DELIVERED BY COURIER AND E-MAIL December 21, 2017 Kernwood Limited Suite 605 Toronto, ON M5K 1K7 Attention: Edward H. Kernaghan Dear Mr. Kernaghan: Letter AgreementLetter Agreement • January 4th, 2018 • Obsidian Energy Ltd. • Crude petroleum & natural gas
This letter agreement sets forth the understanding between Obsidian Energy Ltd. (Obsidian or the Company) and Kernwood Limited (Kernwood), on its own behalf and on behalf of its affiliates (collectively, the Kernwood Parties) regarding certain changes to the composition of the board of directors of Obsidian (the Board), namely the appointment of Edward H. Kernaghan to the Board (the Director). In consideration of the respective representations, warranties, covenants, agreements and conditions hereinafter set forth and for other good and valuable consideration (the receipt and sufficiency of which are acknowledged by each party hereto), the parties agree as follows:
