendors, suppliers or other purchasers or sellers of goods or services,
in each case, in their capacities as such and in the ordinary course of business (including pursuant to joint venture agreements); 

  
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 (9) any transaction on arm’s-length terms with any non-Affiliate that
becomes an Affiliate as a result of such transaction; 
 (10) Permitted Grizzly Dispositions; 

(11) transactions between the Company or any of its Restricted Subsidiaries and any Person that would not otherwise constitute
an Affiliate Transaction except for the fact that a director or manager of such Person is also a director or manager of the Company or a Restricted Subsidiary if such director or manager abstains from voting as a director or manager of the Company
or such Restricted Subsidiary, as applicable, on such transaction; 
 (12) pledges by the Company or any Restricted
Subsidiary of (or any guarantee by the Company or any Restricted Subsidiary limited in recourse solely to) Equity Interests in Unrestricted Subsidiaries for the benefit of lenders or other creditors of the Unrestricted Subsidiaries; and 

(13) agreements of the types described in the defined term “Permitted Business Investments,” contracts for exploring
for, drilling, developing, producing, processing, gathering, transporting, marketing or storing Hydrocarbons and Minerals or activities or services reasonably related or ancillary thereto, and other operational contracts, that are entered into in
the ordinary course of business on terms substantially similar to those contained in similar contracts entered into by the Company or any of its Restricted Subsidiaries with unrelated third parties, or if neither the Company nor any Restricted
Subsidiary has entered into a similar contract with a third party, then on terms no less favorable than those available from third parties on an arm’s length basis, in each case as determined in good faith by the Company, and all transactions
pursuant to or contemplated by such agreements and contracts. 
 SECTION 4.08. Limitation on Line of Business. The Company shall not,
and shall not permit any Restricted Subsidiary to, engage in any business other than a Related Business, except to the extent that such business would not be material to the Company and its Restricted Subsidiaries, taken as a whole. 

SECTION 4.09. Change of Control. (a) Upon the occurrence of a Change of Control, each Holder shall have the right to require
that the Company repurchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of
holders of record on the relevant record date to receive interest due on the relevant interest payment date).
 (b) Within 30 days
following any Change of Control, the Company shall send a notice to each Holder with a copy to the Trustee (the “Change of Control Offer”) stating: 

(1) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such
Holder’s Securities at a purchase 

  
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price (the “Change of Control Purchase Price”) in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest, if any, to the
date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date); 

(2) the circumstances and relevant facts regarding such Change of Control (including information with respect to pro
forma historical income, cash flow and capitalization, in each case after giving effect to such Change of Control); 

(3) the purchase date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is
sent); and 
 (4) the instructions, as determined by the Company, consistent with this Section, that a Holder must follow in
order to have its Securities purchased. 
 (c) Holders electing to have a Security purchased will be required to surrender the Security,
with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Holders will be entitled to withdraw their election if the Trustee or the Company receives,
not later than one Business Day prior to the purchase date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such Holder
is withdrawing its election to have such Security purchased. 
 (d) On the purchase date, all Securities purchased by the Company under this
Section shall be delivered by the Company to the Trustee for cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto. 

(e) Notwithstanding the foregoing provisions of this Section, the Company shall not be required to make a Change of Control Offer following a
Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section applicable to a Change of Control Offer made by the Company and purchases
all Securities validly tendered and not withdrawn under such Change of Control Offer or if notice of redemption has been given pursuant to paragraph 6 of the Securities. 

(f) Notwithstanding any other provision of this Indenture, a Change of Control Offer may be made in advance of a Change of Control,
conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 

(g) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Securities as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict

  
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with the provisions of this Section, the Company shall comply with the applicable securities laws and regulations and shall be deemed not to have breached its obligations under this Section by
virtue of its compliance with such securities laws or regulations. 
 (h) In the event that Holders of not less than 90% in aggregate
principal amount of the outstanding Securities accept a Change of Control Offer and the Company (or any third party making such Change of Control Offer in lieu of the Company as described above) purchases all of the Securities tendered by such
Holders, the Company shall have the right, upon not less than 30 nor more than 60 days prior notice, given not more than 30 days following the purchase pursuant to the Change of Control Offer described above, to redeem all of the Securities that
remain outstanding following such purchase at a redemption price equal to the Change of Control Purchase Price, including interest to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date). 
 SECTION 4.10. Limitation on Liens. The Company shall not, and shall not permit
any Subsidiary Guarantor to, directly or indirectly, Incur or permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any of its properties (including Capital Stock of a Restricted Subsidiary), whether owned at the
Issue Date or thereafter acquired, securing any Indebtedness, other than Permitted Liens, without effectively providing that the Securities or such Subsidiary Guarantor’s Subsidiary Guarantee, as applicable, shall be secured equally and ratably
with (or, at the Company’s election, prior to) the Indebtedness so secured for so long as such Indebtedness is so secured. 
 Any
such Lien thereby created securing the Securities or any Subsidiary Guarantee pursuant to the preceding sentence shall be automatically and unconditionally released and discharged upon (i) the release and discharge of each Initial Lien to which
it relates, (ii) in the case of such Lien securing any such Subsidiary Guarantee, the termination and discharge of such Subsidiary Guarantee in accordance with this Indenture or (iii) any sale, exchange or transfer to any Person not an
Affiliate of the Company of the property or assets secured by such Initial Lien. 
 SECTION 4.11. Future Subsidiary
Guarantors. The Company shall cause each Restricted Subsidiary that enters into a Guarantee of any Indebtedness of the Company or any other Restricted Subsidiary (other than a Foreign Subsidiary that Guarantees only Indebtedness Incurred by
a Foreign Subsidiary) to, in each case, within 30 days thereafter, execute and deliver to the Trustee a Guaranty Agreement pursuant to which such Restricted Subsidiary will Guarantee payment of the Securities on the same terms and conditions as
those set forth in Article 10 of this Indenture and applicable to the other Subsidiary Guarantors. 
 SECTION 4.12. Compliance
Certificate. (a) The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties
as Officers of the Company they would normally have knowledge of any Default 

  
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and whether or not the signers know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Company is taking
or proposes to take with respect thereto. Such Officers’ Certificate shall comply with Trust Indenture Act § 314(a)(4). 

(b) So long as any of the Securities are outstanding, the Company shall deliver to the Trustee, within 30 days after the occurrence of a
Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default, its status, and what action the Company is taking or proposes to take with respect thereto. 

SECTION 4.13. Further Instruments and Acts. Upon request of the Trustee, the Company shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 4.14. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture. The
Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the
execution of every such power as though no such law had been enacted. 
 SECTION 4.15. Termination of Covenants.

(a) On the day (such date, the “Termination Date”) after the Issue Date on which:

(1) the Securities have an Investment Grade Rating from both Standard & Poor’s and Moody’s; 

(2) no Default has occurred and is continuing; and 

(3) the Company has delivered to the Trustee the Officers’ Certificate described below, 

the covenants listed below will be permanently terminated and the Company and its Subsidiaries, as applicable, will not be subject to the provisions of
Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08 and Section 5.01(a)(3). On the Termination Date, the Company will provide an Officers’ Certificate to the Trustee regarding such occurrence. The Trustee shall have no obligation to independently
determine or verify if the Termination Date has occurred or notify the Holders of the Termination Date. The Trustee may provide a copy of such Officers’ Certificate to any Holder of the Securities upon written request. 

  
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 Article 5 

Successor Company 

SECTION 5.01. When Company May Merge or Transfer Assets. (a) The Company shall not consolidate with or merge with or into, or
convey, transfer or lease, in one transaction or a series of related transactions, directly or indirectly, all or substantially all its assets to, any Person, unless: 

(1) the resulting, surviving or transferee Person (the “Successor Company”) shall be a corporation organized
and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by an indenture supplemental thereto, executed and delivered to the
Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Company under the Securities and this Indenture; 

(2) immediately after giving pro forma effect to such transaction (and treating any Indebtedness which becomes an
obligation of the Company or a Subsidiary as a result of such transaction as having been Incurred by the Company or such Subsidiary at the time of such transaction), no Default shall have occurred and be continuing; 

(3) immediately after giving pro forma effect to such transaction, (x) the Successor Company would be able to
Incur an additional $1.00 of Indebtedness pursuant to Section 4.03(a) or (y) the Consolidated Coverage Ratio of the Company or the Successor Company will be equal to or greater than the Consolidated Coverage Ratio of the Company immediately
prior to such transaction; 
 (4) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, together stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture (if any) comply with this Indenture; and 

(5) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize
income, gain or loss for Federal income tax purposes as a result of such transaction and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such transaction had not
occurred; 
 provided, however, that clause (3) will not be applicable to (A) the Company or a Restricted Subsidiary consolidating with,
merging into, conveying, transferring or leasing all or part of its assets to the Company or a Subsidiary Guarantor or (B) the Company merging with an Affiliate of the Company solely for the purpose and with the sole effect of reincorporating
the Company in another jurisdiction. 

  
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 For purposes of this Section 5.01(a), the sale, lease, conveyance, assignment, transfer or
other disposition of all or substantially all of the properties and assets of one or more Restricted Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Restricted Subsidiaries, would constitute all or
substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the assets of the Company; provided, however, that this Section 5.01(a) shall not
be applicable to Permitted Grizzly Dispositions. 
 The Successor Company (if not the Company) shall be the successor to the Company and
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, and the predecessor Company, except in the case of a lease, shall be released from the obligation to pay the principal of and
interest on the Securities. 
 For all purposes of this Indenture, Subsidiaries of any Successor Company will, upon any transaction subject
to this Section 5.01(a), become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture, and all Indebtedness and Liens of the Successor Company and its Subsidiaries that were not Indebtedness or Liens on
property or assets, as the case may be, of the Company and its Subsidiaries immediately prior to such transaction shall be deemed to have been Incurred upon such transaction. 

(b) The Company shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey, transfer or lease, in one
transaction or a series of related transactions, all or substantially all of its assets to any Person unless: 
 (1) the
resulting, surviving or transferee Person (if not such Subsidiary) shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any State
thereof or the District of Columbia, and such Person (if not the Company or a Subsidiary Guarantor) shall expressly assume, by a Guaranty Agreement, all the obligations of such Subsidiary, if any, under its Subsidiary Guarantee; provided,
however, that this clause (1) shall not apply if such Person is not a Subsidiary of the Company if in connection therewith the Company provides an Officers’ Certificate to the Trustee to the effect that the Company will comply with its
obligations, if any, under Section 4.06 in respect of such transaction; 
 (2) immediately after giving effect to such
transaction or transactions on a pro forma basis (and treating any Indebtedness which becomes an obligation of such Subsidiary as a result of such transaction as having been issued by such Subsidiary at the time of such transaction),
no Default shall have occurred and be continuing; and 
 (3) the Company delivers to the Trustee an Officers’
Certificate and an Opinion of Counsel, together stating that such consolidation, merger or transfer and such Guaranty Agreement, if any, complies with this Indenture. 

