Document:

Exhibit

Execution version
NEITHER THE WARRANT NOR THE SHARES DELIVERABLE UPON EXERCISE OF THE WARRANT HAVE BEEN OR WILL BE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO SEQUANS COMMUNICATIONS.

BETWEEN

SEQUANS COMMUNICATIONS
As Issuer

AND

HARBERT EUROPEAN GROWTH CAPITAL FUND II, SCSp
As Beneficiary 

________________________________________
WARRANT ISSUE AGREEMENT
________________________________________

DATED 26 OCTOBER 2018

TABLE OF CONTENT

1.    DEFINITIONS AND INTERPRETATIONS                3
2.    TERMS AND CONDITIONS OF THE WARRANT            6
3.    CROSS-DEFAULT UNDER THE BOND ISSUE AGREEMENT        10
4.    REPRESENTATIONS AND WARRANTIES                10
5.    REMEDIES AND WAIVERS                        11
6.    MISCELLANEAOUS                        11
7.    NOTICES                                11
8.    LAW AND JURISDICTION                        12

WARRANT ISSUe AGREEMENT

BETWEEN:

		
	1.
	SEQUANS COMMUNICATIONS, a limited company (société anonyme), whose registered office is at 15-55, boulevard Charles de Gaulle Les Portes de la Défense - 92700 Colombes, registered with the Nanterre Registry under number 450 249 677, 

(hereinafter the “Company” or the “Issuer”)
		
	2.
	HARBERT EUROPEAN GROWTH CAPITAL FUND II, SCSp, a société en commandite special, whose registered office is 5, rue Guillaume Kroll, L - 1882 Luxemburg (Luxemburg), incorporated under the laws of Luxemburg under registration number B213751, 

(hereinafter the “Beneficiary” or “HEGCF”)

(together, the “Parties”);

WHEREAS:

		
	1.
	Pursuant to a Bond Issue Agreement executed on 26 October, 2018 (the “Bond Issue Agreement”), HARBERT EUROPEAN SPECIALTY LENDING COMPANY II S.à r.l. has agreed to make available to the Issuer a nominal amount equal to Euros twelve million (EUR 12,000,000), through a bond issuance (the “Issue”) pursuant section L. 228-38 and seq. of the French Commercial Code (the “FCC”), for general corporate purposes and working capital requirements.

		
	2.
	As an inducement to provide the Issue to the Company, such Issue has been subordinated to the issuance by the Company of the Warrant (as such term is defined below), in compliance with the present Agreement, to access at certain time in the future the share capital of the Company pursuant to the following terms and conditions. 

IT IS AGREED AS FOLLOWS:

		
	1.
	DEFINITIONS AND INTERPRETATIONS

		
	1.1
	In this Agreement (as hereinafter defined) unless the context otherwise specifically provides, the following expressions shall have the following meanings:

		
	–
	“Agreement” means this Warrant Issue Agreement.

		
	–
	“Bond Issue Agreement” means the bond issue agreement entered into on 26 October 2018 between the Company and HARBERT EUROPEAN SPECIALTY LENDING COMPANY II S.à r.l..

		
	–
	“Business Day” has the meaning ascribed to this term in the Bond Issue Agreement.

		
	–
	“Closing Date” means the date on which the Notes are subscribed.

		
	–
	“Company” means Sequans Communications, a limited company (société anonyme), whose registered office is at 15-55, boulevard Charles de Gaulle Les Portes de la Défense- 92700 Colombes, registered with the Nanterre Registry under number 450 249 677.

		
	–
	“Encumbrances” means any mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third party right or interest, any other encumbrance of any kind, and any other type of preferential arrangement (including, without limitation, title transfer and retention arrangements) having a similar effect.

		
	-
	“Event of Default” means any of those events set out in Article 10 (Events of Default) of the Bond Issue Agreement.

		
	-
	“Exercise Period” has the meaning given in Article 2.4 below.

		
	–
	“Exercise Price” means in relation to each Warrant Share to be issued pursuant to the terms of this Agreement, either (i) the volume-weighted average price per American Depository Shares of the Company traded on the New York Stock Exchange (symbol: SQNS - CUSIP number: 817323108 - ISIN number: US8173231080) during the last ten trading days prior to the Closing Date or  (ii) on a net issuance basis pursuant to Article  2.3.2. (b), as the content so requires.

		
	-
	“Existing Warrants Holders” means existing holders of warrants issued by the Company on Closing Date as provided under Schedule 1 hereto.

		
	-
	“FCC” means the French Commercial Code.

		
	-
	“Holder” means the Beneficiary and any subsequent holders of the Warrant.

    
		
	-
	“Issue” means the bond issue carried out pursuant to the Bond Issue Agreement.

		
	-
	“Issuer” means the Company.

		
	–
	“Notes” means the bonds issued under the Bond Issue Agreement for an amount of twelve million Euros (€ 12,000,000).

		
	–
	“Securities” refers to (i) shares, (ii) any other equity securities, debt instruments, or other issued securities conferring access to a portion of the share capital or voting rights, immediately or in the future, including in particular, options to subscribe to or purchase shares and equity warrants (bons de souscription d’actions) and (iii) any right to be allotted, subscribe to, or any right of priority pertaining to the aforementioned Shares, securities or rights, whether or not attaching to such shares, securities or rights.

		
	–
	“Sequans Communications Capitalization Table” means Sequans Communications capitalization table as of Closing Date provided under Schedule 1 hereto and including all Sequans Communications shareholders, holding on that date more than 5% of its share capital or voting rights, along with all Existing Warrants Holders, provided however that such capitalization table is indicative and based on the most recent 13D and 13G filings.

		
	–
	“Share(s)” means the common/preferred shares, existing or future, issued by the Company in representation of its capital and outstanding as at the relevant date irrespective of their class or category.

		
	–
	“Share Sale” means a sale (vente), for any reason, of a number of shares of the Company entitling the transferee(s) to control the Company within the meaning of article L. 233-3 of FCC.

		
	–
	“Subscription Rights” means the rights conferred by the Warrant and in accordance with the provisions of this Agreement. 

		
	–
	“Transfer” or ”Transferred” refers to any transaction pursuant to which, immediate or future ownership title, co-ownership, bare ownership or usufruct on Securities held by a Party is transferred, for any reason whatsoever, with or without consideration (including in particular, further to a sale, assignment of a preferential right to subscribe or waiver of such right to the benefit of a specified person, donation, transfer in lieu of payment (dation en paiement), settlement, exchange, securities lending transaction, dismemberment, public auction, partial asset contribution (apport partiel d’actifs), merger, demerger or any combination thereof). 

		
	–
	“Warrant” means the bon de souscription d’action HEGCF to be issued by the Company to HEGCF pursuant to the provisions of this Agreement.

		
	–
	“Warrant Shares” means the Shares subscribed by HEGCF as a result of the exercise of the Warrant.

		
	–
	“Winding-Up” means any of the following events to have commenced: (i) if an order is made or an effective resolution passed for the winding up or dissolution of any Group Company (other than a winding up for the purposes of amalgamation or reconstruction) whether voluntarily or involuntarily; or (ii) if an encumbrancer takes possession or an administrator, receiver or administrative receiver is appointed over the whole or a material part of the assets or undertaking of any Group Company (and for this purpose a part of the assets or undertaking shall be material if the value thereof exceeds 10% of the value of the gross assets of the Group all as determined by reference to the latest published consolidated audited accounts of the Company subject to any adjustments as the Company’s 

auditors for the time being (acting as experts and not as arbitrators) may consider necessary); or (iii) if the Company stops payment of its debts or ceases or threatens to cease to carry on its business or the greater part of its business; or (iv) if the Company is unable to pay its debts within the meaning of Article L.631-1 of the FCC or any statutory modification or re-enactment thereof or certifies that it is unable to pay its debts as and when they fall due or (v) the passing of a resolution for a solvent winding-up of the Company. 

		
	1.2
	Save as expressly herein defined, capitalised terms defined in the Bond Issue Agreement shall have the same meaning when used herein. 

		
	1.3
	In this Agreement, except as otherwise provided or where clearly inconsistent, words importing the singular include the plural and vice versa; words denoting gender include every gender; words denoting persons include bodies corporate or incorporated.

		
	1.4
	Should there be any conflict between the provisions of this Agreement and the provisions of the Bond Issue Agreement, the provisions of the Bond Issue Agreement shall prevail.

