Exhibit 10.1

    
       

      FOURTH AMENDED AND RESTATED

       

      LIMITED LIABILITY COMPANY AGREEMENT

       

      OF

       

      SOLARIS MIDSTREAM HOLDINGS, LLC

       

      DATED AS OF [●], 2021

       

      THE LIMITED LIABILITY COMPANY INTERESTS IN SOLARIS MIDSTREAM HOLDINGS, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR
        ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS.  SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR
        TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY
        COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS,
        THIS FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER.  THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY
        COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

      

      

      
        
          


      

      TABLE OF CONTENTS

       

      	
              

              

            	
              Page

            
	
              ARTICLE I
                  DEFINITIONS

            	
              2

            
	 	 
	
              Section 1.1

            	
              Definitions

            	
              2

            
	
              Section 1.2

            	
              Interpretive Provisions

            	
              13

            
	 	 	 
	
              ARTICLE II
                  ORGANIZATION OF THE LIMITED LIABILITY COMPANY

            	
              14

            
	 	 
	
              Section 2.1

            	
              Formation

            	
              14

            
	
              Section 2.2

            	
              Filing

            	
              14

            
	
              Section 2.3

            	
              Name

            	
              14

            
	
              Section 2.4

            	
              Registered Office;  Registered Agent

            	
              14

            
	
              Section 2.5

            	
              Principal Place of Business

            	
              15

            
	
              Section 2.6

            	
              Purpose;  Powers

            	
              15

            
	
              Section 2.7

            	
              Term

            	
              15

            
	
              Section 2.8

            	
              Intent

            	
              15

            
	 	 	 
	
              ARTICLE III
                  CLOSING TRANSACTIONS

            	
              15

            
	 	 
	
              Section 3.1

            	
              Recapitalization Transactions

            	
              15

            
	 	 	 
	
              ARTICLE IV
                  OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

            	17 

            
	 	 
	
              Section 4.1

            	
              Authorized Units; General Provisions With Respect to Units

            	
              17

            
	
              Section 4.2

            	
              Voting Rights

            	
              20

              

            
	
              Section 4.3

            	
              Capital Contributions;  Unit Ownership

            	
              20

            
	
              Section 4.4

            	
              Capital Accounts

            	
              21

            
	
              Section 4.5

            	
              Other Matters

            	
              21

            
	
              Section 4.6

            	
              Redemption of Units

            	
              22

            
	 	 	 
	
              ARTICLE V
                  ALLOCATIONS OF PROFITS AND LOSSES

            	
              31

              

            
	 	 
	
              Section 5.1

            	
              Profits and Losses

            	
              31

              

            
	
              Section 5.2

            	
              Special Allocations

            	
              31

              

            
	
              Section 5.3

            	
              Allocations for Tax Purposes in General

            	
              33

            
	
              Section 5.4

            	
              Other Allocation Rules

            	
              34

            
	 	 	 
	
              ARTICLE VI
                  DISTRIBUTIONS

            	
              35

            
	 	 
	
              Section 6.1

            	
              Distributions

            	
              35

            
	
              Section 6.2

            	
              Tax-Related Distributions

            	
              35

            
	
              Section 6.3

            	
              Distribution Upon Withdrawal

            	
              36

            
	 	 	 
	
              ARTICLE VII
                  MANAGEMENT

            	
              36

            
	 	

            
	
              Section 7.1

            	
              The Managing Member; Fiduciary Duties

            	
              36

            
	
              Section 7.2

            	
              Officers

            	
              36

            
	
              Section 7.3

            	
              Warranted Reliance by Officers on Others

            	
              37

            
	
              Section 7.4

            	
              Indemnification

            	
              38

            
	
              Section 7.5

            	
              Maintenance of Insurance or Other Financial Arrangements

            	
              39

            
	
              Section 7.6

            	
              Resignation or Termination of Managing Member

            	
              39

            


      

      

      
        
          


      

      
      	
              Section 7.7

            	
              No Inconsistent Obligations

            	
              39

            
	
              Section 7.8

            	
              Reclassification Events of PubCo

            	
              39

            
	
              Section 7.9

            	
              Certain Costs and Expenses

            	
              40

              

            
	 	 	 
	
              ARTICLE VIII
                  ROLE OF MEMBERS

            	
              41

              

            
	 	 
	
              Section 8.1

            	
              Rights or Powers

            	
              41

              

            
	
              Section 8.2

            	
              Voting

            	
              42

              

            
	
              Section 8.3

            	
              Various Capacities

            	
              42

              

            
	
              Section 8.4

            	
              Investment Opportunities

            	
              43

              

            
	 	 	 
	
              ARTICLE IX
                  TRANSFERS OF INTERESTS

            	
              43

            
	 	 
	
              Section 9.1

            	
              Restrictions on Transfer

            	
              43

            
	
              Section 9.2

            	
              Notice of Transfer

            	
              44

            
	
              Section 9.3

            	
              Transferee Members

            	
              44

            
	
              Section 9.4

            	
              Legend

            	
              45

            
	 	 	 
	
              ARTICLE X
                  ACCOUNTING

            	
              45

            
	 	 
	
              Section 10.1

            	
              Books of Account

            	
              45

            
	
              Section 10.2

            	
              Tax Elections

            	
              45

            
	
              Section 10.3

            	
              Tax Returns;  Information

            	
              46

            
	
              Section 10.4

            	
              Company Representative

            	
              46

            
	
              Section 10.5

            	
              Withholding Tax Payments and Obligations

            	
              46

            
	 	 	 
	
              ARTICLE XI
                  DISSOLUTION AND TERMINATION

            	
              47

            
	 	 
	
              Section 11.1

            	
              Liquidating Events

            	
              47

            
	
              Section 11.2

            	
              Bankruptcy

            	
              48

            
	
              Section 11.3

            	
              Procedure

            	
              48

            
	
              Section 11.4

            	
              Rights of Members

            	
              49

            
	
              Section 11.5

            	
              Notices of Dissolution

            	
              49

            
	
              Section 11.6

            	
              Reasonable Time for Winding Up

            	
              50

              

            
	
              Section 11.7

            	
              No Deficit Restoration

            	
              50

              

            
	 	 	 
	
              ARTICLE XII
                  GENERAL

            	
              50

              

            
	 	 
	
              Section 12.1

            	
              Amendments; Waivers

            	
              50

              

            
	
              Section 12.2

            	
              Further Assurances

            	
              51

              

            
	
              Section 12.3

            	
              Successors and Assigns

            	
              51

              

            
	
              Section 12.4

            	
              Entire Agreement

            	
              51

              

            
	
              Section 12.5

            	
              Rights of Members Independent

            	
              51

              

            
	
              Section 12.6

            	
              Governing Law

            	
              51

              

            
	
              Section 12.7

            	
              Jurisdiction and Venue

            	
              51

              

            
	
              Section 12.8

            	
              Headings

            	
              52

              

            
	
              Section 12.9

            	
              Counterparts

            	
              52

              

            
	
              Section 12.10

            	
              Notices

            	
              52

              

            
	
              Section 12.11

            	
              Representation By Counsel; Interpretation

            	
              53

            
	
              Section 12.12

            	
              Severability

            	
              53

            
	
              Section 12.13

            	
              Expenses

            	
              53

            
	
              Section 12.14

            	
              Waiver of Jury Trial

            	
              53

            
	
              Section 12.15

            	
              No Third Party Beneficiaries

            	
              53

            


      

      

      
        ii

        
          


      

      FOURTH AMENDED AND RESTATED

       

      LIMITED LIABILITY COMPANY AGREEMENT

       

      OF

       

      SOLARIS MIDSTREAM HOLDINGS, LLC

       

      This FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated from time to time, this “Agreement”) is
        entered into as of [●], 2021, by and among Solaris Midstream Holdings, LLC, a Delaware limited liability company (the “Company”), Aris Water Solutions, Inc.  (“PubCo”),
        and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act.  Capitalized terms used herein and not otherwise defined have the respective meanings set forth in Section 1.1.

       

      RECITALS

       

      WHEREAS, the Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware on November 19, 2015;

       

      WHEREAS, prior to the Effective Time, the Company was governed by that certain Third Amended and Restated Limited Liability Company Agreement, dated as of June 11, 2020 (as amended, supplemented or modified prior to the
          Effective Time, the “Existing LLC Agreement”);

       

      WHEREAS, the Members of the Company consist of those Persons listed on Exhibit A as of the date hereof;

       

      WHEREAS, pursuant to Article III of this Agreement, the Company shall be recapitalized;

       

      WHEREAS, it is contemplated that PubCo will, subject to the approval of its board of directors, issue [●] shares of Class A Common Stock to the public for cash in the initial underwritten public offering of shares of its stock
          (the “IPO”);

       

      WHEREAS, if the IPO is consummated, PubCo will contribute all of the net proceeds received by it from the IPO and [●] shares of its Class B Common Stock to the Company in exchange for a number of Units equal to the number of
          shares of Class A Common Stock issued in the IPO;

       

      WHEREAS, each Unit (other than any Unit held by PubCo and its wholly owned Subsidiaries) may be redeemed, at the election of the holder of such Unit (together with the surrender and delivery by such holder of one share of Class
          B Common Stock), for one share of Class A Common Stock in accordance with the terms and conditions of this Agreement;

       

        

      
        
          


      

      
      WHEREAS, the Members of the Company desire that PubCo become the sole managing Member of the Company (in its capacity as managing Member as well as in any other capacity, the “Managing Member”);

       

      WHEREAS, the Members of the Company desire to amend and restate the Existing LLC Agreement and adopt this Agreement; and

       

      WHEREAS, this Agreement shall supersede the Existing LLC Agreement in its entirety as of the date hereof.

       

      NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound,
          the parties hereby agree as follows:

       

      ARTICLE I

       

      DEFINITIONS

       

        

       
      Section 1.1       Definitions.  As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following definitions shall apply:

       

      “Act” means the Delaware Limited Liability Company Act, 6 Del.  C.  § 18-101, et seq., as amended from time to time (or any corresponding provisions
        of succeeding law).

       

      “Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Entity.

       

      “Adjusted Basis” has the meaning given such term in Section 1011 of the Code.

       

      “Adjusted Capital Account Deficit” means the deficit balance, if any, in such Member’s Capital Account at the end of any Fiscal Year or other taxable
        period, with the following adjustments:

       

      	

            	(a)	
              credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next to last
                sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and

            


       

      	

            	(b)	
              debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

            


       

      This definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

       

      

      
        2

        
          


      

      “Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control
        with, such Person.  For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract
        or otherwise; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and (b) none of the Company or any of its Subsidiaries
        shall be deemed an Affiliate of any Member.

       

      “Agreement” is defined in the preamble to this Agreement.

       

      “beneficially own” and “beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated
        under the Exchange Act.

       

      “Black-Out Period” means any “black-out” or similar period under the Company’s policies covering trading in the Company’s securities to which the
        applicable Redeeming Member is subject (or will be subject at such time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Member to immediately resell shares of Class A Common Stock to be delivered to such
        Redeeming Member in connection with a settlement of shares in Class A Common Stock under this Agreement pursuant to a Redemption.

       

      “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in the City
        of New York.

       

      “Business Opportunities Exempt Party” is defined in Section 8.4.

       

      “Call Election Notice” is defined in Section 4.6(f)(ii).

       

      “Call Right” has the meaning set forth in Section 4.6(f)(i).

       

      “Capital Account” means, with respect to any Member, the Capital Account maintained for such Member in accordance with Section 4.4.

       

      “Capital Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash)
        contributed to the Company by such Member.  Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in
        respect of Units Transferred to such Member.

       

      “Cash Election” is defined in Section 4.6(a)(iii) and shall also include PubCo’s election to purchase Units for cash pursuant to an exercise
        of its Call Right set forth in Section 4.6(g).

       

      

      
        3

        
          


      

      “Cash Election Amount” means with respect to a particular Redemption for which a Cash Election has been made, (i) if the Class A Common Stock trades
        on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (A) the number of shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made
        and (B) the average of the volume-weighted closing price for a share of Class A Common Stock on the principal U.S.  securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg,
        L.P., or its successor, for each of the ten (10) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for any stock splits,
        reverse splits, stock dividends or similar events affecting the Class A Common Stock; and (ii) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product
        of (A) the number of shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made and (B) the fair market value of one share of Class A Common Stock, as determined by the Managing Member in
        good faith (through its board of directors by a majority of its independent directors (within the meaning of the rules of the New York Stock Exchange)), that would be obtained in an arms-length transaction between an informed and willing buyer and
        an informed and willing seller, with neither party having any compulsion to buy or sell, and without regard to the particular circumstances of the buyer or seller.

       

      “Cash Election Retraction Notice” is defined in Section 4.6(a)(3).

       

      “Change of Control Redemption Date” is defined in Section 4.6(g).

       

      “Chief Executive Officer” is defined in Section 7.2(b).

       

      “Class A Common Stock” means, as applicable, (a) the Class A Common Stock, par value $0.01 per share, of PubCo or (b) following any consolidation,
        merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the Class A Common Stock or into which the Class A
        Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

       

      “Class B Common Stock” means, as applicable, (a) the Class B Common Stock, par value $0.01 per share, of PubCo or (b) following any consolidation,
        merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the Class B Common Stock or into which the Class B
        Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

       

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

       

      “Commission” means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

       

      “Company” is defined in the preamble to this Agreement.

       

      

      
        4

        
          


      

      “Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).  It is
        further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or
        more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset Value.

