# EDGAR Filing Document

**Accession Number:** 0001921603
**File Stem:** 0001193125-26-233140
**Filing Date:** 2026-5
**Character Count:** 3142776
**Document Hash:** b12f62579945fd5731ff554cb9b664cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-233140.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0001193125-26-233140

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20260521

**DATE AS OF CHANGE**: 20260520

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WhiteHawk Income Corp
- **CENTRAL INDEX KEY:** 0001921603
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 880862160
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295743
- **FILM NUMBER:** 261005768

**BUSINESS ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** OFFSITE SUITE 230
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 917 691-9676

**MAIL ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** OFFSITE SUITE 230
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on May 20, 2026.** 

**Registration No. 333-295743** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No. 1** 

**to** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

**WhiteHawk Income Corporation** 

**(Exact name of registrant as specified in its charter)\*** 

**\* WhiteHawk Income Corporation to be renamed WhiteHawk Minerals Corp. in connection with the consummation of this offering.** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **1311** | **88-0862160** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**2000 Market Street, Suite 910** 

**Philadelphia, PA 19103** 

**(610) 484-3412** 

**(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)** 

**Daniel Herz** 

**Chief Executive Officer** 

**2000 Market Street, Suite 910** 

**Philadelphia, PA 19103** 

**(610) 484-3412** 

**(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service)** 

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Ryan J. Maierson<br>Christopher D. Lueking<br>Nick S. Dhesi<br>Latham & Watkins LLP<br>811 Main Street, Suite 3700<br>Houston, TX 77002<br>(713) 546-5400** | **Barrie Hananel<br>General Counsel<br>2000 Market Street, Suite 910<br>Philadelphia, PA 19103<br>(610) 484-3412** | **Douglas E. McWilliams<br>Thomas G. Zentner**<br> **Alexandra M. Lewis<br>Vinson & Elkins L.L.P.**<br> **845 Texas Avenue, Suite 4700**<br> **Houston, TX 77002<br>(713) 758-2222** |

---

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.** 

**PRELIMINARY PROSPECTUS** 

**Subject to Completion, Dated May 20, 2026.**

![LOGO](g86452g19l27.jpg)

**WhiteHawk Income Corporation** 

(to be renamed **WhiteHawk Minerals Corp.**)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares** 

**Class A Common Stock** 

This is the initial public offering of shares of our Class A common stock. We are offering shares of our Class A common stock.

Prior to this offering, there has been no public market for our common stock. The initial public offering price of our common stock is expected to be between $ and $ per share. We have applied to list our common stock on the New York Stock Exchange ("NYSE") under the symbol "WHK." We intend to change our corporate name to WhiteHawk Minerals Corp. in connection with the closing of this offering. See "Prospectus Summary—Summary of the Transactions" and "Our Organizational Structure."

To the extent that the underwriters sell more than shares of common stock, the underwriters have the option to purchase, exercisable within 30 days from the date of this prospectus, up to an additional shares from us at the public offering price, less underwriting discounts and commissions.

Upon consummation of this offering, we will be a holding company in an organizational structure commonly referred to as an umbrella partnership-C-corporation (or "Up-C") structure, and our principal assets will consist of (i) direct ownership of % of the common units ("OpCo Interests") of WhiteHawk Income Operating Partnership L.P. ("WhiteHawk OpCo") (or approximately % of the OpCo Interests if the underwriters exercise in full their option to purchase additional shares of Class A common stock), which entitle us to a corresponding percentage ownership of the economic interest in WhiteHawk OpCo, and (ii) all of the member interests of WhiteHawk Income OP GP LLC ("OP GP"), the sole general partner of WhiteHawk OpCo, which entitles us to control the business and affairs of WhiteHawk OpCo. See "Risk Factors—Risks Related to Our Capital Structure." We will operate and control all of the business and affairs of WhiteHawk OpCo and its direct and indirect subsidiaries, and conduct our business through WhiteHawk OpCo. In addition, we will own all of the Series B preferred units of WhiteHawk OpCo.

Following this offering, we will have two series of authorized common stock: shares of Class A common stock, having one vote per share and economic rights, and shares of Class B common stock, having one vote per share and no economic rights (collectively, the "Common Stock"). Holders of Class A and Class B common stock will vote together as a single class on all matters to be presented to our shareholders for their vote or approval, except as otherwise required by applicable law or our Bylaws (as defined herein). Our outstanding Class A common stock and Class B common stock will represent approximately % and %, respectively, of the total voting power of our outstanding Common Stock immediately following this offering, assuming no exercise of the underwriters' option to purchase additional shares of Class A common stock. See "Description of Capital Stock" and "Our Organizational Structure."

We are an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and, as such, we have elected to take advantage of certain reduced public company reporting requirements for this prospectus and future filings. See "Risk Factors" and "Prospectus Summary—Emerging Growth Company."

**Investing in our Class A common stock involves risks. See "[Risk Factors](#toc86452_3)" starting on page 36.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to Public** | **Underwriting<br>Discounts and<br>Commissions<sup>(1)</sup>** | **Proceeds to<br>Issuer** |
|  Per Share | $| $| $|
|  Total | $| $| $|

---

(1) See "Underwriting" for additional information regarding underwriter compensation.

Delivery of the shares of Class A common stock will be made on or about , 2026.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

***Joint Lead Bookrunners***

---

| | | |
|:---|:---|:---|
| **Raymond James** | **Stifel** | **J.P. Morgan** |

---

***Bookrunning Managers***

---

| | |
|:---|:---|
| **Capital One Securities** | **Stephens Inc.** |

---

**Prospectus dated , 2026** 

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##### [**Table of Contents**](#toc)
![LOGO](g86452g22m01.jpg)

Building the Premier Natural Gas Mineral Company APPALACHIA HAYNESVILLE EQTANTE RORAN GECNX EXPAND OTHER EXPAND MITS UBIS HI COM STOCK TRINITY TOKYO GAS OTHER APPALACHIA & HAYNESVILLE MAP 8,700+ gross undeveloped locations 10,000+ producing wells ~13% exposure to all 2025 U.S. dry gas production 8 large acquisitions since inception 3.4MM+ gross DSU acre position 2025 PRODUCTION EXPOSURE BY OPERATOR 86452-044 07May26 20:02 Page 3

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
|  [ABOUT THIS PROSPECTUS](#toc86452_1) | iii |
|  [PROSPECTUS SUMMARY](#toc86452_1a) | 1 |
|  [RISK FACTORS](#toc86452_3) | 36 |
|  [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#toc86452_4) | 78 |
|  [OUR ORGANIZATIONAL STRUCTURE](#toc86452_100a) | 81 |
|  [USE OF PROCEEDS](#toc86452_5) | 85 |
|  [DIVIDEND POLICY](#toc86452_6) | 86 |
|  [CAPITALIZATION](#toc86452_7) | 87 |
|  [DILUTION](#toc86452_8) | 89 |
|  [UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED FINANCIAL INFORMATION](#toc86452_9) | 91 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#toc86452_10) | 98 |
|  [BUSINESS](#toc86452_11) | 116 |
|  [MANAGEMENT](#toc86452_12) | 147 |
|  [EXECUTIVE AND DIRECTOR COMPENSATION](#toc86452_13) | 153 |
|  [PRINCIPAL STOCKHOLDERS](#toc86452_14) | 163 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#toc86452_15) | 166 |
|  [DESCRIPTION OF MATERIAL INDEBTEDNESS](#toc86452_16) | 176 |
|  [DESCRIPTION OF CAPITAL STOCK](#toc86452_17) | 185 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#toc86452_18) | 193 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF COMMON STOCK](#toc86452_19) | 196 |
|  [UNDERWRITING](#toc86452_20) | 200 |
|  [LEGAL MATTERS](#toc86452_21) | 208 |
|  [EXPERTS](#toc86452_22) | 208 |
|  [CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#toc86452_22a) | 209 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#toc86452_23) | 210 |
|  [INDEX TO FINANCIAL STATEMENTS](#toc86452_24) | F-1 |
|  [ANNEX A – GLOSSARY OF NATURAL GAS AND OIL TERMS](#toc86452_25) | A-1 |

---

You should rely only on the information contained in this prospectus or in any free writing prospectus we may specifically authorize to be delivered or made available to you. Neither we nor any of the underwriters (or any of our or their respective affiliates) have authorized anyone to provide any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectus prepared by us or on our behalf or to which we have referred you. Neither we nor the underwriters (or any of our or their respective affiliates) take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares of Class A common stock offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. You should assume that the information contained in this prospectus or any free writing prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or the time of any sale of shares of our Class A common stock. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: Neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our Class A common stock and the distribution of this prospectus outside of the United States.

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##### [**Table of Contents**](#toc)
**Through and including , 2026 (25 days after the date of this prospectus), all dealers effecting transactions in our Class A common stock, whether or not participating in this offering, may be required to deliver a prospectus. This requirement is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

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##### [**Table of Contents**](#toc)
**ABOUT THIS PROSPECTUS** 

**Organizational Structure** 

In connection with the closing of this offering, we will undertake certain organizational transactions to reorganize our corporate structure. Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the organizational transactions described in the section titled "Our Organizational Structure" and this offering, and the application of the proceeds therefrom, which we refer to collectively as the "Transactions." Additionally, unless otherwise indicated, share amounts in this prospectus reflecting the consummation of the Transactions do not give effect to OpCo Interests or shares of our Class B common stock that may be issued as a part of the Earnout Amount (as defined herein), as more fully described in the section titled "Certain Relationships and Related Party Transactions—Internalization—Earnout."

See "Our Organizational Structure" for a diagram depicting our organizational structure after giving effect to the Transactions, including this offering.

**Certain Definitions** 

As used in this prospectus, unless the context otherwise requires, references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Contribution Agreement" refers to the contribution agreement we will enter into with WhiteHawk OpCo,
the Management Contributor, ManagementCo, WhiteHawk Energy LLC and WhiteHawk Energy Services LLC to effectuate the acquisition of ManagementCo, our current external manager, by WhiteHawk OpCo (the "Internalization").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Continuing Equity Owners" refers (i) prior to the distribution by the Management Contributor of the
OpCo Interests and shares of Class B common stock received by the Management Contributor in the Internalization, to the Management Contributor, and (ii) following such distribution, to the direct and indirect owners of the Management Contributor who
become holders of OpCo Interests (together with a corresponding number of shares of Class B common stock) upon such distribution, which distribution will occur after the first anniversary of the closing of this offering pursuant to the terms of the
Contribution Agreement, at which time such holders will execute a joinder to the OpCo Agreement (the Continuing Equity Owners referred to in this prong (ii) may also be referred to herein as the "Subsequent Continuing Equity Owners").
Following the consummation of such distribution and execution of such joinder, the Subsequent Continuing Equity Owners may exchange at each of their respective options, in whole or in part from time to time, their OpCo Interests (together with a
corresponding number of shares of Class B common stock), for, at our election (determined solely by our independent directors (within the meaning of the NYSE rules) who are disinterested), cash or newly-issued shares of our Class A common stock as
described in "Certain Relationships and Related Party Transactions—OpCo Agreement—Agreement in Effect Upon Consummation of the Transactions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange" or "NYSE" refers to the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Legacy Common Stock Investors" refers, collectively, to the holders of shares of Class A common
stock, par value $0.0001 per share, Class I common stock, par value $0.0001 per share, and Class T common stock, par value $0.0001 per share, but excludes Continuing Equity Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OpCo Interests" refers to the common units of WhiteHawk Income Operating Partnership L.P., including
those that we purchase with the net proceeds from this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Management Contributor" refers to WhiteHawk Minerals LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OpCo Agreement" refers, as applicable, to WhiteHawk OpCo's amended and restated limited
partnership agreement, as currently in effect, or to the amended and restated limited partnership agreement effective immediately prior to the consummation of this offering, and as such agreement may thereafter be amended and/or restated.

iii

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Transactions" refers to the organizational transactions described in the section titled "Our
Organizational Structure" and this offering, and the application of the net proceeds therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our," the "Company," "WhiteHawk," and
similar references refer to, prior to this offering, WhiteHawk Income Corporation, and after this offering, WhiteHawk Minerals Corp., and, unless otherwise stated, in each case, all of its direct and indirect subsidiaries, including OP GP and
WhiteHawk OpCo.

We are a holding company and the sole member of WhiteHawk Income OP GP LLC ("OP GP"), the sole general partner of WhiteHawk OpCo. As the sole member of OP GP, we control the business and affairs of WhiteHawk OpCo.

**Presentation of Financial Results** 

WhiteHawk Income Corporation ("WhiteHawk," the "Company," "we," "us" and "our") was formed in February 2022. On June 23, 2025, pursuant to that certain Agreement and Plan of Merger, dated as of May 8, 2025 (the "PHX Merger Agreement"), by and among WhiteHawk Acquisition, Inc., a Delaware corporation and wholly owned subsidiary of the Company ("WH Acquisition Corp."), WhiteHawk Merger Sub, Inc., a Delaware corporation ("Merger Sub" and, together with WH Acquisition Corp., the "Company Parties") and PHX Minerals, Inc. ("PHX"), the Company Parties fully acquired all of the issued and outstanding shares of PHX's common stock (the "PHX Acquisition"). On March 31, 2025, the Company purchased mineral and royalty interests in the Marcellus Shale (the "Three Rivers Royalty Acquisition" or the "TRR Acquisition") from Three Rivers Royalty, LLC (the "TRR Seller"). Prior to the Three Rivers Royalty Acquisition, the TRR Seller was a wholly owned subsidiary of San Jacinto Minerals I, LLC ("SJM").

This prospectus includes historical consolidated financial information of the Company and its subsidiaries for the years ended December 31, 2025 (as restated) and 2024 and for the three months ended March 31, 2026 and 2025. This prospectus also includes historical financial information of PHX for the years ended December 31, 2024 and 2023 and the three months ended March 31, 2025 and 2024, as well as the carve-out financial statement information of the TRR Seller for the years ended December 31, 2024 and 2023. Historical financial and operating information is not indicative of the results that may be expected in any future periods. For more information, please see the historical consolidated financial statements and related notes thereto included elsewhere in this prospectus. Unless otherwise indicated, the historical financial information presented in this prospectus represents the historical data and information of WhiteHawk, without giving effect to the PHX Acquisition for periods prior to June 23, 2025, the Three Rivers Royalty Acquisition for periods prior to March 31, 2025, the Transactions or other adjustments.

This prospectus also includes certain unaudited pro forma financial information. See "Unaudited Pro Forma Condensed Consolidated Combined Financial Information." As used herein, except as noted in this prospectus, the term "pro forma" when used with respect to any financial data, refers to the historical data of WhiteHawk, as adjusted after giving effect to (i) the PHX Acquisition, (ii) the Three Rivers Royalty Acquisition and (iii) the Transactions. Pro forma financial data for the year ended December 31, 2025 gives effect to the PHX Acquisition, the Three Rivers Royalty Acquisition and the Transactions as if each had been consummated on January 1, 2025. Pro forma financial data for the three months ended March 31, 2026 gives effect to the Transactions as if each had been consummated on January 1, 2026. Pro forma financial data as of March 31, 2026 gives effect to the Transactions as if they had been consummated on March 31, 2026. Pro forma financial data contains certain reclassification adjustments to conform the historical PHX financial statement presentation and the historical TRR Seller financial statement presentation to the Company's financial statement presentation. The pro forma data is presented for illustrative purposes only and should not be relied upon as an indication of the financial condition or the operating results that would have been achieved if the PHX Acquisition, the Three Rivers Royalty Acquisition and the Transactions had taken place on the specified dates. Future results may vary significantly from the results reflected in such pro forma financial data and should not be relied on as an indication of future results.

iv

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Certain monetary amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Percentage amounts included in this prospectus have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements included elsewhere in this prospectus. Certain other amounts that appear in this prospectus may not sum due to rounding.

**Restatement** 

On April 22, 2026, we concluded that our audited consolidated financial statements for the fiscal year ended December 31, 2025 could no longer be relied upon as a result of certain material accounting errors identified by management subsequent to the issuance of our audited consolidated financial statements as of and for the fiscal year ended December 31, 2025. Accordingly, the audited consolidated financial statements as of and for the fiscal year ended December 31, 2025 included elsewhere in this prospectus were restated by the Company in order to reflect the correction of the identified errors (the "Misstatements") related to (i) the recording of management fees and (ii) the misclassification of pre-closing date and post-effective date monies received related to acquisitions (the "Restatement"). For additional information, see "Note 3, Restatement of Financial Statements" to our audited consolidated financial statements as of and for the fiscal year ended December 31, 2025 included elsewhere in this prospectus and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Internal Controls and Procedures—Material Weaknesses in Internal Control over Financial Reporting."

**Control Considerations** 

Although management did not, and was not required to, conduct a formal assessment of internal control over financial reporting as of December 31, 2025, as a result of the Misstatements and the Restatement, the Company identified certain material weaknesses in its internal control over financial reporting. As a result of these material weaknesses in internal control over financial reporting, our disclosure controls and procedures were not effective at a reasonable assurance level as of December 31, 2025. Management expects to implement changes to strengthen our internal controls and remediate the material weaknesses. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Internal Controls and Procedures—Material Weaknesses in Internal Control over Financial Reporting" for additional information related to the material weaknesses in internal control over financial reporting and our related remediation activities. See "Risk Factors—Risks Related to Our Business—We recently restated our audited consolidated financial statements as of and for the fiscal year ended December 31, 2025 to correct material accounting errors and have identified material weaknesses in our internal control over financial reporting."

**Reserves Estimates and Acreage Presentation** 

Unless otherwise indicated, operating and reserve information of the Company presented herein does not give effect to the PHX Acquisition or the Three Rivers Royalty Acquisition for the periods prior to the date of such transactions. We provide estimates of our proved reserves in this prospectus as of December 31, 2025 and 2024 based on SEC pricing, meaning the unweighted first day of the month arithmetic average price of natural gas and oil over the 12 months prior to the determination date. The estimates of our proved reserves as of December 31, 2025 were prepared by Cawley, Gillespie & Associates ("CG&A"), independent petroleum engineers. The estimates of our proved reserves as of December 31, 2024 have been prepared by Schaper Energy Consulting, LLC ("Schaper Energy"), independent petroleum engineers. We refer to Schaper Energy and CG&A as our "reserve engineers." Summaries of their reports are included as exhibits to the registration statement of which this prospectus forms a part. We refer to such reports herein as "our reserve reports." The estimates of PHX's proved reserves as of December 31, 2024 were prepared by CG&A, PHX's independent petroleum engineer. The estimates of the proved reserves of the TRR Seller as of December 31, 2024 have been prepared by Ryder Scott Company, L.P. ("Ryder Scott"), the TRR Seller's independent petroleum engineer, at the request of SJM as part

of their audit process. For additional information regarding our, PHX's and TRR Seller's reserves estimates as of December 31, 2025 and 2024, see "Business—Natural Gas, NGL and Oil Data."

v

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In this prospectus, references to gross DSU acres include both actual and theoretical DSUs. Theoretical DSUs are drilling spacing units that have not yet been formally established but are internally delineated by our engineering and land teams based on operator unitization practices, development patterns in the surrounding area and our reasonable assumptions regarding future well development.

**Non-GAAP Financial Measures** 

This prospectus contains certain financial measures that are not required by or prepared in accordance with generally accepted accounting principles ("GAAP"), including Adjusted EBITDA and Cash Available for Distribution (and their pro forma counterparts). We refer to these measures as "non-GAAP financial measures." See "Prospectus Summary—Summary Historical and Pro Forma Condensed Consolidated Financial and Other Data—Non-GAAP Financial Measures" for our definitions of these non-GAAP financial measures, information about how and why we use these non-GAAP financial measures and a reconciliation of each of these non-GAAP financial measures to its most directly comparable financial measure calculated in accordance with GAAP.

**Trademarks and Trade Names** 

We own or have rights to various trademarks, service marks and trade names that we use in connection with the operation of our business. This prospectus may also contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or products in this prospectus is not intended to, and does not imply, a relationship with us or an endorsement or sponsorship by or of us. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus may appear without the TM, SM or <sup>®</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, service marks and trade names.

**Industry and Market Data** 

The market data and certain other statistical information used throughout this prospectus are based on independent industry publications, government publications and other published independent sources. These sources include reports entitled: Electric Power Monthly, dated December 2025, (the "EIA Electric Monthly"), Short-Term Energy Outlook, dated December 2025 (the "EIA Short-Term Energy Outlook"), Natural Gas Annual, dated December 2025 (the "EIA Natural Gas Annual"), the Liquefied Natural Gas Monthly, dated December 2025 (the "EIA Natural Gas Monthly"), the Annual Report of Domestic Oil and Gas Reserves, U.S. Crude Oil and Natural Gas Proved Reserves, Year-end 2023, dated December 2025 (the "EIA Reserve Report"), Liquefied U.S. Natural Gas Exports, dated December 2025 (the "EIA Natural Gas Exports"), U.S. Liquefaction Capacity, dated December 2025 (the "EIA Liquefaction Report"), by the Energy Information Administration (the "EIA"), a report entitled 2024 Statistical Review of World Energy (the "World Energy Report") by the Energy Institute, FactSet International LNG Pricing, dated January 2025 (the "International LNG Report"), FactSet Spot Price, dated December 2025 (the "Spot Price Report") and Upstream Outlook, dated December 2025 (the "Upstream Outlook Report") by FactSet, as well as data and analytics derived from Enverus Prism<sup>®</sup>, dated December 31, 2025 (the "Enverus Data"). Although we believe these third-party sources are reliable as of their respective dates, neither we nor the underwriters have independently verified the accuracy or completeness of this information. Some data is also based on our good faith estimates. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section entitled "Risk Factors." These and other factors could cause results to differ materially from those expressed in these publications.

Additionally, this prospectus includes industry and market data and forecasts that we obtained from internal company surveys, publicly available information and industry publications and surveys. Our internal research and forecasts are based on management's understanding of industry conditions, and such information has not been verified by independent sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable.

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**PROSPECTUS SUMMARY** 

*This summary highlights certain significant aspects of our business and this offering. This is a summary of information contained elsewhere in this prospectus, is not complete and does not contain all of the information that you should consider before making your investment decision. You should carefully read the entire prospectus, including the information presented under the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" and the consolidated financial statements and related notes thereto, before making an investment decision. This summary contains forward-looking statements that involve risks and uncertainties. Unless the context requires otherwise, references to "our company," "we," "us," "our," and "WhiteHawk" refer to WhiteHawk Income Corporation and its direct and indirect subsidiaries on a consolidated basis prior to this offering, and WhiteHawk Minerals Corp. and its direct and indirect subsidiaries on a consolidated basis following this offering. This prospectus includes certain terms commonly used in the natural gas and oil industry, which are defined elsewhere in this prospectus in the "Glossary of Natural Gas and Oil Terms" contained in Annex A to this prospectus.* 

*The estimates of our proved reserves as of December 31, 2025 have been prepared by CG&A, our independent reserve engineers. CG&A's report is included as an exhibit to the registration statement of which this prospectus forms a part. The estimates of our proved reserves as of December 31, 2024 have been prepared by Schaper Energy, our independent reserve engineers. Schaper Energy's report is included as an exhibit to the registration statement of which this prospectus forms a part. The estimates of PHX's (as defined herein) proved reserves as of December 31, 2024 have been prepared by CG&A, PHX's independent reserve engineers. CG&A's report is included as an exhibit to the registration statement of which this prospectus forms a part. The estimates of the TRR Seller's proved reserves as of December 31, 2024 have been prepared by Ryder Scott Company, L.P. ("Ryder Scott"), the TRR Seller's independent reserve engineers. Ryder Scott's report is included as an exhibit to this registration statement of which this prospectus forms a part.* 

**Our Company** 

WhiteHawk is focused on being the premier natural gas mineral and royalty business in the United States. We are committed to delivering cash flow and total returns to our investors through the disciplined acquisition, active management and ownership of high-quality mineral and royalty interests. Our assets are concentrated in the Marcellus and Haynesville Shales, which are located in the Appalachian and Haynesville Basins, which are among the most productive and lowest-cost U.S. natural gas basins.<sup>1</sup> Upon completion of the offering, we will own the largest, high-quality publicly traded natural gas mineral portfolio in the United States.<sup>2</sup> As a mineral and royalty business, we do not pay any drilling-related capital expenditures and only minimal operating expenses on our properties. This results in a high-margin business and allows us to distribute a meaningful portion of our cash flow to investors, while providing them with potential for significant capital appreciation over time.

As of March 31, 2026, our portfolio spans approximately 3.4 million gross DSU acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville Basins and represents an economic interest in approximately 13%<sup>3</sup> of all natural gas produced in the United States as of December 31, 2025. Further, we have more than 10,900 producing wells and more than 8,000 remaining identified undeveloped locations as of December 31, 2025. The Appalachian and Haynesville Basins form the core of U.S. natural gas production and are among the most prolific energy-producing regions globally. If measured against sovereign nations, the Appalachian Basin would rank as the world's second-largest natural gas producer, with daily production of

<sup>1</sup> EIA Short-Term Energy Outlook; Enverus Data.

<sup>2</sup> Based upon management's review of public filings with the SEC, excluding those companies which either derive a majority of their revenue from oil or are oil and NGL weighted in production.

<sup>3</sup> Enverus Data.

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approximately 33 Bcf/d, and the Haynesville Basin would rank eighth with daily production of approximately 13 Bcf/d.<sup>4</sup> In 2025, the Appalachian and Haynesville Basins together accounted for more than 50%<sup>5</sup> of total U.S. dry gas production, providing the foundation of domestic natural gas supply and export growth. Our mineral interests are concentrated in the core of these premier natural gas regions and offer long-term participation in two of the largest, most active and lowest-cost natural gas weighted basins in the United States.<sup>6</sup>

WhiteHawk's mineral interests are developed by many of the largest, most active and well-capitalized natural gas operators in the United States, including EQT (NYSE: EQT), Range Resources (NYSE: RRC), CNX Resources (NYSE: CNX), Antero Resources (NYSE: AR), Expand Energy (NASDAQ: EXE), Comstock Resources (NYSE: CRK) and Aethon Energy. In 2025, approximately 18%<sup>7</sup> of all wells drilled in the Appalachian and Haynesville Basins were located on acreage in which we hold royalty interests. Our significant footprint across both basins provides alignment and scale with these premier operators. In 2025, EQT was the largest natural gas producer in the Appalachian Basin, and Expand Energy was the largest producer in the Haynesville Basin.<sup>8</sup> In the same year, approximately 49% of EQT's Appalachian production and 57% of Expand Energy's Haynesville production were sourced from acreage in which we hold royalty interests.<sup>9</sup> Because our mineral interests are concentrated within these operators' active and planned development areas, we can benefit directly from their scale, financial strength and efficiency. Our exposure to leading operators enables us to gain from their continuous development across commodity cycles and provides a resilient base for predictable cash flow growth.

Leveraging our scale and position alongside leading operators, we believe we are well positioned to capitalize on two powerful natural gas demand catalysts: artificial intelligence ("AI") driven electricity demand growth and expanding U.S. liquefied natural gas ("LNG") exports. Natural gas remains the most reliable, scalable and cost-effective source of baseload power and accounted for approximately 41%<sup>10</sup> of total U.S. electricity generation in 2025. The rapid buildout of AI and cloud-computing infrastructure is projected to create additional demand for natural gas-fired power generation, with a management-estimated 7.8 Bcf/d of total natural gas demand associated with new power plants expected to be constructed by 2031,<sup>11</sup> largely within WhiteHawk's Appalachian Basin footprint. In addition to an increase in domestic demand, global demand for U.S. natural gas is expected to further accelerate through LNG export growth. The EIA projects the United States will nearly double its LNG export capacity from approximately 17 Bcf/d<sup>12</sup> in 2025 to nearly 34 Bcf/d by 2031<sup>13</sup> as European and Asian buyers seek to diversify supply and reduce exposure to higher regional benchmark prices. The Haynesville Basin's proximity and pipeline connectivity to the Gulf Coast LNG corridor position our mineral interests to benefit directly from this expansion in export capacity and feed-gas demand. Together, accelerating power demand from AI and the continued buildout of LNG export capacity, inclusive of announced projects, are expected to drive a structural step-change in U.S. natural gas demand—driving roughly a 36%<sup>14</sup> increase in combined demand by 2031 compared to 2025 levels. WhiteHawk believes it offers public investors direct equity exposure to the powerful tailwinds of AI-driven power demand and expanding U.S. LNG exports without drilling-related capital expenditures.

WhiteHawk is led by one of the most experienced and acquisitive management teams in the minerals and royalties sector. Collectively, our leadership has more than 125 years of industry experience and has completed

<sup>4</sup> World Energy Report.

<sup>5</sup> EIA Short-Term Energy Outlook.

<sup>6</sup> Enverus Data.

<sup>7</sup> Enverus Data.

<sup>8</sup> Enverus Data.

<sup>9</sup> Enverus Data.

<sup>10</sup> EIA Electric Monthly.

<sup>11</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand.

<sup>12</sup> EIA Natural Gas Exports.

<sup>13</sup> EIA Electric Monthly. Includes current operating and under construction projects only.

<sup>14</sup> EIA Natural Gas Monthly.

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over $31 billion of energy transactions across the upstream, midstream, and minerals and royalty value chain. Members of our team previously served as senior executives or founders of Atlas Energy (NYSE: ATLS), Atlas Pipeline Partners (NYSE: APL) and Falcon Minerals Corporation (NASDAQ: FLMN), each of which were successful public companies that generated substantial shareholder value through disciplined growth, accretive acquisitions and strategic monetizations.

Since its inception, WhiteHawk has completed eight large acquisitions, making it the most active acquirer of natural gas mineral and royalty properties in the United States.<sup>15</sup> More importantly, these acquisitions have been highly accretive to shareholders and have resulted in approximately 38%<sup>16</sup> cash-on-cash return to our initial investors through 49 months of consecutive cash dividend payments, plus an additional 41% increase in shareholder value through three share dividends through March 31, 2026. We continue to execute a focused consolidation strategy in a fragmented market, targeting accretive acquisitions to expand scale, enhance returns and extend development visibility. Our ability to consistently source, evaluate and close accretive transactions ahead of broader market consolidation underscores WhiteHawk's leadership as a focused, data-driven consolidator with a proven track record of value creation.

**Our History** 

We were founded in 2022 with a clear mission to build the premier natural gas minerals and royalty platform. Our thesis was that natural gas minerals and royalties represent one of the most efficient and resilient ways to participate in the energy value chain, combining high-margin cash yield with exposure to long-term macro tailwinds in U.S. natural gas demand.

We began executing on a strategy to consolidate high-quality, core-basin mineral and royalty assets from institutional and private equity owners. We identified an estimated $3 – $5 billion of natural gas minerals and royalties in the Appalachian and Haynesville Basins that were held by private equity funds nearing the end of their investment cycles and fund lives with few buyers of scale in the market. This imbalance created an attractive entry point to acquire premium assets at compelling valuations. WhiteHawk was created to capitalize on this opportunity, bringing technical expertise, public market experience and fresh capital to a fragmented sector.

In addition to our strategic acquisitions of larger, consolidated natural gas mineral packages, we launched a dedicated "ground game" in 2025 that has become an important component of our growth strategy. This approach builds on a meaningful track record, including at Falcon Minerals Corporation, where our team successfully executed more than 30 acquisitions through a similar strategy. Leveraging significant in-house land and engineering expertise alongside an established network of regional brokers, we seek to efficiently source and underwrite smaller-scale opportunities that we believe are highly accretive. Since December 2025, we have completed 14 such transactions totaling approximately $39.7 million. We expect the ground game to remain a component of our acquisition strategy, with the goal of adding scale consistent with our existing portfolio quality.

This opportunity may be enhanced by the fragmentation across our existing asset base. With an average net revenue interest of approximately 0.51% across our DSUs as of March 31, 2026 and an average royalty rate of approximately 17% as of December 31, 2025, we believe there is more than 33 times our current ownership potentially available for acquisition within our existing footprint.

<sup>15</sup> Enverus Data.

<sup>16</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

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As of March 31, 2026, WhiteHawk has accumulated natural gas mineral and royalty assets across approximately 3.4 million gross DSU acres focused primarily on the Appalachian and Haynesville Basins. Since our inception in 2022, WhiteHawk has made eight acquisitions and through March 31, 2026 has paid more than 49 consecutive monthly cash dividends, representing approximately 38%<sup>17</sup> cash-on-cash return to our initial investors, plus an additional 41% increase in shareholder value through three share dividends.

The figure below summarizes our acquisition history with respect to acquired net royalty acres on an 8/8<sup>th</sup> basis ("NRAs").

![LOGO](g86452g11a11.jpg)

Members of our management team were some of the early pioneers in the Marcellus Shale and, prior to the formation of WhiteHawk, collectively drilled some of the first horizontal wells in the Marcellus Shale. With over 20 years of Appalachian Basin-specific experience, our land and engineering teams specialize in identifying and acquiring high-quality land assets that underpin valuable, long-term mineral and royalty interests. This technical capability, combined with our extensive history of operating in Appalachia, proprietary deal sourcing, and data-driven analysis, allows WhiteHawk to efficiently negotiate and close transactions while maintaining disciplined capital allocation. In addition to utilizing technical analysis, we strive to acquire mineral and royalty interests in properties with top-tier E&P operators. We seek E&P operators that are well-capitalized, have a strong operational track record, and we believe will continue to increase production through the application of the latest drilling and completion techniques across our mineral and royalty interests, and have demonstrated resilience through commodity cycles.

The U.S. natural gas minerals and royalties market remains highly fragmented with many private owners and few scaled aggregators. This structural fragmentation presents a significant opportunity for continued consolidation. WhiteHawk is one of the few active, large mineral buyers focused exclusively on natural gas. Upon completion of this offering, WhiteHawk will be the only public natural gas mineral and royalty company with meaningful, scaled exposure to the Appalachian and Haynesville Basins, allowing WhiteHawk to capitalize on this fragmented market.<sup>18</sup> We intend to leverage our position to pursue disciplined, accretive acquisitions that enhance portfolio quality, expand our footprint in premier basins, and drive sustainable growth in cash flow and shareholder returns over time.

<sup>17</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

<sup>18</sup> Based upon management's review of public filings with the SEC, excluding those companies which either derive a majority of their revenue from oil or are oil and NGL weighted in production.

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**Natural Gas Industry and Future Development** 

Natural gas is the largest source of U.S. electricity generation and a cornerstone of global energy supply, accounting for approximately 41%<sup>19</sup> of total domestic power output in 2025. U.S. natural gas demand has the potential to increase from 107 Bcf/d in 2025 to approximately 148 Bcf/d by 2031, supported by structural growth across LNG exports, power generation expansion, rising electricity demand from data centers and AI, and advanced manufacturing.<sup>20</sup>

U.S. LNG export capacity could expand to around 45 Bcf/d by 2031, supported by approximately 34 Bcf/d currently operating or under construction and an additional 11 Bcf/d of capacity announced but not currently under construction<sup>21</sup>. If all export capacity is active by 2031, this would represent a 28% increase in natural gas demand over 2025 levels from LNG exports alone. The continued growth in LNG exports is expected to position the United States as the world's leading supplier of natural gas to Europe and Asia as international buyers seek secure, competitively priced and transparent alternatives to oil-indexed or regional benchmarks.

The figure below illustrates estimated liquefaction capacity for existing, under construction and announced projects as of December 2025:

![LOGO](g86452g52b60.jpg)

*Note: Liquefaction Capacity reflects Peak Nameplate Capacity. Commercial Operation includes commissioned projects. Source: EIA Liquefaction Report.* 

Additionally, as of December 2025, WhiteHawk has identified 21 publicly announced new or planned natural gas power plants in close proximity to WhiteHawk's Appalachia mineral position, which are estimated to generate natural gas demand of approximately 7.8 Bcf/d by 2031.<sup>22</sup>

<sup>19</sup> EIA Electric Monthly.

<sup>20</sup> Management estimated based on EIA Short-Term Energy Outlook.

<sup>21</sup> EIA Liquefaction Report as supplemented by management's review of recently announced facilities.

<sup>22</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand.

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In addition to the growing LNG export demand, the accelerated buildout of AI and cloud-computing infrastructure is creating a new and durable source of electricity demand, much of which is expected to be met by natural gas-fired power generation due to its reliability, scalability and relatively favorable carbon intensity.

WhiteHawk's mineral position in the Appalachian Basin lies in close proximity to major data center growth corridors across Virginia, Ohio and Pennsylvania, where WhiteHawk has identified, as of December 2025, publicly announced 28 new data centers representing what management estimates will generate 3.3 Bcf/d of incremental natural gas demand, of which approximately 1.7 Bcf/d is under construction or has achieved FID and approximately 1.6 Bcf/d is in pre-FID and announced stages.<sup>23</sup>

Together, these structural demand drivers are expected to sustain drilling and development activity on WhiteHawk's mineral acreage for years to come. With concentrated exposure to some of the most productive natural gas basins in the United States, we believe our mineral and royalty portfolio is well positioned to deliver stable production growth, increase royalty income and durable cash flow, and grow dividends and net asset value per share over the long term.

**Our Focus on Key Gas Basins** 

WhiteHawk's assets are concentrated in the Appalachian Basin and Haynesville Basin, which collectively represent the core of U.S. natural gas production. Each region combines substantial resource depth, high-quality operators, and access to major infrastructure and end-markets.

***Appalachian Basin (Pennsylvania / West Virginia / Ohio)***

The Appalachian Basin, located primarily in Pennsylvania, West Virginia and Ohio, constitutes the largest and most prolific natural gas basin in the United States and a critical source of future global natural gas supply, as of December 2025.<sup>24</sup> The basin's scale, consistent reservoir quality and access to infrastructure have made it a cornerstone of U.S. natural gas production and a key driver of the nation's transition toward cleaner, lower-carbon energy. The Appalachian Basin's importance to future natural gas growth is underpinned by its vast remaining resource potential and direct connectivity to both domestic and international demand. The basin benefits from an extensive network of gathering, processing and long-haul pipeline infrastructure that links production to major population centers and growing data center markets in the Northeast, Midwest and Northern Virginia, as well as to LNG export markets along the Gulf Coast. Continued expansion of southbound takeaway capacity and LNG facilities is expected to reinforce the region's role as a primary growth engine for U.S. natural gas supply over the next decade.

In the Appalachian Basin, the Marcellus Shale has transformed the United States from a net importer to a net exporter of natural gas over the past 20 years. During 2025, it accounted for roughly one-third of total U.S. dry gas production, producing at some of the lowest breakeven costs in the United States.<sup>25</sup> Exceptional pressure regimes, thick, laterally continuous pay zones and modern completion techniques allow operators to achieve recoveries and sustained productivity that rank among the highest in the industry.<sup>26</sup> The Utica Shale provides additional stacked-pay potential that enhances the economic life and development diversity of the basin and already accounted for 8% of total U.S. natural gas production in 2025.<sup>27</sup>

As of March 31, 2026, WhiteHawk's interests cover approximately 975,000 gross DSU acres across Southwest Pennsylvania and Northern West Virginia, operated by leading Appalachian Basin producers, including EQT,

<sup>23</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand.

<sup>24</sup> EIA Short-Term Energy Outlook.

<sup>25</sup> EIA Short-Term Energy Outlook.

<sup>26</sup> Enverus Data.

<sup>27</sup> EIA Short-Term Energy Outlook.

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Range Resources, CNX Resources and Antero Resources. These operators possess deep drilling inventories, strong balance sheets and a proven track record of disciplined development. Throughout 2024 and 2025, approximately 47% of wells turned in line by these operators in the Appalachian Basin were drilled on our acreage.<sup>28</sup>

The Appalachian Basin forms the foundation of WhiteHawk's asset base and provides investors with exposure to a region positioned to remain a highly productive source of low-cost, scalable natural gas for the U.S. and global markets for decades to come.

***Haynesville Basin (East Texas / North Louisiana)***

The Haynesville Basin, located in East Texas and North Louisiana, is one of the largest and most productive natural gas plays in the United States and a cornerstone of future U.S. supply growth. The basin's combination of exceptional reservoir quality, proximity to demand centers and direct access to the Gulf Coast has positioned it as a critical source of feed gas for the rapidly expanding LNG export market.

Strategically located within 150 miles of the Gulf Coast, the Haynesville Basin provides a direct and cost-advantaged connection between prolific supply and fast-growing global demand. It is estimated that nearly all existing and planned U.S. LNG export terminals—including Sabine Pass, Cameron, Golden Pass, Port Arthur and Plaquemines—source a substantial portion of their feed gas from the Haynesville Basin. This geographic alignment ensures that the basin will remain a key driver of U.S. natural gas export growth for decades as global markets seek cheaper, reliable sources of natural gas and lower-carbon alternatives to coal and oil.

Since its renewed development in 2017, the Haynesville Basin has delivered steady volume growth supported by high-deliverability wells and low full-cycle development costs.<sup>29</sup> The basin is characterized by over pressured, laterally extensive shale formations that yield high initial production rates and long-lived reserves.<sup>30</sup> Continued advances in lateral lengths, completion designs and multi-well pad efficiencies have enhanced recoveries and reduced breakeven costs, making the Haynesville Basin one of the most economically viable sources of natural gas in the world. In addition to the Haynesville Shale, our acreage also benefits from additional resources from the Cotton Valley and Mid-Bossier formations, which together produced approximately 3.2%<sup>31</sup> of U.S. natural gas production in 2025.

As of March 31, 2026, WhiteHawk's Haynesville interests cover approximately 600,000 gross DSU acres across East Texas and North Louisiana, operated by leading producers such as Expand Energy, Comstock Resources and Aethon Energy. These operators are among the most active and technically proficient in the basin, each maintaining multi-year drilling inventories and robust infrastructure connectivity.

The Haynesville Basin represents another cornerstone of WhiteHawk's portfolio, providing exposure to one of the highest-margin, infrastructure-advantaged gas plays in the United States. Its proximity to LNG export facilities, industrial corridors and petrochemical complexes along the Gulf Coast positions the basin—and WhiteHawk's assets within it—at the center of the next phase of global natural gas demand growth.

***Mid-Con Region (Anadarko Basin, Oklahoma)***

The Mid-Con region, anchored by the Anadarko Basin in Oklahoma and extending into portions of Texas, Arkansas and Kansas, is one of the most historically productive and geologically diverse hydrocarbon basins in the United States. The region has been a major contributor to U.S. natural gas and liquids supply for nearly a century and remains a critical source of stable production, infrastructure access and development optionality.

<sup>28</sup> Enverus Data.

<sup>29</sup> EIA Short-Term Energy Outlook.

<sup>30</sup> Upstream Outlook Report.

<sup>31</sup> Enverus Data.

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With its combination of legacy production, existing infrastructure and ongoing technical innovation, the Anadarko Basin continues to play an important role in maintaining domestic supply reliability and supporting industrial and power-generation demand across the central United States. The basin's multi-zone potential and moderate development costs have led to renewed operator activity, as natural gas demand expands through LNG exports and increasing AI-driven electricity demand.<sup>32</sup>

The Anadarko Basin is characterized by multiple geological formations—including the SCOOP (South Central Oklahoma Oil Province), STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher counties), Woodford Shale and Cherokee Shale, which together provide exposure to both dry gas and liquids-rich zones. These intervals offer extensive development potential through established drilling and completion techniques, allowing operators to target high-return projects across varying commodity price environments. The basin's mature gathering, processing and takeaway infrastructure ensures efficient market access to the Gulf Coast, Midwest and Mid-Con gas hubs.

As of March 31, 2026, WhiteHawk's Mid-Con position spans approximately 1.7 million gross DSU acres across the SCOOP, STACK and Arkoma plays, operated by established and well-capitalized producers such as Continental Resources and Devon Energy (NYSE: DVN). These operators maintain deep, de-risked inventories and continue to optimize recovery through longer laterals, tighter spacing and improved completion designs.

**Our Mineral and Royalty Interests** 

***Nature of Our Mineral and Royalty Interests***

WhiteHawk's portfolio consists primarily of producing and undeveloped mineral and royalty interests in the Appalachian Basin, Haynesville Basin and Mid-Con region that provide the right to receive a share of production revenue from the sale of natural gas, natural gas liquids ("NGLs") and oil produced by third-party operators. These interests include fee mineral ownership, non-participating royalty interests and overriding royalty interests.

We own two types of interests: mineral and royalty interests and non-operating working interests. Of the mineral and royalty interests, we own three types: mineral interests, non-participating royalty interests ("NPRIs") and overriding royalty interests ("ORRIs"). For the three months ended March 31, 2026, our mineral and royalty interests accounted for approximately 98% of our royalty revenues and our non-operating working interests accounted for approximately 2% of our royalty revenues. For the year ended December 31, 2025, our mineral and royalty interests accounted for approximately 99% of our royalty revenues and our non-operating working interests accounted for approximately 1% of our royalty revenues. Each of these interests have different rights and obligations as further described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mineral Interests:* Mineral interests are perpetual real property interests rights of the owner to exploit,
mine and/or produce the minerals lying below the surface of the property. When we lease our mineral interests to third-party operators, we retain a royalty interest—the ongoing right to a portion of the revenue from any oil or gas later
produced—and receive a one-time payment known as a lease bonus. Typically, the resulting royalty interest is a cost-free percentage of production revenues for minerals extracted from the acreage. Holders
of royalty interests are generally not responsible for capital expenditures or lease operating expenses but may be responsible for certain post-production expenses and typically have limited environmental liability. While mineral interests are
usually perpetual, gas and oil leases have a set term. Therefore, if drilling stops or no production occurs during that term, the lease ends, and the mineral owner is free to lease the rights again to another party and receive another lease bonus.
Royalty interests expire upon the expiration of the gas and oil lease, but the mineral interests would be retained. Mineral interests represented approximately 92% of our mineral and royalty interests as of March 31, 2026.