2.    TERMS AND CONDITIONS OF THE WARRANT

		
	2.1.
	Warrant

2.1.1    The Warrant shall be issued subject to the terms of this Agreement which are binding upon the Company and the Holder, it being specified that, in order to issue the Warrant, the board of directors of the Company has decided, on 23 October 2018, to use the delegation of competence granted to it by the extraordinary shareholders meeting of the Company held on June 29, 2018 (resolution n°17).

2.1.2    The Warrant shall be issued free from all Encumbrances and registered in the registered security accounts of the Company. The Company shall treat the Holder as the absolute owner of the Warrant issued to it and accordingly the Company shall not be bound to recognise any equitable or other claim to or interest in such Warrant on the part of any other person. The Warrant may be freely transferred in whole (and not in part) by the Holder to any person. In no event, the Warrant can be transferred to direct competitors of the Issuer. 

2.2.    Exercise of the Warrant

2.2.1.    The Subscription Rights conferred by the Warrant may be exercised at any time during the Exercise Period by giving to the Issuer not less than 10 Business Days’ notice.

2.2.2.    Subject to any restrictions under applicable law, the Company shall give the Holder not less than 20 Business Days advance notice in writing of the proposed occurrence of a Share Sale, which notice shall state the date on which the Share Sale shall take place (or thereabouts) and the number of Shares that the Holder shall be entitled to subscribe for under the Warrants on or before the Share Sale.  The Issuer shall at the same time as giving such notice to the Holder also provide the Holder with all relevant financial particulars in relation to any proposed Share Sale and any draft sale and purchase agreement or other relevant legal documentation (including any written term sheets provided to the Issuer) to enable the Holder to decide whether to participate in such Share Sale through the exercise of the Holder’s Warrant. 

2.2.3.    The Holder shall have the right at any time within the Exercise Period to subscribe for the number of Warrant Shares calculated at the Exercise Price for each Warrant Share to be issued pursuant to the exercise of the Subscription Rights. The Issuer undertakes that, subject to receipt of the Exercise Price for the Warrant Shares, it shall allot and issue to the Holder the Warrant Shares free from all Encumbrances, and it shall deliver such Warrants Shares on the Holder’s registered security account.

2.2.4.    The Warrant Shares issued on exercise of the Subscription Rights shall rank pari passu with the other Shares of the same class as the Warrant Shares so issued (and shall benefit from all of the same rights attached to those Shares including, but without limitation, as to any liquidation preference) except that the Warrant Shares so allotted will not rank for any dividend or other distribution which has previously been announced or declared if the record date for such dividend or other distribution is prior to the issue date of the relevant Warrant Shares.  

2.2.5.    For the avoidance of doubt, the Subscription Rights may be exercised by the Holder at any time and on any one or more occasions during the Exercise Period, and any exercise notice or other notice given by the Holder to the 

Issuer in relation to the exercise of the Subscription Rights may be withdrawn by the Holder provided that no such notice may be withdrawn after the issue of Warrant Shares resulting from the exercise of the Subscription Rights.

2.2.6.    In the event that the entire issued share capital of the Issuer is sold or is to be sold where as a result of such sale the shareholders of the Issuer would hold shares in the capital of the acquirer of the Issuer (the "New Purchaser") which confer in aggregate 30% or more of the total voting rights conferred on all the shares in the equity share capital of that New Purchaser, provided that the Warrant has not been exercised and completed prior to the date of such sale, the Issuer shall use all reasonable endeavours to ensure that the Holder benefits from the same rights and obligations as any holder of stock options or warrants issued by the Issuer not exercised prior to the date of such sale, including, as the case may be, that the New Purchaser issues a warrant to the Holder in place of the Warrant under the conditions of this Agreement on terms approved by the Holder, substantially similar to the terms of the conditions of this Agreement and with the same economic benefit to the Holder (the "New Warrant"), in that scenario upon issue of the New Warrant, the Warrant under the conditions of this Agreement shall lapse.

2.2.7.    If during the Exercise Period a Winding-Up occurs, the Holder shall, in respect of its unexercised Subscription Rights, be treated as if it had fully exercised its outstanding Subscription Rights  on the day immediately preceding the happening of the Winding-Up and shall receive out of the surplus assets of the Issuer available in the liquidation such sum as it would have received if it had been registered as the holder of the number of fully paid Warrant Shares for which it is entitled to subscribe after the deduction from such sum of a sum equal to the Exercise Price in respect of those Warrant Shares.

2.3.    Calculation of Warrant Shares

2.3.1.    The aggregate number of Warrant Shares which are capable of issue to the Holder on exercise of the Subscription Rights in full shall be 1,095,936.00 US dollars, divided by the Exercise Price.

2.3.2.    The Subscription Price for each of the Warrant Shares the subject of the Subscription Rights shall, at the absolute discretion of the Holder, be either:
		
	(a)
	the payment in cash for each of the Warrant Shares at the Exercise Price; or

(b)payment in cash of the par value for each of the Warrant Shares issued to the Holder on a net issuance basis whereby the Holder will then receive a number of Warrant Shares, credited as fully paid, being “X” where X is equal to Y-Z and Z is calculated as follows:	
			
	 
	Z=
	Y(B-C)
    A

	Where:
	X=
	the number of Warrant Shares to be issued to the Holder (disregarding any fractional entitlement);

	 
	Y=
	the number of Warrant Shares with respect to which the Holder is exercising its Subscription Rights;

	 
	A=
	the fair market value of each Warrant Share on the date of exercise, calculated in accordance with Article 2.3.3; 

	 
	B=
	the Exercise Price; and

	 
	C=
	the par value of a Warrant Share.

2.3.3.    Fair market value for each Warrant Share (being ("A")) shall be calculated as follows (in each case, as applicable on the date of exercise of the Subscription Rights):

2.3.3.1.    if the date of exercise of the Warrant Shares is at any time after the commencement of trading of the Shares over-the-counter but prior to the date of a Listing, “A” shall be the price per Share set out in the final prospectus, listing particulars published in connection with any Listing; 

2.3.3.2.    if the date of exercise of the Warrant Shares is at any time on or after a Listing, “A” shall be the average of the closing price of such shares the subject of a Listing over the thirty (10) trading day period (or portion thereof if shorter) ending three (3) days prior to the date of completion of the Exercise Notice;

2.3.3.3.    if the date of exercise of the Warrant Shares is at any time on or after the Shares are regularly traded over-the-counter, “A” shall be the average of the closing sale prices or secondarily the closing bid of such Share over the thirty (10) trading day period (or portion thereof if shorter) ending three (3) days prior to the date of completion of the Exercise Notice.

2.3.4.    In the event that any part of this Warrant has not been exercised in full immediately prior to the expiry of the Exercise Period, then any unexercised part of this Warrant shall be deemed to have been exercised in full on the net issuance basis set out in Article 2.3.2. immediately prior to expiry of the Exercise Period.

		
	2.4
	Duration of exercise of the Warrant

The Warrant shall be exercisable ten (10) years from the Closing Date (the “Exercise Period”).

2.5    Protection of the Holder 

The preservation of the rights of the Holder of the BSA HEGCF in the event of future financial or other transactions involving the Company shall be governed by the provisions of Articles L.228-98 to L.228-106 of the FCC.

In particular, in the hypothesis where the Company would (i) proceed to the issuance in any form of new title giving access to the capital of the Company in the conditions set forth in above mentioned Articles, with a preferred right of subscription to its shareholders, or (ii) distribute its reserves, in cash or in-kind and premium (“prime d’émission”), or (iii) amend the repartition of its profit by the creation of preferred Shares, the Company shall take all necessary measures to the preservation of the rights of the Beneficiary in compliance with the provisions of Article L. 228-99 of the FCC (1° and 3°). It is agreed between the Parties that in case of new issuance of Shares of the Company, the Issuer must therefore, in accordance with the provisions of Article L. 228-99 of the French Commercial Code, either:

		
	(i)
	allow the Beneficiary to exercise its BSA HEGCF if the Exercise Period stipulated in the present terms and conditions is not already open or if conditions of the exercise of the Subscription Rights are not entirely fulfilled, such that the Holder may immediately participate in the planned transactions or benefit from them, or

		
	(ii)
	carry out an adjustment (the "Adjustment") to the subscription conditions initially stipulated, in such a way as to take into account the impact of the planned transactions.

In any case, the method and the adjustment retained by the Company shall be upheld by the statutory auditors of the Company.

