Material Agreement, Financial Obligation (Form 8-K)

Fourth Amendment to Credit Agreement

On June 30, 2026, HighPeak Energy, Inc. (the "Company"), as borrower, Fifth Third Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto entered into that certain Fourth Amendment to Credit Agreement (the "Fourth Credit Agreement Amendment"), which upon effectiveness, amended that certain Credit Agreement, dated as of November 1, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified by the Fourth Credit Agreement Amendment, the "Credit Agreement"), by and among the Company, Fifth Third Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto to, which, among other things, amended the Total Net Leverage Ratio not to exceed 2.25 to 1.00 for the fiscal quarter ending June 30, 2026.

The foregoing description of the Fourth Credit Agreement Amendment is qualified in its entirety by reference to the Fourth Credit Agreement Amendment, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference.

Third Amendment to Term Loan Credit Agreement

On June 25, 2026, the Company, as borrower, the guarantors party thereto, Texas Capital Bank ("TCB"), as administrative agent, Chambers Energy Management, LP ("Chambers"), as collateral agent, and certain lenders from time to time party thereto, entered into that certain Third Amendment to Credit Agreement ("Third Term Loan Amendment"), which upon effectiveness amended that certain credit agreement, dated as of September 12, 2023, by and among the Company, the guarantors party thereto, TCB, as administrative agent, Chambers, as collateral agent, and the lenders from time to time party thereto, which, among other things, amended the Total Net Leverage Ratio not to exceed 2.25 to 1.00 for the fiscal quarter ending June 30, 2026.

The foregoing description of the Third Term Loan Amendment is qualified in its entirety by reference to the Third Term Loan Amendment, a copy of which is attached hereto as Exhibit 10.2 and is incorporated by reference.

The information set forth under Item 1.01 above is hereby incorporated into this Item 2.03 by reference. The descriptions set forth in Item 1.01 and this Item 2.03 are qualified in their entirety by the full texts of the Fourth Credit Agreement Amendment and the Third Term Loan Amendment, each of which are filed as exhibits to this Current Report on Form 8-K.