<SEC-DOCUMENT>0001104659-23-075507.txt : 20230628
<SEC-HEADER>0001104659-23-075507.hdr.sgml : 20230628
<ACCEPTANCE-DATETIME>20230628063533
ACCESSION NUMBER:		0001104659-23-075507
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		20
FILED AS OF DATE:		20230628
DATE AS OF CHANGE:		20230628
EFFECTIVENESS DATE:		20230628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BAYTEX ENERGY CORP.
		CENTRAL INDEX KEY:			0001279495
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				981035204

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272971
		FILM NUMBER:		231049148

	BUSINESS ADDRESS:	
		STREET 1:		2800, 520 3RD AVE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 0R3
		BUSINESS PHONE:		587-952-3000

	MAIL ADDRESS:	
		STREET 1:		2800, 520 3RD AVE SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 0R3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BAYTEX ENERGY TRUST
		DATE OF NAME CHANGE:	20040210
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2319745d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June 27, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No.&nbsp;333- &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BAYTEX ENERGY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Alberta</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or Other Jurisdiction <BR>
of Incorporation or Organization)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer <BR>
Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2800,
    520 - 3</B></FONT><B><FONT STYLE="font-size: 10pt">rd.</FONT>&nbsp;Avenue S.W.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Calgary, Alberta, Canada
    T2P 0R3</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices) (Zip
Code)</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PENN VIRGINIA CORPORATION
2019 MANAGEMENT INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RESTRICTED STOCK UNIT AWARD AGREEMENT WITH JULIA
GWALTNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED PERFORMANCE RESTRICTED
STOCK UNIT AWARD AGREEMENT WITH JULIA GWALTNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>RESTRICTED STOCK UNIT
AWARD AGREEMENT WITH DARRIN HENKE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>AMENDED AND RESTATED
PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT WITH DARRIN HENKE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>BAYTEX ENERGY CORP.
SHARE AWARD INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Baytex Energy USA,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>16285 Park Ten Place, Suite&nbsp;500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Houston, TX 77084</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(713) 722-6500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code, of agent
for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies to:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michael S. Telle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Joanna Enns</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vinson&nbsp;&amp; Elkins L.L.P.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">845 Texas Avenue, Ste. 4700</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(713) 758-2222</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule&nbsp;12b-2 of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 21%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 54%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 15pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated&nbsp;filer&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 15pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&nbsp;Reporting&nbsp;Company&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 15pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging&nbsp;Growth&nbsp;Company</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom-width: 0in; border-bottom-color: Black"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom-width: 0in; border-bottom-color: Black"><B>INFORMATION
REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Baytex Energy Corp. (the &ldquo;Registrant&rdquo;)
will send or give to all participants in the Penn Virginia Corporation 2019 Management Incentive Plan, the agreements providing for stand-alone
inducement restricted stock unit awards, and the Baytex Energy Corp. Share Award Incentive Plan, as applicable, the document(s)&nbsp;containing
the information required by Part&nbsp;I of Form&nbsp;S-8, as specified in Rule&nbsp;428(b)(1)&nbsp;promulgated by the Securities and Exchange
Commission (the &ldquo;SEC&rdquo; or the &ldquo;Commission&rdquo;) under the Securities Act. In accordance with Rule&nbsp;428, the Registrant
has not filed such document(s)&nbsp;with the Commission, but such document(s)&nbsp;(along with the documents incorporated by reference
into this Registration Statement on Form&nbsp;S-8 (this &ldquo;Registration Statement&rdquo;) pursuant to Item 3 of Part&nbsp;II hereof)
shall constitute a prospectus that meets the requirements of Section&nbsp;10(a)&nbsp;of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom-width: 0in; border-bottom-color: Black"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom-width: 0in; border-bottom-color: Black"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom-width: 0in; border-bottom-color: Black"><B>Item 3. Incorporation
of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents, which
are on file with the Commission, are incorporated into this Registration Statement by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279495/000127949523000027/bte-20221231.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></A></TD>
    <TD STYLE="width: 94%; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1279495/000127949523000027/bte-20221231.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant&rsquo;s Annual Report on Form&nbsp;40-F for the year ended December&nbsp;31, 2022 (File No.&nbsp;001-32754) filed with the Commission on February&nbsp;24, 2023;</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Registrant&rsquo;s Reports of Foreign Private Issuer filed on Form&nbsp;6-K on each of <A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000127949523000044/q12023form6-k.htm" STYLE="-sec-extract: exhibit">May&nbsp;4,
2023</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000110465923075410/tm2319727d1_6k.htm" STYLE="-sec-extract: exhibit">June 27, 2023</A>;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All other reports filed pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act since the end of the fiscal year covered by the registration document referred to in (a)&nbsp;above; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000127949523000012/form8-axnysesecuritiesregi.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000127949523000012/form8-axnysesecuritiesregi.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of the Registrant&rsquo;s common shares, without nominal or par value, contained in the Registrant&rsquo;s Registration Statement on Form&nbsp;8-A (File No.&nbsp;001-32754) filed with the Commission on February&nbsp;21, 2023, pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act, including any amendment or report filed for the purpose of updating such description.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All documents filed by the
Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act (excluding information deemed
to be furnished and not filed with the Commission) and, to the extent specifically designated therein, Reports of Foreign Private Issuer
on Form&nbsp;6-K furnished by the Registrant to the Commission that are identified in such forms as being incorporated into this Registration
Statement, subsequent to the effective date of this Registration Statement and prior to the filing of a post-effective amendment that
indicates that all securities offered have been sold or that deregisters all securities then remaining unsold, will be deemed to be incorporated
by reference into this Registration Statement and to be part hereof from the date of filing of such documents. Any statement contained
in any document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document that also is
or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded
will not be deemed, except as modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom-width: 0in; border-bottom-color: Black"><B>Item 4. Description
of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; border-bottom-width: 0in; border-bottom-color: Black">Not
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom-width: 0in; border-bottom-color: Black"><B>Item 5. Interests
of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; border-bottom-width: 0in; border-bottom-color: Black">Not
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom-width: 0in; border-bottom-color: Black"><B>Item 6. Indemnification
of Directors and Executive Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under Section&nbsp;124 of
the Business Corporations Act (Alberta) (the &ldquo;ABCA,&rdquo;) except in respect of an action by or on behalf of the Registrant to
procure a judgment in the Registrant&rsquo;s favor, the Registrant may indemnify a current or former director or officer or a person who
acts or acted at the Registrant&rsquo;s request as a director or officer of a body corporate (each, a &ldquo;Related Body Corporate&rdquo;)
of which the Registrant is or was a shareholder or creditor and the heirs and legal representatives of any such persons against all costs,
charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the director or officer
in respect of any civil, criminal, administrative, investigative or other actions or proceedings in which the director or officer is involved
by reason of being or having been a director or officer of the Registrant or Related Body Corporate, if (i)&nbsp;the director or officer
acted honestly and in good faith with a view to the best interests of the Registrant, and (ii)&nbsp;in the case of a criminal or administrative
action or proceeding that is enforced by a monetary penalty, the director or officer had reasonable grounds for believing that such director&rsquo;s
or officer&rsquo;s conduct was lawful (collectively, the &ldquo;Discretionary Indemnification Conditions&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Notwithstanding the foregoing,
the ABCA provides that a person referred to above is entitled to indemnity from the Registrant in respect of all costs, charges and expenses
reasonably incurred by the person in connection with the defense of any civil, criminal, administrative, investigative or other action
or proceeding in which the person is involved by reason of being or having been a director or officer of the Registrant or Related Body
Corporate, if the person seeking indemnity (i)&nbsp;was not judged by a court or competent authority to have committed any fault or omitted
to do anything that the person ought to have done, and (ii)&nbsp;fulfills the Discretionary Indemnification Conditions (collectively,
the &ldquo;Mandatory Indemnification Conditions&rdquo;). The Registrant may advance funds to a person for the costs, charges and expenses
of such a proceeding; however, the person must repay the funds if the person does not fulfill the Mandatory Indemnification Conditions.
The indemnification may be made in connection with a derivative action only with approval of the Alberta Court of King&rsquo;s Bench and
only if the Discretionary Indemnification Conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Registrant by-laws provide
that, to the maximum extent permitted under the ABCA, the Registrant shall indemnify a director or officer of the Registrant, a former
director or officer of the Registrant, or another individual who acts or acted at the Registrant&rsquo;s request as a director or officer
of a body corporate of which the Registrant is or was a shareholder or creditor, and their heirs and legal representatives, against all
costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual
in respect of any civil, criminal, or administrative action or proceeding in which the individual is made a party by reason of being or
having been a director or officer of the Registrant or such body corporate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As provided for in the ABCA
and as specified in the Registrant&rsquo;s by-laws, the Registrant may also purchase and maintain insurance for the benefit of any person
against any liability incurred by him or her: (i)&nbsp;in his or her capacity as a director or officer of the Registrant, except where
the liability relates to his or her failure to act honestly and in good faith with a view to the best interests of the Registrant; or
(ii)&nbsp;in his or her capacity as a director or officer of another body corporate where he or she acts or acted in that capacity at
the Registrant&rsquo;s request, except where the liability relates to his or her failure to act honestly and in good faith with a view
to the best interests of the body corporate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Insofar as indemnification
for liabilities arising under the&nbsp;Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant
to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC, such indemnification is against public policy
as expressed in the&nbsp;Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom-width: 0in; border-bottom-color: Black"><B>Item 7. Exemption
from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; border-bottom-width: 0in; border-bottom-color: Black">Not
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom-width: 0in; border-bottom-color: Black"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit</B></FONT><B><BR> <U>Number</U></B></TD>
<TD STYLE="text-align: center; width: 92%"><B><U>Exhibit&nbsp;Description</U></B></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000095014211000004/ex301form8a12b_a3.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000095014211000004/ex301form8a12b_a3.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation of the Registrant (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Report on Form&nbsp;8-A/A, filed with the SEC on January&nbsp;3, 2011 (File No.&nbsp;001-32754)).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000095014211000004/ex302form8a12b_a3.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000095014211000004/ex302form8a12b_a3.htm" STYLE="-sec-extract: exhibit">By-Law No.&nbsp;1 of the Registrant (incorporated by reference to Exhibit&nbsp;3.2 to the Registrant&rsquo;s Report on Form&nbsp;8-A/A, filed with the SEC on January&nbsp;3, 2011 (File No.&nbsp;001-32754)).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000110465923043176/tm2310506d2_ex3-3.htm" STYLE="-sec-extract: exhibit">4.3</A></TD>
<TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1279495/000110465923043176/tm2310506d2_ex3-3.htm" STYLE="-sec-extract: exhibit">By-Law No.&nbsp;2 of the Registrant (incorporated by reference to Exhibit&nbsp;3.3 to the Registrant&rsquo;s Registration Statement on Form&nbsp;F-4, filed with the SEC on April&nbsp;7, 2023 (File No.&nbsp;333-271191)).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex5-1.htm">5.1*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex5-1.htm">Opinion of Burnet, Duckworth&nbsp;&amp; Palmer LLP.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-1.htm">23.1*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-1.htm">Consent of KPMG LLP with respect to the Registrant.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-2.htm">23.2*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-2.htm">Consent of McDaniel&nbsp;&amp; Associates Consultants Ltd. with respect to the Registrant and Ranger Oil Corporation.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-3.htm">23.3*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-3.htm">Consent of Grant Thornton LLP with respect to Ranger Oil Corporation.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-4.htm">23.4*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex23-4.htm">Consent of DeGolyer and MacNaughton with respect to Ranger Oil Corporation.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex5-1.htm">23.5*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex5-1.htm">Consent of Burnet, Duckworth&nbsp;&amp; Palmer LLP (included in Exhibit&nbsp;5.1 to this Registration Statement).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="#a_001">24.1*</A></TD>
<TD STYLE="text-align: justify"><A HREF="#a_001">Power of Attorney (included in the signature page&nbsp;of this Registration Statement).</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Penn Virginia Corporation 2019 Management Incentive Plan.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-2.htm">99.2*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-2.htm">Restricted Stock Unit Award Agreement with Julia Gwaltney.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-3.htm">99.3*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-3.htm">Amended and Restated Performance Restricted Stock Unit Award Agreement with Julia Gwaltney.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-4.htm">99.4*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-4.htm">Restricted Stock Unit Award Agreement with Darrin Henke.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-5.htm">99.5*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-5.htm">Amended and Restated Performance Restricted Stock Unit Award Agreement with Darrin Henke.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-6.htm" STYLE="-sec-extract: exhibit">99.6*</A></TD>
<TD STYLE="text-align: justify"><A HREF="tm2319745d1_ex99-6.htm" STYLE="-sec-extract: exhibit">Baytex Energy Corp. Share Award Incentive Plan.</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><A HREF="tm2319745d1_ex-filingfees.htm">107.1*</A></TD>
<TD><A HREF="tm2319745d1_ex-filingfees.htm">Calculation of Filing Fee Tables.</A></TD></TR>
</TABLE>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Filed herewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>to include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in the
aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth
in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement
or any material change to such information in this Registration Statement;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
however,</I></FONT> that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13
or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where
applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that
is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom-width: 0in; border-bottom-color: Black"><B><A NAME="a_001"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; border-bottom-width: 0in; border-bottom-color: Black">Pursuant
to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Calgary, Alberta, Canada, on June 27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BAYTEX ENERGY CORP.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad L. Kalmakoff</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad L. Kalmakoff</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; border-bottom-width: 0in; border-bottom-color: Black">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints James R. Maclean as his or her
attorney-in-fact, with full power of substitution for him or her in any and all capacities, to sign any amendments to this Registration
Statement, including any and all pre-effective and post-effective amendments and to file such amendments thereto, with exhibits thereto
and other documents in connection therewith, with the Commission, hereby ratifying and confirming all that said attorney-in-fact, or each
of his or her substitute or substitutes, may do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; border-bottom-width: 0in; border-bottom-color: Black">Pursuant
to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated
on June 27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; width: 50%"><U>Signatures</U></TD>
<TD STYLE="text-align: center; width: 50%"><U>Title</U></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Eric T. Greager</TD>
<TD STYLE="text-align: center">President, Chief Executive Officer and Director</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center">Eric T. Greager</TD>
<TD STYLE="text-align: center">(<I>Principal Executive Officer</I>)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad L. Kalmakoff</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad L. Kalmakoff</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Principal Financial and Accounting Officer</I>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR>
<TD STYLE="text-align: center; border-bottom: black 1pt solid; vertical-align: bottom">/s/ Mark R. Bly</TD>
<TD STYLE="text-align: center; vertical-align: top">Director</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center">Mark R. Bly</TD>
<TD STYLE="text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tiffany Thom Cepak</FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Trudy M. Curran</TD>
<TD STYLE="text-align: center">Director</TD></TR>
<TR>
<TD STYLE="text-align: center; vertical-align: top">Trudy M. Curran</TD>
<TD STYLE="text-align: center; vertical-align: bottom"></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Don G. Hrap</TD>
<TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center">Don G. Hrap</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Angela S. Lekatsas</TD>
<TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center">Angela S. Lekatsas</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Jennifer A. Maki</TD>
<TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center">Jennifer A. Maki</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 50%">/s/ David L. Pearce</TD>
<TD STYLE="font-size: 10pt; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center">David L. Pearce</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: black 1pt solid">/s/ Steve D.L. Reynish</TD>
<TD STYLE="text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center">Steve D.L. Reynish</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey E. Wojahn</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE
OF THE REGISTRANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of Section&nbsp;6(a)&nbsp;of
the Securities Act, as amended, the Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, solely
in his capacity as the duly authorized representative in the United States of Baytex Energy Corp., a company incorporated under the&nbsp;<I>Business
Corporations Act</I>&nbsp;(Alberta), in the State of Delaware, on June 27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2">Authorized U.S. Representative &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">BAYTEX ENERGY USA,&nbsp;INC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="width: 45%; border-bottom: black 1pt solid; font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia Gwaltney </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia Gwaltney </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVP and General Manager, U.S. Eagle Ford Operations </FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2319745d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2319745d1_ex5-1img01.jpg" ALT="" STYLE="height: 63px; width: 150px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">June&nbsp;27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Baytex Energy Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Centennial Place, East Tower</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">2800, 520 &ndash; 3rd Avenue SW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calgary, Alberta T2P 0R3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dear Sirs/Mesdames:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Re: Registration Statement on Form&nbsp;S-8&nbsp;of
Baytex Energy Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are acting as local counsel in the Province of Alberta to Baytex Energy Corp. (&quot;<B>Baytex</B>&quot; or the &quot;<B>Company</B>&quot;),
a corporation existing under the laws of the Province of Alberta, in connection with the Registration Statement on Form&nbsp;S-8 dated
June&nbsp;27, 2023&nbsp;(the &quot;<B>Registration Statement</B>&quot;), to be filed by the Company with the Securities and Exchange Commission
(the &quot;<B>Commission</B>&quot;) under the&nbsp;<I>Securities Act of 1933</I>, as amended, </FONT>and the rules&nbsp;and regulations
thereunder (the &quot;<B>Securities Act</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
understand that the Registration Statement relates to, among other things, the proposed issuance by the Company </FONT>of up to an aggregate
of 30,871,360 common shares, without nominal or par value, of the Company (the &quot;<B>Baytex Shares</B>&quot;) pursuant to: (a)&nbsp;restricted
stock units subject to time-based and/or performance-based vesting issued pursuant to the Penn Virginia Corporation 2019 Management Incentive
Plan and certain stand-alone inducement award agreements (collectively, the &quot;<B>Ranger Plan</B>&quot;), which were converted into
time-vested awards with respect to Baytex Shares (the &quot;<B>Converted Baytex TRSU Awards</B>&quot;) upon completion of the merger and
other transactions (the &quot;<B>Transactions</B>&quot;) contemplated by the Agreement and Plan of Merger dated February&nbsp;27, 2023,
as amended by a joinder agreement dated May&nbsp;3, 2023, among Baytex, Ranger Oil Corporation (&quot;<B>Ranger</B>&quot;) and Nebula
Merger Sub, LLC (collectively, and as amended from time to time, the &quot;<B>Merger Agreement</B>&quot;); and (b)&nbsp;the Baytex Share
Award Incentive Plan approved by the board of directors of Baytex (the &quot;<B>Baytex Board</B>&quot;) effective as of January&nbsp;1,
2011 and amended on each of September&nbsp;22, 2011, March&nbsp;6, 2013, December&nbsp;9, 2015, March&nbsp;2, 2016, March&nbsp;2, 2016
(subject to shareholder approval which was obtained on June&nbsp;1, 2016), January&nbsp;14, 2019, December&nbsp;2, 2020, February&nbsp;24,
2022, November&nbsp;3, 2022, February&nbsp;23, 2023, and June&nbsp;19, 2023 (the &quot;<B>Baytex Plan</B>&quot;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is being delivered in connection with the Registration Statement, in which this opinion appears as an exhibit. </FONT>Capitalized
words and phrases used but not otherwise defined in this opinion have the meanings ascribed to them in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Scope
of Review</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the purpose of the
opinions hereinafter expressed, in our capacity as local counsel for the Company as aforesaid, we have examined originals or copies, certified
or otherwise identified to our satisfaction, of such public records, certificates, documents and other materials as we have considered
relevant, necessary or advisable, including the <I>Business Corporations Act</I> (Alberta), as amended, and the following documents (collectively,
the &quot;<B>Relevant Document</B>s&quot;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Registration Statement on
Form&nbsp;F-4 dated May&nbsp;19, 2023, filed by the Company with the Commission under </FONT>the Securities Act, which incorporates by
reference the Registration Statement on Form&nbsp;F-4 declared effective on May&nbsp;18, 2023 (collectively, the &quot;<B>F-4 Registration
Statement</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">the Merger Agreement attached as Exhibit&nbsp;2.1 to the F-4 Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the Certificate of Merger filed with the Secretary of State of the State of Delaware on June&nbsp;16,
2023, with an effective date of June&nbsp;20, 2023 at 9:15 a.m.&nbsp;(Eastern Time);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">the Articles of Merger filed with the Virginia State Corporation Commission on June&nbsp;16, 2023, with
an effective time of 9:15 a.m.&nbsp;(Eastern Time) on June&nbsp;20, 2023;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2319745d1_ex5-1img002.jpg" ALT="" STYLE="height: 48px; width: 528px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify">the Articles of Incorporation of Baytex incorporated by reference as Exhibit&nbsp;3.1 to the F-4 Registration
Statement and the Articles of Arrangement of Baytex dated December&nbsp;31, 2010 and the Articles of Arrangement of Baytex dated August&nbsp;22,
2018, each as contained in the minute book of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">certified resolutions of the Baytex Board approving, among other things, the Merger Agreement, the performance
of the Company's obligations under the Merger Agreement and the issuance of Baytex Shares pursuant to the terms of the Merger Agreement
(the &quot;<B>Merger Resolutions</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">the Ranger Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">certified resolutions of the Baytex Board approving, among other things, the issuance of Baytex Shares
pursuant to the terms of the Converted Baytex TRSU Awards (the &quot;<B>Converted Baytex TRSU Award Resolutions</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">the Baytex Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify">certified resolutions of the Baytex Board approving, among other things, the Baytex Plan (the &quot;<B>Baytex
Plan Resolutions</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(l)</TD><TD STYLE="text-align: justify">the form of resolution of the shareholders of Baytex that was considered at the annual and special meeting
of the shareholders of Baytex held on May&nbsp;15, 2023 (the &quot;<B>Baytex Meeting</B>&quot;) approving the issuance of the Baytex Shares
pursuant to the terms of the Merger Agreement, including the Converted Baytex TRSU Awards (the &quot;<B>Share Issuance Resolution</B>&quot;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Report of Voting Results
of Baytex filed on SEDAR at www.sedar.com</FONT> pursuant to National Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations </I>(the
 &quot;<B>Report of Voting Results</B>&quot;) on May&nbsp;15, 2023 in connection with the Baytex Meeting and the Share Issuance Resolution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(n)</TD><TD STYLE="text-align: justify">the letter from the Toronto Stock Exchange (the &quot;<B>TSX</B>&quot;) dated June&nbsp;23, 2023 approving
the issuance of Baytex Shares pursuant to the Converted Baytex TRSU Awards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(o)</TD><TD STYLE="text-align: justify">the letter from the TSX dated June&nbsp;26, 2023 conditionally approving the Baytex Plan as amended by
the Baytex Board on June&nbsp;19, 2023;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(p)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">an officer's certificate of the Company (the &quot;<B>Officer's
Certificate</B>&quot;) as to various questions of material fact to this opinion that we have not verified independently; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(q)</TD><TD STYLE="text-align: justify">a Certificate of Status issued under the laws of the Province of Alberta for the Company on June&nbsp;27,
2023 (the &quot;<B>Certificate of Status</B>&quot;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Other
</FONT>than our review of the Relevant Documents, we have not undertaken any special or independent investigation to determine the existence
or absence of any facts or circumstances relating to the Company. No inference as to our knowledge as to such facts and circumstances
should be drawn merely from our representation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>II.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Assumptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In giving this opinion,
we have assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents
submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as duplicates, certified,
conformed, telecopied or photostatic copies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the accuracy and completeness of all statements made in the Certificate of Status and all statements of
fact made in the Officer's Certificate and that all such statements remain accurate and complete at the time this opinion is delivered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the </FONT>Registration Statement
will be effective, will comply with all applicable laws, will be duly authorized, executed and delivered by the Company, and will be filed
with the Commission;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">the Report of Voting Results accurately reflects the outcome of the votes cast at the Baytex Meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify">that none of the Ranger Plan, the Baytex Plan, <FONT STYLE="background-color: white">the Merger Resolutions,
the Converted Baytex TRSU Award Resolutions or the Baytex Plan Resolutions have </FONT>been amended, supplemented or modified in any manner
since the date they were submitted to us, whether by written or oral agreement, by conduct of the parties thereto, or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify">that insofar as any obligation under any of the Ranger Plan, the Baytex Plan or the <FONT STYLE="background-color: white">Converted
Baytex TRSU Awards</FONT> is to be performed in any jurisdiction outside of the Province of Alberta, its performance will not be illegal
or unenforceable by virtue of the laws of that other jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">all Baytex Shares issuable pursuant to the Baytex Plan will be issued pursuant to awards duly granted
under the Baytex Plan by the Baytex Board or a committee of the Baytex Board (a &quot;<B>Committee</B>&quot;) at such times, to such persons
and for such consideration approved by the Baytex Board or pursuant to a delegation of authority granted by the Baytex Board or a Committee,
all in accordance with the terms of the Baytex Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">all required consideration (in whatever form) for the Baytex Shares is paid in money or in property (other
than a promissory note or promise to pay) or past service that is not less in value than the fair value equivalent of the money that Baytex
would have received if the Baytex Shares had been issued for money; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">all required filings will be made with the TSX, the New York Stock Exchange and all relevant securities
regulatory authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>III.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Reliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">With respect to the accuracy
of factual matters material to this opinion, we have relied upon without further investigation or independent verification resolutions,
certificates or comparable documents and representations of public officials and of officers and representatives of the Company, including
the Officer's Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the purpose of the
opinion expressed in paragraph 1 below, we have relied entirely and exclusively without further investigation or independent verification
on the Certificate of Status, and we have assumed that such Certificate of Status continues to be accurate as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Where our opinion expressed
herein refers to the Baytex Shares having been issued as being &quot;fully-paid and non-assessable&quot;, such opinion indicates that
the holders of such Baytex Shares will not, after the issuance to them of such Baytex Shares, be liable to contribute any further amounts
to the Company in order to complete payment for the Baytex Shares or to satisfy claims of creditors of the Company. No opinion is expressed
as to actual receipt by Baytex of the consideration for the issuance of such Baytex Shares or as to the adequacy of any consideration
received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>IV.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Applicable
Laws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are qualified to practice
law in the Province of Alberta and we do not express any opinion on any laws other than the laws of the Province of Alberta and the laws
of Canada applicable therein, in each case in effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>V.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Based upon and relying
on the foregoing, and subject to the assumptions and qualifications expressed herein, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">the Company is a valid and subsisting corporation under the laws of the Province of Alberta; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">that up to an aggregate of 30,871,360 Baytex Shares issuable pursuant to Converted Baytex TRSU Awards
and the Baytex Plan, upon issuance of such Baytex Shares from time to time in accordance with the terms and conditions of the Merger Agreement,
the Ranger Plan, the Converted Baytex TRSU Awards, the Baytex Plan and the grant agreements for awards issued under the Baytex Plan, as
applicable, will be validly issued as fully paid and non-assessable common shares in the capital of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>VI.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Consent
and Qualifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this opinion as an exhibit to the Registration Statement. By the giving of such consent, we do not admit
that we are experts with respect to any part of the Registration Statement, or otherwise, within the meaning of the rules&nbsp;and regulations
of the Commission. </FONT>This opinion is rendered solely in connection with the Registration Statement and is expressly limited to the
matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company,
the Registration Statement, the Converted Baytex TRSU Awards, the Ranger Plan, the Baytex Plan or the Baytex Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinions are given as at the date hereof and we disclaim any obligation or responsibility </FONT>to: (a)&nbsp;update this opinion; (b)&nbsp;take
into account or inform the addressees or any other person of any changes in law, facts or other developments subsequent to this date that
do or may affect the opinions we express; or (c)&nbsp;advise the addressees or any other person of any other change in any matter addressed
in this opinion. Our opinions do not take into account any proposed rules, policies or legislative changes that may come into force following
the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is for the benefit of the addressee in connection with the transaction to which it relates, and may not be relied upon, used,
or quoted from or referred to in any other documents, by any other person or for any other purpose without our express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Burnet, Duckworth&nbsp;&amp; Palmer LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Burnet,
Duckworth&nbsp;&amp; Palmer LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DESCRIPTION>EXHIBIT 23.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors of Baytex Energy Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the use of our report dated February&nbsp;23, 2023, on
the consolidated financial statements of Baytex Energy Corp., which comprise the consolidated statements of financial position as of December&nbsp;31,
2022 and 2021, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for the years
then ended, and the related notes, and our report dated February&nbsp;23, 2023 on the effectiveness of internal control over financial
reporting as of December&nbsp;31, 2022, which are incorporated by reference in the registration statement on Form&nbsp;S-8 dated June&nbsp;27,
2023 of Baytex Energy Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chartered Professional Accountants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calgary, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2319745d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 411pt"><B>Exhibit&nbsp;23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2319745d1_ex23-2img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT ENGINEERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the reference to
McDaniel&nbsp;&amp; Associates Consultants Ltd. under the heading &ldquo;Experts&rdquo; in the Registration Statement on
Form&nbsp;S-8 of Baytex Energy Corp. and to the references to our firm, in the context in which they appear. We hereby further
consent to the references to our report dated as of February&nbsp;2, 2023, prepared for Baytex Energy Corp., and to our report dated
as of February&nbsp;24, 2023, prepared for Baytex Energy Corp. with respect to Ranger Oil Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">MCDANIEL&nbsp;&amp; ASSOCIATES
    CONSULTANTS LTD.</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Brian R. Hamm</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Brian R. Hamm, P.Eng.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President&nbsp;&amp; CEO</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calgary, Alberta, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2000, Eighth Avenue Place, East Tower, 525 &ndash;
8 Avenue SW, Calgary AB T2P 1G1 &#8239;&#8239;&#8239;Tel: (403) 262-5506 &#8239;&#8239;&#8239;www.mcdan.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>tm2319745d1_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have issued our reports dated March&nbsp;9,
2023 with respect to the consolidated financial statements and internal control over financial reporting of Ranger Oil Corporation included
in the Report of Foreign Private Issuer on Form&nbsp;6-K of Baytex Energy Corp. filed on June&nbsp;27, 2023, which are incorporated by
reference in this Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ GRANT THORNTON LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Houston, Texas&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>6
<FILENAME>tm2319745d1_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DeGolyer
and MacNaughton</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5001 Spring Valley Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite&nbsp;800 East&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dallas, Texas 75244&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">June&nbsp;27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Baytex Energy Corp.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2800, 520&thinsp;&mdash;&thinsp;3rd&nbsp;Avenue S.W.<BR>
Calgary, Alberta<BR>
T2P 0R3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the use
of the name DeGolyer and MacNaughton, to references to DeGolyer and MacNaughton as independent reserves engineers, to the inclusion of
information taken from our report entitled &ldquo;Report as of December&nbsp;31, 2022 on Reserves and Revenue of Certain Properties with
interests attributable to Ranger Oil Corporation&rdquo; in the &ldquo;Notes to Consolidated Financial Statements&rdquo; portion of audited
financial statements of Ranger Oil Corporation for the year ended December&nbsp;31, 2022 included in the Business Acquisition Report dated
as of June&nbsp;27, 2023, filed as Exhibit&nbsp;99.1 to the Report of Foreign Private Issuer on Form&nbsp;6-K of Baytex Energy Corp, filed
on June&nbsp;27, 2023, in the form of and context in which it appears in the Registration Statement on Form&nbsp;S-8 (including
any amendments thereto, the &ldquo;Registration Statement&rdquo;), of Baytex Energy Corp. and the related prospectus that is a part thereof.
We further consent to the reference to our firm under the heading &ldquo;EXPERTS&rdquo; in the Registration Statement and related prospectus.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 49%"></TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 49%">Very truly yours,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">/s/ DeGOLYER and MacNAUGHTON&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Texas Registered Engineering Firm F-716</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 252.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>tm2319745d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN VIRGINIA CORPORATION<BR>
2019 MANAGEMENT INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
<U>Purpose</U></B></FONT>. The purpose of the Penn Virginia Corporation 2019 Management Incentive Plan is to further align the interests
of participants with those of the shareholders by providing incentive compensation opportunities tied to the performance of the Common
Stock (as defined below) and by promoting increased ownership of the Common Stock by such individuals. The Plan is also intended to advance
the interests of the Company and its shareholders by attracting, retaining and motivating key personnel upon whose judgment, initiative
and effort the successful conduct of the Company&rsquo;s business is largely dependent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
<U>Definitions</U></B></FONT>. Wherever the following capitalized terms are used in the Plan, they shall have the meanings specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Affiliate</I>&rdquo;
shall mean any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the Company (within the meaning of the Exchange Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Award</I>&rdquo;
means an award of a Stock Option, Restricted Stock Award, Restricted Stock Unit Award, or Other Award granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Award Agreement</I>&rdquo;
means an agreement (including an electronic agreement) entered into between the Company and a Participant setting forth the terms and
conditions of an Award granted to a Participant, as provided in Section&nbsp;12.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Board</I>&rdquo;
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Cause</I>&rdquo;
shall have the meaning set forth in Section&nbsp;10.2(b)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Change
in Control</I>&rdquo; means the consummation of a transaction or series of related transactions in which either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(a)&nbsp;one
Person (or more than one Person acting as a group) acquires beneficial ownership of stock of the Company that, together with the stock
held by such Person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(b)&nbsp;a
majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed
by a majority of the Board before the date of appointment or election; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(c)&nbsp;one
Person (or more than one Person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the
most recent acquisition) assets from the Company having a total gross fair market value equal to or more than 50% of the total gross fair
market value of all the assets of the Company immediately before such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Code</I>&rdquo;
means the United States Internal Revenue Code of 1986, as amended, together with the applicable regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Committee</I>&rdquo;
means the Compensation and Benefits Committee of the Board, or such other committee of the Board appointed by the Board to administer
the Plan, or the full Board if no such committee is appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Common
Stock</I>&rdquo; means the common stock of the Company (par value $0.01 per share).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Company</I>&rdquo;
means Penn Virginia Corporation and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Date of Grant</I>&rdquo;
means the date on which an Award under the Plan is granted by the Committee, or such later date as the Committee may specify to be the
effective date of an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Eligible Person</I>&rdquo;
means any person who is an employee, director, or consultant of the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Exchange
Act</I>&rdquo; means the United States Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Fair Market Value</I>&rdquo;
of a share of Common Stock means, as of a particular date, the fair market value of such share as reasonably determined by the Committee
in its good-faith discretion, and to the extent deemed appropriate by the Committee, based upon a recent transaction price per share or
third-party valuation of the Common Stock and, to the extent necessary, shall be determined in a manner consistent with Section&nbsp;409A
of the Code; provided that, at any time that the Common Stock is listed on a nationally-recognized securities exchange, the &ldquo;Fair
Market Value&rdquo; shall be the closing trading price of a share of Common Stock on that date (or if there were no reported prices on
such date, on the last preceding date on which the prices were reported).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Incentive Stock
Option</I>&rdquo; means a Stock Option granted under Section&nbsp;6 hereof that is intended to meet the requirements of Section&nbsp;422
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Nonqualified Stock
Option</I>&rdquo; means a Stock Option granted under Section&nbsp;6 hereof that is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Other Award</I>&rdquo;
means any right granted pursuant to Section&nbsp;9 hereof which is (a)&nbsp;not an Award described in Sections 6 through 8 hereof and
(b)&nbsp;an Award of Common Stock or an Award denominated or payable in, valued in whole or in part by reference to, or otherwise based
on or related to, Common Stock (including, without limitation, securities convertible into Common Stock), as deemed by the Committee to
be consistent with the purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Participant</I>&rdquo;
means any Eligible Person who holds an outstanding Award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Person</I>&rdquo;
means an individual, partnership, corporation, unincorporated organization, joint stock company, limited liability company, trust, joint
venture or other legal entity, or a governmental agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Plan</I>&rdquo;
means the Penn Virginia Corporation 2019 Management Incentive Plan as set forth herein, effective as provided in Section&nbsp;14.1 hereof
and as may be amended and/or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Prior Plan</I>&rdquo;
means the Penn Virginia Corporation 2016 Management Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Restricted Stock
Award</I>&rdquo; means a grant of shares of Common Stock to an Eligible Person under Section&nbsp;7 hereof that are issued subject to
such vesting and transfer restrictions as the Committee shall determine, and such other conditions, as are set forth in the Plan and the
applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Restricted Stock
Unit Award</I>&rdquo; means a grant of a right to receive shares of Common Stock (or other consideration based on the value of shares
of Common Stock) to an Eligible Person under Section&nbsp;8 hereof that are issued subject to such vesting and transfer restrictions as
the Committee shall determine, and such other conditions, as are set forth in the Plan and the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Securities
Act</I>&rdquo; means the United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Service</I>&rdquo;
means a Participant&rsquo;s service as an employee, director, consultant of the Company or any of its Subsidiaries, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Stock Option</I>&rdquo;
means a grant to an Eligible Person under Section&nbsp;6 hereof of an option to purchase shares of Common Stock at such time and price,
and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;<I>Subsidiary</I>&rdquo;
means an entity (whether or not a corporation) that is wholly or majority owned or controlled, directly or indirectly, by the Company,
or any other Affiliate of the Company that is so designated, from time to time, by the Committee, during the period of such affiliated
status; <U>provided</U>, <U>however</U>, that with respect to Incentive Stock Options, the term &ldquo;Subsidiary&rdquo; shall include
only an entity that qualifies under Section&nbsp;424(f)&nbsp;of the Code as a &ldquo;subsidiary corporation&rdquo; with respect to the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
Administration</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">3.1
<B>Committee Members</B>. The Plan shall be administered by the Committee. The Committee shall have the right, from time to time, to delegate
to one or more officers of the Company the authority of the Committee to grant and determine the terms and conditions of Awards granted
under the Plan, subject to the requirements of applicable law and such other limitations as the Committee shall determine. The Committee
shall also be permitted to delegate, to any appropriate officer or employee of the Company, responsibility for performing certain ministerial
functions under the Plan. In the event that the Committee&rsquo;s authority is delegated to officers or employees in accordance with the
foregoing, all provisions of the Plan relating to the Committee shall be interpreted in a manner consistent with the foregoing by treating
any such reference as a reference to such officer or employee for such purpose. Any action undertaken in accordance with the Committee&rsquo;s
proper delegation of authority hereunder shall have the same force and effect as if such action was undertaken directly by the Committee
and shall be deemed for all purposes of the Plan to have been taken by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">3.2 <B>Committee
Authority</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(a)&nbsp;<B>Committee
Powers and Authority</B>. Subject to Section&nbsp;3.2(b), the Committee shall have such powers and authority as may be necessary or appropriate
for the Committee to carry out its functions as described in the Plan. Subject to the express limitations of the Plan, including those
set forth in Section&nbsp;3.2(b), the Committee shall have authority in its discretion to determine the Eligible Persons to whom, and
the time or times at which, Awards may be granted, the number and type of shares or units subject to each Award, the purchase price of
an Award (if any), the time or times at which an Award will become vested, exercisable or payable, the performance criteria, performance
goals and other conditions of an Award, the duration of the Award, and all other terms of the Award. Subject to Section&nbsp;3.2(b), the
Committee may, in its discretion, provide for the extension of the exercisability of an Award, accelerate the vesting or exercisability
of an Award, eliminate or make less restrictive any restrictions contained in an Award, waive any restriction or other provision of the
Plan or an Award or otherwise amend or modify an Award in any manner that is, in either case, (1)&nbsp;not materially adverse to the Participant
to whom such Award was granted, (2)&nbsp;consented to by such Participant or (3)&nbsp;authorized by Section&nbsp;4.2 hereof; provided,
however, no such action shall permit the term of any Stock Option to be greater than 10 years from its grant date. The Committee shall
also have discretionary authority to interpret the Plan, to make all factual determinations under the Plan, and to make all other determinations
necessary or advisable for Plan administration, including, without limitation, to correct any defect, to supply any omission or to reconcile
any inconsistency in the Plan or any Award Agreement hereunder. The Committee may prescribe, amend, and rescind rules&nbsp;and regulations
relating to the Plan. The Committee&rsquo;s determinations under the Plan need not be uniform and may be made by the Committee selectively
among Participants and Eligible Persons, whether or not such persons are similarly situated. The Committee shall, in its discretion, consider
such factors as it deems relevant in making its interpretations, determinations and actions under the Plan including, without limitation,
the recommendations or advice of any officer or employee of the Company or such attorneys, consultants, accountants or other advisors
as the Committee may select. All interpretations, determinations, and actions by the Committee shall be final, conclusive, and binding
upon all parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(b)&nbsp;<B>Limitations
on Committee Powers and Authority</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(1)&nbsp;<I>Minimum
Vesting Period.</I> All Awards granted under the Plan to Eligible Persons other than non-employee directors of the Company shall vest
no earlier than one (1)&nbsp;year following the date of grant. All Awards granted under the Plan to non-employee directors of the Company
shall vest no earlier than the sooner of one (1)&nbsp;year after the date of grant or the next annual meeting of shareholders (provided
that such annual meetings are at least fifty (50) weeks apart). Notwithstanding the foregoing, (A)&nbsp;the Committee may permit acceleration
of the vesting of an Award in the event of a Participant&rsquo;s death or disability or upon a Change in Control and (B)&nbsp;the Committee
may grant Awards covering up to five percent (5%) of the total number of shares of Common Stock authorized for issuance under Section&nbsp;4.1
of the Plan that are not subject to such minimum vesting periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(2)&nbsp;<I>No
Stock Option Repricing.</I> Subject to Section&nbsp;4.2, the Committee shall not, without the approval of the shareholders of the Company:
(A)&nbsp;lower the exercise price of a Stock Option after it is granted, (B)&nbsp;cancel a Stock Option that is out-of-the money in exchange
for cash or another Award, (C)&nbsp;cancel a Stock Option in exchange for another Stock Option with a lower exercise price, or (D)&nbsp;take
any other action with respect to a Stock Option that would be treated as a repricing under the rules&nbsp;and regulations of the principal
securities exchange on which the shares of Common Stock are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(3)&nbsp;<I>Limitation
on Director Awards.</I> The aggregate dollar value of equity-based awards (based on the grant date Fair Market Value of such awards) granted
under this Plan or otherwise during any calendar year to a non-employee director, taken together with any cash fees paid during such calendar
year to such non-employee director, in respect of the non-employee director&rsquo;s service as a member of the Board during such year
(including service as a member or chair of any committees of the Board), shall not exceed $300,000; <U>provided</U>, <U>however</U>, that
in any calendar year in which a non-employee director first joins the Board or serves as Chairman of the Board, the maximum aggregate
dollar value of equity-based and cash compensation provided to the non-employee director for services as a director may be up to $500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">3.3
<B>Liability&nbsp;&amp; Indemnification</B>. The members of the Committee and its designees shall not be liable for any action or determination
made in good faith with respect to the Plan or any Award issued hereunder. The Company will indemnify and defend the members of the Committee
and its designees to the maximum extent permitted by law for all actions taken on behalf of the Company with respect to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
Shares Subject to the Plan</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">4.1
<B>Number of Shares Reserved</B>. Subject to adjustment pursuant to Section&nbsp;4.2 hereof, the aggregate number of shares of Common
Stock which may be issued under all Awards granted to Participants under the Plan shall be 675,000 plus (a)&nbsp;any shares of Common
Stock that remain available for grant under the Prior Plan as of the Effective Date and (b)&nbsp;any shares of Common Stock subject to
outstanding awards under the Prior Plan as of the Effective Date (such outstanding awards the &ldquo;<I>Prior Plan Awards</I>&rdquo;)
that on or after the Effective Date are forfeited, terminated, expire or otherwise lapse without being exercised (to the extent applicable),
or are settled in cash. The aggregate number of shares of Common Stock with respect to which Incentive Stock Options may be granted shall
be 675,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">4.2
<B>Adjustments</B>. If there shall occur any change with respect to the outstanding shares of Common Stock by reason of any recapitalization,
reclassification, stock dividend, extraordinary cash or stock dividend, stock split, reverse stock split, or other distribution or payment
with respect to the shares of Common Stock or any merger, reorganization, consolidation, combination, spin-off, or other similar corporate
change, or any other change affecting the Common Stock the Committee shall, in the manner and to the extent it considers in good faith
to be equitable to the Participants and consistent with the terms of the Plan, cause an adjustment to be made to (a)&nbsp;the number and
kind of shares or units subject to Awards under the Plan pursuant to Section&nbsp;4.1 hereof, (b)&nbsp;the number and kind of shares of
Common Stock or other rights (including, without limitation, cancellation of the awards in exchange for a cash payment or awarding cash
payments to holders of such Awards) subject to then outstanding Awards, (c)&nbsp;the exercise price or base price for each share or other
right subject to then outstanding Awards, and (d)&nbsp;any other terms of an Award that are affected by the event or change. Notwithstanding
the foregoing, (i)&nbsp;any such adjustments shall, to the extent necessary, be made in a manner consistent with the requirements of Section&nbsp;409A
of the Code, and (ii)&nbsp;in the case of Incentive Stock Options, any such adjustments shall, to the extent practicable, be made in a
manner consistent with the requirements of Section&nbsp;424(a)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">4.3
<B>Availability of Certain Shares; Share Counting</B>. Any shares of Common Stock covered by an Award granted under the Plan shall not
be counted against the limit set forth in Section&nbsp;4.1 above unless and until such shares are actually issued and delivered to a Participant
and, therefore, the total number of shares of Common Stock available under the Plan as of a given date shall not be reduced by shares
of Common Stock relating to previously granted Awards that (in whole or in part) have expired or have been forfeited or cancelled, or
which have been settled in cash, and any shares of Common Stock that were covered by such expired, forfeited, cancelled or cash-settled
Award will remain available for issuance hereunder. Shares of Common Stock purchased by Participants for Fair Market Value and shares
of Common Stock not issued or delivered as a result of the net settlement of or the payment of the withholding taxes on an outstanding
Award (other than a Stock Option) shall again be made available for delivery to Participants under the Plan and shall not be counted against
the limit set forth in Section&nbsp;4.1 above. Notwithstanding the foregoing, the following shares of Common Stock shall not be made available
for issuance to Participants under the Plan and shall be counted against the limit set forth in Section&nbsp;4.1 above: (a)&nbsp;shares
of Common Stock not issued or delivered as a result of the net settlement of an outstanding Stock Option, (b)&nbsp;shares of Common Stock
used to pay the exercise price or withholding taxes related to a Stock Option, and (c)&nbsp;shares of Common Stock repurchased by the
Company using proceeds realized by the Company in connection with a Participant&rsquo;s exercise of a Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
Eligibility and Awards</B></FONT>. Any Eligible Person may be selected by the Committee to receive an Award and become a Participant under
the Plan. The Committee has the authority, in its discretion, to determine and designate from time to time those Eligible Persons who
are to be granted Awards, the types of Awards to be granted, the number of shares of Common Stock subject to Awards to be granted and
the terms and conditions of such Awards consistent with the terms of the Plan. In selecting Eligible Persons to be Participants, and in
determining the type and amount of Awards to be granted under the Plan, the Committee shall consider any and all factors that it deems
relevant or appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
Stock Options</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">6.1
<B>Grant of Stock Options</B>. A Stock Option may be granted to any Eligible Person selected by the Committee. Subject to the provisions
of Section&nbsp;6.6 hereof and Section&nbsp;422 of the Code, each Stock Option shall be designated, in the discretion of the Committee,
as an Incentive Stock Option or as a Nonqualified Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">6.2
<B>Exercise Price</B>. The exercise price per share of a Stock Option shall not be less than 100% of the Fair Market Value of the shares
of Common Stock on the Date of Grant. The Committee may, in its discretion, specify for any Stock Option an exercise price per share that
is higher than the Fair Market Value on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">6.3
<B>Vesting of Stock Options</B>. Subject to Section&nbsp;3.2(b)(i), the Committee shall in its discretion prescribe the time or times
at which, or the conditions upon which, a Stock Option or portion thereof shall become vested and/or exercisable. The requirements for
vesting and exercisability of a Stock Option may be based on the continued Service of the Participant, on the attainment of specified
performance goals or on such other terms and conditions as approved by the Committee in its discretion. The vesting and exercisability
of a Stock Option may be accelerated by, and may be dependent upon, in whole or in part, the occurrence of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">6.4
<B>Term of Stock Options</B>. The Committee shall, in its discretion, prescribe in an Award Agreement the period during which a vested
Stock Option may be exercised, <U>provided</U>, <U>however</U>, that the maximum term of a Stock Option shall be ten years from the Date
of Grant. A Stock Option may be earlier terminated as specified by the Committee and set forth in an Award Agreement upon or following
the termination of a Participant&rsquo;s Service with the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">6.5
<B>Stock Option Exercise; Tax Withholding</B>. Subject to such terms and conditions as specified in an Award Agreement, a vested Stock
Option may be exercised in whole or in part at any time during the term thereof by notice in the form required by the Company, together
with payment of the aggregate exercise price therefore, <U>provided</U> that arrangements satisfactory to the Company have been made with
respect to any applicable withholding tax, pursuant to Section&nbsp;13.4 hereof. Payment of the exercise price shall be made in one or
more of the following forms of payment at the election of the Participant: (a)&nbsp;in cash or by cash equivalent acceptable to the Committee,
(b)&nbsp;to the extent permitted by the Committee in its discretion, in shares of Common Stock, valued at the Fair Market Value of such
shares on the date of exercise, (c)&nbsp;to the extent permitted by the Committee in its discretion, by reduction in the number of shares
of Common Stock otherwise deliverable upon exercise of such Stock Option with a Fair Market Value equal to the aggregate exercise price
of such Stock Option at the time of exercise, (d)&nbsp;by a combination of the foregoing methods, or (e)&nbsp;by such other method as
may be approved by the Committee or set forth in the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">6.6
<B>No Rights as Shareholder</B>. Unless and until shares of Common Stock underlying a Stock Option are actually issued to the Participant
upon exercise of the Stock Option, the Participant shall have no rights of a shareholder with respect to the shares granted to the Participant
under the Stock Option, including but not limited to the right to vote the shares or receive dividends or other distributions or amounts
accrued, paid or made with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black">6.7 <B>Additional
Rules&nbsp;for Incentive Stock Options</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(a)&nbsp;<B>Eligibility.</B>
An Incentive Stock Option may be granted only to an Eligible Person who is considered an employee for purposes of Treasury Regulation
 &sect;1.421-7(h)&nbsp;with respect to the Company or any Subsidiary that qualifies as a &ldquo;subsidiary corporation&rdquo; with respect
to the Company for purposes of Section&nbsp;424(f)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(b)&nbsp;<B>Annual
Limits.</B> No Incentive Stock Option shall be granted to a Participant as a result of which the aggregate Fair Market Value (determined
as of the Date of Grant) of Common Stock with respect to which incentive stock options under Section&nbsp;422 of the Code are exercisable
for the first time in any calendar year under the Plan and any other stock option plans of the Company or any subsidiary or parent corporation,
would exceed $100,000, determined in accordance with Section&nbsp;422(d)&nbsp;of the Code. This limitation shall be applied by taking
stock options into account in the order in which they were granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(c)&nbsp;<B>Termination
of Employment.</B> An Award of an Incentive Stock Option may provide that such Stock Option may be exercised not later than three months
following termination of employment of the Participant with the Company and all Subsidiaries, or not later than one year following a permanent
and total disability within the meaning of Section&nbsp;22(e)(3)&nbsp;of the Code, as and to the extent determined by the Committee to
comply with the requirements of Section&nbsp;422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(d)&nbsp;<B>Other
Terms and Conditions; Nontransferability.</B> Any Incentive Stock Option granted hereunder shall contain such additional terms and conditions,
not inconsistent with the terms of the Plan, as are deemed necessary or desirable by the Committee, which terms, together with the terms
of the Plan, shall be intended and interpreted to cause such Incentive Stock Option to qualify as an &ldquo;incentive stock option&rdquo;
under Section&nbsp;422 of the Code. An Award Agreement for an Incentive Stock Option may provide that such Stock Option shall be treated
as a Nonqualified Stock Option to the extent that certain requirements applicable to &ldquo;incentive stock options&rdquo; under the Code
shall not be satisfied. An Incentive Stock Option shall by its terms be nontransferable other than by will or by the laws of descent and
distribution, and shall be exercisable during the lifetime of a Participant only by such Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(e)&nbsp;<B>Disqualifying
Dispositions.</B> If shares of Common Stock acquired by exercise of an Incentive Stock Option are disposed of within two years following
the Date of Grant or one year following the transfer of such shares to the Participant upon exercise, the Participant shall, promptly
following such disposition, notify the Company in writing of the date and terms of such disposition and provide such other information
regarding the disposition as the Company may reasonably require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
Restricted Stock Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">7.1
<B>Grant of Restricted Stock Awards</B>. A Restricted Stock Award may be granted to any Eligible Person selected by the Committee. The
Committee may require the payment by the Participant of a specified purchase price in connection with any Restricted Stock Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">7.2
<B>Vesting Requirements</B>. The restrictions imposed on shares granted under a Restricted Stock Award shall lapse in accordance with
the vesting requirements specified by the Committee in the Award Agreement in accordance with the restrictions of Section&nbsp;3.2(b)(i)&nbsp;hereof.
The requirements for vesting of a Restricted Stock Award may be based on the continued Service of the Participant, on the attainment of
specified performance goals or on such other terms and conditions as approved by the Committee in its discretion. The vesting of a Restricted
Stock Award may be accelerated by, and may be dependent upon, in whole or in part, the occurrence of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">7.3
<B>Rights as Shareholder</B>. Subject to the foregoing provisions of the Plan and the applicable Award Agreement, unless otherwise prohibited
by applicable law or determined by the Committee, the Participant shall have the rights of a shareholder with respect to the shares granted
to the Participant under a Restricted Stock Award, including but not limited to the right to vote the shares and receive all dividends
in respect of shares and other distributions paid or made with respect thereto. Notwithstanding the foregoing, any dividends or distributions
declared or paid with respect to such Restricted Stock Award prior to the vesting of such Award shall be (a)&nbsp;accrued or (b)&nbsp;reinvested
in additional shares of Common Stock (which may thereafter accrue additional dividends). Any such reinvestment shall be at the Fair Market
Value at the time thereof and subject to the same terms as the underlying Award. Accrued dividends shall be paid as soon as practicable
following vesting of the Restricted Stock Award and may be settled in cash or shares of Common Stock, or a combination thereof, in a single
payment or in installments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">7.4
<B>Section&nbsp;83(b)&nbsp;Election</B>. If a Participant makes an election pursuant to Section&nbsp;83(b)&nbsp;of the Code with respect
to a Restricted Stock Award, the Participant shall reasonably promptly provide a copy to the Company. The Committee may provide in an
Award Agreement that the Restricted Stock Award is conditioned upon the Participant&rsquo;s making or refraining from making an election
with respect to the Award under Section&nbsp;83(b)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.