  
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 Article 6 

Defaults and Remedies 

SECTION 6.01. Events of Default. An “Event of Default” occurs if: 

(1) the Company defaults in any payment of interest on any Security when the same becomes due and payable, and such default
continues for a period of 30 days; 
 (2) the Company defaults in the payment of the principal of any Security when the same
becomes due and payable at its Stated Maturity, upon optional redemption, upon required purchase, upon declaration of acceleration or otherwise; 

(3) the Company fails to comply with its obligations in Section 5.01; 

(4) the Company fails to comply for (i) 30 days after notice with any of its obligations in Sections 4.03, 4.04, 4.05,
4.06 (other than a failure to purchase Securities), 4.07, 4.08, 4.09 (other than a failure to purchase Securities), 4.10 or 4.11 or (ii) 90 days after notice with any of its obligations in Section 4.02; 

(5) the Company or any Subsidiary Guarantor fails to comply for 60 days after notice with its other agreements contained in
this Indenture; 
 (6) Indebtedness of the Company, any Subsidiary Guarantor or any Significant Subsidiary is not paid within
any applicable grace period after final maturity or is accelerated by the holders thereof because of a default and the total amount of such Indebtedness unpaid or accelerated exceeds $25.0 million; 

(7) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case; 

(B) consents to the entry of an order for relief against it in an involuntary case; 

(C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(D) makes a general assignment for the benefit of its creditors; 

or takes any comparable action under any foreign laws relating to insolvency; 

  
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 (8) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
 (A) is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(B) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or 

(C) orders the winding up or liquidation of the Company or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and, in each case, the order or decree remains unstayed and in effect for
60 days; 
 (9) any judgment or decree for the payment of money in excess of $25.0 million above the coverage under
applicable insurance policies and indemnities, as to which the relevant insurer or indemnitor has not disclaimed responsibility, is entered against the Company or any Significant Subsidiary, remains outstanding for a period of 60 consecutive days
following the entry of such judgment or decree and is not discharged, waived or stayed; or 
 (10) any Subsidiary Guarantee
ceases to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantee) or any Subsidiary Guarantor denies or disaffirms its obligations under its Subsidiary Guarantee. 

The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary
or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

A Default under clauses (4) and (5) shall not constitute an Event of Default until the Trustee or the holders of 25% in principal amount of
the outstanding Securities notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied, and state that
such notice is a “Notice of Default”. 
 SECTION 6.02. Acceleration.

(a) If an Event of Default (other than an Event of Default specified in Section 6.01(7) or (8) with respect to the Company) occurs and is
continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the outstanding Securities by notice to the Company and the Trustee, may declare the principal of and accrued but unpaid interest on all the
Securities to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately.

  
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 (b) If an Event of Default specified in Section 6.01(7) or (8) with respect to the Company
occurs and is continuing, the principal of and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders.

(c) The Holders of a majority in principal amount of the Securities by notice to the Trustee may rescind an acceleration and its consequences
if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission
shall affect any subsequent Default or impair any right consequent thereto. 
 (d) In the event of a declaration of acceleration of the
Securities solely because an Event of Default described in Section 6.01(6) has occurred and is continuing, the declaration of acceleration of the Securities shall be automatically rescinded and annulled if the event of default or payment
default triggering such Event of Default pursuant to Section 6.01(6) shall be remedied or cured by the Company or such Subsidiary or waived by the holders of the relevant Indebtedness within 20 Business Days after the declaration of acceleration
with respect thereto and if the rescission and annulment of the acceleration of the Securities would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on the
Securities. 
 SECTION 6.03. Other Remedies.

(a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of or
interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 (b) The Trustee may
maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

SECTION 6.04. Waiver of Past Defaults. The Holders of a majority in principal amount of the Securities by notice to the Trustee
may waive an existing Default and its consequences except: 
 (a) a Default in the payment of the principal of or interest on a Security;

 (b) a Default arising from the failure to redeem or purchase any Security when required pursuant to this Indenture; or 

(c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Securityholder affected.

  
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 When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent
or other Default or impair any consequent right. 
 SECTION 6.05. Control by Majority. The Holders of a majority in principal
amount of the outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Securityholders or would involve the Trustee in personal liability; provided,
however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.

SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment of principal, premium (if any) or interest when
due, no Securityholder may pursue any remedy with respect to this Indenture or the Securities unless: 
 (1) such holder has
previously given the Trustee notice that an Event of Default is continuing; 
 (2) holders of at least 25% in principal
amount of the outstanding Securities have requested the Trustee to pursue the remedy; 
 (3) such holders have offered the
Trustee reasonable security or indemnity against any loss, liability or expense; 
 (4) the Trustee has not complied with
such request within 60 days after the receipt thereof and the offer of security or indemnity; and 
 (5) holders of a
majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. 

A Securityholder may not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over
another Securityholder. In the event that the Definitive Securities are not issued to any beneficial owner promptly after the Registrar has received a request from the Holder of a Global Security to issue such Definitive Securities to such
beneficial owner of its nominee, the Company expressly agrees and acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to this Indenture, the right of such beneficial holder of Securities to pursue such remedy with
respect to the portion of the Global Security that represents such beneficial holder’s Securities as if such Definitive Securities had been issued. 

SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder
to receive 

  
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payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed in the Securities, or to bring suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.08.
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole
amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 

SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and the Securityholders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or applicable regulations, may vote on
behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any
other amounts due the Trustee under Section 7.07. 
 SECTION 6.10. Priorities. If the Trustee collects any money or
property pursuant to this Article 6, it shall pay out the money or property in the following order: 
 FIRST: to the
Trustee for amounts due under Section 7.07; 
 SECOND: to Securityholders for amounts due and unpaid on the Securities
for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 

THIRD: to the Company. 

Subject to the requirements of the following sentence, the Trustee may fix a record date and payment date for any payment to Securityholders
pursuant to this Section. At least 15 days before such record date, the Company shall cause to be sent to each Securityholder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith 

  
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of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than
10% in aggregate principal amount of the outstanding Securities. 
 Article 7 

Trustee 
 SECTION 7.01.
Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent
Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
 (b) Except during the continuance
of an Event of Default: 
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or
not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own wilful misconduct, except that: 
 (1) this paragraph does not limit the effect
of paragraph (b) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by
a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section.

 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

  
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 (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the Trust Indenture Act. 
 SECTION
7.02. Rights of Trustee. (a) The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the
document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 (d) To the extent permitted under the Trust Indenture Act, the Trustee shall not be liable for any action it takes or omits to take in
good faith which it believes to be authorized or within its rights or powers. 
 (e) The Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities which may be incurred therein or thereby. 
 (g) The Trustee shall have no duty to inquire as to the
performance of the Company’s covenants in Article 4. In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (i) any Event of Default occurring pursuant to Section 6.01(1) or 6.01(2);
or (ii) any Default or Event of Default of which a Trust Officer shall have received written notification. 

  
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 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may
do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 
 SECTION 7.04.
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of
the proceeds from the Securities, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s
certificate of authentication. 
 SECTION 7.05. Notice of Defaults. If a Default occurs, is continuing and is known to the
Trustee, the Trustee shall send to each Securityholder notice of the Default within 90 days after it occurs. Except in the case of a Default in the payment of principal of or interest on any Security (including payments pursuant to the
mandatory purchase provisions of such Security), the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is not opposed to the interests of the Securityholders.

 SECTION 7.06. Reports by Trustee to Holders. As promptly as practicable after each May 15 beginning with May 15, 2017,
and in any event prior to July 15 in each year, the Trustee shall mail to each Securityholder a brief report dated as of May 15 that complies with Trust Indenture Act § 313(a). The Trustee also shall comply with Trust
Indenture Act § 313(b). 
 A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and
each stock exchange (if any) on which the Securities are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 

SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from time to time reasonable compensation for its
services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and
experts. The Company shall indemnify the Trustee against any and all loss, liability or expense (including attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties
hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall
defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of 

  
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such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee that has been adjudicated to have been the result of the
Trustee’s own wilful misconduct, negligence or bad faith. 
 To secure the Company’s payment obligations in this Section, the
Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities. 

The Company’s payment obligations pursuant to this Section shall survive the discharge of this Indenture. When the Trustee incurs
expenses after the occurrence of a Default specified in Section 6.01(7) or (8) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

SECTION 7.08. Replacement of Trustee.

(a) The Trustee may resign at any time by so notifying the Company. The Holders of a majority in principal amount of the outstanding
Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee.
 (b) The Company shall remove the
Trustee if: 
 (A) the Trustee fails to comply with Section 7.10; 

(B) the Trustee is adjudged bankrupt or insolvent; 

(C) a receiver or other public officer takes charge of the Trustee or its property; or 

(D) the Trustee otherwise becomes incapable of acting. 

(c) If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor
Trustee. 
 (d) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a
notice of its succession to Securityholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

(e) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of the outstanding Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
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 (f) If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (g) Notwithstanding the replacement
of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

SECTION 7.09. Successor Trustee by Merger.

(a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets
to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

(b) In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and in
case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such
cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Trust Indenture Act
§ 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with Trust Indenture Act § 310(b);
provided, however, that there shall be excluded from the operation of Trust Indenture Act § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Company are outstanding if the requirements for such exclusion set forth in Trust Indenture Act § 310(b)(1) are met. 

SECTION 7.11. Preferential Collection of Claims Against Company. The Trustee shall comply with Trust Indenture
Act § 311(a), excluding any creditor relationship listed in Trust Indenture Act § 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act § 311(a) to the extent indicated. 

  
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 Article 8 

Satisfaction and Discharge of Indenture; Defeasance 

SECTION 8.01. Discharge of Liability on Securities; Defeasance. (a) When (1) the Company delivers to
the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.07) for cancellation or (2) all outstanding Securities have become due and payable, whether at maturity or as a result of the sending of a notice of
redemption pursuant to Article 3 hereof, or will become due and payable within one year or are to be called for redemption within one year, and, in the case of clause (2), the Company irrevocably deposits with the Trustee or the Paying Agent,
as applicable, (x) cash in United States dollars or (y) cash in United States dollars, U.S. Government Obligations, or a combination thereof, in such amounts as, in the aggregate, will be sufficient (in the case of clause (y), (A) in the opinion of
a nationally recognized firm of independent public accountants or a nationally recognized investment banking firm, or (B) if no such opinion in the immediately preceding clause (A) can be reasonably obtained, in the opinion of the chief financial
officer of the Company) to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such redemption date (other than Securities replaced pursuant to Section 2.07), and if in either case the Company
pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(c), be satisfied and discharged and cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this
Indenture on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company. 

(b) Subject to Sections 2.03, 2.06, 2.07, 8.01(c) and 8.02, the Company at any time may terminate (1) all its obligations under the
Securities and this Indenture (“legal defeasance option”) or (2) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10 and 4.11 and the operation of Sections 6.01(6), 6.01(7), 6.01(8), 6.01(9) and
6.01(10) (but, in the case of Sections 6.01(7) and (8), with respect only to Subsidiaries) and the limitations contained in Section 5.01(a)(3) (“covenant defeasance option”). 

The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. If the Company
exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default with respect thereto. If the Company exercises its covenant defeasance option, payment of the Securities may not be
accelerated because of an Event of Default specified in Sections 6.01(4), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and 6.01(10) (but, in the case of Sections 6.01(7) and (8), with respect only to Subsidiaries) or because of the failure of the
Company to comply with Section 5.01(a)(3). If the Company exercises its legal defeasance option or its covenant defeasance option, each Subsidiary Guarantor shall be automatically released from all of its obligations with respect to its
Subsidiary Guarantee. 