<sup>32</sup> Enverus Data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Participating Royalty Interest*. A NPRI has the same
characteristics as a standard royalty interest except that the term "non-participating" indicates that the interest owner has the right to participate in the execution of gas and oil leases but
does not share in the bonus or rentals from a gas and oil lease. NPRIs represented approximately 3% of our mineral and royalty interests as of March 31, 2026.

working interest. Like royalty interests, ORRIs do not confer an obligation to make capital expenditures or pay for lease operating expenses and have limited environmental liability; however, ORRIs may be calculated net of post-production expenses,
depending on how the ORRI is structured. ORRIs that are carved out of working interests are linked to the same underlying gas and oil lease that created the working interest and, therefore, ORRIs are typically subject to expiration upon the
expiration or termination of the underlying gas and oil lease. ORRIs represented approximately 5% of our mineral and royalty interests as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Operating Working Interest.* In addition to our mineral
and royalty interests, we own certain non-operating working interests acquired in connection with the PHX Acquisition. Non-operating working interest holders have the right to extract minerals from acreage
leased pursuant to a gas and oil lease from a mineral interest holder. Holders of working interests are responsible for their *pro rata* share of capital expenditures and lease operating expenses, but holders of working interests only receive
revenues after distributions have first been made to holders of royalty interests and ORRIs. Working interests expire upon the termination or expiration of the underlying gas and oil lease. As of March 31, 2026, our non-operating working
interest portfolio consisted of 437 gross (18.1 net) wells located exclusively in the Mid-Con region and accounted for approximately 2% of our royalty revenues. These non-operating working interests represented approximately 7% of our total proved
reserves as of December 31, 2025, 4% of our total production for the three months ended March 31, 2026 and 3% of our total production for the year ended December 31, 2025.

The following table presents information as of March 31, 2026 about our mineral and royalty interest acreage by the resource plays we consider most material to our current and future business and accounted for approximately 98% and 99% of our royalty revenue for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net<br>Mineral<br>Acres** | **Average<br>Royalty<br>Rate** | **NRA<br>100%<br>Basis<br>(Mineral**<br>**Interest)<sup>(2)</sup>** | **NRA<br>100%<br>Basis<br>(ORRIs)<sup>(2)</sup>** | **NRA<br>100%<br>Basis<br>(NPRIs)<sup>(2)</sup>** | **Total<br>NRAs<br>100%<br>Basis<sup>(2)</sup>** | **NRA<br>(1/8<sup>th</sup><br>Basis)** | **Gross**<br>**DSU**<br>**Acres** | **Implied<br>Average<br>Net<br>Revenue<br>Interest<br>Across<br>DSUs<sup>(1)</sup>** |
|  Appalachian Basin | 20286 | 16% | 3226 | 232 | 578 | 4035 | 32277 | 975000 | 0.41% |
|  Haynesville Basin | 5943 | 21% | 1248 | 60 |  | 1308 | 10464 | 600000 | 0.22% |
|  Mid-Continent Region | 63256 | 17% | 10564 | 487 |  | 11051 | 88406 | 1700000 | 0.65% |
|  Other | 6041 | 16% | 954 | 0 |  | 955 | 7638 | 150000 | 0.64% |
|  **Total** | **95526** | **17%** | **15992** | **779** | **578** | **17348** | **138785** | **3425000** | **0.51%** |

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(1) Calculated as total net royalty acres divided by gross DSU acres.

(2) Within the mineral and royalty industry, ownership is typically standardized to NRAs to compare portfolios on an
equivalent basis. NRAs are adjusted either to a 1/8 royalty (12.5%) standardized basis or to a 100% royalty equivalent.

As of March 31, 2026, our interest covered approximately 3.4 million gross DSU acres and, as of December 31, 2025, more than 10,900 producing wells. As of December 31, 2025 we held an economic interest in 13% of total U.S. natural gas production and in 2025 we had an interest in 18% of new wells drilled in the Appalachian and Haynesville

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Basins.<sup>33</sup> As of December 31, 2025, the estimated proved natural gas, NGL and crude oil reserves attributable to our interest are 86% natural gas, 10% NGLs and 4% crude oil, with $293,690 thousand of PV-10. Of these proved reserves, 98% were classified as PD reserves and 2% were classified as undeveloped reserves. For the year ended December 31, 2025, the average net daily production associated with our portfolio was 50,351 Mcfe/d, consisting of 45,442 Mcf/d of natural gas, 577 Bbls/d of NGLs and 241 Bbls/d of oil and on a pro forma basis, average net daily production of 67,255 Mcfe/d, consisting of 59,621 Mcf/d of natural gas, 790 Bbls/d of NGLs and 483 Bbls/d of oil. For the three months ended March 31, 2026, the average net daily production associated with our portfolio was 64,270 Mcfe/d, consisting of 56,812 Mcf/d of natural gas, 784 Bbls/d of NGLs and 459 Bbls/d of oil.

We earn most of our revenues through a steady stream of royalties and lease bonuses, all tied to the success of gas and oil production on our acreage. We differ from traditional upstream gas and oil companies as we, and any other royalty interest owner, do not pay for nor operate wells. All of the costs and risks involved in finding, drilling and maintaining wells are borne by the working interest owners. Royalty interest owners generally are only responsible for certain taxes tied to production, such as severance and property taxes, and fees related to transportation or marketing of gas and oil.

Because we do not pay for drilling or bear the risks of dry holes or operational setbacks, we typically enjoy much higher operating margins compared to our third-party operators. Our business model is more capital-light, focusing on management and acquisition of various mineral and royalty interests, rather than the direct, costly development capital necessary for the extraction of resources. This gives us a recurring income stream with less variability in free cash flow than the traditional exploration and production business.

As an active consolidator of mineral and royalty interests, WhiteHawk works closely with third-party operators throughout the lifecycle of each asset—from negotiating and optimizing lease terms at inception, to confirming timely in-pay status as wells are drilled and completed and continuously validating that we receive the correct revenue interest over the life of the well. This engagement has supported improved royalty terms, more favorable pricing provisions, and reduced post-production deductions, enhancing realized revenues and long-term returns.

WhiteHawk's mineral and royalty ownership model allows the Company to generate stable, capital-efficient cash flow from producing assets while maintaining organic growth potential through the continued development of its undeveloped mineral position without the need to pay for associated drilling capital expenditures. Over time, we have reinvested proceeds from lease bonuses and free cash flow from our assets to expand our footprint in the most economically attractive natural gas basins in the United States while maintaining a conservative balance sheet and disciplined capital strategy.

The following table provides information regarding our gross and net locations by region or basin based on technical parameters as of December 31, 2025. For additional information with respect to our gross and net locations, please see the section titled "Business—Natural Gas, NGL and Oil Data."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Undeveloped Location Count<sup>(1)</sup>** | **Gross Undeveloped Location Count<sup>(1)</sup>** | **Gross Undeveloped Location Count<sup>(1)</sup>** | **Net Undeveloped<br>Location Count<sup>(4)</sup>** | **Average Lateral<br>Length** |
| **Region / Basin** | **Included in Proved<br>Reserves<sup>(2)</sup>** | **Other**<br>**Locations<sup>(3)</sup>** | **Total** | **Total** | **(feet)** |
|  Appalachian Basin | 229 | 2563 | 2792 | 8.7 | 13246 |
|  Haynesville Basin | 94 | 1487 | 1581 | 3.1 | 9267 |
|  Mid-Continent Basin<sup>(5)</sup> | 86 | 3866 | 3952 | 14.1 | 9314 |
|  Other<sup>(6)</sup> | 21 | 437 | 458 | 2.1 | 9864 |

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(1) Numbers of gross well locations may vary based on actual lateral lengths drilled by operators.

(2) Includes Proved Undeveloped locations included as part of CG&A's reserve report dated March 13,
2026 with respect to the Company's proved reserves as of December 31, 2025. Includes WIPs and permits as defined by management.

<sup>33</sup> Enverus Data.

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(3) Includes locations not included as part of CG&A's reserve report dated March 13, 2026 with respect to
the Company's proved reserves as of December 31, 2025; however, such locations have been audited and approved by CG&A. Includes other undeveloped locations, as defined by management.

(4) Reflects management's estimated net revenue interest multiplied by Total Gross Undeveloped Locations as
audited by CG&A.

(5) Includes locations in the SCOOP, STACK, Cherokee, Arkoma and Fayetteville.

(6) Includes locations in the Bakken.

**Key Operators** 

We strive to acquire mineral and royalty interests in properties with top-tier E&P operators that are well capitalized, have a strong operational track record and that we believe will continue to increase production through the application of the latest drilling and completion techniques. Our royalty interests are developed and operated by many of the highest-quality natural gas producers in the United States. The graphs below highlight the portion of production from top operators captured on our position across each region in 2025:<sup>34</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g86452g26a01.jpg) ![LOGO](g86452g26b02.jpg) ![LOGO](g86452g26c03.jpg)

Collectively, in 2025, these 14 operators listed above controlled more than 79% of WhiteHawk's leased acreage and represented the leading producers in the Appalachian Basin, Haynesville Basin and Mid-Con region. Their scale, balance-sheet strength and technological capabilities enhance recovery efficiency, reduce breakeven costs and provide reliable long-term development of our mineral interests—directly supporting our ability to pay sustainable dividends to our investors.

**Strengths** 

We believe that the following competitive strengths will allow us to successfully capitalize on our market opportunities, execute our business strategies, and achieve our primary business objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Premier, large-scale natural gas mineral and royalty company in America's most productive gas basins.*** We have assembled one of the largest pure-play natural gas mineral and royalty portfolios in the United States, spanning approximately 3.4 million gross DSU acres as of March 31, 2026 and providing exposure to more than 10,900
producing wells as of December 31, 2025. Our acreage is concentrated in the Appalachian and Haynesville Basins, two of the most productive and lowest-cost sources of natural gas in the United States, which together accounted for more than 50%
of total U.S. dry gas production<sup>35</sup> in 2025, 81% of our royalty revenue in 2025 and 80% of our royalty revenue for the three months ended March 31, 2026. These basins feature thick, laterally
continuous shale intervals, high-pressure reservoirs, and well-developed gathering and long-haul pipeline infrastructure that enable some of the lowest breakeven development economics in the United States. The fact that 11% and 33%<sup>36</sup> of Appalachian and Haynesville Basin wells, respectively, were drilled on our acreage in 2025, is indicative that our assets are located in the core development areas of these premier gas plays.

<sup>34</sup> Enverus Data. Percentages exceed 100% due to rounding. 

<sup>35</sup> EIA Short-Term Energy Outlook.

<sup>36</sup> Enverus Data.

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We believe our proximity to the core development areas of these basins will provide long-term visibility into drilling activity and sustained royalty cash flow through consistent operator investments and stacked play potential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***High-margin, capital-light business model.*** WhiteHawk's business model is designed to
generate substantial cash flow as our mineral and royalty interests have no drilling capital expenditure requirements and minimal operating costs. Our mineral and royalty interests allow us to capture the economic benefits of natural gas development
without bearing the capital risk or inflationary cost pressures typical of traditional E&P companies because we do not incur drilling, completion, lease operating expenses, or plugging and abandonment obligations at the end of a well's
productive life. This capital-light model enables us to convert a significant portion of our revenue directly into free cash flow. Our recurring costs are limited primarily to production taxes, gathering, processing, and transportation expenses, and
modest general and administrative overhead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***High-quality assets supported by top-tier operators with visible development activity*.** Our mineral interests are operated by leading, well-capitalized E&P companies in some of the most productive and economically attractive natural gas basins in the United States. In 2025, the Appalachian Basin
accounted for approximately 38% of the total U.S. natural gas production,<sup>37</sup> with WhiteHawk's acreage operated by premier producers including EQT, Antero Resources, Range Resources and CNX
Resources. Combined, these operators accounted for approximately 96% of our royalty revenue in the Appalachian Basin in 2025 and approximately 97% of our royalty revenue in the Appalachian Basin for the three months ended March 31, 2026. The
Haynesville Basin contributed approximately 15% of total U.S. natural gas production in 2025,<sup>38</sup> with WhiteHawk's acreage operated by premier producers including Expand Energy, Comstock
Resources and Aethon Energy. Combined, these operators accounted for approximately 58% of our royalty revenue in the Haynesville Basin for 2025 and approximately 52% of our royalty revenue in the Haynesville Basin for the three months ended
March 31, 2026. As of December 31, 2025, our portfolio includes nearly 430 wells in progress ("WIPs") and permitted locations, and more than 8,000 remaining identified undeveloped locations. We believe this embedded
inventory provides a visible, multi-year growth runway that requires no additional capital investment from us. Our exposure to operators with strong balance sheets, basin-leading drilling productivity, and disciplined capital programs is designed to
enhance the stability of our production base and support long-term royalty cash flow generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Capturing value from AI-driven electricity demand growth.*** We are positioned to benefit from the accelerating rise in electricity demand driven by AI and data center expansion, much of which is expected to be met by natural gas. Natural gas is the primary fuel for U.S. power generation accounting for
approximately 41%<sup>39</sup> of total electricity output in 2025. In line with this trend, our Appalachian Basin acreage is located near 21 publicly announced new or planned natural
gas fired power plants representing what management estimates to be approximately 7.8 Bcf/d of total natural gas demand associated with new power plants expected by 2031.<sup>40</sup> The ongoing expansion
of AI-driven and digital-infrastructure power needs is expected to support long-term natural gas consumption and price stability, encouraging sustained operator investment and development activity on our
mineral acreage and providing predictable recurring cash flows that can be distributed to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Positioned to capitalize on LNG export growth.*** U.S. LNG export capacity is expected to nearly
double from approximately 17 Bcf/d in 2025 to nearly 34 Bcf/d by 2031<sup>41</sup>, as European and Asian buyers seek secure, competitively priced supply and diversify away from oil-indexed benchmarks or regional

<sup>37</sup> EIA Short-Term Energy Outlook.

<sup>38</sup> EIA Short-Term Energy Outlook.

<sup>39</sup> EIA Electric Monthly.

<sup>40</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand.

<sup>41</sup> EIA Natural Gas Exports. Includes current operating and under construction projects only.

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international benchmarks such as JKM (Asia) and TTF (Europe), where the average pricing is 3-4x Henry Hub pricing in the United States for the year 2025.<sup>42</sup> In addition, as of December 2025, approximately 28 Bcf/d of incremental LNG capacity is in various stages of regulatory review and development, representing further upside to long-term U.S. export potential.<sup>43</sup> The Haynesville Basin's proximity and pipeline connectivity to the Gulf Coast LNG corridor position our assets to benefit directly from this expansion. Sustained growth in U.S. LNG exports is expected to drive long-term feed-gas demand from the basins where our mineral interests are concentrated, for years to come. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Proven management team with a track record of public company value creation and accretive growth.*** Our management team is among the most experienced and acquisitive in the minerals sector, with more than 125 years of combined industry experience and over $31 billion of completed energy transactions across the upstream, midstream, and
mineral and royalty value chain. Members of our team previously served as senior executives or founders of Atlas Energy, Atlas Pipeline Partners and Falcon Minerals, each a successful public company that created substantial shareholder value through
disciplined growth, accretive acquisitions, and strategic monetization. Since our founding, WhiteHawk has been the most active acquirer of natural gas minerals and royalties, completing eight large transactions across the most prolific gas-oriented basins in the United States.<sup>44</sup> Our ability to consistently source, evaluate, and close accretive transactions underscores WhiteHawk's
leadership as a focused, data-driven consolidator with proven expertise in capital allocation, M&A execution and public-market stewardship.

**Strategies** 

Our primary business objective is to deliver shareholder value through dividends and total return from our mineral interests in premier natural gas-weighted properties. We intend to accomplish this objective by executing the following key strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Provide sustained income to investors through strong Cash Available for Distribution generation and cash dividends.*** We expect initially to pay dividends from our Cash Available for Distribution with the remaining cash flow to be used for additional acquisitions that meet our investment criteria or to maintain our
conservative capital structure. As mineral and royalty owners, we benefit from the continued organic development of our acreage and are able to convert a high percentage of our revenues to Cash Available for Distribution (as defined herein). We
believe that our mineral and royalty interests are positioned for growth as E&P operators continue to concentrate on the Appalachian Basin, Haynesville Basin and Mid-Con region to meet growing global
demand for natural gas. Since our inception in 2022, we have paid 49 consecutive monthly common equity dividends, totaling approximately $37 million and representing a cash-on-cash return of approximately 38%<sup>45</sup> to our initial investors through March 31, 2026. We believe our
efficient, conservatively levered structure, with low capital intensity and disciplined financial management, provides a sustainable foundation for attractive dividend yields, balance sheet flexibility, and long-term value creation for shareholders.
There can be no assurance that we will pay any dividends to holders of our Class A common stock, or as to the amount of any such dividends. See "Risk Factors—Risks Related to Our Business—We expect to distribute a substantial
majority of the cash we generate from operations, which could limit our ability to grow and make acquisitions" and "Risk Factors—Risks Related to this Offering and Ownership of Our Class A Common Stock—We intend to pay
regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited…" for

<sup>42</sup> FactSet LNG Pricing.

<sup>43</sup> EIA Liquefaction Report as supplemented by management's review of recently announced facilities.

<sup>44</sup> Enverus Data.

<sup>45</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

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additional discussion of factors that could impact our ability to pay dividends, including covenants under our Senior Notes and Revolving Credit Facility. Please also read "Dividend Policy," "Description of Material Indebtedness" and "Certain Relationships and Related Party Transactions—Internalization." <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Strategically source and acquire de-risked, cash-flowing natural gas mineral and royalty interests of scale from long-term partnerships.*** Our strategy focuses on acquiring high-quality mineral and royalty interests that generate immediate cash flow and offer long-term development visibility. We target
assets operated by leading, well-capitalized producers in the core of the Appalachian Basin, Haynesville Basin, and Mid-Con region, where continued drilling activity provides durable revenue growth without
direct capital risk exposure. WhiteHawk differentiates itself through a disciplined, partnership-oriented sourcing approach with private-equity sponsors and other institutional owners seeking liquidity from later-life funds. This positions WhiteHawk
as one of the few large-scale consolidators of natural gas-weighted minerals, particularly in the Appalachian Basin, which remains underrepresented in public minerals markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursue disciplined, accretive acquisitions in premier natural gas plays.*** We intend to grow our
portfolio through the disciplined acquisition of high-quality natural gas mineral and royalty interests in the Appalachian Basin, Haynesville Basin and Mid-Con region. By leveraging our management team's
extensive industry relationships, and proprietary geologic and title data, we target assets that can provide accretive growth in shareholder value while strengthening our production and reserve base. Since inception, we have been among the most
active consolidators in the natural gas minerals sector, completing eight transactions that have materially increased our scale and enhanced cash flow. These acquisitions have been highly accretive to shareholders and have resulted in approximately
38%<sup>46</sup> cash-on-cash return to our initial investors. We believe current market conditions remain highly favorable for
consolidation, as fragmented ownership across numerous private sellers continues to create opportunities for accretive acquisitions that meet our investment criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Optimize portfolio to maximize Cash Available for Distribution and maintain diversified exposure.*** We actively manage our portfolio to prioritize acreage with a strong cash-flow base, visible near-term development, and substantial future inventory. A core component of this strategy is maintaining a broad, diversified mineral
footprint across multiple core natural gas basins, encompassing an average NRI of 0.69% in more than 10,900 producing wells as of December 31, 2025, with additional wells consistently in various stages of development across a footprint
exceeding 3.4 million gross DSU acres as of March 31, 2026. This scale and diversity provide exposure to the most prolific, lowest-cost natural gas plays in the United States while reducing reliance on any single operator or well. The
result is a balanced portfolio designed to generate resilient cash flow and mitigate volatility through commodity cycles. Through disciplined asset management, targeted reinvestment, and continued optimization, we seek to enhance portfolio
productivity, strengthen cash flow stability and grow our dividend over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain conservative and flexible capital structure to support our business and facilitate long-term operations.*** We are committed to maintaining a conservative capital structure that will afford us the financial flexibility to execute our business strategies on an ongoing basis. We expect to maintain a prudent level of debt to support our
acquisition and growth strategy while preserving balance sheet flexibility. We believe that the combination of cash flow from operations, proceeds from this offering, and selective use of other debt and equity financings will provide us with
sufficient liquidity to pursue accretive acquisitions, enhance our cash flow profile, and return capital to our shareholders. We intend to manage our leverage conservatively and finance future acquisitions through cash flow from operations or
opportunistically utilizing equity or debt to support disciplined growth.

<sup>46</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Commitment to responsible natural gas development and governance excellence.*** Natural gas, the
primary driver of our royalty income, is a critical, lower-emission component of the modern energy mix and remains central to meeting global demand for reliable and affordable power. As a cleaner-burning fuel, it provides consistent and scalable
energy that complements renewable energy and supports grid stability. The operators developing our mineral acreage, including EQT, Range Resources, Antero Resources and CNX Resources, have each adopted measurable standards focused on reducing
emissions and promoting responsible development. With all of our assets located in the most economic natural gas basins in the United States, we are positioned to benefit from the growing recognition of natural gas as a reliable, cleaner source of
energy. We also intend to reinforce the durability of our business through rigorous corporate governance, transparency, and alignment with our shareholders. Our governance framework emphasizes independence, accountability, and disciplined capital
allocation. We believe our governance framework reduces our risk profile and sustains investor confidence through commodity cycles. We believe our adherence to governance best practices and partnerships with responsible operators differentiate
WhiteHawk as a transparent, sustainable, and income-oriented energy investment capable of delivering attractive returns over the long term.

**Recent Transactions** 

***PHX Acquisition***

Pursuant to the PHX Merger Agreement, by and among the Company Parties and PHX, the Company Parties agreed to acquire in an all-cash transaction all issued and outstanding shares of PHX's common stock for a purchase price of $4.35 per share, a total value of $194.8 million, including PHX's net debt.

Subsequently, on June 23, 2025, the Company Parties closed on the PHX Acquisition and fully acquired all of the outstanding shares of PHX's common stock. The PHX Acquisition increased the Company's mineral and royalty ownership position by acquiring additional mineral and royalty interests in the Haynesville Shale as well as the SCOOP/STACK, Bakken, Arkoma and others. The PHX Acquisition also increased the Company's exposure to some of its top third-party operators, including Expand Energy, Comstock Resources and Aethon Energy in the Haynesville Shale, while adding other top operators including Continental Resources and Devon Energy in the SCOOP/STACK region in Oklahoma. As a result of the PHX Acquisition, WhiteHawk added approximately 1.8 million gross DSU acres of premier natural gas mineral and royalty assets, significantly expanding its footprint in the core of the Haynesville Shale in East Texas/North Louisiana and diversifying its portfolio into the SCOOP/STACK region.

***Marcellus Assets***

On March 31, 2025, the Company purchased in the Three Rivers Royalty Acquisition mineral and royalty interests in the Marcellus Shale for a purchase price of $118.0 million from the TRR Seller. The Company believes these Marcellus Shale assets represent some of the highest quality natural gas reserves in the United States.

***Haynesville Assets***

On March 2, 2026, the Company and its affiliate entered into a definitive purchase and sale agreement to acquire certain natural gas mineral and royalty interests primarily located in the core of the Haynesville Shale in Louisiana and east Texas ("Haynesville Assets"). The Haynesville Assets cover approximately 150,000 gross DSU acres and will further increase the Company's exposure to high-quality development across the Haynesville and Mid-Bossier formations. The assets are concentrated in core areas of the basin and are operated by established, well-capitalized operators. The Haynesville Assets acquisition closed on April 3, 2026. We funded the purchase price of the Haynesville Assets acquisition primarily through the issuance of approximately

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$37.8 million of shares of Series D preferred stock. See "Description of Capital Stock—Preferred Stock— Series D Preferred Stock." The Company intends to use a portion of the proceeds from this offering to redeem any shares of Series D Preferred Stock outstanding. See "Use of Proceeds." To the extent the proceeds of this offering are insufficient to redeem the total aggregate principal amount of Series D Preferred Stock outstanding, the Company intends to use cash on hand to fully redeem the total aggregate principal amount of Series D Preferred Stock outstanding.

***Internalization***

In connection with this offering, we will consummate the Internalization, pursuant to which WhiteHawk OpCo will acquire all of the outstanding equity interests in ManagementCo from the Management Contributor in exchange for OpCo Interests and shares of Class B common stock (based on an initial public offering price of $ per share of Class A common stock, which is the midpoint of the range) with an aggregate value equal to the Internalization Price of $125.0 million (subject to an adjustment up or down, in each case by a maximum of $15.0 million, depending on the initial public offering price). In addition, 25% of the Internalization Price (the "Earnout Amount") is subject to our achievement of certain Adjusted EBITDA targets during each of the three Earnout Years (as defined herein). The Earnout Amount, if earned, is payable solely in the form of additional OpCo Interests and shares of Class B common stock. The Continuing Equity Owners will also be entitled to receive dividend equivalent rights ("DERs") in respect of the Earnout Amount equal to the dividends and distributions that would have been paid on the OpCo Interests issuable in respect of the Earnout Amount had such OpCo Interests been outstanding from the closing of the Internalization. Any such DER payments not already paid that are attributable to any portion of the Earnout Amount that is ultimately not earned will be forfeited. As a result of the Internalization, ManagementCo will become a wholly owned subsidiary of WhiteHawk OpCo and we will become internally managed. See "Certain Relationships and Related Party Transactions—Internalization" for a more detailed description of the Contribution Agreement and the Internalization.

**Summary of the Transactions** 

In connection with the consummation of the offering, we will consummate the following organizational transactions (the "Transactions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will amend and restate our certificate of incorporation (our "amended and restated certificate of
incorporation") to, among other things, (i) change our name to "WhiteHawk Minerals Corp."; (ii) provide for the reclassification of shares held by the Legacy Common Stock Investors issued and outstanding immediately prior to
the offering into one validly issued, fully paid and non-assessable share of our Class A common stock, on a one-for-one basis (such reclassification, the "Common Stock Reclassification"); (iii) provide for an adjustment to the number of
authorized shares such that our authorized capital stock shall consist of 250,000,000 shares of Class A common stock, par value $0.0001 per share, 100,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of
preferred stock, par value $0.0001 per share; (iv) authorize our board of directors to establish and issue one or more series of preferred stock from time to time and to fix the rights, preferences, privileges and restrictions thereof; (v) provide
for the creation of Class B common stock in connection with our anticipated Up-C structure, with shares of Class B common stock to be issued to Continuing Equity Owners, with each share of Class B common stock entitled to one vote per share and no
economic rights; and (vi) establish that Legacy Common Stock Investors are prohibited from selling their Class A common stock or related securities for 365 days following the consummation of this offering, or such shorter period as determined
by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WhiteHawk OpCo will enter into an amended and restated limited partnership agreement (the "OpCo
Agreement") to, among other things, (i) appoint OP GP as the sole general partner of WhiteHawk OpCo

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with the authority to manage and control the business and affairs of WhiteHawk OpCo, (ii) authorize the issuance of OpCo Interests to us in exchange for the interests we own in WhiteHawk OpCo prior to this offering as well as the proceeds from this offering, (iii) provide the Continuing Equity Owners with the right to require WhiteHawk OpCo to redeem their OpCo Interests for, at our election (determined solely by our independent directors who are disinterested), cash or newly-issued shares of our Class A common stock on a one-for-one basis (subject to customary adjustments), (iv) provide that, in connection with any redemption or exchange of OpCo Interests, if applicable, a corresponding number of shares of Class B common stock held by the redeeming or exchanging Continuing Equity Owner will automatically be transferred to us for no consideration and canceled, and (v) authorize the issuance to us of such number of Series B preferred units in WhiteHawk OpCo equal to the number of shares of our Series B preferred stock outstanding upon the consummation of the Transactions; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will enter into a registration rights agreement with certain of our Subsequent Continuing Equity Owners
(the "Registration Rights Agreement"), as further described in "Certain Relationships and Related Party Transactions;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with and in order to effectuate the Internalization, the Contribution Agreement will be entered
into by the parties thereto, pursuant to which, among other things, OpCo will acquire all of the outstanding equity interests in ManagementCo from the Management Contributor in exchange for OpCo Interests and shares of Class B common stock.
Prior to the closing of this offering, ManagementCo, as our external manager, provided management, acquisition, disposition and oversight functions with respect to us and WhiteHawk OpCo. As a result of the Internalization, ManagementCo will become a
wholly owned subsidiary of WhiteHawk OpCo and we will become internally managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue     shares of our Class A common stock to the purchasers in this offering
(or     shares if the underwriters exercise in full their option to purchase additional shares of Class A common stock) in exchange for net proceeds of approximately $ million
(or approximately $ million if the underwriters exercise in full their option to purchase additional shares of Class A common stock) based upon an assumed initial public offering price of $ per share
(which is the midpoint of the estimated price range set forth on the cover page of this prospectus), less the underwriting discount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will use the net proceeds from this offering to purchase newly issued OpCo Interests for approximately
$ million directly from WhiteHawk OpCo at the initial public offering price less the underwriting discount.

Immediately following the consummation of the Transactions (including this offering):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be a holding company and our principal assets will consist of OpCo Interests we acquire or are otherwise
issued directly from WhiteHawk OpCo and all the membership interests in OP GP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as the sole member of OP GP, the sole general partner of WhiteHawk OpCo, we will control the business and affairs
of WhiteHawk OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will own, directly or indirectly,    OpCo Interests, representing
approximately   % of the economic interest in WhiteHawk OpCo (or    OpCo Interests, representing approximately     % of the economic interest in WhiteHawk OpCo if the underwriters exercise in full
their option to purchase additional shares of Class A common stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will own a number of Series B preferred units in WhiteHawk OpCo equal to the number of shares of Series B
preferred stock outstanding after the consummation of the Transactions, representing 100% of the preferred units of WhiteHawk OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will no longer have any shares of Series D preferred stock outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Management Contributor will own (i)     OpCo Interests, representing
approximately  % of the economic interest in WhiteHawk OpCo (or     OpCo Interests, representing approximately    % of the economic interest in WhiteHawk OpCo if the underwriters exercise in full their
option to purchase additional shares of Class A common stock) and (ii)     shares of our Class B common stock, representing approximately    % of the combined voting power of all of our common stock (or
     shares of our Class B common stock, representing approximately    % if the underwriters exercise in full their option to purchase additional shares of Class A common stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchasers in this offering will own (i)     shares of our Class A common stock
(or      shares of our Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock), representing approximately   % of the combined
voting power of all of our common stock and   % of the economic interest in us (or approximately   % of the combined voting power and   % of the economic interest if the underwriters exercise in full their option
to purchase additional shares of Class A common stock), and (ii) through our ownership of OpCo Interests, indirectly will hold approximately   % of the economic interest in WhiteHawk OpCo (or approximately   % of the
economic interest in WhiteHawk OpCo if the underwriters exercise in full their option to purchase additional shares of Class A common stock).

Following the first anniversary of the closing of the Internalization, the Management Contributor expects to distribute the OpCo Interests and shares of Class B common stock received by the Management Contributor in connection with the Internalization to the Subsequent Continuing Equity Owners, at which time the Subsequent Continuing Equity Owners will execute a joinder to the OpCo Agreement. Following the consummation of such distribution and execution of such joinder, the Subsequent Continuing Equity Owners may exchange at each of their respective options, in whole or in part from time to time, their OpCo Interests (together with a corresponding number of shares of Class B common stock), for, at our election (determined solely by our independent directors (within the meaning of the NYSE rules) who are disinterested), cash or newly-issued shares of our Class A common stock as described in "Certain Relationships and Related Party Transactions—OpCo Agreement—Agreement in Effect Upon Consummation of the Transactions." Unless otherwise indicated, this prospectus does not give effect to the distribution of OpCo Interests or shares of Class B common stock by the Management Contributor to the Subsequent Continuing Equity Owners.

The foregoing description of the Transactions does not give effect to OpCo Interests or shares of our Class B common stock that may be issued as a part of the Earnout Amount (as defined herein), as more fully described in the section titled "Certain Relationships and Related Party Transactions—Internalization—Earnout."

Following the Transactions, including this offering, we will control the management of WhiteHawk OpCo through our ownership of OP GP. As a result, we will consolidate WhiteHawk OpCo in our consolidated financial statements.

Unless otherwise indicated, this prospectus assumes the shares of Class A common stock are offered at $ per share (the midpoint of the estimated price range set forth on the cover page of this prospectus). For more information regarding the impact of the initial offering price on the share information included throughout this prospectus, see "The Offering."

Our corporate structure following this offering, as described below, is commonly referred to as an Up-C structure. The Up-C structure will allow the Continuing Equity Owners to retain their equity ownership in WhiteHawk OpCo following the Transactions and to continue to realize tax benefits associated with owning interests in an entity that is treated as a partnership, or "flow-through" entity, for U.S. federal income tax purposes. Investors in this offering will, by contrast, hold their equity ownership in us, a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, in the form of shares of Class A common stock. One of the tax

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benefits to the Continuing Equity Owners associated with this structure is that future taxable income of WhiteHawk OpCo that is allocated to the Continuing Equity Owners will be taxed on a flow-through basis and, therefore, will not be subject to corporate taxes at the entity level. Moreover, the Up-C structure permits the Continuing Equity Owners to defer the recognition of taxable gain on their OpCo Interests until they elect to exercise their redemption right (rather than recognizing such gain at the time of this offering). Additionally, because the Subsequent Continuing Equity Owners may at their election have their OpCo Interests redeemed by WhiteHawk OpCo (or at our option, directly exchanged by us) for newly issued shares of our Class A common stock on a one-for-one basis (subject to customary adjustments, including for stock splits, stock dividends, and reclassifications) or, at our option, for cash, the Up-C structure also provides the Subsequent Continuing Equity Owners with potential liquidity that holders of non-publicly traded limited liability companies are not typically afforded. Upon any such redemption or exchange of OpCo Interests for shares of Class A common stock, the Company may benefit from certain tax attributes, including potential increases in tax basis that may reduce the amount of tax that would otherwise be payable by us. In connection with any such redemption or exchange of OpCo Interests, a corresponding number of shares of Class B common stock held by the relevant Continuing Equity Owner will automatically be transferred to us for no consideration and be canceled.

For more information regarding the Transactions and our structure, see "Our Organizational Structure."

**Organizational Structure** 

The diagram below depicts our organizational structure after giving effect to the Transactions, including this offering and proposed use of proceeds, assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock and does not give effect to the issuance of any OpCo Interests or shares of Class B common stock in respect of the Earnout Amount.

![LOGO](g86452g06u13.jpg)

(1) Excludes any Continuing Equity Owners who hold Class A common stock as a result of the Common Stock
Reclassification (in addition to OpCo Interests and Class B common stock).

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(2) Legacy Common Stock Investors will be prohibited from selling their Class A common stock or related securities
for up to 365 days following the consummation of this offering, or such shorter period as determined by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering.

(3) We intend to use a portion of the proceeds from this offering to redeem any shares of Series D preferred
stock outstanding. See "Use of Proceeds." To the extent the proceeds of offering are insufficient to redeem the total aggregate principal amount of Series D preferred stock outstanding, the Company intends to use cash on hand to
fully redeem the total aggregate principal amount of Series D preferred stock outstanding. As a result, following this offering, the only outstanding preferred stock outstanding will be the Series B preferred stock.

**Corporate Information** 

WhiteHawk Income Corporation was formed on February 18, 2022 and is the issuer of the Class A common stock offered by this prospectus. We intend to change our corporate name to WhiteHawk Minerals Corp. in connection with the closing of this offering. See "—Summary of the Transactions" and "Our Organizational Structure." Our principal executive offices are located at 2000 Market Street, Suite 910, Philadelphia, PA 19103, and our telephone number is (610) 484-3412. Our corporate website address is https://www.whitehawkenergy.com/. Our website and the information contained on or that can be accessed through our website is not deemed to be incorporated by reference in, and is not considered part of, this prospectus. You should not rely on any such information in making your decision whether to purchase our Class A common stock.

**Summary of Risk Factors** 

Investing in our Class A common stock involves a number of risks. The following is a summary of the principal factors that make an investment in our Class A common stock speculative or risky, all of which are more fully described in the section titled "Risk Factors" included elsewhere in this prospectus. This summary should be read in conjunction with the "Risk Factors" section and should not be relied upon as an exhaustive summary of the material risks facing our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our revenues are primarily derived from mineral and royalty payments that are based on the price of natural gas,
NGL and oil which is subject to volatility due to factors beyond our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lower natural gas, NGL and oil prices or negative adjustments of natural gas, NGL and oil prices may result in
significant impairment charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our derivative activities may limit the cash flows received from natural gas and oil sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The development of our properties relies exclusively on our third-party operators and these operators may fail to
develop our existing inventory of mineral and royalty acreage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drilling for and producing natural gas, NGLs and oil are high-risk activities with many uncertainties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our third-party operators may fail to drill sufficient wells to hold acreage before lease expiration which may
result in loss of lease and prospective drilling opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience delays in the receipt of royalty payments and may not be able to terminate leases with
defaulting lessees if our third-party operators declare bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may incur losses as a result of title defects or other issues in the properties we own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A limited number of third-party operators currently generate a significant portion of our revenue and accounts
receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The substantial majority of our business is concentrated in the Appalachian and Haynesville Basins, making us
vulnerable to risks associated with such geographic concentration of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks related to our wells where we are a non-operating working interest owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our future success depends on replacing reserves through acquisitions and there may be constraints in our ability
to finance acquisitions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have experienced significant business and portfolio growth in a short time, and our significant growth rates
and financial results may not be sustainable or indicative of future financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any acquisition of additional mineral and royalty interests that we complete will be subject to substantial
risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to retain our key personnel or attract additional qualified personnel could negatively affect our
business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our estimated proved reserves are based on many assumptions that may prove to be inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our identified drilling locations are susceptible to uncertainties that could materially alter the occurrence or
timing of their drilling and there is no guarantee that our estimates will be materially consistent with actual drilling activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on our third-party operators, other third parties and government databases for information regarding our
assets and such information may be incorrect, incomplete or lost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to information technology system failures, network disruptions, cyber-attacks or other breaches
in data security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declining general economic, business or industry conditions, which could have a material adverse effect on our
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our industry is highly competitive, and competitive pressures could negatively affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exported liquefied natural gas could fail to be a competitive source of energy for the United States or
international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our growth strategy is partly dependent upon the continued expansion of electricity demand driven by AI data
center development and expectations regarding increased demand may not materialize;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unavailability, high cost or shortages of equipment, raw materials, supplies or personnel for our third-party
operators related to developing and operating our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The marketability of natural gas, NGLs and crude oil is dependent on the availability of equipment and
transportation facilities that is outside of our and our third-party operators' control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our third-party operators are subject to significant governmental regulations, and governmental authorities can
delay or deny permits and approvals or change legal requirements governing our business, which could restrict their operations, increase costs of conducting our business, and delay our implementation of, or cause us to change, our business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The development and enactment of climate change legislation as well as increased attention to sustainability may
impact our business or the business of our third-party operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Future legislative or regulatory changes may have a material adverse effect on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our use of borrowings to finance our business exposes us to risks and any future indebtedness we may incur could
further increase the risks associated with our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We recently restated our audited consolidated financial statements to correct certain errors and have identified
material weaknesses in our internal control over financial reporting that caused our management to conclude that we did not maintain effective internal control over financial reporting and disclosure controls and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No market currently exists for our Class A common stock, and an active, liquid trading market for our
Class A common stock may not develop, which may cause our Class A common stock to trade at a discount from the initial offering price and make it difficult for you to sell the Class A common stock you purchase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot predict the effect our dual class structure may have on the market price of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our organizational structure confers certain benefits upon the Continuing Equity Owners that will not benefit
holders of our Class A common stock to the same extent that it will benefit the Continuing Equity Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delaware law and anti-takeover provisions in our governing documents, to be adopted upon the consummation of this
offering, may have the effect of delaying or preventing a change of control or changes in our management and may deprive our investors of the opportunity to receive a premium for their shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to pay regular dividends to our stockholders may be limited by our financial condition, results of
operations, cash flows, prospects, industry conditions, capital requirements, instruments governing our indebtedness and other factors and restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirements of being a public company may strain our resources, divert management's attention and
affect our ability to attract and retain qualified board members and officers.

For a discussion of these and other risks you should consider before making an investment in our common stock, see the section entitled "Risk Factors."

**Emerging Growth Company** 

We are an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the JOBS Act. For as long as we are an emerging growth company, unlike other public companies that do not meet those qualifications, we are not required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide an auditor's attestation report on management's assessment of the effectiveness of our system
of internal control over financial reporting pursuant to Section 404(b) of Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide more than two years of audited financial statements and related management's discussion and
analysis of financial condition and results of operations in a registration statement on Form S-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with any new requirements adopted by the Public Company Accounting Oversight Board ("PCAOB")
requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide certain disclosure regarding executive compensation required of larger public companies or hold
stockholder advisory votes on executive compensation required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain stockholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This permits an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of this extended transition period and, as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for private companies.

We will cease to be an "emerging growth company" upon the earliest of: (i) the last day of the first fiscal year in which our annual gross revenues are $1.235 billion or more; (ii) the date on which we have issued more than $1.0 billion of non-convertible debt over a three-year period; (iii) the last day of the fiscal year following the fifth

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anniversary of our initial public offering; or (iv) the date on which we have been deemed a "large accelerated filer," which will occur as of the end of any fiscal year in which we (A) have an aggregate worldwide market value of voting and non-voting shares of common equity securities held by our non-affiliates of $700 million or more as of the last business day of our most recently completed second fiscal quarter, (B) have been subject to the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), for a period of at least 12 calendar months, (C) have filed at least one annual report pursuant to Section 13(a) or 15(d) of the Exchange Act, and (D) are no longer eligible to use the requirements for "smaller reporting companies," as defined in the Exchange Act, for our annual and quarterly reports.

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**THE OFFERING** 

Issuer WhiteHawk Income Corporation (to be changed to WhiteHawk Minerals Corp. in connection with the closing of the offering).

Class A common stock offered by us shares (or shares, if the underwriters exercise in full their option to purchase additional shares).

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| OpCo Interests to be outstanding after this offering  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OpCo Interests, representing an approximately % economic interest in WhiteHawk OpCo (or OpCo Interests, representing an approximately % economic interest in WhiteHawk OpCo, if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |

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Option to purchase additional shares We have granted the underwriters a 30-day option to purchase up to an aggregate of additional shares of our Class A common stock to the extent the underwriters sell more than shares of Class A common stock in this offering.

Class A common stock to be outstanding after this offering shares (or shares if the underwriters exercise in full their option to purchase additional shares).

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| Shares of Class B common stock to be outstanding immediately after this offering  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares, representing approximately % of the combined voting power of all of our common stock (or shares, representing approximately % of the combined voting power of all of our common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock) and no economic interest in WhiteHawk Minerals Corp. |

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| OpCo Interests to be held by us immediately after this offering  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OpCo Interests, representing approximately % of the economic interest in WhiteHawk OpCo (or OpCo Interests, representing approximately % of the economic interest in WhiteHawk OpCo if the underwriters exercise in full their option to purchase additional shares of Class A common stock). |

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| OpCo Interests to be held directly by the Management Contributor immediately after this offering  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OpCo Interests, representing approximately % of the economic interest in WhiteHawk OpCo (or OpCo Interests, representing approximately % of the economic interest in WhiteHawk OpCo if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Certain Continuing Equity Owners will also hold an aggregate of shares of Class A common stock after this offering. Unless otherwise indicated, this prospectus does not give effect to the  |

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distribution of OpCo Interests or shares of Class B common stock by the Management Contributor to the Subsequent Continuing Equity Owners.