Restricted Stock Unit Awards</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">8.1
<B>Grant of Restricted Stock Unit Awards</B>. A Restricted Stock Unit Award may be granted to any Eligible Person selected by the Committee.
The Committee may require the payment by the Participant of a specified purchase price in connection with any Restricted Stock Unit Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">8.2
<B>Payment</B>. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock or their cash equivalent, any combination
thereof, or in any other form of consideration, as determined by the Committee and contained in the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">8.3
<B>Vesting Requirements</B>. The restrictions or conditions imposed on shares granted under a Restricted Stock Unit Award shall lapse
in accordance with the vesting requirements specified by the Committee in the applicable Award Agreement in accordance with the restrictions
of Section&nbsp;3.2(b)(i)&nbsp;hereof. The requirements for vesting of a Restricted Stock Unit Award may be based on the continued Service
of the Participant, on the attainment of specified performance goals or on such other terms and conditions as approved by the Committee
in its discretion. The vesting and/or settlement of a Restricted Stock Unit Award may be accelerated by, and may be dependent upon, in
whole or in part, the occurrence of a Change in Control. At the time of the grant of a Restricted Stock Unit Award, the Committee, as
it deems appropriate, may impose such restrictions or conditions that delay the settlement of a Restricted Stock Unit Award to a time
after the vesting of such Restricted Stock Unit Award, subject to Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">8.4
<B>No Rights as Shareholder</B>. Unless and until shares of Common Stock underlying a Restricted Stock Unit Award are actually delivered
to the Participant upon settlement of the Restricted Stock Unit Award, the Participant shall have no rights of a shareholder with respect
to the shares granted to the Participant under a Restricted Stock Unit Award, including but not limited to the right to vote the shares
or receive dividends or other distributions or amounts accrued, paid or made with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">8.5
<B>Dividend Equivalents</B>. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit
Award, as determined by the Committee and contained in the applicable Award Agreement. At the sole discretion of the Committee, such dividend
equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner as determined
by the Committee. Any such dividend equivalents (including but not limited to any additional shares covered by the Restricted Stock Unit
Award credited by reason of such dividend equivalents) will be subject to all of the same terms and conditions of the underlying Award
Agreement to which they relate, including, without limitation, with respect to the vesting and settlement thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.
Other Awards</B></FONT>. An Other Award may be granted to any Eligible Person selected by the Committee. Subject to the terms of the Plan,
the Committee will determine the terms and conditions of any such Other Award, including but not limited to the price, if any, at which
securities may be purchased pursuant to any Other Award granted under the Plan, and any applicable vesting, settlement and payment terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.
Forfeiture Events</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">10.1
<B>General</B>. The Committee may specify in an Award Agreement that the Participant&rsquo;s rights, payments and benefits with respect
to an Award shall be subject to reduction, cancellation, forfeiture or recoupment (including, without limitation, repayment to the Company
of any gain related to the Award), or other provisions intended to have a similar effect, upon such terms and conditions as may be determined
by the Committee, upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions
of an Award. Such events shall include, but shall not be limited to, termination of the Participant&rsquo;s Service for Cause, the Participant&rsquo;s
violation of material Company policies or breach of noncompetition, confidentiality or other restrictive covenants that may apply to the
Participant. In addition, notwithstanding anything in the Plan to the contrary, any Award Agreement may also provide for the reduction,
cancellation, forfeiture or recoupment of an Award (including, without limitation, repayment to the Company of any gain related to the
Award), or other provisions intended to have a similar effect, upon such terms and conditions as may be required by the Committee or under
Section&nbsp;10D of the Exchange Act and any applicable rules&nbsp;or regulations promulgated by the SEC or any national securities exchange
or national securities association on which the Common Stock may be traded or under any clawback or similar policy adopted by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">10.2 <B>Termination
for Cause</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(a)&nbsp;<B>General.</B>
Unless otherwise set forth in an Award Agreement or a written employment agreement between a Participant and the Company, if applicable,
if a Participant&rsquo;s employment with the Company or any Subsidiary shall be terminated for Cause, such Participant&rsquo;s rights,
payments and benefits with respect to an Award shall be subject to cancellation, forfeiture and/or recoupment. The Company shall have
the power, subject to Section&nbsp;10.2(b), to determine whether the Participant has been terminated for Cause and the date upon which
such termination for Cause occurs. Any such determination shall be final, conclusive and binding upon the Participant. In addition, if
the Company shall reasonably determine that a Participant has committed or may have committed any act which is reasonably likely to constitute
the basis for a termination of such Participant&rsquo;s employment for Cause, the Company may suspend for up to 30 days the Participant&rsquo;s
rights to exercise any option, receive any payment or vest in any right with respect to any Award pending a determination by the Company
of whether an act has been committed which is reasonably likely to constitute the basis for a termination for Cause as provided in this
Section&nbsp;10.2, but, in each case, only to the extent that such action would not result in an acceleration of income or imposition
of a tax under Section&nbsp;409A of the Code. If, subsequent to a Participant&rsquo;s voluntary termination of employment or involuntary
termination of employment without Cause, it is discovered that the Participant&rsquo;s employment could have been terminated for Cause,
the Committee may deem such Participant&rsquo;s employment to have been terminated for Cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(b)&nbsp;<B>Definition
of &ldquo;Cause&rdquo;</B>. For purposes of the Plan and determining the treatment of Awards granted thereunder, unless otherwise provided
in an applicable Award Agreement or as set forth in a written employment agreement between a Participant and the Company, &ldquo;Cause&rdquo;
shall mean: (1)&nbsp;material dishonesty, which is not the result of an inadvertent or innocent mistake, of the Participant with respect
to the Company or any Affiliate; (2)&nbsp;willful misfeasance or nonfeasance of duty by the Participant that is or may be injurious to
the Company or any Affiliate, or the reputation, business, or business relationships of the Company or any Affiliate, or any of their
respective officers, directors, or employees; (3)&nbsp;material violation by the Participant of his or her employment agreement; (4)&nbsp;conviction
of the Participant of any felony, any crime involving moral turpitude or any other crime (other than a minor vehicular offense) which
could reflect in some material fashion unfavorably upon the Company or any Affiliate; (5)&nbsp;any refusal by the Participant to obey
the lawful orders of the Board or any other person to whom the Participant reports or (6)&nbsp;the Participant&rsquo;s (A)&nbsp;failure
to perform any of his or her fiduciary duties to the Company or any Affiliate, (B)&nbsp;failure to make full disclosure to the Company
or any Affiliate of all business opportunities pertaining to their business, (C)&nbsp;acting for his or her own benefit concerning the
subject matter of his or her fiduciary relationship with the Company or any Affiliate, or (D)&nbsp;taking any action which he or she knows
or should reasonably know would not comply with the law as applicable to his or her employment, including but not limited to the United
States Foreign Corrupt Practices Act. No act or failure to act by the Participant shall be considered &ldquo;willful&rdquo; if such act
is done by the Participant in the good faith belief that such act is or was to be beneficial to the Company and its Affiliates, or such
failure to act is due to the Participant&rsquo;s good faith belief that such action would be materially harmful to the Company and its
Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.
Restrictions on Transfer</B></FONT>. Except as provided below, no Award and no shares of Common Stock subject to Awards that have not
been issued or as to which any applicable restriction or performance period has not lapsed, may be sold, assigned, transferred, pledged
or otherwise encumbered, other than by will or the laws of descent and distribution, and such Award may be exercised during the life of
the Participant only by the Participant or the Participant&rsquo;s guardian or legal representative. To the extent and under such terms
and conditions as determined by the Committee, a Participant may assign or transfer an Award (each transferee thereof, a &ldquo;<I>Permitted
Assignee</I>&rdquo;) to (a)&nbsp;the Participant&rsquo;s spouse, children or grandchildren (including any adopted and step children or
grandchildren), parents, grandparents or siblings, (b)&nbsp;to a trust for the benefit of one or more of the Participant or the persons
referred to in clause (a), (c)&nbsp;to a partnership, limited liability company or corporation in which the Participant or the persons
referred to in clause (a)&nbsp;are the only partners, members or shareholders, (d)&nbsp;for charitable donations or (e)&nbsp;pursuant
to a domestic relations order entered or approved by a court of competent jurisdiction; <U>provided</U>, that such Permitted Assignee
shall be bound by and subject to all of the terms and conditions of the Plan and the Award Agreement relating to the transferred Award
and shall execute an agreement satisfactory to the Company evidencing such obligations; <U>provided</U>, <U>further</U>, that such Participant
shall remain bound by the terms and conditions of the Plan. The Company shall cooperate with any Permitted Assignee and the Company&rsquo;s
transfer agent in effectuating any transfer permitted by the Committee under this Section&nbsp;11. For the avoidance of doubt, in no event
will any Award be transferrable by a Participant in exchange for value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.
General Provisions</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">12.1
<B>Award Agreement</B>. An Award under the Plan shall be evidenced by an Award Agreement in a written or electronic form approved by the
Committee setting forth the number of shares of Common Stock subject to the Award, the purchase price of the Award (if any), the time
or times at which an Award will become vested, exercisable or payable and the term of the Award. The Award Agreement may also set forth
the effect on an Award of a Change in Control and a termination of Service under certain circumstances. The Award Agreement shall be subject
to and incorporate, by reference or otherwise, all of the applicable terms and conditions of the Plan, and may also set forth other terms
and conditions applicable to the Award as determined by the Committee consistent with the limitations of the Plan. An Award Agreement
may be in the form of an agreement to be executed by both the Participant and the Company (or an authorized representative of the Company)
or certificates, notices or similar instruments as approved by the Committee. The Committee need not require the execution of an Award
Agreement by a Participant, in which case, acceptance of the Award by the Participant shall constitute agreement by the Participant to
the terms, conditions, restrictions and limitations set forth in the Plan and the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">12.2
<B>Determinations of Service</B>. Subject to applicable law, including without limitation Section&nbsp;409A of the Code, the Committee
shall, in good faith, make all determinations relating to the Service of a Participant with the Company or any Subsidiary in connection
with an Award, including, without limitation, with respect to the continuation, suspension or termination of such Service. A Participant&rsquo;s
Service shall not be deemed terminated if the Committee determines that (a)&nbsp;a transition of employment to service with a partnership,
joint venture or corporation not meeting the requirements of a Subsidiary in which the Company or a Subsidiary is a party is not considered
a termination of Service, (b)&nbsp;the Participant transfers between service as an employee and service as a consultant or other personal
service provider (or vice versa), or (c)&nbsp;the Participant transfers between service as an employee and that of a non-employee director
(or vice versa). The Committee may determine whether any corporate transaction, such as a sale or spin-off of a division or subsidiary
that employs a Participant, shall be deemed to result in a termination of Service for purposes of any affected Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">12.3
<B>No Right to Employment or Continued Service</B>. Nothing in the Plan, in the grant of any Award or in any Award Agreement shall confer
upon any Eligible Person or any Participant any right to continue in the Service of the Company or any of its Subsidiaries, or interfere
in any way with the right of the Company or any of its Subsidiaries to terminate the employment or other service relationship of an Eligible
Person or a Participant for any reason at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">12.4
<B>Rights as Shareholder</B>. A Participant shall have no rights as a holder of shares of Common Stock with respect to any unissued securities
covered by an Award until the date the Participant becomes the holder of record of such securities. Except as provided in Section&nbsp;4.2
hereof, no adjustment or other provision shall be made for dividends or other shareholder or security holder rights, except to the extent
that the Award Agreement provides for dividend payments or dividend equivalent rights. For the avoidance of doubt, although they may accrue,
no dividends or dividend equivalent rights shall be paid on any unvested Award under the Plan. The Committee may determine, in its discretion,
the manner of delivery of Common Stock to be issued under the Plan, which may be by delivery of stock certificates, electronic account
entry into new or existing accounts or any other means as the Committee, in its discretion, deems appropriate. The Committee may require
that any certificates or other evidence of ownership be held in escrow by the Company for any shares of Common Stock or cause the shares
to be legended in order to comply with the securities laws, the restrictions arising under the Plan or other applicable restrictions.
Should the shares of Common Stock be represented by book or electronic account entry rather than a certificate, the Committee may take
such steps to restrict transfer of the shares of Common Stock as the Committee reasonably considers necessary or advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">12.5
<B>Other Compensation and Benefit Plans</B>. The adoption of the Plan shall not affect any other share incentive or compensation plans
in effect for the Company or any Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of share incentive
or other compensation or benefit program for employees of the Company or any Subsidiary. The amount of any compensation deemed to be received
by a Participant pursuant to an Award shall not constitute includable compensation for purposes of determining the amount of benefits
to which a Participant is entitled under any other compensation or benefit plan or program of the Company or a Subsidiary, including,
without limitation, under any pension or severance benefits plan, except to the extent specifically provided by the terms of any such
plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">12.6
<B>Plan Binding on Transferees</B>. The Plan shall be binding upon the Company, its successors, transferees and assigns, and the Participant,
the Participant&rsquo;s executor, administrator and Permitted Assignees and beneficiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">12.7
<B>Additional Restrictions</B>. In the event of a Change in Control or similar corporate event or a change in capital structure, any Awards
that vest or become payable as a result of or in connection with the applicable event or circumstances may be subject to the same terms
and conditions applicable to the proceeds realized by the Company or its shareholders in connection therewith (including, without limitation,
payment timing and any escrows, indemnities, payment contingencies or holdbacks), as determined by the Committee in its sole discretion,
subject to compliance with Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.
Legal Compliance</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">13.1
<B>Securities Laws</B>. No shares of Common Stock will be issued or transferred pursuant to an Award unless and until all applicable requirements
imposed by Federal and state securities and other laws, rules&nbsp;and regulations and by any regulatory agencies having jurisdiction,
and by any exchanges upon which the shares of Common Stock may be listed, have been fully met. The Committee may in good faith impose
such conditions on any shares of Common Stock issuable under the Plan as a result of restrictions under the Securities Act or under the
requirements of any exchange upon which such shares of the same class are then listed or of any regulatory agency having jurisdiction
over the Company, and under any blue sky or other securities laws applicable to such shares. The Committee may also require the Participant
to make customary representations and warranties at the time of issuance or transfer, including, without limitation, that the shares of
Common Stock are being acquired only for investment purposes and without any current intention to sell or distribute such shares. Certificates
representing Common Stock acquired pursuant to an Award may bear such legends as the Committee may consider appropriate under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">13.2
<B>Unfunded Plan</B>. The adoption of the Plan and any reservation of shares of Common Stock or cash amounts by the Company to discharge
its obligations hereunder shall not be deemed to create a trust or other funded arrangement. Except upon the issuance of Common Stock
pursuant to an Award, any rights of a Participant under the Plan shall be those of a general unsecured creditor of the Company, and neither
a Participant nor the Participant&rsquo;s permitted transferees or estate shall have any other interest in any assets of the Company by
virtue of the Plan. Notwithstanding the foregoing, the Company shall have the right to implement or set aside funds in a grantor trust,
subject to the claims of the Company&rsquo;s creditors or otherwise, to discharge its obligations under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">13.3
<B>Section&nbsp;409A Compliance</B>. To the extent applicable, it is intended that the Plan and all Awards hereunder comply with, or be
exempt from, the requirements of Section&nbsp;409A of the Code and the Treasury Regulations and other guidance issued thereunder, and
that the Plan and all Award Agreements shall be interpreted and applied by the Committee in a manner consistent with this intent in order
to avoid the imposition of any additional tax under Section&nbsp;409A of the Code. In the event that any provision of the Plan or an Award
Agreement is determined by the Committee to not comply with the applicable requirements of Section&nbsp;409A of the Code and the Treasury
Regulations and other guidance issued thereunder, the Committee shall have the authority to take such actions and to make such changes
to the Plan or an Award Agreement as the Committee deems necessary to comply with such requirements. Notwithstanding anything contained
herein to the contrary, a Participant shall not be considered to have terminated service with the Company for purposes of any payments
under the Plan which are subject to Section&nbsp;409A of the Code until the Participant has incurred a &ldquo;separation from service&rdquo;
from the Company within the meaning of Section&nbsp;409A of the Code. Each amount to be paid or benefit to be provided under the Plan
shall be construed as a separate identified payment for purposes of Section&nbsp;409A of the Code. If any payment or benefit provided
to a Participant in connection with his or her separation from service is determined to constitute &ldquo;nonqualified deferred compensation&rdquo;
within the meaning of Section&nbsp;409A of the Code and Participant is determined to be a &ldquo;specified employee&rdquo; as defined
in Section&nbsp;409A of the Code, then such payment or benefit shall not be paid until the day following the six-month anniversary of
the separation from service or, if earlier, on the Participant&rsquo;s date of death. The Company makes no representation that any or
all of the payments described in the Plan will be exempt from or comply with Section&nbsp;409A of the Code. In no event whatsoever shall
the Company or any of its Subsidiaries or Affiliates be liable for any tax, interest or penalties that may be imposed on a Participant
by Section&nbsp;409A of the Code or otherwise, or any damages for failing to comply with Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">13.4
<B>Tax Withholding</B>. The Participant shall be responsible for payment of any taxes or similar charges permitted by law to be paid by
the Participant or withheld from an Award or an amount paid in satisfaction of an Award. Any withholdings shall be paid by the Participant
on or prior to the payment or other event that results in taxable income in respect of an Award. In addition to the methods described
in the Plan, the Award Agreement may specify the manner in which the withholding or other tax-related obligation shall be satisfied with
respect to the particular type of Award. Without limiting the foregoing, if the Company or any Subsidiary reasonably determines that under
the requirements of applicable taxation laws or regulations of any applicable governmental authority it is obliged or permitted to withhold
for remittance to a taxing authority any amount upon the grant, vesting, or exercise of an Award, the other disposition or deemed disposition
by a Participant of an Award or any Common Stock or the provision of any other benefit under the Plan and if the Participant does not
provide notice of the applicable withholding method from items (a)&nbsp;through (d)&nbsp;below, the Company or any of its Subsidiaries,
may take any steps it considers reasonably necessary in the circumstances in connection therewith, including, without limiting the generality
of the foregoing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(a)&nbsp;requiring
the Participant to pay the Company or any of its Subsidiaries such amount as the Company or any of its Subsidiaries is obliged to remit
to such taxing authority in respect thereof, with any such payment, in any event, being due no later than the date as of which any such
amount first becomes included in the gross income of the Participant for tax purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(b)&nbsp;to
the extent permitted, and subject to rules&nbsp;established by, the Committee, issuing any Common Stock issued pursuant to an Award to
an agent on behalf of the Participant and directing the agent to sell a sufficient number of such shares on behalf of the Participant
to satisfy the amount of any such withholding obligation, with the agent paying the proceeds of any such sale to the Company or any of
its Subsidiaries for this purpose;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(c)&nbsp;to
the extent permitted, and subject to the rules&nbsp;established by, the Committee, withholding from the Common Stock otherwise issuable
pursuant to the exercise or settlement of an Award a number of shares of Common Stock sufficient to satisfy the amount of any such withholding
obligation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">(d)&nbsp;to
the extent permitted by law and consistent with Section&nbsp;409A of the Code, deducting the amount of any such withholding obligation
from any payment of any kind otherwise due to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">13.5
<B>No Guarantee of Tax Consequences</B>. Neither the Company, the Board, the Committee nor any other person make any commitment or guarantee
that any Federal, state, local or foreign tax treatment will apply or be available to any Participant or any other person hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">13.6
<B>Severability</B>. If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court
of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms,
and all provisions shall remain enforceable in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">13.7
<B>Governing Law</B>. The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the Commonwealth
of Virginia, without reference to the principles of conflicts of laws, and to applicable Federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-left-width: 0in; border-left-color: Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.
Term; Amendment and Termination</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">14.1
<B>Term</B>. The Plan was approved by the Board on June&nbsp;17, 2019 and shall become effective on the date the Plan is approved by the
Company&rsquo;s shareholders (the &ldquo;<I>Effective Date</I>&rdquo;). Subject to earlier termination as provided in Section&nbsp;14.2
hereof, no new Awards may be granted under the Plan on or after June&nbsp;17, 2029; provided, however, that Awards outstanding on such
date shall remain subject to the terms of the Plan and any applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; border-left-width: 0in; border-left-color: Black">14.2
<B>Amendment and Termination</B>. The Board may from time to time and in any respect, amend, modify, suspend or terminate the Plan or
any Award or Award Agreement hereunder. Notwithstanding the foregoing, no amendment, modification, suspension or termination shall materially
and adversely affect any Award theretofore granted without the consent of the Participant or the permitted transferee of the Award. For
purposes of this Section&nbsp;14.2, any action of the Board or the Committee that in any way alters or affects the tax treatment of any
award or that the Board determines is necessary to prevent an award from being subject to tax under Section&nbsp;409A of the Code shall
not be considered to materially or adversely affect any Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>8
<FILENAME>tm2319745d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RESTRICTED STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN VIRGINIA CORPORATION<BR>
INDUCEMENT AWARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Restricted Stock Unit
Award Agreement (this <U>&ldquo;Agreement&rdquo;)</U> is made as of the 11th day of January&#8239;2021 (the <U>&ldquo;Grant Date&rdquo;)
</U>between Penn Virginia Corporation (the <U>&ldquo;Company&rdquo;)</U> and Julia Gwaltney <U>(&ldquo;Participant&rdquo;).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;1</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Grant
of Restricted Stock Units</U>.</FONT></B><FONT STYLE="font-size: 10pt"> The Company hereby grants to Participant a Restricted Stock
Unit Award consisting of 24,200 restricted stock units <U>(&ldquo;Restricted Stock Units&rdquo;),</U> subject to the terms and
conditions set forth in this Agreement. Subject to the terms and conditions set forth in this Agreement, each Restricted Stock Unit
represents the right to receive one share of Common Stock. This award of Restricted Stock Units is an inducement material to
Participant&rsquo;s agreement to be employed by the Company within the meaning of Nasdaq Listing Rule&#8239;5635(c)(4). The
Restricted Stock Units are being granted outside of the Penn Virginia Corporation 2019 Management Incentive Plan (as the same may be
amended, the &ldquo;Plan&rdquo;), but shall be subject to terms and conditions substantially identical to the terms and conditions
set forth in the Plan as if the award were a restricted stock unit award granted under the Plan. Unless provided otherwise herein,
the terms and conditions of the Plan applicable to a restricted stock unit award granted under the Plan are incorporated herein by
this reference and made a part of this Agreement. Any capitalized term used herein but not defined shall have the meaning set forth
in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;2</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Vesting
of the Restricted Stock Units</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Except as otherwise provided herein, one-third of the Restricted
Stock Units will vest on each of the first three anniversaries of the Grant Date, subject to Participant&rsquo;s continuous Service with
the Company through the applicable vesting date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;3</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination
of Service</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Upon the occurrence of a termination of Participant&rsquo;s Service, the Restricted
Stock Units shall be treated as set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; text-indent: 1in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Change
in Control Termination</U>. Upon the occurrence of a termination of Participant&rsquo;s Service by the Company or an Affiliate, including
any successor thereto, without Cause (and not as a result of death or Disability) or by the Participant with Good Reason (as defined
below), in either case during the twelve-month period following the consummation of a Change in Control, all unvested Restricted Stock
Units shall immediately vest in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of this Agreement
 &ldquo;<U>Good Reason</U>&rdquo; has the meaning ascribed to such term in any employment agreement between the Participant and the Company
or, if none, means the occurrence of any of the following events or conditions: (i)&#8239;a material diminution in the Participant&rsquo;s
title, authority, duties or responsibilities from those in effect on the Grant Date, (ii)&#8239;a material reduction in the Participant&rsquo;s
base salary or annual cash incentive compensation opportunity from that in effect on the Grant Date or (iii)&#8239;the relocation of
the Participant to a location more than fifty (50) miles from the location at which the Participant is based on the Grant Date; <U>provided,
however, </U>that such event or condition remains uncured forty-five (45) days following Participant&rsquo;s delivery to the Company
of written notice of the specific grounds for Good Reason, which notice is delivered within forty-five (45) days following the initial
occurrence of the event or condition giving rise to Good Reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Qualifying
Termination</U>. Upon the occurrence of a termination of Participant&rsquo;s Service by the Company or an Affiliate:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left">i.</TD><TD STYLE="text-align: justify">without Cause or by the
                                            Participant for Good Reason, Participant will vest in the next tranche of Restricted Stock
                                            Units scheduled to vest under Section&#8239;2 hereof immediately following the date of such
                                            termination; or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">due
                                            to Participant&rsquo;s death or Disability (as defined below), the number of Restricted Stock
                                            Units that vest shall be equal to (A)(x)&#8239;the total number of Restricted Stock Units
                                            times (y)&#8239;a fraction the numerator of which is that number of days during the period
                                            commencing on the Grant Date and ending on the date of death or the date on which employment
                                            is terminated, as applicable, and the denominator of which is one thousand ninety-five (1,095)
                                            less (B)&#8239;the number of Restricted Stock Units that have already vested pursuant to
                                            Section&#8239;2(a). Any Restricted Stock Units that remain unvested following the application
                                            of this section shall be forfeited and cancelled and Participant shall not be entitled to
                                            any compensation or other amount with respect thereto. For purposes of this Agreement, <U>&ldquo;Disability&rdquo;
                                            </U>shall mean a disability that entitles the Participant to benefits under the Company&rsquo;s
                                            longterm disability plan, as may be in effect from time to time, as determined by the plan
                                            administrator of the long-term disability plan.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Terminations of Service.</U> Upon the occurrence of a termination of Participant&rsquo;s Service for any reason other than as provided
in Section&#8239;3(a)&#8239;or Section&#8239;3(b), all unvested Restricted Stock Units shall be immediately forfeited and cancelled and
Participant shall not be entitled to any compensation or other amount with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;4</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Settlement</U>.