In the event of a reduction in the Company’s share capital resulting from losses and implemented through share cancellation, the Beneficiary’s rights regarding the number of Warrant Shares to be issued upon exercise of the Warrant shall be reduced accordingly, as if the Beneficiary were a shareholder at the time of such reduction in share capital.

In the event of a reduction in the Company’s share capital resulting from losses and implemented through reduction of the Shares par value, the Exercise price for the Warrant Shares issued upon exercise of the Warrant shall not change, and the issuance premium shall be increased in an amount corresponding to the aggregate amount of the reduction of the Shares par value.

In the event of a reduction in the Company’s share capital not resulting from losses and implemented through reduction of the Shares par value, the subscription price of the Warrant Shares issued upon exercise of the Warrant shall be reduced accordingly.

In the event of a reduction in the Company’s share capital not resulting from losses and implemented through Share cancellation, should the Beneficiary choose to exercise its Warrant, it shall be entitled to request the purchase by the Company of a quantum of Warrants Shares under the same conditions as those set in favor of then existing shareholders when such reduction in the Company’s share capital occurred.

In case of a rights issue, the Company will take one or several of the following decisions to preserve the rights of the Holder, in accordance with the provisions of Article L.228-99 of the FCC and applicable French and U.S. securities laws:

		
	1.
	permit the Holder to exercise its Warrant immediately so that the Holder may participate in the rights issue, which will not alter or limit the rights of the Holder to exercise the Warrant under Article 2 of this Agreement; or

		
	2.
	take any measures which would allow the Holder, should it decides to exercise the Warrant, to eventually be in the same position as other shareholders as if the Holder were a shareholder at the time of such operations. Should the Holder exercise its Warrant, the Company could thus allow the Holder to subscribe a pro rata Share of a new rights’ issue or be the beneficiary of free allocation of Shares, or receive cash or goods under the same form, proportion, terms and conditions (except for use) as those set in favor of then existing shareholders when such operations occurred; or

		
	3.
	adjust the Exercise Price, conversion-into-shares ratio or other terms relating to subscription of the Shares in order to take into account the new rights issue. In such case, any such adjustment shall be carried out in accordance with the method set forth in Article R.228-91 of the FCC, it being specified that the value of an existing shareholder’s right to participate, as well as the value of the Share itself (including the right to participate in the rights issue), shall be determined by the board of directors of the Company. The board shall determine such value while taking into account, as the case may be, the subscription, exchange or sale price per Share used during the last operation relating to the Company’s share capital (such as any share capital increase, contribution in kind, sale of shares,...) which occurred during a six (6)-month period immediately preceding such board of directors’ meeting. In the event no such operation occurred over such period, the board shall take into account any other financial parameter which it finds relevant (and which relevancy shall then be confirmed by the Company’s statutory auditor).

The Company is authorized, without requesting the specific consent of the Holder to modify its corporate form and its corporate purpose.
The Parties acknowledge that no other specific protection rights than those expressly provided for in this Agreement shall be granted to the Holder, unless such rights are granted to all other shareholders of the Company.

3.        CROSS-DEFAULT UNDER THE BOND ISSUE AGREEMENT

It is the clear understanding, intention, agreement and irrevocable commitment of all the Parties that every step contemplated in this Agreement is indivisible and non-separable. Consequently, failure by the Issuer to comply with its undertakings and obligations pursuant to this Agreement the effect of which will be to prevent any of these other steps to be completed in accordance with the provisions of this Agreement, shall be deemed to be an Event of Default under the Bond Issue Agreement following which the Noteholder may, by notice to the Issuer, declare all or part of the amounts due in connection with the Notes and under the Issue Documents to be immediately due and payable, whereupon those amounts shall immediately become due and payable.

		
	4.
	REPRESENTATIONS AND WARRANTIES

		
	4.1
	The representations and warranties contained in Article 8.1.1, 8.1.2, 8.1.4, 8.1.6, 8.1.7 and 8.1.9 of the Bond Issue Agreement shall apply (Representations and Warranties) in this Agreement.

		
	4.2
	The Beneficiary acknowledges the terms and conditions of the Warrant, including:

		
	•
	that neither the Warrant nor the Warrant Shares have been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the representations below;

and represents and warrants to the Issuer as follows:
		
	•
	that it is acquiring the Warrant for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof, and that it has no present intention of selling, granting any participation in, or otherwise distributing the same;

		
	•
	that it does not have any contract, undertaking, agreement or arrangement with any person or entity to sell, transfer or grant participation to such person or entity or to any third person or entity with respect to any of the Warrant Shares;

		
	•
	that it is an institutional “accredited investor” as defined in Regulation D, Rule 501(a) under the Securities Act, has such knowledge and experience in financial and business matters so that it is capable of evaluating the merits and risks of its investment in the Issuer and it understands and acknowledges that an investment in the Issuer is highly speculative and involves substantial risks. It can bear the economic risk of its investment and is able, without impairing its financial condition, to hold the Warrant and the Warrant Shares for an indefinite period of time and to suffer a complete loss of its investment;

		
	•
	that it has had an opportunity to ask questions of, and receive answers from, the officers of the Issuer concerning this Warrant Agreement, as well as its business, management and financial affairs, which questions were answered to its satisfaction;

		
	•
	that it believes that it has received all the information it considers necessary or appropriate for deciding whether to receive Warrant. It acknowledges that any future plans and forward looking statements expressed by the Issuer are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying the future plans and forward looking statements will not materialize or will vary significantly from actual results. It also acknowledges that it is relying solely on its own counsel and not on any statements or representations of the Issuer, or any agent or adviser of the Issuer for legal advice with respect to the subscription of the Warrant;

		
	•
	that the Warrant is being acquired by it in reliance on a private placement exemption from the registration requirements of the Securities Act and the Warrants Shares are and will be “restricted securities” within the meaning of Rule 144(a) (3) under the Securities Act and that the exemption from registration provided under Rule 144 may not be available for resales by it of the Warrants Shares. Therefore, it further agrees that if it wishes to dispose of or exchange any of the Warrant Shares, it will not transfer any of the Warrant Shares, directly or indirectly, unless such transfer is a transaction that is deemed to occur outside of the United States under Regulation S under the Securities Act, or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements, of the Securities Act. The Company may require, as a condition of allowing any transfer, that the holder or transferee of the Warrant Shares, as the case may be, provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Warrant Shares under the Securities Act. 

		
	5.
	REMEDIES AND WAIVERS

No failure, delay or other relaxation or indulgence on the part of HEGCF to exercise any power, right or remedy shall operate as a waiver thereof nor shall any single or partial exercise or waiver of any power, right or remedy preclude its further exercise or the exercise of any other power, right or remedy.

6.    MISCELLANEAOUS

Each of the provisions of this Agreement is severable and distinct from the others and if at any time one or more of such provisions is or becomes invalid, illegal or unenforceable the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

In the event that one or more provisions of this Agreement is considered illegal, invalid or unenforceable, this Agreement shall be interpreted as if it did not contain that provision and the nullity or invalidity of the said provision shall not affect the validity or the performance of the other provisions of this Agreement, which shall nevertheless remain legal and valid and shall continue to be in force.

7.    NOTICES

		
	7.1
	All notices, demands or other communications under or in connection with this Agreement may be given by letter, facsimile or other comparable means of communication addressed to the person at the address identified with its signature below.     

Any such communication will be deemed to be given as follows:
		
	-
	if personally delivered, at the time of delivery;

		
	-
	if by letter, at noon on Business Day following the day such letter was posted (or in the case of airmail, seven days after the envelope containing the same was delivered into the custody of the postal authorities); and

		
	-
	if by facsimile transmission or comparable means of communication during the business hours of the addressee then on the day of transmission, otherwise on the next following Business Day.

		
	7.2
	In proving such service it shall be sufficient to prove that personal delivery was made or that such letter was properly stamped first class, addressed and delivered to the postal authorities or in the case of facsimile transmission or other comparable means of communication that a confirming hard copy was provided promptly after transmission.

		
	7.3
	All notices to be sent to the Beneficiary under or in connection with this Agreement shall be sent to the following recipients: 

		
	–
	To:  HARBERT EUROPEAN GROWTH CAPITAL FUND II, SCSp, 5, rue Guillaume Kroll, L - 1882 Luxemburg (Luxemburg); and

		
	–
	With a copy to: HARBERT EUROPEAN FUND ADVISORS LTD, Brookfield House, 5thFloor, 44 DaviesStreet, London W1K 5JA, UK.