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| Ratio of shares of Class A common stock to OpCo Interests  | The OpCo Agreement will require that we and WhiteHawk OpCo at all times maintain a one-to-one ratio between the number of shares of Class A common stock issued by us and the number of OpCo Interests owned by us. |

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| Ratio of shares of Class B common stock to OpCo Interests  | Our amended and restated certificate of incorporation and the OpCo Agreement will require that we and WhiteHawk OpCo at all times maintain a one-to-one ratio between the number of shares of Class B common stock owned by the Continuing Equity Owners and their respective permitted transferees and the number of OpCo Interests owned by the Continuing Equity Owners and their respective permitted transferees. Immediately after the Transactions, the Management Contributor will own % of the outstanding shares of our Class B common stock. |

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| Permitted holders of shares of Class B common stock  | Only the Continuing Equity Owners and the permitted transferees of Class B common stock as described in this prospectus will be permitted to hold shares of our Class B common stock. See "Certain Relationships and Related Party Transactions—OpCo Agreement—Agreement in Effect Upon Consummation of the Transactions." |

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| Voting rights  | Holders of shares of our Class A common stock and Class B common stock will vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by law or our amended and restated certificate of incorporation. Each share of our Class A common stock and Class B common stock entitles its holders to one vote per share on all matters presented to our stockholders generally. See "Description of Capital Stock." |

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| Redemption rights of holders of OpCo Interests  | The Subsequent Continuing Equity Owners may, subject to certain exceptions, from time to time at each of their options require WhiteHawk OpCo to redeem all or a portion of their OpCo Interests in exchange for, at our election (determined solely by our independent directors (within the meaning of the Exchange rules) who are disinterested), newly-issued shares of our Class A common stock on a one-for-one basis (subject to customary adjustments, including for stock splits, stock dividends, and reclassifications) or a cash payment equal to a volume weighted average market price of one share of our Class A common stock for each OpCo Interest so redeemed, in each case, in accordance with the terms of the OpCo Agreement; provided that, at our election (determined solely by our independent directors (within the meaning of the Exchange rules) who are disinterested), we  |

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may effect a direct exchange by us of such Class A common stock or such cash, as applicable, for such OpCo Interests. Simultaneously with the payment of cash or shares of Class A common stock, as applicable, in connection with a redemption or exchange of OpCo Interests pursuant to the terms of the OpCo Agreement, a number of shares of our Class B common stock registered in the name of the redeeming or exchanging Continuing Equity Owner and permitted transferees will automatically be transferred to us for no consideration on a one-for-one basis with the number of OpCo Interests so redeemed or exchanged and such shares of Class B common stock will be canceled. See "Certain Relationships and Related Party Transactions—OpCo Agreement—Agreement in Effect Upon Consummation of the Transactions." <br>

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|:---|:---|
| Use of proceeds  | We estimate that the net proceeds from the sale of our Class A common stock in this offering, after deducting the underwriting discount and estimated offering expenses payable by us, will be approximately $(or $ if the underwriters exercise their option to purchase additional shares of Class A common stock in full) based on an assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover of this prospectus). |

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We intend to use the net proceeds from this offering, as well as cash on hand, as follows: (i) approximately $ million to prepay, in whole or in part, the outstanding principal of our Senior Notes as well as a make-whole amount of approximately $14.6 million and a prepayment premium of approximately $3.0 million to the existing holders, in each case as required under the terms of our existing Note Purchase Agreement, (ii) approximately $ million for the redemption of all of the outstanding shares of our Series D preferred stock, (iii) approximately $ million for the redemption of a portion of our outstanding Series B preferred stock, and (iv) the remainder for other general corporate purposes, including payment of a Liquidity Incentive Fee (as defined herein).

We are a holding company and our only assets after consummation of this offering will be our ownership of OpCo Interests and membership units in OP GP. Accordingly, we intend to use the net proceeds from this offering to purchase newly issued OpCo Interests from WhiteHawk OpCo at a price per unit equal to the initial public offering price per share of Class A common stock, less estimated underwriting discounts and commissions. In the event the underwriters exercise their option to purchase additional shares of Class A common stock, we intend to use any such additional proceeds in the same manner. See "Use of Proceeds."

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| Dividend Policy  | We expect to pay quarterly dividends on our Class A common stock in amounts determined from time to time by our board of directors. However, the declaration and payment of any dividends will be at the sole discretion of our board of directors, which may change our  |

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dividend policy at any time. Holders of our Class B common stock are not entitled to participate in any dividends declared by our board of directors. Because we are a holding company, our ability to pay cash dividends on our Class A common stock depends on our receipt of cash distributions from WhiteHawk OpCo and our operating subsidiaries. Our ability to pay dividends may be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of us. Our ability to pay dividends is also restricted by covenants governing our Senior Notes and Revolving Credit Facility. Our payment of dividends may vary from quarter to quarter, may be significantly reduced or may be eliminated entirely. Future dividend levels will depend on the requirements, regulatory restrictions, any restrictions in financing agreements and other factors deemed relevant by the board. See "Risk Factors—Risks Related to Our Business—We expect to distribute a substantial majority of the cash we generate from operations, which could limit our ability to grow and make acquisitions" and "Risk Factors—Risks Related to this Offering and Ownership of Our Class A Common Stock—We intend to pay regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited…" for additional discussion of factors that could impact our ability to pay dividends. Please read "Dividend Policy." <br>

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| Directed Share Program  | The underwriters have reserved for sale at the initial public offering price up to % of the Class A common stock being offered by this prospectus for sale to our employees, executive officers, directors, business associates and related persons who have expressed an interest in purchasing Class A common stock in this offering. We do not know if these persons will choose to purchase all or any portion of these reserved shares, but any purchases they do make will reduce the number of shares available to the general public. The sales of shares pursuant to the directed share program will be made by Raymond James & Associates, Inc., an underwriter of this offering. Please read "Underwriting." |

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|:---|:---|
| Internalization  | In connection with this offering, we will consummate the Internalization, pursuant to which WhiteHawk OpCo will acquire all of the outstanding equity interests in ManagementCo from the Management Contributor in exchange for OpCo Interests and shares of Class B common stock (based on an initial public offering price of $ per share of Class A common stock, which is the midpoint of the range) with an aggregate value equal to the Internalization Price of $125.0 million (subject to an adjustment up or down, in each case by a maximum of $15.0 million, depending on the initial public offering price). In addition, the Earnout Amount is subject to our achievement of certain Adjusted EBITDA targets during each of the three Earnout Years (as defined herein). The Earnout Amount, if earned, is payable solely in the form of additional OpCo Interests and shares of Class B common stock. The Continuing Equity Owners will also be entitled to receive DERs in respect of the  |

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Earnout Amount equal to the dividends and distributions that would have been paid on the OpCo Interests issuable in respect of the Earnout Amount had such OpCo Interests been outstanding from the closing of the Internalization. Any such DER payments not already paid that are attributable to any portion of the Earnout Amount that is ultimately not earned will be forfeited. As a result of the Internalization, ManagementCo will become a wholly owned subsidiary of WhiteHawk OpCo and we will become internally managed. See "Certain Relationships and Related Party Transactions—Internalization" for a more detailed description of the Contribution Agreement and the Internalization. <br>

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| Registration Rights Agreement  | Pursuant to the Registration Rights Agreement, we will, subject to the terms and conditions thereof, agree to register the resale of the shares of our Class A common stock that are issuable to certain Subsequent Continuing Equity Owners in connection with the Transactions. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement" for a discussion of the Registration Rights Agreement. |

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Risk Factors Investing in our Class A common stock involves risks. See the "Risk Factors" section of this prospectus beginning on page 35 for a discussion of factors you should carefully consider before investing in our Class A common stock.

Listing We have applied to have our Class A common stock listed on the NYSE under the symbol "WHK."

The number of shares of our Class A common stock that will be outstanding upon the completion of the offering excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock issuable upon exercise of the
underwriters' option to purchase additional shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock issuable upon the vesting and settlement
of restricted stock units outstanding as of      ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock reserved for future issuance
under our Amended and Restated WhiteHawk Income Corporation 2026 Equity Incentive Plan (the "A&R 2026 Plan") that will become effective on the date our registration statement of which this prospectus forms a part becomes effective
(which number includes     shares of Class A common stock subject to restricted stock unit awards which will be granted to our non-employee directors pursuant to the A&R 2026 Equity Incentive Plan in connection with the
consummation of this offering based on an assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover of this prospectus)), as well as any shares that become issuable
pursuant to provisions in the A&R 2026 Plan that automatically increase the share reserve under the A&R 2026 Plan as set forth in "Executive and Director Compensation—Anticipated Changes to our Compensation Program Following This
Offering —A&R 2026 Equity Incentive Plan."

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Except as otherwise indicated, all information in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amendment and restatement of the OpCo Agreement that converts all existing ownership interests in WhiteHawk
OpCo into    OpCo Interests, as well as the filing of our amended and restated certificate of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriters' option to purchase up to     additional shares of
Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering price of $ per share (the midpoint of the price range set
forth on the cover of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that no shares are purchased under the directed share program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our amended and restated certificate of incorporation and our amended and restated bylaws, which will become
effective prior to or upon the closing of this offering.

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##### [**Table of Contents**](#toc)
**SUMMARY HISTORICAL AND PRO FORMA CONDENSED CONSOLIDATED FINANCIAL** 

**AND OTHER DATA** 

The following tables present (i) summary historical consolidated financial and other data of the Company and its consolidated subsidiaries and (ii) summary unaudited pro forma condensed consolidated combined financial data for the Company and its subsidiaries.

We derived the summary consolidated balance sheet data as of March 31, 2026 and 2025 and the summary consolidated statements of operations data for the three months ended March 31, 2026 and 2025 from our unaudited interim consolidated financial statements and related notes thereto included elsewhere in this prospectus. We derived the summary consolidated balance sheet data as of December 31, 2025 and 2024 and the summary consolidated statements of operations data for the years ended December 31, 2025 and 2024 from our audited consolidated financial statements and related notes thereto included elsewhere in this prospectus (in the case of financial data as of and for the year ended December 31, 2025 as restated in the Restatement). You should read this data together with our consolidated financial statements and related notes included elsewhere in this prospectus and the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations." Our historical results for any prior period are not necessarily indicative of the results of future operations and should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the audited consolidated financial statements and notes thereto included elsewhere in this prospectus.

We derived the summary unaudited pro forma condensed consolidated combined balance sheet as of March 31, 2026 and the summary unaudited pro forma condensed consolidated combined statements of operations for the three months ended March 31, 2026 and the year ended December 31, 2025 from the unaudited pro forma consolidated financial data included elsewhere in this prospectus. The unaudited pro forma consolidated financial information gives pro forma effect to the transactions described under "Unaudited Pro Forma Condensed Consolidated Combined Financial Information." The unaudited pro forma condensed consolidated financial data includes various estimates that are subject to material change and may not be indicative of what our operations or financial position would have been had this offering and related transactions taken place on the dates indicated, or that may be expected to occur in the future. See "Unaudited Pro Forma Condensed Consolidated Combined Financial Information" for a complete description of the adjustments and assumptions underlying the summary unaudited pro forma condensed consolidated financial data.

**Condensed Consolidated Statements of Operations:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Historical** | **Pro Forma<sup>(1)</sup>** | **Pro Forma<sup>(1)</sup>** |
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Three Months<br>Ended** | **Year Ended** |
|  | **2026** | **2025** | **2025** | **2024** | **March 31,<br>2026** | **December 31,<br>2025** |
|  | | | **(As Restated)** | | | |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  **Revenues:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $25616 | $8039 | $50075 | $12702 | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | (5309) | (8874) | 16648 | (4418) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus revenue | 517 | 2 | 872 | 1166 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | $20824 | (833) | 67595 | 9450 |  |  |
|  **Operating expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 3109 | 891 | 16585 | 2792 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2981 | 1423 | 9966 | 4681 |  |  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Historical** | **Pro Forma<sup>(1)</sup>** | **Pro Forma<sup>(1)</sup>** |
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Three Months<br>Ended** | **Year Ended** |
|  | **2026** | **2025** | **2025** | **2024** | **March 31,<br>2026** | **December 31,<br>2025** |
|  | | | **(As Restated)** | | | |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 9665 | 3199 | 24237 | 10827 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock based compensation | 483 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | $16238 | 5513 | 50788 | 18300 |  |  |
|  **Operating income (loss)** | $4586 | (6346) | 16807 | (8850) |  |  |
|  **Other expense:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  |  | 3839 | 359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of assets |  |  | 123 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 5997 | 1747 | 19070 | 3939 |  |  |
|  **Income (loss) before income taxes** | $(1411) | (8093) | (6225) | (13148) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (348) |  | (2640) | (1587) |  |  |
|  **Net income (loss)**  | $(1063) | $(8093) | $(3585) | $(11561) | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings allocated to participating securities | (1186) | (1086) | (7341) | (5266) |  |  |
|  **Net income (loss) attributable to common stockholders** | $(2249) | $(9179) | $(10926) | $(16827) |  |  |

---

(1) See unaudited pro forma condensed consolidated combined statements of operations for the three months ended
March 31, 2026 and the year ended December 31, 2025 in "Unaudited Pro Forma Condensed Consolidated Combined Financial Information" for more information.

**Condensed Consolidated Balance Sheet Data:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Pro Forma<sup>(1)</sup>** |
|  | **As of March 31,** | **As of December 31,** | **As of December 31,** | **As of March 31,** |
|  | **2026** | **2025** | **2024** | **2026** |
|  | | **(As Restated)** | | |
|  | | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Cash and cash equivalents | $64562 | $28989 | $5330 | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $544862 | $507138 | $165920 | $|
|  Total liabilities | $261212 | 270722 | 74128 |  |
|  Total mezzanine equity | $74673 | 27662 | 21225 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | $208977 | $208754 | $70567 | $|

---

(1) See unaudited pro forma condensed consolidated combined balance sheet as of March 31, 2026 in
"Unaudited Pro Forma Condensed Consolidated Combined Financial Information" for more information.

**Non-GAAP Financial Measures** 

Adjusted EBITDA and Cash Available for Distribution (and their pro forma counterparts) are supplemental non-GAAP financial measures used by our management and by external users of our financial statements such as investors, research analysts and others that our management believes are useful to assess the financial

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performance of our assets and their ability to sustain dividends and/or share repurchases over the long term without regard to financing methods, capital structure or historical cost basis.

We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depreciation, depletion and amortization adjusted for unrealized gains and losses on commodity derivative instruments, non-cash equity-based compensation, if any, accretion of asset retirement obligations, impairment of oil and natural gas properties, if any, gains and losses on sales of assets, if any, loss on extinguishment of debt, transaction costs and other non-cash or non-recurring operating expenses, if any. We reconcile Adjusted EBITDA to net income (loss), its most directly comparable GAAP measure.

We define Cash Available for Distribution as net cash provided by operating activities excluding amortization of debt issuance costs, interest expense, net, transaction costs, deferred taxes, provision for income taxes, management fees, and changes in operating assets and liabilities, plus or minus amounts for certain non-cash operating activities, cash interest expense, cash taxes and cash preferred dividends. We reconcile Cash Available for Distribution to net cash provided by operating activities, its most directly comparable GAAP measure.

We define Pro Forma Adjusted EBITDA as Adjusted EBITDA as adjusted for management fees and the effects of the TRR Acquisition and the PHX Acquisition. We define Pro Forma Cash Available for Distribution as Cash Available for Distribution as adjusted for management fees and the effects of the TRR Acquisition and the PHX Acquisition. While these measures do adjust for management fees that we will no longer incur after the Transactions, they do not reflect the full pro forma effects of the Transactions, which are not known as of the date of this registration statement. These measures will be updated to reflect the full pro forma effects of the Transactions in a subsequent amendment to this registration statement.

Adjusted EBITDA and Cash Available for Distribution (and their pro forma counterparts) do not represent and should not be considered alternatives to, or more meaningful than, their most directly comparable GAAP financial measures or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Our non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. Our computations of Adjusted EBITDA and Cash Available for Distribution (and their pro forma counterparts) may differ from computations of similarly titled measures of other companies.

The following table presents a reconciliation of Adjusted EBITDA and Cash Available for Distribution (and their pro forma counterparts) to the most directly comparable GAAP financial measures for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Historical** | **Pro Forma<sup>(1)</sup>** | **Pro Forma<sup>(1)</sup>** |
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Three Months<br>Ended** | **Year Ended** |
|  | **2026** | **2025** | **2025** | **2024** | **March 31,<br>2026** | **December 31,<br>2025** |
|  | | | **(As Restated)** | | | |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net income (loss)  | $(1063) | $(8093) | $(3585) | $(11561) | $| $(541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 5997 | 1747 | 19070 | 3939 |  | 19729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 9665 | 3199 | 24237 | 10827 |  | 36451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | (348) |  | (2640) | (1587) |  | (1343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss (gain) on commodity derivative instruments | (395) | 8413 | (8121) | 13134 |  | (8121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees |  |  |  |  |  | 9966<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt |  |  | 3839 | 359 |  | 3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 483 |  | 179 |  |  | 861<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction costs |  |  | 7396 | 300 |  | 11596<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on the sale of assets |  |  | 123 |  |  | (6306) |
|  Adjusted EBITDA | $14339 | $5266 | $40498 | $15411 | $| $66131 |

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<sup>(1)</sup> See our Unaudited Pro Forma Condensed Consolidated Combined Financial Information included elsewhere in this prospectus for more information about our pro forma financial measures. Unless otherwise indicated, these measures reflect adjustments for management fees and the effects of the TRR Acquisition and the PHX Acquisition, but do not reflect the full pro forma effects of the Transactions, which are not known as of the date of this registration statement. These measures will be updated to reflect the Transactions in a subsequent amendment to this registration statement. 

<sup>(2)</sup> Reflects inclusion of $6.2 million of Base Management Fees and $3.7 million of Dividend Incentive Fees. After the completion of the Transactions, the Company will no longer incur the Base Management Fees or the Dividend Incentive Fees. 

<sup>(3)</sup> Reflects inclusion of $0.7 million of stock-based compensation expense from the historical statement of operations of PHX Minerals incurred during the period from January 1, 2025 through June 23, 2025 (date of acquisition). 

<sup>(4)</sup> Reflects inclusion of $4.2 million of non-recurring transaction expenses from the historical statement of operations of PHX Minerals incurred during the period from January 1, 2025 through June 23, 2025 (date of acquisition). 

The following table presents a reconciliation of Cash Available for Distribution to the most directly comparable GAAP financial measure for the period indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | **Historical** | **Historical** | **Historical** | **Pro Forma<sup>(1)</sup>** | **Pro Forma<sup>(1)</sup>** |
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year<br>Ended** | **Year<br>Ended** |
|  | **2026** | **2025** | **2025** | **2024** | **December 31,<br>2025** | **December 31,<br>2025** |
|  | | | **(As Restated)** | | | |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Net cash provided by operating activities | $2841 | $(230) | $13577 | $9447 | $— | 23088<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | (197) | (149) | (744) | (316) |  | (744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 5997 | 1747 | 19070 | 3939 |  | 19729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction costs |  |  | 7396 | 300 |  | 11596<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes | 72 |  | 3508 | 1587 |  | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | (348) |  | (2640) | (1587) |  | (1343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees |  |  |  |  |  | 9966<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities | 5974 | 3898 | 331 | 2041 |  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash interest expense | (5964) | (1651) | (19117) | (3780) |  | (19978)<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash income taxes | (42) |  | (745) | (877) |  | (1034)<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred dividends | (924) | (1044) | (7076) | (5114) |  | (7076) |
|  Cash Available for Distribution | $7409 | $2571 | $13560 | $5640 | $— | 38043 |

---

<sup>(1)</sup> See our Unaudited Pro Forma Condensed Consolidated Combined Financial Information included elsewhere in this prospectus for more information about our pro forma financial measures. Unless otherwise indicated, these measures reflect adjustments for management fees and the effects of the TRR Acquisition and the PHX Acquisition, but do not reflect the full pro forma effects of the Transactions, which are not known as of the date of this registration statement. These measures will be updated to reflect the Transactions in a subsequent amendment to this registration statement. 

<sup>(2)</sup> Reflects inclusion of pro forma income statements changes related to the TRR Acquisition and PHX Acquisition.

<sup>(3)</sup> Reflects inclusion of $4.2 million of non-recurring transaction expenses from the historical statement of operations of PHX Minerals incurred during the period from January 1, 2025 through June 23, 2025 (date of acquisition). 

<sup>(4)</sup> Reflects inclusion of $6.2 million of Base Management Fees and $3.7 million of Dividend Incentive Fees. After the completion of the Transactions, the Company will no longer incur the Base Management Fees or the Dividend Incentive Fees. 

<sup>(5)</sup> Reflects inclusion of $0.8 million of cash interest expense from the historical statement of operations of PHX Minerals incurred during the period from January 1, 2025 through June 23, 2025 (date of acquisition). 

<sup>(6)</sup> Reflects inclusion of $0.3 million of cash income taxes from the historical statement of operations of PHX Minerals incurred during the period from January 1, 2025 through June 23, 2025 (date of acquisition). 

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**SUMMARY RESERVE DATA** 

The following table sets forth (i) estimates of our net proved natural gas, NGL and oil reserves as of December 31, 2025 based on the reserve report prepared by CG&A, (ii) estimates of our net proved natural gas, NGL and oil reserves as of December 31, 2024 based on the reserve report prepared by Schaper Energy, (iii) estimates of the PHX net proved natural gas, NGL and oil reserves as of December 31, 2024 based on the reserve report prepared by CG&A and (iv) estimates of the TRR Seller's ****net proved natural gas and oil reserves as of December 31, 2024 based on the reserve report prepared by Ryder Scott. The reserve reports were prepared in accordance with the rules and regulations of the SEC. You should refer to "Risk Factors," "Business—Our Natural Gas, NGL and Oil Data," "Business—Our Natural Gas, NGL and Oil Production Prices and Costs," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our historical consolidated financial statements and related notes thereto included elsewhere in this prospectus in evaluating the material presented below. The following table provides (a) our estimated proved reserves as of December 31, 2025 and (b) our, PHX's and the TRR Seller's ****estimated proved reserves, as of December 31, 2024, as applicable, using the provisions of the SEC rules regarding reserve estimation regarding a historical twelve-month pricing average applied prospectively. WhiteHawk's estimates as of December 31, 2024 do not give effect to the PHX Acquisition and the Three Rivers Royalty Acquisition.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **WhiteHawk<sup>(1)</sup>** | **PHX<sup>(2)</sup>** | **TRR Seller<sup>(3)</sup>** | **Combined<br>WhiteHawk,<br>PHX and TRR<br>Seller<sup>(4)</sup>** | **WhiteHawk<sup>(5)</sup>** |
|  | **December 31, 2024**<br>**(dollars in thousands)** | **December 31, 2024**<br>**(dollars in thousands)** | **December 31, 2024**<br>**(dollars in thousands)** | **December 31, 2024**<br>**(dollars in thousands)** | **December 31,<br>2025** |
|  **Estimated proved developed producing reserves:** |  |  |  |  |  |
|  Natural gas (MMcf) | 64783 | 41648 | 47103 | 153534 | 154137 |
|  NGLs (MBbls) | 690 | 1320 | 653 | 2663 | 2914 |
|  Oil (MBbls) | 23 | 943 | 14 | 980 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (MMcfe)<sup>(6)</sup> | 69061 | 55227 | 51105 | 175393 | 178544 |
|  **Estimated proved developed non-producing reserves:** |  |  |  |  |  |
|  Natural gas (MMcf) | 469 | 901 | 2424 | 3794 | 19094 |
|  NGLs (MBbls) | 11 | 2 | 61 | 74 | 459 |
|  Oil (MBbls) | 0 | 5 | 4 | 9 | 203 |
|  Total (MMcfe)<sup>(6)</sup> | 535 | 944 | 2814 | 4293 | 23066 |
|  **Estimated proved undeveloped reserves:** |  |  |  |  |  |
|  Natural gas (MMcf) | 16469 | 6758 | 0 | 23227 | 4149 |
|  NGLs (MBbls) | 176 | 26 | 0 | 202 | 84 |
|  Oil (MBbls) | 16 | 99 | 0 | 115 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (MMcfe)<sup>(6)</sup> | 17619 | 7506 | 0 | 25125 | 4864 |
|  **Estimated proved reserves:** |  |  |  |  |  |
|  Natural gas (MMcf) | 81721 | 49307 | 49527 | 180555 | 177380 |
|  NGLs (MBbls) | 877 | 1348 | 714 | 2939 | 3457 |
|  Oil (MBbls) | 39 | 1047 | 18 | 1104 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (MMcfe)<sup>(6)</sup> | 87213 | 63677 | 53919 | 204809 | 206473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standardized Measure ($) | $61933 | $76255 | $45088 | $183276 | $266326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PV-10 ($)<sup>(7)</sup> | $72153 | $79642 | $45088 | $196883 | $293690 |

---

(1) Our estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry Hub
spot price calculated in accordance with SEC guidance of $2.13 per MMBtu was

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adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West Texas Intermediate price calculated in accordance with SEC guidance of $75.48 per barrel as of December 31, 2024 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All economic factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $1.788 per Mcf of gas, $26.32 per barrel of NGLs and $65.26 per barrel of oil as of December 31, 2024.

(2) PHX's estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry
Hub spot price calculated in accordance with SEC guidance of $2.13 per MMBtu was adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West
Texas Intermediate price calculated in accordance with SEC guidance of $75.48 per barrel as of December 31, 2024 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All economic
factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $2.051 per Mcf of gas, $20.968 per
barrel of NGLs and $73.477 per barrel of oil as of December 31, 2024.

(3) The TRR Seller's estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry Hub
spot price calculated in accordance with SEC guidance of $2.13 per MMBtu was adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West Texas
Intermediate price calculated in accordance with SEC guidance of $75.48 per barrel as of December 31, 2024 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All economic
factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $1.44 per Mcf of gas, $23.67 per
barrel of NGLs and $71.51 per barrel of oil as of December 31, 2024.

(4) Combined reserve data generally represents the arithmetic sum of the proved reserves attributable to the
Company, PHX and the TRR Seller. The proved reserves of PHX and the TRR Seller are based on their respective reserve engineers' reserve estimation methodologies. Because we will estimate proved reserves in accordance with our own
methodologies, the estimates presented herein for PHX and the TRR Seller may not be representative of our future reserve estimates with respect to these properties or the reserve estimates we would have reported if we had owned such properties as of
December 31, 2024.

(5) Our estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry
Hub spot price calculated in accordance with SEC guidance of $3.387 per MMBtu was adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West
Texas Intermediate price calculated in accordance with SEC guidance of $65.34 per barrel as of December 31, 2025 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All
economic factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $3.03 per Mcf of
gas, $22.03 per barrel of NGLs and $62.99 per barrel of oil as of December 31, 2025.

(6) Natural gas equivalents are calculated using a ratio of six thousand cubic feet of natural gas to one barrel of
oil, condensate or NGLs, based on approximate relative energy content. This ratio does not represent the current or historical price relationship between natural gas and oil or NGLs.

(7) PV-10 is a non-GAAP financial
measure and differs from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the standardized measure of
discounted future net cash flows on a pre-tax basis. PV-10 is equal to the standardized measure of discounted future net cash flows at the applicable date, before
deducting future income taxes, discounted at 10% using SEC rules. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows
attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may
utilize PV-10 as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. We use PV-10 when assessing the potential return on investment related to our oil and natural gas properties; however, PV-10 is not a substitute for the standardized measure of
discounted future net cash flows. PV-10 and the standardized measure of discounted future net cash flows do not purport to represent the fair value of our oil and natural gas reserves. See
"Business—Natural Gas, NGL and Oil Data—Proved Reserves—Reconciliation of Standardized Measure to PV-10."

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**RISK FACTORS** 

*Investing in our Class A common stock involves a high degree of risk. You should carefully consider each of the following risk factors, as well as other information contained in this prospectus, including the matters addressed under "Cautionary Note Regarding Forward-Looking Statements," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our audited consolidated financial statements and related notes, before investing in our Class A common stock. The occurrence of any of the following risks could have a material adverse effect on our business, financial condition and results of operations, in which case the trading price of our Class A common stock could decline and you could lose all or part of your investment. Some statements in this prospectus, including statements in the following risk factors, constitute forward-looking statements. See the section of this prospectus captioned "Cautionary Note Regarding Forward-Looking Statements."* 

**Risks Related to Our Business** 

***Our revenues are primarily derived from mineral and royalty payments that are based on the price at which natural gas, NGLs and oil produced by our third-party operators from the acreage underlying our interests are sold. The volatility of these prices due to factors beyond our control could have a material adverse effect on our business, financial condition and results of operations.***

The supply of and demand for natural gas, NGLs and oil impact the revenues we realize and, in turn, could materially affect our financial results. Our revenues, operating results, Cash Available for Distribution and the carrying value of our natural gas, NGL and oil properties depend significantly upon the prevailing prices for natural gas, NGLs and oil. Natural gas, NGL and oil prices have historically been, and will likely continue to be, volatile. The prices for natural gas, NGLs and oil are subject to wide fluctuation in response to a number of factors beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global economic conditions and market uncertainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the supply of and demand for natural gas, NGLs and oil, both domestically and abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of global natural gas and oil exploration and production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodity futures trading and the level of prices and expectations about future prices of natural gas and
oil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regional price differentials and differing quality and NGL content of natural gas produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price and quantity of imports and the level of U.S. exports of natural gas, NGLs and oil, including the
export of natural gas as LNG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability and development of liquefication facilities to support LNG export demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions taken by the Organization of Petroleum Exporting Countries Plus ("OPEC+") or other major
natural gas, NGL and oil producing or consuming countries and the ability of members of OPEC+ to agree to and maintain oil price and production controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological advancements affecting energy consumption and energy supply, including the development of AI data
centers and related demand for natural gas power generation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of ongoing conflict and changing sanctions regimes in oil or natural gas producing regions, such as
Iran, Russia and Venezuela;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions to global oil supply and transportation through critical maritime chokepoints, including the Strait
of Hormuz, through which a substantial portion of the world's oil supply transits, due to military conflict, naval blockades, mine deployment, or other hostile actions by state or non-state actors, which could cause significant and rapid
fluctuations in global oil prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with operating drilling rights;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of exploring for, developing, producing and delivering natural gas and oil;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proximity, cost, availability and capacity of natural gas, NGLs and oil pipelines and other transportation
and processing facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculative trading in natural gas and crude oil derivative contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conservation and environmental protection efforts and the price and availability of, and competition from,
alternative fuels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events outside of our control such as weather conditions and other natural disasters, the impacts and effects of
public health crises, pandemics and epidemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in U.S. energy policy and other domestic and foreign governmental regulations, taxes, duties and tariffs;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued threat of terrorism, social unrest, and political instability or armed conflict in major natural
gas and oil producing regions outside the United States and the impact of military and other actions, including, but not limited to, U.S. military operations in the Middle East and Venezuela.

These factors and the volatility of the energy markets make it extremely difficult to predict future natural gas, oil and NGL price movements with any certainty. Natural gas and oil prices continued to fluctuate in fiscal year 2025, with the benchmark Henry Hub natural gas spot price increasing approximately 58% in 2025 compared to 2024, while the WTI crude oil benchmark declined approximately 15% over the same period. If the prices of natural gas, NGLs and oil decline, our operations, financial condition and level of expenditures for the development of our natural gas, NGL and oil reserves may be materially and adversely affected, and can include other material negative effects including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significantly decrease the number of wells operators drill on our acreage, or the development of pipelines to
transport production, thereby reducing our production and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash flows would be reduced, decreasing cash available for distribution and/or acquisitions to replace reserves
and maintain or increase production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain reserves may no longer be economic for our operators to produce, leading to lower proved reserves,
production and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future undiscounted and discounted net cash flows from producing properties would decrease, possibly resulting in
recognition of impairment expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to sources of capital, such as equity and debt markets, could be severely limited or unavailable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• could limit our ability to make scheduled payments on our First Lien Senior Secured Notes (our "Senior
Notes") and our Revolving Credit Facility (our "Revolving Credit Facility").

***Lower natural gas, NGL and oil prices or negative adjustments to natural gas, NGL and oil reserves may result in significant impairment charges.***

The Company follows the successful efforts method of accounting for our natural mineral operations. Under this method, costs to acquire mineral and royalty interests in natural gas mineral properties are capitalized when incurred. We review and evaluate our mineral and royalty interests in natural gas mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Proved natural gas properties are reviewed for impairment when events and circumstances indicate a potential decline in the fair value of such properties below the carrying value, such as a downward revision of the reserve estimates or lower commodity prices. The factors used to determine fair value include, but are not limited to, estimates of proved reserves, future commodity prices, the timing of future production and a discount rate commensurate with the risk reflective of the lives remaining for the respective natural gas properties. Because of

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the uncertainty inherent in these factors, we cannot predict when or if future impairment charges will be recorded. If an impairment charge is recognized, cash flows from operating activities is not impacted, but net income and, consequently, stockholders' equity are reduced. In periods when impairment charges are incurred, it could have a material adverse effect on our results of operations.

Historically, natural gas, NGLs and oil prices have been volatile and may continue to be volatile in the future. During the past five years, the Henry Hub spot market price for natural gas has ranged from a low of $1.21 per MMBtu in November 2024 to a high of $23.86 per MMBtu in February 2021. The posted price for WTI has ranged from a low of negative $36.98 per barrel in April 2020 to a high of $123.64 per barrel in March 2022. As of December 31, 2025, the posted price for WTI was $57.26 per barrel and the Henry Hub spot market price of natural gas was $4.00 per MMBtu. As of March 31, 2026, the posted price for WTI was $91.38 per barrel and the Henry Hub spot market price of natural gas was $3.04 per MMBtu. Lower prices not only decrease our revenues, but also potentially impact the amount of natural gas, NGLs and oil that our operators can produce economically. This, in turn, can impact the capital budgets for our operators and their development pace of our properties. We expect commodity price volatility will continue in the future. If these pricing trends persist, our revenues and cash flows could be materially reduced, which could adversely affect our ability to pay dividends, service our debt obligations, and pursue our acquisition strategy. See "Management's Discussion and Analysis of Financial Condition and Results of Operations" for additional discussion of the impact of commodity prices on our business.

See "Note 2, Summary of Significant Accounting Policies—Mineral Interests in Natural Gas Properties" to the audited consolidated financial statements included elsewhere in this prospectus for further discussion.

***Our derivative activities may reduce the cash flows received for natural gas and oil sales.***

In order to manage exposure to price volatility on our natural gas and oil production, we currently, and may in the future, enter into natural gas and oil derivative contracts for a portion of our expected production. Natural gas and oil price derivatives may limit the cash flows we actually realize and therefore reduce our ability to fund future projects. None of our natural gas and oil price derivative contracts are designated as hedges for accounting purposes; therefore, all changes in fair value of derivative contracts are reflected in earnings. Accordingly, these fair values may vary significantly from period to period, materially affecting reported earnings. In addition, this type of derivative contract can limit the benefit we would receive from increases in the prices for natural gas and oil. The fair value of our natural gas and oil derivative instruments outstanding as of March 31, 2026 and December 31, 2025 was approximately a net asset of $1.1 million and $0.7 million, respectively.

There is risk associated with derivative contracts that involves the possibility that counterparties may be unable to satisfy contractual obligations to us. If any counterparty to our derivative instruments were to default or seek bankruptcy protection, it could subject a larger percentage of our future natural gas and oil production to commodity price changes, could adversely affect our cash flows and could have a negative effect on our ability to fund future acquisitions. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Quantitative and Qualitative Disclosures about Market Risk."

***The development of our properties in which we own mineral and royalty interests relies exclusively on our various third-party operators. Our third-party operators' failure to develop our existing inventory of mineral and royalty acreage could have a material adverse effect on our business, financial condition and results of operations.***

We depend exclusively on various unaffiliated third-party operators for all of the exploration, development and production of our mineral and royalty interests and a substantial amount of our revenue is derived from royalty payments made by these third-party operators. We are unable to determine with certainty which third-party operators will ultimately operate our properties and there is no guarantee that any particular third-party operator will become or remain the operator on the properties associated with our mineral and royalty interests, and such third-party operators may identify, and subsequently focus their efforts and development on, prospects in which we do not maintain mineral or royalty interests. A reduction in the expected number of wells to be drilled on our

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acreage by these operators or the failure of our third-party operators to adequately and efficiently develop and operate the wells on our acreage could have a material adverse effect on our business, financial conditions and results of operations. The success and timing of drilling and development activities and whether the operators elect to drill any additional wells on our acreage depends on a number of factors that are largely outside of our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the capital costs required for drilling activities by our third-party operators, which could be significantly
more than anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our third-party operators to access capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevailing commodity prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of suitable drilling equipment, production and transportation infrastructure and qualified
operating personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of storage for hydrocarbons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operators' expertise, operating efficiency and financial resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approval of other participants in drilling wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the operators' expected return on investment in wells drilled on our acreage as compared to opportunities
in other areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selection of technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selection of counterparties for the marketing and sale of production; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate of production of the reserves.

Our proved undeveloped reserves may not be developed or produced as a result of any number of these factors. Recovery of proved undeveloped reserves requires significant capital expenditures and successful drilling operations, and the decision to pursue development of a proved undeveloped drilling location will be made by our third-party operators and not by us. Our third-party operators may elect not to undertake development activities or may undertake to develop these activities in a delayed or an unanticipated fashion, which may result in significant fluctuations in the revenues generated by our mineral and royalty interests. Third-party operators will make decisions in connection with their operations, which may not be in our best interests and our third-party operators may also reduce capital expenditures devoted to exploration, development and production on our properties in the future, which could negatively impact the revenues we receive. We have limited ability to exercise influence over the operational decisions of our third-party operators, including the setting of capital expenditure budgets and drilling locations and schedules.

***Drilling for and producing natural gas, NGLs and oil are high-risk activities with many uncertainties that may materially adversely affect our business, financial condition and results of operations.***

Drilling for natural gas and oil invariably involves unprofitable efforts, not only from dry wells, but also from wells that are productive but do not produce sufficient reserves to return a profit after deducting drilling, completion, operating and other costs. In addition, wells that are profitable may not achieve a targeted rate of return. We rely on third-party operators for substantially all of the exploration, development, and production activities on our acreage. Nevertheless, prior to drilling a well, the exploration and development activities used do not allow operators to know conclusively whether natural gas, NGLs and oil are present in commercial quantities.

Cost factors can adversely affect the economics of any project, and the eventual cost of drilling, completing and operating a well is controlled by well operators and existing market conditions. Further, drilling operations may be curtailed, delayed or canceled as a result of numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected drilling conditions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• title problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pressure or irregularities in formations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equipment failures or accidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fires, explosions, blowouts and surface cratering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of availability to market production via pipelines or other transportation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental, health or safety hazards or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of water disposal facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental and other governmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost and availability of drilling rigs, equipment, materials and services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected sales price to be received for natural gas, NGLs and oil produced from the wells.

***Acreage must be drilled before lease expiration, generally within three to five years, in order to hold the acreage by production. Our third-party operators' failure to drill sufficient wells to hold acreage may result in loss of the lease and prospective drilling opportunities.***

Leases on natural gas and oil properties typically have a term of three to five years, after which they expire unless, prior to expiration, production is established within the spacing units covering the undeveloped acres. Any reduction in our third-party operators' drilling programs, either through a reduction in capital expenditures or the unavailability of drilling rigs, could result in the loss of acreage through lease expirations which may terminate our overriding royalty interests derived from such leases. Since our royalties are derived from mineral interests, if production or drilling ceases on the leased property, the lease is typically terminated, subject to certain exceptions, and all mineral rights revert back to us, and we will have to seek new lessees to explore and develop our acreage. There can be no assurance that we will be able to re-lease such properties following termination on favorable terms, or at all. Any such losses of our third-party operators or lessees could materially and adversely affect the growth of our business, financial condition and results of operations.

***We may experience delays in the receipt of royalty payments and be unable to replace our third-party operators that do not make required royalty payments, and we may not be able to terminate our leases with defaulting lessees if any of such operators on those leases declare bankruptcy.***

We may experience delays in receiving royalty payments from our third-party operators, including as a result of delayed division orders received from our third-party operators. Additionally, most of our operators are also dependent on the availability of external debt and equity financing sources to maintain their drilling programs. If those financing sources are not available to the operators on favorable terms or at all, or if an operator were to otherwise experience financial difficulty, the operator might not be able to make its royalty payments or continue its operations, which could have a material adverse impact on our business. A failure on the part of our third-party operators to make royalty payments typically gives us the right to terminate the lease, repossess the property and enforce payment obligations under the lease. If we repossessed any of our properties, we would seek a replacement operator. However, we might not be able to find a replacement operator and, if we did, we might not be able to enter into a new lease on favorable terms within a reasonable period of time. In addition, the outgoing operator could be subject to a proceeding under Title 11 of the United States Code (the "Bankruptcy Code"), in which case our right to enforce or terminate the lease for any defaults, including non-payment, may be substantially delayed or otherwise impaired. In general, in a proceeding under the Bankruptcy Code, the bankrupt operator would have a substantial period of time to decide whether to ultimately reject or assume the lease, which could prevent the execution of a new lease or the assignment of the existing lease to another operator. If the operator rejected the lease, our ability to collect amounts owed would be substantially delayed, and our ultimate recovery may be only a fraction of the amount owed or nothing. In addition, if we are able to enter into a new lease with a new operator, the replacement operator may not achieve the same levels of production or sell natural gas or oil at the same price as the operator we replaced.

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***We may incur losses as a result of title defects or other issues in the properties we own which could have a material adverse effect on our business, financial condition and results of operations.***

We depend in part on acquisitions to grow our reserves, production and cash generated from operations. In connection with these acquisitions, record title to mineral and royalty interests are conveyed to us or our subsidiaries by asset assignment, and we or our subsidiaries become the record owner of these interests. Upon such a change in ownership of mineral and royalty interests, and at regular intervals pursuant to routine audit procedures at each of our third-party operator's discretion, such third-party operator of the underlying property has the right to investigate and verify the title and ownership of mineral and royalty interests with respect to the properties it operates. Consistent with industry practice, we do not have current abstracts or title opinions on all of our mineral acreage and, therefore, cannot be certain that we have unencumbered title to all of these properties. The third-party operators of our properties could suspend our right to receive royalty payments due to title or other issues and we are not required to, and under certain circumstances we may elect not to, incur the expense of retaining lawyers to examine the title to our mineral and royalty interests. If any title or ownership issues are not resolved to the third-party operator's reasonable satisfaction in accordance with customary industry standards, the third-party operator may suspend payment of the related royalty. Our failure to cure any title defects that may exist may adversely impact our ability in the future to increase production and reserves. There is no assurance that we will not suffer a monetary loss from title defects or title failure. At any time that a third-party operator puts our assets in pay suspense, we would not receive the applicable mineral or royalty payment owed to us from sales of the underlying natural gas, NGLs and oil related to such mineral interest. Additionally, undeveloped acreage has greater risk of title defects than developed acreage. Leases in the Appalachian Basin, and particularly leases involving gas and oil properties, are particularly vulnerable to title deficiencies due to the nature of the history of land ownership in the area, resulting in extensive and complex chains of title. The existence of a material title deficiency can render an interest worthless and can materially adversely affect our business, financial condition and results of operations. If there are any title defects or defects in assignment of leasehold rights in properties in which we hold an interest, we may suffer a financial loss and it could have a material adverse effect on our business, financial condition and results of operations.

***A limited number of operators currently generate a significant portion of our revenue and accounts receivable.***

A large portion of our current mineral and royalty interests and lease holdings are serviced by a limited number of third-party operators and, as a result, we generate a significant portion of our revenue and accounts receivable from a limited number of third-party operators. In the year ended December 31, 2025, we received revenue from 365 third-party operators, with approximately 54% of our consolidated revenue coming from the top three third-party operators. For the three months ended March 31, 2026, we received revenue from 269 third-party operators, with approximately 56% of our consolidated revenue coming from the top three third-party operators. Our revenue is generally derived from our diverse holdings of mineral and royalty interests and lease holdings and these mineral and royalty interests generate revenue from the sale of natural gas and crude oil, which is paid monthly to us by various third-party operators once any extracted natural gas and crude oil is delivered by such operators to purchasers.

While our revenue and accounts receivable relating to our mineral rights and lease holdings are derived from a significant number of different units that are subject to different leases and pooling orders from various state oil and gas commissions, the incapacity or loss of one of the operators that generate a significant portion of our revenue and accounts receivable could negatively impact our revenue and accounts receivable and could result in a reduction or delay in revenue generated from the related mineral rights and lease holdings while a replacement operator is selected and designated. Further, we do not always determine or control the rights, payments, discounts or other terms related to leases or the extraction and sale of assets from our mineral rights and lease holdings.

***Various factors could adversely impact our third-party operators' ability to control costs, including their operating expenses and capital costs.***

Our third-party operators are dependent on various supplies and equipment, as well as qualified personnel, to carry out their extraction operations. An increase in natural gas and oil prices may cause the costs of such

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materials and services to rise. Furthermore, any shortage, unavailability, or increase in the cost of such supplies, personnel, equipment, and parts could have a material adverse effect on their ability to carry out operations. We cannot predict any future trends in the rate of inflation or interest rates and a significant increase in inflation or interest rates, to the extent we or our third-party operators are unable to recover higher costs through higher commodity prices and revenues or otherwise mitigate the impact of such costs on our or their business, could have a material adverse effect on our business, financial condition and results of operations.

***The substantial majority of our business is concentrated in the Appalachian and Haynesville Basins, making us vulnerable to risks associated with concentration of our assets in limited geographic areas.***

The substantial majority of our business is concentrated in the Appalachian and Haynesville Basins. As a result, we may be disproportionately exposed to various factors, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of regional supply and demand factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or interruptions of production from wells in such areas caused by governmental regulation, including
changes to field wide rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gathering, processing or transportation capacity constraints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of equipment, facilities, personnel or services market limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse weather conditions and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• plant closures for scheduled maintenance, resulting in reduced demand for natural gas; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interruption of the processing or transportation of natural gas, NGLs and/or oil.

This concentration in limited geographic areas also increases our exposure to changes in local laws and regulations, certain lease stipulations designed to protect wildlife, and unexpected events that may occur in the region, such as natural disasters, seismic events, industrial accidents or labor difficulties. Any one of these factors has the potential to cause producing wells to be shut-in, delay operations, decrease cash flows, increase operating and capital costs, and prevent development of leases before expirations. Any of the risks described above could have a material adverse effect on our business, financial condition and results of operations.

In addition, the effect of fluctuations on supply and demand may become more pronounced within specific geographic areas, which may cause these conditions to occur with greater frequency to our properties or magnify the effects of these conditions. Due to the concentrated nature of our properties, a number of our properties could experience any of the same conditions at the same time, resulting in a relatively greater impact on our results of operations than they might have on other companies that have a more diversified portfolio of properties. In addition, we have limited to no control over the marketability of our hydrocarbon sales and rely on third-party operators to market our hydrocarbons which limits our ability to optimize the pricing we receive, especially in instances of regional bottlenecks. As a result of our focus on the Appalachian and Haynesville Basins, we may be less competitive than other companies in bidding to acquire assets that include properties both within and outside of those areas.