</FONT></B><FONT STYLE="font-size: 10pt">Any Restricted Stock Units that become vested and non-forfeitable pursuant to Section&#8239;2
or Section&#8239;3 <U>(&ldquo;Vested RSUs&rdquo;)</U> shall be settled on or as soon as administratively practicable after the applicable
vesting date, but in no event later than March&#8239;15th of the year following the year in which such vesting date occurs. Vested RSUs
will be settled, unless otherwise determined by the Committee, by the Company through the delivery to the Participant of a number of
shares of Common Stock equal to the number of Vested RSUs. No fractional shares of Common Stock shall be issued, and the value of any
such fractional share shall be paid to Participant in cash at Fair Market Value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;5</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Restrictions
on Transfer</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Except as permitted under Section&#8239;11 of the Plan, no Restricted Stock
Units may be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by Participant, except by will or by the
laws of descent and distribution. In the event that Participant becomes legally incapacitated, Participant&rsquo;s rights with respect
to the Restricted Stock Units shall be exercisable by Participant&rsquo;s legal guardian or legal representative. The Restricted Stock
Units shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or
other disposition of the Restricted Stock Units contrary to the provisions hereof, and the levy of any execution, attachment or similar
process upon any Restricted Stock Units, shall be null and void and without effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;6</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investment
Representation</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Upon any acquisition of the shares of Common Stock underlying the Restricted
Stock Units at a time when there is not in effect a registration statement under the Securities Act relating to the shares of Common
Stock, Participant hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the
Company that such shares of Common Stock shall be acquired for investment and not with a view to the distribution thereof, and not with
any present intention of distributing the same, and Participant shall provide the Company with such further representations and warranties
as the Company may reasonably require in order to ensure compliance with applicable federal and state securities, blue sky and other
laws. No shares of Common Stock underlying the Restricted Stock Units shall be acquired unless and until the Company and/or Participant
have complied with all applicable federal or state registration, listing and/or qualification requirements and all other requirements
of law or of any regulatory agencies having jurisdiction, unless the Committee reasonably determines that Participant may acquire such
shares of Common Stock pursuant to an exemption from registration under the applicable securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;7</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adjustments</U>.
</FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Units granted hereunder shall be subject to the provisions of Section&#8239;4.2
of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;8</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Right of Continued Service.</U></FONT></B><FONT STYLE="font-size: 10pt"> Nothing in the Plan or this Agreement shall confer upon Participant
any right to continued Service with the Company or any Affiliate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;9</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Limitation
of Rights; Dividend Equivalents</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Participant shall not have any privileges of a stockholder
of the Company with respect to any Restricted Stock Units, including, without limitation, any right to vote any shares of Common Stock
underlying such Restricted Stock Units or to receive dividends or other distributions or payments of any kind in respect thereof or exercise
any other right of a holder of any such securities, unless and until there is a date of settlement and issuance to Participant of the
underlying shares of Common Stock. Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted
in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit Award
granted hereunder (each, a <U>&ldquo;Dividend Equivalent&rdquo;),</U> which Dividend Equivalent shall remain outstanding from the Grant
Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant shall be entitled
to accrue payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock Unit to which such Dividend
Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which it relates, at the time the Common
Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant to Section&#8239;4; provided, however, if
any dividends or distributions are paid in shares of Common Stock, the shares of Common Stock shall be deposited with the Company, shall
be deemed to be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability
and forfeitability as the Restricted Stock Units to which they correspond. Dividend Equivalents shall not entitle Participant to any
payments relating to dividends declared after the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying
such Dividend Equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;10</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Construction</U>.
</FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Unit Award granted hereunder is subject to terms and provisions substantially
identical to those of the Plan applicable to similar awards granted under the Plan. Participant hereby acknowledges that a copy of the
Plan has been delivered to Participant and accepts the Restricted Stock Unit Award hereunder subject to terms and provisions substantially
identical to those of the Plan applicable to similar awards granted under the Plan, which are incorporated herein by reference. In the
event of a conflict or ambiguity between any term or provision contained in this Agreement and a term or provision of the Plan, the Plan
will govern and prevail. The construction of and decisions under the Plan (as applicable to the Restricted Stock Unit Award) and this
Agreement are vested in the Board, whose determinations shall be final, conclusive and binding upon Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;11</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
</FONT></B><FONT STYLE="font-size: 10pt">Any notice hereunder by Participant shall be given to the Company in writing and such notice
shall be deemed duly given only upon receipt thereof by the General Counsel of the Company at the Company&rsquo;s principal executive
offices. Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as Participant may have
on file with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;12</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>.</FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall be construed and enforced in accordance with, the laws of the
Commonwealth of Virginia, without giving effect to the choice of law principles thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;13</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
</FONT></B><FONT STYLE="font-size: 10pt">This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;14</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Binding
Effect</U>.</FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, executors, administrators, successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;15</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Section&#8239;409A</U>.
</FONT></B><FONT STYLE="font-size: 10pt">This Agreement is intended to comply with Section&#8239;409A of the Code <U>(&ldquo;Section&#8239;409A&rdquo;)
</U>or an exemption thereunder and shall be construed and administered in accordance with Section&#8239;409A. Notwithstanding any other
provision of the Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies
with Section&#8239;409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section&#8239;409A shall
be excluded from Section&#8239;409A to the maximum extent possible. The Restricted Stock Units granted hereunder shall be subject to
the provisions of Section&#8239;13.3 of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments
and benefits provided under this Agreement comply with Section&#8239;409A, and in no event shall the Company or any of its Subsidiaries
or Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant
on account of non-compliance with Section&#8239;409A or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;16</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Participant acknowledges and agrees that this </FONT>Agreement and the Plan constitute
the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements
whether verbal or otherwise, between the parties with respect to such subject matter. Except as otherwise expressly set forth herein,
the terms and conditions of the Restricted Stock Units will not be governed or affected by the terms of Participant&rsquo;s employment
agreement or offer letter, or any severance, change of control or similar agreement or policy of the Company or any Affiliate to which
Participant may be party or by which he or she may be covered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;17</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Clawback</U>.
</FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Unit Award will be subject to recoupment in accordance with any clawback
or recoupment policy of the Company, including without limitation, any clawback or recoupment policy that the Company is required to
adopt pursuant to the listing standards of any national securities exchange or association on which the Company&rsquo;s securities are
listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;18</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding</U>.</FONT></B><FONT STYLE="font-size: 10pt"> This Agreement and the Restricted Stock Units shall be subject to withholding
in accordance with Section&#8239;13.4 of the Plan, including the net settlement provision therein, Section&#8239;13.4(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&#8239;19</U>.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Certain
Excise Taxes</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Notwithstanding anything to the contrary in this Agreement, if Participant
is a &ldquo;disqualified individual&rdquo; (as defined in Section&#8239;280G(c)&#8239;of the Code), and the payments provided for under
this Agreement, together with any other payments and benefits which Participant has the right to receive from the Company or any of its
Affiliates, would constitute a &ldquo;parachute payment&rdquo; (as defined in Section&#8239;280G(b)(2)&#8239;of the Code), then the payments
provided for under this Agreement shall be either (a)&#8239;reduced (but not below zero) so that the present value of such total amounts
and benefits received by Participant from the Company and its Affiliates will be one dollar ($1.00) less than three times Participant&rsquo;s
 &ldquo;base amount&rdquo;(as defined in Section&#8239;280G(b)(3)&#8239;of the Code) and so that no portion of such amounts and benefits
received by Participant shall be subject to the excise tax imposed by Section&#8239;4999 of the Code or (b)&#8239;paid in full, whichever
produces the better net after-tax position to Participant (taking into account any applicable excise tax under Section&#8239;4999 of
the Code and any other applicable taxes). The determination as to whether any such reduction in the amount of the payments provided hereunder
is necessary shall be made by the Company in good faith. If a reduced payment is made or provided and through error or otherwise that
payment, when aggregated with other payments and benefits from the Company (or its Affiliates) used in determining if a parachute payment
exists, exceeds one dollar ($1.00) less than three times Participant&rsquo;s base amount, then Participant shall immediately repay such
excess to the Company upon notification that an overpayment has been made. Nothing in this Agreement shall require the Company (or any
of its Affiliates) to be responsible for, or have any liability or obligation with respect to, Participant&rsquo;s excise tax liabilities
under Section&#8239;4999 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have executed
this Agreement effective as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
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    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">PENN
    VIRGINIA CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: White; width: 45%"><FONT STYLE="font-size: 10pt">/s/
    Katherine Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Katherine Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">Vice President, Chief
    Legal Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt">PARTICIPANT</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White">&#8239;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; background-color: White">/s/
    <FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">Julia Gwaltney</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&#8239;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">Julia
    Gwaltney</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">&#8239;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-size: 10pt; font-style: normal; font-weight: normal">1/12/2021</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.3
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<FILENAME>tm2319745d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-weight: bold; text-align: right; margin: 0">Exhibit 99.3</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN VIRGINIA CORPORATION<BR>
INDUCEMENT AWARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amended and Restated
Performance Restricted Stock Unit Award Agreement dated April&nbsp;7, 2021 (this &ldquo;<U>Agreement</U>&rdquo;) amends and restates
the original Performance Restricted Stock Unit Award Agreement made as of the 11th day of January&nbsp;2021 (the &ldquo;<U>Grant Date</U>&rdquo;)
between Penn Virginia Corporation (the &ldquo;<U>Company</U>&rdquo;) and Julia Gwaltney (&ldquo;<U>Participant</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;1.</U></B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Grant
of Restricted Stock Units.</U></B> The Company hereby grants to Participant a target Restricted Stock Unit Award consisting of 24,200
restricted stock units (&ldquo;<U>Restricted Stock Units</U>&rdquo;), subject to the terms and conditions set forth in this Agreement.
Except as otherwise provided in this Agreement, the final number of Restricted Stock Units earned by the Participant (if any) shall be
determined on the vesting date in accordance with the performance criteria set forth on <U>Schedule I</U> (the &ldquo;<U>Schedule</U>&rdquo;).
As used in this Agreement, &ldquo;<U>Performance Period</U>&rdquo; shall refer to the Performance Period set forth on the Schedule. Subject
to the terms and conditions set forth in this Agreement, each Restricted Stock Unit represents the right to receive one share of Common
Stock. This award of Restricted Stock Units is an inducement material to Participant's agreement to be employed by the Company within
the meaning of Nasdaq Listing Rule&nbsp;5635(c)(4). The Restricted Stock Units are being granted outside of the Penn Virginia Corporation
2019 Management Incentive Plan (as the same may be amended, the &ldquo;<U>Plan</U>&rdquo;), but shall be subject to terms and conditions
substantially identical to the terms and conditions set forth in the Plan as if the award were a restricted stock unit award granted
under the Plan. Unless provided otherwise herein, the terms and conditions of the Plan applicable to a restricted stock unit award granted
under the Plan are incorporated herein by this reference and made a part of this Agreement. Any capitalized term used herein but not
defined shall have the meaning set forth in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;2.</U></B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Vesting
of the Restricted Stock Units.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Generally.
</U>On the last day of the Performance Period, the number of Restricted Stock Units that are earned (if any) for the Performance Period
shall be based on the extent to which the Company has satisfied the performance conditions set forth on the Schedule, subject to Participant's
continuous Service with the Company from the Grant Date through the last day of the Performance Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Change
in Control.</U> Upon the occurrence of a Change in Control that involves a merger, reclassification, reorganization, or other similar
transaction in which the surviving entity, the Company's successor or the direct or indirect parent of the surviving entity or the Company's
successor, fails to assume this Restricted Stock Unit Award or substitute this Restricted Stock Unit Award with a substantially equivalent
award, the Restricted Stock Units granted hereunder shall become earned and vest assuming that the Performance Period ended on the date
of the Change in Control with performance assessed under the performance conditions set forth on the Schedule through the date of such
Change in Control (or through the close of the last fiscal quarter ending on or prior to the Change in Control, as determined by the
Committee in its sole discretion), subject to Participant's continuous Service with the Company from the Grant Date through the date
of the Change of Control. Such earned and vested Restricted Stock Units shall be settled immediately prior to the consummation of, but
contingent upon the occurrence of, the Change in Control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;3.</U></B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Termination
of Service.</U></B> Upon the occurrence of a termination of Participant's Service, the Restricted Stock Units shall be treated as set
forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Death;
Disability; Termination by the Company without Cause; Resignation for Good Reason.</U> Upon the occurrence of a termination of Participant's
Service as a result of death or Disability, by the Company or an Affiliate without Cause or by a resignation by the Participant for Good
Reason, the continued service requirements that apply to the Restricted Stock Units granted hereunder shall cease to apply and a pro-rata
number of Restricted Stock Units shall vest on the date of such termination of Service (or through the close of the last fiscal quarter
ending on or prior to the Change in Control, as determined by the Committee in its sole discretion) equal to (1)&nbsp;the number of Restricted
Stock Units that would have otherwise been earned based on performance under the performance conditions set forth on the Schedule through
the date of such termination of Service <I>multiplied by </I>(2)&nbsp;a fraction, the numerator of which is that number of days during
the period commencing on the first day of the Performance Period and ending on the last day of employment, and the denominator of which
is the total number of days in the Performance Period. Notwithstanding the foregoing, upon a termination of Participant's Service by
the Company or an Affiliate without Cause or by a resignation by the Participant for Good Reason, in either case that occurs within twelve
(12) months following a Change in Control, the continued service requirements that apply to the Restricted Stock Units granted hereunder
shall cease to apply and a number of Restricted Stock Units shall vest on the date of such termination of Service equal to 100% of the
number of Restricted Stock Units that would have otherwise been earned based on performance under the performance conditions set forth
on the Schedule through the date of such termination of Service (or through the close of the last fiscal quarter ending on or prior to
the Change in Control, as determined by the Committee in its sole discretion).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions.
</U>For purposes of this Agreement, the terms set forth below shall have the following respective meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;<U>Disability</U>&rdquo; shall
mean a disability that entitles the Participant to benefits under the Company's long-term disability plan, as may be in effect from time
to time, as determined by the plan administrator of the long-term disability plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;<U>Good Reason</U>&rdquo; has
the meaning ascribed to such term in any employment agreement between the Participant and the Company or, if none, means the occurrence
of any of the following events or conditions: (i)&nbsp;a material diminution in the Participant's title, authority, duties or responsibilities
from those in effect on the Grant Date, (ii)&nbsp;a material reduction in the Participant's base salary or annual cash incentive compensation
opportunity from that in effect on the Grant Date or (iii)&nbsp;the relocation of the Participant to a location more than fifty (50)
miles from the location at which the Participant is based on the Grant Date; <U>provided</U>, <U>however</U>, that such event or condition
remains uncured forty-five (45) days following Participant's delivery to the Company of written notice of the specific grounds for Good
Reason, which notice is delivered within forty-five (45) days following the initial occurrence of the event or condition giving rise
to Good Reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Other
Terminations of Service.</U> Upon the occurrence of a termination of Participant's Service for any reason other than as provided in Section&nbsp;2
or Section&nbsp;3(a), all unvested Restricted Stock Units shall be immediately forfeited and cancelled and Participant shall not be entitled
to any compensation or other amount with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;4.</U></B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Settlement.
</U></B>Any Restricted Stock Units that become vested and non-forfeitable pursuant to Section&nbsp;2 or Section&nbsp;3 <U>("Vested RSUs")
</U>shall be settled as set forth in Section&nbsp;2(b)&nbsp;(if applicable), or as soon as administratively practicable following the
vesting date, but in no event later than March&nbsp;15th of the year following the year in which such vesting date occurs (if Section&nbsp;2(b)&nbsp;is
not applicable). Vested RSUs will be settled, unless otherwise determined by the Committee, by the Company through the delivery to the
Participant of a number of shares of Common Stock equal to the number of Vested RSUs. No fractional shares of Common Stock shall be issued.
Any fractional earned Restricted Stock Units will be rounded down to the next whole number.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;5.</U></B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Restrictions
on Transfer.</U></B> Except as permitted under Section&nbsp;11 of the Plan, no Restricted Stock Units may be transferred, pledged, assigned,
hypothecated or otherwise disposed of in any way by Participant, except by will or by the laws of descent and distribution. In the event
that Participant becomes legally incapacitated, Participant's rights with respect to the Restricted Stock Units shall be exercisable
by Participant's legal guardian or legal representative. The Restricted Stock Units shall not be subject to execution, attachment or
similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Units contrary
to the provisions hereof, and the levy of any execution, attachment or similar process upon any Restricted Stock Units, shall be null
and void and without effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;6.</U></B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Investment
Representation.</U></B> Upon any acquisition of the shares of Common Stock underlying the Restricted Stock Units at a time when there
is not in effect a registration statement under the Securities Act relating to the shares of Common Stock, Participant hereby represents
and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the Company that such shares of Common Stock
shall be acquired for investment and not with a view to the distribution thereof, and not with any present intention of distributing
the same, and Participant shall provide the Company with such further representations and warranties as the Company may reasonably require
in order to ensure compliance with applicable federal and state securities, blue sky and other laws. No shares of Common Stock underlying
the Restricted Stock Units shall be acquired unless and until the Company and/or Participant have complied with all applicable federal
or state registration, listing and/or qualification requirements and all other requirements of law or of any regulatory agencies having
jurisdiction, unless the Committee reasonably determines that Participant may acquire such shares of Common Stock pursuant to an exemption
from registration under the applicable securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;7.</U></B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Adjustments.
</U></B>The Restricted Stock Units granted hereunder shall be subject to the provisions of Section&nbsp;4.2 of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;8.</U></B></FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>No
Right of Continued Service.</U></B> Nothing in the Plan or this Agreement shall confer upon Participant any right to continued Service
with the Company or any Affiliate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;9.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Limitation
of Rights; Dividend Equivalents.</U></FONT></B><FONT STYLE="font-size: 10pt"> Participant shall not have any privileges of a stockholder
of the Company with respect to any Restricted Stock Units, including, without limitation, any right to vote any shares of Common Stock
underlying such Restricted Stock Units or to receive dividends or other distributions or payments of any kind in respect thereof or exercise
any other right of a holder of any such securities, unless and until there is a date of settlement and issuance to Participant of the
underlying shares of Common Stock. Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted
in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit Award
granted hereunder (each, a <U>"Dividend Equivalent"),</U> which Dividend Equivalent shall remain outstanding from the Grant Date until
the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant shall be entitled to accrue
payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock Unit to which such Dividend Equivalent
relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which it relates, at the time the Common Stock underlying
the Restricted Stock Unit is settled and delivered to Participant pursuant to Section&nbsp;4; provided, however, if any dividends or
distributions are paid in shares of Common Stock, the shares of Common Stock shall be deposited with the Company, shall be deemed to
be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability and forfeitability
as the Restricted Stock Units to which they correspond. Dividend Equivalents shall not entitle Participant to any payments relating to
dividends declared after the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying such Dividend
Equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;10.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Construction.
</U></FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Unit Award granted hereunder is subject to terms provisions substantially
identical to those of the Plan applicable to similar awards granted under the Plan. Participant hereby acknowledges that a copy of the
Plan has been delivered to Participant and accepts the Restricted Stock Unit Award hereunder subject to terms and provisions substantially
identical to those of the Plan applicable to similar awards granted under the Plan, which are incorporated herein by reference. In the
event of a conflict or ambiguity between any term or provision contained in this Agreement and a term or provision of the Plan, the Plan
will govern and prevail. The construction of and decisions under the Plan (as applicable to the Restricted Stock Unit Award) and this
Agreement are vested in the Board, whose determinations shall be final, conclusive and binding upon Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;11.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices.
</U></FONT></B><FONT STYLE="font-size: 10pt">Any notice hereunder by Participant shall be given to the Company in writing and such notice
shall be deemed duly given only upon receipt thereof by the General Counsel of the Company at the Company's principal executive offices.
Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as Participant may have on file
with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;12.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law.</U></FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall be construed and enforced in accordance with, the laws of the
Commonwealth of Virginia, without giving effect to the choice of law principles thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;13.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts.
</U></FONT></B><FONT STYLE="font-size: 10pt">This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;14.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Binding
Effect.</U></FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, executors, administrators, successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;15.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Section&nbsp;409A.
</U></FONT></B><FONT STYLE="font-size: 10pt">This Agreement is intended to comply with Section&nbsp;409A of the Code <U>("Section&nbsp;409A")
</U>or an exemption thereunder and shall be construed and administered in accordance with Section&nbsp;409A. Notwithstanding any other
provision of the Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies
with Section&nbsp;409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section&nbsp;409A shall
be excluded from Section&nbsp;409A to the maximum extent possible. The Restricted Stock Units granted hereunder shall be subject to the
provisions of Section&nbsp;13.3 of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments and
benefits provided under this Agreement comply with Section&nbsp;409A, and in no event shall the Company or any of its Subsidiaries or
Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on
account of non-compliance with Section&nbsp;409A or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;16.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement.</U></FONT></B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Participant acknowledges and agrees that this
Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding
any and all prior agreements whether verbal or otherwise, between the parties with respect to such subject matter. Except as otherwise
expressly set forth herein, the terms and conditions of the Restricted Stock Units will not be governed or affected by the terms of Participant's
employment agreement or offer letter, or any severance, change of control or similar agreement or policy of the Company or any Affiliate
to which Participant may be party or by which he or she may be covered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;17.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Clawback.