		
	7.4
	All notices to be sent to the Issuer under or in connection with this Agreement shall be sent to the following recipient: 

		
	–
	To: SEQUANS COMMUNICATIONS, 15-55, boulevard Charles de Gaulle Les Portes de la Défense - 92700 Colombes.

		
	8.
	LAW AND JURISDICTION

This Agreement is governed by and shall be construed in accordance with French law.

Any dispute concerning the validity, interpretation or performance of this Agreement shall be submitted to the Commercial Court of Paris.

(Signatures on following page)

 Executed in Paris on 26 October 2018 in two (2) original copies.

	
		
	/s/ Georges Karam

	/s/ Christophe Jacomin 

	___________________________
SEQUANS COMMUNICATIONS
as Issuer
	___________________________
Harbert Fund Advisors, Inc. as investment manager for Harbert European Growth Capital Fund II, SCSp
as Beneficiary

	By:  Georges KARAM
	By:  Christophe Jacomin

	Title: president and chief executive officer
	Title:  attorney / partner

Schedule 1

SEQUANS COMMUNICATIONS CAPITALIZATION TABLEEX-10.1

 Exhibit 10.1 

Execution Version 

VOTING AND SUPPORT AGREEMENT 
 This VOTING AND
SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of October 29, 2018, by and among Jay Carlton Graham (“Graham”), Esquisto Holdings, LLC, a Delaware limited liability company (“Esquisto
Holdings”), WHE AcqCo Holdings, LLC, a Delaware limited liability company (“WHE AcqCo”), and WHR Holdings, LLC, a Delaware limited liability company (“WHR Holdings”), and NGP XI US Holdings, L.P., a
Delaware limited partnership (“NGP XI” and, together with Graham, Esquisto Holdings, WHE AcqCo and WHR Holdings collectively, the “Stockholders” and each a “Stockholder”), Chesapeake Energy
Corporation, an Oklahoma corporation (“Parent”), and WildHorse Resource Development Corporation, a Delaware corporation (the “Company”). The parties to this Agreement are sometimes referred to in this Agreement
collectively as the “parties,” and individually as a “party.” Capitalized terms used in this Agreement without definition shall have the respective meanings specified in the Merger Agreement (as defined below). 

WHEREAS, the Stockholders, collectively, own shares of the Company Common Stock together with any other Rights (as defined below) with respect to such shares
acquired (whether beneficially or of record) by the Stockholders after the date of this Agreement and prior to the Closing or the termination of this Agreement, whichever is earlier, including any interests in the Company or Rights with respect to
interests in the Company acquired by means of purchase, dividend or distribution, or issued upon the exercise of any options or warrants or the conversion of any convertible securities or otherwise, being collectively referred to in this Agreement
as the “Securities”. For the purposes of this Agreement, “Rights” means, with respect to any Person, (a) options, warrants, preemptive rights, subscriptions, calls or other rights, convertible securities,
exchangeable securities, agreements or commitments of any character obligating such Person to issue, transfer or sell any equity interest of such Person or any of its Subsidiaries or any securities convertible into or exchangeable for such equity
interests, or (b) contractual obligations of such Person to repurchase, redeem or otherwise acquire any equity interest in such Person or any of its Subsidiaries or any such securities or agreements listed in clause (a) of this
sentence. 
 WHEREAS, Parent, Coleburn Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”), and the Company
propose to enter into an Agreement and Plan of Merger, dated as of the date of this Agreement (the “Merger Agreement”), pursuant to which, among other things, Merger Sub will be merged with and into the Company, with the Company
surviving as a direct or indirect wholly owned Subsidiary of Parent, all upon the terms of, and subject to the conditions set forth in, the Merger Agreement (the “Merger”). 

WHEREAS, the adoption of the Merger Agreement by the holders of a majority of the outstanding shares of the authorized capital stock of the Company voting
together as a single class with the holders of the Company Preferred Stock voting on an as-converted basis, in each case, in accordance with the DGCL and the Organizational Documents of the Company, is a
condition to the consummation of the Merger. 
 WHEREAS, as a condition to the willingness of Parent and the Company to enter into the Merger Agreement and
as an inducement and in consideration therefor, the Stockholders have agreed to enter into this Agreement. 

 NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth in this
Agreement, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, intending to be legally bound, the parties agree as follows: 

ARTICLE I 
 VOTING; GRANT
AND APPOINTMENT OF PROXY 
 1.1 Voting. From and after the date of this Agreement until the earlier of (x) the consummation of
the Merger and (y) the termination of the Merger Agreement pursuant to and in compliance with the terms of the Merger Agreement (such earlier date, the “Expiration Date”), each Stockholder irrevocably and unconditionally agrees
that at any meeting (whether annual or special and each adjourned or postponed meeting) of the stockholders of the Company, however called, or in connection with any written consent of the stockholders of the Company, each Stockholder (in such
capacity and not in any other capacity) will (i) appear at such meeting or otherwise cause all of the Securities owned by such Stockholder (whether beneficially or of record) to be counted as present thereat for purposes of calculating a quorum
and (ii) vote or cause to be voted (including by proxy or written consent, if applicable) all of the Securities owned by such Stockholder (whether beneficially or of record): 

(a) with respect to each meeting at which a vote of the Stockholders on the Merger is requested (a “Merger Proposal”), in favor of such Merger
Proposal (and, in the event that such Merger Proposal is presented as more than one proposal, in favor of each proposal that is part of such Merger Proposal), and in favor of any other matter presented or proposed as to approval of the Merger or any
part or aspect thereof, adoption of the Merger Agreement, or any other transactions or matters contemplated by the Merger Agreement; 
 (b) against any
Company Competing Proposal, without regard to the terms of such Company Competing Proposal, or any other transaction, proposal, agreement or action made in opposition to adoption of the Merger Agreement or in competition or inconsistent with the
Merger and the other transactions or matters contemplated by the Merger Agreement; 
 (c) against any other action, agreement or transaction, that is
intended, that could reasonably be expected, or the effect of which could reasonably be expected, to impede, interfere with, delay, postpone, discourage or adversely affect the Merger or any of the other transactions contemplated by the Merger
Agreement or the performance by such Stockholder of its obligations under this Agreement, including: (i) any extraordinary corporate transaction, such as a merger, consolidation or other business combination involving the Company or any of its
Subsidiaries that is prohibited by the Merger Agreement unless such transaction is previously approved in writing by Parent; (ii) a sale, lease or transfer of a material amount of assets of the Company or any of its Subsidiaries (other than the
Merger or any transactions contemplated by the Merger Agreement) or a reorganization, recapitalization or liquidation of the Company or any of its Subsidiaries that is prohibited by the Merger Agreement unless such transaction is previously approved
in writing by Parent; (iii) an election of new members to the Company Board, except if previously approved in writing by Parent; (iv) any material change in the present capitalization (other than the conversion of Company Preferred Stock
into Company Common Stock in accordance with the Organizational Documents of the Company) or dividend or distribution policy of the Company or any amendment or other change to the Organizational Documents of the Company or its Subsidiaries, that is

  
 2 

 
prohibited by the Merger Agreement unless such transaction is previously approved in writing by Parent; or (v) any other material change in the Company’s organizational structure or
business, that is prohibited by the Merger Agreement unless such transaction is previously approved in writing by Parent; 
 (d) against any action,
proposal, transaction or agreement that could reasonably be expected to result in a breach in any respect of any covenant, representation or warranty or any other obligation or agreement of the Company contained in the Merger Agreement, or of any
Stockholder contained in this Agreement; and 
 (e) in favor of any other matter necessary to the consummation of the transactions contemplated by the Merger
Agreement, including the Merger (clauses (a) through (e) of this Section 1.1, the “Required Votes”). 