       

      “Company Representative” has the meaning assigned to the term “partnership representative” in Section 6223 of the Code and any Treasury Regulations or
        other administrative or judicial pronouncements promulgated thereunder.

       

      “Contract” means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking.

       

      “control” (including the terms “controlled by” and “under common control with”), with respect to the relationship between or among two or more
        Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as
        trustee, personal representative or executor, by contract, credit arrangement or otherwise.

       

      “Covered Person” is defined in Section 7.4.

       

      “Credit Agreement” means that certain Second Amended and Restated Credit Agreement, dated as of April 1, 2021, among the Company, the lenders party
        thereto and Wells Fargo Bank, National Association, as administrative agent and lead arranger, including all exhibits, schedules and attachments thereto as the same may be amended, restated, supplemented or otherwise modified from time to time and
        including any one or more refinancings or replacements thereof, in whole or in part, with any other debt facility or debt obligation.

       

      “Debt Securities” means, with respect to PubCo, any and all debt instruments or debt securities that are not convertible or exchangeable into Equity
        Securities of PubCo.

       

      “Depreciation” means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization, or other cost recovery
        deduction allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and
        which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis recovered for such Fiscal Year or
        other taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at
        the beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for
        such Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S.  federal income tax purposes
        of an asset at the beginning of such Fiscal Year or other taxable period is zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing
        Member.

       

      

      
        5

        
          


      

      “DGCL” means the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of succeeding law).

       

      “Discount” has the meaning set forth in Section 7.9.

       

      “Effective Time” means 12:01 a.m.  Central Daylight Time on the date of the initial closing of the IPO.

       

      “Equity Securities” means (a) with respect to a partnership, limited liability company or similar Person, any and all units, interests, rights to
        purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests
        and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or warrants, options or other rights to acquire any of
        the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing.

       

      “ERISA” means the Employee Retirement Security Act of 1974, as amended.

       

      “Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may be amended from time
        to time (or any corresponding provisions of succeeding law).

       

      “Existing LLC Agreement” is defined in the recitals to this Agreement.

       

      “Fair Market Value” means the fair market value of any property as determined in good faith by the Managing Member after taking into account such
        factors as the Managing Member in its good faith judgment shall deem appropriate, including the amount which the Company would receive in an all-cash sale of such asset in an arms-length transaction with a willing unaffiliated third party, with
        neither party having any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes
        payable in connection with such sale).

       

      “Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated
        thereunder.

       

      “Firm B Shares” is defined in Section 3.1(b).

       

      “Fiscal Year” means the fiscal year of the Company, which shall end on December 31 of each calendar year unless, for U.S.  federal income tax
        purposes, another fiscal year is required.  The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes.

       

      “GAAP” means U.S. generally acceptable accounting principles at the time.

       

      

      
        6

        
          


      

      “Good Faith” means a Person having acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests
        of the Company, and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct was unlawful.

       

      “Governmental Entity” means any federal, national, supranational, state, provincial, local, foreign or other government, governmental, stock exchange,
        regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.

       

      “Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal income tax purposes, except as follows:

       

      	

            	(a)	
              the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of such asset as of the date of such contribution;

            


       

      	

            	(b)	
              the Gross Asset Values of all Company assets shall be adjusted to equal their
                  respective gross Fair Market Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the
                  performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de











                  minimis amount of Company assets as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning of
                  Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the Company by any new or existing Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent
                  determined by the Managing Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q); provided, however, that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if the
                  Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company.  If any noncompensatory options are outstanding upon the occurrence of an
                  event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

            


       

      	

            	(c)	
              the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset on the date of such distribution;

            


       

      	

            	(d)	
              the Gross Asset Values of Company assets shall be increased (or decreased) to
                  reflect any adjustments to the Adjusted Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury
                  Regulations Section 1.704-1(b)(2)(iv)(m) and subsection (f) in the definition of “Profits” or “Losses” below or Section 5.2(h); provided, however,
                  that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Managing Member determines that an adjustment pursuant to subsection (b) of this definition is necessary or appropriate in
                  connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d); and

            


       

      

      
        7

        
          


      

      	

            	(e)	
              if the Gross Asset Value of a Company asset has been determined or adjusted
                  pursuant to subsections  (a), (b) or (d)  of this definition of Gross Asset Value, such
                  Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits, Losses and other items allocated pursuant to Article V.

            


       

      “Indebtedness” means (a) all indebtedness for borrowed money (including capitalized lease obligations, sale-leaseback transactions or other similar
        transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar instrument, (c) notes payable and (d) lines of credit and any other agreements relating to the borrowing of money or
        extension of credit.

       

      “Investment Company Act” is defined in Section 8.1(b).

       

      “Interest” means the entire interest of a Member in the Company, including the Units and all of such Member’s rights, powers and privileges under this
        Agreement and the Act.

       

      “IPO” is defined in the recitals to this Agreement.

       

      “Law” means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code, order,
        requirement or rule of law (including common law).

       

      “Legal Action” is defined in Section 12.7.

       

      “Liability” means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued,
        liquidated or unliquidated and whether due or to become due, regardless of when asserted.

       

      “Liquidating Event” is defined in Section 11.1.

       

       “Major Member” means any Member (together with its Affiliates) who owns, immediately after the consummation of the Company’s initial public offering,
        5% or more of the outstanding shares of Class A Common Stock of PubCo (on a fully-diluted basis and assuming the conversion of all Units held by such Member into Class A Common Stock on a one-for-one basis).

      

       

      

      “Managing Member” is defined in the recitals to this Agreement.

       

      “Member” means any Person that executes this Agreement as a Member, and any other Person admitted to the Company as an additional or substituted
        Member, that has not made a disposition of such Person’s entire Interest.

       

      “Member Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations Section 1.704-2(i).  It is
        further understood that the determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations Sections
        1.704-2(d) and 1.704-2(g)(3).

       

      

      
        8

        
          


      

      “Member Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).

       

      “Member Nonrecourse Deductions” has the meaning of “partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and
        1.704-2(i)(2).

       

      “Minority Member Redemption Date” is defined in Section 4.6(h).

       

      “Minority Member Redemption Notice” is defined in Section 4.6(h).

       

      “National Securities Exchange” means an exchange registered with the Commission under the Exchange Act.

       

      “Nonrecourse Deductions” has the meaning assigned that term in Treasury Regulations Section 1.704-2(b).

       

      “Nonrecourse Liability” is defined in Treasury Regulations Section 1.704-2(b)(3).

       

      “Officer” means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2.

       

      “Option” means the option to purchase an
          additional [●] shares of Class A Common Stock granted by each of the Members to the underwriters for the IPO as described in PubCo’s registration statement on Form S-1 (Registration No. 333-259740), initially filed with the Commission on
          September 23, 2021.

       

      “Option B Shares” is defined in Section 3.1(b).

       

      “Permitted Transferee” means, with respect to any Member, (a) any Affiliate of such Member; (b) any partner, shareholder or member of such Member, (c)
        any successor entity of such Member; (d) a trust established by or for the benefit of a Member of which only such Member and his or her immediate family members are beneficiaries; (e) any Person established for the benefit of, and beneficially
        owned solely by, an entity Member or the sole individual direct or indirect owner of an entity Member; and (f) upon an individual Member’s death, an executor, administrator or beneficiary of the estate of the deceased Member.

       

      “Person” means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other
        entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

       

      “Plan Asset Regulations” means the regulations issued by the U.S.  Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of
        the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time.

       

      

      
        9

        
          


      

      “Prime Rate” means, on any date of determination, a rate per annum equal to the rate of interest most recently published by The Wall Street Journal as
        the “prime rate” at large U.S. money center banks.

       

      “Proceeding” is defined in Section 7.4.

       

      “Profits” or “Losses” means, for each Fiscal Year or other taxable period, an amount equal to the
        Company’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be
        included in taxable income or loss), with the following adjustments (without duplication):

       

      	

            	(a)	
              any income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits or Losses shall be added to such taxable income or loss;

            


       

      	

            	(b)	
              any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise
                taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss;

            


       

      	

            	(c)	
              in the event the Gross Asset Value of any Company asset is adjusted pursuant to
                  subsection (b) or (c) of the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the Company asset) or an item of loss (if the
                  adjustment decreases the Gross Asset Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section 5.2, be taken into account for purposes of computing Profits or Losses;

            


       

      	

            	(d)	
              gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of
                the asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value;

            


       

      	

            	(e)	
              in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation;

            


       

      	

            	(f)	
              to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be
                taken into account in determining Capital Account balances as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment
                increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and

            


       

      

      
        10

        
          


      

      	

            	(g)	
              any items of income, gain, loss or deduction which are specifically allocated
                  pursuant to the provisions of Section 5.2 shall
                  not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated pursuant to Section











                    5.2 will be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above.

            


       

      “Property” means all real and personal property owned by the Company from time to time, including both tangible and intangible property.

       

      “PubCo” is defined in the recitals to this Agreement.

       

      “PubCo Change of Control” means the occurrence of any of the following events or series of events after the Effective Time:

       

      (a)          any Person (excluding any Qualifying Owner or any group of Qualifying Owners acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange Act, and
        excluding a corporation or other entity owned, directly or indirectly, by the stockholders of PubCo in substantially the same proportions as their ownership of stock of the PubCo) is or becomes the beneficial owner, directly or indirectly, of
        securities of PubCo representing more than 50% of the combined voting power of PubCo’s then outstanding voting securities; or

       

      (b)          there is consummated a merger or consolidation of PubCo with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, the voting
        securities of PubCo immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such
        merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or

       

      (c)          [the stockholders of PubCo approve a plan of complete liquidation or dissolution of PubCo or there is consummated an agreement or series of related agreements for the sale or other
        disposition, directly or indirectly, by PubCo of all or substantially all of PubCo’s assets, other than such sale or other disposition by PubCo of all or substantially all of PubCo’s assets to an entity, at least 50% of the combined voting power of
        the voting securities of which are owned by stockholders of PubCo in substantially the same proportions as their ownership of PubCo immediately prior to such sale.]

       

      Notwithstanding the foregoing, except with respect to clause (b)(i) above, a “PubCo Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or
        series of integrated transactions immediately following which the record holders of the shares of PubCo immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own
        substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the assets of PubCo immediately following such transaction or series of transactions.

       

      “PubCo Common Stock” means all classes and series of common stock of PubCo, including the Class A Common Stock and the Class B Common Stock.

       

      

      
        11

        
          


      

      “Qualifying Owners” means (i) William A. Zartler, or any company of which he is the manager, managing member or otherwise controls, including, but not
        limited to, Solaris Midstream Investment, LLC, (ii) any wife, lineal descendant, legal guardian or other legal representative or estate of the principal member named in clause (i) above; (iii) any trust of which at least one of the trustees is a
        person described in clause (i) or (ii) above, (iv) COG Operating LLC and any affiliates of ConocoPhillips, (v) TCP Solaris SPV LLC and any affiliated funds or investment vehicles directly or indirectly managed by Trilantic Capital Management L.P.,
        (vi) Yorktown Energy Partners XI, L.P. and any affiliated funds or investment vehicles managed by Yorktown Partners LLC, (vii) HBC Water Resources LP, HBC Water Resources II LP and any affiliated funds or investment vehicles managed by [HBC
        Investments LLC], (viii) any affiliated funds or investment vehicles managed by any of the persons described in clauses (iv), (v), (vi) or (vii) above, and (ix) any general partner, managing member, principal or managing director of any of the
        persons described in clauses (iv), (v), (vi) or (vii) above.

       

      “Reclassification Event” means any of the following: (a) any reclassification or recapitalization of PubCo Common Stock (other than a change in par
        value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or any transaction subject to Section 4.1(g)), (b) any merger, consolidation or other combination involving PubCo,
        or (c) any sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of which holders of PubCo Common Stock shall be entitled to
        receive cash, securities or other property for their shares of PubCo Common Stock.

       

      “Redeeming Member” is defined in Section 4.6(a)(i).

       

      “Redemption” has the meaning set forth in Section 4.6(a)(i).

       

      “Redemption Date” means (a) the later of (i) the date that is five Business Days after the Redemption Notice Date and (ii) if the Company or PubCo has
        made a valid Cash Election with respect to the relevant Redemption, the first Business Day on which the Company or PubCo has available funds to pay the Cash Election Amount, which in no event shall be more than ten Business Days after the
        Redemption Notice Date (unless and to the extent that the Managing Member in its sole discretion agrees in writing to waive such time periods), or (b) such later date (i) specified in the Redemption Notice or (ii) on which a contingency described
        in Section 4.6(a)(ii)(C)  that is specified in the Redemption Notice is satisfied.

       

       

      
        “Redemption Limits” is defined in Section 4.6(j).

      

       

      

      “Redemption Notice” is defined in Section 4.6(a)(ii).

       

      “Redemption Notice Date” is defined in Section 4.6(a)(ii).

       

      “Registration Rights Agreement” means the Registration Rights Agreement, by and among PubCo and the Members, to be entered into concurrently with the
        closing of the IPO.

       

      “Regulatory Allocations” is defined in Section 5.2(i).

       

      “Retraction Notice” is defined in Section 4.6(b)(i).

       

      

      
        12

        
          


      

      “Securities Act” means the Securities Act of 1933, and the rules and regulations promulgated thereunder, as the same may be amended from time to time
        (or any corresponding provisions of succeeding law).