***We may be subject to risks related to our wells where we are a non-operating working interest owner which could have a material adverse effect on our business, financial condition and results of operations.***

Like our mineral and royalty interests, we are dependent upon third-party operators to develop the properties in which we own non-operating working interests. In addition, financial risks are inherent in any operation where we have a non-operating working interest and the cost of drilling, equipping, completing and operating wells is shared by more than one party. We could be responsible for joint activity obligations of a working interest owner, such as nonpayment of expended costs, including costs of regulatory compliance. We may also be liable for damage to the environment caused by our third-party operators. Additionally, if another non-operator fails to pay its share of costs because of its insolvency or otherwise, the third-party operator could require us to pay the

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proportionate share of the defaulting party's share of costs. We are also responsible for our proportionate share of the costs associated with plugging, abandoning and reclaiming wells, pipelines and other facilities that we own (or own in part) for production of natural gas and oil reserves. Abandonment and reclamation of these facilities and the costs associated therewith is often referred to as "asset retirement." We accrue a liability for asset retirement costs associated with these wells, but have not established any cash reserve account for these potential costs in respect of any of our properties. It may be difficult for us to predict such asset retirement costs. If asset retirement is required before economic depletion of our properties or if our estimates of the costs of asset retirement exceed the value of the reserves remaining at any particular time to cover such asset retirement costs, we may have to draw on funds from other sources to satisfy such costs, which may be substantial. The use of other funds to satisfy such asset retirement costs could impair our ability to dedicate our capital to other areas of our business.

***Our future success depends on replacing reserves through acquisitions and the exploration and development activities of our operators.***

Producing natural gas and oil wells, and associated NGLs, are characterized by declining production rates that vary depending upon reservoir characteristics and other factors. Our natural gas, NGLs and oil reserves and our third-party operators' production thereof and our cash flows are highly dependent on the successful development and exploitation of our current reserves and our ability to successfully acquire additional reserves that are economically recoverable. We have little to no control over the exploration and development of our properties and the production decline rates of our properties may be significantly higher than currently estimated if the wells on our properties do not produce as expected. We may also not be able to find or acquire additional reserves to replace the current and future production of our properties at economically acceptable terms and we may not have sufficient resources to acquire such reserves.

There is intense competition for acquisition opportunities in our industry which may increase the cost of, or cause us to refrain from, completing acquisitions. The successful acquisition of producing properties requires an assessment of several factors, including recoverable reserves, future oil and natural gas prices and their applicable differentials, operating costs and potential environmental and other liabilities. The accuracy of these assessments is inherently uncertain and we may not be able to identify attractive acquisition opportunities. If we are not able to adequately replace or grow our natural gas, NGLs and oil reserves, our business, financial condition and results of operations would be adversely affected.

***Constraints in financing mineral and royalty asset acquisitions, and the risks associated with entering new geographic markets, may adversely affect our business, financial condition, and results of operations.***

Our ability to complete acquisitions may be dependent upon, among other things, our ability to obtain debt and equity financing and, in some cases, regulatory approvals. Furthermore, we cannot assure you that we will be able to access the capital markets after this offering or obtain other external capital on terms favorable to us or at all. Additionally, our ability to secure financing or access the capital markets could be adversely affected if financial institutions and institutional lenders elect not to provide funding for fossil fuel energy companies in connection with the adoption of sustainable lending initiatives or are required to adopt policies that have the effect of reducing the funding available to the fossil fuel sector. If we are unable to access capital, we may be unable to complete acquisitions, take advantage of business opportunities or respond to competitive pressures, any of which could have a material adverse effect on business, financial condition and results of operations.

In addition, if we determine to enter into new geographic markets, such entry into new geographic markets may result in the dilution of our resources dedicated to our current geographic focus and we may be subject to additional and unfamiliar legal and regulatory requirements. Compliance with added regulatory requirements may impose substantial additional obligations on us and our management, cause us to expend additional time and resources in compliance activities and increase our exposure to penalties or fines for non-compliance with such additional legal requirements. In addition, possible future acquisitions may be larger and for purchase prices significantly higher than those paid for earlier acquisitions.

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No assurance can be given that we will be able to identify suitable mineral and royalty interest acquisition opportunities, negotiate acceptable terms, obtain financing for acquisitions on acceptable terms or successfully acquire identified targets.

***We have experienced significant business and portfolio growth in a short time, which may make it difficult for you to evaluate our business and prospects. Our previous growth rates and performance may not be sustainable or indicative of our future growth and financial results, and there can be no assurance that we will be able to achieve the same level of financial performance in the future. If we are unable to manage our business and growth effectively, our business could be materially and adversely affected.***

Our business has grown considerably since our founding in 2022. The significant growth in the size and diversity of our mineral and royalty interests and revenue we have experienced since our founding makes evaluation of our business and prospects difficult. There can be no assurance that our growth will continue at a similar pace, or that we will be able to manage our growth effectively. Furthermore, the growth of our business places significant demands on our key personnel, including managing increased numbers of interests, revenue streams, operator relationships, and title administration responsibilities. If we do not effectively manage the increased obligations brought by the growth of our business, we may not be able to execute on our business plan, respond to competitive pressures or take advantage of market opportunities, which could have a material adverse effect on our business, financial condition and results of operations.

Our historical results, including our historical cash-on-cash returns, may not be sustainable, and we cannot assure you that we will achieve similar cash-on-cash returns or continue to pay cash or stock dividends. The historical returns to our investors should not be considered as indicative of the future results of our operations or any returns expected on an investment in our Class A common stock. In addition, we expect our overall general and administrative expenses to continue to increase in the foreseeable future, as we may be required to hire additional personnel and incur additional expenses as a newly public company. These efforts and additional expenses may be more costly than we currently expect, and there is no assurance that we will be able to maintain sufficient operating revenue to offset our operating expenses. Any failure to increase revenue or to manage our costs would adversely impact our business and could prevent us from maintaining positive operating cash flow at all, or on a consistent basis, which would cause our business, financial condition, and results of operations to suffer.

In addition, we may encounter risks and difficulties experienced by companies whose performance is dependent upon newly acquired mineral and royalty interests, such as failing to integrate, or realizing the expected benefits of, such assets. As a result of the foregoing, we may be less successful in achieving consistent results and sustaining the growth of our business, as compared with companies that have longer histories of operations and more stable portfolios of mineral and royalty assets. In addition, we may be less equipped to identify and address risks and hazards in the conduct of our business than those companies that have longer operating histories.

***Any acquisition of additional mineral and royalty interests that we complete will be subject to substantial risks.***

Any acquisition of mineral and royalty interests involves substantial risks, all of which could have a material adverse effect on our business, financial condition and results of operations. Even if we identify attractive acquisition opportunities, we may not be able to complete such acquisitions or do so on commercially acceptable terms. We also typically bear certain transactional expenses (including professional fees, legal fees and other due diligence-related items) and the costs of investments that are not consummated (*i.e.* broken deal costs). Any acquisitions of additional mineral and royalty interests that we complete will be subject to substantial risks and we may acquire interests in properties that do not produce as projected. Such risks include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the validity of our assumptions about estimated reserves, future production, prices, revenues, operating expenses
and costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decrease in our liquidity by using a significant portion of our cash generated from operations or borrowing
capacity to finance acquisitions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a significant increase in our interest expense or financial leverage if we incur debt to finance acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to effectively manage the integration of acquisitions could adversely impact our ability to achieve
the anticipated benefits of our acquisitions and reduce our focus on subsequent acquisitions and current operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the assumption of unknown liabilities, losses or costs for which we are not indemnified or for which any
indemnity we receive is inadequate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mistaken assumptions about the overall cost of equity or debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain satisfactory title to the assets we acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an inability to hire, train or retain qualified personnel to manage and operate our growing business and assets;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of other significant changes, such as impairment of natural gas and oil properties, goodwill or
other intangible assets, asset devaluation or restructuring charges.

In addition, the due diligence required with respect to a potential natural gas and oil royalty investment may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such an investment opportunity and its potential risks. In connection with these assessments, we perform a review of the subject properties that we believe to be generally consistent with industry practices. The accuracy of these assessments is inherently uncertain and, as a result, we may assume unknown liabilities, losses or costs for which we are not indemnified or for which any indemnity we receive is inadequate. We may base our decisions on mistaken assumptions about estimated reserves, future production, prices, revenues, the operating expenses and costs our third-party operators would incur to develop the minerals. Our review will not reveal all existing or potential problems including title defects or environmental issues, which, if material, can render an interest worthless, nor will it permit us to become sufficiently familiar with the properties to assess fully their deficiencies and capabilities. Inspections may not always be performed on every well, and environmental problems, such as groundwater contamination, are not necessarily observable even when an inspection is undertaken. Environmental or other regulatory issues may arise with respect to acquired entities or operations years after the acquisitions. Even when problems are identified, the seller may be unwilling or unable to provide effective contractual protection against all or part of such problems. Significant acquisitions and other strategic transactions may involve other risks that may cause our business to be adversely impacted, including diversion of our management's attention to evaluating and negotiating such transactions. As a result of the foregoing, any acquisition of mineral and royalty interests involves both foreseen and unforeseen risks, all of which could have a material adverse effect on our business, financial condition and results of operations.

***We expect to distribute a substantial majority of the cash we generate from operations, which could limit our ability to grow and make acquisitions.***

We expect to distribute a substantial majority of the cash we generate from operations each quarter. As a result, we will have limited cash generated from operations to reinvest in our business or to fund acquisitions, and we will rely primarily upon external financing sources, including commercial bank borrowings and the issuance of debt and equity securities, to fund our acquisitions and growth capital expenditures. If we are unable to finance growth externally, our distribution policy will significantly impair our ability to grow.

If we issue additional shares of Class A common stock in connection with any acquisitions or growth capital expenditures, the payment of distributions on those additional shares of Class A common stock may increase the risk that we will be unable to maintain or increase our per unit distribution level. The incurrence of additional commercial borrowings or other debt to finance our growth would result in increased interest expense and required principal repayments, which, in turn, may reduce the cash that we have available to distribute to our shareholders. See "Dividend Policy" for more information.

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In addition, pursuant to the Contribution Agreement entered into in connection with the Internalization, the Continuing Equity Owners may receive additional OpCo Interests (and a corresponding number of shares of Class B common stock) as earnout consideration if we achieve certain Adjusted EBITDA targets during each of the three Earnout Years ending June 30, 2027, June 30, 2028 and June 30, 2029. Although the earnout consideration (with the exception of the dividend equivalent rights) is payable solely in OpCo Interests and Class B common stock (and not in cash), the issuance of such additional OpCo Interests would increase the number of units entitled to participate in distributions from WhiteHawk OpCo. As a result, the per-unit distributions from WhiteHawk OpCo, and correspondingly the per-share Cash Available for Distribution and dividends payable to holders of our Class A common stock, could be reduced. The maximum Earnout Amount is equal to 25% of the Internalization Price. See "Certain Relationships and Related Party Transactions—Internalization—Earnout" for additional detail regarding the earnout provisions.

While we expect to distribute a substantial majority of the cash we generate from operations each quarter, there can be no assurance that we will be able to pay dividends at the levels we currently anticipate, or at all. Our ability to pay dividends is subject to significant restrictions and limitations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Covenants under our Revolving Credit Facility*. Under the Revolving Credit Facility, we may not declare or
make any restricted payment (including dividends, distributions in respect of, or redemptions of, our equity interests) except as specifically permitted. Permitted restricted payments include, among others, cash dividends and distributions to
holders of our equity interests so long as, both before and immediately after giving pro forma effect to any such restricted payment, (i) no default, event of default or borrowing base deficiency exists or would result therefrom,
(ii) Unused Availability (as defined in the Revolving Credit Facility) is at least 10% of the Loan Limit (as defined in the Revolving Credit Facility) and (iii) the Consolidated Net Leverage Ratio (as defined in the Revolving Credit
Facility), recomputed on a Pro Forma Basis (as defined in the Revolving Credit Facility), is less than or equal to 3.00 to 1.00; provided that, prior to the discharge of the obligations under the Note Purchase Agreement, such restricted payments are
also permitted under the Note Purchase Agreement. See "Description of Material Indebtedness." The Revolving Credit Facility also permits Permitted Tax Distributions (as defined in the Revolving Credit Facility), distributions to our
parent to fund Public Company Compliance costs and ordinary-course corporate overhead in an aggregate amount not to exceed $3,000,000 per fiscal year, distributions and repurchases pursuant to management or employee equity plans (capped at
$1,000,000 per fiscal year), stock-settled dividends, cash payments in lieu of fractional shares and certain other limited exceptions. In addition, the Revolving Credit Facility requires us to maintain, as of the last day of each fiscal quarter
(commencing with the first full fiscal quarter ending after the effective date thereof), (i) a Consolidated Net Leverage Ratio for the rolling period then ending of not greater than 3.50 to 1.00 and (ii) a Current Ratio (as defined in the
Revolving Credit Facility) of not less than 1.0 to 1.0, and to satisfy minimum hedging requirements that vary based on the Consolidated Net Leverage Ratio, each of which may limit our flexibility to make distributions or otherwise reduce cash that
would otherwise be available for dividends. The Revolving Credit Facility also contains a "most favored term" provision pursuant to which any representation, warranty, covenant (including financial covenants), event of default or other
term (excluding applicable margin for determining interest rates) in the Note Purchase Agreement that is more restrictive than the corresponding term of the Revolving Credit Facility will be automatically incorporated into the Revolving Credit
Facility, with the result that the Revolving Credit Facility will at all times contain restrictions on restricted payments, negative covenants and other matters that are at least as restrictive as those in the Note Purchase Agreement governing our
Senior Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Covenants under our Senior Notes*. Following the completion of this offering and the effectiveness of the
A&R Note Purchase Agreement, Under the Note Purchase Agreement governing our Senior Notes, we may not declare or make any restricted payment (including dividends, distributions in respect of, or redemptions of, our equity interests) except as
specifically permitted. Permitted restricted payments include cash restricted payments to the direct holders of our equity interests so long as, both before and immediately after giving effect to any such restricted payment, (A) no default or
event of default under

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the Note Purchase Agreement, or borrowing base deficiency under the Revolving Credit Facility, exists or results from such restricted payment, (B) WhiteHawk OpCo is in pro forma compliance with its financial covenants, (C) unused availability is at least 10% of the loan limit then in effect under the Revolving Credit Facility, and (D) the Consolidated Total Net Leverage Ratio on a pro forma basis for the most recently ended rolling period is less than 3.00 to 1.00 (with amounts limited to 65% of Distributable Free Cash Flow if the ratio is between 2.50 to 1.00 and 3.00 to 1.00, and 100% of Distributable Free Cash Flow if less than 2.50 to 1.00). Additionally, WhiteHawk OpCo may make cash restricted payments to the direct holders of its equity interests so long as, both before and immediately after giving effect to any such restricted payment, (X) no default or event of default under the Note Purchase Agreement, or borrowing base deficiency under the Revolving Credit Facility, exists or results from such restricted payment, (Y) WhiteHawk OpCo is in pro forma compliance with its financial covenants, and (Z) the Consolidated Total Net Leverage Ratio on a pro forma basis is less than 2.00 to 1.00. The Note Purchase Agreement also permits permitted tax distributions, distributions to our parent to fund public company compliance costs and ordinary-course corporate overhead in an aggregate amount not to exceed $3,000,000 per fiscal year, distributions and repurchases pursuant to management or employee equity plans (capped at $1,000,000 per fiscal year), stock-settled dividends, cash payments in lieu of fractional shares and certain other limited exceptions. In addition, the Note Purchase Agreement requires WhiteHawk OpCo to maintain, as of the last day of each fiscal quarter (commencing with the fiscal quarter ending June 30, 2026), a Consolidated Total Net Leverage Ratio for the rolling period then ending of not greater than 3.50 to 1.00, an Asset Coverage Ratio of not less than 1.00 to 1.00, and a Liquidity Percentage of at least 10%, each of which may limit our flexibility to make distributions or otherwise reduce cash that would otherwise be available for dividends. See "Description of Material Indebtedness." See also "— Risks Related to Our Indebtedness—The Revolving Credit Facility and the Note Purchase Agreement restrict our ability to pay cash dividends and make other distributions to our stockholders." <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Delaware law limitations*. Under the Delaware General Corporation Law, we may only pay dividends out of
surplus (the excess of net assets over capital) or, if there is no surplus, out of net profits for the current and/or immediately preceding fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Business and liquidity needs*. Our board of directors may determine to reduce or eliminate dividends to
fund acquisitions, repay debt, satisfy working capital needs, or address other business requirements.

Additionally, our ability to pay dividends may be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of us. See "Risk Factors—We intend to pay regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited…" and "Description of Material Indebtedness" for additional information regarding restrictions on our ability to pay dividends.

***If we fail to retain our key personnel or attract additional qualified personnel, we may not be able to achieve our business strategy which could have a material adverse effect on our business, financial condition and results of operations.***

Our future success and ability to implement our business strategy depends, in part, on our ability to attract, train, compensate, motivate and retain key personnel and service providers, and on the continued contributions of members of our management team and key employees or service providers, each of whom would be difficult to replace. We are a relatively new company and rely heavily on our executives and management team for their knowledge of the natural gas and crude oil industry and experience identifying, evaluating and completing acquisitions. The departure of executives or other members of our management or key personnel or key service providers could disrupt our business, as competition for highly skilled individuals with technical expertise is extremely intense within and outside of our markets, and we face challenges identifying, hiring, training and retaining qualified personnel and service providers in many areas of our business. Integrating new key personnel into our team and identifying and coordinating with key service providers could prove disruptive to our operations, require substantial resources and management attention and ultimately prove unsuccessful. The ability to remain competitive by offering competitive compensation packages and programs for growth and

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development of personnel, with a view to retaining existing talent and attracting new talent, and attracting key service providers, has become increasingly important to our business and its operations in the current climate. We cannot be certain that our labor costs will not increase as a result of a shortage in the supply of skilled, unskilled and technical personnel or any related governmental regulations, or due to the need to recruit and retain key personnel and service providers. Labor shortages and/or an inability to retain our executives, other senior management, and other key personnel, service providers, and talent or to attract and train additional qualified personnel and service providers could limit or delay our ability to implement our business strategy, all of which could have a material adverse effect on our business, financial condition and results of operations.

***Our management team and board of directors may also perform similar services for other businesses and thus are not solely focused on our business.***

Our officers and directors are not required to, and may not, commit their full time to our affairs, which may result in challenges allocating their time between our operations and the other businesses at which they may serve in similar or other roles. Certain of our officers are engaged in other business endeavors for which he or she may be obligated to contribute significant time and attention. Additionally, certain of our directors may also serve as officers or board members for other entities. For example, prior to this offering, our executive officers served in similar capacities with the manager. If our officers' and directors' other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote time to our affairs which may have a negative impact on our business. The other business activities of our officers and directors may create potential conflicts of interest, including situations where they may be presented with investment or business opportunities that could benefit both the Company and another entity with which they are affiliated. In such cases, our officers or directors may be required to determine how to allocate such opportunities, and there can be no assurance that any such determination will be made in our favor. Additionally, our officers and directors may have fiduciary duties to other entities that could conflict with their duties to us. For a complete discussion of our officers' and directors' other business affairs, please see the section of this prospectus entitled "Management."

***Our estimated proved reserves are based on many assumptions that may prove to be inaccurate. Any inaccuracies in these reserve estimates or underlying assumptions may materially affect the quantities and present value of our reserves, business, financial condition and results of operations.***

It is not possible to measure underground accumulations of natural gas, NGLs and oil with precision. Natural gas, NGL and oil reserve engineering requires subjective estimates of underground accumulations of natural gas, NGLs and oil using assumptions concerning future prices of these commodities, future production levels and operating and development costs. In estimating our reserves, we and our independent petroleum engineer must make various assumptions with respect to many matters that may prove to be incorrect, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future natural gas, NGL and oil prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected complications from offset well development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reservoir pressures, decline rates, drainage areas and reservoir limits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interpretation of subsurface conditions including geological and geophysical data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential for water encroachment or mechanical failures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• levels and timing of capital expenditures, lease operating expenses, production taxes and income taxes, and
availability of funds for such expenditures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effects of government regulation.

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As a result, estimated quantities of proved reserves, projections of future production rates and the timing of development expenditures may turn out to be incorrect. If any of these assumptions prove to be incorrect, our estimates of reserves, the classifications of reserves based on risk of recovery and our estimates of the future net cash flows from our reserves could change significantly.

Our standardized measure of natural gas and oil reserves is calculated using the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month individual product prices for each month within the 12-month period prior to fiscal year end. These prices and the operating costs in effect as of the date of estimation are held flat over the life of the properties. Production and income tax expenses are deducted from this calculation of future estimated development, with the result discounted at 10% per annum to reflect the timing of future net revenue in accordance with the rules and regulations of the SEC. Since forward-looking prices and costs are not used to estimate discounted future net cash flows from our estimated reserves, the standardized measure of our estimated reserves is not necessarily the same as the current market value of our estimated proved natural gas, NGL and oil reserves. The timing of the development and production on our properties will affect the timing of actual future net cash flows from proved reserves, and thus their actual present value. Over time, we may make material changes to reserve estimates to take into account changes in our assumptions and the results of actual development and production. In addition, the 10% discount factor used when calculating discounted future net cash flows, in compliance with the FASB statement on natural gas and oil producing activities disclosures, may not be the most appropriate discount factor based on interest rates in effect from time to time and risks associated with the Company, or the natural gas and oil industry in general.

The reserve estimates made for fields that do not have a lengthy production history are less reliable than estimates for fields with lengthy records. A lack of production history may contribute to inaccuracy in our estimates of proved reserves, future production rates and the timing of development expenditures. Further, our lack of knowledge of all individual well information known to the well operators such as incomplete well stimulation efforts, restricted production rates for various reasons and up-to-date well production data, etc. may cause differences in our reserve estimates.

In addition, the reserve data included in our reserve reports assume that substantial capital expenditures are required to develop the reserves. We cannot be certain that the estimated costs of the development of these reserves are accurate, that development will occur as scheduled or that the results of the development will be as estimated. Delays in the development of our reserves, increases in costs to drill and develop our reserves, or decreases in commodity prices will reduce the future net revenues of our estimated proved undeveloped reserves and may result in some projects becoming uneconomical. Because PUD reserves, under SEC reporting rules, may only be recorded if the wells they relate to are scheduled to be drilled within five years of the date of recording, the removal of PUD reserves that are not developed within this five-year period may be required.

***Our identified drilling locations are susceptible to uncertainties that could materially alter the occurrence or timing of their drilling. Further, our estimates of these locations are based on assumptions derived from the publicly available disclosure of our third-party operators and industry-wide results of operations, which may not be accurate or ultimately come to fruition. As a result, there is no guarantee that our estimates will be consistent with potential drilling locations that our third-party operators have identified or that the actual drilling activities of our third-party operators will be materially consistent with those presently identified.***

Our management team has identified and scheduled drilling locations in our operating areas over a multi-year period. The potential drilling locations we have identified are based on geologic and other data available to us and our interpretation of such data through our specialized software. Our third-party operators may have reached different conclusions about the potential drilling locations on our properties, and our third-party operators control the ultimate decision as to where and when a well is drilled. As result, such estimates may not be accurate and the ultimate number of wells drilled on our properties may be lower than expected. Whether these locations are ultimately drilled and developed depends on a number of factors, including oil and natural gas prices, assessment of risks, costs, drilling results, reservoir heterogeneities, the availability of equipment and capital, approval by

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regulators, lease terms, seasonal conditions and the actions of other operators. Because of these uncertainties, we do not know if the drilling locations we have identified will be drilled within our expected timeframe, or at all, or if our third-party operators will be able to economically produce hydrocarbons from these or any other potential drilling locations. The actual drilling activities on our acreage may be materially different from our current expectations, which could adversely affect our business, financial condition and results of operations.

***We rely on our third-party operators, other third parties and government databases for information regarding our assets and, to the extent that information is incorrect, incomplete or lost, our financial and operational information and projections may be incorrect.***

As an owner of mineral and royalty interests, we rely on our third-party operators to notify us of information regarding production on our properties in a timely and complete manner, as well as the accuracy of information obtained from third parties and government databases. We use this information to evaluate our operations and cash flows, as well as to predict our expected production and possible future locations. To the extent we do not timely receive this information or the information is incomplete or incorrect, our results may be incorrect and our ability to project potential growth may be materially adversely affected. Furthermore, to the extent that we have to update any publicly disclosed results or projections made in reliance on this incorrect or incomplete information, investors could lose confidence in our reported financial information, which would likely have a negative effect on the trading price of our Class A common stock. If any of such third-party or government databases or systems were to fail for any reason, including as a result of a cyber-attack, possible consequences include loss of communication links and inability to automatically process commercial transactions or engage in similar automated or computerized business activities. Any of the foregoing consequences could materially adversely affect our business, financial condition and results of operations.

***We may be subject to information technology system failures, network disruptions, cyber-attacks or other breaches in data security.***

The natural gas and oil industry has generally become increasingly dependent upon digital technologies to conduct day-to-day operations. As such reliance on technology has increased, so have the risks posed to both us and our third-party operators. Our third-party operators are likely dependent on digital technologies to conduct certain exploration, development, production and processing activities, including interpreting seismic data, managing drilling rigs, production activities and gathering systems, conducting reservoir modeling and estimating reserves. The U.S. government has issued public warnings that indicate that energy assets might be specific targets of cyber security threats. If our third-party operators become the target of cyber-attacks with security breaches of information, their business operations may be substantially disrupted, which could have an adverse effect on our business, financial condition and results of operations. Cyber incidents could also cause operational interruption, compromise our confidential information and damage our reputation.

We and our third-party operators also face increased risk with the growing sophistication of generative AI capabilities, which may improve or expand the existing capabilities of cybercriminals described above in a manner we cannot predict at this time. Further, as cyber-attacks continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerability to cyber-attacks.

***We may be involved in legal proceedings that could result in substantial liabilities.***

We may from time to time be involved in various legal and other proceedings, including, without limitation, title, royalty or contractual disputes, regulatory compliance matters and personal injury or property damage matters in the ordinary course of our business. Such legal proceedings are inherently uncertain and their results cannot be predicted. Regardless of the outcome, such proceedings could have an adverse impact on us because of legal costs, diversion of management, and other personnel and other factors. In addition, it is possible that a resolution of one or more such proceedings could result in liability, penalties or sanctions, as well as judgments, consent

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decrees or orders requiring a change in our business practices, which could materially and adversely affect our business, operating results and financial condition. Accruals for such liability, penalties or sanctions may be insufficient. Judgments and estimates to determine accruals or range of losses related to legal and other proceedings could change from one period to the next, and such changes could be material.

***A terrorist attack or armed conflict could harm our business.***

Terrorist activities, anti-terrorist activities and other armed conflicts involving the United States or other countries (including the war in Ukraine, ongoing conflict in Iran and the Israel-Hamas conflict) may adversely affect the United States and global economies and could prevent us from meeting our financial and other obligations. If any of these events occur, the resulting political instability and societal disruption could reduce overall demand for natural gas, NGLs and oil, potentially putting downward pressure on demand for our third-party operators' services and causing a reduction in our revenues. Natural gas, NGL and oil-related facilities, including those of our third-party operators, could be direct targets of terrorist attacks, and, if infrastructure integral to our third-party operators or the purchasers of their production is destroyed or damaged, they may experience a significant disruption in their operations which, in turn, could materially adversely affect our business, financial condition and results of operations. Costs for insurance and other security may increase as a result of these threats, and some insurance coverage may become more difficult to obtain, if available at all.

***Declining general economic, business or industry conditions may have a material adverse effect on our results of operations, cash flows and financial position.***

Concerns over global economic conditions, energy costs, supply chain disruptions, increased demand, labor shortages, the imposition of new tariffs, geopolitical issues, high levels of inflation, the availability and cost of credit and the U.S. financial market and other factors have contributed to increased global economic uncertainty. The United States experienced a significant increase in inflation beginning in the second half of 2021, and, although inflation has moderated throughout 2024 and 2025, higher interest rates have generally persisted. To the extent elevated inflation and interest rates remain or increase, our third-party operators may experience further cost increases for their labor and operations, including oil field services and equipment. Our third-party operators may also experience supply chain constraints, due to international trade policies or otherwise, and inflationary pressure on their cost structures, which could impact the revenues we receive from them. Our third-party operators also may face shortages of equipment, raw materials, supplies, commodities, labor and services, which may prevent them from executing their development plans on or around our land. These supply chain constraints, trade policies and inflationary pressures may continue to adversely impact our third-party operators' operating costs and, if they are unable to manage their supply chain, it may impact their ability to procure materials and equipment in a timely and cost-effective manner, if at all, which could materially and adversely affect our business, financial condition and results of operations.

***We recently restated our audited consolidated financial statements as of and for the fiscal year ended December 31, 2025 to correct material accounting errors and have identified material weaknesses in our internal control over financial reporting. As a result of the material weaknesses in internal control over financial reporting, our disclosure controls and procedures were not effective at a reasonable assurance level as of December 31, 2025. A failure to maintain effective internal control over financial reporting or disclosure controls and procedures could impact our ability to accurately and timely report our financial results and other material disclosures or otherwise cause us to fail to meet our reporting obligations, which could have a material adverse effect on our operations and investor confidence in our business.***

On April 22, 2026, we concluded that our audited consolidated financial statements as of and for the fiscal year ended December 31, 2025 could no longer be relied upon as a result of material accounting errors identified by management subsequent to the issuance of our audited consolidated financial statements for the fiscal year ended December 31, 2025. Accordingly, the audited consolidated financial statements for the fiscal year ended December 31, 2025 included elsewhere in this prospectus were restated by the Company in order to reflect the

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correction of the identified errors related to (i) the recording of management fees and (ii) the misclassification of pre-closing date and post-effective date monies received related to acquisitions. For additional information, see "Note 3, Restatement of Financial Statements" to our audited consolidated financial statements for the fiscal year ended December 31, 2025 included elsewhere in this prospectus. As a result of the Restatement, we are subject to additional risks and uncertainties, including unanticipated legal and accounting costs, litigation, governmental proceedings or investigations and loss of investor confidence or reputational harm to our business.

Although management did not, and was not required to, conduct a formal assessment of internal control over financial reporting as of December 31, 2025, as a result of the Misstatement and the Restatement, the Company identified certain material weaknesses in its internal control over financial reporting. As a result of the material weaknesses in internal control over financial reporting, our disclosure controls and procedures were not effective at a reasonable assurance level as of December 31, 2025. Management will be implementing changes to strengthen our internal controls and remediate the material weaknesses. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Internal Controls and Procedures—Material Weaknesses in Internal Control over Financial Reporting" for additional information related to the material weaknesses in internal control over financial reporting and our related remediation activities.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of a company's consolidated interim or annual financial statements will not be prevented or detected on a timely basis. As such, if we do not remediate these material weaknesses in a timely manner, or if additional material weaknesses in our internal control over financial reporting are discovered, they may adversely affect our ability to record, process, summarize and report financial information timely and accurately and, as a result, our consolidated interim or annual financial statements may contain material misstatements or omissions. Additionally, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

**Risks Related to Our Organizational Structure** 

***We are a holding company. Our sole material asset after completion of this offering will be our equity interests in WhiteHawk OpCo and OpCo GP, and we are accordingly dependent upon distributions from WhiteHawk OpCo and our operating subsidiaries to pay taxes and cover our corporate and other overhead expenses.***

We are a holding company and will have no material assets other than our equity interests in WhiteHawk OpCo and OpCo GP. We have no independent means of generating revenue or cash flow, and our ability to pay our taxes and operating expenses or declare and pay dividends in the future, if any, will be dependent upon the financial results and cash flows of WhiteHawk OpCo and distributions we receive from WhiteHawk OpCo and our operating subsidiaries. WhiteHawk OpCo will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, generally will not be subject to any entity-level U.S. federal income tax. Instead, any taxable income of WhiteHawk OpCo will be allocated to holders of OpCo Interests, including us. Accordingly, we will incur income taxes on our allocable share of any net taxable income of WhiteHawk OpCo. Under the terms of the OpCo Agreement, WhiteHawk OpCo will be obligated, subject to various limitations and restrictions, including with respect to our debt agreements, to make tax distributions to holders of OpCo Interests, including us. To the extent WhiteHawk OpCo has available cash, we intend to cause WhiteHawk OpCo (a) to generally make pro rata distributions to its unitholders, including us, in an amount at least sufficient to allow unitholders to pay taxes imposed on their allocable share of taxable income of WhiteHawk OpCo to the extent unitholders, including us, do not otherwise receive non-tax distributions from WhiteHawk OpCo in amounts at least sufficient to allow unitholders, including us, to pay such taxes and (b) to reimburse us for our corporate and other overhead expenses through non-pro rata payments that are not treated as distributions under the OpCo Agreement. We are limited, however, in our ability to cause WhiteHawk OpCo and our operating subsidiaries to

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make these and other distributions to us due to the restrictions under the agreements governing our indebtedness. To the extent that we need funds and WhiteHawk OpCo or our operating subsidiaries are restricted from making such distributions under applicable law or regulation or under the terms of their financing arrangements, or are otherwise unable to provide such funds, it could materially adversely affect our liquidity and financial condition.

As mentioned above, under the OpCo Agreement, we intend to cause WhiteHawk OpCo, from time to time, to make distributions in cash to its unitholders (including us) in amounts at least sufficient to cover the taxes imposed on their allocable share of taxable income of WhiteHawk OpCo to the extent unitholders, including us, do not otherwise receive non-tax distributions from WhiteHawk OpCo in amounts at least sufficient to allow unitholders, including us, to pay such taxes. As a result of (i) potential differences in the amount of net taxable income allocable to us and to the Continuing Equity Owners, (ii) the lower tax rate under current law applicable to corporations as compared to individuals, and (iii) that tax distributions are required to be paid by WhiteHawk OpCo to its common unit holders pro rata in accordance with each common unitholder's economic interests in WhiteHawk OpCo, these tax distributions may be in amounts that exceed our tax liabilities. Our board of directors will determine the appropriate uses for any excess cash so accumulated, which may include, among other uses, the payment of distributions to our stockholders and the payment of other expenses. However, we will have no obligation to distribute such cash (or other available cash) to our stockholders. In addition, no adjustments to the exchange ratio for common units and corresponding shares of Class A common stock will be made as a result of any cash distribution by us or any retention of cash by us. To the extent we do not distribute such excess cash as distributions on our Class A common stock we may take other actions with respect to such excess cash, for example, holding such excess cash, contributing such cash to WhiteHawk OpCo in exchange for additional common units (or contributing such cash to WhiteHawk OpCo and making corresponding adjustments to the Continuing Equity Owners common units), lending it (or a portion thereof) to WhiteHawk OpCo, or repurchasing outstanding shares of our Class A common stock, some of which may result in shares of our Class A common stock increasing in value relative to the value of common units. The holders of common units may benefit from any value attributable to such cash balances if they acquire shares of Class A common stock in exchange for their common units, notwithstanding that such holders may have participated previously as holders of common units in distributions that resulted in such excess cash balances to us.

***Changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.***

We are subject to taxation by U.S. federal, state, and local tax authorities. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocation of expenses to and among different jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to our assessment about our ability to realize, or in the valuation of, our deferred tax assets that are
based on estimates of our future results, the prudence and feasibility of possible tax planning strategies, and the economic and political environments in which we do business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to intercompany restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, regulations, or interpretations thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of current and future tax audits, examinations, or administrative appeals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than
anticipated future earnings in jurisdictions where we have higher statutory tax rates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations or adverse findings regarding our ability to do business in some jurisdictions.

Any changes in U.S. taxation may increase our effective tax rate and harm our business, financial condition, and results of operations. In particular, new income or other tax laws or regulations could be enacted at any time,

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which could adversely affect our business operations and financial performance. Further, existing tax laws and regulations could be interpreted, modified, or applied adversely to us.

***If we were deemed to be an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), including as a result of our ownership of WhiteHawk OpCo, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.***

Under Sections 3(a)(1)(A) and (C) of the 1940 Act, a company generally will be deemed to be an "investment company" for purposes of the 1940 Act if (i) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities, or (ii) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding, or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. We do not believe that we are an "investment company," as such term is defined in either of those sections of the 1940 Act.

We and WhiteHawk OpCo intend to conduct our operations so that we will not be deemed an investment company. As the sole managing member of WhiteHawk OpCo, we will control and operate WhiteHawk OpCo. On that basis, we believe that our interest in WhiteHawk OpCo is not an "investment security" as that term is used in the 1940 Act. However, if we were to cease participation in the management of WhiteHawk OpCo, or if WhiteHawk OpCo itself becomes an investment company, our interest in WhiteHawk OpCo could be deemed an "investment security" for purposes of the 1940 Act.

We and WhiteHawk OpCo intend to conduct our operations so that we will not be deemed an investment company. If it were established that we were an unregistered investment company, there would be a risk that we would be subject to monetary penalties and injunctive relief in an action brought by the U.S. Securities and Exchange Commission (the "SEC"), that we would be unable to enforce contracts with third parties and that third parties could seek to obtain rescission of transactions undertaken during the period it was established that we were an unregistered investment company. If we were required to register as an investment company, restrictions imposed by the 1940 Act, including limitations on our capital structure and our ability to transact with affiliates, could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.

**Risks Related to Our Industry** 

***Our industry is highly competitive, and competitive pressures could negatively affect our business.***

Competition in the natural gas, NGL and oil industry is intense, which may adversely affect our and our third-party operators' ability to succeed. Many of these companies explore for and produce natural gas, NGLs and crude oil, carry on midstream and refining operations, and market petroleum and other products on a regional, national or worldwide basis. Competition for acquisitions of mineral and royalty interests may increase the cost of, or cause us to refrain from, completing acquisitions. In addition, some of our competitors have significant financial, technical and marketing resources and may also have lower overhead cost structures, and therefore may be able to operate at lower costs than us. Our third-party operators' larger competitors may also be able to absorb the burden of present and future federal, state, local and other laws and regulations more easily than our third-party operators can, which would adversely affect our third-party operators' competitive position. Our third-party operators may have fewer financial and human resources than many companies in our third-party operators' industry and may be at a disadvantage in bidding for exploratory prospects and producing oil and natural gas properties. Furthermore, the natural gas and oil industry has experienced recent consolidation amongst some operators, which has resulted in certain instances of combined companies with larger resources. Such combined companies may compete against our third-party operators or, in the case of consolidation amongst our third-party operators, may choose to focus their operations on areas outside of our properties.

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Furthermore, a substantial portion of our revenues is directly or indirectly dependent upon our ability to acquire additional properties which is dependent upon our ability to evaluate and select suitable properties and to consummate transactions in a highly competitive environment. As a result of the factors described above, the competitive environment we operate in could have a material adverse effect on our business, financial condition and results of operations.

***Failure of exported liquid natural gas to be a competitive source of energy for the United States or international markets could adversely affect our third-party operators and could have a material adverse effect on our business, financial condition and results of operations.***

Operations of LNG projects are dependent upon the ability of our third-party operators to deliver LNG supplies from the United States, which is primarily dependent upon LNG being a competitive source of energy internationally. The success of our business plan is dependent, in part, on the extent to which LNG can, for significant periods and in significant volumes, be supplied from North America and delivered to international markets at a lower cost than the cost of alternative energy sources. Through the use of improved exploration technologies, additional sources of natural gas may be discovered outside the United States, which could increase the available supply of natural gas outside the United States and could result in natural gas in those markets being available at a lower cost than LNG exported to those markets. Additionally, insufficient receiving capacity, LNG tanker capacity or political instability in foreign countries that import natural gas may also impede the willingness or ability of LNG purchasers and merchants in such countries to export LNG from the United States. In the United States, due mainly to a historically abundant supply of natural gas and discoveries of substantial quantities of unconventional, or shale, natural gas, imported LNG has not developed into a significant energy source making LNG a competitive source of energy within the United States. However, in addition to natural gas, LNG also competes with other sources of energy, including coal, oil, nuclear, hydroelectric, wind and solar energy. Some of these sources of energy may be available at a lower cost than LNG in certain markets including in the United States.

As a result of these and other factors, LNG may not be a competitive source of energy in the United States or internationally. The failure of LNG to be a competitive supply alternative to local natural gas, oil and other alternative energy sources in markets accessible to our third-party operators could adversely affect the ability of our third-party operators to deliver LNG from the United States or to the United States on a commercial basis. Any significant impediment to the ability to deliver LNG to or from the United States generally could have a material adverse effect on our third-party operators, or the purchasers of their production, and on our business, financial condition and results of operations.

***Our growth strategy is partly dependent upon the continued expansion of electricity demand driven by AI data center development. Expectations regarding increased demand for natural gas related to data centers and AI may not materialize, and our business prospects could be harmed if demand for natural gas does not develop as expected or takes longer to develop than we anticipate.***

Our growth and success are partly dependent on continued expansion of electricity demand driven by the rapid increase in AI data center development, which has contributed to record power consumption and is expected to continue to drive increased demand for electricity. However, there is no assurance that these forecasts of load growth will be accurate or that the anticipated load growth will occur as projected. Factors such as evolving technology, improvements in energy efficiency, changes in economic conditions, shifts in government policy, regulation or consumer sentiment related to AI usage and development, or project delays or cancellations by data center developers could reduce or slow demand for electricity relative to current expectations. Further, there is no assurance that natural gas will be used to meet such demand. If the anticipated load growth and related increase in demand for natural gas fails to materialize in areas in which we maintain mineral and royalty interests, it could have a material adverse effect on our business, financial condition and results of operations.

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***The unavailability, high cost or shortages of rigs, equipment, raw materials, supplies or personnel may restrict or result in increased costs for our third-party operators related to developing and operating our properties.***

The natural gas, NGL and crude oil industry is cyclical, which can result in shortages of drilling rigs, equipment, raw materials (particularly water and sand and other proppants), supplies and personnel. When shortages occur, the costs and delivery times of rigs, equipment and supplies increase and demand for, and wage rates of, qualified drilling rig crews also rise. We cannot predict whether these conditions will exist in the future and, if so, what their timing and duration will be. In accordance with customary industry practice, our third-party operators rely on independent third-party service providers to provide many of the services and equipment necessary to drill new wells. If our third-party operators are unable to secure a sufficient number of drilling rigs at reasonable costs, our financial condition and results of operations could suffer. In addition, they may not have long-term contracts securing the use of their rigs. Shortages of drilling rigs, equipment, raw materials, supplies, personnel, trucking services, tubulars, hydraulic fracturing and completion services and production equipment could delay or restrict our third-party operators' exploration and development operations, which in turn could have a material adverse effect on our business, financial condition and results of operations.

***The marketability of natural gas, NGLs and crude oil is dependent upon transportation, pipelines and refining facilities, which neither we nor many of our third-party operators control. Any limitation in the availability of those facilities or our third-party operators' inability to obtain access to such facilities on commercially reasonable terms or otherwise could interfere with our third-party operators' ability to store, process, transmit and market our third-party operators' production as well as their plans to develop and sell our reserves, and could harm our business.***

The marketability of our third-party operators' production depends in part on the availability, proximity and capacity of pipelines, tanker trucks and other transportation methods, and processing and refining facilities developed and owned by third parties. Our third-party operators rely, and expect to rely in the future, on these third-party facilities in order to store, process, transmit and sell their production. Neither we nor the majority of our third-party operators control these third-party transportation facilities and our third-party operators' access to them may be limited or denied. The inability or unwillingness of third parties to provide sufficient facilities and services to our third-party operators on commercially reasonable terms or otherwise could have a material and adverse effect on our third-party operators' plans to develop and sell our reserves. Additionally, insufficient production from the wells on our acreage or a significant disruption in the availability of third-party transportation facilities or other production facilities could adversely impact our third-party operators' ability to deliver, to market or produce natural gas, NGLs and crude oil and thereby cause a significant interruption in our third-party operators' operations. If these facilities are unavailable to our third-party operators on commercially reasonable terms or otherwise, our third-party operators could be forced to shut in some production or delay or discontinue drilling plans and commercial production on our properties following a discovery of hydrocarbons. If these facilities are unable, for any sustained period, to implement acceptable delivery or transportation arrangements or encounter production-related difficulties, they may also be required to shut in or curtail production. In addition, the amount of natural gas, NGLs and oil that can be produced and sold is subject to curtailment in certain other circumstances outside of our or our third-party operators' control, such as pipeline interruptions due to scheduled and unscheduled maintenance, excessive pressure, physical damage or lack of available capacity on these systems, downstream processing facilities' failure to accept unprocessed natural gas, tanker truck availability and extreme weather conditions. Also, production from our wells may be insufficient to support the construction of pipeline facilities, and the shipment of our third-party operators' natural gas, NGLs and crude oil on third-party pipelines may be curtailed or delayed if it does not meet the quality specifications of the pipeline owners. The curtailments arising from these and similar circumstances may last for an extended period of time. In many cases, we and our third-party operators are provided only with limited, if any, notice as to when these circumstances will arise and their duration. Any significant curtailment in gathering system or transportation, processing or refining-facility capacity, or an inability to obtain favorable terms for delivery of the natural gas, NGLs and crude oil produced from our acreage, could reduce our third-party operators' ability to market the production from our properties and have a material adverse effect on our financial condition, results of operations and cash flows. Our third-party operators' access to transportation options

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and the prices our third-party operators receive can also be affected by U.S. federal and state regulation—including regulation of natural gas, NGL and crude oil production, transportation and pipeline safety—as well by general economic conditions and changes in supply and demand. The interstate transportation and sale for resale of natural gas are subject to federal regulation, including regulation of the terms, conditions and rates for interstate transportation, storage and various other matters, primarily by the Federal Energy Regulatory Commission ("FERC"). FERC's regulations for interstate natural gas transmission in some circumstances may also affect the intrastate transportation of natural gas. Federal and state regulations also govern the price and terms for access to natural gas pipeline transportation. In addition, the third parties on whom our third-party operators rely for transportation services are subject to complex federal, state, tribal and local laws that could adversely affect the cost, manner or feasibility of conducting our business.