</U></FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Unit Award will be subject to recoupment in accordance with any clawback
or recoupment policy of the Company, including without limitation, any clawback or recoupment policy that the Company is required to
adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed
or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><U>Section&nbsp;18.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding.</U></FONT></B><FONT STYLE="font-size: 10pt"> This Agreement and the Restricted Stock Units shall be subject to withholding
in accordance with Section&nbsp;13.4 of the Plan, including the net settlement provision therein, Section&nbsp;13.4(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Section&nbsp;19.</U>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Excise Taxes.</U></B> Notwithstanding anything to the contrary in this Agreement, if Participant is a "disqualified individual" (as defined
in Section&nbsp;280G(c)&nbsp;of the Code), and the payments provided for under this Agreement, together with any other payments and benefits
which Participant has the right to receive from the Company or any of its Affiliates, would constitute a "parachute payment" (as defined
in Section&nbsp;280G(b)(2)&nbsp;of the Code), then the payments provided for under this Agreement shall be either (a)&nbsp;reduced (but
not below zero) so that the present value of such total amounts and benefits received by Participant from the Company and its Affiliates
will be one dollar ($1.00) less than three times Participant's "base amount"(as defined in Section&nbsp;280G(b)(3)&nbsp;of the Code)
and so that no portion of such amounts and benefits received by Participant shall be subject to the excise tax imposed by Section&nbsp;4999
of the Code or (b)&nbsp;paid in full, whichever produces the better net after-tax position to Participant (taking into account any applicable
excise tax under Section&nbsp;4999 of the Code and any other applicable taxes). The determination as to whether any such reduction in
the amount of the payments provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment is made or
provided and through error or otherwise that payment, when aggregated with other payments and benefits from the Company (or its Affiliates)
used in determining if a parachute payment exists, exceeds one dollar ($1.00) less than three times Participant's base amount, then Participant
shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Agreement shall
require the Company (or any of its Affiliates) to be responsible for, or have any liability or obligation with respect to, Participant's
excise tax liabilities under Section&nbsp;4999 of the Code.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the parties
hereto have executed this Agreement effective as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PENN VIRGINIA
    CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine
    Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President, Chief Legal
    Counsel</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICIPANT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia
    Gwaltney</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julia
    Gwaltney</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Restricted Stock Units that vest
pursuant to Section&nbsp;2(a)&nbsp;of the Agreement and this Schedule I shall be determined based on performance during the 3-year period
commencing January&nbsp;1, 2021 and ending December&nbsp;31, 2023 (the <U>"Performance Period")</U> measured 1/2 based on Annualized
Total Shareholder Return or Annualized TSR (as defined below) (the <U>"TSR PBRSUs")</U> and 1/2 based on the Company's ROCE (as defined
below) (the <U>"ROCE PBRSUs")</U> as set forth in Schedule 1(a)&nbsp;and Schedule 1(b), respectively. Such Vested RSUs, if any, will
be settled in accordance with Section&nbsp;4 of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Schedule 1(a)&nbsp;&ndash; TSR PBRSUs</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A total of 12,100 Restricted Stock Units shall
be allocated as TSR PBRSUs. From 0% to 200% of the TSR PBRSUs will be earned based on both (A)&nbsp;the Company's absolute Annualized
TSR performance and (B)&nbsp;the Company's Annualized TSR Performance relative to the Peer Companies, in each case over the Performance
Period based on the following chart:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Absolute</B></P> <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Annualized<BR>
                                            TSR</B></P> <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Performance</B></P></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Relative <BR> Annualized
    TSR <BR> Performance</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&lt;=0% <BR> (a)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">0.1%- 25.0%<BR>
    (b)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&gt;25% <BR> (c)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">&lt;25th Percentile</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">25.0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">50.0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&gt;=25th Percentile</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&gt;=50th Percentile</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">150.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&gt;=75th Percentile</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">125.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">200.0</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of the Performance Period, the Company's
absolute Annualized TSR for the Performance Period will be assessed to determine which columns of the chart above apply. In determining
the relative Annualized TSR for the Performance Period, the Peer Companies and the Company shall be ranked together based on their respective
Annualized TSRs for the Performance Period with the highest Annualized TSR being the total number of Peer Companies (for purposes of
calculating the relative Annualized TSR, the number of Peer Companies shall include the Company) and the lowest Annualized TSR being
number 1. Based on the Company's relative Annualized TSR rank among the Peer Companies, expressed as a percentile ranking calculated
by dividing (x)&nbsp;the Company's number rank among the Peer Companies by (y)&nbsp;a number equal to the total number of Peer Companies
(including the Company), the number of Restricted Stock Units that vest will be determined in accordance with the applicable row in the
above chart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Company's percentile ranking is between any of these payout
levels, the percentage multiple of the Restricted Stock Units will be interpolated based on the actual percentile ranking of the Company
(rounded to the nearest whole percentile) in relation to the payout levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>"Annualized Total Shareholder Return"</U> or <U>"Annualized TSR"
</U>shall be calculated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2319745d1_ex99-3img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>"Beginning Average Stock Price"</U> means
the applicable entity's average volume weighted closing common stock price for the twenty trading days preceding the first day of the
Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>"Ending Average Stock Price"</U> is the applicable
entity's average volume weighted closing common stock price for the last twenty trading days of the Performance Period (or, in the event
of a qualifying termination of Service or Change in Control under Section&nbsp;2 or 3 of the Agreement prior to the end of the Performance
Period, for the last ten trading days prior to the applicable measurement date specified under Section&nbsp;2 or 3 of the Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">"<U>n</U>" is the number of years in the Performance
Period (subject to reduction in the event of a qualifying termination of Service or Change in Control under Section&nbsp;2 or 3 of the
Agreement prior to the end of the Performance Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>"Reinvested Dividend Amount"</U> means all
dividends paid by the applicable entity in respect of the entity's common stock during the Performance Period (shortened as appropriate,
in the event of a qualifying termination of Service or Change in Control under Section&nbsp;2 or 3 of the Agreement prior to the end
of the Performance Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Calculation of Annualized TSRs shall be adjusted
to take into account any stock splits, stock dividends, reorganizations, or similar events that may affect the common stock prices of
the Company or any of the Peer Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The <U>"Peer Companies"</U> used for purposes
of calculating relative Annualized TSR shall be the following companies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Callon Petroleum Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Matador Resources Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Oasis Petroleum Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">SM Energy Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Laredo Petroleum,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Centennial Resource Development,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">HighPeak Energy Inc.<BR>
Earthstone Energy,&nbsp;Inc.<BR>
Berry Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Bonanza Creek Energy,&nbsp;Inc.<BR>
Battalion Oil Corporation<BR>
Magnolia Oil&nbsp;&amp; Gas Corp.<BR>
Whiting Petroleum Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that any of the Peer Companies ceases
to be publicly traded during the applicable Performance Period, it shall be removed from the list of Peer Companies and shall be excluded
completely when determining the Company's relative Annualized TSR for the Performance Period. Notwithstanding the foregoing, in the event
that any of the Peer Companies files for bankruptcy pursuant to the U.S. Bankruptcy Code during the Performance Period, it shall remain
a Peer Company and be given an Annualized TSR of -100% when determining the Company's relative Annualized TSR for the Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Schedule 1(b)&nbsp;&ndash; ROCE PBRSUs</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A total of 12,100 Restricted Stock Units shall
be allocated as ROCE PBRSUs. From 0% to 200% of the ROCE PBRSUs will be earned based upon the Company's average annual return on capital
employed ("<U>ROCE</U>") over the Performance Period, as reflected in the following chart:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">ROCE
    Performance</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Payout %</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Threshold</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">14</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">0</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Target</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">19</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Maximum</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">24</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">200</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's average annual ROCE shall be determined
by averaging the ROCE for each individual calendar year during the Performance Period. If the Company's average annual ROCE for the Performance
Period is less than the threshold, no Restricted Stock Units will be earned. If the Company's average annual ROCE for the Performance
Period is between threshold and target or between target and maximum, the percentage of the Restricted Stock Units earned will be interpolated
in relation to the payout levels. In no event will more than 200% of the Restricted Stock Units be earned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ROCE shall be calculated for each fiscal year in the Performance Period
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2319745d1_ex99-3img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>"Adjusted EBIT"</U> means the Company's earnings
(loss) before interest and taxes and unrealized hedging gains or losses (including non-cash premiums paid or received).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>"Average Capital Employed"</U> means Beginning Capital Employed
plus Ending Capital Employed divided by two.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>"Beginning Capital Employed"</U> means total
assets less current liabilities (excluding the carrying value of short- and long-term unrealized derivative gains and losses) of the
Company as of the last day prior to the first day of the applicable fiscal year, pro forma for the Juniper transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>"Ending Capital Employed"</U> means total
assets less current liabilities (excluding the carrying value of short- and long-term unrealized derivative gains and losses) of the
Company, as of the last day of the applicable fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In all events, Adjusted EBIT and Average Capital
Employed shall be adjusted to give effect to cash payments made in connection with hedging transactions in the year incurred (regardless
of the settlement date). Furthermore, Adjusted EBIT and Average Capital Employed may be adjusted at the discretion of the Committee to
eliminate the effects of charges for restructurings, discontinued operations, any other unusual or infrequent items, and all items of
gain, loss, income or expense determined to be unusual or infrequent in nature or related to the acquisition or disposal of assets, a
segment of a business or formation of a joint venture or related to a change in accounting principles, all as determined in accordance
with U.S. generally accepted accounting principles or otherwise identified in the Company's financial statements or notes to the financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.4
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<FILENAME>tm2319745d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 99.4</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RESTRICTED STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN VIRGINIA CORPORATION<BR>
INDUCEMENT AWARD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Restricted Stock Unit
Award Agreement (this <U>&quot;Agreement&quot;)</U> is made as of the 26th day of August&nbsp;2020 (the <U>&quot;Grant Date&quot;)</U>
between Penn Virginia Corporation (the <U>&quot;Company&quot;),</U> and Darrin Henke <U>(&quot;Participant&quot;).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;1.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Grant
of Restricted Stock Units.</U></FONT></B><FONT STYLE="font-size: 10pt"> The Company hereby grants to Participant a Restricted Stock Unit
Award consisting of 57,500 restricted stock units <U>(&quot;Restricted Stock Units&quot;),</U> subject to the terms and conditions set
forth in this Agreement. Subject to the terms and conditions set forth in this Agreement, each Restricted Stock Unit represents the right
to receive one share of Common Stock. This award of Restricted Stock Units is an inducement material to Participant's agreement to be
employed by the Company within the meaning of Nasdaq Listing Rule&nbsp;5635(c)(4). The Restricted Stock Units are being granted outside
of the Penn Virginia Corporation 2019 Management Incentive Plan (as the same may be amended, the &quot;Plan&quot;), but shall be subject
to terms and conditions substantially identical to the terms and conditions set forth in the Plan as if the award were a restricted stock
unit award granted under the Plan. Unless provided otherwise herein, the terms and conditions of the Plan applicable to a restricted
stock unit award granted under the Plan are incorporated herein by this reference and made a part of this Agreement. Any capitalized
term used herein but not defined shall have the meaning set forth in the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;2.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Vesting
of the Restricted Stock Units.</U></FONT></B><FONT STYLE="font-size: 10pt"> Except as otherwise provided herein, one-third of the Restricted
Stock Units will vest on each of the first three anniversaries of the Grant Date, subject to Participant's continuous Service with the
Company through the applicable vesting date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;3.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Termination
of Service.</U></FONT></B>&nbsp;<FONT STYLE="font-size: 10pt">Upon the occurrence of a termination of Participant's Service, the Restricted
Stock Units shall be treated as set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 1in; text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Change
in Control Termination.</U> Upon the occurrence of a termination of Participant's Service by the Company or an Affiliate, including any
successor thereto, without Cause (and not as a result of death or Disability) or by the Participant with Good Reason (as defined below),
in either case during the twelve-month period following the consummation of a Change in Control, all unvested Restricted Stock Units
shall immediately vest in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For purposes of this Agreement
<U>&quot;Good Reason&quot;</U> has the meaning ascribed to such term in any employment agreement between the Participant and the Company
or, if none, means the occurrence of any of the following events or conditions: (i)&nbsp;a material diminution in the Participant's title,
authority, duties or responsibilities from those in effect on the Grant Date, (ii)&nbsp;a material reduction in the Participant's base
salary or annual cash incentive compensation opportunity or (iii)&nbsp;the relocation of the Participant to a location more than fifty
(50) miles from the location at which the Participant is based on the Grant Date; <U>provided, however,</U> that such event or condition
remains uncured forty-five (45) days following Participant's delivery to the Company of written notice of the specific grounds for Good
Reason, which notice is delivered within forty-five (45) days following the initial occurrence of the event or condition giving rise to
Good Reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 1in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Qualifying
Termination.</U></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon the occurrence of a termination of Participant's
Service by the Company or an Affiliate:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">without Cause or by the Participant for Good Reason, Participant will vest in the next tranche of Restricted
Stock Units scheduled to vest under Section&nbsp;2 hereof immediately following the date of such termination; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">due to Participant's death or Disability (as defined below), the number of Restricted Stock Units that
vest shall be equal to (A)(x)&nbsp;the total number of Restricted Stock Units times (y)&nbsp;a fraction the numerator of which is that
number of days during the period commencing on the Grant Date and ending on the date of death or the date on which employment is terminated,
as applicable, and the denominator of which is one thousand ninety-five (1,095) less (B)&nbsp;the number of Restricted Stock Units that
have already vested pursuant to Section&nbsp;2(a). Any Restricted Stock Units that remain unvested following the application of this section
shall be forfeited and cancelled and Participant shall not be entitled to any compensation or other amount with respect thereto. For purposes
of this Agreement, <U>&quot;Disability&quot;</U> shall mean a disability that entitles the Participant to benefits under the Company's
long-term disability plan, as may be in effect from time to time, as determined by the plan administrator of the long-term disability plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 1in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Other
Terminations of Service.</U> Upon the occurrence of a termination of Participant's Service for any reason other than as provided in Section&nbsp;3(a)&nbsp;or
Section&nbsp;3(b), all unvested Restricted Stock Units shall be immediately forfeited and cancelled and Participant shall not be entitled
to any compensation or other amount with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;4.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Settlement. </U></FONT></B><FONT STYLE="font-size: 10pt">
Any Restricted Stock Units that become vested and non-forfeitable pursuant to Section&nbsp;2 or Section&nbsp;3 <U>(&quot;Vested
RSUs&quot;)</U> shall be settled on or as soon as administratively practicable after the applicable vesting date, but in no event
later than March&nbsp;15th of the year following the year in which such vesting date occurs. Vested RSUs will be settled, unless
otherwise determined by the Committee, by the Company through the delivery to the Participant of a number of shares of Common Stock
equal to the number of Vested RSUs. No fractional shares of Common Stock shall be issued, and the value of any such fractional share
shall be paid to Participant in cash at Fair Market Value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;5.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Restrictions
on Transfer.</U></FONT></B><FONT STYLE="font-size: 10pt"> Except as permitted under Section&nbsp;11 of the Plan, no Restricted Stock
Units may be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by Participant, except by will or by the
laws of descent and distribution. In the event that Participant becomes legally incapacitated, Participant's rights with respect to the
Restricted Stock Units shall be exercisable by Participant's legal guardian or legal representative. The Restricted Stock Units shall
not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition
of the Restricted Stock Units contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon any
Restricted Stock Units, shall be null and void and without effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;6.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Investment
Representation.</U></FONT></B><FONT STYLE="font-size: 10pt"> Upon any acquisition of the shares of Common Stock underlying the Restricted
Stock Units at a time when there is not in effect a registration statement under the Securities Act relating to the shares of Common
Stock, Participant hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the
Company that such shares of Common Stock shall be acquired for investment and not with a view to the distribution thereof, and not with
any present intention of distributing the same, and Participant shall provide the Company with such further representations and warranties
as the Company may reasonably require in order to ensure compliance with applicable federal and state securities, blue sky and other
laws. No shares of Common Stock underlying the Restricted Stock Units shall be acquired unless and until the Company and/or Participant
have complied with all applicable federal or state registration, listing and/or qualification requirements and all other requirements
of law or of any regulatory agencies having jurisdiction, unless the Committee reasonably determines that Participant may acquire such
shares of Common Stock pursuant to an exemption from registration under the applicable securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;7.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Adjustments.
</U></FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Units granted hereunder shall be subject to the provisions of Section&nbsp;4.2
of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;8.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>No
Right of Continued Service.</U></FONT></B><FONT STYLE="font-size: 10pt"> Nothing in the Plan or this Agreement shall confer upon Participant
any right to continued Service with the Company or any Affiliate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;9.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Limitation
of Rights; Dividend Equivalents.</U></FONT></B><FONT STYLE="font-size: 10pt"> Participant shall not have any privileges of a stockholder
of the Company with respect to any Restricted Stock Units, including, without limitation, any right to vote any shares of Common Stock
underlying such Restricted Stock Units or to receive dividends or other distributions or payments of any kind in respect thereof or exercise
any other right of a holder of any such securities, unless and until there is a date of settlement and issuance to Participant of the
underlying shares of Common Stock. Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted
in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit Award
granted hereunder (each, a <U>&quot;Dividend Equivalent&quot;),</U> which Dividend Equivalent shall remain outstanding from the Grant
Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant shall be entitled
to accrue payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock Unit to which such Dividend
Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which it relates, at the time the Common
Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant to Section&nbsp;4; provided, however, if
any dividends or distributions are paid in shares of Common Stock, the shares of Common Stock shall be deposited with the Company, shall
be deemed to be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability
and forfeitability as the Restricted Stock Units to which they correspond. Dividend Equivalents shall not entitle Participant to any
payments relating to dividends declared after the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying
such Dividend Equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;10.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Construction.
</U></FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Unit Award granted hereunder is subject to terms and provisions substantially
identical to those of the Plan applicable to similar awards granted under the Plan. Participant hereby acknowledges that a copy of the
Plan has been delivered to Participant and accepts the Restricted Stock Unit Award hereunder subject to terms and provisions substantially
identical to those of the Plan applicable to similar awards granted under the Plan, which are incorporated herein by reference. In the
event of a conflict or ambiguity between any term or provision contained in this Agreement and a term or provision of the Plan, the Plan
will govern and prevail. The construction of and decisions under the Plan (as applicable to the Restricted Stock Unit Award) and this
Agreement are vested in the Board, whose determinations shall be final, conclusive and binding upon Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;11.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices.
</U></FONT></B><FONT STYLE="font-size: 10pt">Any notice hereunder by Participant shall be given to the Company in writing and such notice
shall be deemed duly given only upon receipt thereof by the General Counsel of the Company at the Company's principal executive offices.
Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as Participant may have on file
with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;12.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Governing
Law.</U></FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall be construed and enforced in accordance with, the laws of the
Commonwealth of Virginia, without giving effect to the choice of law principles thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;13.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts.
</U></FONT></B><FONT STYLE="font-size: 10pt">This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;14.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Binding
Effect.</U></FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, executors, administrators, successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Section&nbsp;15.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;409A.
</U></B></FONT>This Agreement is intended to comply with Section&nbsp;409A of the Code <U>(&quot;Section&nbsp;409A&quot;)</U> or an exemption
thereunder and shall be construed and administered in accordance with Section&nbsp;409A. Notwithstanding any other provision of the Plan
or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section&nbsp;409A
or an applicable exemption. Any payments under this Agreement that may be excluded from Section&nbsp;409A shall be excluded from Section&nbsp;409A
to the maximum extent possible. The Restricted Stock Units granted hereunder shall be subject to the provisions of Section&nbsp;13.3
of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
comply with Section&nbsp;409A, and in no event shall the Company or any of its Subsidiaries or Affiliates be liable for all or any portion
of any taxes, penalties, interest or other expenses that may be incurred by Participant on account of non-compliance with Section&nbsp;409A
or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;16.</U></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Entire
Agreement.</U></FONT></B><FONT STYLE="font-size: 10pt"> Participant acknowledges and agrees that this Agreement and the Plan constitute
the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding any and all prior agreements
whether verbal or otherwise, between the parties with respect to such subject matter. Except as otherwise expressly set forth herein,
the terms and conditions of the Restricted Stock Units will not be governed or affected by the terms of Participant's employment agreement
or offer letter, or any severance, change of control or similar agreement or policy of the Company or any Affiliate to which Participant
may be party or by which he or she may be covered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Section&nbsp;17.</U>&nbsp;&nbsp;&nbsp;&nbsp;<U>Clawback.
</U></B></FONT>The Restricted Stock Unit Award will be subject to recoupment in accordance with any clawback or recoupment policy of
the Company, including without limitation, any clawback or recoupment policy that the Company is required to adopt pursuant to the listing
standards of any national securities exchange or association on which the Company's securities are listed or as is otherwise required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;18.</U></B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding.</U></FONT></B><FONT STYLE="font-size: 10pt"> This Agreement and the Restricted Stock Units shall be subject to withholding
in accordance with Section&nbsp;13.4 of the Plan, including the net settlement provision therein, Section&nbsp;13.4(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;19.</U></B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Certain
Excise Taxes.</U></FONT></B><FONT STYLE="font-size: 10pt"> Notwithstanding anything to the contrary in this Agreement, if Participant
is a &quot;disqualified individual&quot; (as defined in Section&nbsp;280G(c)&nbsp;of the Code), and the payments provided for under this
Agreement, together with any other payments and benefits which Participant has the right to receive from the Company or any of its Affiliates,
would constitute a &quot;parachute payment&quot; (as defined in Section&nbsp;280G(b)(2)&nbsp;of the Code), then the payments provided
for under this Agreement shall be either (a)&nbsp;reduced (but not below zero) so that the present value of such total amounts and benefits
received by Participant from the Company and its Affiliates will be one dollar ($1.00) less than three times Participant's &quot;base
amount&quot;(as defined in Section&nbsp;280G(b)(3)&nbsp;of the Code) and so that no portion of such amounts and benefits received by
Participant shall be subject to the excise tax imposed by Section&nbsp;4999 of the Code or (b)&nbsp;paid in full, whichever produces
the better net after-tax position to Participant (taking into account any applicable excise tax under Section&nbsp;4999 of the Code and
any other applicable taxes). The determination as to whether any such reduction in the amount of the payments provided hereunder is necessary
shall be made by the Company in good faith. If a reduced payment is made or provided and through error or otherwise that payment, when
aggregated with other payments and benefits from the Company (or its Affiliates) used in determining if a parachute payment exists, exceeds
one dollar ($1.00) less than three times Participant's base amount, then Participant shall immediately repay such excess to the Company
upon notification that an overpayment has been made. Nothing in this Agreement shall require the Company (or any of its Affiliates) to
be responsible for, or have any liability or obligation with respect to, Participant's excise tax liabilities under Section&nbsp;4999
of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">IN WITNESS WHEREOF, the parties hereto
have executed this Agreement effective as of the date first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PENN VIRGINIA CORPORATION</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-size: 10pt">/s/
    Katherine Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Katherine Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Vice President, Chief Legal
    Counsel, Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PARTICIPANT</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Darrin Henke&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: Darrin Henke</FONT></TD></TR>
  </TABLE>


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<TYPE>EX-99.5
<SEQUENCE>11
<FILENAME>tm2319745d1_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.5</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN VIRGINIA CORPORATION<BR>
2019 MANAGEMENT INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amended and Restated
Performance Restricted Stock Unit Award Agreement dated April&nbsp;7, 2021 (this &quot;<U>Agreement</U>&quot;) amends and restates the
original Performance Restricted Stock Unit Award Agreement made as of the 11th day of September, 2020 (the &quot;<U>Grant Date</U>&quot;)
between Penn Virginia Corporation (the <U>&quot;Company</U>&quot;), and Darrin J. Henke (&quot;<U>Participant</U>&quot;). The Restricted
Stock Units are being granted outside of the Penn Virginia Corporation 2019 Management Incentive Plan (as the same may be amended, the
 &quot;Plan&quot;), but shall be subject to terms and conditions substantially identical to the terms and conditions set forth in the
Plan as if the award were a restricted stock unit award granted under the Plan. Any capitalized term used herein but not defined shall
have the meaning set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;1</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Grant
of Restricted Stock Units</U>.</FONT></B><FONT STYLE="font-size: 10pt"> The Company hereby grants to Participant, subject to the terms
and conditions set forth in this Agreement and the Plan, a target Restricted Stock Unit Award consisting of 57,500 restricted stock units
(&quot;<U>Restricted Stock Units</U>&quot;), <I>provided </I>that, except as otherwise provided in this Agreement, the final number of
Restricted Stock Units earned by the Participant (if any) shall be determined on the vesting date in accordance with the performance
criteria set forth on <U>Schedule I</U> (the &quot;<U>Schedule</U>&quot;). As used in this Agreement, &quot;<U>Performance Period</U>&quot;
shall refer to the Performance Period set forth on the Schedule. Subject to the terms and conditions set forth in this Agreement and
the Plan, each Restricted Stock Unit represents the right to receive one share of Common Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;2</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Vesting
of the Restricted Stock Units</U>.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Generally.
</U>On the last day of the Performance Period, the number of Restricted Stock Units that are earned (if any) for the Performance Period
shall be based on the extent to which the Company has satisfied the performance conditions set forth on the Schedule, subject to Participant's
continuous Service with the Company from the Grant Date through the last day of the Performance Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Change
in Control.</U> Upon the occurrence of a Change in Control that involves a merger, reclassification, reorganization, or other similar
transaction in which the surviving entity, the Company's successor or the direct or indirect parent of the surviving entity or the Company's
successor, fails to assume this Restricted Stock Unit Award or substitute this Restricted Stock Unit Award with a substantially equivalent
award, the Restricted Stock Units granted hereunder shall become earned and vest assuming that the Performance Period ended on the date
of the Change in Control with performance assessed under the performance conditions set forth on the Schedule through the date of such
Change in Control (or through the close of the last fiscal quarter ending on or prior to the Change in Control, as determined by the
Committee in its sole discretion), subject to Participant's continuous Service with the Company from the Grant Date through the date
of the Change of Control. Such earned and vested Restricted Stock Units shall be settled immediately prior to the consummation of, but
contingent upon the occurrence of, the Change in Control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;3.</U></B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination
of Service</U>.</FONT></B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon the occurrence of a termination of Participant's
Service, the Restricted Stock Units shall be treated as set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Death;
Disability; Termination by the Company without Cause; Resignation for Good Reason.</U> Upon the occurrence of a termination of Participant's
Service as a result of death or Disability, by the Company or an Affiliate without Cause or by a resignation by the Participant for Good
Reason, the continued service requirements that apply to the Restricted Stock Units granted hereunder shall cease to apply and a pro-rata
number of Restricted Stock Units shall vest on the date of such termination of Service equal to (1)&nbsp;the number of Restricted Stock
Units that would have otherwise been earned based on performance under the performance conditions set forth on the Schedule through the
date of such termination of Service (or through the close of the last fiscal quarter ending on or prior to the Change in Control, as
determined by the Committee in its sole discretion) <I>multiplied by </I>(2)&nbsp;a fraction, the numerator of which is that number of
days during the period commencing on the first day of the Performance Period and ending on the last day of employment, and the denominator
of which is the total number of days in the Performance Period. Notwithstanding the foregoing, upon a termination of Participant's Service
by the Company or an Affiliate without Cause or by a resignation by the Participant for Good Reason, in either case that occurs within
twelve (12) months following a Change in Control, the continued service requirements that apply to the Restricted Stock Units granted
hereunder shall cease to apply and a number of Restricted Stock Units shall vest on the date of such termination of Service equal to
100% of the number of Restricted Stock Units that would have otherwise been earned based on performance under the performance conditions
set forth on the Schedule through the date of such termination of Service (or through the close of the last fiscal quarter ending on
or prior to the Change in Control, as determined by the Committee in its sole discretion).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.
For purposes of this Agreement, the terms set forth below shall have the following respective meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Disability</U>&quot;
                                            </FONT>shall mean a disability that entitles the Participant to benefits under the Company's
                                            long-term disability plan, as may be in effect from time to time, as determined by the plan
                                            administrator of the long-term disability plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Good
                                            Reason</U>&quot;</FONT> has the meaning ascribed to such term in any employment agreement
                                            between the Participant and the Company or, if none, means the occurrence of any of the following
                                            events or conditions: (i)&nbsp;a material diminution in the Participant's title, authority,
                                            duties or responsibilities from those in effect on the Grant Date, (ii)&nbsp;a material reduction
                                            in the Participant's base salary or annual cash incentive compensation opportunity or (iii)&nbsp;the
                                            relocation of the Participant to a location more than fifty (50) miles from the location
                                            at which the Participant is based on the Grant Date; <U>provided, however,</U> that such
                                            event or condition remains uncured forty-five (45) days following Participant's delivery
                                            to the Company of written notice of the specific grounds for Good Reason, which notice is
                                            delivered within forty-five (45) days following the initial occurrence of the event or condition
                                            giving rise to Good Reason .</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Other
Terminations of Service.</U> Upon the occurrence of a termination of Participant's Service for any reason other than as provided in Section&nbsp;2
or Section&nbsp;3(a), all unvested Restricted Stock Units shall be immediately forfeited and cancelled and Participant shall not be entitled
to any compensation or other amount with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;4</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Settlement</U>.
</FONT></B><FONT STYLE="font-size: 10pt">Any Restricted Stock Units that become vested and non-forfeitable pursuant to Section&nbsp;2
or Section&nbsp;3 (&quot;<U>Vested RSUs</U>&quot;) shall be settled as set forth in Section&nbsp;2(b)&nbsp;(if applicable), or as soon
as administratively practicable following the vesting date, but in no event later than March&nbsp;15th of the year following the year
in which such vesting date occurs (if Section&nbsp;2(b)&nbsp;is not applicable). Vested RSUs will be settled, unless otherwise determined
by the Committee, by the Company through the delivery to the Participant of a number of shares of Common Stock equal to the number of
Vested RSUs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No fractional shares of Common
Stock shall be issued. Any fractional earned Restricted Stock Units will be rounded down to the next whole number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;5</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Restrictions
on Transfer</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Except as permitted under Section&nbsp;11 of the Plan, no Restricted Stock
Units may be transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by Participant, except by will or by the
laws of descent and distribution. In the event that Participant becomes legally incapacitated, Participant's rights with respect to the
Restricted Stock Units shall be exercisable by Participant's legal guardian or legal representative. The Restricted Stock Units shall
not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition
of the Restricted Stock Units contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon any
Restricted Stock Units, shall be null and void and without effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;6</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Investment
Representation</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Upon any acquisition of the shares of Common Stock underlying the Restricted
Stock Units at a time when there is not in effect a registration statement under the Securities Act relating to the shares of Common
Stock, Participant hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the
Company that such shares of Common Stock shall be acquired for investment and not with a view to the distribution thereof, and not with
any present intention of distributing the same, and Participant shall provide the Company with such further representations and warranties
as the Company may reasonably require in order to ensure compliance with applicable federal and state securities, blue sky and other
laws. No shares of Common Stock underlying the Restricted Stock Units shall be acquired unless and until the Company and/or Participant
have complied with all applicable federal or state registration, listing and/or qualification requirements and all other requirements
of law or of any regulatory agencies having jurisdiction, unless the Committee reasonably determines that Participant may acquire such
shares of Common Stock pursuant to an exemption from registration under the applicable securities laws.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;7</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Adjustments</U>.
</FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Units granted hereunder shall be subject to the provisions of Section&nbsp;4.2
of the Plan.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;8</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>No
Right of Continued Service</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Nothing in the Plan or this Agreement shall confer upon Participant
any right to continued Service with the Company or any Affiliate.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;9</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Limitation
of Rights; Dividend Equivalents</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Participant shall not have any privileges of a stockholder
of the Company with respect to any Restricted Stock Units, including, without limitation, any right to vote any shares of Common Stock
underlying such Restricted Stock Units or to receive dividends or other distributions or payments of any kind in respect thereof or exercise
any other right of a holder of any such securities, unless and until there is a date of settlement and issuance to Participant of the
underlying shares of Common Stock. Notwithstanding the foregoing, the Restricted Stock Unit Award granted hereunder is hereby granted
in tandem with corresponding dividend equivalents with respect to each share of Common Stock underlying the Restricted Stock Unit Award
granted hereunder (each, a &quot;<U>Dividend Equivalent</U>&quot;), which Dividend Equivalent shall remain outstanding from the Grant
Date until the earlier of the settlement or forfeiture of the Restricted Stock Unit to which it corresponds. Participant shall be entitled
to accrue payments equal to dividends declared, if any, on the Common Stock underlying the Restricted Stock Unit to which such Dividend
Equivalent relates, payable in cash and subject to the vesting of the Restricted Stock Unit to which it relates, at the time the Common
Stock underlying the Restricted Stock Unit is settled and delivered to Participant pursuant to Section&nbsp;4; provided, however, if
any dividends or distributions are paid in shares of Common Stock, the shares of Common Stock shall be deposited with the Company, shall
be deemed to be part of the Dividend Equivalent, and shall be subject to the same vesting requirements, restrictions on transferability
and forfeitability as the Restricted Stock Units to which they correspond. Dividend Equivalents shall not entitle Participant to any
payments relating to dividends declared after the earlier to occur of the settlement or forfeiture of the Restricted Stock Units underlying
such Dividend Equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;10</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Construction</U>.
</FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Unit Award granted hereunder is granted pursuant to the Plan and is in
all respects subject to the terms and conditions of the Plan. Participant hereby acknowledges that a copy of the Plan has been delivered
to Participant and accepts the Restricted Stock Unit Award hereunder subject to all terms and provisions of the Plan, which are incorporated
herein by reference. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of
the Plan, the Plan will govern and prevail. The construction of and decisions under the Plan and this Agreement are vested in the Board,
whose determinations shall be final, conclusive and binding upon Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;11</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Notices</U>.
</FONT></B><FONT STYLE="font-size: 10pt">Any notice hereunder by Participant shall be given to the Company in writing and such notice
shall be deemed duly given only upon receipt thereof by the General Counsel of the Company at the Company's principal executive offices.
Any notice hereunder by the Company shall be given to Participant in writing at the most recent address as Participant may have on file
with the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;12</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>.</FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall be construed and enforced in accordance with, the laws of the
Commonwealth of Virginia, without giving effect to the choice of law principles thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;13</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
</FONT></B><FONT STYLE="font-size: 10pt">This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together shall constitute one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;14</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Binding
Effect</U>.</FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective heirs, executors, administrators, successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;15</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Section&nbsp;409A</U>.
</FONT></B><FONT STYLE="font-size: 10pt">This Agreement is intended to comply with Section&nbsp;409A of the Code (&quot;<U>Section&nbsp;409A</U>&quot;)
or an exemption thereunder and shall be construed and administered in accordance with Section&nbsp;409A. Notwithstanding any other provision
of the Plan or this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with
Section&nbsp;409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section&nbsp;409A shall be
excluded from Section&nbsp;409A to the maximum extent possible. The Restricted Stock Units granted hereunder shall be subject to the
provisions of Section&nbsp;13.3 of the Plan. Notwithstanding the foregoing, the Company makes no representations that the payments and
benefits provided under this Agreement comply with Section&nbsp;409A, and in no event shall the Company or any of its Subsidiaries or
Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on
account of non-compliance with Section&nbsp;409A or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;16</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>.</FONT></B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Participant acknowledges and agrees that this
Agreement and the Plan constitute the entire agreement between the parties with respect to the subject matter hereof and thereof, superseding
any and all prior agreements whether verbal or otherwise, between the parties with respect to such subject matter. Except as otherwise
expressly set forth herein, the terms and conditions of the Restricted Stock Units will not be governed or affected by the terms of Participant's
employment agreement or offer letter, or any severance, change of control or similar agreement or policy of the Company or any Affiliate
to which Participant may be party or by which he or she may be covered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;17</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Clawback</U>.
</FONT></B><FONT STYLE="font-size: 10pt">The Restricted Stock Unit Award will be subject to recoupment in accordance with any clawback
or recoupment policy of the Company, including without limitation, any clawback or recoupment policy that the Company is required to
adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed
or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;18</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Tax
Withholding</U>.</FONT></B><FONT STYLE="font-size: 10pt"> This Agreement and the Restricted Stock Units shall be subject to withholding
in accordance with Section&nbsp;13.4 of the Plan, including the net settlement provision therein, Section&nbsp;13.4(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Section&nbsp;19</U>.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Certain
Excise Taxes</U>.</FONT></B><FONT STYLE="font-size: 10pt"> Notwithstanding anything to the contrary in this Agreement, if Participant
is a &quot;disqualified individual&quot; (as defined in Section&nbsp;280G(c)&nbsp;of the Code), and the payments provided for under this
Agreement, together with any other payments and benefits which Participant has the right to receive from the Company or any of its Affiliates,
would constitute a &quot;parachute payment&quot; (as defined in Section&nbsp;280G(b)(2)&nbsp;of the Code), then the payments provided
for under this Agreement shall be either (a)&nbsp;reduced (but not below zero) so that the present value of such total amounts and benefits
received by Participant from the Company and its Affiliates will be one dollar ($1.00) less than three times Participant's &quot;base
amount&quot;(as defined in Section&nbsp;280G(b)(3)&nbsp;of the Code) and so that no portion of such amounts and benefits received by
Participant shall be subject to the excise tax imposed by Section&nbsp;4999 of the Code or (b)&nbsp;paid in full, whichever produces
the better net after-tax position to Participant (taking into account any applicable excise tax under Section&nbsp;4999 of the Code and
any other applicable taxes). The determination as to whether any such reduction in the amount of the payments provided hereunder is necessary
shall be made by the Company in good faith. If a reduced payment is made or provided and through error or otherwise that payment, when
aggregated with other payments and benefits from the Company (or its Affiliates) used in determining if a parachute payment exists, exceeds
one dollar ($1.00) less than three times Participant's base amount, then Participant shall immediately repay such excess to the Company
upon notification that an overpayment has been made. Nothing in this Agreement shall require the Company (or any of its Affiliates) to
be responsible for, or have any liability or obligation with respect to, Participant's excise tax liabilities under Section&nbsp;4999
of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(SIGNATURES ON FOLLOWING PAGE)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: left">IN WITNESS WHEREOF, the parties
hereto have executed this Agreement effective as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PENN VIRGINIA
    CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine
    J. Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine J. Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President and Chief
    Legal Counsel</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICIPANT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Darrin
    J. Henke</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font-size: 10pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Darrin J. Henke</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of Restricted Stock Units that vest
pursuant to Section&nbsp;2(a)&nbsp;of the Agreement and this Schedule I shall be determined based on performance during the 3-year period
commencing January&nbsp;1, 2021 and ending December&nbsp;31, 2023 (the &quot;<U>Performance Period</U>&quot;) measured 1/2 based on Annualized
Total Shareholder Return or Annualized TSR (as defined below) (the &quot;<U>TSR PBRSUs</U>&quot;) and 1/2 based on the Company's ROCE
(as defined below) (the &quot;<U>ROCE PBRSUs</U>&quot;) as set forth in Schedule 1(a)&nbsp;and Schedule 1(b), respectively. Such Vested
RSUs, if any, will be settled in accordance with Section&nbsp;4 of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Schedule 1(a)&nbsp;&ndash; TSR PBRSUs</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A total of 28,750 Restricted Stock Units shall
be allocated as TSR PBRSUs. From 0% to 200% of the TSR PBRSUs will be earned based on both (A)&nbsp;the Company's absolute Annualized
TSR performance and (B)&nbsp;the Company's Annualized TSR performance relative to the Peer Companies, in each case over the Performance
Period based on the following chart:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>Absolute<BR> Annualized<BR> TSR<BR> Performance</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Relative</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>Annualized
                                            TSR <BR>
                                            Performance</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&lt;=0% <BR>
    (a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">0.1%- 25.0%
    <BR> (b)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&gt;25% <BR>
    (c)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">&lt;25th Percentile</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">0.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">25.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">50.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&gt;=25th Percentile</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&gt;=50th Percentile</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">150.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&gt;=75th Percentile</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">125.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of the Performance Period, the Company's
absolute Annualized TSR for the Performance Period will be assessed to determine which columns of the chart above apply. In determining
the relative Annualized TSR for the Performance Period, the Peer Companies and the Company shall be ranked together based on their respective
Annualized TSRs for the Performance Period with the highest Annualized TSR being the total number of Peer Companies (for purposes of
calculating the relative Annualized TSR, the number of Peer Companies shall include the Company) and the lowest Annualized TSR being
number 1. Based on the Company's relative Annualized TSR rank among the Peer Companies, expressed as a percentile ranking calculated
by dividing (x)&nbsp;the Company's number rank among the Peer Companies by (y)&nbsp;a number equal to the total number of Peer Companies
(including the Company), the number of Restricted Stock Units that vest will be determined in accordance with the applicable row in the
above chart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company's percentile ranking is between
any of these payout levels, the percentage multiple of the Restricted Stock Units will be interpolated based on the actual percentile
ranking of the Company (rounded to the nearest whole percentile) in relation to the payout levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Annualized
Total Shareholder Return</U>&quot;</FONT> or &quot;<U>Annualized TSR</U>&quot; shall be calculated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2319745d1_ex99-5img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Beginning
Average Stock Price</U>&quot;</FONT> means the applicable entity's average volume weighted closing common stock price for the twenty
trading days preceding the first day of the Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Ending
Average Stock Price</U>&quot;</FONT> is the applicable entity's average volume weighted closing common stock price for the last twenty
trading days of the Performance Period (or, in the event of a qualifying termination of Service or Change in Control under Section&nbsp;2
or 3 of the Agreement prior to the end of the Performance Period, for the last ten trading days prior to the applicable measurement date
specified under Section&nbsp;2 or 3 of the Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;<U>n</U>&quot; is the number of years in
the Performance Period (subject to reduction in the event of a qualifying termination of Service or Change in Control under Section&nbsp;2
or 3 of the Agreement prior to the end of the Performance Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Reinvested
Dividend Amount</U>&quot;</FONT> means all dividends paid by the applicable entity in respect of the entity's common stock during the
Performance Period (shortened as appropriate, in the event of a qualifying termination of Service or Change in Control under Section&nbsp;2
or 3 of the Agreement prior to the end of the Performance Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Calculation of Annualized TSRs shall be adjusted
to take into account any stock splits, stock dividends, reorganizations, or similar events that may affect the common stock prices of
the Company or any of the Peer Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &quot;<U>Peer Companies</U>&quot; used for
purposes of calculating relative Annualized TSR shall be the following companies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Callon Petroleum Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Matador Resources Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Oasis Petroleum Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">SM Energy Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Laredo Petroleum,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Centennial Resource Development,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">HighPeak Energy Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Earthstone Energy,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Berry Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Bonanza Creek Energy,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Battalion Oil Corporation<BR>
Magnolia Oil&nbsp;&amp; Gas Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Whiting Petroleum Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that any of the Peer Companies ceases
to be publicly traded during the applicable Performance Period, it shall be removed from the list of Peer Companies and shall be excluded
completely when determining the Company's relative Annualized TSR for the Performance Period. Notwithstanding the foregoing, in the event
that any of the Peer Companies files for bankruptcy pursuant to the U.S. Bankruptcy Code during the Performance Period, it shall remain
a Peer Company and be given an Annualized TSR of -100% when determining the Company's relative Annualized TSR for the Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Schedule 1(b)&nbsp;&ndash; ROCE PBRSUs</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A total of 28,750 Restricted Stock Units shall
be allocated as ROCE PBRSUs. From 0% to 200% of the ROCE PBRSUs will be earned based upon the Company's average annual return on capital
employed (&quot;<U>ROCE</U>&quot;) over the Performance Period, as reflected in the following chart:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>ROCE<BR>
    Performance</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><B>Payout %</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 64%; padding-bottom: 1pt">Threshold</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Target</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Maximum</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's average annual ROCE shall be determined
by averaging the ROCE for each individual calendar year during the Performance Period. If the Company's average annual ROCE for the Performance
Period is less than the threshold, no Restricted Stock Units will be earned. If the Company's average annual ROCE for the Performance
Period is between threshold and target or between target and maximum, the percentage of the Restricted Stock Units earned will be interpolated
in relation to the payout levels. In no event will more than 200% of the Restricted Stock Units be earned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ROCE shall be calculated for each fiscal year in the Performance Period
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2319745d1_ex99-5img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Adjusted
EBIT</U>&quot;</FONT> means the Company's earnings (loss) before interest and taxes and unrealized hedging gains or losses (including
non-cash premiums paid or received).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Average
Capital Employed</U>&quot;</FONT> means Beginning Capital Employed plus Ending Capital Employed divided by two.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Beginning
Capital Employed</U>&quot;</FONT> means total assets less current liabilities (excluding the carrying value of short- and long-term unrealized
derivative gains and losses) of the Company as of the last day prior to the first day of the applicable fiscal year, pro forma for the
Juniper transaction.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&quot;<U>Ending
Capital Employed</U>&quot;</FONT> means total assets less current liabilities (excluding the carrying value of short- and long-term unrealized
derivative gains and losses) of the Company, as of the last day of the applicable fiscal year.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In all events, Adjusted EBIT and Average Capital Employed shall be
adjusted to give effect to cash payments made in connection with hedging transactions in the year incurred (regardless of the settlement
date). Furthermore, Adjusted EBIT and Average Capital Employed may be adjusted at the discretion of the Committee to eliminate the effects
of charges for restructurings, discontinued operations, any other unusual or infrequent items, and all items of gain, loss, income or
expense determined to be unusual or infrequent in nature or related to the acquisition or disposal of assets, a segment of a business
or formation of a joint venture or related to a change in accounting principles, all as determined in accordance with U.S. generally
accepted accounting principles or otherwise identified in the Company's financial statements or notes to the financial statements.</P>

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<TYPE>EX-99.6
<SEQUENCE>12
<FILENAME>tm2319745d1_ex99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BAYTEX ENERGY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Share Award Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors of Baytex Energy Corp.
(the &quot;<B>Corporation</B>&quot;) has adopted this Share Award Incentive Plan (the &quot;<B>Plan</B>&quot;) to govern the issuance
of Incentive Share Awards to Service Providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Purposes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The principal purposes of the Plan are
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to retain and attract qualified Service Providers that the Corporation and Baytex Affiliates require;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to promote a proprietary interest in the Corporation by such Service Providers and to encourage such persons
to remain in the employ or service of the Corporation and Baytex Affiliates and put forth maximum efforts for the success of the affairs
of the Corporation and the business of the Baytex Affiliates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to focus management of the Corporation and Baytex Affiliates on operating and financial performance and
long-term Total Shareholder Return.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As used in this Plan, the following
words and phrases shall have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&quot;<B>Adjustment Ratio</B>&quot; means, with respect to any Incentive Share Award, the ratio used to
adjust the number of Common Shares to be issued on the applicable Payment Dates pertaining to such Incentive Share Award determined in
accordance with the terms of the Plan; and, in respect of each Incentive Share Award, the Adjustment Ratio shall initially be equal to
one, and shall be cumulatively adjusted thereafter by increasing the Adjustment Ratio on each Dividend Payment Date for a cash Dividend,
effective on the day following the Dividend Record Date, by an amount, rounded to the nearest five decimal places, equal to a fraction
having as its numerator the Dividend, expressed as an amount per Common Share, paid on that Dividend Payment Date, multiplied by the Adjustment
Ratio immediately prior to the Dividend Record Date for such Dividend and having as its denominator the Reinvestment Price;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&quot;<B>Award Value</B>&quot; means with respect to any Incentive Share Award, an amount equal to the
notional number of Common Shares granted pursuant to such Incentive Share Award, as such number may be adjusted in accordance with the
terms of the Plan, multiplied by the Fair Market Value of a Common Share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&quot;<B>Baytex Affiliate</B>&quot; means a corporation, partnership, trust or other entity that is controlled
by the Corporation or that is controlled by the same person that controls the Corporation. For purposes of this definition, a person (the
first person) is considered to control another person (the second person) if the first person, directly or indirectly, has the power to
direct the management and policies of the second person by virtue of: (i)&nbsp;ownership of or direction over voting securities in the
second person, (ii)&nbsp;a written agreement or indenture, (iii)&nbsp;being the general partner or controlling the general partner of
the second person, or (iv)&nbsp;being the trustee of the second person;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&quot;<B>Black-Out Period</B>&quot; means a period of time imposed by the Corporation upon certain designated
persons (which persons may or may not include the Service Provider) during which those persons may not trade in any securities of the
Corporation and during which the Payment Date for Incentive Share Awards can be extended pursuant to the terms of the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&quot;<B>Board</B>&quot; means the board of directors of the Corporation as it may be constituted from
time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&quot;<B>Cessation Date</B>&quot; means the date that is the earlier of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the date of the Service Provider's termination, resignation or Retirement, as the case may be or the date
that the Service Provider ceases to be in the active performance of the usual and customary day-to-day duties of the Service Provider's
position or job regardless of whether adequate or proper advance notice of termination or resignation shall have been provided in respect
of such cessation of being a Service Provider; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the date of the Service Provider's death,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">for greater certainty, a Leave of Absence
of a Service Provider shall not, unless otherwise determined by the Board, be considered an interruption or termination of the employment
of a Service Provider or cessation of the services provided by a Service Provider for any purpose of the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&quot;<B>Change of Control Event</B>&quot; means:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a successful &quot;take-over bid&quot; (as defined in the <I>Securities Act</I> (Alberta), as amended
from time to time), pursuant to which the &quot;offeror&quot; as a result of such take-over bid beneficially owns, directly or indirectly,
in excess of 50% of the outstanding Common Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any change in the beneficial ownership or control of the outstanding securities or other interests which
results in:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">a person or group of persons &quot;acting jointly or in concert&quot; (as defined in the <I>Securities
Act</I> (Alberta), as amended from time to time), or;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">an &quot;affiliate&quot; or &quot;associate&quot; (each as defined in the <I>Business Corporations Act</I>
(Alberta), as amended from time to time) of such person or group of persons;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">holding, owning or controlling, directly
or indirectly, more than 30% of the outstanding voting securities or other interests of the Corporation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Incumbent Directors no longer constituting a majority of the Board; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the completion of an arrangement, merger or other form of reorganization of the Corporation where the
holders of the outstanding voting securities or interests of the Corporation immediately prior to the completion of the arrangement, merger
or other form of reorganization will hold 50% or less of the outstanding voting securities or interests of the continuing entity upon
completion of the arrangement, merger or other form of reorganization; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the winding up or termination of the Corporation or the sale, lease or transfer of all or substantially
all of the directly or indirectly held assets of the Corporation to any other person or persons (other than pursuant to an internal reorganization
or in circumstances where the business of the Corporation is continued and where the securityholdings in the continuing entity and the
constitution of the board of directors or similar body of the continuing entity is such that the transaction would not be considered a
 &quot;Change of Control Event&quot; if paragraphs (ii)&nbsp;and (iii)&nbsp;above were applicable to the transaction), or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">any determination by a majority of the Board that a Change of Control Event has occurred or is about to
occur and any such determination shall be binding and conclusive for all purposes of the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">provided that a Change of Control Event
shall be deemed not to have occurred unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">a majority of the Board, in good faith, determines that a Change of Control Event was intended to occur
in the particular circumstances in question and any such determination shall be binding and conclusive for all purposes of the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Change of Control Event Termination</B>&rdquo; means:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Grantee&rsquo;s status as a Service Provider is contemporaneously, or in the six (6)&nbsp;months following
the effective date of a Change of Control Event, terminated by the Corporation or the applicable Baytex Affiliate without just cause;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if the Grantee is an officer of the Corporation or a Baytex Affiliate, a Change of Control Event has occurred,
and that Grantee is entitled to a settlement payment pursuant to any change of control agreement with the Corporation or a Baytex Affiliate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&quot;<B>Committee</B>&quot;
has the meaning set forth in Section&nbsp;3 hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&quot;<B>Common Shares</B>&quot; means common shares of the Corporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&quot;<B>Corporate Performance Measures</B>&quot; for any period that the Committee in its sole discretion
shall determine, means the performance measures to be taken into consideration in determining the Payout Multiplier in respect of any
Performance Award or Share Settled Performance Award, which may include, without limitation, the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Relative Total Shareholder Return;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Recycle Ratio;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">activities related to growth of the Corporation and the Baytex Affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">average production volumes of the Corporation and the Baytex Affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">unit costs of production of the Corporation and the Baytex Affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">total proved reserves (on a net basis) of the Corporation and the Baytex Affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">key leading and lagging indicators of health, safety and environmental performance of the Corporation
and the Baytex Affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">the execution of the Corporation's strategic plan as determined by the Board; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">such additional measures as the Committee or the Board, in its sole discretion, shall consider appropriate
in the circumstances;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&quot;<B>Dividend</B>&quot; means any dividend paid by the Corporation in respect of the Common Shares,
whether in the form of cash or Common Shares, expressed as an amount per Common Share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&quot;<B>Dividend Payment Date</B>&quot; means any date that a Dividend is paid to Shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">&quot;<B>Dividend Record Date</B>&quot; means the applicable record date in respect of any Dividend used
to determine the Shareholders entitled to receive such Dividend;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&quot;<B>Exchange</B>&quot; means the TSX and such other stock exchange(s)&nbsp;on which the Common Shares
are then listed and posted for trading from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&quot;<B>Expiry Date</B>&quot; means the earlier of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">two (2)&nbsp;years following the commencement of a Leave of Absence; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">such other date as determined by the Committee in its sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">provided that in no circumstances shall
the Expiry Date of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a Restricted Award or a Performance Award be later than December&nbsp;15 of the third year following the
year in which the Restricted Award or Performance Award, as applicable, was granted; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a Share Settled Restricted Award or a Share Settled Performance Award be later than December&nbsp;15 of
the seventh year following the year in which the Share Settled Restricted Award or Share Settled Performance Award, as applicable, was
granted;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">&quot;<B>Fair Market Value</B>&quot; means the volume weighted average of the prices at which the Common
Shares traded on the TSX (or, if the Common Shares are not then listed and posted for trading on the TSX or are then listed and posted
for trading on more than one stock exchange, on such stock exchange on which the Common Shares are then listed and posted for trading
as may be selected for such purpose by the Committee in its sole discretion) for the five (5)&nbsp;trading days on which the Common Shares
traded on the said exchange immediately preceding such date. In the event that the Common Shares are not listed and posted for trading
on any stock exchange, the Fair Market Value shall be the fair market value of the Common Shares as determined by the Committee in its
sole discretion, acting reasonably and in good faith. If initially determined in United States dollars or Canadian dollars, the Fair Market
Value shall be converted into Canadian dollars or United States dollars, respectively, at an exchange rate selected and calculated in
the manner determined by the Committee from time to time acting reasonably and in good faith;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&quot;<B>Grantees</B>&quot; has the meaning set forth in Section&nbsp;4 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&quot;<B>Incentive Share Award</B>&quot; means a Restricted Award, Performance Award, Share Settled Performance
Award or Share Settled Restricted Award made pursuant to the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&quot;<B>Incentive Share Award Agreement</B>&quot; has the meaning set forth in Section&nbsp;6 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&quot;<B>Incumbent Directors</B>&quot; means any member of the Board who was a member of the Board at
the effective date of the Plan and any successor to an Incumbent Director who was recommended or elected or appointed to succeed any Incumbent
Director by the affirmative vote of the Board, including a majority of the Incumbent Directors then on the Board, prior to the occurrence
of a transaction, transactions, elections or appointments giving rise to a Change of Control Event;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&quot;<B>Leave of Absence</B>&quot; means a Service Provider being absent from active employment or active
service for a period of time greater than three (3)&nbsp;months as a result of sabbatical, disability, education leave, maternity or parental
leave, or any other form of leave prescribed by law or approved by the Committee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&quot;<B>Non-Management Director</B>&quot; means a director of the Corporation who is not an officer or
employee of the Corporation or a Baytex Affiliate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&quot;<B>Payment Date</B>&quot; means, with respect to any Incentive Share Award, the date upon which
the Corporation shall pay to the Grantee that Award Value to which the Grantee is entitled pursuant to such Incentive Share Award in accordance
with the terms hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">&quot;<B>Payout Multiplier</B>&quot; means the payout multiplier determined by the Committee in accordance
with Section&nbsp;6(d)&nbsp;hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">&quot;<B>Peer Comparison Group</B>&quot; means, generally, public Canadian or U.S. oil and gas issuers
that in the opinion of the Committee are competitors of the Corporation or its U.S. segment and which shall be determined from time to
time by the Committee in its sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">&quot;<B>Performance Award</B>&quot; means an award made pursuant to the Plan whose Award Value is computed
by reference to a notional number of Common Shares and designated under the Plan as a &quot;Performance Award&quot; in the Incentive Share
Award Agreement pertaining thereto, and for which payment shall be made on the Payment Date(s)&nbsp;determined in accordance with Section&nbsp;6(c)(ii)&nbsp;hereof,
subject to adjustment pursuant to the provisions of such section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">&quot;<B>Recycle Ratio</B>&quot; means a measure of capital efficiency calculated by dividing the after
tax netback of production by the cost of adding reserves, or calculated in such other manner as may be determined by the Committee in
its sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">&quot;<B>Reinvestment Price</B>&quot; means the price, expressed as an amount per Common Share, paid by
participants in the Corporation's dividend reinvestment plan to reinvest their Dividends in additional Common Shares on a Dividend Payment
Date, provided that if the Corporation has suspended the operation of such plan or does not have such a plan, then the Reinvestment Price
shall be equal to the Fair Market Value of the Common Shares on the trading day immediately preceding the Divided Payment Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">&quot;<B>Relative Total Shareholder Return</B>&quot; means the percentile rank, expressed as a whole number,
of Total Shareholder Return relative to returns calculated on a similar basis on securities of members of the Peer Comparison Group over
the applicable period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify">&quot;<B>Restricted Award</B>&quot; means an award made pursuant to the Plan whose Award Value is computed
by reference to a notional number of Common Shares and designated under the Plan as a &quot;Restricted Award&quot; in the Incentive Share
Award Agreement pertaining thereto, and for which payment shall be made on the Payment Dates(s)&nbsp;determined in accordance with Section&nbsp;6(c)(i)&nbsp;hereof,
subject to adjustment pursuant to the provisions of such section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify">&quot;<B>Retirement</B>&quot; means:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the date that a Grantee voluntarily ceases to be a Service Provider, provided that the Grantee: (A)&nbsp;has
provided continuous services to the Corporation or any Baytex Affiliate not less than six (6)&nbsp;years at the Cessation Date; (B)&nbsp;has
provided the Corporation with at least six (6)&nbsp;months prior written notice of the Grantee's intention to retire; (C)&nbsp;is fifty-five
(55) years of age or more; and (D)&nbsp;enters into an agreement (which shall include non-competition and non-solicitation covenants and
the consequences of breaching such covenants including the immediate termination of all outstanding Incentive Share Awards notwithstanding
the provisions of Section&nbsp;6(f)(iv)&nbsp; in respect of such Retirement) with the Corporation that is acceptable to the Corporation;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">such other meaning as the President and Chief Executive Officer of the Corporation in the case of a Grantee
who is not an officer of the Corporation or a Baytex Affiliate, and the Committee in all other cases, shall determine from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify">&quot;<B>Service Providers</B>&quot; has the meaning set forth in Section&nbsp;4 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify">&quot;<B>Shareholder</B>&quot; means a holder of Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify">&quot;<B>Share Settled Performance Award</B>&quot; means an award made pursuant to the Plan whose Award
Value is computed by reference to a notional number of Common Shares and designated under the Plan as a &quot;Share Settled Performance
Award&quot; in the Incentive Share Award Agreement pertaining thereto, and for which payment shall be made on the Payment Date(s)&nbsp;determined
in accordance with Section&nbsp;6(c)(iv)&nbsp;hereof, subject to adjustment pursuant to the provisions of such section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&quot;<B>Share Settled Restricted Award</B>&quot; means an award made pursuant to the Plan whose Award
Value is computed by reference to a notional number of Common Shares and designated under the Plan as a &quot;Share Settled Restricted
Award&quot; in the Incentive Share Award Agreement pertaining thereto, and for which payment shall be made on the Payment Date(s)&nbsp;determined
in accordance with Section&nbsp;6(c)(iii)&nbsp;hereof, subject to adjustment pursuant to the provisions of such section;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jj)</TD><TD STYLE="text-align: justify">&quot;<B>Successor</B>&quot; has the meaning set forth in Section&nbsp;9 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(kk)</TD><TD STYLE="text-align: justify">&quot;<B>Total Shareholder Return</B>&quot; means, with respect to any period, the total return to Shareholders
on the Common Shares calculated using cumulative Dividends on a reinvested basis and the change in the trading price of the Common Shares
on the TSX over such period (or, if the Common Shares are not then listed and posted for trading on the TSX or are then listed and posted
for trading on more than one stock exchange, on such stock exchange on which the Common Shares are then listed and posted for trading
as may be selected for such purpose by the Committee in its sole discretion); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify">&quot;<B>TSX</B>&quot; means the Toronto Stock Exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Administration</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Plan shall be administered by the
Human Resources and Compensation Committee of the Board (the &quot;<B>Committee</B>&quot;), provided that the Board shall have the authority
to appoint itself or another committee of the Board to administer the Plan. In the event that the Board appoints itself or another committee
of the Board to administer the Plan, all references in the Plan to the Committee will be deemed to be references to the Board or such
other committee of the Board, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Committee shall have the authority
in its sole discretion to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the
Plan or necessary or advisable in the administration of the Plan, subject to and not inconsistent with the express provisions of this
Plan and of Section&nbsp;10 hereof, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the authority to grant Incentive Share Awards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to determine the Fair Market Value of the Common Shares on any date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">to determine the Service Providers to whom, and the time or times at which,&nbsp;Incentive Share Awards
shall be granted and shall become issuable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">to determine the number of Common Shares to be covered by each Incentive Share Award;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">to determine members of the Peer Comparison Group from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">to determine the Corporate Performance Measures and the Payout Multiplier in respect of a particular period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">to accelerate the Payment Date of any Incentive Share Awards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">to prescribe, amend and rescind rules&nbsp;and regulations relating to the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">to interpret the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">to determine the terms and provisions of Incentive Share Award Agreements (which need not be identical)
entered into in connection with Incentive Share Awards; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">to make all other determinations deemed necessary or advisable for the administration of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Committee may delegate to one or
more of its members, to the President and Chief Executive Officer of the Corporation or to one or more agents such administrative duties
as it may deem advisable, and the Committee or any person to whom it has delegated duties as aforesaid may employ one or more persons
to render advice with respect to any responsibility the Committee or such person may have under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For greater certainty and without limiting
the discretion conferred on the Committee pursuant to this Section, the Committee's decision to approve the grant of an Incentive Share
Award in any period shall not require the Committee to approve the grant of an Incentive Share Award to any Service Provider in any other
period; nor shall the Committee's decision with respect to the size or terms and conditions of an Incentive Share Award in any period
require it to approve the grant of an Incentive Share Award of the same or similar size or with the same or similar terms and conditions
to any Service Provider in any other period; nor shall the Committee's decision with respect to the form of payment of an Incentive Share
Award require it to pay any other Incentive Share Awards in the same manner or entitle a Service Provider to be paid in a particular form.