1.2 Grant of Irrevocable Proxy; Appointment of Proxy. 

(a) From and after the date of this Agreement until the Expiration Date, but subject to Section 1.5, each Stockholder irrevocably and
unconditionally grants to, and appoints, Parent and any designee of Parent (determined in Parent’s sole discretion) as such Stockholder’s proxy and
attorney-in-fact (with full power of substitution), for and in the name, place and stead of such Stockholder, to vote or cause to be voted (including by proxy or written
consent, if applicable) its Securities in accordance with the Required Votes. 
 (b) Each Stockholder represents that any proxies heretofore given in respect
of the Securities, if any, are revocable, and revokes all such proxies. 
 (c) Each Stockholder affirms that the irrevocable proxy set forth in this
Section 1.2 is given in connection with the execution of the Merger Agreement, and that such irrevocable proxy is given to secure the performance of the duties of such Stockholder under this Agreement and is granted in
accordance with the provisions of Section 212 of the DGCL. Each Stockholder further affirms that the irrevocable proxy set forth in this Section 1.2 is coupled with an interest and, except upon the occurrence of the
Expiration Date, or as set forth to the contrary in Section 1.5, is intended to be irrevocable. Each Stockholder agrees, until the Expiration Date, to vote its Securities in accordance with
Section 1.1(a) through Section 1.1(e) above. The parties agree that the foregoing is a voting agreement. 

1.3 Waiver of the Stockholders’ Agreement. Pursuant to Section 4.8 of the Stockholders’
Agreement, the Stockholders waive the provisions of the Stockholders’ Agreement to the extent necessary to allow each of the Stockholders to enter into and comply with all of its obligations under this Agreement, including providing the
Required Votes under Section 1.1 and granting the proxies under Section 1.2; provided, however, that such waiver shall be effective only until the date that such Stockholders have no
further obligations under this Agreement. For the avoidance of doubt, except to the extent expressly set forth in the immediately preceding sentence, all of the rights and obligations of the Stockholders, under the Stockholders’ Agreement and
all provisions of the Stockholders’ Agreement shall remain unmodified and in full force and effect, and nothing in this Agreement shall amend, modify or otherwise affect the Stockholders’ Agreement or the rights or obligations thereunder
of the parties thereto. 

  
 3 

 1.4 Restrictions on Transfers. 

(a) Except as set forth in Section 1.4(b), each Stockholder agrees that, from the date hereof until the Expiration Date, it shall
not, directly or indirectly, except in connection with the consummation of the Merger and as expressly provided for in the Merger Agreement, (i) sell, transfer, assign, tender in any tender or exchange offer, pledge, encumber, hypothecate or
similarly dispose of (by merger, by testamentary disposition, by operation of law or otherwise), either voluntarily or involuntarily, or enter into any contract, option or other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, Encumbrance, hypothecation or other disposition of (by merger, by testamentary disposition, by operation of Law or otherwise), any Securities, (ii) deposit any Securities into a voting trust or enter into a voting agreement
or arrangement or grant any proxy, consent or power of attorney with respect thereto other than, and that is inconsistent with, this Agreement, (iii) make any demand for or exercise any right with regard to any Security pursuant to that certain
Amended and Restated Registration Rights Agreement, dated as of June 30, 2017, by and among the Company and the parties listed therein, or (iv) agree (regardless of whether in writing) to take any of the actions referred to in the
foregoing clause (i), (ii) or (iii). 
 (b) Notwithstanding the provisions of Section 1.4(a) above, each
Stockholder may distribute in accordance with its Organizational Documents up to 15% of the shares of Company Common Stock it holds on the date of this Agreement to its equity owners; provided, however, that if such transfer is effected prior to the
Company Stockholder Approval being irrevocably obtained in accordance with the Merger Agreement, such transferee shall, prior to and as a condition of such transfer, deliver (i) to Parent and the Company its agreement in writing to be bound by
and subject to the terms set forth in Sections 1.1, 1.2, 1.4 and 3.4(e) and (ii) to the transferring Stockholder an irrevocable proxy with respect to such shares of Company Common Stock to vote such shares of Company
Common Stock in accordance with this Agreement. 
 1.5 Company Change in Recommendation.(a) Notwithstanding anything to the contrary in
this Agreement, if at any time following the date hereof and until the Expiration Date there occurs a Company Change in Recommendation pursuant to Section 6.3(c) or Section 6.3(f) of the Merger Agreement (a “Change of
Recommendation Event”), then the obligations of each Stockholder under Sections 1.1 and 1.2, and the obligations of each Stockholder to grant to, and appoint, Parent or its designee as such Stockholder’s proxy and attorney-in-fact in accordance with Section 1.2, shall be limited to the number of shares of Company Common Stock held by such Stockholder, rounded down to the nearest
whole share, equal to the product of (a) such Stockholder’s Pro Rata Share multiplied by (b) the Covered Company Common Stock (as defined below) (such amount for each Stockholder, the “Covered Securities”);
provided that all other obligations and restrictions contained in this Agreement, including those set forth in Section 1.4 shall continue to apply to all of such Stockholder’s Securities; provided,
further, however, that if a Change of Recommendation Event occurs, notwithstanding any other obligations hereunder, any Stockholder shall be expressly permitted to vote its Securities and to grant or appoint any Person as its proxy and
attorney-in fact with respect to its Securities that are not Covered Securities in its sole discretion with respect to any Merger Proposal, including against such Merger Proposal. For purposes of this
Agreement, (i) the “Covered Company Common Stock” shall mean the total number of shares of Company 

  
 4 

 
Common Stock outstanding as of the record date of the applicable stockholder meeting (including all Company Preferred Stock on an as-converted basis)
multiplied by 0.35 and (ii) such Stockholder’s “Pro Rata Share” shall mean the quotient of the number of Securities held by such Stockholder divided by the number of Securities held by all of the Stockholders and the other
stockholders set forth on Exhibit B, in the aggregate. 
 1.6 Injunction. Notwithstanding anything to the contrary in this
Agreement, if at any time following the date hereof and prior to the Expiration Date a Governmental Entity of competent jurisdiction enters an order restraining, enjoining or otherwise prohibiting the Stockholders or their Affiliates from
(a) consummating the transactions contemplated by the Merger Agreement or (b) taking any action pursuant to Section 1.1 or Section 1.2 of this Agreement, then (i) the obligations of
each Stockholder set forth in Section 1.1 and the irrevocable proxy and power of attorney in Section 1.2 shall be of no force and effect for so long as such order is in effect and, in the case of
clause (b), solely to the extent such order restrains, enjoins or otherwise prohibits such Stockholder from taking any such action, and (ii) each Stockholder shall cause the Securities to not be represented in person or by proxy at any
meeting at which a vote of such Stockholder on the Merger is requested. Notwithstanding anything to the contrary in this Section 1.6, the restrictions set forth in Section 1.4(a) shall continue to
apply with respect to the Securities until the Expiration Date. 
 ARTICLE II 

NO SOLICITATION 
 2.1
Restricted Activities. Prior to the Expiration Date and except as otherwise specifically provided for in Section 2.3 of this Agreement (and only to the extent so provided), no Stockholder shall, and each
Stockholder shall cause its Affiliates (and shall use reasonable best efforts to cause their respective officers and directors) and shall instruct and use reasonable best efforts to cause its Representatives, not to, directly or indirectly,
(a) initiate, solicit, knowingly encourage or knowingly facilitate (including by way of furnishing or affording access to any non-public information) any inquiries, proposals or offers regarding, or the
making of a Company Competing Proposal, (b) engage in any discussions or negotiations with any Person with respect to a Company Competing Proposal or any indication of interest that would reasonably be expected to lead to a Company Competing
Proposal, (c) furnish any non-public information regarding the Company or its Subsidiaries, or access to the properties, assets or employees of the Company or its Subsidiaries, to any Person in connection
with or in response to a Company Competing Proposal, (d) enter into any letter of intent or agreement in principle, or other agreement providing for a Company Competing Proposal or (e) resolve, agree or publicly propose to, or permit the
Company or any of its Subsidiaries or any of its or their Representatives to agree or publicly propose to take any of the actions referred to in this Section 2.1 (the activities specified in clauses (a) through
(e) being hereinafter referred to as the “Restricted Activities”). 
 2.2 Notification. Each Stockholder shall
and shall cause its Affiliates (and shall use reasonable best efforts to cause their respective officers and directors) and shall instruct and use reasonable best efforts to cause its Representatives to, immediately cease, and cause to be
terminated, any discussion or negotiations with any Person conducted heretofore with respect to a Company Competing Proposal. From and after the date of this Agreement until the Expiration Date, each Stockholder shall promptly advise Parent in
writing (in each case within one business day thereof) 