  
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 Upon satisfaction of the conditions set forth herein and upon request of the Company, the Trustee
shall acknowledge in writing the discharge of those obligations that the Company terminates. 
 (c) Notwithstanding clauses (a) and (b)
above, the Company’s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 7.07 and 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s obligations in Sections 7.07,
8.04 and 8.05 shall survive. 
 SECTION 8.02. Conditions to Defeasance. The Company may exercise its legal defeasance option or
its covenant defeasance option only if: 
 (1) the Company irrevocably deposits in trust with the Trustee (x) cash in United
States dollars or (y) cash in United States dollars, U.S. Government Obligations, or a combination thereof, in such amounts as, in the aggregate, will be sufficient (in the case of clause (y), (A) in the opinion of a nationally recognized firm of
independent public accountants or a nationally recognized investment banking firm, or (B) if no such opinion in the immediately preceding clause (A) can be reasonably obtained, in the opinion of the chief financial officer of the Company) for the
payment of principal of and interest on the Securities to redemption or maturity, as the case may be; 
 (2) the Company
delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion (or, if two or more nationally recognized firms of independent accountants decline to issue such opinion after the Company
has made reasonable efforts to obtain such an opinion, a certificate from the Company’s chief financial officer expressing such opinion) that the payments of principal and interest when due and without reinvestment on the deposited U.S.
Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be;

 (3) 91 days pass after the deposit is made and during the 91-day period no Default specified in Sections 6.01(7)
or (8) with respect to the Company occurs which is continuing at the end of the period; 
 (4) the deposit does not
constitute a default under any other agreement binding on the Company (other than a default resulting from the borrowing of funds to be applied to such deposit and any similar concurrent deposit relating to other Indebtedness and, in each case, the
granting of any Lien to secure such borrowings in connection therewith); 
 (5) the Company delivers to the Trustee an
Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 

  
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 (6) the Company shall have delivered to the Trustee an Opinion of Counsel stating
that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Securityholders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income
tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred (and, in the case of legal defeasance only, such Opinion of Counsel must be based on a ruling of the
Internal Revenue Service or other change in applicable Federal income tax law); 
 (7) in the case of the covenant defeasance
option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Securityholders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit or covenant defeasance and will
be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit or covenant defeasance had not occurred; and 

(8) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, together stating that all
conditions precedent to the defeasance of the Securities as contemplated by this Article 8 have been complied with. 
 Before or after a
deposit, the Company may make arrangements satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article 3. 

SECTION 8.03. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with
it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the
Securities.
 SECTION 8.04. Repayment to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon
request any excess money or securities held by them at any time. 
 Subject to any applicable abandoned property law, the Trustee and the
Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Securityholders entitled to the money must look to the Company for payment as
general creditors. 

  
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 SECTION 8.05. Indemnity for Government Obligations. The Company shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and each Subsidiary
Guarantor’s obligations under this Indenture, each Subsidiary Guarantee and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted
to apply all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of interest on or principal of any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

Article 9 
 Amendments 

SECTION 9.01. Without Consent of Holders. The Company, the Subsidiary Guarantors and the Trustee may amend this Indenture,
the Securities and the Subsidiary Guarantees without notice to or consent of any Securityholder: 
 (1) to cure any
ambiguity, omission, defect or inconsistency; 
 (2) to provide for the assumption by a successor corporation of the
obligations of the Company or any Subsidiary Guarantor under this Indenture as contemplated by Article 5; 
 (3) to provide
for uncertificated Securities in addition to or in place of certificated Securities (provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Securities are described in Section 163(f)(2)(B) of the Code); 
 (4) to add Guarantees with respect to the
Securities, including any Subsidiary Guarantees, or to secure the Securities; 
 (5) to add to the covenants of the
Company or any Subsidiary Guarantor for the benefit of the Holders of the Securities or to surrender any right or power conferred upon the Company or any Subsidiary Guarantor; 

(6) to make any change that does not adversely affect the rights of any holder of the Securities in any material respect; 

  
 88 

 (7) to comply with any requirement of the SEC in connection with the
qualification of this Indenture under the Trust Indenture Act; 
 (8) to make any amendment to the provisions of this
Indenture relating to the transfer and legending of Securities; provided, however, that (a) compliance with this Indenture as so amended would not result in Securities being transferred in violation of the Securities Act or any other
applicable securities law and (b) such amendment does not materially and adversely affect the rights of Holders to transfer Securities; 

(9) to conform the text of this Indenture, the Securities or the Subsidiary Guarantees to any provision of the
“Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Securities or the
Subsidiary Guarantees; or 
 (10) to reflect the issuance of Additional Securities in compliance with the terms of this
Indenture. 
 After an amendment under this Section becomes effective, the Company shall send to Securityholders a notice briefly describing
such amendment. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 

SECTION 9.02. With Consent of Holders.

(a) The Company, the Subsidiary Guarantors and the Trustee may amend this Indenture, the Securities or the Subsidiary Guarantees with the
written consent of the Holders of at least a majority in principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange for the Securities) and any past default or compliance with any
provisions may also be waived with the consent of the Holders of at least a majority in principal amount of the Securities then outstanding. However, without the consent of each Securityholder affected thereby, an amendment or waiver may not:

 (A) reduce the amount of Securities whose Holders must consent to an amendment; 

(B) reduce the rate of or extend the time for payment of interest on any Security; 

(C) reduce the principal of or change the Stated Maturity of any Security; 

(D) reduce the amount payable upon the redemption of any Security or change the date on which any Security may be redeemed
pursuant to paragraph 5 of the Securities (provided that the foregoing shall not include changing the notice periods for any redemption); 

  
 89 

 (E) make any Security payable in money other than that stated in the Security;

 (F) impair the right of any holder of the Securities to receive payment of principal of and interest on such holder’s
Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Securities; 

(G) make any change in Section 6.04 or 6.07 or the second sentence of this Section; 

(H) make any change in the ranking or priority of any Security that would adversely affect the Securityholders; or 

(I) make any change in, or release other than in accordance with this Indenture, any Subsidiary Guarantee that would adversely
affect the Securityholders. 
 (b) It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 (c) After an
amendment under this Section becomes effective, the Company shall send to Securityholders a notice briefly describing such amendment. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the
validity of an amendment under this Section 9.02. 
 (d) Notwithstanding the preceding, (i) the provisions under this Indenture, including
Section 4.06, relative to the obligation to make an offer to repurchase the Securities as a result of an Asset Disposition and (ii) the provisions under this Indenture, including Section 4.09, relative to the Company’s obligation to make an
offer to repurchase the Securities as a result of a Change of Control, in each case may be waived or modified with the written consent of the holders of a majority in principal amount of the Securities. 

SECTION 9.03. Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities shall comply with the Trust
Indenture Act as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents and Waivers.

(a) A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or
portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver
as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every
Securityholder. An amendment or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 

  
 90 

 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Securityholders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Securityholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or
not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the Trustee may require the
Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the
Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such
amendment. 
 SECTION 9.06. Trustee To Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article
9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity
reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture.

 SECTION 9.07. Payment for Consent. Neither the Company nor any Restricted Subsidiary shall, directly or indirectly, pay or
cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. Notwithstanding the foregoing, the
Company and its Restricted Subsidiaries shall be permitted in any such solicitation, offer (including any tender or exchange offer) or payment to exclude any category of Holders (including by jurisdiction) if (a) (i) applicable law, regulatory
guidance, listing requirements or common practice could reasonably be interpreted as requiring the Company or any Restricted Subsidiary to file a registration statement, prospectus or similar document in connection therewith or (ii) such
solicitation, offer or payment would not be permitted under applicable law with respect to Holders in such category, and (b) each excluded Holder shall have the right, in each case if such right is permitted under applicable law and will not give
rise to a filing requirement of the type described in clause (a)(i), to (i) receive any applicable solicitation materials as if it were 

  
 91 

 
not an excluded Holder and (ii) accept a payment in an amount equal to the payment such Holder would have had the right to receive if it had not been an excluded Holder and had accepted such
offer. 
 Article 10 

Subsidiary Guarantees 

SECTION 10.01. Guarantees. (a) Subject to the terms and conditions of this Article 10, each Subsidiary Guarantor hereby
unconditionally and irrevocably guarantees, jointly and severally, to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment of principal of and interest on the Securities when due, whether at maturity,
by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under this Indenture and the Securities and (ii) the full and punctual performance within applicable grace periods of all other obligations of the
Company under this Indenture and the Securities (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or
renewed, in whole or in part, without notice or further assent from such Subsidiary Guarantor and that such Subsidiary Guarantor will remain bound under this Article 10 notwithstanding any extension or renewal of any Obligation. 

(b) Each Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations
and also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by
(1) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person (including any Subsidiary Guarantor) under this Indenture, the Securities or any other
agreement or otherwise; (2) any extension or renewal of any thereof; (3) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (4) the release of
any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or
(6) except as set forth in Section 10.06, any change in the ownership of such Subsidiary Guarantor. 
 (c) Each Subsidiary Guarantor
further agrees that its Subsidiary Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to
any security held for payment of the Guaranteed Obligations. 
 (d) Except as expressly set forth in Sections 8.01(b), 10.02 and 10.06,
the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject
to any 

  
 92 

 
defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without
limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any
remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission
or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Subsidiary Guarantor or would otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law or equity. 

(e) Each Subsidiary Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if
at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise. 

(f) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against
any Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or
to perform or comply with any other Guaranteed Obligation, each Subsidiary Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount
equal to the sum of (A) the unpaid amount of such Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of
the Company to the Holders and the Trustee. 
 (g) Each Subsidiary Guarantor agrees that, as between it, on the one hand, and the Holders
and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations hereby may be accelerated as provided in Article 6 for the purposes of such Subsidiary Guarantor’s Subsidiary Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for the purposes of this Section. 

(h) Each Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the
Trustee or any Holder in enforcing any rights under this Section. 
 SECTION 10.02. Limitation on Liability. Any term or
provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Subsidiary Guarantor shall not 

  
 93 

 
exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 
 SECTION 10.03. Successors and
Assigns. This Article 10 shall be binding upon each Subsidiary Guarantor and its successors and assigns and shall enure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and
conditions of this Indenture. 
 SECTION 10.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or
the Holders in exercising any right, power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights,
remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

SECTION 10.05. Modification. No modification, amendment or waiver of any provision of this Article 10, nor the consent to any
departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for
which given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 10.06. Release of Subsidiary Guarantor. A Subsidiary Guarantor will be automatically released from its
obligations under this Article 10 (other than any obligation that may have arisen under Section 10.07): 
 (1) upon any
consolidation with or merger with or into, or conveyance, transfer or lease, in one transaction or a series of related transactions, of all or substantially all of its assets to any Person by such Subsidiary Guarantor except as required pursuant to
Section 5.01(b)(1); 
 (2) upon the disposition of all or a portion of the Capital Stock of such Subsidiary Guarantor such
that such Subsidiary Guarantor ceases to be a Subsidiary, if in connection therewith the Company provides an Officers’ Certificate to the Trustee to the effect that the Company will comply with its obligations, if any, under Section 4.06 in
respect of such disposition; 
 (3) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; 

  
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 (4) at such time as such Subsidiary Guarantor does not have any Guarantees
outstanding that would have required such Subsidiary Guarantor to enter into a Guaranty Agreement pursuant to Section 4.11; or 

(5) if the Company exercises its legal defeasance option or its covenant defeasance option in Section 8.01 or if the
Company’s obligations under this Indenture are discharged in accordance with the terms of this Indenture. 
 Upon delivery by the Company to the
Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that any of the conditions described above has occurred, the Trustee shall execute any supplemental indenture or other documents reasonably requested by the Company in
order to evidence the release of any Subsidiary Guarantor from its obligations under its Subsidiary Guarantee and this Indenture. 
 SECTION
10.07. Contribution. Each Subsidiary Guarantor that makes a payment under its Subsidiary Guarantee shall be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other Subsidiary
Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP.