Finally, a decrease in access to midstream and operational infrastructure and bottlenecks in processing and transportation could result in a decline in the price of natural gas, NGLs and crude oil, which could have a material adverse effect on our business, financial condition and results of operations.

**Risks Related to Legal, Regulatory and Environmental Matters** 

***Our third-party operators are subject to significant governmental regulations, and governmental authorities can delay or deny permits and approvals or change legal requirements governing our business, which could restrict their operations, increase costs of conducting our business, and delay our implementation of, or cause us to change, our business strategy.***

The current and future operations of our business and that of the third-party operators on our land are and will be governed by complex and stringent federal, state, local, and other laws and regulations, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws and regulations governing mineral acquisition, development, production, transportation, marketing and sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laws and regulations related to exports, taxes and fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor standards and regulations related to occupational health and safety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental, health or safety standards and regulations related to waste disposal, pollution clean-up, toxic substances, land use, and protection of the environment and natural resources.

Federal, state and local agencies may assert overlapping authority to regulate in these areas. Under these laws and regulations, we (either directly or indirectly through our third-party operators) could be liable for personal injuries, property and natural resource damages and other damages. Failure to comply with these laws and regulations may result in the suspension or termination of our business and subject us to administrative, civil and criminal penalties. In addition, certain of these laws and regulations may apply retroactively and may impose strict or joint and several liability on us for events or conditions over which we and our predecessors had no control, without regard to fault, legality of the original activities, or ownership or control by third parties.

Companies engaged in exploration activities often experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations and permits. Costs of compliance may increase, and operational delays or restrictions may occur, as existing laws and regulations are revised or reinterpreted, or as new laws and regulations become applicable to our business and our third-party operators. Government authorities and other organizations continue to study health, safety and environmental aspects of mineral operations, including those related to air, soil and water quality, ground movement or seismicity, and natural resources. Government authorities have also adopted or proposed new or more stringent requirements for permitting well construction, and public disclosure or environmental review of, or restrictions on, mineral operations. Such requirements or associated litigation could result in potentially significant added costs to comply, delay or curtail the exploration, development, disposal or production activities of our third-party operators, which could have a material adverse effect on our business, financial condition and results of operations.

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To operate in compliance with these laws and regulations, our third-party operators must obtain and maintain permits, approvals and certificates from federal, state and local government authorities for a variety of activities. These permits are generally subject to protest, appeal or litigation, which could in certain cases delay or halt projects, production of wells and other operations. Failure to comply with laws and regulations, including obtaining and maintaining permits, approvals and certificates, may result in enforcement actions, including the forfeiture of claims, or orders issued by regulatory or judicial authorities requiring operations to cease or be curtailed, the assessment of administrative, civil, and criminal fines and penalties and liability for noncompliance, costs of corrective action, cleanup or restoration, including capital expenditures, installation of additional equipment, or remedial actions, compensation for personal injury, property damage or other losses, and the imposition of injunctive or declaratory relief restricting or limiting their operations.

Our business may also be adversely affected by seasonal or permanent restrictions on drilling activities designed to protect various wildlife. The Endangered Species Act ("ESA") and analogous state laws restrict activities that may affect endangered or threatened species or their habitats. Similar protections are offered to migratory birds under the Migratory Bird Treaty Act. Certain of our properties may overlap with the habitat for species listed under the ESA or analogous state laws, and restrictions designed to protect threatened or endangered species or their habitat may limit the abilities of our third-party operators to operate in certain areas and can intensify competition for drilling rigs, oilfield equipment, services, supplies and qualified personnel, which may lead to periodic shortages when drilling is allowed. Permanent restrictions could prohibit drilling or emplacement of pipelines in certain areas or require the implementation of expensive mitigation measures. These restrictions could have a material adverse effect on our business, financial condition and results of operations to the extent they impact our properties, our third-party operators or our mineral and royalty interests.

***The development and enactment of climate change legislation and regulation regarding emissions of greenhouse gases ("GHGs") could adversely affect the mineral industry and reduce demand for the natural gas and oil that our third-party operators produce.***

The energy industry is affected from time to time in varying degrees by political developments and a wide range of federal, tribal, state and local statutes, rules, orders and regulations that may, in turn, affect the operations and costs of the companies engaged in the energy industry. While Congress has from time to time considered legislation to reduce emissions of GHGs, comprehensive legislation aimed at reducing GHG emissions has not yet been adopted at the federal level. Notwithstanding the U.S. Environmental Protection Agency's ("EPA") recent final rule repealing the "Endangerment Finding" that underlies the majority of its GHG-related regulations, GHG emissions have been regulated by the EPA under previous administrations pursuant to the Clean Air Act of 1970 (as amended, the "CAA"), as well as by state environmental authorities. For example, in December 2023, the EPA finalized stringent emissions control requirements for certain new and existing upstream and midstream natural gas and oil facilities, known as Subparts OOOOb and OOOOc, and failure to comply with these new rules may result in substantial fines and penalties, as well as injunctive relief. However, in March 2025, the EPA announced plans to reconsider Subparts OOOOb and OOOOc and, in November 2025, the EPA finalized an interim final rule extending certain compliance deadlines for certain provisions provided in the rules. Litigation challenging the interim final rule remains pending. In addition, the EPA has adopted rules requiring the monitoring and reporting of GHG emissions from specified onshore and offshore oil and gas production sources in the United States on an annual basis, which may include operations on our properties. In September 2025, the EPA proposed to delay the reporting of GHG emissions for the oil and gas sector until 2034. These proposals are still under consideration and are subject to a number of uncertainties and likely could face legal challenges that would further delay the implementation of any rules, and we cannot predict the ultimate outcome. Litigation challenging the rule rescinding the "Endangerment Finding" is ongoing, and as a result, there is significant uncertainty with respect to regulation of GHG emissions. To the extent new laws or regulations are adopted or issued to address GHG emissions, they could increase compliance costs for our third-party operators or restrict the ability to permit GHG emissions from new or modified sources, which in turn could result in a material adverse impact on our business. In addition, substantial limitations on GHG emissions could adversely affect demand for natural gas, NGLs and oil, which may also adversely affect our business and financial results.

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Further, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act of 2022 (the "IRA") include billions of dollars in incentives for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles, investments in advanced biofuels and supporting infrastructure, and carbon capture and sequestration. Additionally, the IRA includes a Waste Emissions Charge for methane emissions from specific types of facilities that emit 25,000 metric tons of carbon dioxide equivalent or more per year, and, although the IRA generally provides for a conditional exemption under certain circumstances, the charge applies to emissions that exceed an established emissions threshold for each type of covered facility. In November 2024, the EPA finalized the Waste Emissions Charge rule. However, in February 2025, Congress repealed the Waste Emissions Charge rule using the Congressional Review Act. In addition, the One Big Beautiful Bill Act, enacted in July 2025, delayed implementation of the charge until 2034. While the EPA cannot reissue its rule implementing the Waste Emissions Charge (either in substantially the same form or in a new rule), the underlying requirement in the IRA remains unchanged. We cannot predict if the Trump administration and/or Congress may take action to repeal or revise this requirement in the IRA. However, compliance with this and other air pollution control and permitting requirements has the potential to delay the development of natural gas and oil projects and increase our third-party operators' costs of development, with possible significant costs, and adversely affect our business.

Additional GHG regulation could also result from the agreement crafted during the United Nations climate change conference in Paris, France, in December 2015 (the "Paris Agreement"). Under the Paris Agreement, the United States committed to reducing its GHG emissions by 26-28% by the year 2025 as compared with 2005 levels. Moreover, in November 2021, at the U.N. Framework Convention on Climate Change Conference of the Parties (the "Conference of the Parties"), the United States and the European Union advanced a Global Methane Pledge to reduce global methane emissions at least 30% from 2020 levels by 2030, which over 100 countries have signed. At the 27th Conference of the Parties, the United States agreed, in conjunction with the European Union and a number of other partner countries, to develop standards for monitoring and reporting methane emissions to help create a market for low methane intensity natural gas. A decision from the 28<sup>th</sup> Conference of the Parties serving as a meeting of the Parties to the Paris Agreement calls on countries to contribute to a list of global efforts, taking into account the Paris Agreement and their different national circumstances, pathways and approaches. This list includes a tripling of renewable energy capacity and doubling the global average rate of energy efficiency improvements by 2030; phasing out inefficient fossil fuel subsidies that do not address energy poverty or just transitions, as soon as possible; and transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in the 2020s, so as to achieve net zero by 2050 in keeping with the science. However, in January 2025, President Trump announced the United States' withdrawal from the Paris Agreement, and in January 2026, President Trump announced the United States' withdrawal from the United Nations Framework Convention on Climate Change. In addition, the Supreme Court's decision in *Loper Bright Enterprises v. Raimondo* to overrule *Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc.,* thus ending the concept of general deference to regulatory agency interpretations of laws, introduces new complexity for federal agencies and administration of climate change policy and regulatory programs. The full impact of these actions remains uncertain at this time but many of these initiatives to address climate change at the international, state and local levels are expected to continue. Consequently, legislation and regulatory programs to address climate change or reduce emissions of GHGs could have a material adverse effect on our business, financial condition and results of operations. In the absence of comprehensive federal climate legislation, a number of state and regional efforts have emerged that are aimed at tracking or reducing GHG emissions by means of cap-and-trade programs, and we cannot predict what or whether states may take further action to regulate GHG emissions following the EPA's rescission of the "Endangerment Finding.". These programs typically require major sources of GHG emissions to acquire and surrender emission allowances in return for emitting those GHGs.

Although it is not possible at this time to predict how legislation or new regulations that may be adopted to address GHG emissions would impact us and our third-party operators, any future laws and regulations imposing reporting obligations on, or limiting emissions of GHGs from, such operators' equipment and operations could require them to incur costs to reduce emissions of GHGs associated with their operations, which could adversely impact our business. In addition, substantial limitations on GHG emissions could adversely affect demand for the natural gas

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and oil produced from our properties. Restrictions on emissions of methane or carbon dioxide, such as restrictions on venting and flaring of natural gas, that may be imposed in various states, as well as state and local climate change initiatives, such as increased energy efficiency standards or mandates for renewable energy sources, could adversely affect the oil and gas industry. It is not possible at this time to accurately estimate how potential future laws or regulations addressing GHG emissions would impact oil and gas assets. Increasingly, natural gas and oil companies are exposed to litigation risks resulting from climate change. A number of parties have brought suits against natural gas and oil companies in state or federal court, including suits for alleged contributions to, or failure to disclose the impacts of, climate change. While we are not currently party to any such litigation, we or our third-party operators could be named in future actions making similar claims of liability. Moreover, to the extent that societal pressures or political or other factors are involved, it is possible that such liability could be imposed without regard to the company's causation of or contribution to the asserted damage. Involvement in any such litigation could have a material adverse impact on our business, financial condition and results of operations.

Finally, climate change may have significant physical effects, such as increased frequency and severity of extreme weather events (including storms, freezes, floods, drought, hurricanes and other climatic events) or changes in meteorological and hydrological patterns, that could adversely impact our third-party operators. Such effects may result from damage to our third-party operators' facilities, including through restrictions on the use of water due to drought and indirect impacts from supply chain disruption and market volatility. These effects may adversely affect our business, financial condition and results of operations.

***Increased attention to sustainability-related matters and conservation measures may impact our business or the business of our third-party operators.***

Increased attention to climate change, and sometimes conflicting societal expectations on companies to address climate change and consumer demand for alternative forms of energy, may result in increased costs, reduced demand for natural gas, NGLs and oil, reduced profits, increasing administrative, legislative and judicial scrutiny, reputational damage and negative impacts on us or our third-party operators, which may ultimately have adverse impacts on our business, such as our access to capital markets as well as the price of our Class A common stock. Increased attention to climate change and environmental conservation, for example, may result in demand shifts for natural gas and oil products and governmental investigations, private litigation or activist campaigns against us or our third-party operators.

While we may elect to pursue certain sustainable energy-related strategies in the future, any such goals are aspirational and may not have the intended impact on our business. We may also receive pressure from investors, lenders or other groups to adopt more aggressive climate or other sustainability-related goals, and we cannot guarantee that we will be able to pursue or implement such goals because of potential costs or technical or operational obstacles. Moreover, failure or a perception (whether or not valid) of failure to pursue or implement such strategies or achieve such goals or commitments, including any GHG emission reduction or carbon intensity goals or commitments, could result in private litigation and damage our reputation, cause investors or consumers to lose confidence in us, and negatively impact our third-party operators. Additionally, to the extent sustainability-related matters negatively impact our reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely affect our business.

Some organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to sustainability concerns. Such ratings are used by some investors to inform their investment and voting decisions. While such ratings do not impact all investors' decisions, unfavorable ratings and any recent activism directed at shifting funding away from companies with energy-related assets could lead to increased negative investor sentiment toward us, our third-party operators and our industry and to the diversion of investment to other industries, which could have a negative impact on our access to and costs of capital. Additionally, certain public statements with respect to sustainability matters, such as emissions reduction claims, are becoming increasingly subject to heightened scrutiny from public and governmental authorities, as well as other parties, related to the risk of potential

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"greenwashing"—i.e., misleading information or false claims overstating potential benefits. Any alleged claims of greenwashing against us or others in our industry may lead to further negative sentiment and diversion of investments.

***Our third-party operators' exploration and development activities are subject to hazardous operating risks, which could expose our third-party operators to significant liability, delay, suspension or termination of their operations.***

Our third-party operators are subject to all of the hazards and operating risks associated with drilling for and production of natural gas, NGLs and crude oil, including the risk of fire, explosions, blowouts, surface cratering, uncontrollable flows of natural gas, NGLs and crude oil and formation water, pipe or pipeline failures, abnormally pressured formations, casing collapses and environmental hazards such as crude oil and NGL spills, natural gas leaks and ruptures or discharges of toxic gases. In addition, their operations will be subject to risks associated with hydraulic fracturing, including any mishandling, surface spillage or potential underground migration of fracturing fluids, including chemical additives. The occurrence of any of these events could result in substantial losses to our third-party operators due to injury or loss of life, severe damage to or destruction of property, natural resources and equipment, pollution or other environmental damage, clean-up responsibilities, regulatory investigations and penalties, suspension of operations and repairs required to resume operations, which in turn could have a material adverse effect on our business, financial condition and results of operations.

The exploration and possible future development phases of the business of the third-party operators we work with are and will be subject to federal, state and local environmental, health and safety regulations. These regulations mandate, among other things, the maintenance of air and water quality standards and land reclamation. They also set out limitations on the generation, transportation, storage and disposal of solid and hazardous waste, impose restrictions on activities to protect certain species and regulate worker health and safety. Future environmental legislation may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments and a heightened degree of responsibility for companies and their officers, directors and employees. Future changes in environmental regulations, if any, may adversely affect our third-party operators, and, as a result, our business. If our third-party operators fail to comply with any applicable environmental laws, regulations or permit requirements, they could face regulatory or judicial sanctions. Penalties imposed by either the courts or administrative bodies could delay or stop their operations to develop our minerals or require considerable capital expenditures. Furthermore, certain groups opposed to exploration and mining may attempt to interfere with their operations through the legal or regulatory process or by engaging in disruptive protest activities. The occurrence of any of these risks to our third-party operators could in turn have a material adverse effect on our business, financial condition and results of operations.

Environmental hazards unknown to us, which have been caused by previous or existing owners or operators of our properties, may exist on our properties. Our properties could be located on or near the site of a federal cleanup project, and that environmental cleanup or other environmental restoration procedures could remain pending or mandated by law, which may result in unexpected liabilities, with total costs that are difficult to predict.

The Comprehensive Environmental, Response, Compensation and Liability Act ("CERCLA") and comparable state statutes impose strict, joint and several liability on current and former owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites. It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government-incurred cleanup costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances released into the environment. The Federal Resource Conservation and Recovery Act ("RCRA") and comparable state statutes govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines and penalties for noncompliance, as well as requirements for corrective actions and financial assurance.

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CERCLA, RCRA and comparable state statutes can impose liability for clean-up of sites and disposal of substances found on exploration and processing sites long after activities on such sites have been completed.

The CAA restricts the emission of air pollutants from many sources, including drilling and production activities. The drilling and production operations conducted by third parties to develop our minerals may produce air emissions, including fugitive dust and other air pollutants from stationary equipment, storage facilities and the use of mobile sources such as trucks and heavy construction equipment, which are subject to review, monitoring and/or control requirements under the CAA and state air quality laws. In undeveloped properties, our third-party operators may be required to obtain permits before work can begin, and, in properties with existing facilities, our third-party operators may need to incur capital costs in order to remain in compliance. In addition, permitting rules may impose limitations on operators' production levels or result in additional capital expenditures in order to comply with the rules.

The National Environmental Policy Act requires federal agencies to integrate environmental considerations into their decision-making processes by evaluating the environmental impacts of their proposed actions and assessing alternatives to those actions. If a proposed federal action could significantly affect the environment, the agency must prepare a detailed statement known as an Environmental Impact Statement ("EIS"). The EPA, other federal agencies and any interested third parties will review and comment on the scoping of the EIS and the adequacy of and findings set forth in the draft and final EIS. This process can cause delays in the issuance of required permits, litigation over the adequacy of the EIS or result in changes to a project to mitigate its potential environmental impacts, which can in turn adversely impact the economic feasibility of a proposed project.

The Clean Water Act (the "CWA") and comparable state statutes impose restrictions and controls on the discharge of pollutants into waters of the United States. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. Such a permit requires the regulated facility to monitor and sample storm water run-off from its operations. The CWA and regulations implemented thereunder also prohibit the discharge of dredged and fill material in certain wetlands and other regulated waters unless authorized by an appropriately issued permit. The CWA and comparable state statutes provide for civil, criminal and administrative penalties for the unauthorized discharge of pollutants and impose liability on parties responsible for those discharges for the costs of cleaning up any environmental damage caused by the discharge and for natural resource damages resulting from the discharge.

The Safe Drinking Water Act (the "SDWA") and the Underground Injection Control (the "UIC") program promulgated thereunder regulate the drilling and operation of subsurface injection wells. The EPA directly administers the UIC program in some states; in other states, including those in which we own property, the responsibility for the program has been delegated to the state. The UIC program requires that a permit be obtained before drilling a disposal or injection well. Violation of these regulations and/or contamination of groundwater may result in fines, penalties and remediation costs, among other sanctions and liabilities under the SDWA and state laws. In addition, third-party claims may be filed by neighboring landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.

There can be no assurance that the defense of such claims by us or our third-party operators will be successful and a successful claim against us or any of the third parties we contract with could have an adverse effect on our business, financial condition and results of operations.

***Future legislative or regulatory changes may result in increased costs and decreased revenues, cash flows and liquidity, all of which could have a material adverse effect on our business, financial condition and results of operations.***

Companies that operate wells in which we own mineral and royalty interests are subject to extensive federal, state and local regulation. We, as a minerals and royalties interest owner, are therefore indirectly subject to these same regulations. In particular, changes in law or regulation related to hydraulic fracturing or GHGs could

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significantly increase capital, compliance and operating costs, as well as halt or delay the further development of gas and oil reserves on our properties.

*Federal Income Taxation* 

We are subject to U.S. federal income tax, as well as income or capital-based taxes in various states, and our operating cash flows are sensitive to the amount of income taxes we must pay. Income taxes are assessed on our net income as determined for federal income tax purposes, considering allowable deductions and credits. Changes in the types of earnings that are subject to income tax, the types of items that are considered allowable deductions or the rates assessed on our taxable earnings would all impact our income taxes and resulting operating cash flows.

Further revisions to U.S. tax law, such as any increase in corporate income tax rates, the repeal of the percentage depletion allowance, or the repeal of expensing for intangible drilling costs, could have a material adverse effect on our business. Moreover, the U.S. Department of Treasury has broad authority to issue regulations and interpretative guidance that may significantly impact how we apply U.S. tax law, with a corresponding impact on the results of our operations for the periods affected.

*Hydraulic Fracturing and Water Disposal* 

The vast majority of natural gas and oil wells drilled in recent years have been, and future wells are expected to be, hydraulically fractured as a part of the process of completing the wells and putting them on production, including the wells drilled in which we own an interest. Hydraulic fracturing is a process that involves pumping water, sand and additives at high pressure into rock formations to stimulate natural gas and oil production. In developing plays where hydraulic fracturing, which requires large volumes of water, is necessary for successful development, the demand for water may exceed the supply. Over the past several years, parts of the country have experienced extreme drought conditions. As a result of this severe drought, some local water districts have begun restricting the use of water subject to their jurisdiction for hydraulic fracturing to protect local water supply. Such conditions may be exacerbated by climate change. If our third-party operators are unable to obtain water to use in their operations from local sources, or if our third-party operators are unable to effectively utilize flowback water, they may be unable to economically drill for or produce natural gas, NGLs and crude oil from our properties, which could have a material adverse effect on our business, financial condition and results of operations.

In addition to water, hydraulic fracturing fluid contains chemical additives designed to optimize production. Well operators are required in certain states to disclose the components of these additives. Additional states and the federal government may follow with similar requirements or may restrict the use of certain additives. This could result in more costly or less effective development of wells.

The fluid produced from the fractured formation must be either treated for reuse or disposed of by injecting the fluid into disposal wells. Injection well disposal processes have been, and continue to be, studied to determine the extent of correlation between injection well disposal and the occurrence of earthquakes. Certain studies have concluded there is a correlation, and this has resulted in the cessation of or the reduction of injection rates in certain water disposal wells, especially in northern Oklahoma.

Efforts to regulate hydraulic fracturing and fluid disposal continue at the local, state and federal level. For example, the EPA has asserted regulatory authority pursuant to the SDWA UIC program over hydraulic fracturing activities involving the use of diesel and issued guidance covering such activities. New regulations are being considered, including limiting water withdrawals and usage, limiting water disposition, restricting which additives may be used, implementing statewide hydraulic fracturing moratoriums and temporary or permanent bans in certain environmentally sensitive areas. Public sentiment against hydraulic fracturing and fluid disposal and shale production could result in more stringent permitting and compliance requirements. Consequences of

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any of these regulation efforts could increase capital, compliance and operating costs significantly, as well as delay or halt the further development of gas and oil reserves on our properties.

Any of the above factors could have a material adverse effect on our business, financial condition and results of operations.

*Inflation Reduction Act of 2022* 

The IRA appropriates significant federal funding for renewable energy initiatives. These incentives could accelerate the transition of the U.S. economy towards lower- or zero-carbon emissions alternatives, which could decrease demand for oil and gas. Moreover, the IRA imposes a federal fee on GHG emissions through a Waste Emissions Charge. The IRA amends the federal Clean Air Act to impose a fee on the emission of methane from sources required to report their GHG emissions to the EPA, including those sources in the onshore petroleum and natural gas production and gathering and boosting source categories. However, the One Big Beautiful Bill Act, enacted in July 2025, delays implementation of the charge until 2034. While the EPA cannot reissue its rule implementing the Waste Emissions Charge (either in substantially the same form or in a new rule), the underlying requirement in the IRA remains unchanged. Although we cannot predict if the Trump administration and/or Congress may take action to repeal or revise this requirement of the IRA, compliance with this and other air pollution control and permitting requirements has the potential to delay the development of natural gas projects and increase our third-party operators' costs of development, which costs could be significant, and in turn have a material adverse effect on our business, financial condition and results of operations.

On January 20, 2025, President Trump issued the "Unleashing American Energy" executive order (EO 14154), which directs federal agencies to suspend the disbursement of funds under the IRA, reassess existing energy policies, and streamline permitting processes for oil and gas development. If fully implemented, EO 14154 is expected to reduce compliance costs, expand development opportunities, and provide more investment certainty. However, while the executive order signals a shift in energy policy, certain provisions of the IRA were enacted through legislation that may require congressional action or judicial review before being fully repealed or modified, and agency actions taken pursuant to EO 14154 have been subject to litigation. We will continue to monitor regulatory developments, potential legal challenges, and legislative actions that may affect the implementation of EO 14154. While the administration's energy policies appear broadly supportive of the oil and gas industry, ongoing legal and political dynamics may impact the extent to which specific provisions are ultimately enforced or rescinded.

*Seismic Activity* 

In response to concerns related to earthquakes in northern and central Oklahoma and Texas near underground disposal wells used for the injection of flowback and produced water (known as "induced seismicity"), regulators in some states, including Oklahoma and Texas, have imposed, or are considering imposing, certain limits on or requirements related to the permitting or operation of produced water disposal wells in areas with increased instances of induced seismic events. States may, from time to time, develop and implement plans directing certain wells in proximity to where seismic incidents have occurred to restrict or suspend well operations. These legislative and regulatory initiatives may result in additional levels of regulation that could lead to operational delays, litigation concerning, and greater opposition to, natural gas and oil activities using injection wells for waste disposal, and increased operating and compliance costs or otherwise adversely affect operations. Increased restrictions may also have a material adverse effect on our third-party operators and operations on our properties, which could have an indirect adverse effect on our business, financial condition and result of operations.

***The adoption of derivatives legislation by the U.S. Congress could have an adverse effect on us and our ability to hedge risks associated with our business.***

The Dodd-Frank Act required, in part, that the U.S. Commodity Futures Trading Commission ("CFTC") and the SEC promulgate rules and regulations to establish federal oversight for the over-the-counter ("OTC") derivatives

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markets and entities that participate in those markets. Although the CFTC and the SEC have issued final regulations in certain areas, final rules in other areas and the scope of relevant definitions and/or exemptions still remain to be finalized.

Effective March 15, 2021, the CFTC implemented its final rule concerning speculative position limits, adopting new and amended federal spot-month limits for 2025 physical commodity derivatives. Under this rule, certain types of hedging transactions are exempt from these limits on the size of positions that may be held, provided that such hedging transactions satisfy the CFTC's requirements for certain enumerated "bona fide hedging" transactions or positions.

The CFTC has also adopted final rules regarding aggregation of positions, under which a party that controls the trading of, or owns 10% or more of the equity interests in, another party will have to aggregate the positions of the controlled or owned party with its own positions for purposes of determining compliance with position limits unless an exemption applies. With the implementation of the final aggregation rules and upon the adoption and effectiveness of final CFTC position limits rules, our ability to execute our hedging strategies described above could be limited. It is uncertain at this time whether, when and in what form the CFTC's proposed new position limits rules may become final and effective.

The CFTC issued a final rule on margin requirements for uncleared swap transactions on January 6, 2016. This final rule was amended on February 24, 2021 to permit the application of a minimum transfer amount of up to $50,000 for each separately managed account of a legal entity that is a counterparty to a swap dealer or a major swap participant in an uncleared swap transaction and to permit the application of separate minimum transfer amounts for initial margin and variation margin.

In addition, the CFTC has issued a final rule authorizing an exemption from the otherwise applicable mandatory obligation to clear certain types of swap transactions through a derivatives clearing organization and to trade such swaps on a regulated exchange, which exemption applies to swap transactions entered into by commercial end-users in order to hedge commercial risks affecting their business. The mandatory clearing requirement currently applies only to certain interest rate swaps and credit default swaps, but the CFTC could act to impose mandatory clearing requirements for other types of swap transactions. The Dodd-Frank Act also imposes recordkeeping and reporting obligations on counterparties to swap transactions and other regulatory compliance obligations.

All of the above regulations could increase the costs to us of entering into financial derivative transactions to hedge or mitigate our exposure to commodity price volatility and other commercial risks affecting our business. The Volcker Rule provisions of Dodd-Frank may also require our current bank counterparties that engage in financial derivative transactions to spin off some of their derivatives activities to separate entities, which separate entities may not be as creditworthy as the current bank counterparties. Under such rules, other bank counterparties may cease their current business as hedge providers. These changes could reduce the liquidity of the financial derivatives markets thereby reducing the ability of entities like us, as commercial end-users, to have access to financial derivatives to hedge or mitigate our exposure to commodity price volatility.

As a result, Dodd-Frank and any new regulations issued thereunder could significantly increase the cost of derivative contracts (including through requirements to post cash collateral), which could adversely affect our capital available for other purposes, materially alter the terms of future swaps relative to the terms of our existing bilaterally negotiated financial derivative contracts and reduce the availability of derivatives to protect against commercial risks we encounter.

If we reduce our use of derivative contracts as a result of the new requirements, our results of operations may become more volatile and cash flows less predictable, which could adversely affect our ability to plan for and fund capital expenditures. Finally, the legislation was intended, in part, to reduce the volatility of natural gas, NGL and oil prices, which some legislators attributed to speculative trading in derivatives and commodity instruments related to natural gas, NGLs and oil. Our revenues could therefore be adversely affected if a

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consequence of the legislation and regulations is to lower commodity prices. Any of these consequences could have a material adverse effect on our business, financial condition and results of operations.

***Restrictions on the ability of our third-party operators to obtain water may have a material adverse effect on our business, financial condition and results of operations.***

Water is an essential component of natural gas, NGL and crude oil production during both the drilling and hydraulic fracturing processes. Over the past several years, parts of the country have experienced extreme drought conditions. As a result of this severe drought, some local water districts have begun restricting the use of water subject to their jurisdiction for hydraulic fracturing to protect local water supply. Such conditions may be exacerbated by climate change. If our third-party operators are unable to obtain water to use in their operations from local sources or at commercially reasonable rates, or if our third-party operators are unable to effectively utilize flowback water, they may be unable to economically drill for or produce natural gas, NGLs and crude oil from our properties, which could have a material adverse effect on our business, financial condition and results of operations.

**Risks Related to Our Indebtedness** 

***Our use of borrowings to finance our business exposes us to risks.***

We use indebtedness as a means to finance our business strategies, which exposes us to the typical risks associated with using leverage. Upon the closing of this offering, our material indebtedness consists of (i) our Note Purchase Agreement, which will be assigned to WhiteHawk OpCo, paid down to $75.0 million of principal (using a portion of the net proceeds from this offering), and amended and restated to become a second lien obligation, and (ii) our Revolving Credit Facility, providing for an initial aggregate maximum credit amount of $500 million, an initial aggregate elected commitment amount of $150 million and an initial borrowing base of $150 million. See "Description of Material Indebtedness" for further information regarding our outstanding indebtedness. We may continue to strategically utilize long-term indebtedness in connection with the acquisition of additional assets. There can be no assurance that we will have sufficient cash on hand with which to repay any outstanding borrowings. There can also be no assurance that leveraged financing will continue to be available to us on favorable terms or at all. Our stockholders may bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses. To the extent that we use leverage to finance our assets, our financing costs will reduce cash available for dividends to our stockholders.

***Our failure to comply with the covenants contained in the Note Purchase Agreement and the Revolving Credit Facility, including as a result of events beyond our control, could result in an event of default that could cause repayment of our Senior Notes and borrowings under the Revolving Credit Facility to be accelerated.***

The Note Purchase Agreement (as defined herein) governing our Senior Notes and the Revolving Credit Facility impose, and the agreements governing our future indebtedness may impose, material restrictions on us that limit our operating flexibility, which could harm our long-term interests. These restrictions, subject in certain cases to ordinary course of business and other exceptions, may limit our ability to engage in some transactions, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurring or guaranteeing additional indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paying dividends, redeeming capital stock or making other restricted payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making payments in respect of certain second lien/senior notes or junior debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making investments, including acquisitions, loans and advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into burdensome agreements with negative pledge clauses or restrictions on subsidiary distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling, transferring or otherwise disposing of assets, properties or licenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creating liens on assets and capital stock to secure any indebtedness

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undergoing a change in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merging, consolidating, liquidating, or dissolving;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into new lines of business or materially altering our business and the business conducted by certain of
our subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into transactions with affiliates.

In addition to imposing restrictions on our business and operations, following the completion of this offering and the effectiveness of the A&R Note Purchase Agreement, the Note Purchase Agreement includes covenants relating to financial ratios and tests, and the Revolving Credit Facility will require us to maintain, as of the last day of each fiscal quarter (commencing with the first full fiscal quarter ending after the closing of this offering), a consolidated net leverage ratio of no greater than 3.50 to 1.00 and a current ratio of no less than 1.00 to 1.00. The Note Purchase Agreement also requires us to maintain, as of the last day of each fiscal quarter (commencing with the fiscal quarter ending June 30, 2026), a Consolidated Total Net Leverage Ratio of not greater than 3.50 to 1.00, an Asset Coverage Ratio of not less than 1.00 to 1.00, and a Liquidity Percentage of at least 10%. Any future debt instruments may also include such covenants. The Note Purchase Agreement also requires us to make certain mandatory prepayments of the Senior Notes, including from Distributable Free Cash Flow if the Consolidated Total Net Leverage Ratio on a pro forma basis is greater than or equal to 3.00 to 1.00, and prepayments from certain asset sales, casualty events and debt incurrences, subject to certain exceptions. See "Description of Material Indebtedness."

Any failure to comply with the restrictions of our indebtedness, and any subsequent financing agreements, including as a result of events beyond our control, may result in an event of default under these agreements, which in turn may result in defaults or acceleration of obligations under these agreements and other agreements, giving our lenders and other debt holders the right to terminate any commitments they may have made to provide us with further funds and to require us to repay all amounts then outstanding. Our assets and cash flows may not be sufficient to fully repay borrowings under our outstanding debt instruments. In addition, we may not be able to refinance or restructure the payments on the applicable debt. Even if we were able to secure additional financing, it may not be available on favorable terms.

***Our Revolving Credit Facility and our hedging agreements are secured by substantially all of our assets and is subject to an intercreditor agreement, and our Note Purchase Agreement will be a second lien obligation, which could limit our financial and operating flexibility and expose holders of our Senior Notes to increased risk in the event of an enforcement action.***

The Revolving Credit Facility and our obligations under our hedging agreements will be secured by liens on substantially all of WhiteHawk OpCo's properties and assets, the properties and assets of its subsidiaries, and pledges of the equity interests in all of WhiteHawk OpCo's present and future subsidiaries (subject to certain exceptions), and will be guaranteed by substantially all of WhiteHawk OpCo's existing and future direct and indirect subsidiaries, with certain customary or agreed upon exceptions. Upon the closing of this offering, the Note Purchase Agreement is expected to be amended to become a second lien obligation on substantially the same collateral, subject to an intercreditor agreement governing the relative rights and priorities of the first lien secured parties under the Revolving Credit Facility and the second lien secured parties under the Note Purchase Agreement. If we are unable to repay our secured obligations when due, the first lien lenders could foreclose on or otherwise exercise remedies with respect to the collateral prior to the second lien secured parties, and the value of the collateral may not be sufficient to repay all amounts owing under the Revolving Credit Facility and the Note Purchase Agreement. The intercreditor agreement may also restrict the ability of the holders of our Senior Notes to exercise remedies, challenge the first lien liens, or otherwise protect their interests during periods of default or insolvency.

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***The borrowing base under our Revolving Credit Facility is subject to periodic redetermination and other automatic reductions, which could require us to repay outstanding borrowings on short notice.***

The borrowing base under the Revolving Credit Facility is subject to semi-annual redeterminations on April 15 and October 15 of each year, commencing October 15, 2026, based on a review of our proved oil and gas reserves, commodity prices and other factors deemed relevant by the administrative agent. In addition, each of WhiteHawk OpCo and the administrative agent (at the direction of the required lenders) may elect to initiate one interim redetermination between scheduled redeterminations, and we may elect an additional interim redetermination in connection with acquisitions of oil and gas properties representing at least 5% of the then-effective borrowing base. The borrowing base will also be automatically reduced (i) by the borrowing base value of any oil and gas properties disposed of or swap agreements terminated if the aggregate value of such dispositions and terminations since the most recent redetermination exceeds 5% of the then-effective borrowing base and (ii) upon the issuance of any permitted senior notes, by 25% of the aggregate stated principal amount of such notes. A decrease in commodity prices, downward revisions to our reserve estimates, asset dispositions, swap terminations, senior note issuances or changes in the lenders' lending policies could result in a reduction of our borrowing base. If our outstanding borrowings exceed the redetermined borrowing base, we could be required to repay such excess, which we may be unable to do on a timely basis or at all, and any such mandatory repayment could materially and adversely affect our liquidity, financial condition and results of operations.

***The Revolving Credit Facility will require us to maintain specified commodity hedges, which may limit our ability to benefit from favorable commodity prices and expose us to counterparty and other hedging risks.***

The Revolving Credit Facility will require us, on the last day of each fiscal quarter, to maintain swap agreements hedging a minimum percentage of our reasonably projected production of crude oil and natural gas from proved developed producing reserves, with required percentages and tenors that vary based on our Consolidated Net Leverage Ratio. If our Consolidated Net Leverage Ratio is at least 1.50 to 1.00, we must hedge at least 50% of reasonably projected production for each of the 24 months following such date; if the ratio is at least 1.00 to 1.00 but less than 1.50 to 1.00, we must hedge at least 50% for 12 months and at least 25% for months 13 through 24; and if the ratio is less than 1.00 to 1.00, we must hedge at least 50% for 12 months; provided that if our natural gas production exceeds 90% of our aggregate production, determined on a barrel of oil equivalent basis, we will not be required to hedge our volumes of crude oil. These required hedging levels may prevent us from realizing the full benefit of increases in commodity prices, may require us to enter into or maintain hedges at unfavorable times or prices, and expose us to counterparty credit risk and mark-to-market volatility. A failure to maintain required hedges would result in an event of default under the Revolving Credit Facility.

***The Revolving Credit Facility and the Note Purchase Agreement restrict our ability to pay cash dividends and make other distributions to our stockholders.***

The Revolving Credit Facility will permit us to make cash restricted payments to holders of our equity interests only if, both before and immediately after giving effect to any such restricted payment, (i) no default, event of default or borrowing base deficiency exists, (ii) unused availability is at least 10% of the loan limit, (iii) our Consolidated Net Leverage Ratio is less than or equal to 3.00 to 1.00 on a pro forma basis and (iv) such dividends and distributions are permitted by the Note Purchase Agreement. Following the completion of this offering and the effectiveness of the A&R Note Purchase Agreement, we may not make cash restricted payments unless, among other conditions, no default or event of default under the Note Purchase Agreement, or borrowing base deficiency under the Revolving Credit Facility exists, and either (a) unused availability is at least 10% of the loan limit and the Consolidated Total Net Leverage Ratio on a pro forma basis is less than 3.00 to 1.00 or (b) the Consolidated Total Net Leverage Ratio on a pro forma basis is less than 2.00 to 1.00. See "Description of Material Indebtedness." As a result, our ability to pay cash dividends on, or repurchase, our common stock will depend on our continued compliance with these conditions as well as the other covenants in our debt agreements. If we are unable to satisfy these conditions, we may be unable to pay cash dividends at the levels anticipated at the time of this offering, or at all, which could adversely affect the market price of our common stock. See also

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"—Risks Related to Our Business—We expect to distribute a substantial majority of the cash we generate from operations, which could limit our ability to grow and make acquisitions."

***Despite current indebtedness levels, we may incur substantial additional indebtedness in the future. This could further increase the risks associated with our indebtedness.***

We may incur substantial additional indebtedness in the future, which would increase our debt service obligations and could further reduce cash available to invest in additional assets. The terms of our Notes do not fully prohibit us or our subsidiaries from incurring additional indebtedness, subject to limitations. As of March 31, 2026 and December 31, 2025, we had $231.4 million and $237.7 million of borrowings outstanding under our Senior Notes, respectively. Upon the closing of this offering, we will have borrowing capacity under the Revolving Credit Facility of up to an initial aggregate elected commitment amount of $150 million (with an initial aggregate maximum credit amount of $500 million), subject to borrowing base redeterminations and satisfaction of customary borrowing conditions. The Revolving Credit Facility will also allow us to request that the aggregate elected commitments be increased up to the aggregate maximum credit amount, subject to certain conditions. If new debt is added to our debt levels, or any debt is incurred by our subsidiaries, the related risks that we and our subsidiaries currently face could increase.

***Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.***

Our Notes and borrowings under the Revolving Credit Facility bear interest at variable rates and expose us to interest rate risk. See "Description of Material Indebtedness" for further information regarding our Notes and the Revolving Credit Facility. Borrowings under the Revolving Credit Facility will bear interest, at our option, at a rate equal to either (i) an alternate base rate (the greatest of the Prime Rate, the Federal Funds Rate plus 1/2 of 1.00%, or one-month Term SOFR plus 1.00%) plus an applicable margin ranging from 1.50% to 2.50%, or (ii) Term SOFR plus an applicable margin ranging from 2.50% to 3.50%, in each case based on utilization of the borrowing base, and the unused portion of the Revolving Credit Facility will be subject to a commitment fee ranging from 0.375% to 0.50%. Term SOFR will be subject to a floor of 2.50% while the Senior Notes are in effect and 0.00% thereafter. If interest rates increase, our interest payments would increase even though the amount borrowed remains the same, and our net income and cash flows, including cash available for servicing our indebtedness, would correspondingly decrease. Although we may enter into agreements limiting our exposure to higher interest rates, these agreements may not be effective.

**Risks Related to this Offering and Ownership of Our Class A Common Stock** 

***As an emerging growth company within the meaning of the Securities Act, we may utilize certain modified disclosure requirements, and we cannot be certain if these reduced requirements will make shares of our Class A common stock less attractive to investors.***

We are an emerging growth company, and, for as long as we continue to be an emerging growth company, we may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to "emerging growth companies," including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• presenting only two years of audited financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and
registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding non-binding advisory votes on
executive compensation or golden parachute arrangements.

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We have in this prospectus utilized, and we may in future filings with the SEC continue to utilize, the modified disclosure requirements available to emerging growth companies. As a result, our stockholders may not have access to certain information they may deem important.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can utilize the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to not "opt out" of this exemption from complying with new or revised accounting standards, and, therefore, we are permitted to adopt new or revised accounting standards at the time private companies adopt the new or revised accounting standards and are permitted to do so until such time that we either (i) irrevocably elect to "opt out" of such extended transition period or (ii) no longer qualify as an emerging growth company. As a result, we will not be subject to the same new or revised accounting standards at the same time as other public companies that are not emerging growth companies or those that have opted out of using such extended transition period, which may make comparison of our financial statements with such other public companies more difficult.

Following this offering, we will remain an emerging growth company until the last day of the fiscal year following the fifth anniversary of the completion of our initial public offering unless, prior to that time, we have more than $1.235 billion in annual gross revenue, have a market value for our Class A common stock held by non-affiliates of more than $700 million as of the last day of our second fiscal quarter of the fiscal year and a determination is made that we are deemed to be a "large accelerated filer," as defined in Rule 12b-2 promulgated under the Exchange Act, or issue more than $1.0 billion of non-convertible debt over a three-year period, whether or not issued in a registered offering.

***Delaware law and anti-takeover provisions in our governing documents, as well as our existing and future debt agreements, could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current directors and may deprive our investors of the opportunity to receive a premium for their shares.***

Our amended and restated certificate of incorporation, amended and restated bylaws and Delaware law contain provisions that will have the effect of rendering more difficult, delaying or preventing a third party from, acquiring control of us without the approval of our board of directors. Among other things, these provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have terms that have the same effect as DGCL Section 203;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide for a classified board of directors with staggered three-year terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize the issuance of "blank check" preferred stock, the terms of which are established by our
board of directors without any need for action by stockholders, that could be used to implement a stockholder rights plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not permit stockholders to call special meetings of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• do not permit stockholders to act by written consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish advance notice procedures, which apply for stockholders to nominate candidates for election to our
board of directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

Further, documents governing our indebtedness impose limitations on our ability to enter into change of control transactions and we anticipate that any documents governing our future indebtedness will also impose such limitations. The occurrence of a change of control transaction could constitute an event of default thereunder and permit acceleration of the indebtedness, thereby impeding our ability to enter into certain transactions.

The foregoing factors could discourage, delay or prevent a transaction involving a change in control of the Company, which could limit the opportunity for our stockholders to receive a premium for their shares of our

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Class A common stock and could also affect the price that some investors are willing to pay for Class A common stock. See "Description of Capital Stock."

***We intend to pay regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited by distributions and other payments from OpCo and our operating subsidiaries our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements, instruments governing our indebtedness and other factors and restrictions our board of directors deems relevant.***

After the consummation of this offering, we intend to pay our stockholders regular dividends. However, the payment of dividends and other distributions is at the discretion of our board of directors and our board of directors may, in its discretion, increase, decrease or eliminate the payment of dividends. Our ability to pay dividends depends on many factors, including, but not limited to, financial conditions, results of operations, cash flows, prospects, industry conditions, capital requirements, instruments governing our indebtedness (including those governing our Senior Notes and the Revolving Credit Facility), any preferred stock, general business conditions and any other factors that our board of directors may deem relevant in making such a determination. Additionally, because we have no independent means of generating revenue or cash flow and we anticipate that the only source of our earnings will be cash distributions from our operating subsidiaries, our ability to pay dividends is dependent on the ability of our operating subsidiaries to make distributions to OpCo and the ability of OpCo to make distributions to us in an amount sufficient to cover such obligations. In particular, our ability to pay dividends is limited by covenants governing our Senior Notes and Revolving Credit Facility and may be further restricted by the terms of any future debt or preferred securities. See "Description of Material Indebtedness." Furthermore, our ability to declare and pay dividends to our stockholders is likewise subject to Delaware law (which may limit the amount of funds available for dividends). While we do not currently believe that these restrictions will impair our ability to continue to pay regular cash dividends, there can be no assurance that we will not need or determine to reduce or eliminate the payment of dividends on our Class A common stock in the future. See "Dividend Policy." See also "—Risks Related to Our Business—We expect to distribute a substantial majority of the cash we generate from operations, which could limit our ability to grow and make acquisitions".