  
 5 

 
of the receipt by such Stockholder of any Company Competing Proposal made on or after the date of this Agreement or any request for non-public information
or data relating to the Company or any of its Subsidiaries made by any Person in connection with a Company Competing Proposal or any request for discussions or negotiations with the Company, a Representative of the Company or such Stockholder
relating to a Company Competing Proposal, and, in respect of each such Company Competing Proposal, such Stockholder shall provide to Parent (in each case within one business day timeframe) either (A) a copy of any such Company Competing
Proposal made in writing provided to such Stockholder or (B) a written summary of the material terms of such Company Competing Proposal (including the identity of the Person making such Company Competing Proposal). Each Stockholder shall keep
Parent reasonably informed with respect to the status and material terms of any such Company Competing Proposal and any material changes to the status of any such discussions or negotiations, and shall promptly provide Parent with copies of any
substantive correspondence and, with respect to substantive oral communications, a summary of such correspondence or communications, between: (x) on the one hand, such Stockholder or any of its Representatives or Affiliates; and (y) on the
other hand, the Person that made or submitted such Company Competing Proposal or any Representative of such Person. Each Stockholder agrees that neither it nor any of its Affiliates has entered into or shall enter into any agreement with any Person
that prohibits the Company or such Stockholder from either providing any information to Parent in accordance with this Section 2.2 or otherwise complying with any of its obligations pursuant to this
Section 2.2. For the avoidance of doubt, the parties acknowledge and agree that no Stockholder is an Affiliate of CP VI Eagle Holdings, L.P. 

2.3 Exception. Notwithstanding anything in this Agreement to the contrary, each Stockholder, directly or indirectly through one or more
of its Representatives, and its Affiliates may engage in any Restricted Activities with any Person if the Company is permitted to engage in such activities with such Person pursuant to Section 6.3(e)(ii) of the Merger Agreement, in each case
subject to the restrictions and limitations set forth in Section 6.3 of the Merger Agreement. 
 2.4 Capacity. Each Stockholder is
signing this Agreement solely in its capacity as a stockholder of the Company, and nothing contained in this Agreement shall in any way limit or affect any actions taken by any Representative of such Stockholder in his or her capacity as a director,
officer or employee of the Company, and no action taken in any such capacity as a director, officer or employee shall be deemed to constitute a breach of this Agreement. 

ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

OF PARENT AND THE STOCKHOLDERS 
 3.1
Representations and Warranties. 
 (a) Each Stockholder represents and warrants to Parent and the Company as follows: (i) such
Stockholder has full legal right and capacity to execute and deliver this Agreement, to perform such Stockholder’s obligations hereunder and to consummate the transactions contemplated by this Agreement; (ii) this Agreement has been duly
executed and delivered by such Stockholder and the execution, delivery and performance of this Agreement by such Stockholder and the consummation of the transactions contemplated by this Agreement have been duly authorized by all necessary action on
the part of such Stockholder and no other actions or proceedings on the part 

  
 6 

 
of such Stockholder are necessary to authorize this Agreement or to consummate the transactions contemplated by this Agreement; (iii) this Agreement constitutes the valid and binding
agreement of such Stockholder, enforceable against such Stockholder in accordance with its terms; (iv) the execution and delivery of this Agreement by such Stockholder does not, and the consummation of the transactions contemplated by this
Agreement and the compliance with the provisions of this Agreement will not, conflict with or violate any Laws or agreements binding upon such Stockholder or the Securities owned by such Stockholder, nor require any authorization, consent or
approval of, or filing with, any Governmental Entity, except for filings with the SEC by such Stockholder; (v) such Stockholder owns, beneficially and of record, or controls the Securities set forth opposite such Stockholder’s name on
Exhibit A attached hereto; (vi) such Stockholder owns, beneficially and of record, or controls all of its Securities free and clear of any proxy, voting restriction, adverse claim or other Encumbrances (other than Permitted Encumbrances
or any restrictions created by this Agreement or the Stockholders’ Agreement) and has sole voting power with respect to the Securities and sole power of disposition with respect to all of the Securities, with no restrictions on such
Stockholder’s rights of voting or disposition pertaining thereto, except for such transfer restrictions of general applicability as may be provided under the Securities Act of 1933, as amended, and the “blue sky” laws of the various
states of the United States, and no person other than such Stockholder has any right to direct or approve the voting or disposition of any of the Securities; and (vii) such Stockholder does not own, beneficially or of record, any Parent Common
Stock. Notwithstanding the representations and warranties contained in this Section 3.1, the parties acknowledge that the Securities held by each of the Stockholders are subject to the Stockholders’ Agreement, which is
waived as and to the extent set forth in Section 1.3. Based on such waiver, there is no conflict between the requirements of the Stockholders’ Agreement and this Agreement. 

(b) Parent represents and warrants to the Stockholders as follows: (i) Parent has full legal right and capacity to execute and deliver this Agreement, to
perform Parent’s obligations hereunder and to consummate the transactions contemplated by this Agreement; (ii) this Agreement has been duly executed and delivered by Parent and the execution, delivery and performance of this Agreement by
Parent and the consummation of the transactions contemplated by this Agreement have been duly authorized by all necessary action on the part of Parent and no other actions or proceedings on the part of Parent are necessary to authorize this
Agreement or to consummate the transactions contemplated by this Agreement; (iii) this Agreement constitutes the valid and binding agreement of Parent, enforceable against Parent in accordance with its terms; and (iv) the execution and
delivery of this Agreement by Parent does not, and the consummation of the transactions contemplated by this Agreement and the compliance with the provisions of this Agreement will not, conflict with or violate any Laws or agreements binding upon
Parent, nor require any authorization, consent or approval of, or filing with, any Governmental Entity, except for filings with the SEC by Parent. 
 3.2
Lock-up. None of the Stockholders shall, during the period commencing on the Closing Date and continuing for 180 days after the Closing Date (the
“Lock-up Period”), (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of, directly or indirectly, greater than 15% in the aggregate, measured as of immediately following the Effective Time, of such Stockholder’s shares of Parent Common Stock or any securities convertible into or
exercisable or exchangeable for Parent Common Stock or any Rights thereto (including Parent 

  
 7 

 
Common Stock or such other securities that may be deemed to be beneficially owned by such Stockholder in accordance with the rules and regulations of the SEC and securities that may be issued
upon exercise of an option or warrant) (collectively, the “Restricted Parent Securities”) or publicly disclose the intention to make any such offer, sale, pledge or disposition or (ii) enter into any swap or other agreement
that transfers, in whole or in part, any of the economic consequences of ownership of greater than 15% in the aggregate, measured as of immediately following the Effective Time, of such Stockholder’s shares of Parent Common Stock or such other
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Parent Common Stock or such other securities, in cash or otherwise. In furtherance of the foregoing, Parent and any
duly appointed transfer agent for the registration or transfer of the Restricted Parent Securities described in this Agreement are authorized to decline to make any transfer of Restricted Parent Securities if such transfer would constitute a
violation or breach of this Section 3.2. To the extent that any Stockholder distributes any Securities prior to the Closing Date in accordance with Section 1.4(b), the amount of Parent Common Stock
that such Stockholder is permitted to transfer or otherwise dispose of during the Lock-up Period shall be correspondingly decreased. 

3.3 Standstill. No Stockholder shall, during the period commencing on the date of this Agreement and continuing for 12 months after the
earlier of (a) the Closing Date and (b) the Expiration Date (such period, the “Standstill Period”), unless such action is expressly contemplated by the Merger Agreement or otherwise shall have been specifically invited in
writing by the Parent Board (it being understood that execution of this Agreement by Parent does not constitute such an invitation), and each Stockholder will direct its Representatives not to, directly or indirectly: 

(a) effect or seek, offer or propose (whether publicly or otherwise and whether or not subject to conditions) to effect or seek, or announce any intention to
effect or seek, or cause or otherwise participate in: 
 (i) any acquisition of, or obtaining any economic interest in, any right to direct the voting or
disposition of, or any other Right with respect to, any Parent Common Stock; 
 (ii) any tender or exchange offer, consolidation, acquisition, merger, joint
venture, business combination or extraordinary transaction involving Parent or any of its Subsidiaries or all or a material portion of the assets of Parent or any of its Subsidiaries (except that any Stockholder or its Representatives may affect or
pursue an acquisition of any assets offered for sale by Parent or any of its Subsidiaries); 
 (iii) any recapitalization, restructuring, liquidation,
dissolution or other extraordinary transaction with respect to Parent or any of its Subsidiaries; or 
 (iv) any “solicitation” of
“proxies” (as such terms are defined in Regulation 14A promulgated by the SEC) or consents to vote any voting securities of Parent or any of its Subsidiaries from any holder of any voting securities of Parent or any of its Subsidiaries, or
otherwise advise, assist or encourage any Person with respect to the voting of any voting securities of Parent or any of its Subsidiaries; 