 Article 11 

Miscellaneous 
 SECTION
11.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the Trust Indenture Act, the required provision shall
control. 
 SECTION 11.02. Notices. (a) Any notice or communication shall be in writing and delivered in person or mailed
by first-class mail addressed as follows: 
 if to the Company or any Subsidiary Guarantor:

Gulfport Energy Corporation 

14313 North May Avenue, Suite 100 

Oklahoma City, OK 73134 

Attention: Chief Financial Officer 

Facsimile: (405) 848-8816 
 if to
the Trustee:
 Wells Fargo Bank, N.A. 

750 N. St. Paul Place, Suite 1750 

Dallas, Texas 75201 

MAC: T9263-170 

Attention: Corporate, Municipal and Escrow Services 

Telecopier No.: (214) 756-7401 

  
 95 

 (b) The Company, any Subsidiary Guarantor or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or communications. 
 (c) Any notice or communication mailed to a Securityholder
shall be mailed to the Securityholder at the Securityholder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

(d) Failure to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

SECTION 11.03. Communication by Holders with Other Holders. Securityholders may communicate pursuant to Trust Indenture Act §
312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, any Subsidiary Guarantor, the Trustee, the Registrar and anyone else shall have the protection of Trust Indenture Act §
312(c). 
 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to
the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (1)
an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in
the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 11.05. Statements Required in Certificate
or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 

(1) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such individual, he has made
such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

  
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 SECTION 11.06. When Securities Disregarded. In determining whether the Holders of the
required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so
owned shall be so disregarded. Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

SECTION 11.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
Securityholders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 11.08. Legal
Holidays. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the
record date shall not be affected. 
 SECTION 11.09. Governing Law. This Indenture and the Securities shall be governed by, and
construed in accordance with, the laws of the State of New York. 
 SECTION 11.10. No Recourse Against Others. A director,
officer, employee, incorporator or stockholder, as such, of the Company or any Subsidiary Guarantor (other than a stockholder that is the Company or another Subsidiary Guarantor) shall not have any liability for any obligations of the Company or any
Subsidiary Guarantor under the Securities, any Subsidiary Guarantee or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting a Security, each Securityholder shall waive and
release all such liability. The waiver and release shall be part of the consideration for the issuance of the Securities. 
 SECTION
11.11. Successors. All agreements of the Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 11.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as 

  
 97 

 
to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes. 
 SECTION 11.13. Table of Contents; Headings. The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

  
 98 

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

							
	GULFPORT ENERGY CORPORATION,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer and President
	
	JAGUAR RESOURCES LLC,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer
	
	PUMA RESOURCES, INC.,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer
	
	GATOR MARINE, INC.,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer

  
 99 

							
	GATOR MARINE IVANHOE, INC.,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer
	
	WESTHAWK MINERALS LLC,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer
	
	GULFPORT BUCKEYE LLC,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer
	
	GULFPORT MIDSTREAM HOLDINGS, LLC,
				
		 	By	 		 	
				
		 		 		 	 /s/ Michael G. Moore

		 		 	Name:	 	Michael Moore
				
		 		 	Title:	 	Chief Executive Officer

  
 100 

							
	WELLS FARGO BANK, N.A.,
				
		 	By	 		 	
				
		 		 		 	 /s/ Patrick Giordano

		 		 	Name:	 	Patrick T. Giordano
				
		 		 	Title:	 	Vice President

  
 101 

 RULE 144A/REGULATION S APPENDIX 

PROVISIONS RELATING TO INITIAL SECURITIES, 

PRIVATE EXCHANGE SECURITIES 

AND EXCHANGE SECURITIES 
  

	 	1.	Definitions 

 1.1 Definitions 

For the purposes of this Appendix the following terms shall have the meanings indicated below: 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Temporary Regulation S Global Security
or beneficial interest therein, the rules and procedures of the Depository for such a Temporary Regulation S Global Security, to the extent applicable to such transaction and as in effect from time to time. 

“Definitive Security” means a certificated Initial Security or Exchange Security or Private Exchange Security bearing, if
required, the appropriate restricted securities legend set forth in Section 2.3(e). 
 “Depository” means The Depository
Trust Company, its nominees and their respective successors. 
 “Distribution Compliance Period”, with respect to any
Securities, means the period of 40 consecutive days beginning on and including the later of (i) the day on which such Securities are first offered to Persons other than distributors (as defined in Regulation S under the Securities Act) in reliance
on Regulation S and (ii) the issue date with respect to such Securities. 
 “Exchange Securities” means (1) the 6.000%
Senior Notes due 2024 issued pursuant to this Indenture in connection with a Registered Exchange Offer pursuant to the Registration Rights Agreement and (2) Additional Securities, if any, issued pursuant to a registration statement filed with the
SEC under the Securities Act. 
 “IAI” means an institutional “accredited investor”, as defined in
Rule 501(a)(1), (2), (3) and (7) of Regulation D under the Securities Act. 
 “Initial Purchasers” means (1) with
respect to the Initial Securities issued on the Issue Date, Credit Suisse Securities (USA) LLC, Scotia Capital (USA) Inc., Barclays Capital Inc., KeyBanc Capital Markets Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., BBVA
Securities Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., IBERIA Capital Partners L.L.C. and Samuel A. Ramirez & Company, Inc. and (2) with respect to each issuance of Additional Securities, the Persons purchasing such Additional
Securities under the related Purchase Agreement. 
 “Initial Securities” means (1) $650.0 million aggregate principal
amount of 6.000% Senior Notes due 2024 issued on the Issue Date and (2) Additional Securities, if any, issued in a transaction exempt from the registration requirements of the Securities Act. 

 “Private Exchange” means the offer by the Company, pursuant to the Registration
Rights Agreement, to the Initial Purchasers to issue and deliver to each Initial Purchaser, in exchange for the Initial Securities held by the Initial Purchaser as part of its initial distribution, a like aggregate principal amount of Private
Exchange Securities. 
 “Private Exchange Securities” means any 6.000% Senior Notes due 2024 issued in connection with a
Private Exchange. 
 “Purchase Agreement” means (1) with respect to the Initial Securities issued on the Issue Date, the
Purchase Agreement dated October 6, 2016, among the Company and the Initial Purchasers, and (2) with respect to each issuance of Additional Securities, the purchase agreement or underwriting agreement among the Company and the Persons purchasing
such Additional Securities. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Registered Exchange Offer” means the offer by the Company, pursuant to the Registration Rights Agreement, to certain Holders
of Initial Securities, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 

“Registration Rights Agreement” means (1) with respect to the Initial Securities issued on the Issue Date, the Registration
Rights Agreement dated October 14, 2016 among the Company and the Initial Purchasers and (2) with respect to each issuance of Additional Securities issued in a transaction exempt from the registration requirements of the Securities Act, the
registration rights agreement, if any, among the Company and the Persons purchasing such Additional Securities under the related Purchase Agreement. 

“Rule 144A Securities” means all Securities offered and sold to QIBs in reliance on Rule 144A. 

“Securities” means the Initial Securities, the Exchange Securities and the Private Exchange Securities, treated as a single
class. 
 “Securities Act” means the Securities Act of 1933. 

“Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository), or any
successor Person thereto and shall initially be the Trustee. 
 “Shelf Registration Statement” means the registration
statement issued by the Company in connection with the offer and sale of Initial Securities or Private Exchange Securities pursuant to the a Registration Rights Agreement. 

  
 2 

 “Transfer Restricted Securities” means Securities that bear or are required to
bear the legend relating to restrictions on transfer relating to the Securities Act set forth in Section 2.3(e) hereto. 
 1.2
Other Definitions 
  

			
	 Term
	  	 Defined in

Section:

		
	“Agent Members”	  	2.1(b)
		
	“Global Securities”	  	2.1(a)
		
	“IAI Global Security”	  	2.1(a)
		
	“Permanent Regulation S Global Security”	  	2.1(a)
		
	“Regulation S”	  	2.1(a)
		
	“Regulation S Global Security”	  	2.1(a)
		
	“Rule 144A”	  	2.1(a)
		
	“Rule 144A Global Security”	  	2.1(a)
		
	“Temporary Regulation S Global Security”	  	2.1(a)

  

	 	2.	The Securities. 

 2.1 (a) Form and Dating. The Initial Securities will be offered
and sold by the Company pursuant to a Purchase Agreement. The Initial Securities will be resold initially only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons
(as defined in Regulation S) in reliance on Regulation S under the Securities Act (“Regulation S”). Initial Securities may thereafter be transferred to, among others, QIBs, IAIs and purchasers in reliance on Regulation S,
subject to the restrictions on transfer set forth herein. Initial Securities initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form (collectively,
the “Rule 144A Global Security”); Initial Securities initially resold to IAIs shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form (collectively, the “IAI
Global Security”); and Initial Securities initially resold pursuant to Regulation S shall be issued initially in the form of one or more temporary global securities in fully registered form (collectively, the “Temporary Regulation S
Global Security”), in each case without interest coupons and with the global securities legend and the applicable restricted securities legend set forth in Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the
Initial Securities represented thereby with the Securities Custodian and registered in the name of the Depository or a nominee of the 

  
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Depository, duly executed by the Company and authenticated by the Trustee as provided in this Indenture. Except as set forth in this Section 2.1(a), beneficial ownership interests in
the Temporary Regulation S Global Security will not be exchangeable for interests in the Rule 144A Global Security, the IAI Global Security, a permanent global security (the “Permanent Regulation S Global Security”, and together
with the Temporary Regulation S Global Security, the “Regulation S Global Security”) or any other Security prior to the expiration of the Distribution Compliance Period and then, after the expiration of the Distribution Compliance
Period, may be exchanged for interests in a Rule 144A Global Security, an IAI Global Security or the Permanent Regulation S Global Security only upon certification in form reasonably satisfactory to the Trustee that (i) beneficial
ownership interests in such Temporary Regulation S Global Security are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that did not require registration under the Securities Act and (ii) in the
case of an exchange for an IAI Global Security, certification that the interest in the Temporary Regulation S Global Security is being transferred to an institutional “accredited investor” under the Securities Act that is an institutional
accredited investor acquiring the securities for its own account or for the account of an institutional accredited investor. 
 Beneficial
interests in Temporary Regulation S Global Securities or IAI Global Securities may be exchanged for interests in Rule 144A Global Securities if (1) such exchange occurs in connection with a transfer of Securities in compliance with
Rule 144A and (2) the transferor of the beneficial interest in the Temporary Regulation S Global Security or the IAI Global Security, as applicable, first delivers to the Trustee a written certificate (in a form satisfactory to the
Trustee) to the effect that the beneficial interest in the Temporary Regulation S Global Security or the IAI Global Security, as applicable, is being transferred to a Person (a) who the transferor reasonably believes to be a QIB, (b) purchasing
for its own account or the account of a QIB in a transaction meeting the requirements of Rule 144A, and (c) in accordance with all applicable securities laws of the States of the United States and other jurisdictions.