***We may issue preferred stock whose terms could adversely affect the voting power or value of our Class A common stock.***

Our amended and restated certificate of incorporation will authorize our board of directors to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, preferences, limitations and relative rights, including preferences over our Class A common stock respecting dividends and distributions, as our board of directors may determine. In addition, following this offering, we expect to have shares of Series B preferred stock outstanding. See "Description of Capital Stock." The terms of one or more classes or series of our preferred stock could adversely impact the voting power or value of our Class A common stock. For example, we might grant holders of a class or series of our preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of our preferred stock could affect the residual value of our Class A common stock.

***No market currently exists for our Class A common stock and we cannot assure you that an active market will develop for such stock.***

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price for our Class A common stock has been determined through negotiations among us and the representatives of the underwriters and may not be indicative of the market price of our Class A common stock after this offering or to any other established criteria of the value of our business. If you purchase shares of our Class A common stock, you may not be able to resell those shares at or above the initial public offering price. We cannot predict the extent to

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which investor interest in us will lead to the development of an active trading market on the NYSE or otherwise or how liquid that market might become. An active public market for our Class A common stock may not develop or be sustained after this offering. If an active public market does not develop or is not sustained, it may be difficult for you to sell your shares of Class A common stock at a price that is attractive to you or at all.

***We cannot assure you that our stock price will not decline or not be subject to significant volatility after this offering.***

The market price of shares of Class A common stock could be subject to significant fluctuations after this offering. The price of our stock may change in response to fluctuations in our results of operations in future periods and also may change in response to other factors, including factors specific to companies in our industry, many of which are beyond our control. As a result, our share price may experience significant volatility and may not necessarily reflect the value of our expected performance and may cause our stockholders to incur losses.

Among the factors that could affect our stock price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations applicable to our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation about our business or industry in the press or the investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in the market price and trading volume of companies in our industry or companies that investors
consider comparable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• share price and volume fluctuations attributable to inconsistent trading levels of our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of Class A common stock by us or our significant stockholders, officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expiration or waiver of the lock-up provision contained in the lock-up agreements and our amended and restated certificate of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development and sustainability of an active trading market for shares of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's response to press releases or other public announcements by us or others, including our
filings with the SEC, announcements relating to litigation or changes to our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations in our quarterly or annual results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our earnings estimates (if provided) or differences between our actual results of operations and those
expected by investors and analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contents of published research reports about us or our industry or the failure of securities analysts to
cover our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by institutional stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our capital structure, such as future issuances of debt or equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our entry into new markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax developments in the United States or other markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by us or our competitors, such as acquisitions, significant contracts, dispositions, strategic
relationships, joint ventures, capital commitments or restructurings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles.

Further, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations can be unrelated or disproportionate to the operating performance of those companies. In addition, the stock prices of many

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energy companies have experienced wide fluctuations that have often been unrelated to the operating performance of those companies. These broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes or international currency fluctuations, may cause the market price of shares of our Class A common stock to decline.

We cannot assure you that you will be able to resell any of your shares of Class A common stock at or above the initial public offering price. The initial public offering price will be determined by negotiations between us and the representatives of the underwriters and may not be indicative of prices that will prevail in the trading market, if a trading market develops, after this offering. If the market price of shares of Class A common stock after this offering does not exceed the initial public offering price, you may not realize any return on your investment and may lose some or all of your investment.

***Our amended and restated certificate of incorporation will designate the Court of Chancery of the State of Delaware and the federal district courts of the United States as the sole and exclusive forums for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.***

These choice of forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or other stockholders, which may discourage such lawsuits. While the Delaware courts have determined that such choice of forum provisions are facially valid, a stockholder may nevertheless seek to bring an action in a venue other than those designated in the exclusive forum provisions. In such instance, we would expect to assert the validity and enforceability of our

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exclusive forum provisions, which may require significant additional costs associated with resolving such action in other jurisdictions, and there can be no assurance that the provisions will be enforced by a court in those other jurisdictions. If a court were to find that the exclusive forum provision in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur further significant additional costs associated with resolving the dispute in other jurisdictions, which could have a material adverse effect on our business, financial condition and results of operations.

***Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.***

Our amended and restated certificate of incorporation and amended and restated bylaws will provide that we will indemnify our directors and officers, in each case, to the fullest extent permitted by Delaware law. Pursuant to our certificate of incorporation, our directors will not be liable to us or any stockholders for monetary damages for any breach of fiduciary duty, except (i) for acts that breach his or her duty of loyalty to us or our stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law, (iii) pursuant to Section 174 of the DGCL, which provides for liability of directors for unlawful payments of dividends of unlawful stock purchase, or (iv) for any transaction from which the director derived an improper personal benefit. Our amended and restated bylaws will also require us, if so requested, to advance expenses that such director or officer incurred in defending or investigating a threatened or pending action, suit or proceeding, provided that such person will return any such advance if it is ultimately determined that such person is not entitled to indemnification by us. Any claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.

***As a public reporting company, we will be subject to rules and regulations established from time to time by the SEC regarding our disclosure controls and procedures and internal control over financial reporting. If we fail to establish and maintain effective disclosure controls and procedures and internal control over financial reporting, we may not be able to accurately report our financial results, or report them in a timely manner.***

As a public reporting company, we will be subject to the rules and regulations established from time to time by the SEC and the national securities exchange on which our securities are listed. These rules and regulations require, among other things, that we establish and periodically evaluate procedures with respect to our internal control over financial reporting. Reporting obligations as a public company are likely to place a considerable strain on our financial and management systems, processes and controls, as well as on our personnel.

In addition, upon becoming a public company, we will be required to comply with the Sarbanes-Oxley Act, which requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting and, pursuant to Section 404 of the Sarbanes-Oxley Act, furnish a report by management on the effectiveness of our internal control over financial reporting in our second annual report. However, as discussed above, for as long as we are an emerging growth company under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404. We could be an emerging growth company for up to five years. An independent assessment of our internal control over financial reporting could detect problems that our management's assessment might not. The process of reviewing and improving our internal controls is both costly and challenging and may also require substantial attention from our management team, which could negatively impact other matters that are important to our business.

Although management did not, and was not required to, conduct a formal assessment of internal control over financial reporting as of December 31, 2025, as a result of the Misstatement and the Restatement, the Company identified certain material weaknesses in its internal control over financial reporting. As a result of the material weaknesses in internal control over financial reporting, our disclosure controls and procedures were not effective at a reasonable assurance level as of December 31, 2025. Management will be implementing changes to strengthen our internal controls and remediate the material weaknesses. See "Management's Discussion and

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Analysis of Financial Condition and Results of Operations—Internal Controls and Procedures—Material Weaknesses in Internal Control over Financial Reporting" for additional information related to the material weaknesses in internal control over financial reporting and our related remediation activities.

If our senior management is unable to conclude that we have effective disclosure controls and procedures and internal control over financial reporting, or to certify the effectiveness of such controls, and our independent registered public accounting firm cannot render an unqualified opinion on management's assessment and the effectiveness of our internal control over financial reporting at such time as it is required to do so and material weaknesses in our internal control over financial reporting are identified, we could be subject to regulatory scrutiny, a loss of public and investor confidence and litigation from investors and stockholders, which could have a material adverse effect on our business and our stock price. In addition, if we do not maintain adequate financial and management personnel, processes and controls, we may not be able to manage our business effectively or accurately report our financial performance on a timely basis, which could cause a decline in the price of shares of Class A common stock and have a material adverse effect on our business, financial condition and results of operations. Failure to comply with the Sarbanes-Oxley Act could potentially subject us to sanctions or investigations by the SEC, the exchange upon which our securities are listed or other regulatory authorities, which would require additional financial and management resources.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.***

The trading market for our Class A common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If no securities or industry analysts commence coverage of us, the trading price for our Class A common stock would be negatively impacted. If we obtain securities or industry analyst coverage and if one or more of these analysts cease coverage of our company or fails to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if our results of operations do not meet the expectations of the investor community, or one or more of the analysts who cover our company downgrade our stock, our stock price could decline. As a result, you may not be able to sell shares of our Class A common stock at prices equal to or greater than the initial public offering price.

***Becoming a public company will significantly increase our compliance costs and require the expansion and enhancement of a variety of financial and management control systems and infrastructure and the hiring of additional qualified personnel.***

Prior to this offering, we have not been subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act or the other rules and regulations of the SEC, or any securities exchange relating to public companies. We are working with our legal, independent accounting and financial advisors to identify those areas in which changes should be made to our financial and management control systems to manage our growth and our obligations as a public company. These areas include financial planning and analysis, tax, corporate governance, accounting policies and procedures, internal controls, internal audit, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, significant changes in these and other areas and have begun incurring expenses in preparation for becoming a public company. The expenses that will be required in order to adequately prepare for being, and those required to operate as, a public company could be material. Compliance with the various reporting and other requirements applicable to public companies will also require considerable time and attention of management and we could be required to hire additional qualified personnel into our existing finance, legal, human resources and operations departments to meet such compliance needs.

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***The requirements of being a public company may strain our resources, divert management's attention and affect our ability to attract and retain qualified board members and officers, which may divert from our business operations.***

As a public company, we are subject to the reporting requirements of the Exchange Act, the listing requirements of the national securities exchange on which our securities are listed and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, strain our resources, make some activities more difficult, time-consuming or costly and increase demand on our systems, resources, management and employees. As a public company, we will be required to enhance our investor relations, legal, financial and tax reporting, internal audit, legal, governance, investor relations and corporate communications functions. The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and results of operations and maintain effective disclosure controls and procedures and internal control over financial reporting. To maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight may be required. As a result, management's attention may be diverted from other business concerns, which could have a material adverse effect on our business, financial condition and results of operations.

We also expect that being a public company will make it more expensive for us to obtain director and officer liability insurance, and we may be required to choose between reduced coverage and substantially higher costs in order to obtain coverage. These factors could make it more difficult for us to attract and retain qualified executive officers and members of our board of directors, particularly to serve on our audit committee and compensation committee.

***Future sales and issuances of our Class A common stock or rights to purchase our Class A common stock (or other equity securities or securities convertible into our Class A common stock), or the perception that future sales by us or our other existing stockholders in the public market following this offering could cause dilution of the percentage of ownership of our stockholders, could cause the market price for our Class A common stock to decline.***

After this offering, the sale of shares of our Class A common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our Class A common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

Upon consummation of this offering, we will have a total of shares of our Class A common stock outstanding (or shares if the underwriters exercise in full their option to purchase additional shares). Of the outstanding shares, the shares sold in this offering (or shares if the underwriters exercise in full their option to purchase additional shares) will be freely tradable without restriction or further registration under the Securities Act, other than any shares held by our affiliates. Any shares of our Class A common stock held by our affiliates will be eligible for resale pursuant to Rule 144 under the Securities Act, subject to the volume, manner of sale, holding period and other limitations of Rule 144.

We and our directors and executive officers will enter into lock-up agreements pursuant to which we and they will be subject to certain restrictions with respect to the offer, sale or disposition or hedge of any of our securities for a period of 180 days following the date of this prospectus. Additionally, our amended and restated certificate of incorporation will provide that, subject to certain exceptions, all of the shares of Class A common stock held by the Legacy Common Stock Investors may not be sold, pledged, transferred or otherwise disposed of for 365 days following the consummation of this offering, or such shorter period as determined by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering. Upon the expiration of the lock-up restrictions, shares held by our directors, executive officers and the Legacy Common Stock Investors will be eligible for resale in the public market subject, in the case of shares held

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by our affiliates, to the volume, manner of sale, holding period and other limitations of Rule 144. The representatives of the underwriters may, in their sole discretion and at any time without notice, release all or any portion of the shares or securities subject to any such lock-up restrictions. See "Underwriting" and "Shares Eligible for Future Sale" for a description of these lock-up restrictions.

In addition, in connection with this offering, we intend to enter into the Registration Rights Agreement with certain of our Subsequent Continuing Equity Owners. The Registration Rights Agreement will provide such holders with certain registration rights in respect of shares of our Class A common stock held by them, subject to certain conditions. Registration of any of these outstanding shares of Class A common stock would result in such shares becoming freely tradable without compliance with Rule 144 upon effectiveness of the registration statement. Such Subsequent Continuing Equity Owners party to the Registration Rights Agreement will, subject to the terms of the agreement, determine the timing and amount of sales of their Class A common stock, and such sales could be executed at a time or times that otherwise may not align with our interests and the interests of our other stockholders. See "Certain Relationships and Related Party Transactions" and "Shares Eligible for Future Sale" for a description of these registration rights.

In connection with this offering, we intend to file a registration statement with the SEC on Form S-8 providing for the registration of shares of our Class A common stock issued or reserved for issuance under new and existing equity incentive plans. Subject to the satisfaction of vesting conditions and the expiration of lock-up restrictions, shares issued pursuant to or registered under the registration statement on Form S-8 will be available for resale immediately in the public market without restriction.

We cannot predict the size of future issuances of our Class A common stock or the effect, if any, that future issuances and sales of shares of our Class A common stock will have on the market price of our Class A common stock. In the future, we may issue securities in connection with investments, acquisitions or capital raising activities. In particular, the number of shares of our Class A common stock issued in connection with an investment or acquisition, or to raise additional equity capital, could constitute a material portion of our then-outstanding shares of our Class A common stock. Any such issuance of additional securities in the future, or the perception that such issuances could occur, may result in additional dilution to you, or may adversely impact the price of our Class A common stock.

***If you purchase shares of our Class A common stock sold in this offering, you will incur immediate and substantial dilution.***

If you purchase Class A common stock in this offering, you will pay more for your shares than the amounts paid by existing stockholders for their shares. As a result, you will incur immediate dilution of $ per share, representing the difference between the assumed initial public offering price of $ per share (the midpoint of the estimated initial public offering price range set forth on the cover of this prospectus) and our pro forma net tangible book value (deficit) per share after giving effect to this offering. See "Dilution."

***Increases in interest rates may cause the market price of our Class A common stock to decline.***

An increase in interest rates may cause a corresponding decline in demand for equity investments in general, and in particular, for yield-based equity investments such as our Class A common stock. Any such increase in interest rates or reduction in demand for our Class A common stock resulting from other investment opportunities may cause the trading price of our Class A common stock to decline.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

The information in this prospectus includes "forward-looking statements." All statements, other than statements of historical fact, included in this prospectus regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this prospectus, the words "may," "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions and the negative of such words and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Such statements may be influenced by factors that could cause actual outcomes and results to differ materially from those projected. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading "Risk Factors" included in this prospectus.

The following important factors, in addition to those discussed elsewhere in this prospectus, could affect the future results of the energy industry in general, and our company in particular, and could cause actual results to differ materially from those expressed in such forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our revenues are primarily derived from mineral and royalty payments that are based on the price of natural gas,
NGL and oil which is subject to volatility due to factors beyond our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower natural gas, NGL and oil prices or negative adjustments of natural gas, NGL and oil prices may result in
significant impairment charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our derivative activities may limit the cash flows received from natural gas and oil sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development of our properties relies exclusively on our third-party operators and these operators may fail to
develop our existing inventory of mineral and royalty acreage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• drilling for and producing natural gas, NGLs and oil are high-risk activities with many uncertainties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our third-party operators may fail to drill sufficient wells to hold acreage before lease expiration which may
result in loss of lease and prospective drilling opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience delays in the receipt of royalty payments and may not be able to terminate leases with
defaulting lessees if our third-party operators declare bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may incur losses as a result of title defects or other issues in the properties we own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited number of third-party operators currently generate a significant portion of our revenue and accounts
receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the substantial majority of our business is concentrated in the Appalachian and Haynesville Basins, making us
vulnerable to risks associated with such geographic concentration of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to risks related to our wells where we are a non-operating working interest owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future success depends on replacing reserves through acquisitions and there may be constraints in our ability
to finance acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have experienced significant business and portfolio growth in a short time, and our significant growth rates
and financial results may not be sustainable or indicative of future financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any acquisition of additional mineral and royalty interests that we complete will be subject to substantial
risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to retain our key personnel or attract additional qualified personnel could negatively affect our
business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our estimated proved reserves are based on many assumptions that may prove to be inaccurate;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our identified drilling locations are susceptible to uncertainties that could materially alter the occurrence or
timing of their drilling and there is no guarantee that our estimates will be materially consistent with actual drilling activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we rely on our third-party operators, other third parties and government databases for information regarding our
assets and such information may be incorrect, incomplete or lost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be subject to information technology system failures, network disruptions, cyber-attacks or other breaches
in data security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declining general economic, business or industry conditions, which could have a material adverse effect on our
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our industry is highly competitive, and competitive pressures could negatively affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exported liquid natural gas could fail to be a competitive source of energy for the United States or
international markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our growth strategy is partly dependent upon the continued expansion of electricity demand driven by AI data
center development and expectations regarding increased demand may not materialize;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the unavailability, high cost or shortages of equipment, raw materials, supplies or personnel for our third-party
operators related to developing and operating our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the marketability of natural gas, NGLs and crude oil is dependent on the availability of equipment and
transportation facilities that is outside of our and our third-party operators' control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our third-party operators are subject to significant governmental regulations, and governmental authorities can
delay or deny permits and approvals or change legal requirements governing our business, which could restrict their operations, increase costs of conducting our business, and delay our implementation of, or cause us to change, our business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development and enactment of climate change legislation as well as increased attention to sustainability may
impact our business or the business of our third-party operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future legislative or regulatory changes may have a material adverse effect on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of borrowings to finance our business exposes us to risks and any future indebtedness we may incur could
further increase the risks associated with our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delaware law and anti-takeover provisions in our governing documents, to be adopted upon the consummation of this
offering, may have the effect of delaying or preventing a change of control or changes in our management and may deprive our investors of the opportunity to receive a premium for their shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to pay regular dividends to our stockholders may be limited by our financial condition, results of
operations, cash flows, prospects, industry conditions, capital requirements, instruments governing our indebtedness and other factors and restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirements of being a public company may strain our resources, divert management's attention and
affect our ability to attract and retain qualified board members and officers.

Should one or more of the risks or uncertainties described in this prospectus occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking

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statements we make in this report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

Reserve engineering is a process of estimating underground accumulations of natural gas and oil that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas and oil that are ultimately recovered.

All forward-looking statements, expressed or implied, included in this prospectus are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this prospectus.

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**OUR ORGANIZATIONAL STRUCTURE** 

In connection with the consummation of the offering, we will consummate the Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will amend and restate our certificate of incorporation (our "amended and restated certificate of
incorporation") to, among other things, (i) change our name to "WhiteHawk Minerals Corp."; (ii) provide for the Common Stock Reclassification; (iii) provide for an adjustment to the number of authorized shares such
that our authorized capital stock shall consist of 250,000,000 shares of Class A common stock, par value $0.0001 per share, 100,000,000 shares of Class B common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock,
par value $0.0001 per share; (iv) authorize our board of directors to establish and issue one or more series of preferred stock from time to time and to fix the rights, preferences, privileges and restrictions thereof; (v) provide for the
creation of Class B common stock in connection with our anticipated Up-C structure, with shares of Class B common stock to be issued to the Management Contributor, with each share of Class B common stock entitled to one vote per share
and no economic rights; and (vi) establish that Legacy Common Stock Investors are prohibited from selling their Class A common stock or related securities for 365 days following the consummation of this offering, or such shorter period as
determined by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• WhiteHawk OpCo will enter into an amended and restated limited partnership agreement (the "OpCo
Agreement") to, among other things, (i) appoint OP GP as the sole general partner of WhiteHawk OpCo with the authority to manage and control the business and affairs of WhiteHawk OpCo, (ii) authorize the issuance of OpCo Interests to us
in exchange for the interests we own in WhiteHawk OpCo prior to this offering as well as the proceeds from this offering, (iii) provide the Subsequent Continuing Equity Owners with the right to require WhiteHawk OpCo to redeem their OpCo
Interests for, at our election (determined solely by our independent directors who are disinterested), cash or newly-issued shares of our Class A common stock on a one-for-one basis (subject to customary adjustments), (iv) provide that, in
connection with any redemption or exchange of OpCo Interests, if applicable, a corresponding number of shares of Class B common stock held by the redeeming or exchanging Continuing Equity Owner will automatically be transferred to us for no
consideration and canceled, and (v) authorize the issuance to us of such number of Series B preferred units in WhiteHawk OpCo equal to the number of shares of our Series B preferred stock outstanding upon the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will enter into the Registration Rights Agreement with certain Subsequent Continuing Equity Owners, as further
described in "Certain Relationships and Related Party Transactions;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with and in order to effectuate the Internalization, the Contribution Agreement will be entered
into by the parties thereto, pursuant to which, among other things, OpCo will acquire all of the outstanding equity interests in ManagementCo from the Management Contributor in exchange for OpCo Interests and shares of Class B common stock.
Prior to the closing of this offering, ManagementCo, as our external manager, provided certain management, acquisition, disposition and oversight functions with respect to us and WhiteHawk OpCo. As a result of the Internalization, ManagementCo will
become a wholly owned subsidiary of WhiteHawk OpCo and we will become internally managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will issue     shares of our Class A common stock to the purchasers in this offering (or
    shares if the underwriters exercise in full their option to purchase additional shares of Class A common stock) in exchange for net proceeds of approximately $ million (or approximately
$ million if the underwriters exercise in full their option to purchase additional shares of Class A common stock) based upon an assumed initial public offering price of $ per share (which is the
midpoint of the estimated price range set forth on the cover page of this prospectus), less the underwriting discount; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will use the net proceeds from this offering to purchase newly issued OpCo Interests for approximately
$ million directly from WhiteHawk OpCo at the initial public offering price less the underwriting discount.

Immediately following the consummation of the Transactions (including this offering):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be a holding company and our principal asset will consist of OpCo Interests we acquire or are otherwise
issued directly from WhiteHawk OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as the sole member of OP GP, the sole general partner of WhiteHawk OpCo, we will control the business and affairs
of WhiteHawk OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will own, directly or indirectly,     OpCo Interests, representing approximately  % of
the economic interest in WhiteHawk OpCo (or     OpCo Interests, representing approximately  % of the economic interest in WhiteHawk OpCo if the underwriters exercise in full their option to purchase additional shares of
Class A common stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will own a number of Series B preferred units in WhiteHawk OpCo equal to the number of shares of
Series B Preferred Stock outstanding after the consummation of the Transactions, representing 100% of the preferred units of WhiteHawk OpCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will no longer have any shares of Series D preferred stock outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Management Contributor will own (i)     OpCo Interests, representing approximately  %
of the economic interest in WhiteHawk OpCo (or     OpCo Interests, representing approximately  % of the economic interest in WhiteHawk OpCo if the underwriters exercise in full their option to purchase additional shares of
Class A common stock) and (ii)     shares of our Class B common stock, representing approximately  % of the combined voting power of all of our common stock (or     shares of our Class B
common stock, representing approximately  % if the underwriters exercise in full their option to purchase additional shares of Class A common stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchasers in this offering will own (i)     shares of our Class A common stock (or
    shares of our Class A common stock if the underwriters exercise in full their option to purchase additional shares of Class A common stock), representing approximately  % of the combined voting power of all of
our common stock and  % of the economic interest in us (or approximately  % of the combined voting power and  % of the economic interest if the underwriters exercise in full their option to purchase additional shares of
Class A common stock), and (ii) through our ownership of OpCo Interests, indirectly will hold approximately  % of the economic interest in WhiteHawk OpCo (or approximately  % of the economic interest in WhiteHawk OpCo if the
underwriters exercise in full their option to purchase additional shares of Class A common stock).

Following the first anniversary of the closing of the Internalization, the Management Contributor expects to distribute the OpCo Interests and shares of Class B common stock received by the Management Contributor in connection with the Internalization to the Subsequent Continuing Equity Owners, at which time the Subsequent Continuing Equity Owners will execute a joinder to the OpCo Agreement. Following the consummation of such distribution and execution of such joinder, the Subsequent Continuing Equity Owners may exchange at each of their respective options, in whole or in part from time to time, their OpCo Interests (together with a corresponding number of shares of Class B common stock), for, at our election (determined solely by our independent directors (within the meaning of the NYSE rules) who are disinterested), cash or newly-issued shares of our Class A common stock as described in "Certain Relationships and Related Party Transactions—OpCo Agreement—Agreement in Effect Upon Consummation of the Transactions." Unless otherwise indicated, this prospectus does not give effect to the distribution of OpCo Interests or shares of Class B common stock by the Management Contributor to the Subsequent Continuing Equity Owners.

The foregoing description of the Transactions does not give effect to OpCo Interests or shares of our Class B common stock that may be issued as a part of the Earnout Amount (as defined herein), as more fully described in the section titled "Certain Relationships and Related Party Transactions—Internalization—Earnout."

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Following the Transactions, including this offering, we will control the management of WhiteHawk OpCo through our ownership of OP GP. As a result, we will consolidate WhiteHawk OpCo in our consolidated financial statements.

Unless otherwise indicated, this prospectus assumes the shares of Class A common stock are offered at $ per share (the midpoint of the estimated price range set forth on the cover page of this prospectus). For more information regarding the impact of the initial offering price on the share information included throughout this prospectus, see "The Offering."

Our corporate structure following this offering, as described below, is an Up-C structure. The Up-C structure will allow the Continuing Equity Owners to retain their equity ownership in WhiteHawk OpCo following the Transactions and to continue to realize tax benefits associated with owning interests in an entity that is treated as a partnership, or "flow-through" entity, for U.S. federal income tax purposes. Investors in this offering will, by contrast, hold their equity ownership in us, a Delaware corporation that is a domestic corporation for U.S. federal income tax purposes, in the form of shares of Class A common stock. One of the tax benefits to the Continuing Equity Owners associated with this structure is that future taxable income of WhiteHawk OpCo that is allocated to the Continuing Equity Owners will be taxed on a flow-through basis and, therefore, will not be subject to corporate taxes at the entity level. Moreover, the Up-C structure permits the Continuing Equity Owners to defer the recognition of taxable gain on their OpCo Interests until they elect to exercise their redemption right (rather than recognizing such gain at the time of this offering). Additionally, because the Subsequent Continuing Equity Owners may at their election have their OpCo Interests redeemed by WhiteHawk OpCo (or at our option, directly exchanged by us) for newly issued shares of our Class A common stock on a one-for-one basis (subject to customary adjustments, including for stock splits, stock dividends, and reclassifications) or, at our option, for cash, the Up-C structure also provides the Subsequent Continuing Equity Owners with potential liquidity that holders of non-publicly traded limited liability companies are not typically afforded. Upon any such redemption or exchange of OpCo Interests for shares of Class A common stock, the Company may benefit from certain tax attributes, including potential increases in tax basis that may reduce the amount of tax that would otherwise be payable by us. In connection with any such redemption or exchange of OpCo Interests, a corresponding number of shares of Class B common stock held by the relevant Continuing Equity Owner will automatically be transferred to us for no consideration and be canceled.

For more information regarding the Transactions and our structure, see "Our Organizational Structure."

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**Organizational Structure**

The diagram below depicts our organizational structure after giving effect to the Transactions, including this offering and proposed use of proceeds, assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock and does not give effect to the issuance of any OpCo Interests or shares of Class B common stock in respect of the Earnout Amount.

![LOGO](g86452g06u13.jpg)

(1) Excludes any Continuing Equity Owners who hold Class A common stock as a result of the Common Stock
Reclassification (in addition to OpCo Interests and Class B common stock).

(2) Legacy Common Stock Investors will be prohibited from selling their Class A common stock or related securities
for up to 365 days following the consummation of this offering, or such shorter period as determined by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering.

(3) We intend to use a portion of the proceeds from this offering to redeem any shares of Series D preferred
stock outstanding. See "Use of Proceeds." To the extent the proceeds of offering are insufficient to redeem the total aggregate principal amount of Series D preferred stock outstanding, the Company intends to use cash on hand to
fully redeem the total aggregate principal amount of Series D preferred stock outstanding. As a result, following this offering, the only outstanding preferred stock outstanding will be the Series B preferred stock.

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**USE OF PROCEEDS** 

We estimate that the net proceeds to us from our sale of shares of Class A common stock in this offering will be approximately $, after deducting underwriting discounts and commissions and estimated expenses payable by us in connection with this offering. The underwriters also have an option to purchase up to an additional shares of Class A common stock from us. We estimate that the net proceeds to us, if the underwriters exercise their right to purchase the maximum of additional shares of Class A common stock from us, will be approximately $, after deducting underwriting discounts and commissions and estimated expenses payable by us in connection with this offering. This assumes a public offering price of $ per share of Class A common stock, which is the midpoint of the price range set forth on the cover of this prospectus.

We intend to use the net proceeds from this offering, as well as cash on hand, as follows: (i) approximately $ million to prepay, in whole or in part, the outstanding principal of our Senior Notes as well as a make-whole amount of approximately $14.6 million and a prepayment premium of approximately $3.0 million to the existing holders, in each case as required under the terms of our existing Note Purchase Agreement, (ii) approximately $ million for the redemption of all of the outstanding shares of our Series D preferred stock, (iii) approximately $ million for the redemption of a portion of our outstanding Series B preferred stock, and (iv) the remainder for other general corporate purposes, including the payment of a Liquidity Incentive Fee of $ million to upon completion of this offering. See "Certain Relationships and Related Party Transactions—Investment Management Agreement."

We are a holding company and our only assets after consummation of this offering will be our ownership of OpCo Interests and membership units in OP GP. Accordingly, we intend to use the gross proceeds from this offering to purchase newly issued OpCo Interests from WhiteHawk OpCo at a price per unit equal to the initial public offering price per share of Class A common stock, less estimated underwriting discounts and commissions. In the event the underwriters exercise their option to purchase additional shares of Class A common stock, we intend to use any such additional proceeds in the same manner.

As of March 31, 2026, we had $231.4 million of principal outstanding under our Senior Notes. Our Senior Notes bear interest at the adjusted term SOFR rate plus 6.50%, which, for the three months ended March 31, 2026, resulted in a weighted average interest rate of 10.30% per annum. The Senior Notes mature on June 23, 2030.

Assuming no exercise of the underwriters' option to purchase additional shares, a $1.00 increase (decrease) in the assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover of this prospectus) would increase (decrease) the net proceeds to us from this offering by $, assuming the number of shares offered by us, as set forth on the cover of this prospectus, remains the same and after deducting underwriting discounts and commissions and estimated expenses payable by us.

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**DIVIDEND POLICY** 

We initially intend to make a significant portion of our Cash Available for Distribution available for dividends. Holders of our Class B common stock are not entitled to participate in any dividends declared by our Board. We aim to balance the return of capital to investors with the selective allocation of capital toward acquisitions that we believe will be accretive to stockholder value while preserving a strong balance sheet through varying commodity price environments. In order to effect this approach, we intend to return capital to our stockholders through quarterly dividends, after retaining cash for debt service, our working capital needs and acquisition activities.

While we expect to pay regular dividends in accordance with this financial philosophy, we have not adopted a formal written dividend policy to pay a fixed amount of cash regularly or to pay any particular amount based on the achievement of, or derivable from, any specific financial metrics, including Cash Available for Distribution. The actual amount of any dividends we pay may fluctuate depending on our cash flow needs, which may be impacted by potential acquisition opportunities and the availability of financing alternatives, the need to service any indebtedness or other liquidity needs and general industry and business conditions, including the impact of commodity prices and the pace of the development of our properties by our third-party operators. Our payment of dividends will be at the sole discretion of our board of directors, which may change our dividend philosophy at any time. Our board of directors will take into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our cash flows from operations and current and anticipated cash needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal, tax, regulatory and contractual restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other factors as our board of directors may deem relevant.

Additionally, our ability to pay dividends is restricted by covenants governing our Senior Notes and the Revolving Credit Facility. For a description of the covenants governing our Senior Notes and those contained in the Revolving Credit Facility that restrict our ability to pay dividends, see "Description of Material Indebtedness." Additionally, our ability to pay dividends may be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of us. Therefore, there can be no assurance that we will pay any dividends to holders of our Class A common stock, or as to the amount of any such dividends. See "Risk Factors—Risks Related to Our Business—We expect to distribute a substantial majority of the cash we generate from operations, which could limit our ability to grow and make acquisitions" and "Risk Factors—Risks Related to this Offering and Ownership of Our Class A Common Stock—We intend to pay regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited by our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements, instruments governing our indebtedness and other factors and restrictions our board of directors deems relevant."

In addition, our ability to maintain or increase per-share dividends may be affected by the earnout provisions of the Contribution Agreement entered into in connection with the Internalization. If we achieve certain Adjusted EBITDA targets during the three Earnout Years ending June 30, 2027, June 30, 2028 and June 30, 2029, additional OpCo Interests (and a corresponding number of shares of Class B common stock) will be issued to the Continuing Equity Owners, increasing the number of units entitled to participate in distributions from WhiteHawk OpCo and potentially reducing per-share Cash Available for Distribution and dividends. See "Certain Relationships and Related Party Transactions—Internalization—Earnout" for a more detailed description of the earnout provisions.

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**CAPITALIZATION** 

The following table sets forth our cash and cash equivalents and our capitalization as of March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as adjusted to give effect to (i) the Transactions, (ii) the sale of    shares
of our Class A common stock in this offering, at an assumed public offering price of $ per share, which is the midpoint of the price range set forth on the cover of this prospectus, after deducting the underwriting
discount and estimated offering expenses payable by us, (iii) the application of the net proceeds received by us from this offering as described under "Use of Proceeds" (iv) our entry into the Revolving Credit Facility and the
amendment to the Note Purchase Agreement (each as described under "Description of Material Indebtedness"), and (v) the use, if any, of cash on hand to fully redeem the outstanding aggregate principal of the Series D Preferred Stock.

The following table should be read in conjunction with "Use of Proceeds," "Unaudited Pro Forma Condensed Consolidated Combined Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Description of Material Indebtedness," "Description of Capital Stock" and the audited consolidated financial statements and notes thereto included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Actual** | **As<br>Adjusted<sup>(1)</sup>** |
|  | **(in thousands, except par<br>and share amounts)** | **(in thousands, except par<br>and share amounts)** |
|  Cash and cash equivalents | $64562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
|  Total Debt<sup>(2)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Notes | $231425 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolving Credit Facility |  |  |
|  Mezzanine equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred stock, $0.0001 par value; shares authorized; issued and outstanding | 37643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D Preferred stock, $0.0001 par value; shares authorized; issued and outstanding<sup>(3)</sup> | 37030 |  |
|  Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, par value $0.0001 per share; no shares authorized, issued and outstanding, actual; shares authorized, shares issued and outstanding, WhiteHawk Income Corporation pro forma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B common stock, par value $0.0001 per share; no shares authorized, issued and outstanding, actual; shares authorized, shares issued and outstanding, WhiteHawk Income Corporation pro forma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, $0.0001 par value; 7,000,000 shares authorized; 6,660,465 shares issued and outstanding<sup>(4)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T common stock, $0.0001 par value; 100,000 shares authorized; 67,051 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I common stock, $0.0001 par value; 9,100,000 shares authorized; 8,161,117 shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid in capital | 225186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (16209) |  |
|  Total stockholders' equity | 208977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $515075 | $— |

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(1) Each $1.00 increase or decrease in the public offering price per share would increase or decrease, as
applicable, our net proceeds, after deducting the underwriting discount and estimated offering expenses payable by us, by $ million (assuming no exercise of the

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underwriters' option to purchase additional shares). Similarly, an increase or decrease of one million shares of Class A common stock sold in this offering by us would increase or decrease, as applicable, our net proceeds, after deducting the underwriting discount and estimated offering expenses payable by us, by $ million, based on an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the cover of this prospectus.

(2) For a description of our debt, see "Description of Material Indebtedness."

(3) The Company intends to use a portion of the proceeds from this offering to redeem any shares of Series D
Preferred Stock outstanding. See "Use of Proceeds." To the extent the proceeds of this offering are insufficient to redeem the total aggregate principal amount of Series D Preferred Stock outstanding, the Company intends to use cash on
hand to fully redeem the total aggregate principal amount of Series D Preferred Stock outstanding.

(4) Represents pre-Transaction Class A common stock issued and outstanding prior to this offering.

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**DILUTION** 

If you invest in our Class A common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma net tangible book value per share of our Class A common stock upon the consummation of this offering. Dilution results from the fact that the per share offering price of our Class A common stock is in excess of the pro forma net tangible book value per share attributable to the Class A common stock held by the existing equity holders.

The Management Contributor will own OpCo Interests after the Transactions. Because the Management Contributor does not have any right to receive distributions or dividends from us with respect to any Class B common stock or OpCo Interests held by them, we have presented dilution in pro forma net tangible book value per share both before and after this offering assuming that all of the holders of OpCo Interests (other than us) had their OpCo Interests redeemed or exchanged for newly-issued shares of Class A common stock on a one-for-one basis (rather than for cash) and the transfer to us and cancellation for no consideration of all of their shares of Class B common stock (which are not entitled to receive distributions or dividends, whether cash or stock from us). In order to more meaningfully present the dilutive impact on the investors in this offering. We refer to the assumed redemption or exchange of all OpCo Interests for shares of Class A common stock as described in the previous sentence as the "Assumed Redemption."

Our actual net tangible book value as of March 31, 2026 was approximately $, or $ per share of Class A common stock on a fully diluted basis. Actual net tangible book value represents the amount of total tangible assets less total liabilities, and actual net tangible book value per share represents actual net tangible book value divided by the number of shares of Class A common stock outstanding as of .

Our pro forma net tangible book value as of March 31, 2026 was approximately $, or $ per share of Class A common stock on a fully diluted basis. Pro forma net tangible book value represents the amount of total tangible assets less total liabilities, and pro forma net tangible book value per share represents pro forma net tangible book value divided by the number of shares of Class A common stock outstanding after giving effect to the Transactions.

After giving effect to (i) the Transactions, (ii) the sale of shares of Class A common stock in this offering at the assumed initial public offering price of $ per share (the midpoint of the price range set forth on the cover of this prospectus) and (iii) the application of the net proceeds from this offering as described in "Use of Proceeds," our pro forma as adjusted net tangible book value as of March 31, 2026 would have been $, or $ per share of Class A common stock. This amount represents an immediate increase in pro forma as adjusted net tangible book value of $ per share of Class A common stock to our existing equity holders and an immediate dilution in pro forma as adjusted net tangible book value of $ per share of Class A common stock to new investors in this offering.

The following table illustrates this dilution on a per share of Class A common stock basis given the assumptions above:

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| | |
|:---|:---|
|  Assumed initial public offering price per share | $|
|  Pro forma net tangible book value per share as of March 31, 2026 | $|
|  Increase in pro forma net tangible book value per share attributable to new investors | $|
|  Pro forma as adjusted net tangible book value per share after this offering | $|
|  Dilution in net tangible book value per share to new investors in this offering | $|

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A $1.00 increase (decrease) in the assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) the pro forma net tangible book value per share after this offering by $ and dilution per share to new Class A common stock investors in this offering by $ assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discount.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock, the pro forma net tangible book value after the offering per share, the pro forma net tangible book value per share to existing stockholders and the dilution in pro forma net tangible book value to new investors would be unchanged, in each case assuming an initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus.

The following table summarizes, as of March 31, 2026, after giving effect to the Transactions (including this offering and proposed use of proceeds) and the Assumed Redemption, the number of shares of Class A common stock purchased from us, the total consideration paid, or to be paid, to us and the average price per share paid, or to be paid, by the Management Contributor, legacy common stock investors and by the new investors. The calculation below is based on an assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, before deducting the underwriting discount.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average<br>Price**<br>**Per Share** |
|  | **Number** | **Percent** | **Percent** | **Percent** | **Average<br>Price**<br>**Per Share** |
|  Management Contributor% |  |  | $nan% |  | $|
|  Legacy Common Stock Investors |  |  |  |  |  |
|  Investors in this offering |  |  |  |  | $|
|  Total |  | 100.0% | $— | 100.0% |  |

---

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share would increase (decrease) the total consideration paid by new investors and the total consideration paid by all stockholders by $, assuming the number of shares offered by us remains the same and after deducting the underwriting discount.

Except as otherwise indicated, the discussion and the tables above assume no exercise of the underwriters' option to purchase additional shares of Class A common stock. The number of shares of our Class A common stock outstanding after this offering as shown in the tables above is based on the number of shares outstanding as of March 31, 2026, after giving effect to the Transactions and the Assumed Redemption, and excludes shares of Class A common stock reserved for issuance under the 2026 Plan, including approximately shares of Class A common stock issuable pursuant to the settlement of restricted stock units which we will grant to certain of our directors, executive officers and other employees in connection with this offering. See "Executive Compensation."

To the extent any of these restricted stock units settle, there will be further dilution to new investors. To the extent all of such outstanding restricted stock units had vested in full and settled as of March 31, 2026, the pro forma net tangible book value per share after this offering would be $ and total dilution per share to new investors would be $.

If the underwriters exercise in full their option to purchase additional shares of Class A common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held by the Management Contributor will decrease to
approximately    % of the total number of shares of our Class A common stock outstanding after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of Class A common stock held by new investors in this offering will increase to
   , or approximately    % of the total number of shares of our Class A common stock outstanding after this offering.

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**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED COMBINED FINANCIAL STATEMENTS** 

The following unaudited pro forma condensed consolidated combined financial statements (the "pro forma financial statements") present the historical consolidated financial statements of the Company, and the historical financial statements of PHX, adjusted to give effect to the PHX Acquisition. Additionally, the pro forma financial statements include adjustments associated with the Three Rivers Royalty Acquisition completed by WhiteHawk prior to the PHX Acquisition. On March 31, 2025, the Company purchased mineral and royalty interests in the Marcellus Shale from the TRR Seller. On June 23, 2025, WH Acquisition Corp. and Merger Sub closed on the PHX Merger Agreement and WH Acquisition Corp. fully acquired all of PHX, with PHX continuing as the surviving entity and a wholly owned indirect subsidiary of the Company.

The unaudited pro forma condensed consolidated combined balance sheet gives effect to the Transactions as if they had occurred on March 31, 2026. The PHX Acquisition and Three Rivers Royalty Acquisition are reflected in the historical consolidated balance sheet of WhiteHawk as of March 31, 2026, and, as such, no pro forma adjustments are made for such transactions in the unaudited pro forma condensed consolidated combined balance sheet. The unaudited pro forma condensed consolidated combined statement of operations for the year ended December 31, 2025 gives effect to the PHX Acquisition, the Three Rivers Royalty Acquisition and the Transactions as if each had occurred on January 1, 2025 (the "assumed date"). The pro forma financial statements contain certain reclassification adjustments to (i) conform the historical PHX financial statement presentation to the Company's financial statement presentation and (ii) conform certain of the Company's historical amounts to PHX's financial statement presentation. The unaudited pro forma condensed consolidated combined statement of operations for the three months ended March 31, 2026 gives effect to the Transactions as if they had occurred on January 1, 2026.

The unaudited pro forma financial statements have been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses," using assumptions set forth in the notes to the unaudited pro forma financial statements. The pro forma financial statements have been adjusted to include transaction accounting adjustments in accordance with GAAP, linking the effects of the PHX Acquisition and the Three Rivers Royalty Acquisition and the adjustments to the PHX historical financial statements and the TRR Seller consolidated carve-out financial statement presentation to the historical consolidated financial statements of the Company. The Company has finalized purchase accounting for the PHX and TRR Seller acquisitions and conformed their accounting policies to those of the Company, and the accompanying unaudited pro forma condensed combined financial information reflects the final purchase price allocations recorded in the Company's audited consolidated financial statements for the year ended December 31, 2025, with only transaction accounting adjustments presented. The pro forma financial statements and related notes are presented for illustrative purposes only and should not be relied upon as an indication of the financial condition or the operating results that the Company would have achieved if the PHX Acquisition and the Three Rivers Royalty Acquisition had taken place on the assumed date.

The pro forma financial statements do not reflect future events that may have occurred after the consummation of the PHX Acquisition and the Three Rivers Royalty Acquisition, including, but not limited to, the anticipated realization of ongoing savings from potential operating efficiencies, asset dispositions, cost savings or economies of scale that may be achieved with respect to the combined operations. As a result, future results may vary significantly from the results reflected in the pro forma financial statements and should not be relied on as an indication of the Company's post-combination future results.