  
 8 

 (b) form, join, become a member of, or in any way participate in or engage in negotiations, arrangements,
understandings or discussions regarding, a “group” (within the meaning of Rule 13d-5(b)(l) promulgated under the Exchange Act) with respect to any voting or other securities of Parent or any of its
Subsidiaries or any securities convertible into or exercisable or exchangeable for any voting or other securities of Parent or any of its Subsidiaries or otherwise act in concert with any Person in respect of any such securities; 

(c) call, request, or seek to have called any meeting of the stockholders of Parent or execute any written consent in lieu of a meeting of holders of any
securities of Parent; 
 (d) otherwise seek, or propose to seek, representation on, or to control or influence, or to propose to control or influence, the
Parent Board or the management, shareholders or policies of Parent or any of its Subsidiaries, or take any action to prevent or challenge any business combination or similar transaction to which Parent or any of its Subsidiaries is a party; 

(e) request that Parent or any of its Representatives amend or waive any provisions of this Section 3.3, or make any public
announcement with respect to the restrictions of this Section 3.3 or any plan, arrangement or intention with respect to any of the actions restricted by this Section 3.3 or take any action, or make
or permit its Representatives to take any action, that might force Parent or any of its Subsidiaries to make a public announcement or other public disclosure regarding any of the types of matters set forth in clause (a), (b),
(c) or (d) above; or 
 (f) advise, assist, or knowingly encourage, or direct any Person to advise, assist or knowingly encourage any
other persons with respect to any of the conduct prohibited by this Section 3.3. 
 Notwithstanding the foregoing, the parties
agree and acknowledge that (i) each Stockholder may vote its shares of Parent Common Stock at any meeting of holders of Parent Common Stock in its sole discretion, (ii) any Stockholder may coordinate any such vote with, act in concert
with, and be part of a “group” with, any other Stockholder that is an Affiliate of such Stockholder, and (iii) nothing in this Section 3.3 shall apply to potential or actual purchases or sales of oil and/or
gas assets between any Stockholder (or, for the avoidance of doubt, any of its Affiliates), on the one hand, and Parent or any of its Subsidiaries, on the other hand. 

3.4 Certain Other Agreements. Each Stockholder: 

(a) irrevocably waives, and agrees not to exercise, any rights of appraisal or rights of dissent from the Merger that such Stockholder may have with respect to
the Securities; 
 (b) agrees not to effect or seek, offer or propose (whether publicly or otherwise and whether or not subject to conditions) to effect or
seek, or announce any intention to effect or seek, or cause or otherwise participate in any acquisition of, or obtaining any economic interest in, any right to direct the voting or disposition of, or any other Right with respect to, any Company
Common Stock; 
 (c) agrees to permit Parent and the Company to publish and disclose in the Joint Proxy Statement such Stockholder’s identity and
ownership of the Securities and the nature of such Stockholder’s commitments, arrangements and understandings under this Agreement; 

  
 9 

 (d) shall, and does, authorize the Company or its counsel to notify the Company’s transfer agent that
there is a stop transfer order with respect to all of the Securities (and that this Agreement places limits on the voting and transfer of such Securities); provided, however, that Company or its counsel may further notify the
Company’s transfer agent to lift and vacate the stop transfer order with respect to the Securities following the Expiration Date solely to the extent (i) to effect the consummation of the Merger in accordance with the Merger Agreement and
(ii) to permit the transfers contemplated by Section 1.4; and 
 (e) (i) irrevocably elects to receive the Mixed
Consideration with respect to the Securities and (ii) agrees that it shall deliver an Election Form electing to receive Mixed Consideration with respect to the Securities within the time periods set forth in the Merger Agreement. 

3.5 Certain Additional Agreements. In the event any Existing Proceeding is brought against any Stockholder as an Indemnified Person,
(i) prior to the Effective Time, no Stockholder shall waive, release, assign, settle or compromise or offer or propose to waive, release, assign, settle or compromise, such Proceeding without the prior written consent of Parent other than a
settlement involving only the payment of monetary damages not to exceed $2,000,000 in the aggregate, (ii) from and after the Effective Time, Parent shall have the ability to control the defense of any such Proceeding including the ability to
settle such Proceeding (provided that the Stockholders may participate in such defense at its own cost and expense), (iii) no payment of Indemnified Liabilities shall be required to any Stockholder prior to the Effective Time and (iv) each
Stockholder shall use its commercially reasonable efforts to assist in the defense of any such matter. 
 ARTICLE IV 

TERMINATION 
 This Agreement shall
terminate and be of no further force or effect upon the Expiration Date; provided, however, that the covenants and agreements contained in Article III shall survive the consummation of the Merger and remain in full force and
effect until all obligations with respect thereto shall have been fully performed or fully satisfied or shall have been terminated in accordance with their terms. Notwithstanding the preceding sentence, Article IV and Article V shall
survive any termination of this Agreement. Nothing in this Article IV shall relieve or otherwise limit any party of liability for a breach of this Agreement. 

ARTICLE V 
 MISCELLANEOUS

 5.1 Expenses. Each party shall pay its own expenses incident to preparing for, entering into and carrying out this Agreement,
whether or not the Merger and the transactions contemplated by the Merger Agreement shall be consummated. 
 5.2 Notices. All notices,
requests and other communications to any party under, or otherwise in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (a) if delivered in person; (b) if transmitted by facsimile (but only upon
confirmation of transmission by the transmitting equipment); (c) if transmitted by electronic mail (“e-mail”) (but only if confirmation of receipt of such
e-mail is requested and received); or (d) if transmitted by national overnight courier, in each case as addressed as follows: 

  
 10 

 If to Parent, to: 

 

			
	Chesapeake Energy Corporation
6100 N. Western Avenue
Oklahoma City, OK 73118
	Attention:	  	James R. Webb
Executive Vice President – General Counsel and Corporate Secretary
	Facsimile	  	(405) 849-0021
	E-mail:	  	jim.webb@chk.com

 With a required copy to (which does not constitute notice): 

 

			
	Baker Botts L.L.P.
910 Louisiana Street
Houston, Texas 77002
	Attention:	  	Clinton W. Rancher
Joshua Davidson
	Facsimile	  	(713) 229-2820
	E-mail:	  	clint.rancher@bakerbotts.com
joshua.davidson@bakerbotts.com

 and 
  

			
	Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, New York 10019
	Attention:	  	David A. Katz
	Facsimile	  	(212) 403-2309
	E-mail:	  	DAKatz@wlrk.com

 If to the Stockholders, to: 
  

			
	Natural Gas Partners
	5221 N. O’Connor Boulevard, Suite 1100
	Irving, Texas 75039
	Attention:	  	General Counsel
	Facsimile	  	(972) 432-1441
	E-mail:	  	jzlotky@ngptrs.com

  
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 With a required copy to (which does not constitute notice): 

 

			
	Akin Gump Strauss Hauer & Feld LLP
1111 Louisiana Street, 44th Floor
Houston, Texas 77002
	Attention:	  	John Goodgame
	Facsimile	  	(713) 236-0822
	E-mail:	  	jgoodgame@akingump.com

 If to the Company: 
  

			
	WildHorse Resource Development Corporation
9805 Katy Freeway, Suite 400
Houston, Texas 77024
	Attention:	  	General Counsel
	Facsimile	  	(713) 568-4911
	E-mail:	  	kroane@wildhorserd.com

 With a required copy to (which does not constitute notice): 

 

			
	Vinson & Elkins L.L.P.
1001 Fannin, Suite 2500
Houston, Texas 77002
	Attention:	  	 Douglas E. McWilliams
 Stephen M.
Gill

	Facsimile	  	(713) 615-5956
	E-mail:	  	 dmcwilliams@velaw.com

sgill@velaw.com

 5.3 Amendments; Extension; Waivers. Any provision of this Agreement may be amended or waived if,
and only if, such amendment or waiver is in writing and signed (i) in the case of an amendment, by Parent, the Company, and each Stockholder, and (ii) in the case of a waiver, by Parent and the Company, on the one hand and the party (or
parties) against whom the waiver is to be effective, on the other hand. Subject to the prior written approval of Parent and the Company, Parent and/or the Company may, to the extent legally allowed: (a) extend the time for the performance of
any of the obligations or acts of the other parties hereunder, (b) waive any inaccuracies in the representations and warranties of the other parties contained in this Agreement or in any document delivered pursuant hereto, or (c) waive
compliance with any of the agreements or conditions of the other parties contained in this Agreement. Notwithstanding the foregoing, no failure or delay by a party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right, power or privilege hereunder. No agreement on the part of a party to any such extension or waiver shall be valid unless set forth in
an instrument in writing signed on behalf of such party. 