       

      “Subsidiary” means, with respect to any specified Person, any other Person with respect to which such specified Person (a) has, directly or
        indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially owns, directly or indirectly, a majority of such Person’s Equity Securities.

       

      “Tax Distributions” means distributions required to be made pursuant to Section 6.2.

       

      “Tax Receivable Agreements” means the Tax Receivable Agreement dated as of [●], 2021 by and among PubCo and the other parties thereto and any similar
        agreement entered into by PubCo after the date hereof.

       

      “Trading Day” means a day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A Common
        Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day).

       

      “Transfer” means any transfer, sale, pledge or hypothecation or other disposition (whether directly or indirectly, whether with or without
        consideration and whether voluntarily or involuntarily or  by operation of Law) (i) of any interest (legal or beneficial) in any Equity Securities of the Company, or (ii) of any equity or other interest (legal or beneficial) in any Member if the
        assets of such Member primarily consist of Units.  The terms “Transferee,” “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have the correlative meanings.

       

      “Transfer Agent” is defined in Section 4.6(a)(ii).

       

      “Treasury Regulations” means pronouncements, as amended from time to time, or their successor pronouncements, which clarify, interpret and apply the
        provisions of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury.

       

      “Uniform Commercial Code” means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the
        State of Delaware.

       

      “Units” means the Units issued hereunder and shall also include any equity security of the Company issued in respect of or in exchange for Units,
        whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization.

       

      “Winding-Up Member” is defined in Section 11.3(a).

       

      

      Section 1.2        Interpretive Provisions.  For all purposes of this Agreement, except as otherwise expressly provided
          or unless the context otherwise requires:

       

      	

            	(a)	
              the terms defined in Section 1.1 are applicable to the singular as well as the plural forms of such terms;

            


       

      

      
        13

        
          


      

      	

            	(b)	
              all accounting terms not otherwise defined herein have the meanings assigned under GAAP;

            


       

      	

            	(c)	
              all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all payments hereunder shall be made in United States dollars;

            


       

      	

            	(d)	
              when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated;

            


       

      	

            	(e)	
              whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”;

            


       

      	

            	(f)	
              “or” is not exclusive;

            


       

      	

            	(g)	
              pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and

            


       

      	

            	(h)	
              the words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement.

            


       

      ARTICLE II

       

      ORGANIZATION OF THE LIMITED LIABILITY COMPANY

       

      

      Section 2.1       Formation.  The Company has been formed as a limited liability company subject to the
          provisions of the Act upon the terms, provisions and conditions set forth in this Agreement.

       

        

      Section 2.2       Filing.  The Company’s Certificate of Formation has been filed with the Secretary of State of the State
          of Delaware in accordance with the Act.  The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such further action as is appropriate to comply with the requirements of Law for the
          formation or operation of a limited liability company in Delaware and in all states and counties where the Company may conduct its business.

       

        

      Section 2.3       Name.  The name of the Company is “SOLARIS MIDSTREAM HOLDINGS, LLC” and all business of the Company
          shall be conducted in such name or, in the discretion of the Managing Member, under any other name.

       

        

      Section 2.4       Registered Office;  Registered Agent.  The registered office of the Company in the State of Delaware is the initial registered office designated in the
          Certificate of Formation or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to time in the manner provided by law.  The registered agent of the Company in the State of
          Delaware is the initial registered agent designated in the Certificate of Formation, or such other Person or Persons as the Managing Member may designate from time to time in the manner provided by law.

       

        

      
        14

        
          


      

      Section 2.5       Principal Place of Business.  The principal place of business of the Company shall be located in such
          place as is determined by the Managing Member from time to time.

       

        

      Section 2.6       Purpose;  Powers.  The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity for which
          limited liability companies may be formed under the Act.  The Company shall have the power and authority to take any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the
          accomplishment of the foregoing purpose.

       

        

      Section 2.7       Term.  The term of the Company commenced on the date of filing of the Certificate of Formation of the
          Company with the office of the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely.  The Company may be dissolved and its affairs wound up only in accordance with Article XI.

       

        

      Section 2.8       Intent.  It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a “partnership” for U.S. federal and state income tax purposes.  It is also the
          intent of the Members that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy Code.  Neither the Company nor any Member shall take any action inconsistent with the express intent of the
          parties hereto as set forth in this Section 2.8.

       

      ARTICLE III

       

      CLOSING TRANSACTIONS

      Section 3.1       Recapitalization Transactions.

       

      	

            	(a)	
              Effective immediately prior to the Effective Time, (i) the Existing LLC Agreement shall be amended and restated and this Agreement shall be adopted and (ii) all of the membership interests in the Company
                prior to the adoption of this Agreement shall be recapitalized to consist solely of a single class of Units with the rights and privileges as set forth in this Agreement. The number of Units owned by each Member (other than PubCo) shall be
                determined within 40 days following the initial closing of the IPO as set forth on Annex I hereto, which shall be effective as of the Effective Time.

            


       

      	

            	(b)	
              Immediately following the initial closing of the IPO, PubCo shall contribute to
                  the Company all of the net proceeds received by PubCo in connection with such initial closing and [●] shares of Class B Common Stock in exchange for the issuance of [●] Units.  The number of shares of Class B Common Stock so contributed
                  shall consist of [●] shares of Class B Common Stock (the “Firm B Shares”) and [●] shares of Class B Common Stock (the “Option B Shares”).

            


       

      

      
        15

        
          


      

      	

            	(c)	
              Pursuant to the terms of Annex I hereto and within 40 days following the initial closing of the IPO, the Company shall distribute to the applicable Members, (i) an aggregate amount of cash equal to [●] times
                the initial public offering price per share of Class A Common Stock after underwriting discounts and commissions and (ii) the Firm B Shares.

            


       

      	

            	(d)	
              Immediately following any closing of the issuance and sale of shares of Class A Common Stock pursuant to the Option, PubCo shall contribute all of the net proceeds received pursuant to such Option exercise to
                the Company in exchange for a number of Units equal to the number of shares of Class A Common Stock issued and sold pursuant to such Option exercise.

            


       

      	

            	(e)	
              Pursuant to the terms of Annex I hereto and within 40 days following any contribution described in Section


                    3.1(d) of this Agreement, the Company shall (i) distribute to the applicable Members all of the cash proceeds received pursuant to such
                  contribution, (ii) redeem from such Members an aggregate number of Units equal to the number of shares of Class A Common Stock issued and sold pursuant to any related exercise of the Option and (iii) surrender to PubCo an aggregate number
                  of Option B Shares equal to the number of shares of Class A Common Stock issued and sold pursuant to any related exercise of the Option.

            


       

      	

            	(f)	
              Promptly after the earlier of (x) the expiration of the Option and (y) 40 days
                  following the exercise of the Option for the aggregate number of shares of Class A Common Stock initially subject to such Option, (i) the Company shall distribute to each of the Members (other than PubCo) in accordance with the number of
                  Units owned by each Member, any Option B Shares, which will have been held by the Company for the benefit of such Members, not surrendered pursuant to Section 3.1(e) and (ii) PubCo shall take all actions necessary to cause the stock records of the Class B Common Stock to be held on the
                  books and records of the Transfer Agent.

            


       

      	

            	(g)	
              The parties agree that for administrative convenience, in connection with the
                  recapitalization of the Company in Section 3.1(a),
                  the Members immediately prior to the Effective Time will receive a number of Units and the right to receive the distribution of cash and shares of Class B Common Stock set forth in Section 3.1(c) and Annex I hereto in lieu of receiving additional Units.  For U.S. federal income (and applicable state and local) tax purposes, each Member, the Company and PubCo, each agrees to treat the
                  recapitalization in Section 3.1(a), the
                  contribution in Section 3.1(b) and the related
                  distribution in Section 3.1(c), together as a
                  sale of the foregone additional Units by the relevant Member to PubCo in exchange for cash and shares of Class B Common Stock.  For U.S. federal income (and applicable state and local) tax purposes, each Member, the Company and PubCo,
                  each further agrees to treat any contribution described in Section 3.1(d) and the related redemption of Units in Section 3.1(e) as a sale of the redeemed Units by the relevant Member to PubCo in exchange for cash.

            


       

      

      
        16

        
          


      

      ARTICLE IV

       

      OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

       

      

      Section 4.1       Authorized Units; General Provisions With Respect to Units.

       

      	

            	(a)	
              Subject to the provisions of this Agreement, the Company shall be authorized to
                  issue from time to time such number of Units and such other Equity Securities as the Managing Member shall determine in accordance with Section
                    4.3; solely to the extent they are in the aggregate substantially equivalent to a class of common stock of PubCo or class or series of
                  preferred stock of PubCo, respectively; provided that, notwithstanding anything to the contrary in this Agreement, as long as there are any Members of the Company (other than PubCo), then no such new class or series of Units or Equity
                  Securities may deprive such Members of, or dilute or reduce, the pro rata share of all Interests they would have received or to which they would have been entitled if such new class or series of Units or Equity Securities had not been
                  created except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other property with a Fair Market Value in an aggregate amount, equal to the pro rata share allocated to such new class
                  or series of Units or Equity Securities and the number thereof issued by the Company.  Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve, including pursuant to options and warrants.  The
                  Company may reissue any Units that have been repurchased or acquired by the Company.

            


       

      	

            	(b)	
              Each outstanding Unit shall be identical (except as provided in Section 4.3).

            


       

      	

            	(c)	
              Initially, none of the Units will be represented by certificates.  If the Managing Member determines that it is in the interest of the Company to issue certificates representing the Units, certificates will
                be issued and the Units will be represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes of the Uniform Commercial Code.  Nothing contained
                in this Section 4.1(c) shall be deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.

            


       

      	

            	(d)	
              The total number of Units issued and outstanding and held by the Members is set
                  forth on Exhibit A (as amended from time to time
                  in accordance with the terms of this Agreement) as of the date set forth therein.

            


       

      

      
        17

        
          


      

      	

            	(e)	
              If, at any time after the Effective Time, PubCo issues a share of its Class A
                  Common Stock or any other Equity Security of PubCo (other than shares of Class B Common Stock), (i) the Company shall concurrently issue to PubCo one Unit (if PubCo issues a share of Class A Common Stock), or such other Equity Security of
                  the Company (if PubCo issues Equity Securities other than Class A Common Stock) corresponding to the Equity Securities issued by PubCo, and with substantially the same rights to dividends and distributions (including distributions upon
                  liquidation) and other economic rights as those of such Equity Securities of PubCo to be issued and (ii) PubCo shall concurrently contribute to the Company the net proceeds or other property received by PubCo for such share of Class A
                  Common Stock or other Equity Security; provided, however, that if
                  PubCo issues any shares of Class A Common Stock in order to acquire or fund the acquisition from a Member (other than PubCo) of a number of Units (and shares of Class B Common Stock) equal to the number of shares of Class A Common Stock
                  so issued, then the Company shall not issue any new Units in connection therewith and, where such shares of Class A Common Stock have been issued for cash to fund an acquisition, PubCo shall not be required to transfer such net proceeds
                  to the Company, and such net proceeds shall instead be transferred to such Member as consideration for such acquisition.  Notwithstanding the foregoing, this Section 4.1(e) shall not apply to the issuance and distribution to holders of shares of PubCo Common Stock of rights to
                  purchase Equity Securities of PubCo under a “poison pill” or similar shareholders rights plan (and upon any redemption of Units for Class A Common Stock, such Class A Common Stock will be issued together with a corresponding right under
                  such plan), or to the issuance under PubCo’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo,
                  but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property.  Except pursuant to Section 4.6, (x) the Company may not issue any additional
                  Units to PubCo or any of its Subsidiaries unless substantially simultaneously therewith PubCo or such Subsidiary issues or sells an equal number of newly-issued shares of PubCo’s Class A Common Stock to another Person, and (y) the Company
                  may not issue any other Equity Securities of the Company to PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary issues or sells, to another Person, an equal number of newly-issued shares of a new
                  class or series of Equity Securities of PubCo or such Subsidiary with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of
                  the Company.  If at any time PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) issues Debt Securities, PubCo or such Subsidiary shall transfer to the Company (in a manner to be determined by the Managing
                  Member in its reasonable discretion) the proceeds received by PubCo or such Subsidiary in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities.  In the
                  event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any shares of Class A Common Stock or other Equity Securities of PubCo are issued, (1) the corresponding Equity Security outstanding at
                  the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be issued to PubCo as contemplated by the first sentence of this Section
                  4.1(e), and (2) PubCo shall concurrently contribute to the Company the net proceeds received by PubCo from any such exercise.

            


       

      

      
        18

        
          


      

      	

            	(f)	
              PubCo or any of its Subsidiaries may not redeem, repurchase or otherwise acquire
                  (i) any shares of Class A Common Stock (including upon forfeiture of any unvested shares of Class A Common Stock) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from PubCo or such Subsidiary an
                  equal number of Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from PubCo or such Subsidiary an equal number
                  of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity
                  Securities of PubCo for the same price per security.  The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to Section











                    4.6, any Units from PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or
                  otherwise acquires an equal number of shares of Class A Common Stock for the same price per security from holders thereof, or (y) any other Equity Securities of the Company from PubCo or any of its Subsidiaries unless substantially
                  simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of PubCo of a corresponding class or series with substantially the same rights to
                  dividends and distributions (including distribution upon liquidation) and other economic rights as those of such Equity Securities of PubCo.  Notwithstanding the foregoing, to the extent that any consideration payable by PubCo in
                  connection with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of PubCo or any of its Subsidiaries consists (in whole or in part) of shares of Class A Common Stock or such other Equity
                  Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be
                  effectuated in an equivalent manner.