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**Unaudited Pro Forma Condensed Consolidated Combined Balance Sheet** 

**As of March 31, 2026** 

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| | | | |
|:---|:---|:---|:---|
|  | **Historical** | | |
|  | **WhiteHawk**<br>**Income**<br>**Corporation** |<br>**Transaction**<br>**Adjustments** |<br>**Pro Forma**<br>**Combined** |
|  | **(As Restated)** | | |
|  | **(in thousands, except par value and share<br>amounts)** | **(in thousands, except par value and share<br>amounts)** | **(in thousands, except par value and share<br>amounts)** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $64562 |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 14395 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term derivative receivable | 4279 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 1430 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 84666 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas and oil mineral interests, net | 457480 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other property and equipment, net | 245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2471 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $544862 |  | $|
|  **Liabilities, mezzanine equity and shareholders' equity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $977 |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 1760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued dividends | 5430 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liability, current portion | 177 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes, current portion | 6275 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 14619 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net of unamortized debt issuance costs and current portion | 221733 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 21257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation | 323 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liability, net of current portion | 76 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative liability | 3204 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 261212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mezzanine equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred stock, $0.0001 par value; 400,000 shares authorized; 49,038 shares issued and outstanding on a historical and pro forma basis, respectively, redemption value $49,038 | 37643 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D Preferred stock, $0.0001 par value; 400,000 shares authorized; 37,780 shares issued and outstanding on a historical and pro forma basis, respectively, redemption value $37,780 | 37030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, $0.0001 par value; 7,000,000 shares authorized; 6,660,465 shares issued and outstanding on a historical basis and 250,000,000 shares authorized: shares issued and outstanding on a pro forma basis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T common stock, $0.0001 par value; 100,000 shares authorized; 67,051 and shares issued and outstanding on a historical and pro forma basis, respectively |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I common stock, $0.0001 par value; 9,100,000 shares authorized; 8,161,117 and shares issued and outstanding on a historical and pro forma basis, respectively |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B common stock, $0.0001 par value, 100,000,000 shares authorized; shares issued and outstanding on a pro forma basis |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid in capital | 225186 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings (accumulated deficit) | (16209) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 208977 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, mezzanine equity and shareholders' equity | $544862 |  | $|

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**Unaudited Pro Forma Condensed Consolidated Combined Statement of Operations** 

**For the Three Months Ended March 31, 2026** 

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| | | | |
|:---|:---|:---|:---|
|  | **Historical** | | |
|  | **WhiteHawk<br>Income<br>Corporation** |<br>**Transaction<br>Adjustments** |<br>**Pro Forma<br>Combined** |
|  **Revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $25616 |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | (5309) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus revenue | 517 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 20824 |  |  |
|  **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 3109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2981 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 9665 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock based compensation | 483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 16238 |  |  |
|  **Operating income (loss)** | 4586 |  |  |
|  **Other expense:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 5997 |  |  |
|  **Income (loss) before income taxes** | (1411) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (348) |  |  |
|  **Net income (loss)** | $(1063) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to non-controlling interests |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings allocated to participating securities | (1186) |  |  |
|  **Net income (loss) attributable to common shareholders** | $(2249) |  | $|
|  **Earnings (loss) per common share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares—basic and diluted | $(0.15) |  | $|
|  **Weighted average number of shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares—basic and diluted | 14739 |  |  |

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**Unaudited Pro Forma Condensed Consolidated Combined Statement of Operations** 

**For the Year Ended December 31, 2025** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Historical** | | | **Historical** | | | | |
|  | **WhiteHawk<br>Income<br>Corporation** |<br>**Three Rivers<br>Royalty<br>Adjustments** |<br>**As Adjusted for<br>TRR<br>Acquisition** | **PHX Minerals** |<br>**PHX<br>Adjustments** |<br>**As Adjusted<br>for TRR<br>Acquisition<br>and PHX<br>Acquisition** |<br>**Transaction<br>Adjustments** |<br>**Pro Forma<br>Combined** |
|  | **(As Restated)** | | | | | | | |
|  **Revenues:** |  | **A** |  | **B** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $50075 | $5616 | $55691 | $19569 | $(3421) | $71839 |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | 16648 |  | 16648 | (596) |  | 16052 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus revenue | 872 |  | 872 | 471 |  | 1343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 67595 | 5616 | 73211 | 19444 | (3421) | 89234 |  |  |
|  **Operating expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease operating expenses |  |  |  | 560 **C** | (560) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation, gathering and marketing |  |  |  | 2138 **C** | (2138) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production and ad valorem taxes |  |  |  | 723 **C** | (723) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 16585 |  | 16585 | 10854 |  | 27439 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 9966 |  | 9966 **E** |  |  | 9966 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 24237 |  | 24237 | 4907 **D** | 7307 | 36451 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 50788 |  | 50788 | 19182 | 3886 | 73856 |  |  |
|  **Operating income (loss)** | 16807 | 5616 | 22423 | 262 | (7307) | 15378 |  |  |
|  **Other expense:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | 3839 |  | 3839 |  |  | 3839 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on sale of assets | 123 |  | 123 | (6429) |  | (6306) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 19070 |  | 19070 | 659 |  | 19729 |  |  |
|  **Income (loss) before income taxes** | (6225) | 5616 | (609) | 6032 | (7307) | (1884) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (2640) |  | (2640) | 1297 |  | (1343) |  |  |
|  **Net income (loss)** | (3585) | 5616 | 2031 | 4735 | (7307) | (541) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to non-controlling interests |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings allocated to participating securities | (7341) |  | (7341) |  |  | (7341) |  |  |
|  **Net income (loss) attributable to common shareholders** | $(10926) | $5616 | $(5310) | $4735 | $(7307) | $(7882) |  | $|
|  **Earnings (loss) per common share:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares—basic and diluted | $(1.30) |  |  |  |  |  |  | $|
|  **Weighted average number of shares outstanding:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares—basic and diluted | 8378 |  |  |  |  |  |  |  |

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**Notes to unaudited pro forma condensed consolidated combined financial statements** 

**1. Basis of Presentation, the Offering and Reorganization** 

The pro forma financial statements have been derived from the historical financial statements of WhiteHawk (in the case of financial information as of and for the three months ended March 31, 2026 and as of and for the year ended December 31, 2025 as restated in the Restatement). The unaudited pro forma condensed consolidated combined balance sheet gives effect to the Transactions as if they had occurred on March 31, 2026. The PHX Acquisition and Three Rivers Royalty Acquisition are reflected in the historical consolidated balance sheet of WhiteHawk as of March 31, 2026, and, as such no pro forma adjustments are made for such transactions in the unaudited pro forma condensed combined balance sheet. The unaudited pro forma condensed consolidated combined statement of operations for the year ended December 31, 2025 gives effect to the PHX Acquisition, the Three Rivers Royalty Acquisition and the Transactions as if each had occurred on January 1, 2025. The unaudited pro forma condensed consolidated combined statement of operations for the three months ended March 31, 2026 gives effect to the Transactions as if each had occurred on January 1, 2026.

The pro forma financial statements reflect pro forma adjustments that are based on available information and certain assumptions that management believes are reasonable. However, actual results may differ from those reflected in these statements. In management's opinion, all adjustments known to date that are necessary to present fairly the pro forma information have been made. The pro forma financial statements do not purport to represent what WhiteHawk's post-combination financial position or results of operations would have been if the transactions had actually occurred on the dates indicated above, nor are they indicative of the Company's post-combination future financial position or results of operations.

These pro forma financial statements should be read in conjunction with the historical financial statements, and related notes thereto, of WhiteHawk, PHX and TRR for the periods presented, which are included or incorporated by reference in this Registration Statement.

*Corporate Reorganization & Offering* 

In connection with the consummation of the offering, we will consummate the Transactions. We will amend and restate our certificate of incorporation to, among other things, change our name to "WhiteHawk Minerals Corp."; effect the Common Stock Reclassification; adjust our authorized capital stock to 250,000,000 shares of Class A common stock, 100,000,000 shares of Class B common stock and 10,000,000 shares of preferred stock, each par value $0.0001 per share; authorize our board of directors to establish and fix the terms of one or more series of preferred stock; and create Class B common stock in connection with our anticipated Up-C structure, to be issued to holders of OpCo Interests, with each share entitled to one vote and no economic rights.

WhiteHawk OpCo will enter into the OpCo Agreement to, among other things, appoint OP GP as sole general partner with authority to manage WhiteHawk OpCo's business and affairs; authorize the issuance of OpCo Interests to us in exchange for the offering proceeds; provide the Subsequent Continuing Equity Owners with the right to redeem their OpCo Interests for, at our election (determined solely by our disinterested independent directors), cash or newly-issued shares of Class A common stock on a one-for-one basis (subject to customary adjustments), with a corresponding number of shares of Class B common stock automatically transferred to us and canceled; and provide for tax distributions and allocations of income, gain, loss, deduction and credit among holders of OpCo Interests. We will enter into the Registration Rights Agreement with certain of our Subsequent Continuing Equity Owners, as further described in "Certain Relationships and Related Party Transactions."

To effectuate the Internalization, the Contribution Agreement will be entered into by the parties thereto, pursuant to which WhiteHawk OpCo will acquire all outstanding equity interests in ManagementCo from the Management Contributor in exchange for OpCo Interests and shares of Class B common stock; as a result, ManagementCo will become a wholly owned subsidiary of WhiteHawk OpCo and we will become internally managed.

We will issue shares of our Class A common stock to the purchasers in this offering (or shares if the underwriters exercise in full their option to purchase additional shares) at an assumed initial public offering price of

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$ per share (the midpoint of the estimated price range set forth on the cover page of this prospectus), less the underwriting discount, for net proceeds of approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase additional shares), which we will use to purchase newly issued OpCo Interests for approximately $ million directly from WhiteHawk OpCo. Immediately following the consummation of the Transactions (including this offering), we will be a holding company whose principal asset will consist of OpCo Interests acquired directly from WhiteHawk OpCo. As the sole member of OP GP, we will control the business and affairs of WhiteHawk OpCo. We will own, directly or indirectly, OpCo Interests representing approximately % of the economic interest in WhiteHawk OpCo (or OpCo Interests representing approximately % if the underwriters exercise in full their option to purchase additional shares). The Subsequent Continuing Equity Owners will own OpCo Interests representing approximately % of the economic interest in WhiteHawk OpCo (or approximately % if the underwriters exercise in full their option to purchase additional shares), and shares of our Class B common stock representing approximately % of the combined voting power of all of our common stock (or shares representing approximately % if the underwriters exercise in full their option to purchase additional shares).

The purchasers in this offering will own shares of our Class A common stock (or shares if the underwriters exercise in full their option to purchase additional shares), representing approximately % of the combined voting power and % of the economic interest in us (or approximately % if the underwriters exercise in full their option to purchase additional shares), and through our ownership of OpCo Interests, indirectly approximately % of the economic interest in WhiteHawk OpCo (or approximately % if the underwriters exercise in full their option to purchase additional shares).

**2. Unaudited Pro Forma Condensed Consolidated Combined Balance Sheet** 

*Transaction Adjustments* 

The unaudited pro forma condensed consolidated combined balance sheet as of March 31, 2026 reflects the historical consolidated balance sheet of WhiteHawk, which already includes the effects of the PHX Acquisition and Three Rivers Royalty Acquisition. Accordingly, no pro forma adjustments are presented for these transactions in the balance sheet. Transaction accounting adjustments related to the Transactions will be included in a subsequent amendment to this registration statement.

**3. Unaudited Pro Forma Condensed Consolidated Combined Statement of Operations** 

*Three Rivers Royalty Acquisition Adjustments* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Reflects natural gas and oil operations of properties acquired in the Three Rivers Royalty Transaction prior to
the effective date of the transaction.

*PHX Adjustments* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Reflects combination of the historical statement of operations of PHX for the period January 1, 2025
through March 31, 2025 and the PHX Minerals Stub Period results of operations for the stub period between April 1, 2025 through June 23, 2025 (date of acquisition). A reconciliation of the adjustments is below (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **PHX<br>Minerals<br>Historical** | **PHX<br>Minerals<br>Stub<br>Period** | **Adjusted<br>PHX<br>Minerals** |
|  **Revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas, oil and NGL sales | $10433 | $9135 | $19569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | (3163) | 2568 | (596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus revenue | 328 | 143 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 7598 | 11846 | 19444 |

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| | | | |
|:---|:---|:---|:---|
|  | **PHX<br>Minerals<br>Historical** | **PHX<br>Minerals<br>Stub<br>Period** | **Adjusted<br>PHX<br>Minerals** |
|  **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease operating expenses | 274 | 286 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation, gathering and marketing | 1104 | 1034 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production and ad valorem taxes | 423 | 301 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | 2430 | 2477 | 4907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 452 | 207 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 3754 | 7100 | 10854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses (gain) on asset sales and other | (6520) | 90 | (6429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 1917 | 11495 | 13412 |
|  **Income (loss) before provision for income taxes** | 5681 | 351 | 6032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | 1297 |  | 1297 |
|  **Net income** | $4384 | $351 | $4735 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Reflects a pro forma adjustment to reclassify lease operating expenses, transportation, gathering and
marketing, and production and ad valorem taxes to conform to WhiteHawk's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Reflects the pro forma impact to depletion expense associated with the change in fair value adjustment to oil
and gas properties as a result of the PHX Acquisition. Pro forma depletion expense was calculated on a consolidated basis as though all such properties were owned for the entire period. This number was then offset by the historical depletion expense
related to PHX Minerals. The adjustment under Transaction Adjustments was calculated using the units-of-production method under the successful efforts method of
accounting (in thousands):

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| | |
|:---|:---|
|  For the year ended December 31, 2025 |  |
|  Depletion expense related to the fair value of oil and gas properties of PHX | $12214.0 |
|  Less PHX historical depletion expense | 4907.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction Adjustments to depletion expense | $7307.0 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Reflects the management fees expense of WhiteHawk that were paid as compensation for services rendered in the
management of the Company. The management fee expenses represent the charge for managing the Company and did not include general and administrative expenses related to operating the business. While a pro forma adjustment has not been made to
eliminate the management fees, the Company will no longer incur any management fees after completion of the Transaction.

*Transaction adjustments* 

Transaction accounting adjustments related to the Transactions will be included in a subsequent amendment to this registration statement.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The following discussion and analysis should be read in conjunction with the "Summary—Summary Historical and Pro Forma Financial Data" and the accompanying financial statements and related notes included elsewhere in this prospectus. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, market prices for natural gas, NGLs and oil, production volumes, estimates of proved reserves, capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in this prospectus, particularly in "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements," all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.* 

*Unless otherwise indicated, the historical financial information in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" does not give effect to the transactions described in "Corporate Reorganization, the PHX Acquisition or the Three Rivers Royalty Acquisition."* 

**Overview** 

We are focused on being the premier natural gas mineral and royalty business in the United States. We are committed to delivering cash flow and total returns to our investors through the disciplined acquisition, active management and ownership of high-quality mineral and royalty interests. Our assets are concentrated in the Marcellus and Haynesville Shales, which are located in the Appalachian and Haynesville Basins, among the most productive and lowest-cost natural gas basins in the United States. Upon completion of the offering, we will own the largest, high-quality publicly traded natural gas mineral portfolio in the United States.<sup>47</sup> As a mineral and royalty business, we do not pay any drilling-related capital expenditures and only minimal operating expenses on our properties. This results in a high-margin business and allows us to distribute a meaningful portion of our cash flow to investors, while providing them with potential for significant capital appreciation over time.

**Market Conditions and Operational Trends** 

Historically, natural gas, NGLs and oil prices have been volatile and may continue to be volatile in the future. During the past five years, the Henry Hub spot market price for natural gas has ranged from a low of $1.21 per MMBtu in November 2024 to a high of $23.86 per MMBtu in February 2021. The posted price for WTI has ranged from a low of negative $36.98 per barrel in April 2020 to a high of $123.64 per barrel in March 2022. As of December 31, 2025, the posted price for WTI was $57.26 per barrel and the Henry Hub spot market price of natural gas was $4.00 per MMBtu. As of March 31, 2026, the posted price for WTI was $91.38 per barrel and the Henry Hub spot market price of natural gas was $3.04 per MMBtu. Lower prices not only decrease our revenues, but also potentially impact the amount of natural gas, NGLs and oil that our operators can produce economically. This, in turn, can impact the capital budgets for our operators and their development pace of our properties. We expect commodity price volatility will continue in the future.

**How We Evaluate Our Operations** 

We use a variety of operational and financial measures to assess our operations. Among the measures considered by management are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volumes of natural gas, NGLs and oil produced;

<sup>47</sup> Based upon management's review of public filings with the SEC, excluding those companies which either derive a majority of their revenue from oil or are oil and NGL weighted in production.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current activity trends including (rigs, producing wells, WIPs, permits and other locations); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodity prices and hedging.

***Volumes of Natural Gas, NGLs and Oil Produced***

In order to track and assess the performance of our assets, we monitor and analyze our production volumes from the various resource plays that comprise our portfolio of properties. We also regularly compare projected volumes to actual reported volumes and investigate unexpected variances.

***Current Activity Trends (Rigs, Producing Wells, WIPs, Permits and Other Locations)***

In order to track and assess the performance of our assets, we monitor and analyze the number of rigs currently drilling and in close proximity to our properties. We also constantly monitor the number of producing wells, WIPs, permits and other locations that are applicable to our mineral and royalty interests. This analysis provides us with line of sight to near-, medium- and long-term potential production from the various resource plays that comprise our asset base. Our engineering and land teams employ a rigorous, data-driven technical process to track each well through its full lifecycle—from other locations, to permit, to drilling, to production—ensuring that every well is properly classified, accurately paid and fully captured in our forecasting.

***Commodity Prices and Hedging***

Commodity prices have historically been volatile and may continue to be volatile in the future. Lower prices not only decrease our revenues, but also potentially the amount of natural gas, NGLs and oil that our operators can produce economically. The prices we receive for natural gas, NGLs and oil are determined by factors affecting global and regional supply and demand dynamics, such as economic and geopolitical conditions, production levels, availability of transportation, weather cycles and other factors. In addition, realized prices are influenced by product quality and proximity to consuming and refining markets. Any differences between realized prices and NYMEX prices are referred to as differentials.

*Natural Gas*. The NYMEX price quoted at Henry Hub is a widely used benchmark for the pricing of natural gas in the United States. The actual volumetric prices realized from the sale of natural gas differ from the quoted NYMEX price as a result of quality and location differentials.

Quality differentials result from the heating value of natural gas measured in Btus and the presence of impurities, such as hydrogen sulfide, carbon dioxide and nitrogen. Natural gas containing ethane and heavier hydrocarbons has a higher Btu value and will realize a higher volumetric price than natural gas that is predominantly methane, which has a lower Btu value. Natural gas with a higher concentration of impurities will realize a lower volumetric price due to the presence of the impurities in the natural gas when sold or the cost of treating the natural gas to meet pipeline quality specifications.

Natural gas, which currently has a limited global transportation system, is subject to price variances based on local supply and demand conditions and the cost to transport natural gas to end-user markets.

*NGLs*. NGLs pricing is generally tied to the price of oil, but varies based on differences in liquid components and location.

*Oil*. The majority of our oil production is sold at prevailing market prices, which fluctuate in response to many factors that are outside of our control. NYMEX light sweet crude oil, commonly referred to as WTI, is the prevailing domestic oil-pricing index. The majority of our oil production is priced at the prevailing market price with the final realized price affected by both quality and location differentials.

The chemical composition of crude oil plays an important role in its refining and subsequent sale as petroleum products. As a result, variations in chemical composition relative to the benchmark crude oil, usually WTI, will

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result in price adjustments, which are often referred to as quality differentials. The characteristics that most significantly affect quality differentials include the density of the oil, as characterized by its API gravity, and the presence and concentration of impurities, such as sulfur.

Location differentials generally result from transportation costs based on the produced oil's proximity to consuming and refining markets and major trading points.

*Hedging* 

Our ongoing operations expose us to changes in the market price for natural gas assets. To mitigate the inherent commodity price risk associated with its operations, we use natural gas commodity derivative instruments for a substantial portion of our expected natural gas volumes. The vast majority of our hedge contracts are fixed price swaps, though from time to time, such instruments may also include costless collars and other contractual arrangements. In addition, we hedge basis exposure through basis swaps and similar instruments to manage the differential between the indices and locations at which we price our physical sales and those underlying our financial hedges. We enter into natural gas derivative contracts that contain netting arrangements with each counterparty, and we do not enter into derivative instruments for speculative purposes. For further discussion, see "Note 4—Commodity Derivative Financial Instruments" to our consolidated financial statements included elsewhere in this prospectus.

As of March 31, 2026, our open derivative contracts primarily consisted of fixed-price swap natural gas and oil contracts as well as natural gas costless collar contracts. A fixed-price swap contract between the Company and a counterparty specifies a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. A costless collar contract between the Company and the counterparty specifies a floor and a ceiling commodity price over a specified period for a contracted volume. We have not designated any of our contracts as fair value or cash flow derivatives; accordingly, the changes in fair value of the contracts are included in the consolidated statements of operations in the period of the change. All derivative gains and losses from our derivative contracts have been recognized in revenue in our accompanying consolidated statements of operations. Derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in our consolidated balance sheets as of March 31, 2026 and December 31, 2025.

Our natural gas fixed price swap transactions and costless collar transactions are settled based upon the first of the month pricing, which settles three business days prior to the first day of the calendar month of the contract period. Payment for natural gas fixed price swap contracts occurs in the month of the contract period.

We also have oil fixed price swap transactions which are settled based upon the average daily prices of the calendar month of the contract period. Payment for oil fixed price swap contracts occurs in the succeeding month.

Our derivative contracts expose us to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of our commodity derivative assets. While we do not require contract counterparties to post collateral, we do evaluate the credit standing on each counterparty as deemed appropriate. The evaluation includes reviewing a counterparty's credit rating and latest financial information. As of December 31, 2025, we had one counterparty, which is rated Baa2 or better by Moody's. For additional information, see "Note 5—Commodity Derivative Financial Instruments*"* to our consolidated financial statements included elsewhere in this prospectus.

**Sources of Our Revenue** 

A significant portion of our revenues are derived from the mineral royalty payments we receive from our operators based on the sale of natural gas, NGLs and oil produced from our mineral interests. Royalty revenues may vary significantly from period to period as a result of changes in volumes of production sold by our

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operators, production mix and commodity prices. A portion of our revenue also comes from other royalty and lease bonus payments. Other royalty revenue is comprised of flat rate, shut-in and gas storage payments. Lease bonus revenue includes cash payments received at the beginning of a new lease and extension payments on current leases.

The following table presents the breakdown of our revenues for the following periods:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2026** | **2025** | **2025** | **2024** |
|  **Royalty revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas sales | 83% | 90% | 82% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas liquids sales | 6% | 9% | 8% | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 10% | 1% | 9% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus | 1% | 0% | 1% | 7% |
|  Total  | 100% | 100% | 100% | 100% |

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**Principal Components of Our Cost Structure** 

The following is a description of the principal components of our cost structure. Importantly, as an owner of mineral interests, we are not obligated to fund drilling and completion capital expenditures to bring a well on line, lease operating expenses to produce our natural gas, NGLs and oil or the plugging and abandonment costs at the end of a well's economic life. All of the aforementioned costs are borne entirely by the E&P operator that has leased our mineral interests.

***Depletion***

Depletion is the systematic expensing of the capitalized costs incurred to acquire oil and natural gas mineral and royalty properties. We use the successful efforts cost method of accounting, and, as such, all costs associated with successful acquisitions are capitalized and reasonably aggregated and depleted based on a common geological structural feature. Costs associated with unsuccessful acquisitions are expensed. Depletion is the expense recorded based on the cost basis of our properties and the volume of hydrocarbons extracted during each respective period, calculated on a units-of-production basis. Estimates of proved reserves are a major component of our calculation of depletion. We adjust our depletion rates in the fourth quarter of each year based upon the year-end reserve report prepared by Cawley, Gillespie & Associates, Inc., our independent petroleum engineers, unless circumstances indicate that there has been a significant change in reserves or costs.

***General and Administrative***

General and administrative ("G&A") expenses are costs incurred for overhead, including payroll and benefits for our personnel costs of maintaining our office locations, costs of managing our properties, audit and other fees for professional services and legal compliance. As a result of becoming a public company, we anticipate incurring incremental G&A expenses as a result of operating as a publicly traded company. These incremental public company G&A expenses include expenses associated with SEC reporting requirements, including annual and quarterly reports, Sarbanes-Oxley Act compliance expenses, expenses associated with listing our Class A common stock on the NYSE, increased independent auditor fees, increased independent reserve engineer fees, increased legal fees, investor relations expenses, registrar and transfer agent fees, director and officer insurance expenses and director and officer compensation. These incremental G&A expenses are not reflected in our historical financial statements included elsewhere in this prospectus.

***Interest Expense***

We have financed a portion of our working capital requirements and acquisitions with borrowings under our Senior Notes. As a result, we incur interest expense that is affected by both fluctuations in interest rates and our

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financing decisions. We reflect interest paid to the lenders under our Senior Notes and amortization of debt issuance costs in interest expense in our consolidated statements of operations.

***Income Tax Expense***

As a corporation, we are subject to U.S. federal income taxes. We are also subject to the Texas margin tax and certain other state income taxes.

**Factors Affecting the Comparability of Our Financial Results** 

Our future results of operations may not be comparable to the historical results of operations of our predecessor for the periods presented, primarily for the reasons described below.

***Corporate Reorganization***

In connection with the consummation of the offering, we will consummate the Transactions. We will amend and restate our certificate of incorporation to, among other things, change our name to "WhiteHawk Minerals Corp."; effect the Common Stock Reclassification; adjust our authorized capital stock to 250,000,000 shares of Class A common stock, 100,000,000 shares of Class B common stock and 10,000,000 shares of preferred stock, each par value $0.0001 per share; authorize our board of directors to establish and fix the terms of one or more series of preferred stock; and create Class B common stock in connection with our anticipated Up-C structure, to be issued to holders of OpCo Interests, with each share entitled to one vote and no economic rights.

WhiteHawk OpCo will enter into the OpCo Agreement to, among other things, appoint OP GP as sole general partner with authority to manage WhiteHawk OpCo's business and affairs; authorize the issuance of OpCo Interests to us in exchange for the offering proceeds; provide the Subsequent Continuing Equity Owners with the right to redeem their OpCo Interests for, at our election (determined solely by our disinterested independent directors), cash or newly-issued shares of Class A common stock on a one-for-one basis (subject to customary adjustments), with a corresponding number of shares of Class B common stock automatically transferred to us and canceled; and provide for tax distributions and allocations of income, gain, loss, deduction and credit among holders of OpCo Interests. We will enter into the Registration Rights Agreement with certain of our Subsequent Continuing Equity Owners, as further described in "Certain Relationships and Related Party Transactions."

To effectuate the Internalization, the Contribution Agreement will be entered into by the parties thereto, pursuant to which WhiteHawk OpCo will acquire all outstanding equity interests in ManagementCo from the Management Contributor in exchange for OpCo Interests and shares of Class B common stock; as a result, ManagementCo will become a wholly owned subsidiary of WhiteHawk OpCo and we will become internally managed. We will issue shares of our Class A common stock to the purchasers in this offering (or shares if the underwriters exercise in full their option to purchase additional shares) at an assumed initial public offering price of $ per share (the midpoint of the estimated price range set forth on the cover page of this prospectus), less the underwriting discount, for net proceeds of approximately $ million (or approximately $ million if the underwriters exercise in full their option to purchase additional shares), which we will use to purchase newly issued OpCo Interests for approximately $ million directly from WhiteHawk OpCo.

Immediately following the consummation of the Transactions (including this offering), we will be a holding company whose principal asset will consist of OpCo Interests acquired directly from WhiteHawk OpCo. As the sole member of OP GP, we will control the business and affairs of WhiteHawk OpCo. We will own, directly or indirectly, OpCo Interests representing approximately % of the economic interest in WhiteHawk OpCo (or OpCo Interests representing approximately % if the underwriters exercise in full their option to purchase additional shares). The Management Contributor will own OpCo Interests representing approximately % of the economic interest in WhiteHawk OpCo (or approximately % if the underwriters exercise in full their option to purchase additional shares), and shares of our Class B common stock representing

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approximately % of the combined voting power of all of our common stock (or shares representing approximately % if the underwriters exercise in full their option to purchase additional shares). The purchasers in this offering will own shares of our Class A common stock (or shares if the underwriters exercise in full their option to purchase additional shares), representing approximately % of the combined voting power and % of the economic interest in us (or approximately % if the underwriters exercise in full their option to purchase additional shares), and through our ownership of OpCo Interests, indirectly approximately % of the economic interest in WhiteHawk OpCo (or approximately % if the underwriters exercise in full their option to purchase additional shares).

As a result of the Internalization, we expect a meaningful reduction in our operating expenses due to the elimination of management fees and other costs paid to ManagementCo.

***Acquisitions***

Our financial statements for the year ended December 31, 2025 and 2024 do not include the results of operations for the Three Rivers Royalty Acquisition or the PHX Acquisition prior to the respective dates of acquisition and our financial statements for the year ended December 31, 2024 do not include the assets acquired in the Three Rivers Royalty Acquisition and the PHX Acquisition. As a result, our financial results do not give an accurate indication of what the actual results would have been if such acquisitions had been completed at the beginning of the periods presented or of what our future results are likely to be. For additional discussion of the Three Rivers Royalty Acquisition and the PHX Acquisition, please refer to "Unaudited Pro Forma Condensed Consolidated Combined Financial Information." Prior to the Three Rivers Royalty Acquisition in which we acquired the remaining 50% undivided interest in the natural gas mineral assets of the TRR Seller, we previously acquired an aggregate 50% undivided interest in the natural gas mineral assets of the TRR Seller which are reflected in our financial statements for the years ended December 31, 2025 and 2024. See "Business—Our Acquisition History."

Acquisitions are an important part of our growth strategy, and we plan to pursue potential accretive acquisitions of additional natural gas-weighted mineral and royalty interests. We believe we will be well positioned to acquire such assets and, should such opportunities arise, identifying and executing acquisitions will be a key part of our strategy. However, if we are unable to make acquisitions on economically accretive terms, our future growth may be limited, and any acquisitions we may make may reduce, rather than increase, our cash flows and ability to pay dividends to stockholders in the short term.

***Public Company Expenses***

Following the closing of this offering, we anticipate incurring incremental G&A expenses as a result of operating as a publicly traded company, such as expenses associated with SEC reporting requirements, including annual and quarterly reports, Sarbanes-Oxley Act compliance expenses, expenses associated with listing our Class A common stock on the NYSE, increased independent auditor fees, increased independent reserve engineer fees, increased legal fees, investor relations expenses, registrar and transfer agent fees, director and officer insurance expenses and director and officer compensation expenses. These incremental G&A expenses are not reflected in our historical financial statements. Additionally, we may hire additional employees, including accounting, engineering, land and legal personnel, in order to comply with requirements of being a publicly traded company.

***Management Fees***

The Company incurred and paid fees under the amended and restated investment management agreement, dated as of October 3, 2025 (the "Investment Management Agreement"), with WhiteHawk Management , an affiliate of WhiteHawk Energy, LLC, of which Daniel Herz is a managing member. Fees incurred under the Investment Management Agreement were $3.0 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively. We expect a meaningful reduction in our operating expenses due to the elimination of management fees and other costs paid to ManagementCo.

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**Restatement of Prior Period Financial Statements** 

As discussed under the heading "Restatement," we recently restated our previously issued consolidated financial statements and related notes for the year ended December 31, 2025, which restated financial statements are included elsewhere in this prospectus. Refer to Note 3 in the notes to the audited consolidated financial statements in this prospectus for additional information. The impact of the restatement is reflected in the "Results of Operations" section within this "Management's Discussion and Analysis of Financial Condition and Results of Operations."

**Results of Operations** 

***Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025***

*Consolidated Results* 

The following tables summarize our consolidated revenue and expenses and production data for the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2026** | **2025** | **Variance** | **Variance** |
|  | **(dollars in thousands, except for realized prices)** | **(dollars in thousands, except for realized prices)** | **(dollars in thousands, except for realized prices)** | **(dollars in thousands, except for realized prices)** |
|  **Production:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas (Mcf) | 5113078 | 2184405 | 2928673 | 134% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs (Bbls) | 70562 | 26457 | 44105 | 167% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (Bbls) | 41311 | 1273 | 40038 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equivalents (Mcfe) | 5784316 | 2350783 | 3433533 | 146% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equivalents per day (Mcfe / d) | 64270 | 26120 | 38150 | 146% |
|  **Realized prices:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas (per Mcf) | $4.73 | $3.57 | $1.16 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs (per Bbl) | $23.07 | $27.81 | $(4.74) | -17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (per Bbl) | $69.76 | $59.27 | $10.49 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equivalents (per Mcfe) | $4.96 | $3.66 | $1.30 | 35% |
|  **Average Realized Price After Effects of Derivative Settlements:** |  |  |  |  |
|  Natural gas (Mcf) | $3.60 | $3.36 | $0.24 | 7% |
|  **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $25616 | $8039 | $17577 | 219% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | (5309) | (8874) | 3565 | -40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus revenue | 517 | 2 | 515 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 20824 | (833) | 21657 | \* |
|  **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 3109 | 891 | 2218 | 249% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2981 | 1423 | 1558 | 109% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 9665 | 3199 | 6466 | 202% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock based compensation | 483 |  | 483 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 16238 | 5513 | 10725 | 195% |
|  **Operating income (loss)** | 4586 | (6346) | 10932 | -172% |
|  **Other expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 5997 | 1747 | 4250 | 243% |
|  Total other expense | 5997 | 1747 | 4250 | 243% |
|  Income (loss) before income taxes | (1411) | (8093) | 6682 | -83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (348) |  | (348) | \* |
|  **Net income (loss)** | (1063) | (8093) | $7030 | -87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings allocated to participating securities | (1186) | (1086) | $(100) | 9% |
|  **Net income (loss) attributable to common shareholders** | $(2249) | $(9179) | $6930 | -75% |

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***Revenue***

Our consolidated revenues for the three months ended March 31, 2026, increased $21.7 million, as compared to the three months ended March 31, 2025. The increase in revenues was primarily due to an increase in natural gas, NGL and oil royalty revenue and a decrease in losses from our commodity derivatives and an increase in lease bonus revenue. The increase in royalty revenues was primarily due to an increase in our production volumes of 146% from the acquisitions of additional mineral and royalty interests.

Natural gas revenues for the three months ended March 31, 2026, increased $16.4 million, or 210%, compared to the three months ended March 31, 2025. Natural gas production volumes increased 134% to 56,812 Mcf/day, resulting in a $13.9 million increase in natural gas sales primarily due to acquisitions of additional mineral and royalty interests. Realized natural gas prices increased 32% to $4.73 per Mcf, resulting in an increase in revenue of $3.4 million. The increase in revenue was partially offset by an increase in gathering, transportation and marketing expenses of $1.7 million.

NGLs revenues for the three months ended March 31, 2026, increased $0.9 million, or 121%, compared to the three months ended March 31, 2025. NGLs production volumes increased 167% to 784 Bbls/day, resulting in an approximately $1.0 million increase in NGLs sales. Realized NGLs prices decreased 17% to $23.07 per Bbl, resulting in a decrease in revenue of approximately $0.2 million. The increase in NGLs revenue was partially offset by an increase in gathering, transportation and marketing expenses of $0.1 million.

Oil revenues for the three months ended March 31, 2026, increased $2.8 million, compared to the three months ended March 31, 2025. Oil production volumes increased to 459 Bbls/day, resulting in a $2.8 million increase in oil sales. Realized oil prices increased 18% to $69.76 per Bbl, resulting in an increase in revenue of approximately $0.4 million. The increase in oil revenue was partially offset by an increase in gathering, transportation and marketing expenses of $0.3 million.

Commodity derivative losses totaled $5.3 million for the three months ended March 31, 2026, as compared to losses of $8.9 million for the three months ended March 31, 2025. The decrease in commodity derivative losses of $3.6 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was due to changes in commodity prices.

Lease bonus revenue increased $0.5 million for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. When we lease our acreage to an E&P operator, we generally receive a lease bonus payment at the time a lease is executed. These bonus payments are subject to significant variability from period to period based on the particular tracts of land that become available for releasing.

***Operating expenses***

General and administrative expenses for the three months ended March 31, 2026, increased $2.2 million, or 249%, as compared to the three months ended March 31, 2025. The increase was primarily attributable to a $0.7 million increase in legal and professional expenses related to one-time transaction expenses, a $0.8 million increase in employee and director expenses related to the growth of the Company, $0.1 million increase in franchise taxes, a $0.2 million increase in software expense and a $0.1 million increase in travel-related expenses.

Management fees for the three months ended March 31, 2026, increased $1.6 million, or 109%, compared to the three months ended March 31, 2025. Management fees paid to WHIC Manager are calculated as a percentage of assets under management and a percentage of all distributions paid to the Company shareholders and each continue to increase as the Company continues to issue equity and make additional acquisitions.

Depletion, depreciation and accretion for the three months ended March 31, 2026, increased $6.5 million, or 202%, compared to the three months ended March 31, 2025. The increase was due to a 146% increase in year-over-year production volumes and a higher depletion rate, which increased to $1.66 per Mcfe for the three months ended March 31, 2026 from $1.36 per Mcfe for the three months ended March 31, 2025.

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***Other Income and Expenses***

Interest expense relates to interest incurred on borrowings under our various credit facilities. The increase for the three months ended March 31, 2026, of $4.3 million, or 243%, compared to the three months ended March 31, 2025 was primarily due to a higher average amount outstanding under our Senior Notes.

***Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024***

*Consolidated Results* 

The following tables summarize our consolidated revenue and expenses and production data for the years ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Variance** | **Variance** |
|  | **2025** | **2024** | **Variance** | **Variance** |
|  | **(As Restated)** | | | |
|  | (**dollars in thousands, except for realized prices**) | (**dollars in thousands, except for realized prices**) | (**dollars in thousands, except for realized prices**) | (**dollars in thousands, except for realized prices**) |
|  **Production:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas (Mcf) | 16586178 | 7370198 | 9215980 | 125% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs (Bls) | 210677 | 74350 | 136327 | 183% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (Bbls) | 87970 | 3750 | 84220 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equivalents (Mcfe)<sup>(1)</sup> | 18378060 | 7838798 | 10539262 | 134% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equivalents per day (Mcfe / d)<sup>(1)</sup> | 50351 | 21417 | 28934 | 135% |
|  **Realized prices:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas (per Mcf) | $2.94 | $1.85 | $1.09 | 59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGLs (per Bbl) | $21.94 | $25.50 | $(3.56) | -14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil (per Bbl) | $60.93 | $54.67 | $6.26 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equivalents (per Mcfe) | $3.20 | $2.01 | $1.19 | 59% |
|  **Average Realized Price After Effects of Derivative Settlements:** |  |  |  |  |
|  Natural gas (per Mcf) | $3.45 | $3.04 | $0.41 | 13% |
|  **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $50075 | $12702 | $37373 | 294% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | 16648 | (4418) | 21066 | 477% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus revenue | 872 | 1166 | (294) | -25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 67595 | 9450 | 58145 | 615% |
|  **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 16585 | 2792 | 13793 | 494% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 9966 | 4681 | 5285 | 113% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 24237 | 10827 | 13410 | 124% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 50788 | 18300 | 32488 | 178% |
|  **Operating income (loss)** | 16807 | (8850) | 25627 | -290% |
|  **Other expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | 3839 | 359 | 3480 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of assets | 123 |  | 123 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 19070 | 3939 | 15131 | 384% |
|  Total other expense | 23032 | 4298 | 18734 | 436% |
|  Income (loss) before income taxes | (6225) | (13148) | 6923 | -53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (2640) | (1587) | (1053) | 66% |
|  **Net income (loss)** | $(3585) | $(11561) | $7976 | -69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings allocated to participating securities | (7341) | (5266) | (2075) | 39% |
|  **Net income (loss) attributable to common shareholders** | $(10926) | $(16827) | $5901 | -35% |

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<sup>(1)</sup> Natural gas equivalents are calculated using a ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or NGLs, based on approximate relative energy content. This ratio does not represent the current or historical price relationship between natural gas and oil or NGLs. 

***Revenue***

Our consolidated revenues for the year ended December 31, 2025, increased $58.1 million or 615%, as compared to the year ended December 31, 2024. The increase in revenues was primarily due to an increase in natural gas, NGL and oil royalty revenue and an increase in revenue from our commodity derivatives, partially offset by a decrease in lease bonus revenue. The increase in royalty revenues was primarily due to an increase in our production volumes of 134% from the acquisitions of additional mineral and royalty interests.

Natural gas revenues for the year ended December 31, 2025, increased $35.1 million or 258%, compared to the year ended December 31, 2024. Natural gas production volumes increased 125% to 45,442 Mcf/day resulting in a $27.1 million increase in natural gas sales primarily due to acquisitions of additional mineral and royalty interests. Realized natural gas prices increased 59% to $2.94 per Mcf resulting in an increase in revenue of $10.0 million. The increase in revenue was partially offset by an increase in gathering, transportation and marketing expenses of $4.5 million.

NGLs revenues for the year ended December 31, 2025, increased $2.7 million, or 144%, compared to the year ended December 31, 2024. NGLs production volumes increased 183% to 577 BBls/day resulting in an approximately $3.0 million increase in NGLs sales. Realized NGLs prices decreased 14% to $21.94 per Bbl resulting in a decrease in revenue of approximately $0.5 million. The increase in NGL revenue was partially offset by an increase in gathering, transportation and marketing expenses of $0.3 million.

Oil revenues for the year ended December 31, 2025, increased $5.2 million, compared to the year ended December 31, 2024. Oil production volumes increased to 241 Bbl/day resulting in a $5.1 million increase in oil sales. Realized oil prices increased 11% to $60.93 per Bbl resulting in an increase in revenue of approximately $0.5 million. The increase in oil revenue was partially offset by an increase in gathering, transportation and marketing expenses of $0.7 million.

Commodity derivatives gains totaled $16.6 million for the year ended December 31, 2025, as compared to losses of $4.4 million for the year ended December 31, 2024. The increase of $21.1 million for the year ended December 31, 2025 as compared to the year ended December 31, 2024 is due to changes in commodity prices.

Lease bonus revenue decreased, $0.3 million, or 25%, for the year ended December 31, 2025, as compared to the year ended December 31, 2024. When we lease our acreage to an E&P operator, we generally receive a lease bonus payment at the time a lease is executed. These bonus payments are subject to significant variability from period to period based on the particular tracts of land that become available for releasing.

***Operating expenses***

General and administrative expenses for the year ended December 31, 2025, increased $13.8 million, or 494%, as compared to the year ended December 31, 2024. The increase was primarily attributable to an $8.2 million increase in legal and professional expenses related to acquisitions, a $4.5 million increase in employee and director expenses related to the growth of the Company including certain non-recurring acquisition related payments during 2025, $0.2 million increase in franchise taxes, a $0.3 million increase in travel related expenses, a $0.2 million increase in software expense and a $0.1 million increase in rent related expenses.

Management fees for the year ended December 31, 2025, increased $5.3 million, or 113%, compared to the year ended December 31, 2024. Management fees paid to WHIC Manager are calculated as a percentage of assets under management and a percentage of all distributions paid to the Company shareholders and each continue to increase as the Company continues to issue equity and make additional acquisitions.

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Depletion, depreciation and accretion for the year ended December 31, 2025, increased $13.4 million, or 124%, compared to the year ended December 31, 2024. The increase was due to a 134% increase in year-over-year production volumes partially offset by a lower depletion rate, which decreased to $1.31 per Mcfe for the year ended December 31, 2025 from $1.38 per Mcfe for the year ended December 31, 2024.

***Other Income and Expenses***

Interest expense relates to interest incurred on borrowings under our various credit facilities. The increase for the year ended December 31, 2025, of $15.1 million, or 384%, compared to the year ended December 31, 2024 was primarily due to a higher average amount outstanding under our Senior Notes.

For the year ended December 31, 2025, losses on extinguishment of debt totaled $3.8 million. For the year ended December 31, 2024, losses on the extinguishment of debt totaled $0.4 million. During the year ended December 31, 2025, $3.8 million of previously capitalized deferred financing costs were written off when the Company amended and restated the Senior Notes. During the year ended December 31, 2024, $0.4 million of previously capitalized deferred financing costs were written off when the Company extinguished the Term Loan in September 2024 with proceeds received from the Senior Notes.

**Liquidity and Capital Resources** 

Historically, our primary sources of liquidity have been from capital raised from third-party investors, cash flows from operations and proceeds from the issuance of our Senior Notes. Following the completion of this offering, we expect our primary sources of liquidity to be the proceeds retained from this offering, cash flows from operations, and proceeds from any future issuances of debt or equity securities. Future sources of liquidity may also include other credit facilities we may enter into in the future and/or additional issuances of debt or equity securities. Historically, our primary uses of cash have been for the acquisition of mineral and royalty interests, the reduction of outstanding debt balances and the payment of dividends, and we expect our primary uses of cash going forward to be for the acquisition of mineral and royalty interests, the reduction of outstanding debt balances and the payment of dividends. Our ability to generate cash is subject to several factors, some of which are beyond our control, including commodity prices and general economic, financial, legislative, regulatory and other factors. In addition, there can be no assurance that we will pay any dividends to holders of our Class A common stock or preferred stock, or as to the amount of any such dividends. See "Risk Factors—Risks Related to this Offering and Ownership of Our Class A Common Stock—We intend to pay regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited by our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements, instruments governing our indebtedness and other factors and restrictions our board of directors deems relevant."

We believe internally generated cash flows from operations and access to capital markets will provide us with sufficient liquidity and financial flexibility to meet our cash requirements, including normal operating needs, debt service obligations, our return of capital program, and capital expenditures, for at least the next 12 months and allow us to continue to execute our strategy of acquiring attractive mineral and royalty interests that will position us to grow our cash flows and return capital to our stockholders. As an owner of mineral and royalty interests, we incur the initial cost to acquire our interests but thereafter do not incur any drilling or completion capital expenditures, which are entirely borne by the E&P operators and the other working interest owners. As a result, our only capital expenditures are related to our acquisition of additional mineral and royalty interests, and we have no subsequent capital expenditure requirements related to acquired properties. The amount and allocation of future acquisition-related capital expenditures will depend upon a number of factors, including the number and size of acquisition opportunities, our cash flows from operating, investing and financing activities and our ability to integrate acquisitions. We periodically assess changes in current and projected cash flows, acquisition and divestiture activities, and other factors to determine the effects on our liquidity. Our ability to generate cash flow is subject to a number of factors, many of which are beyond our control, including commodity prices, weather and general economic, financial and competitive, legislative, regulatory and other factors. We believe our cash

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flows from operations will be sufficient to fund our operating expenses, debt service obligations, and dividend payments for the next 12 months without accessing the capital markets. However, if we require additional capital for acquisitions or other reasons, we may raise such capital through additional borrowings, asset sales, offerings of equity and debt securities or other means. If we are unable to obtain funds needed or on acceptable terms, we may not be able to complete acquisitions that are favorable to us. There can be no assurance that capital markets financing will be available on favorable terms, or at all.