  
 12 

 5.4 Assignment. Neither this Agreement nor any of the rights, interests or obligations
hereunder shall be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence and except as set forth in
Section 1.4(b), this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. Any purported assignment in violation of this
Section 5.4 shall be void. 
 5.5 No Partnership, Agency, or Joint Venture. This Agreement is intended to
create, and creates, a contractual relationship and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between the parties. 

5.6 Entire Agreement. This Agreement, together with the Merger Agreement, constitute the entire agreement, and supersede all prior
agreements and understandings, both written and oral, among the parties, with respect to the subject matter hereof. 
 5.7 Third-Party
Beneficiaries. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties, or their respective successors and permitted assigns, any right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement. 
 5.8 Jurisdiction; Specific Performance; Waiver of Jury Trial. 

(a) THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF THE COURT OF CHANCERY OF THE STATE OF DELAWARE
OR THE DELAWARE SUPREME COURT DETERMINES THAT, NOTWITHSTANDING SECTION 111 OF THE DGCL, THE COURT OF CHANCERY DOES NOT HAVE OR SHOULD NOT EXERCISE SUBJECT MATTER JURISDICTION OVER SUCH MATTER, THE SUPERIOR COURT OF THE STATE OF DELAWARE AND THE
FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY IN CONNECTION WITH ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN
THIS AGREEMENT OR IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AND WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS NOT SUBJECT
THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE
PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE
PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE 

  
 13 

 THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER
PROVIDED IN SECTION 5.2 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 
 (b) The parties agree
that irreparable damage, for which monetary damages would not be an adequate remedy, would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached by the
parties. Prior to the termination of this Agreement pursuant to Article IV, it is accordingly agreed that the parties shall be entitled to an injunction or injunctions, or any other appropriate form of specific performance or equitable
relief, to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction, in each case in accordance with this Section 5.8(b), this being in addition
to any other remedy to which they are entitled under the terms of this Agreement at law or in equity. Each party accordingly agrees not to raise any objections to the availability of the equitable remedy of specific performance to prevent or
restrain breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of such party under this Agreement all in accordance with the terms of this Section 5.8(b). Each party further agrees
that no other party or any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 5.8(b), and each
party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. 
 (c) EACH PARTY
ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER;
(III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 5.8(c). 

5.9 Governing Law. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF
RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

  
 14 

 5.10 Interpretation. Unless expressly provided for elsewhere in this Agreement, this
Agreement will be interpreted in accordance with the following provisions: (a) the words “this Agreement,” “herein,” “hereby,” “hereunder,” “hereof,” and other equivalent words refer to this
Agreement as an entirety and not solely to the particular portion, article, section, subsection or other subdivision of this Agreement in which any such word is used; (b) examples are not to be construed to limit, expressly or by implication,
the matter they illustrate; (c) the word “including” and its derivatives means “including without limitation” and is a term of illustration and not of limitation; (d) all definitions set forth in this Agreement are
deemed applicable whether the words defined are used in this Agreement in the singular or in the plural and correlative forms of defined terms have corresponding meanings; (e) the word “or” is not exclusive, and has the inclusive
meaning represented by the phrase “and/or”; (f) a defined term has its defined meaning throughout this Agreement and each exhibit and schedule to this Agreement, regardless of whether it appears before or after the place where it is
defined; (g) all references to prices, values or monetary amounts refer to United States dollars; (h) wherever used in this Agreement, any pronoun or pronouns will be deemed to include both the singular and plural and to cover all genders;
(i) this Agreement has been jointly prepared by the parties, and this Agreement will not be construed against any Person as the principal draftsperson hereof or thereof and no consideration may be given to any fact or presumption that any party
had a greater or lesser hand in drafting this Agreement; (j) the captions of the articles, sections or subsections appearing in this Agreement are inserted only as a matter of convenience and in no way define, limit, construe or describe the
scope or extent of such section, or in any way affect this Agreement; (k) any references in this Agreement to a particular Section, Article or Exhibit means a Section or Article of, or an Exhibit to, this Agreement unless otherwise expressly
stated in this Agreement; the Exhibit attached hereto is incorporated in this Agreement by reference and will be considered part of this Agreement; (l) unless otherwise specified in this Agreement, all accounting terms used in this Agreement
will be interpreted, and all determinations with respect to accounting matters hereunder will be made, in accordance with GAAP, applied on a consistent basis; (m) all references to days mean calendar days unless otherwise provided; and
(n) all references to time mean Houston, Texas time. 
 5.11 Counterparts. This Agreement may be executed in any number of
counterparts, including via facsimile or email in “portable document format” (“.pdf”) form transmission, all of which shall be considered one and the same agreement and shall become effective when two or more counterparts have
been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 
 5.12
Severability. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction will, as to that jurisdiction, be ineffective only to the extent of such invalidity, illegality or unenforceability,
without affecting in any way the remaining provisions hereof in such jurisdiction or rendering that or any other provision of this Agreement invalid, illegal or unenforceable in any other jurisdiction. 

5.13 No Additional Representations. Notwithstanding anything contained in this Agreement to the contrary, Parent acknowledges and agrees
that none of the Stockholders has made or is making any representations or warranties relating to the Company or its Subsidiaries whatsoever, express or implied, including any implied representation or warranty as to the accuracy or completeness of
any information regarding the Company furnished or made available to Parent, or any of its Representatives and that neither Parent nor Merger Sub has relied upon any such representation or warranty. 

  
 15 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date and year
first written above. 
  

			
	PARENT:
	
	CHESAPEAKE ENERGY CORPORATION
		
	By:	 	 /s/ Robert D. Lawler

	Name:	 	Robert D. Lawler
	Title:	 	President and Chief Executive Officer
	
	THE COMPANY:
	
	WILDHORSE RESOURCE DEVELOPMENT CORPORATION
		
	By:	 	 /s/ Jay C. Graham

	Name:	 	Jay C. Graham
	Title:	 	Chief Executive Officer

 [Signature Page to Voting and Support Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date and year
first written above. 
  

			
	STOCKHOLDERS:
	
	WHR HOLDINGS, LLC 
		
	By:	 	 /s/ Tony R. Weber

	Name:	 	Tony R. Weber
	Title:	 	Authorized Person

 [Signature Page to Voting and Support Agreement] 

 
			
	ESQUISTO HOLDINGS, LLC
		
	By:	 	 /s/ Tony R. Weber

	Name:	 	Tony R. Weber
	Title:	 	Authorized Person

 [Signature Page to Voting and Support Agreement] 

 
			
	WHE ACQCO HOLDINGS, LLC
		
	By:	 	 /s/ Tony R. Weber

	Name:	 	Tony R. Weber
	Title:	 	Authorized Person

 [Signature Page to Voting and Support Agreement] 

 
			
	NGP XI US HOLDINGS, L.P.
	
	By: NGP XI Holdings GP, L.L.C., general partner
		
	By:	 	 /s/ Tony R. Weber

	Name:	 	Tony R. Weber
	Title:	 	Authorized Person

 [Signature Page to Voting and Support Agreement] 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Agreement as of the date and year
first written above. 
  

			
	STOCKHOLDERS:
		
	By:	 	 /s/ Jay Carlton Graham

		 	Jay Carlton Graham

 [Signature Page to Voting and Support Agreement] 

 Exhibit A 

 

					
	 Name of Stockholder
	  	Number of Shares of
Company Common Stock
Beneficially Owned	 
	 Esquisto Holdings, LLC
	  	 	26,699,709	 
	 WHE AcqCo Holdings, LLC
	  	 	2,563,266	 
	 WHR Holdings, LLC
	  	 	21,200,084	 
	 NGP XI US Holdings
	  	 	38,262,975	 
	 Jay Carlton Graham
	  	 	1,013,302	 

 Exhibit B 

CP VI Eagle Holdings, L.P.

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