            


       

      	

            	(g)	
              The Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split,
                reclassification, recapitalization or otherwise) of the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Common Stock, with corresponding changes made with respect to
                any other exchangeable or convertible securities.  PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split,
                reclassification, recapitalization or otherwise) of the outstanding PubCo Common Stock unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with corresponding changes made with respect to
                any other exchangeable or convertible securities.

            


       

      

      
        19

        
          


      

      	

            	(h)	
              Notwithstanding any other provision of this Agreement (including Section 4.1(e)), but subject to Section 4.1(a), if
                  PubCo receives Tax Distributions in an amount in excess of the amount that will enable PubCo to meet its U.S. federal, state and local and non-U.S. tax obligations and its obligations under the Tax Receivable Agreements or holds any other
                  excess cash amount, PubCo may, in its sole discretion, contribute such excess cash amount to the Company in exchange for a number of Units (but only to the extent the Company actually receives cash therefor in an aggregate amount, or
                  other property therefor with a Fair Market Value in an aggregate amount, or a combination thereof, equal to at least the Fair Market Value of such Units), and distribute to the holders of Class A Common Stock shares of Class A Common
                  Stock that correspond economically to such Units.

                

            


       

          

      Section 4.2       Voting Rights.  No
          Member has any voting right except with respect to those matters specifically reserved for a Member vote under the Act and for matters expressly requiring the approval of Members under this Agreement.  Except as otherwise required by the Act,
          each Unit will entitle the holder thereof to one vote on all matters to be voted on by the Members.  Except as otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all
          matters to be approved by the Members.

       

        

      Section 4.3       Capital Contributions;  Unit Ownership.

       

      	

            	(a)	
              Capital Contributions.  Except as otherwise set forth in Section 4.1(e) with respect to the obligations of PubCo, no Member shall be required to make additional Capital Contributions.

            


       

      	

            	(b)	
              Issuance of Additional Units or Interests.  Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right to authorize and cause the Company to issue on such terms
                  (including price) as may be determined by the Managing Member (i) subject to the limitations of Section 4.1, additional Units or other Equity Securities in the Company (including creating preferred interests or other classes or series of interests having such rights, preferences and
                  privileges as determined by the Managing Member, which rights, preferences and privileges may be senior to the Units), and (ii) obligations, evidences of Indebtedness or other securities or interests convertible or exchangeable for Units
                  or other Equity Securities in the Company; provided that, at any time following the date hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement and all
                  other documents, agreements or instruments deemed necessary or desirable in the discretion of the Managing Member.  Upon such issuance and execution, such Person shall be admitted as a Member of the Company.  In that event, the Managing
                  Member shall amend Exhibit A to reflect such
                  additional issuances.  Subject to Section 12.1,
                  the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company, or such other amendments that the
                  Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of, any class or series of Units or other Equity Securities in the Company pursuant to this Section 4.3(b); provided that, notwithstanding the foregoing, the Managing Member shall
                  have the right to amend this Agreement as set forth in this sentence without the approval of any other Person (including any Member) and notwithstanding any other provision of this Agreement (including Section 12.1) if such amendment is necessary, and then only to the extent
                  necessary, in order to consummate any offering of shares of PubCo Common Stock or other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional Units or other Equity
                  Securities of the Company as set forth in such amendment are substantially equivalent to those applicable to such shares of PubCo Common Stock or other Equity Securities of PubCo.

            


       

          

    

    
      20

      
        


    

    
      Section 4.4       Capital Accounts. 










        A Capital Account shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this Agreement.  Each Member’s
        Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such Member pursuant to Section 5.2, (ii) the amount of additional cash
        or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member, and (iii) any other increases allowed or required by Treasury
        Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses pursuant to Section 5.1 and any other items of deduction or loss allocated to such Member pursuant to the provisions of Section 5.2,
        (ii) the amount of any cash or the Gross Asset Value of any asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by
        Treasury Regulations Section 1.704-1(b)(2)(iv).  In the event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(a)(iv)), the Capital
        Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l). 

       

        

      Section 4.5       Other Matters.

       

      	

            	(a)	
              No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company without the consent of the Managing Member.  Under circumstances requiring a return of any Capital
                Contributions, no Member has the right to receive property other than cash.

            


       

      	

            	(b)	
              No Member shall receive any interest, salary, compensation, draw or reimbursement
                  with respect to its Capital Contributions or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise provided in Section 7.9 or as otherwise contemplated by this Agreement.

            


       

      

      
        21

        
          


      

      	

            	(c)	
              The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly set forth in this Agreement or required by Law, no Member (or any of its Affiliates)
                shall be personally liable, whether to the Company, any of the other Members, the creditors of the Company, or any other third party, for any debt or Liability of the Company, whether arising in contract, tort or otherwise, solely by reason
                of being a Member of the Company.

            


       

      	

            	(d)	
              Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such Member’s Capital Account, to lend any funds to the Company or, except as otherwise set forth
                herein, to make any additional contributions or payments to the Company.

            


       

      	

            	(e)	
              The Company shall not be obligated to repay any Capital Contributions of any Member.

            


       

          

      Section 4.6       Redemption of Units.

      

      

      
        	

              	(a)	
                

                

              


      

       

      

      

      	

            	(i)	
              Upon the terms and subject to the conditions set forth in this Section 4.6, each of the Members (other than PubCo and its
                  wholly owned Subsidiaries) (the “Redeeming Member”) shall be entitled, from time to time, to cause the Company to redeem all or a portion of such Member’s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock) for an
                  equivalent number of shares of Class A Common Stock (a “Redemption”) or, at the Company’s election made in accordance with Section 4.6(a)(iii), cash equal to the Cash Election Amount calculated with respect to such Redemption.  Absent the prior written consent of
                  the Managing Member, with respect to each Redemption of 250,000 Units or less, a Redeeming Member shall be (A) required to redeem at least a number of Units equal to the lesser of 250,000 Units and all of the Units then held by such
                  Redeeming Member and (B) permitted to effect a Redemption of Units no more frequently than once per calendar quarter; except such limitations shall not apply with respect to any sales of Class A Common Stock pursuant to a trading plan
                  adopted pursuant to Rule 10b5-1 of the Exchange Act by a Major Member with respect to the Class A Common Stock if the Managing Member approved such trading plan for purposes of this Agreement in advance of its adoption (or amendment, if
                  applicable); provided that such approval shall not be unreasonably withheld, conditioned or delayed unless the Managing Member determines, in its sole discretion, that approval is subject to the Redemption Limits. In addition, the
                  Managing Member may, in its discretion, adopt a policy to limit Redemptions of 250,000 Units or less to a particular period during each quarter; except such limitations shall not apply with respect to any sales of Class A Common Stock
                  pursuant to a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act by a Major Member with respect to the Class A Common Stock if the Managing Member approved such trading plan for purposes of this Agreement in advance of its
                  adoption (or amendment, if applicable); provided that such approval shall not be unreasonably withheld, conditioned or delayed unless the Managing Member determines, in its sole discretion, that approval is subject to the Redemption
                  Limits. Notwithstanding the foregoing, with respect to each redemption of more than 250,000 Units, a Redeeming Member may redeem more than once per calendar quarter, subject to any additional limitations and restrictions on Redemptions
                  imposed by the Managing Member pursuant to the Redemption Limits in Section 4.6(j). Upon the Redemption of all of a Member’s Units, such Member shall, for the avoidance of doubt, cease to be a Member of the Company.

            


       

      	

            	(ii)	
              In order to exercise the redemption right under Section 4.6(a)(i), the Redeeming Member shall provide written notice (the “Redemption Notice”) to the Company, with a
                  copy to PubCo (the date of delivery of such Redemption Notice, the “Redemption Notice Date”), stating:

            


       

      	

            	(A)	
              the number of Units (together with the surrender and delivery of an equal number of shares of Class B Common Stock) the Redeeming Member elects to have the Company redeem;

            


       

      

      
        22

        
          


      

      	

            	(B)	
              if the shares of Class A Common Stock to be received are to be issued other than in the name of the Redeeming Member, the name(s) of the Person(s) in whose name or on whose order the shares of Class A Common Stock are to be issued;

            


       

      	

            	(C)	
              whether the exercise of the redemption right is to be contingent (including as to timing) upon the closing of an underwritten offering of the shares Class A Common Stock for which the Units will be redeemed or the closing of an announced
                merger, consolidation or other transaction or event to which PubCo is a party in which the shares of Class A Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property;
                and

            


       

      	

            	(D)	
              if the Redeeming Member requires the Redemption to take place on a specific date, such date, provided that, any such specified date shall not be earlier than the date that would otherwise apply
                pursuant to clause (a) of the definition of Redemption Date.

            


       

      
        If the Units to be redeemed (or the shares of Class B Common Stock to be transferred and surrendered) by the Redeeming Member are represented by a certificate or
          certificates, prior to the Redemption Date, the Redeeming Member shall also present and surrender such certificate or certificates representing such Units (or shares of Class B Common Stock) during normal business hours at the principal executive
          offices of the Company, or if any agent for the registration or transfer of Class A Common Stock is then duly appointed and acting (the “Transfer Agent”), at the office of the Transfer Agent.  If
          required by the Managing Member, any certificate for Units and any certificate for shares of Class B Common Stock (in each case, if certificated) surrendered to the Company hereunder shall be accompanied by instruments of transfer, in forms
          reasonably satisfactory to the Managing Member and the Transfer Agent, duly executed by the Redeeming Member or the Redeeming Member’s duly authorized representative.

        

        

      

      	

            	(iii)	
              Upon receipt of a Redemption Notice, the Company shall be entitled to elect (a “Cash Election”) to settle the Redemption by
                  delivering to the Redeeming Member, in lieu of the applicable number of shares of Class A Common Stock that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption.  In order to make a
                  Cash Election with respect to a Redemption, the Company must provide written notice of such election to the Redeeming Member (with a copy to PubCo) prior to 5:00 p.m., Houston time, on or prior to the second Business Day after the
                  Redemption Notice Date.  If the Company fails to provide such written notice prior to such time, it shall not be entitled to make a Cash Election with respect to such Redemption and such Units (together with the same number of shares of
                  Class B Common Stock) subject to such Redemption shall be settled for an equivalent number of shares of Class A Common Stock. If the Company elects the Cash Election, the Redeeming Member may retract its Redemption Notice by giving
                  written notice (the “Cash Election Retraction Notice”) to the Company (with a copy to PubCo) within two (2) Business Days of delivery of the notice of Cash Election by the Company to the Redeeming Member.

            


       

      

      
        23

        
          


      

      	

            	(iv)	
              Unless otherwise required by applicable Law, for U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company and PubCo, as the case may be, agree to treat each
                Redemption and, in the event PubCo exercises its Call Right, each transaction between the Redeeming Member and PubCo, as a sale of the Redeeming Member’s Units (together with the same number of shares of Class B Common Stock) to PubCo in
                exchange for shares of Class A Common Stock or cash, as applicable.

            


       

       

      
        	

              	(b)	
                

                

              


      

       

       

      	

            	(i)	
              Subject to (A) the satisfaction of any contingency described in Section 4.6(a)(ii)(C)  that is specified in the relevant
                  Redemption Notice, including that the Redemption Notice may be conditioned on the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption, and (B) a
                  validly submitted Cash Election Retraction Notice under Section 4.6(a)(iii), the Redemption shall be completed on the Redemption Date; provided, that if a valid Cash Election has not been made, the Redeeming Member may, at any time prior to the Redemption Date, revoke its Redemption Notice by giving
                  written notice (the “Retraction Notice”) to the Company (with a copy to PubCo). The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, the
                  Company’s and PubCo’s rights and obligations arising from the retracted Redemption Notice.

            


       

      

      
        24

        
          


      

      	

            	(ii)	
              Notwithstanding anything to the contrary in this Agreement, in the event the Company
                  does not elect the Cash Election in connection with a Redemption, a Redeeming Member shall be entitled to revoke its Redemption Notice and issue a Retraction Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member
                  at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the Commission or no such resale registration statement has yet become effective; (ii) the Company
                  shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) the Company shall have exercised its right to defer, delay or suspend the filing or
                  effectiveness of a registration statement under the Registration Rights Agreement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately
                  following the consummation of the Redemption; (iv) the Company shall have disclosed to such Redeeming Member any material non-public information concerning the Company, the receipt of which results in such Redeeming Member being
                  prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and the Company does not permit disclosure); (v) any stop order relating to the registration
                  statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the Commission; (vi) there shall have occurred a material disruption
                  in the securities markets generally or in the market or markets in which the Class A Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that
                  restrains or prohibits the Redemption; (viii) the Company shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such
                  Redeeming Member to consummate the resale of Class A Common Stock to be received upon such redemption pursuant to an effective registration statement; or (ix) the Redemption Date would occur three (3) Business Days or less prior to, or
                  during, a Black-Out Period. If a Redeeming Member delays the consummation of a Redemption pursuant to this Section 4.06(b)(iii), the Redemption Date shall occur on the fifth Business Day following the date on which the conditions giving
                  rise to such delay cease to exist (or such earlier day as the Company and such Redeeming Member may agree in writing).