The Committee shall not be precluded from approving the grant of an Incentive Share Award to any Service Provider solely because such
Service Provider may previously have been granted an Incentive Share Award under this Plan or any other similar compensation arrangement
of the Corporation or a Baytex Affiliate. No Service Provider has any claim or right to be granted an Incentive Share Award. The Committee&rsquo;s
determinations under this Plan need not be uniform with respect to any Grantees or with respect to any Incentive Share Awards held by
any Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Eligibility and Award Determination</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Incentive Share Awards may be granted
only to persons who are employees, officers or directors of the Corporation or any Baytex Affiliate or who are consultants or other service
providers to the Corporation or any Baytex Affiliate (collectively, &quot;<B>Service Providers</B>&quot;); provided, however, that the
participation of a Service Provider in the Plan is voluntary. For greater certainty, a transfer of employment or services between the
Corporation and a Baytex Affiliate or between Baytex Affiliates shall not be considered an interruption or termination of the employment
of a Grantee for any purpose of the Plan. In determining the Service Providers to whom Incentive Share Awards may be granted (&quot;<B>Grantees</B>&quot;)
and the number of Common Shares to be covered by each Incentive Share Award, the Committee may take into account such factors as it shall
determine in its sole discretion, including, if so determined by the Committee, any one or more of the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">compensation data for comparable benchmark positions among the Peer Comparison Group;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the duties, responsibilities, position and seniority of the Grantee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Corporate Performance Measures for the applicable period compared with internally established performance
measures approved by the Committee and/or similar performance measures of members of the Peer Comparison Group for such period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the individual contributions and potential contributions of the Grantee to the success of the Corporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">any bonus payments paid or to be paid to the Grantee in respect of his or her individual contributions
and potential contributions to the success of the Corporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">the Fair Market Value or current market price of the Common Shares at the time of grant of such Incentive
Share Award; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">such other factors as the Committee shall deem relevant in its sole discretion in connection with accomplishing
the purposes of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Reservation of Common Shares</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to Sections 6(c)(i)(B)(IV),
6(c)(ii)(B)(IV), 6(c)(iii)(B)(IV), 6(c)(iv)(B)(IV), 6(i)&nbsp;and 9 hereof, the number of Common Shares reserved for issuance from time
to time pursuant to Incentive Share Awards granted and outstanding hereunder at any time shall not exceed a number of Common Shares equal
to 3.8% of the aggregate number of issued and outstanding Common Shares. This prescribed maximum may be subsequently increased to any
specified amount, provided the increase is authorized by a vote of the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any Incentive Share Award granted
under this Plan shall expire, terminate or be cancelled for any reason without the Common Shares issuable thereunder having been issued
in full, any unissued Common Shares to which such Incentive Share Award relates shall be available for the purposes of the granting of
further Incentive Share Awards under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Terms and Conditions of Incentive Share Awards</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each Incentive Share Award granted under
the Plan shall be subject to the terms and conditions of the Plan and evidenced by a written agreement between the Corporation and the
Grantee or other form of confirmation of grant (an &quot;<B>Incentive Share Award Agreement</B>&quot;) which agreement or other form of
confirmation of grant shall comply with, and be subject to, the requirements of the Exchange and the following terms and conditions (and
with such other terms and conditions as the Committee, in its sole discretion, shall establish):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><B><I>Type of Incentive Share Awards</I></B> - The Committee shall determine the number of Incentive Share
Awards granted to a Grantee in accordance with the provisions set forth in Section&nbsp;4 hereof and shall designate such award as either
a &quot;Restricted Award&quot;, a &quot;Performance Award&quot;, a &quot;Share Settled Restricted Award&quot; or a &quot;Share Settled
Performance Award&quot;, as applicable, in the Incentive Share Award Agreement relating thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B><I>Limitations on Incentive Share Awards</I></B> - No one Service Provider may be granted any Incentive
Share Award which, together with all Incentive Share Awards then held by such Grantee, could entitle such Grantee to receive a number
of Common Shares which is greater than 5% of the outstanding Common Shares, calculated on an undiluted basis. In addition: (i)&nbsp;the
number of Common Shares issuable to insiders at any time, under all security based compensation arrangements of the Corporation, shall
not exceed 10% of the issued and outstanding Common Shares; and (ii)&nbsp;the number of Common Shares issued to insiders, within any one
year period, under all security based compensation arrangements of the Corporation, shall not exceed 10% of the issued and outstanding
Common Shares. For this purpose, &quot;insiders&quot; and &quot;security based compensation arrangements&quot; have the meanings ascribed
thereto in Part&nbsp;VI of the Company Manual of the TSX. The number of Common Shares issuable pursuant to this Plan to Non-Management
Directors, in aggregate, will be limited to a maximum of 0.25% of the issued and outstanding Common Shares and the value of all Incentive
Share Awards granted to any Non-Management Director during a calendar year, as calculated on the date of grant, cannot exceed CAD150,000
(for purposes of monitoring compliance with these limitations, a Payout Multiplier of 1.0 will be assumed for any Performance Awards or
Share Settled Performance Awards).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><B><I>Payment Dates and Adjustment of Incentive Share Awards</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Restricted Awards</U>: Subject to Section&nbsp;6(f)&nbsp;hereof, with respect to any Restricted Award,
the Payment Dates thereunder shall be as follows unless otherwise determined by the Committee (and, for greater certainty, the Committee
may in its sole discretion impose additional or different conditions to the determination of the Payment Dates in respect of the issue
of any Restricted Award including, without limitation, performance conditions), provided that the Grantee remains in continuous employment
or service with the Corporation or a Baytex Affiliate through the applicable Payment Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">as to one-third of the Award Value of such Restricted Award, on the first anniversary of the grant date
of the Restricted Award; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">as to a further one-third of the Award Value of such Restricted Award, on the twenty-four month and thirty-six
month anniversaries of the grant date of the Restricted Award;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">provided, however, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">the Committee will generally not establish Payment Dates for a Restricted Award that would result in any
of the Award Value underlying such Restricted Award being paid prior to the first anniversary of the grant date of such Restricted Award,
exceptions may include grants to Service Providers who are hired mid-year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">where a Grantee is on a Leave of Absence, the Payment Date or Payment Dates for any Restricted Awards
held by such Grantee shall be unaffected by the period of the Leave of Absence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(III)</TD><TD STYLE="text-align: justify">where a Payment Date occurs on a date when a Grantee is subject to a Black-Out Period, such Payment Date
shall be extended to a date which is within five business days following the end of such Black-Out Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(IV)</TD><TD STYLE="text-align: justify">in the event of any Change of Control Event Termination prior to the Payment Dates determined in accordance
with the above provisions of this Section&nbsp;6(c)(i), the Payment Date for the Award Value of all Restricted Awards that have not yet
been settled as of such time shall be the date which is immediately prior to the date upon which a Change of Control Event Termination
occurs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(V)</TD><TD STYLE="text-align: justify">immediately prior to each Payment Date, the notional number of Common Shares underlying the portion of
the Restricted Award payable on such Payment Date shall be adjusted by multiplying such number by the Adjustment Ratio applicable in respect
of such Restricted Award.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><U>Performance Awards</U>: Subject to Section&nbsp;6(f)&nbsp;hereof, with respect to any Performance Award,
the Payment Dates thereunder shall be as follows unless otherwise determined by the Committee (and, for greater certainty, the Committee
may in its sole discretion impose additional or different conditions to the determination of the Payment Dates in respect of any Performance
Award), provided that the Grantee remains in continuous employment or service with the Corporation or a Baytex Affiliate through the applicable
Payment Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">as to one-third of the Award Value of such Performance Award, on the first anniversary of the grant date
of the Performance Award; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">as to a further one-third of the Award Value of such Performance Award, on the twenty-four and thirty-six
month anniversaries of the grant date of the Performance Award;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">provided, however, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">the Committee will generally not establish Payment Dates for a Performance Award that would result in
any of the Award Value underlying such Performance Award being paid prior to the first anniversary of the grant date of such Performance
Award, exceptions may include grants to Service Providers who are hired mid-year;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">where a Grantee is on a Leave of Absence, the Payment Date or Payment Dates for any Performance Awards
held by such Grantee shall be unaffected by the period of the Leave of Absence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(III)</TD><TD STYLE="text-align: justify">where a Payment Date occurs on a date when a Grantee is subject to a Black-Out Period, such Payment Date
shall be extended to a date which is within five business days following the end of such Black-Out Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(IV)</TD><TD STYLE="text-align: justify">in the event of any Change of Control Event Termination prior to the Payment Date determined in accordance
with the above provisions of this Section&nbsp;6(c)(ii), the Payment Date for the Award Value of all Performance Awards that have not
yet been settled as of such time shall be the date which is immediately prior to the date upon which a Change of Control Event Termination
occurs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(V)</TD><TD STYLE="text-align: justify">immediately prior to each Payment Date, the notional number of Common Shares underlying the portion of
the Performance Award payable on such Payment Date shall be adjusted by multiplying such number by (1)&nbsp;the Adjustment Ratio applicable
in respect of such Performance Award, and (2)&nbsp;the Payout Multiplier applicable to such Performance Award at such time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><U>Share Settled Restricted Awards</U>: Subject to Section&nbsp;6(f)&nbsp;hereof, with respect to any
Share Settled Restricted Award, the Payment Dates thereunder shall be as follows unless otherwise determined by the Committee (and, for
greater certainty, the Committee may in its sole discretion impose additional or different conditions to the determination of the Payment
Dates in respect of any Share Settled Restricted Award), provided that the Grantee remains in continuous employment or service with the
Corporation or a Baytex Affiliate through the applicable Payment Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">as to one-third of the Award Value of such Share Settled Restricted Award, on the first anniversary of
the grant date of the Share Settled Restricted Award; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">as to a further one-third of the Award Value of such Share Settled Restricted Award, on the twenty-four
and thirty-six month anniversaries of the grant date of the Share Settled Restricted Award;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">provided, however, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">the Committee will generally not establish Payment Dates for a Share Settled Restricted Award that would
result in any of the Award Value underlying such Share Settled Restricted Award being paid prior to the first anniversary of the grant
date of such Share Settled Restricted Award, exceptions may include grants to Service Providers who are hired mid-year and the Committee
may establish Payment Dates earlier or later than the annual anniversary of the grant date to match the Payment Dates associated with
Incentive Share Awards granted to the Corporation&rsquo;s other Service Providers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">where a Grantee is on a Leave of Absence, the Payment Date or Payment Dates for any Share Settled Restricted
Awards held by such Grantee shall be unaffected by the period of the Leave of Absence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(III)</TD><TD STYLE="text-align: justify">where a Payment Date occurs on a date when a Grantee is subject to a Black-Out Period, such Payment Date
shall be extended to a date which is within five business days following the end of such Black-Out Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(IV)</TD><TD STYLE="text-align: justify">in the event of any Change of Control Event Termination prior to the Payment Date determined in accordance
with the above provisions of this Section&nbsp;6(c)(iii), the Payment Date for the Award Value of all Share Settled Restricted Awards
that have not yet been settled as of such time shall be the date which is immediately prior to the date upon which a Change of Control
Event Termination occurs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(V)</TD><TD STYLE="text-align: justify">immediately prior to each Payment Date, the notional number of Common Shares underlying the portion of
the Share Settled Restricted Award payable on such Payment Date shall be adjusted by multiplying such number by the Adjustment Ratio applicable
in respect of such Share Settled Restricted Award.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><U>Share Settled Performance Awards</U>: Subject to Section&nbsp;6(f)&nbsp;hereof, with respect to any
Share Settled Performance Award, the Payment Dates thereunder shall be as follows unless otherwise determined by the Committee (and, for
greater certainty, the Committee may in its sole discretion impose additional or different conditions to the determination of the Payment
Dates in respect of any Share Settled Performance Award), provided that the Grantee remains in continuous employment or service with the
Corporation or a Baytex Affiliate through the applicable Payment Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">as to one-third of the Award Value of such Share Settled Performance Award, on the first anniversary of
the grant date of the Share Settled Performance Award; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">as to a further one-third of the Award Value of such Share Settled Performance Award, on the twenty-four
and thirty-six month anniversaries of the grant date of the Share Settled Performance Award;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">provided, however, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">the Committee will generally not establish Payment Dates for a Share Settled Performance Award that would
result in any of the Award Value underlying such Share Settled Performance Award being paid prior to the first anniversary of the grant
date of such Share Settled Performance Award, exceptions may include grants to Service Providers who are hired mid-year and the Committee
may establish Payment Dates earlier or later than the annual anniversary of the grant date to match the Payment Dates associated with
Incentive Share Awards granted to the Corporation&rsquo;s other Service Providers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">where a Grantee is on a Leave of Absence, the Payment Date or Payment Dates for any Share Settled Performance
Awards held by such Grantee shall be unaffected by the period of the Leave of Absence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(III)</TD><TD STYLE="text-align: justify">where a Payment Date occurs on a date when a Grantee is subject to a Black-Out Period, such Payment Date
shall be extended to a date which is within five business days following the end of such Black-Out Period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(IV)</TD><TD STYLE="text-align: justify">in the event of any Change of Control Event Termination prior to the Payment Date determined in accordance
with the above provisions of this Section&nbsp;6(c)(iv), the Payment Date for the Award Value of all Share Settled Performance Awards
that have not yet been settled as of such time shall be the date which is immediately prior to the date upon which a Change of Control
Event Termination occurs; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(V)</TD><TD STYLE="text-align: justify">immediately prior to each Payment Date, the notional number of Common Shares underlying the portion of
the Share Settled Performance Award payable on such Payment Date shall be adjusted by multiplying such number by (1)&nbsp;the Adjustment
Ratio applicable in respect of such Share Settled Performance Award, and (2)&nbsp;the Payout Multiplier applicable to such Share Settled
Performance Award at such time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Notwithstanding any other provision
of this Plan, but subject to the limits described in Sections 5 and 6(b)&nbsp;hereof and any other applicable requirements of the Exchange
or other regulatory authority, the Committee hereby reserves the right to make any additional adjustments to the amounts to be paid if,
in the sole discretion of the Committee, such adjustments are appropriate in the circumstances having regard to the principal purposes
of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><B><I>Determination of the Payout Multiplier</I></B> - Prior to the Payment Date in respect of any Performance
Award or Share Settled Performance Award, the Committee shall assess the performance of the Corporation for the applicable period. The
weighting of the individual measures comprising the Corporate Performance Measures shall be determined by the Committee in its sole discretion
having regard to the principal purposes of the Plan and, upon the assessment of all Corporate Performance Measures, the Committee shall
determine the Corporation's ranking and achievement of the applicable measures. The applicable Payout Multiplier in respect of this ranking
and such achievement of the applicable measures shall be determined by the Committee and shall not be greater than 2 and not less than
zero. For greater certainty, for those Performance Awards or Share Settled Performance Awards where the Payment Date is the first, second
or third anniversary, as applicable, of the grant date, the Payout Multiplier will be the arithmetic average of the Payout Multiplier
for each of the one, two or three, as applicable, preceding performance assessment periods, respectively. In the event of a Change of
Control Event, the Payout Multiplier for the current performance assessment period shall be determined by the Committee. In making such
determination, the Committee shall assess performance relative to the pre-established Corporate Performance Measures using an end date
for the current performance assessment period which shall not be more than fourteen (14) days prior to the date upon which a Change of
Control Event is anticipated to occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><B><I>Payment in Respect of Incentive Share Awards</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">On the Payment Date of a Restricted Award or a Performance Award, the Corporation, at its sole and absolute
discretion, shall have the option of settling the Award Value of a Restricted Award or a Performance Award by any of the following methods
or by a combination of such methods:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">payment in Common Shares issued from the treasury of the Corporation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">in the event that the Common Shares of the Corporation are listed on the Exchange, payment in Common Shares
acquired by the Corporation on the open market; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">payment in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">The Corporation shall not determine
whether the payment method shall take the form of cash or Common Shares until the Payment Date, or some reasonable time prior thereto.
A holder of a Restricted Award or a Performance Award shall not have any right to demand, be paid in, or receive Common Shares in respect
of the Award Value underlying a Restricted Award or a Performance Award, as applicable, at any time. Notwithstanding any election by the
Corporation to settle any Award Value, or portion thereof, in Common Shares, the Corporation reserves the right to change its election
in respect thereof at any time up until payment is actually made, and the holder of such Restricted Award or Performance Award, as applicable,
shall not have the right, at any time to enforce settlement in the form of Common Shares of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Notwithstanding anything else in this
Plan, a Grantee has no right to receive Common Shares in respect of a Restricted Award or a Performance Award under the Plan until a Common
Share is actually issued in respect of a Restricted Award or Performance Award, should the Corporation elect to so deliver Common Shares
in accordance with the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">On the Payment Date of a Share Settled Restricted Award or a Share Settled Performance Award, the Corporation,
at its sole and absolute discretion, shall settle the Award Value of a Share Settled Restricted Award or a Share Settled Performance Award
by any of the following methods or by a combination of such methods:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">payment in Common Shares issued from the treasury of the Corporation; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">in the event that the Common Shares of the Corporation are listed on the Exchange, payment in Common Shares
acquired by the Corporation on the open market,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">provided that the Corporation and the
Grantee may agree on the Payment Date, or some reasonable time prior thereto, to settle the Award Value of a Share Settled Restricted
Award or a Share Settled Performance Award in cash. A holder of a Share Settled Restricted Award or a Share Settled Performance Award
shall not have any right to demand, be paid in, or receive cash in respect of the Award Value underlying a Share Settled Restricted Award
or a Share Settled Performance Award at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Any amount payable to a Grantee in respect of an Incentive Share Award shall be paid to the Grantee as
soon as practicable following the Payment Date and in any event within sixty (60) days of the Payment Date provided that in no event shall
any payment be made after the Expiry Date (and further provided that, other than with respect to a Retirement as described in Section&nbsp;6(f)(iv),
any amount payable with respect to a Payment Date that occurs after the Cessation Date, but before the Incentive Share Award has terminated
in accordance with an applicable provision of Section&nbsp;6(f), must occur not later than March&nbsp;15 of the year following the year
in which the Cessation Date occurs, if earlier, but not later than the Expiry Date) and the Corporation shall withhold from any such amount
payable all amounts as may be required by law and in the manner contemplated by Section&nbsp;7 hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Where the determination of the number of Common Shares to be delivered to a Grantee pursuant to an Incentive
Share Award in respect of a particular Payment Date would result in the issuance of a fractional Common Share, the number of Common Shares
deliverable on the Payment Date shall be rounded down to the next whole number of Common Shares. No certificates representing fractional
Common Shares shall be delivered pursuant to this Plan nor shall any cash amount be paid at any time in lieu of any such fractional interest.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><B><I>Termination of Relationship as Service Provider</I></B> - Unless otherwise determined by the Committee
or unless otherwise provided in an Incentive Share Award Agreement pertaining to a particular Incentive Share Award or any written employment
or consulting agreement governing a Grantee's role as a Service Provider, the following provisions shall apply in the event that a Grantee
ceases to be a Service Provider:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Death</U> - If a Grantee ceases to be a Service Provider as a result of the Grantee's death, the Payment
Date for all Incentive Share Awards awarded to such Grantee under any outstanding Incentive Share Award Agreements shall be accelerated
to the Cessation Date, provided that the President and Chief Executive Officer of the Corporation in the case of a Grantee who is not
a director or officer and the Committee in all other cases, taking into consideration the performance of such Grantee and the performance
of the Corporation since the date of grant of the Incentive Share Award(s), may determine in its sole discretion the Payout Multiplier
to be applied to any Performance Awards or Share Settled Performance Awards held by the Grantee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><U>Termination for cause</U> - If a Grantee ceases to be a Service Provider as a result of termination
for cause, effective as of the Cessation Date all outstanding Incentive Share Award Agreements under which Incentive Share Awards have
been made to such Grantee, whether Restricted Awards, Performance Awards, Share Settled Restricted Awards or Share Settled Performance
Awards, shall be immediately terminated and all rights to receive payments thereunder shall be forfeited by the Grantee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><U>Voluntary Resignation (other than Retirement)</U> - If a Grantee ceases to be a Service Provider as
a result of a voluntary resignation, other than Retirement, effective as of the day that is fourteen (14) days after the Cessation Date,
all outstanding Incentive Share Award Agreements under which Incentive Share Awards have been made to such Grantee, whether Restricted
Awards, Performance Awards, Share Settled Restricted Awards or Share Settled Performance Awards, shall be terminated and all rights to
receive payments thereunder shall be forfeited by the Grantee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><U>Termination Upon Retirement</U> - If a Grantee ceases to be a Service Provider as a result of the Grantee's
Retirement, then:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">if the Grantee has provided continuous services to the Corporation or any Baytex Affiliate for six (6)&nbsp;years
or more but less than ten (10)&nbsp;years at the Cessation Date:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">the latest Incentive Share Award Agreements under which Incentive Share Awards have been granted to such
Grantee, whether Restricted Awards, Performance Awards, Share Settled Restricted Awards or Share Settled Performance Awards, shall be
immediately terminated and all rights to receive payments thereunder shall be forfeited by the Grantee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">all remaining outstanding Incentive Share Award Agreements under which Incentive Share Awards have been
made to such Grantee shall not change as a result of such Retirement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">if the Grantee has provided:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify">continuous services to the Corporation or any Baytex Affiliate for ten (10)&nbsp;years or more at the
Cessation Date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify">continuous services to the Corporation or any Baytex Affiliate for six (6)&nbsp;years or more at the Cessation
Date and the Grantee is sixty (60) years of age or more at the Cessation Date,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify">then all outstanding Incentive Share Award
Agreements under which Incentive Share Awards have been made to such Grantee shall not change as a result of such Retirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><U>Other Termination</U> - If a Grantee ceases to be a Service Provider for any reason other than as provided
for in (i), (ii), (iii)&nbsp;and (iv)&nbsp;above, effective as of the date that is sixty (60) days after the Cessation Date and notwithstanding
any other severance entitlements or entitlement to notice or compensation in lieu thereof, all outstanding Incentive Share Award Agreements
under which Incentive Share Awards have been made to such Grantee, whether Restricted Awards, Performance Awards, Share Settled Restricted
Awards or Share Settled Performance Awards, shall be terminated and all rights to receive payments thereunder shall be forfeited by the
Grantee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><U>Non-Management Directors</U> &ndash; Notwithstanding (i), (ii), (iii), (iv)&nbsp;and (v)&nbsp;above,
if a Grantee who is a Non-Management Director ceases to be a Service Provider for any reason, the Payment Date for all Incentive Share
Awards awarded to such Grantee under any outstanding Incentive Share Award Agreements shall be accelerated to the Cessation Date, and
the Committee, taking into consideration the performance of such Grantee and the performance of the Corporation since the date of grant
of the Incentive Share Award(s), may determine in its sole discretion the Payout Multiplier to be applied to any Performance Awards or
Share Settled Performance Awards held by the Grantee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B><I>Rights as a Shareholder</I></B> - Until Common Shares have actually been issued to a Grantee in
accordance with the terms of the Plan, the Grantee to whom such Incentive Share Award has been made shall not possess any incidents of
ownership of such Common Shares including, for greater certainty and without limitation, the right to receive Dividends on such Common
Shares and the right to exercise voting rights in respect of such Common Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Such Grantee shall only be considered
a Shareholder in respect of such Common Shares when such issuance has been entered upon the records of the duly authorized transfer agent
of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B><I>Treatment of Non-Cash Dividends</I></B> - In the case of a non-cash Dividend, including Common Shares
or other securities or other property, the Committee will, in its sole discretion and subject to any required approval of the Exchange,
determine whether or not such non-cash Dividend will be provided to the Incentive Share Award holder and, if so provided, the form in
which it shall be provided.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B><I>Effect of Certain Changes</I></B> - In the event:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">of any change in the Common Shares through subdivision, consolidation, reclassification, amalgamation,
merger or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">that any rights are granted to all Shareholders to purchase Common Shares at prices substantially below
Fair Market Value; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">that, as a result of any recapitalization, merger, consolidation or other transaction, the Common Shares
are converted into or exchangeable for any other securities,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">then, in any such case, the Board may,
subject to any required approval of the Exchange, make such adjustments to the Plan, to any Incentive Share Awards and to any Incentive
Share Award Agreements outstanding under the Plan as the Board may, in its sole discretion, consider appropriate in the circumstances
to prevent dilution or enlargement of the rights granted to Grantees hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><B>Withholding Taxes</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">When a Grantee or other person becomes
entitled to receive Common Shares or a cash payment in respect of any Incentive Share Award Agreement, the Corporation shall have the
right to require the Grantee or such other person to remit to the Corporation an amount sufficient to satisfy any withholding tax requirements
relating thereto. Unless otherwise prohibited by the Committee or by applicable law, satisfaction of the withholding tax obligation may
be accomplished by any of the following methods or by a combination of such methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the tendering by the Grantee of cash payment to the Corporation or a Baytex Affiliate, as the case may
be, in an amount less than or equal to the total withholding tax obligation; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">where the Corporation has elected to issue or deliver Common Shares to the Grantee or the Grantee is entitled
to receive Common Shares, the withholding by the Corporation or a Baytex Affiliate, as the case may be, from the Common Shares otherwise
payable to the Grantee such number of Common Shares as it determines are required to be sold by the Corporation, as trustee, to satisfy
the total withholding tax obligation (net of selling costs, which shall be paid by the Grantee). The Grantee consents to such sale and
grants to the Corporation an irrevocable power of attorney to effect the sale of such Common Shares and acknowledges and agrees that the
Corporation does not accept responsibility for the price obtained on the sale of such Common Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the withholding by the Corporation or a Baytex Affiliate, as the case may be, from any cash payment otherwise