Beneficial interests in Temporary Regulation S Global Securities and Rule 144A Global Securities may be exchanged for an interest in IAI
Global Securities if (1) such exchange occurs in connection with a transfer of the securities in compliance with an exemption under the Securities Act and (2) the transferor of the Regulation S Global Security or Rule 144A Global
Security, as applicable, first delivers to the trustee a written certificate (substantially in the form of Exhibit 2) to the effect that (A) the Regulation S Global Security or Rule 144A Global Security, as applicable, is being transferred
(a) to an “accredited investor” within the meaning of 501(a)(1),(2),(3) and (7) under the Securities Act that is an institutional investor acquiring the securities for its own account or for the account of such an institutional
accredited investor, in each case in a minimum principal amount of the securities of $250,000, for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act and (B) in
accordance with all applicable securities laws of the States of the United States and other jurisdictions. 
 Beneficial interests in a
Rule 144A Global Security or an IAI Global Security may be transferred to a Person who takes delivery in the form of an interest in a 

  
 4 

 
Regulation S Global Security, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the
form provided in this Indenture) to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 

The Rule 144A Global Security, the IAI Global Security, the Temporary Regulation S Global Security and the Permanent Regulation S Global
Security are collectively referred to herein as “Global Securities”. The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and
the Depository or its nominee as hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.1(b) shall apply only
to a Global Security deposited with or on behalf of the Depository. 
 The Company shall execute and the Trustee shall, in accordance with
this Section 2.1(b), authenticate and deliver initially one or more Global Securities that (i) shall be registered in the name of the Depository for such Global Security or Global Securities or the nominee of such Depository and
(ii) shall be delivered by the Trustee to the Depository or pursuant to the Depository’s instructions or held by the Trustee as custodian for the Depository. 

Members of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to
any Global Security held on their behalf by the Depository or by the Trustee as the custodian of the Depository or under such Global Security, and the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the
Depository as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a holder of a
beneficial interest in any Global Security. 
 (c) Definitive Securities. Except as provided in this Section 2.1 or Section 2.3
or 2.4, owners of beneficial interests in Global Securities shall not be entitled to receive physical delivery of Definitive Securities. 

2.2 Authentication. The Trustee shall authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of
$650.0 million 6.000% Senior Notes due 2024, (2) any Additional Securities for an original issue in an aggregate principal amount specified in the written order of the Company pursuant to Section 2.02 of this Indenture and
(3) Exchange Securities or Private Exchange Securities for issue only in a Registered Exchange Offer or a Private Exchange, respectively, pursuant to a Registration Rights Agreement, for a like principal amount of Initial Securities, in each
case upon a written order of the Company signed by two Officers or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the Company. Such order shall specify the amount 

  
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of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and, in the case of any issuance of Additional Securities pursuant to
Section 2.13 of this Indenture, shall certify that such issuance is in compliance with Section 4.03 of this Indenture.
 2.3
Transfer and Exchange. 
 (a) Transfer and Exchange of Definitive Securities. When Definitive Securities are presented to
the Registrar with a request: 
  

	 	(x)	to register the transfer of such Definitive Securities; or 

  

	 	(y)	to exchange such Definitive Securities for an equal principal amount of Definitive Securities of other authorized denominations, 

the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided,
however, that the Definitive Securities surrendered for transfer or exchange: 
 (i) shall be duly endorsed or
accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

(ii) if such Definitive Securities are required to bear a restricted securities legend, they are being transferred or exchanged
pursuant to an effective registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable: 

(A) if such Definitive Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder,
without transfer, a certification from such Holder to that effect; or 
 (B) if such Definitive Securities are being
transferred to the Company, a certification to that effect; or 
 (C) if such Definitive Securities are being transferred (x)
pursuant to an exemption from registration in accordance with Rule 144A, Regulation S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a certification to that effect (in
the form set forth on the reverse of the Security) and (ii) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in Section
2.3(e)(i). 
 (b) Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global
Security. A Definitive Security may not be exchanged for a beneficial interest in a Rule 144A Global Security, an IAI Global Security or a Permanent 

  
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Regulation S Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Security, duly endorsed or accompanied by appropriate
instruments of transfer, in form satisfactory to the Trustee, together with: 
 (i) certification, in the form set forth on
the reverse of the Security, that such Definitive Security is either (A) being transferred to a QIB in accordance with Rule 144A, (B) being transferred to an IAI or (C) being transferred after expiration of the Distribution Compliance Period by a
Person who initially purchased such Security in reliance on Regulation S to a buyer who elects to hold its interest in such Security in the form of a beneficial interest in the Permanent Regulation S Global Security; and 

(ii) written instructions directing the Trustee to make, or to direct the Securities Custodian to make, an adjustment on its
books and records with respect to such Rule 144A Global Security (in the case of a transfer pursuant to clause (b)(i)(A)), IAI Global Security (in the case of a transfer pursuant to clause (b)(1)(B)) or Permanent Regulation S Global Security
(in the case of a transfer pursuant to clause (b)(i)(B)) to reflect an increase in the aggregate principal amount of the Securities represented by the Rule 144A Global Security, IAI Global Security or Permanent Regulation S Global Security, as
applicable, such instructions to contain information regarding the Depository account to be credited with such increase, 
 then the Trustee shall cancel
such Definitive Security and cause, or direct the Securities Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository and the Securities Custodian, the aggregate principal amount of Securities
represented by the Rule 144A Global Security, IAI Global Security or Permanent Regulation S Global Security, as applicable, to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall credit or cause
to be credited to the account of the Person specified in such instructions a beneficial interest in the Rule 144A Global Security, IAI Global Security or Permanent Regulation S Global Security, as applicable, equal to the principal amount of
the Definitive Security so canceled. If no Rule 144A Global Securities, IAI Global Securities or Permanent Regulation S Global Securities, as applicable, are then outstanding, the Company shall issue and the Trustee shall authenticate, upon
written order of the Company in the form of an Officers’ Certificate of the Company, a new Rule 144A Global Security, IAI Global Security or Permanent Regulation S Global Security, as applicable, in the appropriate principal amount. 

(c) Transfer and Exchange of Global Securities. 

(i) The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depository, in
accordance with this Indenture (including applicable restrictions on 

  
 7 

 
transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Security shall deliver to the Registrar a written order
given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Security. The Registrar shall, in accordance with such
instructions, instruct the Depository to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global
Security being transferred. 
 (ii) If the proposed transfer is a transfer of a beneficial interest in one Global Security to
a beneficial interest in another Global Security, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which such interest is being transferred in an amount equal to the
principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Security from which such interest is being transferred. 

(iii) Notwithstanding any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global
Security may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor
Depository or a nominee of such successor Depository. 
 (iv) In the event that a Global Security is exchanged for Definitive
Securities pursuant to Section 2.4 of this Appendix, prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Securities, such Securities may be exchanged only in accordance
with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Securities intended to ensure that such transfers comply with Rule 144A,
Regulation S or another applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Company. 

(d) Restrictions on Transfer of Temporary Regulation S Global Securities. During the Distribution Compliance Period, beneficial
ownership interests in Temporary Regulation S Global Securities may only be sold, pledged or transferred in accordance with the Applicable Procedures and only (i) to the Company, (ii) in an offshore transaction in accordance with Regulation S
(other than a transaction resulting in an exchange for an interest in a Permanent Regulation S Global Security), or (iii) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable
securities laws of any State of the United States. 

  
 8 

 (e) Legend. 

(i) Except as permitted by the following paragraphs (ii), (iii) and (iv), each Security certificate evidencing the Global
Securities (and all Securities issued in exchange therefor or in substitution thereof), in the case of Securities offered otherwise than in reliance on Regulation S shall bear a legend in substantially the following form: 

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 Each certificate evidencing a
Security offered in reliance on Regulation S shall, in addition to the foregoing, bear a legend in substantially the following form: 
 THIS
SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. 

  
 9 

 
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

Each Definitive Security shall also bear the following additional legend: 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 (ii) Upon any
sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Global Security) pursuant to Rule 144 under the Securities Act, the Registrar shall permit the transferee thereof to exchange such
Transfer Restricted Security for a certificated Security that does not bear the legend set forth above and rescind any restriction on the transfer of such Transfer Restricted Security, if the transferor thereof certifies in writing to the Registrar
that such sale or transfer was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Security). 

(iii) After a transfer of any Initial Securities or Private Exchange Securities pursuant to and during the period of the
effectiveness of a Shelf Registration Statement with respect to such Initial Securities or Private Exchange Securities, as the case may be, all requirements pertaining to legends on such Initial Security or such Private Exchange Security will cease
to apply, the requirements requiring any such Initial Security or such Private Exchange Security issued to certain Holders be issued in global form will cease to apply, and a certificated Initial Security or Private Exchange Security or an Initial
Security or Private Exchange Security in global form, in each case without restrictive transfer legends, will be available to the transferee of the Holder of such Initial Securities or Private Exchange Securities upon exchange of such transferring
Holder’s certificated Initial Security or Private Exchange Security or directions to transfer such Holder’s interest in the Global Security, as applicable. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Securities, all requirements pertaining
to such Initial Securities that Initial Securities issued to certain Holders be issued 

  
 10 

 
in global form will still apply with respect to Holders of such Initial Securities that do not exchange their Initial Securities, and Exchange Securities in certificated or global form, in each
case without the restricted securities legend set forth in Exhibit 1 hereto will be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 

(v) Upon the consummation of a Private Exchange with respect to the Initial Securities, all requirements pertaining to such
Initial Securities that Initial Securities issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Securities that do not exchange their Initial Securities, and Private Exchange Securities in
global form with the global securities legend and the applicable restricted securities legend set forth in Exhibit 1 hereto will be available to Holders that exchange such Initial Securities in such Private Exchange. 

(f) Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a Global Security have either been
exchanged for Definitive Securities, redeemed, purchased or canceled, such Global Security shall be returned to the Depository for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial
interest in a Global Security is exchanged for certificated Securities, redeemed, purchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the books and records
of the Trustee (if it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such reduction. 

(g) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a
participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Securities or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global
Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon
information furnished by the Depository with respect to its members, participants and any beneficial owners. 

  
 11 

 (ii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depository participants, members
or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to
examine the same to determine substantial compliance as to form with the express requirements hereof. 
 2.4 Definitive Securities.

 (a) A Global Security deposited with the Depository or with the Trustee as Securities Custodian for the Depository pursuant to
Section 2.1 shall be transferred to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal amount equal to the principal amount of such Global Security, in exchange for such Global Security, only if such
transfer complies with Section 2.3 hereof and (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security and the Depository fails to appoint a successor depository or if at any time
such Depository ceases to be a “clearing agency” registered under the Exchange Act, in either case, and a successor depository is not appointed by the Company within 90 days of such notice (ii) an Event of Default has occurred and is
continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of Definitive Securities under this Indenture. 