            


       

      

      
        25

        
          


      

      	

            	(iii)	
              Unless the Redeeming Member has timely delivered a Retraction Notice as provided in
                Section 4.6(b)(i), issued a Retraction Notice or
                  delayed the consummation of a Redemption, in each case, under Section 4.6(b)(ii), or has timely delivered a Cash Election Retraction Notice under Section 4.6(a)(iii) or, subject to the foregoing and Section 4.6(e), PubCo has validly elected its Call Right pursuant to Section
                    4.6(f), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member
                  shall transfer and surrender the Units to be redeemed (and a corresponding number of shares of Class B Common Stock) to the Company, in each case free and clear of all liens and encumbrances, (B) PubCo shall contribute to the Company the
                  consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i) and, as described in Section 4.1(e), the Company shall issue to PubCo a number of Units or other Equity Securities of the Company as consideration for such contribution, (C) the Company shall (x) cancel the redeemed Units, (y) transfer to the
                  Redeeming Member the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i), and (z) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the
                  certificate surrendered by the Redeeming Member pursuant to clause (iii)(A) of this Section 4.6(b) and the number of redeemed Units, and (D) PubCo shall cancel the surrendered shares of Class B Common Stock.  Notwithstanding any other provisions of this Agreement to the contrary,
                  in the event that the Company makes a valid Cash Election, PubCo shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of any Discount) from the sale by PubCo of a number of
                  shares of Class A Common Stock equal to the number of Units and Class B Common Stock to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; provided that PubCo’s Capital Account shall be adjusted in
                  accordance with Section 7.9; provided further, that the contribution of such
                  net proceeds shall in no event affect the Redeeming Member’s right to receive the Cash Election Amount; provided further, for the avoidance of doubt, if the Cash Election Amount to which the Redeeming Member is entitled exceeds the full amount that is contributed to the Company
                  by PubCo, then the Company shall still be required to pay the Redeeming Member the full Cash Election Amount.

            


       

      	

            	(c)	
              If (i) there is any reclassification, reorganization, recapitalization or other
                  similar transaction pursuant to which the shares of Class A Common Stock are converted or changed into another security, securities or other property (other than as a result of a subdivision or combination or any transaction subject to Section 4.1(g)), or (ii) PubCo, by dividend or otherwise,
                  distributes to all holders of the shares of Class A Common Stock evidences of its Indebtedness or assets, including securities (including shares of Class A Common Stock and any rights, options or warrants to all holders of the shares of
                  Class A Common Stock to subscribe for or to purchase or to otherwise acquire shares of Class A Common Stock, or other securities or rights convertible into, exchangeable for or exercisable for shares of Class A Common Stock) but excluding
                  (A) any cash dividend or distribution, or (B) any such distribution of Indebtedness or assets, in either case (A) or (B) received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the
                  shares of Class A Common Stock or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount of such security, securities or other property that such Member would have received if such Redemption had
                  occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, taking into account any adjustment as a result of any subdivision (by
                  any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that
                  occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction.  For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar
                  transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above),
                  this Section 4.6 shall continue to be
                  applicable, mutatis mutandis, with
                  respect to such security or other property.  This Agreement shall apply to the Units held by the Members and their Permitted Transferees as of the date hereof, as well as any Units hereafter acquired by a Member and his or her or its
                  Permitted Transferees.

            


       

      

      
        26

        
          


      

      	

            	(d)	
              PubCo shall at all times keep available, solely for the purpose of issuance upon a
                  Redemption, out of its authorized but unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon the Redemption of all outstanding Units (other than those Units held by PubCo or any
                  Subsidiary of PubCo); provided,
                  that nothing contained herein shall be construed to preclude PubCo from satisfying its obligations with respect to a Redemption by delivery of cash pursuant to a Cash Election or shares of Class A Common Stock that are held in the
                  treasury of PubCo.  PubCo covenants that all shares of Class A Common Stock that shall be issued upon a Redemption or exercise of a Call Right by PubCo shall, upon issuance thereof, be validly issued, fully paid and non-assessable.  In
                  addition, for so long as the shares of Class A Common Stock are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all shares of Class A Common Stock issued upon a Redemption or exercise of a
                  Call Right by PubCo, in each case, to be listed on such National Securities Exchange at the time of such issuance.

            


       

      	

            	(e)	
              The issuance of shares of Class A Common Stock upon a Redemption shall be made
                  without charge to the Redeeming Member for any stamp or other similar tax in respect of such issuance; provided, however, that if any such shares of Class A Common Stock are to be issued in a name other than that of the Redeeming Member, then the Person or Persons in whose name the shares are to be
                  issued shall pay to PubCo the amount of any tax that may be payable in respect of any transfer involved in such issuance or shall establish to the reasonable satisfaction of PubCo that such tax has been paid or is not payable.

            


       

      	

            	(i)	
              Notwithstanding anything to the contrary in this Section 4.6, but subject to Section 4.6(g) and without limitation to the rights of the Members under this Section 4.6, including the right to revoke a Redemption Notice
                  which shall apply mutatis mutandis
                  to any Call Right elected by PubCo, including the right of a member to revoke a Redemption Notice if PubCo elects settlement by the Cash Election Amount, PubCo may, in its sole discretion, by means of delivery of a Call Election Notice in
                  accordance with, and subject to the terms of, this Section 4.6(f), elect to purchase directly and acquire such Units (together with the surrender and delivery of the same number of shares of Class B Common Stock) on the Redemption Date by paying to the Redeeming Member (or, on the
                  Redeeming Member’s written order, its designee) that number of shares of Class A Common Stock the Redeeming Member (or its designee) would otherwise receive pursuant to Section 4.6(a)(i) or, at PubCo’s election, an amount of cash equal to the Cash Election Amount of such shares of Class
                  A Common Stock (the “Call Right”),











                  whereupon PubCo shall acquire the Units offered for redemption by the Redeeming Member (together with the surrender and delivery of the same number of shares of Class B Common Stock to PubCo for cancellation).  PubCo shall be treated for
                  all purposes of this Agreement as the owner of such Units.

            


       

      

      
        27

        
          


      

      	

            	(ii)	
              PubCo may, at any time prior to the Redemption Date, in its sole discretion deliver
                  written notice (a “Call Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its Call Right; provided that any such election does not prejudice the ability of the parties to consummate a Redemption or a Call Right on the Redemption Date.  A Call Election Notice
                  may be revoked by PubCo at any time; provided that any such revocation does not prejudice the ability of the parties to consummate a Redemption on the Redemption Date.  The right to consummate a Call Right in all events shall be exercisable for all the Units set forth
                  in the applicable Redemption Notice that would have otherwise been subject to the Redemption.  Except as otherwise provided by this Section
                    4.6(f), an exercise of the Call Right shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption
                  would have been consummated if PubCo had not delivered a Call Election Notice.

            


       

      	

            	(f)	
              In connection with a PubCo Change of Control that is approved by the board of
                  directors of PubCo, PubCo shall have the right, in its sole discretion, to require each Member (other than PubCo and its wholly owned Subsidiaries) to effect a Redemption of some or all of such Member’s Units (together with the surrender
                  and delivery of the same number of shares of Class B Common Stock); provided that a Cash Election shall not be permitted pursuant to such a Redemption under this Section










                    4.6(g).  Any Redemption pursuant to this Section










                    4.6(g) shall be effective contingent upon and immediately prior to the consummation of the PubCo Change of Control (and, for the avoidance of
                  doubt, shall not be effective if such PubCo Change of Control is not consummated) (the “Change of Control Redemption Date”).  From and after the Change of Control Redemption Date, (i) the Units and shares of Class B Common Stock subject to such Redemption shall be deemed to be
                  transferred to PubCo on the Change of Control Redemption Date and (ii) such Member shall cease to have any rights with respect to the Units and shares of Class B Common Stock subject to such Redemption (other than the right to receive
                  shares of Class A Common Stock pursuant to such Redemption).  PubCo shall provide written notice of an expected PubCo Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of the
                  agreement with respect to such PubCo Change of Control and (y) thirty (30) Business Days before the proposed date upon which the contemplated PubCo Change of Control is to be effected, indicating in such notice such information as may
                  reasonably describe the PubCo Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for
                  shares of Class A Common Stock in the PubCo Change of Control, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such PubCo
                  Change of Control, and the number of Units (and corresponding shares of Class B Common Stock) held by such Member that PubCo intends to require to be subject to such Redemption.  Following delivery of such notice and on or prior to the
                  Change of Control Redemption Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any reasonable action and delivering any document reasonably required pursuant to the
                  remainder of this Section 4.6 to effect a
                  Redemption.

            


       

      

      
        28

        
          


      

      	

            	(g)	
              In the event that (i) the Members (other than PubCo and its wholly owned
                  Subsidiaries) beneficially own, in the aggregate, less than 5% of the then outstanding Units and (ii) the Class A Common Stock is listed or admitted to trading on a National Securities Exchange, PubCo shall have the right, in its sole
                  discretion, to require any Member (other than PubCo and its wholly owned Subsidiaries) that beneficially owns less than 1% of the then outstanding Units, to effect a Redemption of some or all of such Member’s Units (together with the
                  surrender and delivery of the same number of shares of Class B Common Stock); provided that a Cash Election shall not be permitted pursuant to such a Redemption under this Section










                    4.6(h).  PubCo shall deliver written notice to the Company and any such Member of its intention to exercise its Redemption right pursuant to
                  this Section 4.6(h) (a “Minority Member Redemption Notice”) at
                  least five (5) Business Days prior to the proposed date upon which such Redemption is to be effected (such proposed date, the “Minority










                    Member Redemption Date”), indicating in such notice the number of Units (and corresponding shares of Class B Common Stock) held by such
                  Member that PubCo intends to require to be subject to such Redemption.  Any Redemption pursuant to this Section 4.6(h) shall be effective on the Minority Member Redemption Date.  From and after the Minority Member Redemption Date, (i) the Units and shares of Class B Common Stock
                  subject to such Redemption shall be deemed to be transferred to PubCo on the Minority Member Redemption Date and (ii) such Member shall cease to have any rights with respect to the Units and shares of Class B Common Stock subject to such
                  Redemption (other than the right to receive shares of Class A Common Stock pursuant to such Redemption).  Following delivery of a Minority Member Redemption Notice and on or prior to the Minority Member Redemption Date, the Members shall
                  take all actions reasonably requested by PubCo to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this Section 4.6 to effect a Redemption.

            


       

      
        29

        
          


      

      	

            	(h)	
              No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Units redeemed pursuant to such Redemption in respect of a record date that occurs prior to the
                Redemption Date for such Redemption.  For the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive shares of Class A Common Stock, shall be entitled to receive, with respect to such record date,
                distributions or dividends both on Units redeemed by the Company from such Redeeming Member and on shares of Class A Common Stock received by such Redeeming Member, or other Person so designated, if applicable, in such Redemption.

            


       

      	

            	(i)	
              Any Units acquired by the Company under this Section 4.6 and transferred by the Company to PubCo shall remain outstanding and shall
                  not be cancelled as a result of their acquisition by the Company.  Notwithstanding any other provision of this Agreement, PubCo shall be automatically admitted as a Member of the Company with respect to any Units or other Equity
                  Securities in the Company it receives under this Agreement (including under this Section 4.6 in connection with any Redemption).

            


       

      	

            	(j)	
              The Managing Member may impose additional limitations and restrictions on
                  Redemptions (including limiting Redemptions or creating priority procedures for Redemptions; provided, that,
                    such limitations or procedures are applied in a non-discriminatory manner amongst all similarly situated Members), to the extent it determines, in its sole discretion, such limitations and restrictions to be necessary or
                  appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code (the “Redemption Limits”).  Furthermore, the Managing Member may require any Member or group of Members to redeem all of their Units to the extent it determines, in its sole discretion, that such Redemption is necessary or appropriate
                  to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code.  Upon delivery of any notice by the Managing Member to such Member or group of Members requiring
                  such Redemption, such Member or group of Members shall exchange, subject to exercise by PubCo of its Call Right pursuant to Section 4.6(f)(i), all of their Units effective as of the date specified in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in
                  accordance with this Section 4.6 and otherwise
                  in accordance with the requirements set forth in such notice.

            


       

      

      
        30

        
          


      

      ARTICLE V

       

      ALLOCATIONS OF PROFITS AND LOSSES

       

      

      Section 5.1       Profits and Losses.  After giving effect to the
          allocations under Section 5.2 and subject to Section 5.4, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances described below,
          any allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period
          in a manner such that, after giving effect to the special allocations set forth in Section 5.2 and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member shall be equal on
          a pro rata basis in accordance with the number of Units held by each Member.

       

        

      Section 5.2       Special
            Allocations.

       

      	

            	(a)	
              Nonrecourse Deductions for any Fiscal Year or other taxable period shall be
                  specially allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member as of the last day of such Fiscal Year or other taxable period.  The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal
                  the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of
                  proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d).

            


       

      	

            	(b)	
              Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall
                  be specially allocated to the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i).  If
                  more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which
                  they bear the economic risk of loss.  This Section 5.2(b) is intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

            


       

      	

            	(c)	
              Notwithstanding any other provision of this Agreement to the contrary, if there is a
                  net decrease in Company Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of
                  income and gain during prior periods to allocate among the Members under this Section 5.2(c)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an amount equal to such Member’s share of the net decrease
                  in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)).  This section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be
                  interpreted consistently therewith.