due to the Grantee such amount of cash as is less than or equal to the amount of the total withholding tax obligation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">provided, however, that the sum of any
cash so paid or withheld and the Fair Market Value of any Common Shares so withheld is sufficient to satisfy the total withholding tax
obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><B>Non-Transferability</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Subject to Section&nbsp;6(f)(i)&nbsp;hereof,
the right to receive payment pursuant to an Incentive Share Award granted to a Service Provider may only be exercised by such Service
Provider personally. Except as otherwise provided in this Plan, no assignment, sale, transfer, pledge or charge of an Incentive Share
Award, whether voluntary, involuntary, by operation of law or otherwise, vests any interest or right in such Incentive Share Award whatsoever
in any assignee or transferee and, immediately upon any assignment, sale, transfer, pledge or charge or attempt to assign, sell, transfer,
pledge or charge, such Incentive Share Award shall terminate and be of no further force or effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><B>Merger and Sale,&nbsp;etc.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Corporation enters into any transaction
or series of transactions whereby the Corporation or all or substantially all of the Corporation's undertaking, property or assets become
the property of any other trust, body corporate, partnership or other person (a &quot;<B>Successor</B>&quot;) whether by way of take-over
bid, acquisition, reorganization, consolidation, amalgamation, arrangement, merger, transfer, sale or otherwise (a &ldquo;<B>Corporate
Transaction</B>&rdquo;), then prior to or contemporaneously with the consummation of such transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Corporation and the Successor shall execute such instruments and do such things as are necessary to
establish that upon the consummation of such transaction the Successor will have assumed all the covenants and obligations of the Corporation
under this Plan and the Incentive Share Award Agreements outstanding on consummation of such transaction in a manner that substantially
preserves and does not impair the rights of the Grantees thereunder in any material respect (including the ability to receive shares,
trust units, securities or other property of the Successor in lieu of Common Shares on the Payment Date(s)&nbsp;applicable to such Incentive
Share Awards), and subject to compliance with this Section&nbsp;9, any such Successor shall succeed to, and be substituted for, and may
exercise every right and power of, the Corporation under this Plan and such Incentive Share Award Agreements with the same effect as though
the Successor had been named as the Corporation herein and therein and thereafter, the Corporation shall be relieved of all obligations
and covenants under this Plan and such Incentive Share Award Agreements and the obligation of the Corporation to the Grantees in respect
of the Incentive Share Awards shall terminate and be at an end and the Grantees shall cease to have any further rights in respect thereof;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">if the Incentive Share Awards (and the covenants and obligations of the Corporation under this Plan and
the Incentive Share Award Agreements outstanding on consummation of such transaction) are not so assumed by the Successor, then the Payment
Date for Incentive Share Awards and underlying Award Value that has not yet been paid as of such time shall be the date which is immediately
prior to the date upon which the transaction is consummated, and the Payout Multiplier for the current performance assessment period shall
be determined by the Committee. In making such determination, the Committee shall assess performance relative to the pre-established Corporate
Performance Measures using an end date for the current performance assessment period which shall not be more than fourteen (14) days prior
to the date upon which the Corporate Transaction is anticipated to occur.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><B>Amendment and Termination of Plan</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Plan and any Incentive Share Awards
granted pursuant to the Plan may, subject to any required approval of the Exchange, be amended, modified or terminated by the Board without
the approval of Shareholders. Notwithstanding the foregoing, the Plan or any Incentive Share Award may not be amended without Shareholder
approval to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">increase the percentage of Common Shares reserved for issuance pursuant to Incentive Share Awards in excess
of the limit prescribed in Section&nbsp;5 hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">extend the Payment Date of any Incentive Share Awards issued under the Plan beyond the latest Payment
Date specified in the Incentive Share Award Agreement (other than as permitted by the terms and conditions of the Plan);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">permit a Grantee to transfer Incentive Share Awards to a new beneficial holder other than for estate settlement
purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">change the limitations on Incentive Share Awards contained in Section&nbsp;6(b)&nbsp;hereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">change this Section&nbsp;10 to modify or delete any of (a)&nbsp;through (d)&nbsp;above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, no amendment to the Plan
or any Incentive Share Awards granted pursuant to the Plan may be made without the consent of a Grantee if it adversely alters or impairs
the rights of such Grantee in respect of any Incentive Share Award previously granted to such Grantee under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><B>Miscellaneous</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><B><I>Effect of Headings</I></B> - The section and subsection headings contained herein are for convenience
only and shall not affect the construction hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B><I>Compliance with Legal Requirements</I></B> - The Corporation shall not be obliged to issue any Common
Shares if such issuance would violate any law or regulation or any rule&nbsp;of any government authority or stock exchange. The Corporation,
in its sole discretion, may postpone the issuance or delivery of Common Shares under any Incentive Share Award as the Committee may consider
appropriate, and may require any Grantee to make such representations and furnish such information as it may consider appropriate in connection
with the issuance or delivery of Common Shares in compliance with applicable laws, rules&nbsp;and regulations, except that in no event
may the issuance and delivery of such Common Shares occur after the Expiry Date. The Corporation shall not be required to qualify for
resale pursuant to a prospectus or similar document any Common Shares that it elects to issue under the Plan, provided that, if required,
the Corporation shall notify the Exchange and any other appropriate regulatory bodies in Canada and the United States of the existence
of the Plan and the granting of Incentive Share Awards hereunder in accordance with any such requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><B><I>Foreign Participants</I></B>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Corporation may, without amending the Plan, modify the terms of Incentive Share Awards granted to
Service Providers who provide services to the Corporation or any Baytex Affiliate from outside of Canada in order to comply with the applicable
laws of such foreign jurisdictions. Any such modification to the Plan with respect to a particular Service Provider shall be reflected
in the Incentive Share Award Agreement for such Service Provider.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The terms of the Plan and the Incentive Share Awards granted hereunder to Grantees subject to taxation
on employment income under the United States Internal Revenue Code of 1986, as amended, shall be determined by taking into consideration
the provisions applicable to such persons as set forth in Schedule &quot;A&quot; hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><B><I>No Right to Continued Employment or Service</I></B> - Nothing in the Plan or in any Incentive Share
Award Agreement entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ or service of the Corporation
or any Baytex Affiliate, to be entitled to any remuneration or benefits not set forth in the Plan or an Incentive Share Award Agreement
or to interfere with or limit in any way the right of the Corporation or any Baytex Affiliate to terminate a Grantee's employment or service
arrangement with the Corporation or any Baytex Affiliate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><B><I>Ceasing to be a Baytex Affiliate</I></B> - Except as otherwise provided in this Plan,&nbsp;Incentive
Share Awards granted under this Plan shall not be affected by any change in the relationship between or ownership of the Corporation and
a Baytex Affiliate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><B><I>Expenses</I></B> &ndash; Except as provided in Section&nbsp;7, all expenses in connection with the
Plan shall be borne by the Corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B><I>Unfunded Plan</I></B> - This Plan shall be unfunded. The Corporation shall not be required to segregate
any assets that may at any time be represented by Common Shares, cash or rights thereto, nor shall this Plan be construed as providing
for such segregation. Any liability or obligation of the Corporation to any Grantee with respect to an Incentive Share Award under this
Plan shall be based solely upon any contractual obligations that may be created by this Plan and any Incentive Share Award Agreement,
and no such liability or obligation of the Corporation shall be deemed to be secured by any pledge or other encumbrance on any property
of the Corporation. Neither the Corporation nor the Board nor the Committee shall be required to give any security or bond for the performance
of any obligation that may be created by this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B><I>Grantee Information</I></B> - Each Grantee shall provide the Corporation with all information (including
personal information) required by the Corporation in order to administer the Plan. Each Grantee acknowledges that information required
by the Corporation in order to administer the Plan may be disclosed to the Committee or its appointed administrator and other third parties
in connection with the administration of the Plan. Each Grantee consents to such disclosure and authorizes the Corporation to make such
disclosure on the Grantee's behalf.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B><I>Gender</I></B> - Whenever used herein words importing the masculine gender shall include the feminine
and neuter genders and vice versa.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><B><I>Clawback</I></B> &ndash; This Plan and all Incentive Share Awards granted hereunder are subject
to any written clawback policies that the Corporation may have adopted or may adopt that the Corporation determines should apply to the
Incentive Share Awards. Any such policy may subject a Grantee&rsquo;s Incentive Share Awards and amounts paid or realized with respect
to any such Incentive Share Award to reduction, cancellation, forfeiture or recoupment if certain specified events or wrongful conduct
occur, including an accounting restatement due to the Corporation&rsquo;s material noncompliance with financial reporting regulations
or other events or wrongful conduct specified in any such clawback policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify"><B>Governing Law</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Plan shall be governed by and construed
in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify"><B>Effective Date</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Plan was approved by the Board
on October&nbsp;25, 2010 and shall take effect on January&nbsp;1, 2011, subject to acceptance of the Plan by the unitholders of Baytex
Energy Trust, the Exchange and any other applicable regulatory authorities. Amendments to the Plan were approved by the Board on each
of September&nbsp;22, 2011, March&nbsp;6, 2013, December&nbsp;9, 2015, March&nbsp;2, 2016, March&nbsp;2, 2016 (subject to shareholder
approval which was obtained on June&nbsp;1, 2016), January&nbsp;14, 2019, December&nbsp;2, 2020, February&nbsp;24, 2022, November&nbsp;3,
2022, February&nbsp;23, 2023 and June&nbsp;19, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE &quot;A&quot;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BAYTEX ENERGY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Share Award Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Special Provisions Applicable to Grantees Subject
to</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Section&nbsp;409A and/or Section&nbsp;280G of
the United States Internal Revenue Code</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Schedule sets forth special provisions of
the Baytex Energy Corp. Share Award Incentive Plan (the &quot;<B>Plan</B>&quot;) that apply to Grantees subject to Section&nbsp;409A of
the United States Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Capitalized terms not otherwise defined
in this Schedule shall have the meaning attributable to them under the Plan. For purposes of this Schedule, the following words and phrases
shall have the meanings indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&quot;<B>Code</B>&quot; means the United States Internal Revenue Code of 1986, as amended, and any applicable
Treasury Regulations and other interpretive guidance promulgated thereunder as in effect from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&quot;<B>Section&nbsp;280G</B>&quot; means Section&nbsp;280G of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&quot;<B>Section&nbsp;409A</B>&quot; means Section&nbsp;409A of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&quot;<B>Separation from Service</B>&quot; has the meaning set forth in Section&nbsp;409A(a)(2)(A)(i)&nbsp;of
the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&quot;<B>Specified Employee</B>&quot; means a U.S. Grantee who meets the definition of &quot;specified
employee,&quot; as defined in Section&nbsp;409A(a)(2)(B)(i)&nbsp;of the Code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&quot;<B>U.S. Grantee</B>&quot; means a Grantee who is a United States citizen or a United States resident
alien as defined under Section&nbsp;7701(b)&nbsp;of the Code or is otherwise subject to United States income tax on employment income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Compliance with Section&nbsp;409A</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding any provision of the
Plan to the contrary, the following terms shall apply to U.S. Grantees with respect to any and all of their Incentive Share Awards:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>In General</U>. Notwithstanding any provision of the Plan or Incentive Share Award Agreement to the
contrary, the provisions of the Plan and any Incentive Share Awards granted hereunder are intended to comply with or are exempt from Section&nbsp;409A
(including pursuant to the short-term deferral exemption under U.S. Treasury Regulation 1.409A-1(b)(4)). For purposes of Section&nbsp;409A,
each of the payments that may be made under this Plan is designated as a separate payment. All provisions of the Plan and any Incentive
Share Awards granted hereunder shall be construed and interpreted in a manner consistent with the requirements of Section&nbsp;409A, as
applicable. Notwithstanding any provision of the Plan or Incentive Share Award Agreement to the contrary, none of the Corporation or Baytex
Affiliates or any of their officers, directors, members, employees, agents, advisors, predecessors, successors, or equity holders shall
have any liability for the failure of the Plan or any Incentive Share Award granted hereunder to be exempt from, or to comply with, the
requirements of Section&nbsp;409A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Cessation Date</U>. With respect to U.S. Grantees, the &quot;Cessation Date&quot; as used in the Plan
and any Incentive Share Award Agreement shall be the date of his or her Separation from Service.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Leave of Absence</U>. With respect to U.S. Grantees, a &quot;Leave of Absence&quot; under the Plan
and any Incentive Share Award Agreement shall occur only if (x)&nbsp;the U.S. Grantee's absence qualifies as &quot;sick leave or other
bona fide leave of absence&quot; within the meaning of Section&nbsp;409A and his or her Leave of Absence does not exceed six months or,
if longer, the period for which the U.S. Grantee retains a right to reemployment by contract or under applicable law or (y)&nbsp;the U.S.
Grantee's absence qualifies as a &quot;disability&quot; within the meaning of Section&nbsp;409A (i.e., the U.S. Grantee's absence is due
to the U.S. Grantee's inability to perform the duties of his or her position of employment or service or any substantially similar position
of employment or service by reason of any medically determinable physical or mental impairment that can be expected to result in death
or can be expected to last for a continuous period of not less than six months) and the employment or service relationship between the
Corporation or a Baytex Affiliate and the U.S. Grantee continues for not greater than 29 months, regardless of whether the U.S. Grantee
retains a contractual right to reemployment or service reinstatement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Black-Out Periods</U>. Where the Corporation has elected to issue or is required to issue Common Shares
to the Grantee pursuant to the terms of the Plan and if, due to a Black-Out Period, it is administratively impracticable to issue Common
Shares in respect of a U.S. Grantee's Restricted Award, Performance Award, Share Settled Restricted Award or Share Settled Performance
Award by the end of the applicable 2&frac12; month period as set forth in U.S. Treasury Regulation 1.409A-1(b)(4)(i), and, as of the date
upon which the legally binding right to the compensation arose, such impracticability was unforeseeable, then such issuance shall be made
as soon as administratively practicable in accordance with U.S. Treasury Regulation 1.409A-1(b)(4)(ii)&nbsp;in order to qualify the Restricted
Award, Performance Award, Share Settled Restricted Award or Share Settled Performance Award, as applicable, as a &quot;short-term deferral&quot;
within the meaning of Section&nbsp;409A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>Specified Employee Rule</U>. If a U.S. Grantee becomes entitled to receive payment in respect of any
Incentive Share Awards as a result of his or her Separation from Service, and the U.S. Grantee is a Specified Employee at the time of
his or her Separation from Service, and the Committee makes a good faith determination that (i)&nbsp;all or a portion of the Incentive
Share Awards constitute &quot;deferred compensation&quot; (within the meaning of Section&nbsp;409A) and (ii)&nbsp;any such deferred compensation
that would otherwise be payable during the six-month period following such Separation from Service is required to be delayed pursuant
to the six-month delay rule&nbsp;set forth in Section&nbsp;409A in order to avoid taxes or penalties under Section&nbsp;409A, then payment
of such &quot;deferred compensation&quot; shall not be made to the U.S. Grantee before the date which is six months after the date of
his or her Separation from Service (and shall be paid in a single lump sum, without interest, on the first day of the seventh month following
the date of such Separation from Service) or, if earlier, the U.S. Grantee's date of death. In such event, if the payment in respect of
the U.S. Grantee's Incentive Share Award is made in cash in accordance with Section&nbsp;6(e)(i)&nbsp;or Section&nbsp;6(e)(ii), as applicable,
the cash lump sum payment shall be equal to the number of Common Shares due pursuant to the U.S. Grantee's Incentive Share Award (as adjusted
by the Adjustment Ratio, as applicable) multiplied by the Fair Market Value as of the expiration of such six-month period or the date
of death.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Change of Control Event; Disability</U>. Unless otherwise provided by the Committee in an Incentive
Share Award Agreement or otherwise, in the event that the timing of payments in respect of any Incentive Award (that would otherwise be
considered &ldquo;deferred compensation&rdquo; subject to Section&nbsp;409A) would be accelerated upon the occurrence of a (x)&nbsp;Change
of Control Event or Corporate Transaction, no such acceleration shall be permitted unless the Change of Control Event or Corporate Transaction,
as applicable, satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership
of a substantial portion of the assets of a corporation, in each case, pursuant to Section&nbsp;409A or (y)&nbsp;a disability, no such
acceleration shall be permitted unless the disability also satisfies the definition of &ldquo;Disability&rdquo; pursuant to Section&nbsp;409A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Section&nbsp;280G</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding anything to the contrary
in the Plan, if a Grantee is a &ldquo;disqualified individual&rdquo; (as defined in Section&nbsp;280G(c)&nbsp;of the Code), and the payments
and benefits provided for under the Plan, together with any other payments and benefits which the Grantee has the right to receive from
the Corporation and Baytex Affiliates, would constitute a &ldquo;parachute payment&rdquo; (as defined in Section&nbsp;280G(b)(2)&nbsp;of
the Code), then the payments and benefits provided for under the Plan shall be either (a)&nbsp;reduced (but not below zero) so that the
present value of such total amounts and benefits received by the Grantee from the Corporation and Baytex Affiliates will be one U.S. dollar
(USD 1.00) less than three times the Grantee&rsquo;s &ldquo;base amount&rdquo; (as defined in Section&nbsp;280G(b)(3)&nbsp;of the Code)
and so that no portion of such amounts and benefits received by the Grantee shall be subject to the excise tax imposed by Section&nbsp;4999
of the Code, or (b)&nbsp;paid in full, whichever produces the better net after-tax position to the Grantee (taking into account any applicable
excise tax under Section&nbsp;4999 of the Code and any other applicable taxes). The determination as to whether any such reduction in
the amount of the payments provided hereunder is necessary shall be made by the Corporation in good faith. If a reduced payment is made
or provided and through error or otherwise that payment, when aggregated with other payments and benefits from the Corporation and Baytex
Affiliates used in determining if a parachute payment exists, exceeds one U.S. dollar (USD 1.00) less than three times the Grantee&rsquo;s
base amount, then the Grantee shall immediately repay such excess to the Corporation upon notification that an overpayment has been made.
Nothing in this Plan shall require the Corporation or any Baytex Affiliates to be responsible for, or have any liability or obligation
with respect to, the Grantee&rsquo;s excise tax liabilities under Section&nbsp;4999 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Amendment of Schedule</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Committee shall retain the power
and authority to amend or modify this Schedule to the extent the Committee in its sole discretion deems necessary or advisable to comply
with any guidance issued under Section&nbsp;409A. Such amendments may be made without the approval of any U.S. Grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>13
<FILENAME>tm2319745d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;107.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CALCULATION OF FILING
FEE TABLES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Act of 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Form&nbsp;Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>BAYTEX ENERGY CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Exact Name of Registrant
as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U>Table 1 &ndash; Newly
Registered Securities</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: center; border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR>
 Type</B></FONT></TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Security</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Class</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Title</B></P></TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee<BR>
Calculation<BR>
Rule&nbsp;(8)</B></FONT></TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amount<BR>
    Registered</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(7)</B></P></TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit (8)</B></FONT></TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Maximum<BR>
    Aggregate</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Offering</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Price (8)</B></P></TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Fee</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Rate </B></P></TD>
    <TD STYLE="text-align: center; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount of<BR>
Registration<BR>
Fee </B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares, no nominal or par value, to be issued pursuant to the Penn Virginia Corporation 2019 Management Incentive Plan (the &ldquo;Ranger Plan&rdquo;) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;457(c)&nbsp;and <BR>
Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,674,114(1)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.03</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center">$26,282,565.42</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0; margin-top: 0pt; margin-bottom: 0pt; text-align: center">$110.20
per<BR>
$1,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,896.34</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common shares, no nominal or par value,<BR>
    to be issued pursuant to a restricted</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">stock unit inducement award</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;457(c)&nbsp;and <BR>
Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,977(2)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!--EndFragment-->
</FONT>$3.03</TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center">$281,720.31</TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20 per</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$31.05</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common shares, no nominal or par value,<BR>
    to be issued pursuant to a performance based</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">restricted stock unit inducement award</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;457(c)&nbsp;and <BR>
Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">557,860(3)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.03</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,690,315.80</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20 per</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$186.27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common shares, no nominal or par value,<BR>
    to be issued pursuant to a restricted</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">stock unit inducement award</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;457(c)&nbsp;and <BR>
Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">220,916(4)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.03</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$669,375.48</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20 per</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$73.77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common shares, no nominal or par value,<BR>
    to be issued pursuant to a performance based</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">restricted stock unit inducement award</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;457(c)&nbsp;and <BR>
Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,325,493(5)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.03</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,016,243.79</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20 per</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$442.59</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common shares, no nominal or par value, to be</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">issued pursuant to the Baytex Energy Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Share Award Incentive Plan (the &ldquo;Baytex Plan&rdquo;)</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;457(c)&nbsp;and <BR>
Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,000,000(6)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.03</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$60,600,000</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; padding-bottom: 1.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$110.20 per</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$1,000,000</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6,678.12</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Offering Amounts</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,308.13</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Fee Offsets</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">--</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-left: black 1pt solid; padding-bottom: 1.25pt; padding-left: 8.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-left: Black 1pt solid; padding-bottom: 1.4pt; padding-left: 8.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Fee Due</B></FONT></TD>
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 2.4pt; padding-bottom: 1.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,308.13</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1.4pt; padding-left: 8.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pursuant to the Agreement and Plan of Merger (the &ldquo;Merger Agreement&rdquo;), dated as of February&nbsp;27, 2023, by and between Baytex Energy Corp. (the &ldquo;Registrant&rdquo;) and Ranger Oil Corporation (&ldquo;Ranger&rdquo;), upon the closing of the transaction contemplated by the Merger Agreement on June&nbsp;20, 2023 (the &ldquo;Merger&rdquo;), the Registrant assumed the Ranger Plan and the outstanding restricted stock units and performance based restricted stock units under the Ranger Plan, and all such restricted stock units and performance based restricted stock units were automatically converted into restricted stock units (assuming achievement of maximum performance for the performance based restricted stock units), in respect of common shares of the Registrant, without nominal or par value&nbsp;&nbsp;(&ldquo;Common Shares&rdquo;), subject to appropriate adjustments to the number of shares of each award, resulting in restricted stock units with respect to&nbsp;&nbsp;Common Shares being assumed under the Ranger Plan. For the avoidance of doubt, the Form&nbsp;S-8&nbsp;registration statement to which this Exhibit&nbsp;107 is attached (the &ldquo;Registration Statement&rdquo;) registers the 8,674,114 Common Shares subject to outstanding restricted stock units under the Ranger Plan.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pursuant to the Merger Agreement, upon the closing of the Merger, with respect to 8,067 shares of common stock of Ranger, par value $0.01 per share (&ldquo;Ranger Common Stock&rdquo;), underlying restricted stock units granted by Ranger as an inducement award to Julia Gwaltney on January&nbsp;11, 2021, the Registrant assumed such inducement award and the outstanding restricted stock units were automatically converted into restricted stock units in respect of Common Shares, subject to appropriate adjustments to the number of shares of the award, resulting in a restricted stock unit award with respect to 92,977 Common Shares being assumed by the Registrant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pursuant to the Merger Agreement, upon the closing of the Merger, with respect to 48,400 shares of Ranger Common Stock underlying performance based restricted stock units originally granted by Ranger as an inducement award to Julia Gwaltney on January&nbsp;11, 2021, the Registrant assumed such inducement award and the outstanding performance based restricted stock units were automatically converted into restricted stock units (assuming achievement of maximum performance) in respect of Common Shares, subject to appropriate adjustments to the number of shares of the award, resulting in a restricted stock unit award with respect to 557,860 Common Shares being assumed by the Registrant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pursuant to the Merger Agreement, upon the closing of the Merger, with respect to 19,167 shares of Ranger Common Stock underlying restricted stock units granted by Ranger as an inducement award to Darrin Henke on August&nbsp;26, 2020, the Registrant assumed such inducement award and the outstanding restricted stock units were automatically converted into restricted stock units in respect of Common Shares, subject to appropriate adjustments to the number of shares of the award, resulting in a restricted stock unit award with respect to 220,916 Common Shares being assumed by the Registrant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Pursuant to the Merger Agreement, upon the closing of the Merger, with respect to 115,000 shares of Ranger Common Stock underlying performance based restricted stock units originally granted by Ranger as an inducement award to Darrin Henke on September&nbsp;11, 2020, the Registrant assumed such inducement award and the outstanding performance based restricted stock units were automatically converted into restricted stock units (assuming achievement of maximum performance) in respect of Common Shares, subject to appropriate adjustments to the number of shares of the award, resulting in a restricted stock unit award with respect to 1,325,493 Common Shares being assumed by the Registrant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">This Registration Statement registers 20,000,000 Common Shares that may be delivered with respect to awards under the </FONT>Baytex Plan<FONT STYLE="background-color: white">.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule&nbsp;416(a)&nbsp;under the
Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the Registration Statement shall be deemed to cover an indeterminate
number of additional Common Shares that may become issuable as a result of stock splits, stock dividends or similar transactions pursuant
to the adjustment or anti-dilution provisions of the plans.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proposed maximum offering price per share and proposed maximum aggregate offering price for the Common Shares covered by this Registration Statement have been estimated solely for purposes of calculating the registration fee pursuant to Rules&nbsp;457(c)&nbsp;and 457(h)&nbsp;under the Securities Act based upon the average of the high and low prices of a Common Share as reported on the New York Stock Exchange on June&nbsp;26, 2023 (a date within five business days prior to the date of filing the Registration Statement), which was equal to $3.03.</FONT></TD></TR>
  </TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