(b) Any Global Security that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depository to the Trustee located at its principal corporate trust office in the Borough of Manhattan, The City of New York, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver,
upon such transfer of each portion of such Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section 2.4 shall be executed,
authenticated and delivered only in minimum denominations of $2,000 principal amount and any greater integral multiple of $1,000 thereof and registered in such names as the Depository shall direct. Any Definitive Security delivered in exchange for
an interest in a Transfer Restricted Security shall, except as otherwise provided by Section 2.3(e) hereof, bear the applicable restricted securities legend and definitive securities legend set forth in Exhibit 1 hereto. 

(c) Subject to the provisions of Section 2.1(b) hereof, the registered Holder of a Global Security shall be entitled to grant proxies and
otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

  
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 (d) In the event of the occurrence of one of the events specified in Section 2.4(a) hereof,
the Company shall promptly make available to the Trustee a reasonable supply of Definitive Securities in definitive, fully registered form without interest coupons. In the event that such Definitive Securities are not issued, the Company expressly
acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.06 of this Indenture, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security that
represents such beneficial owner’s Securities as if such Definitive Securities had been issued. 

  
 13 

 EXHIBIT 1 

to 
 RULE 144A/REGULATION S/IAI
APPENDIX 
 [FORM OF FACE OF INITIAL SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [[FOR REGULATION S GLOBAL SECURITY ONLY] UNTIL 40 DAYS AFTER THE LATER OF
COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 
 [Restricted Securities Legend for Securities offered otherwise than in Reliance
on Regulation S) 
 THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.

 THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY
BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

[Restricted Securities Legend for Securities Offered in Reliance on Regulation S.] 

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

[Temporary Regulation S Global Security Legend] 

EXCEPT AS SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY WILL NOT BE EXCHANGEABLE FOR
INTERESTS IN THE PERMANENT REGULATION S GLOBAL SECURITY OR ANY OTHER SECURITY REPRESENTING AN INTEREST IN THE SECURITIES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE
“40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE
OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS
TEMPORARY 

  
 2 

 
REGULATION S GLOBAL SECURITY MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE COMPANY, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. HOLDERS
OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY WILL NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE. 

AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL SECURITY MAY BE
EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL SECURITY ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE SECURITIES IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE
TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL SECURITY IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A, (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 
 AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN
THIS TEMPORARY REGULATION S GLOBAL SECURITY MAY BE EXCHANGED FOR INTERESTS IN AN IAI GLOBAL SECURITY ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE SECURITIES IN COMPLIANCE WITH AN EXEMPTION UNDER THE SECURITIES ACT AND
(2) THE TRANSFEROR OF THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL SECURITY IS BEING TRANSFERRED (A) TO AN
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHED THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
TRANSFER OF THIS SECURITY (THIS FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF SECURITIES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER
IS IN COMPLIANCE WITH THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

  
 3 

 BENEFICIAL INTERESTS IN A RULE 144A GLOBAL SECURITY OR AN IAI GLOBAL SECURITY MAY BE TRANSFERRED
TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL SECURITY, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN
CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE). 

[Definitive Securities Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 4 

 [FORM OF INITIAL NOTE] 

No.             

 

			
		 	 $         [or such greater or lesser

amount as may be indicated on the Schedule of Increases or Decreases

in Global Security attached hereto]1

 6.000% Senior Notes due 2024 

Gulfport Energy Corporation, a Delaware corporation, promises to pay to
                    , or registered assigns, the principal sum of             
dollars [(or such greater or lesser amount as may be indicated on the Schedule of Increases or Decreases in Global Security attached hereto)]1 on October 15, 2024. 

Interest Payment Dates: April 15 and October 15. 

Record Dates: April 1 and October 1. 

Additional provisions of this Security are set forth on the other side of this Security. 

Dated: 
  

					
	GULFPORT ENERGY CORPORATION
			
		 	By:	 	
		
		 	  

		 		 	Name:
			
		 		 	Title:
			
		 	By:	 	
		
		 	  

			
		 		 	Name:
			
		 		 	Title:

  

	1 	Add if Global Security 

  
 5 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

					
	WELLS FARGO BANK, N.A.
		 	 as Trustee, certifies that this is one of the Securities referred to in the
Indenture.

			
		 	By:	 	
		
		 	  

		 	Authorized Signatory

  
 6 

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 

6.000% Senior Notes due 2024 
 1. Interest

 Gulfport Energy Corporation, a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above; provided, however, that if a Registration Default (as defined in the
Registration Rights Agreement) occurs, additional interest will accrue on this Security at a rate of 0.25% per annum (increasing by an additional 0.25% per annum with respect to each subsequent 90-day period until all Registration Defaults have been
cured, up to a maximum additional interest rate of 0.50%) from and including the date on which any such Registration Default shall occur to but excluding the earlier of (x) the date on which all Registration Defaults have been cured and (y) the date
on which no Securities are Transfer Restricted Securities. The Company will pay interest semiannually on April 15 and October 15 of each year, commencing April 15, 2017. Interest on the Securities will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from October 14, 2016. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company will pay interest
on overdue principal at the rate borne by this Security plus 1.0% per annum, and it will pay interest on overdue installments of interest at the same rate to the extent lawful. 

2. Method of Payment 
 The Company will
pay interest on the Securities (except defaulted interest) to the Persons who are registered holders of Securities at the close of business on the April 1 or October 1 next preceding the interest payment date even if Securities are
canceled after the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the
time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and interest) will be made by wire transfer of immediately available funds
to the accounts specified by The Depository Trust Company. The Company will make all payments in respect of a certificated Security (including principal, premium and interest) by mailing a check to the registered address of each Holder thereof;
provided, however, that payments on a certificated Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving
written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

  
 7 

 3. Paying Agent and Registrar 

Initially, Wells Fargo Bank, N.A., a national banking association (the “Trustee”), will act as Paying Agent and Registrar.
The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 

4. Indenture 
 The Company issued the
Securities under an Indenture dated as of October 14, 2016, as such may be amended or supplemented from time to time (the “Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Securities
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Terms
defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the Act for a statement of those terms. 

The Securities are general unsecured obligations of the Company. The Company shall be entitled, subject to its compliance with
Section 4.03 of the Indenture, to issue Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue Date, any Additional Securities and all Exchange Securities or Private Exchange Securities
issued in exchange therefor will be treated as a single class for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its subsidiaries to incur additional indebtedness; pay dividends or
distributions on, or redeem or repurchase capital stock; make investments; engage in transactions with affiliates; create liens on assets; transfer or sell assets; guarantee indebtedness; restrict dividends or other payments of subsidiaries; and
consolidate, merge or transfer all or substantially all of its assets and the assets of its subsidiaries. These covenants are subject to important exceptions and qualifications and are subject to termination upon the occurrence of certain events.

 5. Optional Redemption 
 Except as
set forth below and in Section 4.09(h) of the Indenture, the Company shall not be entitled to redeem the Securities at its option. 
 (a) On
and after October 15, 2019, the Company shall be entitled, at its option, to redeem all or a portion of the Securities, at the redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued interest to the
redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on
October 15 of the years set forth below: 
  

					
	 Period
	  	Redemption
Price	 
	 2019
	  	 	104.500	% 
	 2020
	  	 	103.000	% 
	 2021
	  	 	101.500	% 
	 2022 and thereafter
	  	 	100.000	% 

  
 8 

 (b) In addition, any time prior to October 15, 2019, the Company shall be entitled, at its option
on one or more occasions, to redeem Securities (which includes Additional Securities, if any) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Securities (which includes Additional Securities, if any)
issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 106.000%, plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), with an amount equal to the net cash proceeds from one or more Qualifying Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of
Securities (which includes Additional Securities, if any) remains outstanding immediately after the occurrence of each such redemption (with Securities held, directly or indirectly, by the Company or its Affiliates being deemed to be not outstanding
for purposes of such calculation); and (2) each such redemption occurs within 90 days after the date of the related Qualifying Equity Offering. 

(c) Prior to October 15, 2019, the Company shall be entitled, at its option, to redeem all or a portion of the Securities at a redemption
price equal to 100% of the principal amount of the Securities plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the
relevant interest payment date). 
 6. Notice of Redemption 

Notice of redemption shall be sent at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of the Indenture.
Any inadvertent defect in the notice of redemption, including an inadvertent failure to give notice, to any Holder selected for redemption shall not impair or affect the validity of the redemption of any other Security redeemed in accordance with
the provisions of the Indenture. Securities in denominations larger than $2,000 principal amount may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued interest on all Securities
(or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such
portions thereof) called for redemption. 

  
 9 

 Notice of any redemption in connection with any Qualifying Equity Offering or other securities
offering or any other financing, or in connection with a transaction (or a series of related transactions) that constitute a Change of Control, may, at the Company’s discretion, be given prior to the completion thereof and be subject to one or
more conditions precedent, including completion of the related Qualifying Equity Offering, securities offering, financing or Change of Control. If a redemption is subject to satisfaction of one or more conditions precedent, the redemption date
may be delayed up to 10 Business Days; provided that if such conditions precedent are not satisfied within 10 Business Days of the proposed redemption date, such redemption shall not occur and the notice thereof shall be rescinded. 

7. Put Provisions 
 Upon a Change of
Control, each Holder shall have the right to require the Company to repurchase such Holder’s Securities at a purchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued interest, if any, to the date of
repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. 

The Indenture provides that, under certain circumstances, the Company shall be required to use the Net Available Cash from an Asset
Disposition to make an offer to Holders to purchase Securities at a purchase price of 100% of their principal amount plus accrued but unpaid interest, subject to the rights of Holders of record on the relevant record date to receive interest due on
the relevant interest payment date. 
 8. Guarantee 

The payment by the Company of the principal of, and premium and interest on, the Securities is fully and unconditionally guaranteed on a joint
and several senior basis by each of the Subsidiary Guarantors to the extent set forth in the Indenture. 
 9. Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of $2,000 principal amount and whole multiples of $1,000 in excess of
$2,000. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any
Securities for a period of 15 days before a selection of Securities to be redeemed or 15 days before an interest payment date. 
 10. Persons
Deemed Owners 
 The registered Holder of this Security may be treated as the owner of it for all purposes. 

  
 10 

 11. Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment. 