            


       

      

      
        31

        
          


      

      	

            	(d)	
              Notwithstanding any other provision of this Agreement except Section 5.2(c), if there is a net decrease in Member Minimum
                  Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior
                  periods to allocate among the Members under this Section 5.2(d)), each Member shall be specially allocated items of Company income and gain for such year in an amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations
                  Section 1.704-2(i)(4)).  This section is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

            


       

      	

            	(e)	
              Notwithstanding any provision hereof to the contrary except Section 5.2(a) and Section 5.2(b), no Losses or other items of loss or expense shall be allocated to any
                  Member to the extent that such allocation would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period.  All Losses
                  and other items of loss and expense in excess of the limitation set forth in this Section 5.2(e) shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts but only to the extent that such Losses
                  and other items of loss and expense do not cause any such Member to have an Adjusted Capital Account Deficit.

            


       

      	

            	(f)	
              Notwithstanding any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d), in the event any Member unexpectedly receives any adjustment,
                  allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other
                  taxable period) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall be made only if and to the extent that
                  such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article V have been tentatively made as if this Section 5.2(f) were not in this Agreement.  This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii) (d) and shall be interpreted consistently therewith.

            


       

      	

            	(g)	
              If any Member has a deficit balance in its Capital Account at the end of any Fiscal
                  Year or other taxable period that is in excess of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury
                  Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that
                  such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided for in this Article
                    V have been made as if Section 5.2(f) and this Section 5.2(g) were not in this Agreement.

            


       

      

      
        32

        
          


      

      	

            	(h)	
              To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or
                1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member’s Interest in the Company, the amount of such adjustment to the Capital
                Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the Members in accordance with Treasury
                Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such section applies or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

            


       

      	

            	(i)	
              The allocations set forth in Sections 5.2(a) through 5.2(h) (the “Regulatory Allocations”)
                  are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2.  Notwithstanding any other provision of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall be
                  taken into account in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member should be
                  equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred.  This Section 5.2(i) is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory
                  Allocations and shall be interpreted in a manner consistent therewith.

            


       

          

      Section 5.3       Allocations









            for Tax Purposes in General.

       

      	

            	(a)	
              Except as otherwise provided in this Section 5.3, each item of income, gain, loss and deduction of the Company for U.S.
                  federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under Sections 5.1 and 5.2.

            


       

      	

            	(b)	
              In accordance with Code Section 704(c) and the Treasury Regulations thereunder
                  (including the Treasury Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S.
                  federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using such method or methods determined by the Managing Member to be appropriate and in
                  accordance with the applicable Treasury Regulations.

            


       

      	

            	(c)	
              Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such
                deductions, and (ii) recapture of credits shall be allocated to the Members in accordance with applicable law.

            


       

      

      
        33

        
          


      

      	

            	(d)	
              Allocations pursuant to this Section 5.3 are solely for purposes of U.S. federal, state and local taxes and shall not affect or
                  in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement.

            


       

      	

            	(e)	
              If, as a result of an exercise of a noncompensatory option to acquire an interest in
                  the Company, a Capital Account reallocation is required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).

            


       

          

      Section 5.4       Other
            Allocation Rules.

       

      	

            	(a)	
              The Members are aware of the income tax consequences of the allocations made by this
                Article V and the economic impact of the
                  allocations on the amounts receivable by them under this Agreement.  The Members hereby agree to be bound by the provisions of this Article V in reporting their share of Company income and loss for income tax purposes.

            


       

      	

            	(b)	
              The provisions regarding the establishment and maintenance for each Member of a
                  Capital Account as provided by Section 4.4 and
                  the allocations set forth in Sections 5.1, 5.2 and 5.3 are intended to comply with the Treasury Regulations and to reflect the intended economic
                  entitlement of the Members.  If the Managing Member determines, in its sole discretion, that the application of the provisions in Sections 4.4, 5.1, 5.2 or 5.3 would result in non-compliance with the Treasury
                  Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

            


       

      	

            	(c)	
              All items of income, gain, loss, deduction and credit allocable to an interest in
                  the Company that may have been Transferred shall be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year or other taxable period during which each was recognized as the owner of such interest,
                  without regard to the results of Company operations during any particular portion of that year and without regard to whether cash distributions were made to the Transferor or the Transferee during that year; provided, however, that this allocation must be
                  made in accordance with a method permissible under Code Section 706 and the Treasury Regulations thereunder.

            


       

      	

            	(d)	
              The Members’ proportionate shares of the “excess nonrecourse liabilities” of the
                  Company, within the meaning of Treasury Regulations Section 1.752-3(a)(3), shall be allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member.

            


       

      

      
        34

        
          


      

      ARTICLE VI

       

      DISTRIBUTIONS

      Section 6.1       Distributions.

       

      	

            	(a)	
              Distributions.  To the extent permitted by applicable Law and hereunder, and except as otherwise provided in Section 11.3, distributions to Members may be declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including the
                  payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the Members as of the close of business on such record date on
                  a pro rata basis (except that, for
                  the avoidance of doubt, repurchases or redemptions made in accordance with Section 4.1(f) or payments made in accordance with Sections 7.4 or 7.9
                  need not be on a pro rata basis),
                  in accordance with the number of Units owned by each Member as of the close of business on such record date; provided, however, that the Managing Member shall have the obligation to make distributions as set forth in Sections










                    6.2 and 11.3(b)(iii); and provided, further, that, notwithstanding any other provision herein to the contrary, no distributions shall be made to any Member to the extent such distribution would render the Company insolvent or violate the Act.  For
                  purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due.  Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1, the Managing Member shall give notice to each Member of the record date, the amount and the terms
                  of the distribution and the payment date thereof.

            


       

      	

            	(b)	
              Successors.  For purposes of determining the amount of distributions, each Member shall be treated as having made the Capital Contributions and as having received the distributions made to or received by its
                  predecessors in respect of any of such Member’s Units.

            


       

      	

            	(c)	
              Distributions In-Kind.  Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member.  To the extent that the
                  Company distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such property for purposes of Section 6.1(a) and such property shall be treated as if it were sold for an amount equal to its Fair Market
                  Value.  Any resulting gain or loss shall be allocated to the Member’s Capital Accounts in accordance with Sections 5.1 and 5.2.

            


       

          

      Section 6.2        Tax-Related Distributions.  The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, advance distributions out of legally available funds at such times and in
          such amounts as the Managing Member reasonably determines is necessary to enable PubCo to (i) timely satisfy all of its U.S. federal, state and local and non-U.S. tax liabilities, and (ii) timely meet its obligations pursuant to any and all Tax
          Receivable Agreements. If PubCo receives a distribution described in this Section 6.2(a)(i) (but not, for the avoidance of doubt, this Section 6.2(a)(ii)), the Company shall use commercially reasonable efforts to make any such
          distributions to all Members on a pro rata basis, in accordance with the number of Units owned by each Member.

       

        

      
        35

        
          


      

      Section 6.3       Distribution
              Upon Withdrawal.  No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest in the Company
          as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

       

        

    

    
      
        
          ARTICLE VII

          

          

          MANAGEMENT

          Section 7.1       The
                Managing Member; Fiduciary Duties.

           

            

          	

                	(a)	
                  PubCo shall be the sole Managing Member of the Company.  Except as otherwise required by Law or as set forth in this Agreement, (i) the Managing Member shall have full and complete charge of all affairs of the Company, (ii) the
                    management and control of the Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business, activities and operations of the
                    Company (including the incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the Managing Member (in their capacity as such) shall not participate in the
                    control, management, direction or operation of the activities or affairs of the Company and shall have no power to act for or bind the Company.

                


           

          

          	

                	(b)	
                  In connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the Managing Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe
                    to the stockholders of a Delaware corporation if it were a member of the board of directors of such a corporation and the Members were stockholders of such corporation.  The Members acknowledge that the Managing Member will take action
                    through its board of directors, and that the members of the Managing Member’s board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member.

                


           

              

          Section 7.2       Officers.

           

            

          	

                	(a)	
                  The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance of services for or on behalf of the Company, and the Managing Member may delegate to
                    any such Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem appropriate.

                


           

          

          
            36

            
              


          

          	

                	(b)	
                  The initial chief executive officer of the Company (the “Chief Executive Officer”) will be Amanda M. Brock.

                


           

          

          	

                	(c)	
                  Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing Member are
                    carried into effect.  The Chief Executive Officer will report to the Managing Member and have the general powers and duties of management usually vested in the office of president and chief executive officer of a corporation organized
                    under the DGCL, subject to the terms of this Agreement, and will have such other powers and duties as may be prescribed by the Managing Member or this Agreement.  The Chief Executive Officer will have the power to execute bonds,
                    mortgages and other contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof will be expressly delegated
                    by the Managing Member to some other Officer or agent of the Company.

                


           

          

          	

                	(d)	
                  Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include a president, one or more vice presidents, a secretary, one or more assistant secretaries, a chief financial officer, a
                    general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other officers that the Managing Member deems appropriate.  Except as set forth herein, the Officers will serve at
                    the pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment.  Any individual may hold any number of offices, and an Officer may, but need not, be a Member of the Company.  The
                    Officers will exercise such powers and perform such duties as specified in this Agreement or as determined from time to time by the Managing Member.

                


           

          

          	

                	(e)	
                  Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or without cause, by the Managing Member.  Any Officer may resign at any time by giving
                    written notice to the Managing Member.  Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the
                    resignation will not be necessary to make it effective.  Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party.  A vacancy in any office because of death,
                    resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.

                


          

                            Section 7.3        Warranted Reliance by Officers on Others.  In exercising their authority and performing their duties under
              this Agreement, the Officers shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless they have actual knowledge concerning the matter in question that would cause such reliance to
              be unwarranted:

           

            

          
            37

            
              


          

          
            
              	 	
                      (a)

                    	
                      one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be reliable and competent in the matters presented; and

                    


               

              

            

          

          
            
              	 	
                      (b)

                    	
                      any attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be within such Person’s professional or expert competence.

                    


            

          

           

              

          Section











                  7.4       Indemnification.  The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable Law (including the
              Act) as it presently exists or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to
              provide broader indemnification rights than the Company is providing immediately prior to such amendment) any person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or
              completed action, suit, investigation or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) by reason of the fact that he, or a person for whom he is the legal
              representative, is or was a Manager entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, or acting as the Managing Member, Company Representative of the Company or, while a Manager entitled to indemnification
              under the Existing LLC Agreement, a Member, an Officer, or acting as the, Managing Member, Company Representative of the Company, is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of
              another limited liability company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (a “Covered Person”),












              whether the basis of such Proceeding is alleged action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member, director, officer, trustee, employee or agent,
              against all expenses, liability and loss (including, without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection
              with such Proceeding.  The Company shall, to the fullest extent not prohibited by applicable Law as it presently exists or may hereafter be amended, pay the expenses (including attorneys’ fees) incurred by a Covered Person in defending any
              Proceeding in advance of its final disposition; provided, however, that to the extent required by applicable Law, such payment of expenses in advance of the
              final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined by final judicial decision from which there is no further right to
              appeal that the Covered Person is not entitled to be indemnified under this Section 7.4 or otherwise.  The rights to indemnification and advancement of expenses under this Section 7.4 shall be contract rights and such rights
              shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of his heirs, executors and administrators.  Notwithstanding the foregoing provisions of this Section











                7.4, except for Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall indemnify and advance expenses to a Covered Person in connection with a Proceeding (or part thereof) initiated by such
              Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member.

           

            

          
            38

            
              


          

          Section 7.5       Maintenance of Insurance or Other Financial Arrangements.  In compliance with applicable
              Law, the Company (with the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, employee or agent of the Company, or at the request of the
              Company is or was serving as a manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and
              Liability and expenses incurred by such Person in such Person’s capacity as such, or arising out of such Person’s status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

           

            

          Section 7.6       Resignation or Termination of Managing Member.  PubCo shall not, by any means, resign as, cease to be or be replaced as Managing Member except in
              compliance with this Section 7.6.  No termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement, so that the obligations of PubCo, its successor (if
              applicable) and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect.  No appointment of a Person other than PubCo (or its successor, as applicable) as Managing Member
              shall be effective unless PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members against PubCo (or its successor, as
              applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all PubCo’s obligations under this Agreement (including its obligations under Section 4.6) other than those that must necessarily be taken in
              its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s obligations under this Agreement.

           

            

          Section 7.7       No Inconsistent Obligations; Transactions between Company and Managing Member.  The
              Managing Member represents that it does not have any contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and
              covenants that, except as permitted by Section 7.1, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. The Managing
              Member may cause the Company to contract and deal with the Managing Member, or any Affiliate of the Managing Member, provided such contracts and dealings are on terms comparable to and competitive with those available to the Company from
              others dealing at arm’s length or are approved by the Managing Member and otherwise are permitted by the Credit Agreement.

           

            

          Section 7.8       Reclassification









                  Events of PubCo.  If a Reclassification Event occurs, the Managing Member or its successor, as the case may be, shall, as and to the
              extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or additional agreements, to ensure that, following the effective date of the Reclassification Event: (i) the
              redemption rights of holders of Units set forth in Section 4.6 provide that each Unit (together with the surrender and delivery of one share of Class B Common Stock) is redeemable for the same amount and same type of property,
              securities or cash (or combination thereof) that one share of Class A Common Stock becomes exchangeable for or converted into as a result of the Reclassification Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to
              deliver such property, securities or cash upon such redemption.  PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations of PubCo (in
              whatever capacity) under this Agreement.

           

            

          
            39

            
              


          

          Section 7.9       Certain Costs and Expenses.  The Managing Member shall not be compensated for its services
              as the Managing Member of the Company except as expressly provided in this Agreement. The Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and
              expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (ii) in the
              sole discretion of the Managing Member, reimburse the Managing Member for any reasonable out-of-pocket costs, fees or expenses incurred by it in connection with serving as the Managing Member.  To the extent that the Managing Member
              determines in its sole discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of
              the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may cause the Company to pay or bear all expenses of the Managing Member, including, without limitation, costs of
              securities offerings not borne directly by Members, board of directors compensation and meeting costs, costs of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any income tax obligations of the Managing Member.  In the event that (i) shares of Class A Common Stock or other Equity Securities of PubCo were sold to
              underwriters in any public offering after the Effective Time, in each case, at a price per share that is lower than the price per share for which such shares of Class A Common Stock or other Equity Securities of PubCo are sold to the public
              in such public offering after taking into account underwriters’ discounts or commissions and brokers’ fees or commissions (including, for the avoidance of doubt, any deferred discounts or commissions and brokers’ fees or commissions payable
              in connection with or as a result of such public offering) (such difference, the “Discount”) and (ii) the proceeds from such public offering are used to fund the Cash Election Amount for any
              redeemed Units or otherwise contributed to the Company, the Company shall reimburse the Managing Member for such Discount by treating such Discount as an additional Capital Contribution made by the Managing Member to the Company, issuing
              Units in respect of such deemed Capital Contribution in accordance with Section 4.6(b)(ii), and increasing the Managing Member’s Capital Account by the amount of such Discount.  For the avoidance of doubt, any payments made to or on
              behalf of the Managing Member pursuant to this Section 7.9 shall not be treated as a distribution pursuant to Section 6.1(a) but shall instead be treated as an expense of the Company.

           

            

          Section 7.10     Outside
                Activities of the Managing Member.  The Managing Member shall not, directly or indirectly, enter into or conduct any business or operations, other than in connection
              with (a) the ownership, acquisition and disposition of Units, (b) the management of the business and affairs of the Company and its Subsidiaries, (c) the operation of the Managing Member as a reporting company with a class (or classes) of
              securities registered under Section 12 of the Exchange Act and listed on a securities exchange, (d) the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests of the PubCo or the
              Company or any of its Subsidiaries, (e) financing or refinancing of any type related to the PubCo or the Company, its Subsidiaries or their assets or activities, (f) treasury and treasury management, (g) stock repurchases, (h) the declaration
              and payment of distributions or dividends with respect to any class of securities and (i) such activities as are incidental to the foregoing; provided, however, that, except as otherwise provided herein, the net proceeds of any financing
              raised by the Managing Member pursuant to the preceding clauses (d) and (e) shall be made available to the Company, whether as Capital Contributions, loans or otherwise, as appropriate; provided, further, that the Managing Member may, in its
              sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the Managing Member takes commercially reasonable measures to ensure that the
              economic benefits and burdens of such assets are otherwise vested in the Company or its Subsidiaries, through assignment, mortgage, loan or otherwise or, if it is not commercially reasonable to vest such economic interests in the Company or
              any of its Subsidiaries, the Members shall negotiate in good faith to amend this Agreement to reflect such activities and the direct ownership of assets by the Managing Member. Nothing contained herein shall be deemed to prohibit the Managing
              Member from executing any guarantee of indebtedness of the Company or its Subsidiaries.

           

            

          
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          ARTICLE VIII

          

          

          ROLE OF MEMBERS

           

          

          Section 8.1       Rights or Powers.

           

            

          	

                	(a)	
                  Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the
                    Company in any way.  Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act.  A Member, any Affiliate
                    thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an agent of the Company.  The existence of these relationships and acting in such capacities
                    will not result in the Member (other than the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise affect the limited liability of the Member.  Except as specifically provided
                    herein, a Member (other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company’s business, transact any business in the Company’s name or have the power to sign
                    documents for or otherwise bind the Company.

                


           

          

          	

                	(b)	
                  The Company shall promptly (but in any event within three business days) notify the Members in
                      writing if, to the Company’s knowledge, for any reason, it would be an “investment company” within the meaning of the Investment Company Act of 1940 (the “Investment Company Act”), as amended. The
                      Managing Member shall use its reasonable best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act.

                


           

              

          
            41

            
              


          

          Section 8.2       Voting.

           

            

          	

                	(a)	
                  Meetings of the Members may be called upon the written request of Members holding at least 50% of
                      the outstanding Units.  Such request shall state the location of the meeting and the nature of the business to be transacted at the meeting.  Written notice of any such meeting shall be given to all Members not less than two Business
                      Days and not more than 30 days prior to the date of such meeting.  Members may vote in person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting.  Whenever the vote or consent of
                      Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or may be given in accordance with the procedure prescribed in this Section 8.2.  Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members holding a
                      majority of the outstanding Units shall constitute the act of the Members.

                


           

          

          	

                	(b)	
                  Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting.  Every proxy
                    must be signed by such Member or its attorney-in-fact.  No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy.  Every proxy shall be revocable at the pleasure of the
                    Member executing it.

                


           

          

          	

                	(c)	
                  Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other individual Person as the Managing Member deems appropriate.

                


           

          

          	

                	(d)	
                  Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose approval is necessary consent thereto in writing.

                


           

              

          Section 8.3       Various Capacities.  The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities, including as a Member and as the Company Representative.

           

            

          
            42

            
              


          

          Section 8.4       Investment Opportunities.

           

            

          	

                	(a)	
                  To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any
                      analogous doctrine, shall not apply to any Member (other than Members who are officers or employees of the Company, PubCo or any of their respective subsidiaries), any of their respective affiliates (other than the Company, the
                      Managing Member or any of their respective subsidiaries), or any of their respective officers, directors, agents, shareholders, members, and partners (each, a “Business Opportunities Exempt Party”).  The Company renounces any interest or expectancy of the Company in, or in being offered an
                      opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunities Exempt Party.  No Business Opportunities Exempt Party who acquires knowledge of a potential transaction,
                      agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have any duty to communicate or offer such opportunity to the Company.  No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability or alleged liability of any Business
                      Opportunities Exempt Party for or with respect to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal.  Any Person purchasing or otherwise acquiring any interest in
                      any Units shall be deemed to have notice of and consented to the provisions of this Section 8.4.  Neither the alteration, amendment or repeal of this Section 8.4, nor the
                      adoption of any provision of this Agreement inconsistent with this Section 8.4, shall
                      eliminate or reduce the effect of this Section 8.4 in respect of any business
                      opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Section 8.4, would accrue or arise, prior to such alteration, amendment, repeal or adoption.

                


          

          ARTICLE IX

          

          

          TRANSFERS OF INTERESTS

           

              

          Section 9.1       Restrictions on Transfer.

           

            

          	

                	(a)	
                  Except as provided in Section












                        4.6 or any Transfer by a Member to a Permitted Transferee, no Member shall Transfer all or any portion of its Interest without the Managing Member’s prior
                      written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion.  If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred in violation of this Section 9.1(a), involuntarily, by operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the
                      Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless
                      and until the Managing Member consents in writing to such admission, which consent shall be granted or withheld in the Managing Member’s sole discretion.  Any attempted or purported Transfer of all or a portion of a Member’s Interests
                      in violation of this Section 9.1(a) shall be null and void and of no force or effect
                      whatsoever.  For the avoidance of doubt, the restrictions on Transfer contained in this Article IX shall not apply to the Transfer of any capital stock of the Managing Member; provided that no shares of Class B Common Stock may be Transferred unless a corresponding number of Units are Transferred therewith in accordance with this Agreement.

                


           

          

          
            43

            
              


          

          	

                	(b)	
                  In addition to any other restrictions on Transfer herein contained, including the provisions of
                      this Article IX, in no event may any Transfer or assignment of Interests by any Member
                      be made (i) to any Person who lacks the legal right, power or capacity to own Interests; (ii) if such Transfer (A) would be considered to be effected on or through an “established securities market” or a “secondary market or the
                      substantial equivalent thereof,” as such terms are used in Treasury Regulations Section 1.7704-1, (B) would result in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section
                      1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code
                      or a successor provision or to be taxed as a corporation pursuant to the Code or successor of the Code; (iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a
                      “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the
                      assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of
                      such Interests, pursuant to any applicable U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended (or
                      any succeeding law).  Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(b) shall be null and void and of no force or effect whatsoever.

                


           

              

          Section 9.2       Notice of
                  Transfer.  Other than in connection with Transfers made pursuant to Section 4.6, each Member shall, after complying with the
              provisions of this Agreement, but in any event no later than three Business Days following any Transfer of Interests, give written notice to the Company of such Transfer.  Each such notice shall describe the manner and circumstances of the
              Transfer.

           

            

          Section 9.3       Transferee
                  Members.  A Transferee of Interests pursuant to this Article IX shall have the right to become a Member only if (i) the
              requirements of this Article IX are met, (ii) such Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the
              Transferor’s then existing and future Liabilities arising under or relating to this Agreement, (iii) such Transferee represents that the Transfer was made in accordance with all applicable securities Laws, (iv) the Transferor or Transferee
              shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not consummated and (v) if such Transferee or his or her spouse is
              a resident of a community property jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of
              his or her community property or quasi-community property interest, if any, in such Member’s Interest.  Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any
              Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of
              its Affiliates, on the other hand.  Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member.  Notwithstanding anything to the contrary in this Section 9.3, and except as otherwise
              provided in this Agreement, following a Transfer by one or more Members (or a transferee of the type described in this sentence) to a Permitted Transferee of all or substantially all of their Interests, such transferee shall succeed to all of
              the rights of such Member(s) under this Agreement.

           

            

          
            44

            
              


          

          Section 9.4       Legend.  Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form:

          “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

           

          

          THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

           

          

          THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF SOLARIS MIDSTREAM HOLDINGS, LLC
            DATED AS OF [●], 2021 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.  COPIES OF
            SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

           

          

          ARTICLE X

          

          

          ACCOUNTING

           

          

          Section 10.1     Books of
                  Account.  The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full and correct
              entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under
              GAAP.

           

            

          Section 10.2     Tax Elections.

           

            

          	

                	(a)	
                  The Company and any eligible Subsidiary shall make an election (or continue a previously made election) pursuant to Section 754 of the Code for the taxable year of the Company that includes the date hereof, shall not thereafter
                    revoke such election.  In addition, the Company shall make the following elections on the appropriate forms or tax returns:

                


           

          

          	

                	(i)	
                  to adopt the calendar year as the Company’s Fiscal Year, if permitted under the Code;

                


           

          

          
            45

            
              


          

          	

                	(ii)	
                  to adopt the accrual method of accounting for U.S. federal income tax purposes;

                


           

          

          	

                	(iii)	
                  to elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code; and

                


           

          

          	

                	(iv)	
                  any other election the Managing Member may deem appropriate and in the best interests of the Company.

                


           

          

          	

                	(b)	
                   The Company shall not make any election to be an association taxable as a corporation for U.S. federal income tax purposes (including by filing any U.S. Internal Revenue Service Form 8832 that would cause the Company to be taxed as
                    a corporation for U.S. federal income tax purposes).

                


           

              

          Section 10.3     Tax Returns;  Information.  The Managing Member shall arrange for the preparation and timely filing of all income and other tax and informational returns of the Company.  The Managing Member shall furnish to each Member a copy
              of each approved return and statement, together with any schedules or other information which each Member may require in connection with such Member’s own tax affairs as soon as practicable (but in no event more than 75 days after the end of
              each Fiscal Year).  The Members agree to take all actions reasonably requested by the Company or the Company Representative to comply with Sections 6225 or 6226 of the Code and the obligations of the Company Representative and providing
              confirmation thereof to the Company Representative.

           

              

          Section 10.4     Company
                  Representative.  The Managing Member is specially authorized and appointed to act as the Company Representative and in any similar
              capacity under state or local Law.  The Company Representative may retain, at the Company’s expense, such outside counsel, accountants and other professional consultants as it may reasonably deem necessary in the course of fulfilling its
              obligations as Company Representative. Each Member agrees to cooperate with the Company Representative and to do or refrain from doing any or all things reasonably requested by the Company Representative with respect to the conduct of such
              proceedings. The Members shall cooperate in good faith in order to minimize the financial burden on the Company of any imputed underpayment under Section 6225 of the Code (or any successor provision), including an election and the furnishing
              of statements pursuant to Section 6226 of the Code or through the adoption of the procedure established by Section 6225(c) of the Code (or any successor provision).

           

              

          Section 10.5     Withholding
                  Tax Payments and Obligations.

           

            

          	

                	(a)	
                  The Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable rule, regulation or law, and each Member hereby authorizes the Company and its
                    Subsidiaries to withhold or pay on behalf of or with respect to such Member any amount of taxes that the Managing Member determines, in good faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect
                    to any amount distributable or allocable to such Member pursuant to this Agreement.

                


           

          

          
            46

            
              


          

          	

                	(b)	
                  To the extent that any tax is paid by (or withheld from amounts payable to) the Company or any of
                      its Subsidiaries and the Managing Member determines, in good faith, that such tax relates to one or more specific Members (including any tax payable by the Company or any of its Subsidiaries pursuant to Section 6225 of the Code with
                      respect to items of income, gain, loss deduction or credit allocable or attributable to such Member), such tax shall be treated as an amount of taxes withheld or paid with respect to such Member pursuant to this Section 10.5.