12. Discharge and Defeasance 
 Subject to
certain conditions, the Company at any time shall be entitled to terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee (x) cash in United States dollars or (y) cash in United States
dollars, U.S. Government Obligations, or a combination thereof, in such amounts as, in the aggregate, will be sufficient (in the case of clause (y), (A) in the opinion of a nationally recognized firm of independent public accountants or a nationally
recognized investment banking firm, or (B) if no such opinion in the immediately preceding clause (A) can be reasonably obtained, in the opinion of the chief financial officer of the Company) for the payment of principal of and interest on the
Securities to redemption or maturity, as the case may be. 
 13. Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (a) the Indenture and the Securities may be amended with the written consent of
the Holders of at least a majority in principal amount outstanding of the Securities and (b) any default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount outstanding of
the Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company, the Subsidiary Guarantors and the Trustee shall be entitled to amend the Indenture or the Securities to cure any
ambiguity, omission, defect or inconsistency, to comply with Article 5 of the Indenture, to provide for uncertificated Securities in addition to or in place of certificated Securities, to add guarantees with respect to the Securities, including
Subsidiary Guarantees, to secure the Securities, to add additional covenants or surrender rights and powers conferred on the Company or the Subsidiary Guarantors, to comply with any requirement of the SEC in connection with qualifying the Indenture
under the Act, to make any change that does not adversely affect the rights of any Securityholder in any material respect, to make amendments to provisions of the Indenture relating to the transfer and legending of the Securities, to conform the
text of the Securities to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the Notes” was intended to be a verbatim recitation of a
provision of the Indenture, the Securities or the Subsidiary Guarantees, or to reflect the issuance of Additional Securities. 

  
 11 

 14. Defaults and Remedies 

Under the Indenture, Events of Default include (a) default for 30 days in payment of interest on the Securities; (b) default in
payment of principal on the Securities at maturity, upon optional redemption, upon declaration of acceleration or otherwise, or failure by the Company to redeem or purchase Securities when required; (c) failure by the Company to comply with
other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse of time; (d) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Company if
the amount accelerated (or so unpaid) exceeds $25.0 million; (e) certain events of bankruptcy or insolvency with respect to the Company and the Significant Subsidiaries; (f) certain judgments or decrees for the payment of money in
excess of $25.0 million; and (g) certain defaults with respect to Subsidiary Guarantees. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Securities may declare all the
Securities to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Company are Events of Default that will result in the Securities being due and payable immediately upon the occurrence of such Events of
Default. 
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to
enforce the Indenture or the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or
power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 

15. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

16. No Recourse Against Others 
 A
director, officer, employee, incorporator or stockholder, as such, of the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect
of, or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

  
 12 

 17. Authentication 

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security. 
 18. Abbreviations 

Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by
the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

19. CUSIP Numbers 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed
thereon. 
 20. Holders’ Compliance with Registration Rights Agreement. 

Each Holder of a Security, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the
obligations of the Holders with respect to a registration and the indemnification of the Company to the extent provided therein. 
 21. Governing
Law. 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

The Company will furnish to any Securityholder upon written request and without charge to the Securityholder a copy of the Indenture which has
in it the text of this Security in larger type. Requests may be made to: 
 Gulfport Energy Corporation 

14313 North May Avenue, Suite 100 

Oklahoma City, OK 73134 
 Attention:
Chief Financial Officer 
 Facsimile: (405) 848-8816 

  
 13 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably
appoint                        agent to transfer this Security on the books of the Company. The agent may substitute another
to act for him. 
  

									
	  

					
	Date:	 	  
	 		 	Your Signature:	 	  

	
	  

 Sign exactly as your name appears on the other side of this Security. 

In connection with any transfer of any of the Securities evidenced by this certificate, the undersigned confirms that such Securities are being transferred in
accordance with its terms: 
 CHECK ONE BOX BELOW 
  

					
	(1)	  	☐	  	to the Company; or
			
	(2)	  	☐	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(3)	  	☐	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
			
	(4)	  	☐	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
			
	(5)	  	☐	  	pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933.
			
	(6)	  	☐	  	pursuant to any other exemption from registration under the Securities Act of 1933.

  
 14 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities
evidenced by this certificate in the name of any person other than the registered holder thereof; provided, however, that if box (4) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such Act. 
  

	
	  

	
	    Signature

 Signature Guarantee: 
  

					
	  
	 		 	  

			
	    Signature must be guaranteed
	 		 	            Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 15 

 TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is
relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
	Dated:	 	  
	 		 		 	  

					
		 		 		 	Notice:	 	 To be executed by an executive officer

  
 16 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

																	
	Date of Exchange	  	Amount of decrease in
Principal amount of this
Global Security	 	  	Amount of increase in
Principal amount of this
Global Security	 	  	Principal amount of this
Global Security following
such decrease or increase)	 	  	Signature of authorized
officer of Trustee or
Securities Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 17 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 or 4.09 of the Indenture, check the
box:    ☐ 
 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 or 4.09 of the Indenture, state the amount in principal amount: $ 
  

									
	Dated:	 	  
	 		  	Your Signature:	 	  

					
		 		 		  		 	(Sign exactly as your name appears on the other side of this Security.)

  

			
	Signature Guarantee:	 	  

		
		 	            (Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 18 

 EXHIBIT A 

[FORM OF FACE OF EXCHANGE SECURITY 

OR PRIVATE EXCHANGE SECURITY]*/**/ 

 

	*/	If the Security is to be issued in global form add the Global Securities Legend from Exhibit 1 to Appendix A, the bracketed language in two places on the face of the Security, and the attachment from such Exhibit 1
captioned “[TO BE ATTACHED TO GLOBAL SECURITIES] - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY”.

	**/	If the Security is a Private Exchange Security issued in a Private Exchange to an Initial Purchaser holding an unsold portion of its initial allotment, add the Restricted Securities Legend from Exhibit 1 to Appendix A
and replace the Assignment Form included in this Exhibit A with the Assignment Form included in such Exhibit 1.

 [FORM OF EXCHANGE NOTE] 

No.             

 

			
		 	 $         [or such greater or lesser

amount as may be indicated on the Schedule of Increases or Decreases

in Global Security attached hereto]2

 6.000% Senior Notes due 2024 

Gulfport Energy Corporation, a Delaware corporation, promises to pay to
                    , or registered assigns, the principal sum of              dollars
[(or such greater or lesser amount as may be indicated on the Schedule of Increases or Decreases in Global Security attached hereto)]2 on October 15, 2024. 

Interest Payment Dates: April 15 and October 15. 

Record Dates: April 1 and October 1. 

Additional provisions of this Security are set forth on the other side of this Security. 

Dated: 
  

					
	GULFPORT ENERGY CORPORATION
			
		 	By:	 	
		
		 	  

		 		 	Name:
			
		 		 	Title:
			
		 	By:	 	
		
		 	  

			
		 		 	Name:
			
		 		 	Title:

  

	2 	Add if Global Security 

  
 2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

					
	WELLS FARGO BANK, N.A.
		 	 as Trustee, certifies that this is one of the Securities referred to in the
Indenture.

			
		 	By:	 	
		
		 	  

		 	Authorized Signatory

  
 3 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY 

OR PRIVATE EXCHANGE SECURITY] 

6.000% Senior Notes due 2024 
  

	1.	Interest 

 Gulfport Energy Corporation, a Delaware corporation (such corporation,
and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above[; provided,
however, that if a Registration Default (as defined in the Registration Rights Agreement) occurs, additional interest will accrue on this Security at a rate of 0.25% per annum (increasing by an additional 0.25% per annum with respect to each
subsequent 90-day period until all Registration Defaults have been cured, up to a maximum additional interest rate of 0.50%) from and including the date on which any such Registration Default shall occur to but excluding the earlier of (x) the date
on which all Registration Defaults have been cured and (y) the date on which no Initial Securities are Transfer Restricted Securities.]3 The Company will pay interest semiannually on April 15 and
October 15 of each year, commencing April 15, 2017. Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from October 14, 2016. Interest will be computed on the basis of a
360-day year of twelve 30-day months. The Company will pay interest on overdue principal at the rate borne by this Security plus 1.0% per annum, and it will pay interest on overdue installments of interest at
the same rate to the extent lawful. 
  

	2.	Method of Payment 

 The Company will pay interest on the Securities (except defaulted
interest) to the Persons who are registered holders of Securities at the close of business on the April 1 or October 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest
payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private
debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The
Company will make all payments in respect of a certificated Security (including principal, premium and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated
Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect
designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

 

	3 	Insert if at the date of issuance of the Exchange Security or Private Exchange Security (as the case may be) any Registration Default has occurred with respect to the related Initial Securities during the interest
period in which such date of issuance occurs. 

  
 4 

	3.	Paying Agent and Registrar 

 Initially, Wells Fargo Bank, N.A., a national banking
association (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated Wholly Owned
Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

	4.	Indenture 

 The Company issued the Securities under an Indenture dated as of October 14,
2016, as such may be amended or supplemented from time to time (the “Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Securities include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Terms defined in the Indenture and not defined herein
have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the Act for a statement of those terms. 

The Securities are general unsecured obligations of the Company. The Company shall be entitled, subject to its compliance with Section 4.03 of
the Indenture, to issue Additional Securities pursuant to Section 2.13 of the Indenture. The Initial Securities issued on the Issue Date, any Additional Securities and all Exchange Securities or Private Exchange Securities issued in exchange
therefor will be treated as a single class for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its subsidiaries to incur additional indebtedness; pay dividends or distributions on, or
redeem or repurchase capital stock; make investments; engage in transactions with affiliates; create liens on assets; transfer or sell assets; guarantee indebtedness; restrict dividends or other payments of subsidiaries; and consolidate, merge or
transfer all or substantially all of its assets and the assets of its subsidiaries. These covenants are subject to important exceptions and qualifications and are subject to termination upon the occurrence of certain events. 

 

	5.	Optional Redemption 

 Except as set forth below and in Section 4.09(h) of the Indenture,
the Company shall not be entitled to redeem the Securities at its option. 
 (a) On and after October 15, 2019, the Company shall be
entitled, at its option, to redeem all or a portion of the Securities, at the redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued interest to the redemption date (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on October 15 of the years set forth below: 

 

					
	 Period
	  	Redemption
Price	 
	 2019
	  	 	104.500	% 
	 2020
	  	 	103.000	% 
	 2021
	  	 	101.500	% 
	 2022 and thereafter
	  	 	100.000	% 

  
 5 

 (b) In addition, any time prior to October 15, 2019, the Company shall be entitled, at its option
on one or more occasions, to redeem Securities (which includes Additional Securities, if any) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Securities (which includes Additional Securities, if any)
issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 106.000%, plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), with an amount equal to the net cash proceeds from one or more Qualifying Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of Securities
(which includes Additional Securities, if any) remains outstanding immediately after the occurrence of each such redemption (with Securities held, directly or indirectly, by the Company or its Affiliates being deemed to be not outstanding for
purposes of such calculation); and (2) each such redemption occurs within 90 days after the date of the related Qualifying Equity Offering. 

(c) Prior to October 15, 2019, the Company shall be entitled, at its option, to redeem all or a portion of the Securities at a redemption
price equal to 100% of the principal amount of the Securities plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the
relevant interest payment date). 
  

	6.	Notice of Redemption 

 Notice of redemption shall be sent at least 30 days but not more
than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to the redemption date if the notice is issued in connection with a
defeasance of the Securities or a satisfaction and discharge of the Indenture. Any inadvertent defect in the notice of redemption, including an inadvertent failure to give notice, to any Holder selected for redemption shall not impair or affect the
validity of the redemption of any other Security redeemed in accordance with the provisions of the Indenture. Securities in denominations larger than $2,000 principal amount may be redeemed in part but only in whole multiples of $1,000. If money
sufficient to pay the redemption price of and accrued interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are
satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 

  
 6 

 Notice of any redemption in connection with any Qualifying Equity Offering or other securities
offering or any other financing, or in connection with a transaction (or a series of related transactions) that constitute a Change of Control, may, at the Company’s discretion, be given prior to the completion thereof and be subject to one or
more conditions precedent, including completion of the related Qualifying Equity Offering, securities offering, financing or Change of Control. If a redemption is subject to satisfaction of one or more conditions precedent, the redemption date may
be delayed up to 10 Business Days; provided that if such conditions precedent are not satisfied within 10 Business Days of the proposed redemption date, such redemption shall not occur and the notice thereof shall be rescinded. 