                


           

          

          	

                	(c)	
                  For all purposes under this Agreement, any amounts withheld or paid with respect to a Member
                      pursuant to this Section 10.5 shall be treated as if distributed to such Member at the
                      time such withholding or payment is made.  Further, to the extent that the cumulative amount of such withholding or payment for any period exceeds the distributions to which such Member is entitled for such period, the amount of such
                      excess shall be considered a loan from the Company to such Member, with interest accruing at the Prime Rate in effect from time to time, compounded annually.  The Managing Member may, in its discretion, either demand payment of the
                      principal and accrued interest on such demand loan at any time (which payment shall not be deemed a Capital Contribution for purposes of this Agreement), and enforce payment thereof by legal process, or may withhold from one or more
                      distributions to a Member amounts sufficient to satisfy such Member’s obligations under any such demand loan.

                


           

          

          	

                	(d)	
                  Neither the Company nor the Managing Member shall be liable for any excess taxes withheld in respect of any Member, and, in the event of overwithholding, a Member’s sole recourse shall be to apply for a refund from the appropriate
                    Governmental Entity.

                


           

          

          	

                	(e)	
                  Notwithstanding any other provision of this Agreement, (i) any Person who ceases to be a Member
                      shall be treated as a Member for purposes of this Section 10.5 and (ii) the
                      obligations of a Member pursuant to this Section 10.5 shall survive indefinitely with
                      respect to any taxes withheld or paid by the Company that relate to the period during which such Person was actually a Member, regardless of whether such taxes are assessed, withheld or otherwise paid during such period.

                


           

          

          ARTICLE XI

          

          

          DISSOLUTION AND TERMINATION

           

          

          Section 11.1     Liquidating
                  Events.  The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following
                (each, a “Liquidating Event”):

              

            

          	

                	(a)	
                  The sale of all or substantially all of the assets of the Company; and

                


           

          

          	

                	(b)	
                  The determination of the Managing Member to dissolve, wind up, and liquidate the Company.

                


           

          

          
            47

            
              


          

          The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a dissolution of the Company, under Section 18-802 of the Act or otherwise, other than based on the
            matters set forth in subsections (a) and (b) above.  If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby agree to continue the business of
            the Company without a winding up or liquidation.  In the event of a dissolution pursuant to Section 11.1(b), the relative economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest
            extent practicable with respect to distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration tax and other legal constraints that may adversely affect one or more parties to
            such dissolution and subject to compliance with applicable laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing to a treatment other than as described above.

           

          

          Section 11.2     Bankruptcy.  For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession
              of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to
              any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of 90 consecutive days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or
              make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any substantial part of its property; or shall institute (by petition, application, answer,
              consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be
              appointed for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of 90 consecutive days or
              any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a
              period of 90 consecutive days.

           

            

          Section 11.3     Procedure.

           

            

          	

                	(a)	
                  In the event of the dissolution of the Company for any reason, the Members shall commence to wind
                      up the affairs of the Company and to liquidate the Company’s investments; provided that if a Member is in bankruptcy or dissolved, another Member, who shall be the Managing Member (“Winding-Up Member”) shall commence to wind up the affairs of the Company and, subject to Section 11.4(a), such Winding-Up Member shall have full right and unlimited discretion to determine in
                      good faith the time, manner and terms of any sale or sales of the Property or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and economic
                      conditions.  The Members shall continue to share profits, losses and distributions during the period of liquidation in the same manner and proportion as though the Company had not dissolved.  The Company shall engage in no further
                      business except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as applicable, to preserve the value of the Company’s assets during the period of dissolution and liquidation.

                


           

          

          
            48

            
              


          

          	

                	(b)	
                  Following the payment of all expenses of liquidation and the allocation of all Profits and Losses
                      as provided in Article V, the proceeds of the liquidation and any other funds of the
                      Company shall be distributed in the following order of priority:

                


           

          

          	

                	(i)	
                  First, to the payment and discharge of all of the Company’s debts and Liabilities to creditors (whether third parties or Members), in the order of priority as provided by Law, except any obligations to the Members in respect of their
                    Capital Accounts;

                


           

          

          	

                	(ii)	
                  Second, to set up such cash reserves which the Managing Member reasonably deems necessary for
                      contingent or unforeseen Liabilities or future payments described in Section 11.3(b)(i)
                      (which reserves when they become unnecessary shall be distributed in accordance with the provisions of subsection (iii), below); and

                


           

          

          	

                	(iii)	
                  Third, the balance to the Members, pro rata in accordance with the number of Units owned by each Member.

                


           

          

          	

                	(c)	
                  Except as provided in Section












                        11.4(a), no Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.

                


           

          

          	

                	(d)	
                  Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the Managing Member or the Winding-Up Member, as the case may be, shall have the authority to execute
                    and record a certificate of cancellation of the Company, as well as any and all other documents required to effectuate the dissolution and termination of the Company.

                


           

          

          Section 11.4     Rights of
                  Members.

           

            

          	

                	(a)	
                  Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.

                


           

          

          	

                	(b)	
                  Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return of its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return
                    of its Capital Contributions, distributions or allocations.

                


           

              

          Section 11.5     Notices of
                  Dissolution.  In the event a Liquidating Event occurs or an event occurs that would, but for the provisions of Section
                  11.1, result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each of the Members and to all other parties with whom the Company regularly conducts business (as
                determined in the discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law.

              

            

          
            49

            
              


          

          Section 11.6     Reasonable
                  Time for Winding Up.  A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the
              liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.

           

            

          Section 11.7     No Deficit
                  Restoration.  No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly understood
              that the distribution of liquidation proceeds shall be made solely from existing Company assets.

           

            

          ARTICLE XII

          

          

          GENERAL

          Section 12.1     Amendments;
                  Waivers.

              

            

          	

                	(a)	
                  The terms and provisions of this Agreement may be modified or amended (including by means of
                      merger, consolidation or other business combination to which the Company is a party) with the approval of the Managing Member and each Member who at such time holds (together with its Affiliates) at least five percent (5%) of the then
                      outstanding Units; provided, however, that no amendment or modification to this Agreement may:

                


           

          

          	

                	(i)	
                  be made to this Section
                        12.1 without the prior written consent of the Managing Member and each of the Members;

                


           

          

          	

                	(ii)	
                  modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the consent of each such affected Member; or

                


           

          

          	

                	(iii)	
                  materially alter or change any rights, preferences or privileges of any Interests in a manner that is different, adverse or prejudicial relative to any other Interests, without the approval of a majority in interest of the Members
                    holding the Interests affected in such a different, adverse or prejudicial manner.

                


           

          

          	

                	(b)	
                  Notwithstanding the foregoing subsection (a), the Managing Member, acting alone, may amend this
                      Agreement, including Exhibit A, (i) to reflect the admission of new Members, Transfers
                      of Interests, the issuance of additional Units or Equity Securities, as provided by the terms of this Agreement, and, subject to Section 12.1(a), subdivisions or combinations of Units made in compliance with Section 4.1(g), (ii) to the minimum extent necessary to (A) comply with the provisions of the Bipartisan Budget Act of 2015 and any Treasury Regulations or other administrative pronouncements
                      promulgated thereunder and (B) to administer the effects of such provisions in an equitable manner and (iii) as necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b)
                      of the Code.

                


           

          

           

          

          
            50

            
              


          

          	

                	(c)	
                  No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and then only to
                    the specific purpose, extent and instance so provided.

                


           

              

          Section 12.2     Further
                  Assurances.  Each party agrees that it will from time to time, upon the reasonable request of another party, execute such documents and
              instruments and take such further action as may be required to accomplish the purposes of this Agreement.

           

            

          Section 12.3     Successors
                  and Assigns.  All of the terms and provisions of this Agreement shall be binding upon the parties and their respective executors,
              administrators, successors and permitted assigns pursuant to the terms hereof.  No party may assign its rights hereunder except as herein expressly permitted.

           

              

          Section 12.4     Entire
                  Agreement.  This Agreement, together with all Exhibits and Schedules hereto and all other agreements referenced therein and herein,
              constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties
              and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein.

           

              

          Section 12.5     Rights of
                  Members Independent.  The rights available to the Members under this Agreement and at Law shall be deemed to be several and not
              dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right.  Any one or more and/or any combination of such rights may be exercised by a Member and/or the
              Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously.

           

              

          Section 12.6     Governing Law.  This Agreement, the legal relations between the parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters
              arising under or growing out of or in connection with or in respect of this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such State and without
              regard to conflicts of law doctrines, except to the extent that certain matters are preempted by federal Law or are governed as a matter of controlling Law by the Law of the jurisdiction of organization of the respective parties.

           

            

          Section 12.7     Jurisdiction
                  and Venue.  The parties hereto hereby agree and consent to be subject to the jurisdiction of any federal court of the District of
              Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement.  The parties hereto irrevocably waive the defense of an inconvenient forum to the
              maintenance of any such Legal Action.  Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal Action by the mailing of copies thereof by registered mail,
              postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail.  Nothing in this Section 12.7 shall affect the right of any
              party hereto to serve legal process in any other manner permitted by law.

           

            

          
            51

            
              


          

          Section 12.8     Headings.  The descriptive headings of the Articles, Sections and subsections of this Agreement are for convenience only and do not constitute a part of this Agreement.

           

            

          Section 12.9     Counterparts.  This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed and delivered (including by electronic
              means) in one or more counterparts and by different parties in separate counterparts.  All of such counterparts shall constitute one and the same agreement (or other document) and shall become effective (unless otherwise provided therein)
              when one or more counterparts have been signed by each party and delivered to the other party.

           

            

          Section 12.10   Notices.  Any notice or other communication hereunder must be given in writing and (a) delivered in person, (b) transmitted by facsimile, by
                telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested as follows:

              

            

          If to the Company or the Managing Member, addressed to it at:

           

          

          Solaris Midstream Holdings, LLC

          9811 Katy Freeway, Suite 700

          Houston, TX 77024

          Facsimile: (281) 501-3070

          Electronic mail: amanda.brock@solariswater.com

          Attention: Amanda M. Brock

          With copies (which shall not constitute notice) to:

           

          

          Gibson, Dunn & Crutcher LLP

          811 Main Street, Suite 3000

          Houston, TX 77002

          Facsimile: (346) 718-6602

          Electronic mail: hholmes@gibsondunn.com

          Attention: Hillary H. Holmes

           

          

          or to such other address or to such other Person as either party shall have last designated by such notice to the other parties.  Each such notice or other communication shall be effective (i) if given by telecommunication or electronically,
            when transmitted to the applicable number or electronic mail address so specified in (or pursuant to) this Section 12.10 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a Business Day in the
            jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if given by mail, on the first Business Day in
            the jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, on the Business Day
            when actually received at such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt.

           

          

          
            52

            
              


          

          Section 12.11   Representation
                  By Counsel; Interpretation.  The parties acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by
              this Agreement.  Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived.

           

            

          Section 12.12   Severability.  If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement,
              to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and conditions of this Agreement for all parties remain valid, binding and enforceable.

           

            

          Section 12.13   Expenses.  Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the transactions contemplated by this Agreement.

           

            

          Section 12.14   Waiver of Jury
                  Trial.  EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER, HEREBY WAIVES TO THE
              FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY,
              WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

           

            

          Section 12.15   No Third Party
                  Beneficiaries.  Except as expressly provided in Sections 7.4 and 10.2, nothing in this Agreement, express
                or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto.

              

            

          [Signatures on Next Page]

          

          

          
            53

            
              


          

          IN WITNESS WHEREOF, each of the parties hereto has caused this Fourth Amended and Restated Limited Liability Company Agreement to be executed as of the day and year first above written.

           

            	 	
                    COMPANY:

                  
	 	 
	 	
                    SOLARIS MIDSTREAM HOLDINGS, LLC

                  
	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  
	 	
                    Title:

                  


             

            

            
              Signature Page To

              Fourth Amended And Restated Limited Liability Company Agreement Of

              Solaris Midstream Holdings, LLC

               

              

              
                
                  


              

            

            	 	
                    MEMBERS:

                  
	 	 
	 	
                    [●]

                  


            

            

            
              
                Signature Page To

                Fourth Amended And Restated Limited Liability Company Agreement Of

                Solaris Midstream Holdings, LLC

                 

                

              

            

            
              
                


            

            	 	
                    MANAGING MEMBER:

                  
	 	 
	 	
                    ARIS WATER SOLUTIONS, INC.

                  
	 	 
	 	
                    By:

                  	 
	 	
                    Name:

                  
	 	
                    Title:

                  


            
               

              

              
                Signature Page To

                Fourth Amended And Restated Limited Liability Company Agreement Of

                Solaris Midstream Holdings, LLC

              

            

            

            

            
              
                


            

            
            EXHIBIT A

             

              

            	
                    Member

                  	 	
                    [Number of

                    Units Owned]1

                  	 	 	
                    [Closing Date 

                    Capital Account 

                    Balance]2

                  	 
	 	 	 	 	 	 	 	 	 
	
                    Aris Water Solutions, Inc.

                  	 	
                    

                    

                  	
                    [•

                  	
                    ]

                  	 	
                    

                    

                  	
                    [•

                  	
                    ]

                  


            

            

            
              

            

            

            

            
              	
                      1

                    	
                      The Number of Units Owned by each Member (other than PubCo) will be determined within 40 days following the execution of this Agreement as set forth on Annex I hereto, which shall be effective as of the Effective Time.

                    


               

              

            

            
              	
                      2

                    	
                      The Closing Date Capital Account Balances will be completed by the Company within 180 calendar days following the execution of this Agreement.

                    


            

          

        

      

    

     

    

    
      A-1

      
        


    

    
    ANNEX I

    

     

        

  

  

  

  

  

  

  I-1