 

	7.	Put Provisions 

 Upon a Change of Control, each Holder shall have the right to require
the Company to repurchase such Holder’s Securities at a purchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued interest, if any, to the date of repurchase (subject to the right of holders of record
on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. 

The Indenture provides that, under certain circumstances, the Company shall be required to use the Net Available Cash from an Asset
Disposition to make an offer to Holders to purchase Securities at a purchase price of 100% of their principal amount plus accrued but unpaid interest, subject to the rights of Holders of record on the relevant record date to receive interest due on
the relevant interest payment date. 
  

	8.	Guarantee 

 The payment by the Company of the principal of, and premium and interest on,
the Securities is fully and unconditionally guaranteed on a joint and several senior basis by each of the Subsidiary Guarantors to the extent set forth in the Indenture. 
  

	9.	Denominations; Transfer; Exchange 

 The Securities are in registered form without coupons
in denominations of $2,000 principal amount and whole multiples of $1,000 in excess of $2,000. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a
Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities for a period of 15 days before a selection of Securities to be redeemed or 15 days before an interest payment date. 

  
 7 

	10.	Persons Deemed Owners 

 The registered Holder of this Security may be treated as the
owner of it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment. 
  

	12.	Discharge and Defeasance 

 Subject to certain conditions, the Company at any time shall
be entitled to terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee (x) cash in United States dollars or (y) cash in United States dollars, U.S. Government Obligations, or a
combination thereof, in such amounts as, in the aggregate, will be sufficient (in the case of clause (y), (A) in the opinion of a nationally recognized firm of independent public accountants or a nationally recognized investment banking firm, or (B)
if no such opinion in the immediately preceding clause (A) can be reasonably obtained, in the opinion of the chief financial officer of the Company) for the payment of principal of and interest on the Securities to redemption or maturity, as the
case may be. 
  

	13.	Amendment, Waiver 

 Subject to certain exceptions set forth in the Indenture, (a) the
Indenture and the Securities may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities and (b) any default or noncompliance with any provision may be waived with the written
consent of the Holders of a majority in principal amount outstanding of the Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company, the Subsidiary Guarantors and the Trustee shall
be entitled to amend the Indenture or the Securities to cure any ambiguity, omission, defect or inconsistency, to comply with Article 5 of the Indenture, to provide for uncertificated Securities in addition to or in place of certificated Securities,
to add guarantees with respect to the Securities, including Subsidiary Guarantees, to secure the Securities, to add additional covenants or surrender rights and powers conferred on the Company or the Subsidiary Guarantors, to comply with any
requirement of the SEC in connection with qualifying the Indenture under the Act, to make any change that does not adversely affect the rights of any Securityholder in any material respect, to make amendments to provisions of the Indenture relating
to the transfer and legending of the Securities, to conform the text of the Securities to any provision of the “Description of the Notes” section of the Offering Circular to the extent that such provision in the “Description of the
Notes” was intended to be a verbatim recitation of a provision of the Indenture, the Securities or the Subsidiary Guarantees, or to reflect the issuance of Additional Securities. 

  
 8 

	14.	Defaults and Remedies 

 Under the Indenture, Events of Default include (a) default
for 30 days in payment of interest on the Securities; (b) default in payment of principal on the Securities at maturity, upon optional redemption, upon declaration of acceleration or otherwise, or failure by the Company to redeem or purchase
Securities when required; (c) failure by the Company to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice and lapse of time; (d) certain accelerations (including failure to pay within any grace
period after final maturity) of other Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $25.0 million; (e) certain events of bankruptcy or insolvency with respect to the Company and the Significant Subsidiaries; (f)
certain judgments or decrees for the payment of money in excess of $25.0 million; and (g) certain defaults with respect to Subsidiary Guarantees. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Company are Events of Default that will result in the Securities being due and
payable immediately upon the occurrence of such Events of Default. 
 Securityholders may not enforce the Indenture or the Securities except
as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Securities
may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the
interest of the Holders. 
  

	15.	Trustee Dealings with the Company 

 Subject to certain limitations imposed by the
Act, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	16.	No Recourse Against Others 

 A director, officer, employee, incorporator or stockholder,
as such, of the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their
creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

  
 9 

	17.	Authentication 

 This Security shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
  

	18.	Abbreviations 

 Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	19.	CUSIP Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made
as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

 

	20.	Holders’ Compliance with Registration Rights Agreement. 

 Each Holder of a Security,
by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the indemnification of the Company to the extent provided therein. 

 

	21.	Governing Law. 

 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish to any Securityholder upon written request and without charge to the
Securityholder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to: 
 Gulfport
Energy Corporation 
 14313 North May Avenue, Suite 100 

Oklahoma City, OK 73134 
 Attention:
Chief Financial Officer 
 Facsimile: (405) 848-8816 

 

  
 10 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                    agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

									
	  

					
	Date:	 	  
	 		 	Your Signature:	 	  

	
	  

 Sign exactly as your name appears on the other side of this Security. 

  
 11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 or 4.09 of the Indenture, check the
box:    ☐ 
 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 or 4.09 of the Indenture, state the amount in principal amount: $ 
  

									
	Dated:	 	  
	 		  	Your Signature:	 	  

					
		 		 		  		 	(Sign exactly as your name appears on the other side of this Security.)

  

			
	Signature Guarantee:	 	  

		
		 	            (Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 EXHIBIT 2 to Rule 144A/REGULATION S/IAI APPENDIX 

Form of 
 Transferee Letter of
Representation 
 Gulfport Energy Corporation 
 In care of

 Wells Fargo Bank, N.A. 
 750 N. St. Paul Place, Suite 1750

 Dallas, Texas 75201 
 MAC: T9263-170 

Attention: Corporate, Municipal and Escrow Services 

Telecopier No.: (214) 756-7401 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[    ] principal amount of the 6.000% Senior Notes due 2024 (the
“Securities”) of Gulfport Energy Corporation (the “Company”). 
 Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows: 
  

			
	Name:	 	  

	Address:	 	  

			
	Taxpayer ID Number:	 	  

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as
amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Securities, and we are acquiring the Securities
not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our
investment in the Securities, and we invest in or purchase securities similar to the Securities in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 2. We understand that the Securities have not been registered under the Securities Act and,
unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities
prior to the date that is two years after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor thereto) (the “Resale Restriction
Termination Date”) only (i) to the Company, (ii) in the United States to a person whom the seller reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (iii) to an institutional
“accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is an institutional accredited investor purchasing for its own account or for the account of an institutional accredited
investor, in each case in a minimum principal amount of the Securities of $250,000, (iv) outside the United States in a transaction complying with the provisions of Rule 904 under the Securities Act, (v) pursuant to an exemption from
registration under the Securities Act provided by Rule 144 (if available) or (vi) pursuant to an effective registration statement under the Securities Act, in each of cases (i) through (vi) subject to any requirement of law that the disposition of
our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the
Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (iii) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the
transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3)
or (7) under the Securities Act and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior
to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clause (iii), (iv) or (v) above to require the delivery of an opinion of counsel, certifications or other information
satisfactory to the Company and the Trustee. 
  

	
	
TRANSFEREE:                 
                       ,

	
	
            by:      
                                  

  
 2 

 EXHIBIT B 

[FORM OF GUARANTY AGREEMENT] 

[                    ] SUPPLEMENTAL
INDENTURE 
 [            ] SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of [            ], 20[    ] among Gulfport Energy Corporation, a Delaware corporation (the
“Company”), the New Subsidiary Guarantors (as defined below), and Wells Fargo Bank, N.A., a national banking association, as trustee under the Indenture referred to below (the “Trustee”). 

WITNESSETH: 
 WHEREAS, the
Company and the Subsidiary Guarantors have heretofore executed and delivered to the Trustee an indenture, dated as of October 14, 2016 ([as supplemented by
                    ,] the “Indenture”), providing for the issuance of 6.000% Senior Notes due 2024 (the
“Securities”); 
 WHEREAS, on October 14, 2016, the Company issued $650,000,000 in principal amount of Securities;

 WHEREAS, pursuant to Section [4.11][5.01(b)] of the Indenture, the Company is required to cause each of the subsidiaries of
the Company listed on Annex A (the “New Subsidiary Guarantors”) to execute and deliver to the Trustee this Supplemental Indenture; 

WHEREAS, pursuant to Section 9.01[2][4], the Company wishes to amend, without the consent of any Securityholder, the Indenture to [add
Subsidiary Guarantors][provide for the assumption by a successor corporation of the obligations of any Subsidiary Guarantor]; and
 WHEREAS,
pursuant to Section [4.11][5.01(b)] of the Indenture, the Trustee, the Company and each of the New Subsidiary Guarantors are authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Company, each of the New Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Securities as follows: 

1. Definitions; Construction. 

(a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

(b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires:
(i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of similar import
used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

 2. The New Subsidiary Guarantors. 

(a) In accordance with Sections [4.11][5.01(b)] and 9.01[(2)][(4)] of the Indenture, each New Subsidiary Guarantor by its signature
below hereby becomes a party to the Indenture as a Subsidiary Guarantor and unconditionally and irrevocably guarantees, jointly and severally, to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment of
principal of and interest on the Securities when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Company under the Indenture and the Securities and (ii) the full and punctual
performance within applicable grace periods of all other Guaranteed Obligations, in each case on the same terms and conditions as applicable to the other Subsidiary Guarantors set forth in the Indenture, including those terms and conditions set
forth in Article 10 of the Indenture, with the same force and effect as if originally named therein as a Subsidiary Guarantor.
 (b) Each
New Subsidiary Guarantor hereby agrees to all of the terms and conditions of the Indenture applicable to it as a Subsidiary Guarantor thereunder. Each reference to a “Subsidiary Guarantor” in the Indenture shall be deemed to include
each New Subsidiary Guarantor.
 3. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

4. Trustee Makes No Representation. The recitals herein contained are made by the Company and the New Subsidiary
Guarantors and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

5. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes. 
 6. Effect of Headings. The Section headings
herein are for convenience only and shall not effect the construction thereof. 
 [SIGNATURE PAGE FOLLOWS] 

  
 2 

 IN WITNESS WHEREOF, the parties have caused this
[                    ] Supplemental Indenture to be duly executed as of the date first written above. 

 

					
	GULFPORT ENERGY CORPORATION
			
		 	By:	 	  

			
		 		 	Name:
		 		 	Title:
	
	[NEW SUBSIDIARY GUARANTOR[S]]
			
		 	By:	 	  

			
		 		 	Name:
		 		 	Title:
	
	[TRUSTEE]
			
		 	By:	 	  

			
		 		 	Name:
		 		 	Title:

 [Signature Page to Guaranty Agreement] 

 Annex A 

New Subsidiary Guarantor

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