As of March 31, 2026 and December 31, 2025, our cash and cash equivalents was $64.6 million and $29.0 million, respectively.

**Cash Flows for the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025 (in thousands):**

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| | | |
|:---|:---|:---|
|  | **For the three months<br>ended March 31,** | **For the three months<br>ended March 31,** |
|  | **2026** | **2025** |
|  Net cash flows provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $2841 | $(230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | (6522) | (114756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities | 39254 | 124734 |

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***Operating Activities***

Our operating cash flows are impacted by the variability in our revenues and operating expenses, as well as the timing of the related cash receipts and disbursements. Royalty payments may vary significantly from period to period as a result of changes in commodity prices, production mix and volumes of production sold by our E&P operators, as well as the timeliness and accuracy of payments from our E&P operators. These factors are beyond our control and are difficult to predict. Cash flows provided by operating activities for the three months ended March 31, 2026 were $2.8 million as compared to cash flows used in operating activities of $0.2 million for the three months ended March 31, 2025. The increase was primarily a result of the increase in our production of 146% due to acquisitions and an increase of 35% in our realized prices.

**Investing Activities** 

Cash flows used in investing activities totaled $6.5 million for the three months ended March 31, 2026, as compared to $114.8 million for the three months ended March 31, 2025, a decrease of $108.3 million due to the variance in our acquisitions of oil and gas properties, net of purchase price adjustments.

**Financing activities** 

Cash flows provided by financing activities for the three months ended March 31, 2026 totaled $39.3 million as compared to cash flows provided by financing activities of $124.7 million for the three months ended March 31, 2025. During the three months ended March 31, 2026, cash flows provided by financing activities was primarily related to $53.4 million of proceeds raised from the issuance of common and preferred stock. This was partially offset by dividends of $7.6 million paid to common and preferred stockholders during the three months ended March 31, 2026, and $6.3 million repayments of the Senior Notes.

During the three months ended March 31, 2025, cash flows provided by financing activities was primarily related to $84.4 million of additional proceeds from our Senior Notes, net of repayments, and $64.5 million of proceeds raised from the issuance of common and preferred stock. This was partially offset by preferred stock redemptions of $19.0 million and dividends of $3.2 million paid to common and preferred stockholders during the three months ended March 31, 2025.

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**Cash Flows for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 (in thousands):** 

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| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2025** | **2024** |
|  | **(As Restated)** | |
|  Net cash flows provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating activities | $13577 | $9447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investing activities | (309958) | (30392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing activities | 320040 | 22061 |

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***Operating Activities***

Our operating cash flows are impacted by the variability in our revenues and operating expenses, as well as the timing of the related cash receipts and disbursements. Royalty payments may vary significantly from period to period as a result of changes in commodity prices, production mix and volumes of production sold by our E&P operators, as well as the timeliness and accuracy of payments from our E&P operators. These factors are beyond our control and are difficult to predict. Cash flows provided by operating activities for the year ended December 31, 2025 were $13.6 million as compared to $9.4 million for the year ended December 31, 2024. The increase was primarily a result of the increase in our production of 134% due to acquisitions and an increase of 59% in our realized prices.

***Investing Activities***

Cash flows used in investing activities totaled $310.0 million for the year ended December 31, 2025 as compared to $30.4 million for the year ended December 31, 2024, an increase of $279.6 million due to the variance in our acquisitions of oil and gas properties, net of purchase price adjustments.

***Financing activities***

Cash flows provided by financing activities for the year ended December 31, 2025 totaled $320.0 million as compared to cash flows provided by financing activities of $22.1 million for the year ended December 31, 2024.

During the year ended December 31, 2025, cash flows provided by financing activities was primarily related to $172.7 million of proceeds from our Senior Notes, net of repayments and $248.1 million of proceeds raised from the issuance of common and preferred stock. This was partially offset by dividends of $19.5 million paid to common and preferred stockholders during the year ended December 31, 2025, $75.4 million of common and preferred stock redemptions and $5.8 million of deferred financing costs.

During the year ended December 31, 2024, cash flows provided by financing activities was primarily related $45.0 million of additional proceeds from our Senior Notes, net of repayments, and $18.1 million of proceeds raised from the issuance of common and preferred stock. This was partially offset by common and preferred stock redemptions of $25.5 million and dividends of $13.2 million paid to common and preferred stockholders during the year ended December 31, 2024.

**Quantitative and Qualitative Disclosure About Market Risk** 

We are exposed to market risk, including the effects of adverse changes in commodity prices and interest rates and operator credit risk as described below. The primary objective of the following information is to provide quantitative and qualitative information about our potential exposure to market risks. The term "market risk" refers to the risk of loss arising from adverse changes in natural gas and oil prices and interest rates and operator credit risk. The disclosures are not meant to be precise indicators of expected future losses, but rather indicators of reasonably possible losses. This forward-looking information provides indicators of how we view and manage our ongoing market risk exposures.

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***Commodity Price Risk***

Our major market risk exposure is in the pricing applicable to the crude oil, natural gas and NGLs production of our E&P operators, which affects the royalty payments we receive from our E&P operators. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot market prices applicable to our natural gas production. Pricing for crude oil, natural gas and NGL production has been volatile historically and we expect this volatility to continue in the future. The prices that our E&P operators receive for production depend on many factors outside of our or their control.

A $0.10 per Mcf change in our realized natural gas price would have resulted in a $0.5 million change in our natural gas revenues for the three months ended March 31, 2026. A $1.00 per Bbl change in NGLs and oil prices would have resulted in a $0.1 million change in our NGLs and oil revenues for the three months ended March 31, 2026. Royalties on natural gas sales, NGL sales and oil contributed 84%, 6% and 10%, respectively, of our total royalty revenues for the three months ended March 31, 2026.

A $0.10 per Mcf change in our realized natural gas price would have resulted in a $1.7 million change in our natural gas revenues for the year ended December 31, 2025. A $1.00 per Bbl change in NGLs and oil prices would have resulted in a $0.3 million change in our NGLs and oil revenues for the year ended December 31, 2025. Royalties on natural gas sales, NGL sales and oil contributed 83%, 8% and 9%, respectively, of our total royalty revenues for the year ended December 31, 2025.

We may enter into derivative instruments from time to time, such as collars, swaps and basis swaps, to partially mitigate the impact of commodity price volatility. These hedging instruments allow us to reduce, but not eliminate, the potential effects of the variability in cash flow from operations due to fluctuations in oil, natural gas and NGL prices and provide increased certainty of cash flows related to certain of our acquisitions. However, these instruments provide only partial price protection against declines in oil, natural gas and NGL prices and may partially limit our potential gains from future increases in prices. Refer to "Note 4—Commodity Derivative Financial Instruments" for further information.

***Operator Credit Risk***

Our principal exposures to credit risk are through receivables generated by the production activities of our operators. The inability or failure of our significant operators to meet their obligations to us or their insolvency or liquidation may adversely affect our financial results. However, we believe the credit risk associated with our operators is acceptable.

***Interest Rate Risk***

Our primary exposure to interest rate risk results from outstanding borrowings under the Senior Notes which bears interest at a floating rate. The weighted average annual interest rate incurred on our borrowings under the Senior Notes during the three months ended March 31, 2026 was 10.3%. We estimate that an increase of 1.0% in the average interest rate during the three months ended March 31, 2026 would have resulted in an approximately $0.6 million increase in interest expense. The weighted average annual interest rate incurred on our borrowings under the Senior Notes during the year ended December 31, 2025 was 10.8%. We estimate that an increase of 1.0% in the average interest rate during the year ended December 31, 2025 would have resulted in an approximately $1.8 million increase in interest expense.

**Critical Accounting Policies and Related Estimates** 

The discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. Our critical accounting policies are described below to provide a better understanding of how we develop our assumptions and judgments about

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future events and related estimates and how they can impact our financial statements. A critical accounting estimate is one that requires our most difficult, subjective or complex estimates and assessments and is fundamental to our results of operations.

We base our estimates on historical experience and on various other assumptions we believe to be reasonable according to the facts and circumstances at the time the estimates are made. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements. There can be no assurance that actual results will not differ from those estimates and assumptions. This discussion and analysis should be read in conjunction with our consolidated financial statements and related notes.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Changes in estimates are accounted for prospectively.

Our estimates and classification of natural gas and oil reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production. Reserve engineering is a subjective process of estimating underground accumulations of natural gas and oil that are difficult to measure. The accuracy of any reserve estimate is a function of the quality of available data, engineering, and geological interpretation and judgment. Estimates of economically recoverable natural gas and oil reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions. These factors and assumptions include historical production from the area compared with production from other producing areas, the assumed effect of regulations by governmental agencies, and assumptions governing future natural gas and oil prices. For these reasons, estimates of the economically recoverable quantities of expected natural gas and oil and estimates of the future net cash flows may vary substantially.

Any significant variance in the assumptions could materially affect the estimated quantity of reserves, which could affect the carrying value of our natural gas and oil properties and/or the rate of depletion related to natural gas and oil properties.

***Gas and Oil Properties***

We use the successful efforts method of accounting for natural gas and oil producing properties, as further defined under Accounting Standards Codification 932, *Extractive Activities—Oil and Natural Gas*. Under this method, costs to acquire mineral interests in natural gas and oil properties are capitalized. The costs of non-producing mineral interests and associated acquisition costs are capitalized as unproved properties pending the results of leasing efforts and drilling activities of E&P operators on our interests. As unproved properties are determined to have proved reserves, the related costs are transferred to proved gas and oil properties. Capitalized costs for proved natural gas and oil mineral interests are depleted on a unit-of-production basis over total proved reserves. For depletion of proved gas and oil properties, interests are grouped in a reasonable aggregation of properties with common geological structural features or stratigraphic conditions.

***Impairment of Gas and Oil Properties***

We evaluate our proved properties for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When assessing proved properties for impairment, we compare the expected undiscounted future cash flows of the proved properties to the carrying amount of the proved properties to determine recoverability. If the carrying amount of proved properties exceeds the expected undiscounted future net cash flows, the carrying amount is written down to the properties' estimated fair value,

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which is measured as the present value of the expected future net cash flows of such properties. The factors used to determine fair value include estimates of proved reserves, future commodity prices, timing of future production, and a risk-adjusted discount rate. The proved property impairment test is primarily impacted by future commodity prices, changes in estimated reserve quantities, estimates of future production, overall proved property balances, and depletion expense. If pricing conditions decline or are depressed, or if there is a negative impact on one or more of the other components of the calculation, we may incur proved property impairments in future periods.

Unproved gas and oil properties are assessed periodically for impairment of value, and a loss is recognized at the time of impairment by charging capitalized costs to expense. Impairment is assessed based on when facts and circumstances indicate that the carrying value may not be recoverable, at which point an impairment loss is recognized to the extent the carrying value exceeds the estimated recoverable value. Factors used in the assessment include, but are not limited to, commodity price outlooks, current and future operator activity, and analysis of recent mineral transactions in the surrounding area.

***Crude Oil, Natural Gas and NGLs Reserve Quantities and Standardized Measure of Gas and Oil***

Our estimates of natural gas, crude oil and NGLs reserves and associated future net cash flows are prepared or audited by our independent reservoir engineers. The SEC has defined proved reserves as the estimated quantities of gas and oil which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. The process of estimating crude oil, natural gas and NGLs reserves is complex, requiring significant decisions in the evaluation of available geological, geophysical, engineering and economic data. The data for a given property may also change substantially over time as a result of numerous factors, including additional development activity, evolving production history and a continual reassessment of the viability of production under changing economic conditions. As a result, material revisions to existing reserve estimates occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the decisions and variances in available data for various properties increase the likelihood of significant changes in these estimates. If such changes are material, they could significantly affect future amortization of capitalized costs and result in impairment of assets that may be material.

There are numerous uncertainties inherent in estimating quantities of proved crude oil, natural gas and NGLs reserves. Crude oil, natural gas and NGLs reserve engineering is a process of estimating underground accumulations of crude oil, natural gas and NGLs that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify positive or negative revisions of reserve estimates.

***Revenue Recognition***

We record revenue in the month production is delivered to the purchaser. However, settlement statements for certain natural gas, oil, and natural gas liquids sales from third-party operators may not be received for 30 to 120 days after the date production is delivered. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to expected sales volumes and prices for those properties are estimated and recorded based upon our royalty interest. Where available, historical actual data is used to calculate volume estimates for wells operated by third parties. If historical actual data is not available for these wells, engineering estimates are used to calculate expected volumes. As such, estimated volumes utilized in period end royalty income accruals are subject to revision as additional actual data becomes available and such revisions may have a material impact on our results of operations and our royalty income receivables. Pricing estimates are based upon actual prices realized in an area by adjusting the market price for the average basis differential from market on a basin-by-basin basis. We record the differences between our estimates and the actual amounts received for royalties from third parties in the month that payment is received from the operator. We have existing internal controls for our royalty income estimation process

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and related accruals, but actual third-party royalty income in future periods could differ materially from estimated amounts. Identified differences between our accrued revenue estimates and actual revenue received historically have not been significant.

Natural gas, NGLs and oil revenues from our mineral and royalty interests are recognized when control transfers at the wellhead.

We also earn revenue related to lease bonuses by leasing our mineral interests to E&P operators. We recognize lease bonus revenue when the lease agreement has been executed and payment is determined to be collectible.

**Internal Controls and Procedures** 

We are not currently required to comply with the SEC's rules implementing Section 404 of Sarbanes-Oxley, and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC's rules implementing Section 302 of Sarbanes-Oxley, which will require our management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of our internal control over financial reporting. We will not be required to have our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting under Section 404 until our first annual report subsequent to our ceasing to be an "emerging growth company" within the meaning of Section 2(a)(19) of the Securities Act. Notwithstanding that we are not currently required to make such a formal assessment, in the course of preparing our financial statements and building out our internal controls infrastructure, we have in the past identified, and may in the future identify, deficiencies in our internal control over financial reporting, including material weaknesses.

To comply with the requirements of being a public company, we will need to implement additional financial and management controls, reporting systems and procedures and hire additional accounting, finance and legal staff.

***Material Weaknesses in Internal Control over Financial Reporting***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected in a timely basis.

In connection with the preparation of our unaudited consolidated financial statements for the three months ended March 31, 2026 and 2025, we identified material weaknesses in our internal control over financial reporting. The identified material weaknesses include (i) controls over the quarterly close and account reconciliations process related to the reconciliation of related party balances were not designed at a sufficient level of precision to prevent or detect material misstatements in a timely manner and (ii) controls over business combinations did not contain a control specific to the recording of post combination adjustments related to the business combination effective date.

Remediation steps are being taken to improve our internal control over financial reporting to address the underlying causes of the material weaknesses described above, including designing and implementing increased controls along with increasing oversight and review of controls. Specifically, we plan to institute new and enhanced controls to improve and formalize the level of precision applied to the review of our financial statements, including the development and documentation of detailed review procedures. As part of these planned control enhancements, we intend to establish documented protocols specifying the steps that our review process will entail, including the purpose of each schedule, the complexity of the underlying account(s), the specific items under review (e.g., footing errors, unexpected account balance fluctuations), the degree of judgment involved, and the source of reports and other data points used in the analysis. We also plan to introduce new documentation controls designed to ensure that sufficient supporting evidence exists to substantiate the

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amounts and balances included in our financial statements and to confirm that management review procedures were performed. We intend to continue evaluating and instituting additional controls and safeguards as necessary to fully remediate the identified material weaknesses.

While we believe that these efforts will improve our internal control over financial reporting, the implementation of these measures is ongoing and will require validation and testing of the design and operating effectiveness of internal controls over a sustained period of financial reporting cycles. If the steps we take do not remediate the material weaknesses in a timely manner, there could continue to be a reasonable possibility that these control deficiencies or others could result in a material misstatement of our annual or interim financial statements that would not be prevented or detected on a timely basis. If we are unable to successfully remediate our existing or any future material weaknesses, the accuracy of our financial reporting may be adversely affected, which could cause investors to lose confidence in our financial reporting and our share price may decline as a result.

Notwithstanding the identified material weaknesses, management believes that the financial statements and related financial information included in this prospectus fairly present, in all material respects, our balance sheets, statements of operations, statements of stockholders' equity (deficit) and statements of cash flows as of and for the periods presented. We will continue to assess the effectiveness of our internal control over financial reporting and take steps to remediate the known material weaknesses expeditiously.

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**BUSINESS** 

**Our Company** 

WhiteHawk is focused on being the premier natural gas mineral and royalty business in the United States. We are committed to delivering cash flow and total returns to our investors through the disciplined acquisition, active management and ownership of high-quality mineral and royalty interests. Our assets are concentrated in the Marcellus and Haynesville Shales, which are located in the Appalachian and Haynesville Basins, which are among the most productive and lowest-cost U.S. natural gas basins.<sup>48</sup> Upon completion of the offering, we will own the largest, high-quality publicly traded natural gas mineral portfolio in the United States.<sup>49</sup> As a mineral and royalty business, we do not pay any drilling-related capital expenditures and only minimal operating expenses on our properties. This results in a high-margin business and allows us to distribute a meaningful portion of our cash flow to investors, while providing them with potential for significant capital appreciation over time.

As of March 31, 2026, our portfolio spans approximately 3.4 million gross DSU acres, including 1.6 million gross DSU acres across the Appalachian and Haynesville Basins and represents an economic interest in approximately 13%<sup>50</sup> of all natural gas produced in the United States as of December 31, 2025. Further, we have more than 10,900 producing wells and more than 8,000 remaining identified undeveloped locations as of December 31, 2025. The Appalachian and Haynesville Basins form the core of U.S. natural gas production and are among the most prolific energy-producing regions globally. If measured against sovereign nations, the Appalachian Basin would rank as the world's second-largest natural gas producer, with daily production of approximately 33 Bcf/d, and the Haynesville Basin would rank eighth with daily production of approximately 13 Bcf/d.<sup>51</sup> In 2025, the Appalachian and Haynesville Basins together accounted for more than 50%<sup>52</sup> of total U.S. dry gas production, providing the foundation of domestic natural gas supply and export growth. Our mineral interests are concentrated in the core of these premier natural gas regions and offer long-term participation in two of the largest, most active and lowest-cost natural gas weighted basins in the United States.<sup>53</sup>

WhiteHawk's mineral interests are developed by many of the largest, most active and well-capitalized natural gas operators in the United States, including EQT (NYSE: EQT), Range Resources (NYSE: RRC), CNX Resources (NYSE: CNX), Antero Resources (NYSE: AR), Expand Energy (NASDAQ: EXE), Comstock Resources (NYSE: CRK) and Aethon Energy. In 2025, approximately 18%<sup>54</sup> of all wells drilled in the Appalachian and Haynesville Basins were located on acreage in which we hold royalty interests. Our significant footprint across both basins provides alignment and scale with these premier operators. In 2025, EQT was the largest natural gas producer in the Appalachian Basin, and Expand Energy was the largest producer in the Haynesville Basin.<sup>55</sup> In the same year, approximately 49% of EQT's Appalachian production and 57% of Expand Energy's Haynesville production were sourced from acreage in which we hold royalty interests.<sup>56</sup> Because our mineral interests are concentrated within these operators' active and planned development areas, we can benefit directly from their scale, financial strength and efficiency. Our exposure to leading operators enables us to gain from their continuous development across commodity cycles and provides a resilient base for predictable cash flow growth.

Leveraging our scale and position alongside leading operators, we believe we are well positioned to capitalize on two powerful natural gas demand catalysts: AI driven electricity demand growth and expanding U.S. LNG exports. Natural gas remains the most reliable, scalable and cost-effective source of baseload power and

<sup>48</sup> EIA Short-Term Energy Outlook; Enverus Data.

<sup>49</sup> Based upon management's review of public filings with the SEC, excluding those companies which either derive a majority of their revenue from oil or are oil and NGL weighted in production.

<sup>50</sup> Enverus Data.

<sup>51</sup> World Energy Report.

<sup>52</sup> EIA Short-Term Energy Outlook.

<sup>53</sup> Enverus Data.

<sup>54</sup> Enverus Data.

<sup>55</sup> Enverus Data.

<sup>56</sup> Enverus Data.

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accounted for approximately 41%<sup>57</sup> of total U.S. electricity generation in 2025. The rapid buildout of AI and cloud-computing infrastructure is projected to create additional demand for natural gas-fired power generation, with a management-estimated 7.8 Bcf/d of total natural gas demand associated with new power plants expected to be constructed by 2031,<sup>58</sup> largely within WhiteHawk's Appalachian Basin footprint. In addition to an increase in domestic demand, global demand for U.S. natural gas is expected to further accelerate through LNG export growth. The United States will nearly double its LNG export capacity from approximately 17 Bcf/d<sup>59</sup> in 2025 to nearly 34 Bcf/d by 2031<sup>60</sup> as European and Asian buyers seek to diversify supply and reduce exposure to higher regional benchmark prices. The Haynesville Basin's proximity and pipeline connectivity to the Gulf Coast LNG corridor position our mineral interests to benefit directly from this expansion in export capacity and feed-gas demand. Together, accelerating power demand from AI and the continued buildout of LNG export capacity, inclusive of announced projects, are expected to drive a structural step-change in U.S. natural gas demand—driving roughly a 36%<sup>61</sup> increase in combined demand by 2031 compared to 2025 levels. WhiteHawk believes it offers public investors direct equity exposure to the powerful tailwinds of AI-driven power demand and expanding U.S. LNG exports without drilling-related capital expenditures.

WhiteHawk is led by one of the most experienced and acquisitive management teams in the minerals and royalties sector. Collectively, our leadership has more than 125 years of industry experience and has completed over $31 billion of energy transactions across the upstream, midstream, and minerals and royalty value chain. Members of our team previously served as senior executives or founders of Atlas Energy (NYSE: ATLS), Atlas Pipeline Partners (NYSE: APL) and Falcon Minerals Corporation (NASDAQ: FLMN), each of which were successful public companies that generated substantial shareholder value through disciplined growth, accretive acquisitions and strategic monetizations.

Since its inception, WhiteHawk has completed eight large acquisitions, making it the most active acquirer of natural gas mineral and royalty properties in the United States.<sup>62</sup> More importantly, these acquisitions have been highly accretive to shareholders and have resulted in approximately 38%<sup>63</sup> cash-on-cash return to our initial investors through 49 months of consecutive cash dividend payments, plus an additional 41% increase in shareholder value through three share dividends through March 31, 2026. We continue to execute a focused consolidation strategy in a fragmented market, targeting accretive acquisitions to expand scale, enhance returns and extend development visibility. Our ability to consistently source, evaluate and close accretive transactions ahead of broader market consolidation underscores WhiteHawk's leadership as a focused, data-driven consolidator with a proven track record of value creation.

**Our History** 

We were founded in 2022 with a clear mission to build the premier natural gas minerals and royalty platform. Our thesis was that natural gas minerals and royalties represent one of the most efficient and resilient ways to participate in the energy value chain, combining high-margin cash yield with exposure to long-term macro tailwinds in U.S. natural gas demand.

We began executing on a strategy to consolidate high-quality, core-basin mineral and royalty assets from institutional and private equity owners. We identified an estimated $3 – $5 billion of natural gas minerals and royalties in the Appalachian and Haynesville Basins that were held by private equity funds nearing the end of their investment cycles and fund lives with few buyers of scale in the market. This imbalance created an attractive entry

<sup>57</sup> EIA Electric Monthly.

<sup>58</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand.

<sup>59</sup> EIA Natural Gas Exports. Includes current operating and under construction projects only.

<sup>60</sup> EIA Electric Monthly.

<sup>61</sup> EIA Natural Gas Monthly.

<sup>62</sup> Enverus Data.

<sup>63</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

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point to acquire premium assets at compelling valuations. WhiteHawk was created to capitalize on this opportunity, bringing technical expertise, public market experience and fresh capital to a fragmented sector.

In addition to our strategic acquisitions of larger, consolidated natural gas mineral packages, we launched a dedicated "ground game" in 2025 that has become an important component of our growth strategy. This approach builds on a meaningful track record, including at Falcon Minerals Corporation, where our team successfully executed more than 30 acquisitions through a similar strategy. Leveraging significant in-house land and engineering expertise alongside an established network of regional brokers, we seek to efficiently source and underwrite smaller-scale opportunities that we believe are highly accretive. Since December 2025, we have completed 14 such transactions totaling approximately $39.7 million. We expect the ground game to remain a component of our acquisition strategy, with the goal of adding scale consistent with our existing portfolio quality.

This opportunity may be enhanced by the fragmentation across our existing asset base. With an average net revenue interest of approximately 0.51% across our DSUs as of March 31, 2026 and an average royalty rate of approximately 17% as of December 31, 2025, we believe there is more than 33 times our current ownership potentially available for acquisition within our existing footprint.

As of March 31, 2026, WhiteHawk has accumulated natural gas mineral and royalty assets across approximately 3.4 million gross DSU acres focused primarily on the Appalachian and Haynesville Basins. Since our inception in 2022, WhiteHawk has made eight acquisitions and through March 31, 2026 has paid more than 49 consecutive monthly cash dividends, representing approximately 38%<sup>64</sup> cash-on-cash return to our initial investors, plus an additional 41% increase in shareholder value through three share dividends.

The figure below summarizes our acquisition history with respect to acquired NRAs on an 8/8<sup>th</sup> basis.

![LOGO](g86452g11a11.jpg)

Members of our management team were some of the early pioneers in the Marcellus Shale and, prior to the formation of WhiteHawk, collectively drilled some of the first horizontal wells in the Marcellus Shale. With over 20 years of Appalachian Basin-specific experience, our land and engineering teams specialize in identifying and acquiring high-quality land assets that underpin valuable, long-term mineral and royalty interests. This technical capability, combined with our extensive history of operating in Appalachia, proprietary deal sourcing, and data-

<sup>64</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

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driven analysis, allows WhiteHawk to efficiently negotiate and close transactions while maintaining disciplined capital allocation. In addition to utilizing technical analysis, we strive to acquire mineral and royalty interests in properties with top-tier E&P operators. We seek E&P operators that are well-capitalized, have a strong operational track record, and we believe will continue to increase production through the application of the latest drilling and completion techniques across our mineral and royalty interests, and have demonstrated resilience through commodity cycles.

The U.S. natural gas minerals and royalties market remains highly fragmented with many private owners and few scaled aggregators. This structural fragmentation presents a significant opportunity for continued consolidation. WhiteHawk is one of the few active, large mineral buyers focused exclusively on natural gas. Upon completion of this offering, WhiteHawk will be the only public natural gas mineral and royalty company with meaningful, scaled exposure to the Appalachian and Haynesville Basins, allowing WhiteHawk to capitalize on this fragmented market.<sup>65</sup> We intend to leverage our position to pursue disciplined, accretive acquisitions that enhance portfolio quality, expand our footprint in premier basins, and drive sustainable growth in cash flow and shareholder returns over time.

**Natural Gas Industry and Future Development** 

Natural gas is the largest source of U.S. electricity generation and a cornerstone of global energy supply, accounting for approximately 41%<sup>66</sup> of total domestic power output in 2025. U.S. natural gas demand has the potential to increase from 107 Bcf/d in 2025 to approximately 148 Bcf/d by 2031, supported by structural growth across LNG exports, power generation expansion, rising electricity demand from data centers and AI, and advanced manufacturing.<sup>67</sup>

U.S. LNG export capacity could expand to around 45 Bcf/d by 2031, supported by approximately 34 Bcf/d currently operating or under construction and an additional 11 Bcf/d of capacity announced but not currently under construction<sup>68</sup>. If all export capacity is active by 2031, this would represent a 28% increase in natural gas demand over 2025 levels from LNG exports alone. The continued growth in LNG exports is expected to position the United States as the world's leading supplier of natural gas to Europe and Asia as international buyers seek secure, competitively priced and transparent alternatives to oil-indexed or regional benchmarks.

<sup>65</sup> Based upon management's review of public filings with the SEC, excluding those companies which either derive a majority of their revenue from oil or are oil and NGL weighted in production.

<sup>66</sup> EIA Electric Monthly.

<sup>67</sup> Management estimate based on EIA Short-Term Energy Outlook.

<sup>68</sup> EIA Liquefaction Report as supplemented by management's review of recently announced facilities.

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The figure below illustrates estimated liquefaction capacity for existing, under construction and announced projects as of December 2025:

![LOGO](g86452g52b60.jpg)

*Note: Liquefaction Capacity reflects Peak Nameplate Capacity. Commercial Operation includes commissioned projects. Source: EIA Liquefaction Report.* 

Additionally, as of December 2025, WhiteHawk has identified 21 publicly announced new or planned natural gas power plants in close proximity to WhiteHawk's Appalachia mineral position, which are estimated to generate natural gas demand of approximately 7.8 Bcf/d by 2031.<sup>69</sup>

In addition to the growing LNG export demand, the accelerated buildout of AI and cloud-computing infrastructure is creating a new and durable source of electricity demand, much of which is expected to be met by natural gas-fired power generation due to its reliability, scalability and relatively favorable carbon intensity. WhiteHawk's mineral position in the Appalachian Basin lies in close proximity to major data center growth corridors across Virginia, Ohio and Pennsylvania, where WhiteHawk has identified, as of December 2025, publicly announced 28 new data centers representing what management estimates will generate 3.3 Bcf/d of incremental natural gas demand, of which approximately 1.7 Bcf/d is under construction or has achieved FID and approximately 1.6 Bcf/d is in pre-FID and announced stages.<sup>70</sup>

Together, these structural demand drivers are expected to sustain drilling and development activity on WhiteHawk's mineral acreage for years to come. With concentrated exposure to some of the most productive natural gas basins in the United States, we believe our mineral and royalty portfolio is well positioned to deliver stable production growth, increase royalty income and durable cash flow, and grow dividends and net asset value per share over the long term.

<sup>69</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand .

<sup>70</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand .

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**Our Focus on Key Gas Basins** 

WhiteHawk's assets are concentrated in the Appalachian Basin, Haynesville Basin and Mid-Continent ("Mid-Con") region, which collectively represent the core of U.S. natural gas production. Each region combines substantial resource depth, high-quality operators, and access to major infrastructure and end-markets.

***Appalachian Basin (Pennsylvania / West Virginia / Ohio)***

The Appalachian Basin, located primarily in Pennsylvania, West Virginia and Ohio, constitutes the largest and most prolific natural gas basin in the United States and a critical source of future global natural gas supply, as of December 2025.<sup>71</sup> The basin's scale, consistent reservoir quality and access to infrastructure have made it a cornerstone of U.S. natural gas production and a key driver of the nation's transition toward cleaner, lower-carbon energy. The Appalachian Basin's importance to future natural gas growth is underpinned by its vast remaining resource potential and direct connectivity to both domestic and international demand. The basin benefits from an extensive network of gathering, processing and long-haul pipeline infrastructure that links production to major population centers and growing data center markets in the Northeast, Midwest and Northern Virginia, as well as to LNG export markets along the Gulf Coast. Continued expansion of southbound takeaway capacity and LNG facilities is expected to reinforce the region's role as a primary growth engine for U.S. natural gas supply over the next decade.

In the Appalachian Basin, the Marcellus Shale has transformed the United States from a net importer to a net exporter of natural gas over the past 20 years. During 2025, it accounted for roughly one-third of total U.S. dry gas production, producing at some of the lowest breakeven costs in the United States.<sup>72</sup> Exceptional pressure regimes, thick, laterally continuous pay zones and modern completion techniques allow operators to achieve recoveries and sustained productivity that rank among the highest in the industry.<sup>73</sup> The Utica Shale provides additional stacked-pay potential that enhances the economic life and development diversity of the basin and already accounted for 8% of total U.S. natural gas production in 2025.<sup>74</sup>

As of March 31, 2026, WhiteHawk's interests cover approximately 975,000 gross DSU acres across Southwest Pennsylvania and Northern West Virginia, operated by leading Appalachian Basin producers, including EQT, Range Resources, CNX Resources and Antero Resources. These operators possess deep drilling inventories, strong balance sheets and a proven track record of disciplined development. Throughout 2024 and 2025, approximately 47% of wells turned in line by these operators in the Appalachian Basin were drilled on our acreage.<sup>75</sup>

The Appalachian Basin forms the foundation of WhiteHawk's asset base and provides investors with exposure to a region positioned to remain a highly productive source of low-cost, scalable natural gas for the U.S. and global markets for decades to come.

***Haynesville Basin (East Texas / North Louisiana)***

The Haynesville Basin, located in East Texas and North Louisiana, is one of the largest and most productive natural gas plays in the United States and a cornerstone of future U.S. supply growth. The basin's combination of exceptional reservoir quality, proximity to demand centers and direct access to the Gulf Coast has positioned it as a critical source of feed gas for the rapidly expanding LNG export market.

Strategically located within 150 miles of the Gulf Coast, the Haynesville Basin provides a direct and cost-advantaged connection between prolific supply and fast-growing global demand. It is estimated that nearly all

<sup>71</sup> EIA Short-Term Energy Outlook.

<sup>72</sup> EIA Short-Term Energy Outlook.

<sup>73</sup> Enverus Data.

<sup>74</sup> EIA Short-Term Energy Outlook.

<sup>75</sup> Enverus Data.

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existing and planned U.S. LNG export terminals—including Sabine Pass, Cameron, Golden Pass, Port Arthur and Plaquemines—source a substantial portion of their feed gas from the Haynesville Basin. This geographic alignment ensures that the basin will remain a key driver of U.S. natural gas export growth for decades as global markets seek cheaper, reliable sources of natural gas and lower-carbon alternatives to coal and oil.

Since its renewed development in 2017, the Haynesville Basin has delivered steady volume growth supported by high-deliverability wells and low full-cycle development costs.<sup>76</sup> The basin is characterized by over pressured, laterally extensive shale formations that yield high initial production rates and long-lived reserves.<sup>77</sup> Continued advances in lateral lengths, completion designs and multi-well pad efficiencies have enhanced recoveries and reduced breakeven costs, making the Haynesville Basin one of the most economically viable sources of natural gas in the world. In addition to the Haynesville Shale, our acreage also benefits from additional resources from the Cotton Valley and Mid-Bossier formations, which together produced approximately 3.2%<sup>78</sup> of U.S. natural gas production in 2025.

As of March 31, 2026, WhiteHawk's Haynesville interests cover approximately 600,000 gross DSU acres across East Texas and North Louisiana, operated by leading producers such as Expand Energy, Comstock Resources and Aethon Energy. These operators are among the most active and technically proficient in the basin, each maintaining multi-year drilling inventories and robust infrastructure connectivity.

The Haynesville Basin represents another cornerstone of WhiteHawk's portfolio, providing exposure to one of the highest-margin, infrastructure-advantaged gas plays in the United States. Its proximity to LNG export facilities, industrial corridors and petrochemical complexes along the Gulf Coast positions the basin—and WhiteHawk's assets within it—at the center of the next phase of global natural gas demand growth.

***Mid-Con Region (Anadarko Basin, Oklahoma)***

The Mid-Con region, anchored by the Anadarko Basin in Oklahoma and extending into portions of Texas, Arkansas and Kansas, is one of the most historically productive and geologically diverse hydrocarbon basins in the United States. The region has been a major contributor to U.S. natural gas and liquids supply for nearly a century and remains a critical source of stable production, infrastructure access and development optionality.

With its combination of legacy production, existing infrastructure and ongoing technical innovation, the Anadarko Basin continues to play an important role in maintaining domestic supply reliability and supporting industrial and power-generation demand across the central United States. The basin's multi-zone potential and moderate development costs have led to renewed operator activity, as natural gas demand expands through LNG exports and increasing AI-driven electricity demand.<sup>79</sup>

The Anadarko Basin is characterized by multiple geological formations—including the SCOOP (South Central Oklahoma Oil Province), STACK (Sooner Trend Anadarko Basin Canadian and Kingfisher counties), Woodford Shale and Cherokee Shale, which together provide exposure to both dry gas and liquids-rich zones. These intervals offer extensive development potential through established drilling and completion techniques, allowing operators to target high-return projects across varying commodity price environments. The basin's mature gathering, processing and takeaway infrastructure ensures efficient market access to the Gulf Coast, Midwest and Mid-Con gas hubs.

As of March 31, 2026, WhiteHawk's Mid-Con position spans approximately 1.7 million gross DSU acres across the SCOOP, STACK and Arkoma plays, operated by established and well-capitalized producers such as Continental Resources, Devon Energy and Ovintiv. These operators maintain deep, de-risked inventories and continue to optimize recovery through longer laterals, tighter spacing and improved completion designs.

<sup>76</sup> EIA Short-Term Energy Outlook.

<sup>77</sup> Upstream Outlook Report.

<sup>78</sup> Enverus Data.

<sup>79</sup> Enverus Data.

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**Our Mineral and Royalty Interests** 

***Nature of Our Mineral and Royalty Interests***

WhiteHawk's portfolio consists primarily of producing and undeveloped mineral and royalty interests in the Appalachian Basin, Haynesville Basin and Mid-Con region that provide the right to receive a share of production revenue from the sale of natural gas, NGLs and oil produced by third-party operators. These interests include fee mineral ownership, non-participating royalty interests and overriding royalty interests.

We own two types of interests: mineral and royalty interests and non-operating working interests. Of the mineral and royalty interests, we own three types: mineral interests, NPRIs and ORRIs. For the three months ended March 31, 2026, our mineral and royalty interests accounted for approximately 98% of our royalty revenues and our non-operating working interests accounted for approximately 2% of our royalty revenues. For the year ended December 31, 2025, our mineral and royalty interests accounted for approximately 99% of our royalty revenues and our non-operating working interests accounted for approximately 1% of our royalty revenues. Each of these interests have different rights and obligations as further described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mineral Interests:* Mineral interests are perpetual real property interests rights of the owner to exploit,
mine and/or produce the minerals lying below the surface of the property. When we lease our mineral interests to third-party operators, we retain a royalty interest—the ongoing right to a portion of the revenue from any oil or gas later
produced—and receive a one-time payment known as a lease bonus. Typically, the resulting royalty interest is a cost-free percentage of production revenues for minerals extracted from the acreage. Holders
of royalty interests are generally not responsible for capital expenditures or lease operating expenses but may be responsible for certain post-production expenses and typically have limited environmental liability. While mineral interests are
usually perpetual, gas and oil leases have a set term. Therefore, if drilling stops or no production occurs during that term, the lease ends, and the mineral owner is free to lease the rights again to another party and receive another lease bonus.
Royalty interests expire upon the expiration of the gas and oil lease, but the mineral interests would be retained. Mineral interests represented approximately 92% of our mineral and royalty interests as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Participating Royalty Interest.* A **  NPRI has the same
characteristics as a standard royalty interest except that the term "non-participating" indicates that the interest owner has the right to participate in the execution of gas and oil leases but
does not share in the bonus or rentals from a gas and oil lease. NPRIs represented approximately 3% of our mineral and royalty interests as of March 31, 2026.

working interest. Like royalty interests, ORRIs do not confer an obligation to make capital expenditures or pay for lease operating expenses and have limited environmental liability; however, ORRIs may be calculated net of post-production expenses,
depending on how the ORRI is structured. ORRIs that are carved out of working interests are linked to the same underlying gas and oil lease that created the working interest and, therefore, ORRIs are typically subject to expiration upon the
expiration or termination of the underlying gas and oil lease. ORRIs represented approximately 5% of our mineral and royalty interests as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Non-Operating Working Interest.* In addition to our mineral
and royalty interests, we own certain non-operating working interests acquired in connection with the PHX Acquisition. Non-operating working interest holders have the right to extract minerals from acreage leased pursuant to a gas and oil lease from
a mineral interest holder. Holders of working interests are responsible for their pro rata share of capital expenditures and lease operating expenses, but holders of working interests only receive revenues after distributions have first been made to
holders of royalty interests and ORRIs. Working interests expire upon the termination or expiration of the underlying gas and oil lease. As of March 31, 2026, our non-operating working interest portfolio consisted of 437 gross (18.1 net)
wells located exclusively in the Mid-Con region and accounted for approximately 2% of our royalty revenues. These non-operating working interests represented approximately 7% of our total proved

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reserves as of December 31, 2025, 4% of our total production for the three months ended March 31, 2026 and 3% of our total production for the year ended December 31, 2025. <br>

As of March 31, 2026, our interest covered approximately 3.4 million gross DSU acres and, as of December 31, 2025, more than 10,900 producing wells. As of December 31, 2025 we held an economic interest in 13% of total U.S. natural gas production and in 2025 we had an interest in 18% of new wells drilled in the Appalachian and Haynesville Basins.<sup>80</sup> As of December 31, 2025, the estimated proved natural gas, NGL and crude oil reserves attributable to our interest are 86% natural gas, 10% NGLs and 4% crude oil, with $293,690 thousand of PV-10. Of these proved reserves, 98% were classified as PD reserves and 2% were classified as undeveloped reserves. For the year ended December 31, 2025, the average net daily production associated with our portfolio was 50,351 Mcfe/d, consisting of 45,442 Mcf/d of natural gas, 577 Bbls/d of NGLs and 241 Bbls/d of oil and on a pro forma basis, average net daily production of 67,255 Mcfe/d, consisting of 59,621 Mcf/d of natural gas, 790 Bbls/d of NGLs and 483 Bbls/d of oil. For the three months ended March 31, 2026, the average net daily production associated with our portfolio was 64,270 Mcfe/d, consisting of 56,812 Mcf/d of natural gas, 784 Bbls/d of NGLs and 459 Bbls/d of oil.

We earn most of our revenues through a steady stream of royalties and lease bonuses, all tied to the success of gas and oil production on our acreage. We differ from traditional upstream gas and oil companies as we, and any other royalty interest owner, do not pay for nor operate wells. All of the costs and risks involved in finding, drilling and maintaining wells are borne by the working interest owners. Royalty interest owners generally are only responsible for certain taxes tied to production, such as severance and property taxes, and fees related to transportation or marketing of gas and oil.

Because we do not pay for drilling or bear the risks of dry holes or operational setbacks, we typically enjoy much higher operating margins compared to our third-party operators. Our business model is more capital-light, focusing on management and acquisition of various mineral and royalty interests, rather than the direct, costly development capital necessary for the extraction of resources. This gives us a recurring income stream with less variability in free cash flow than the traditional exploration and production business.

As an active consolidator of mineral and royalty interests, WhiteHawk works closely with third-party operators throughout the lifecycle of each asset—from negotiating and optimizing lease terms at inception, to confirming timely in-pay status as wells are drilled and completed and continuously validating that we receive the correct revenue interest over the life of the well. This engagement has supported improved royalty terms, more favorable pricing provisions, and reduced post-production deductions, enhancing realized revenues and long-term returns.

WhiteHawk's mineral and royalty ownership model allows the Company to generate stable, capital-efficient cash flow from producing assets while maintaining organic growth potential through the continued development of its undeveloped mineral position without the need to pay for associated drilling capital expenditures. Over time, we have reinvested proceeds from lease bonuses and free cash flow from our assets to expand our footprint in the most economically attractive natural gas basins in the United States while maintaining a conservative balance sheet and disciplined capital strategy.

<sup>80</sup> Enverus Data.

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**Key Operators** 

We strive to acquire mineral and royalty interests in properties with top-tier E&P operators that are well capitalized, have a strong operational track record and that we believe will continue to increase production through the application of the latest drilling and completion techniques. Our royalty interests are developed and operated by many of the highest-quality natural gas producers in the United States. The graphs below highlight the portion of production from top operators captured on our position across each region in 2025:<sup>81</sup>

![LOGO](g86452g26a01.jpg) ![LOGO](g86452g26b02.jpg) ![LOGO](g86452g26c03.jpg)

Collectively, in 2025, these 14 operators listed above controlled more than 79% of WhiteHawk's leased acreage and represented the leading producers in the Appalachian Basin, Haynesville Basin and Mid-Con region. Their scale, balance-sheet strength and technological capabilities enhance recovery efficiency, reduce breakeven costs and provide reliable long-term development of our mineral interests—directly supporting our ability to pay sustainable dividends to our investors, although there can be no assurance that we will pay any dividends to holders of our Class A common stock, or as to the amount of any such dividends. See "Risk Factors—Risks Related to this Offering and Ownership of Our Class A Common Stock—We intend to pay regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and may be limited by our financial condition, results of operations, cash flows, prospects, industry conditions, capital requirements, instruments governing our indebtedness and other factors and restrictions our board of directors deems relevant."

**Strengths** 

We believe that the following competitive strengths will allow us to successfully capitalize on our market opportunities, execute our business strategies, and achieve our primary business objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Premier, large-scale natural gas mineral and royalty company in America's most productive gas basins.*** We have assembled one of the largest pure-play natural gas mineral and royalty portfolios in the United States, spanning approximately 3.4 million gross DSU acres as of March 31, 2026 and providing exposure to more than 10,900
producing wells as of December 31, 2025. Our acreage is concentrated in the Appalachian and Haynesville Basins, two of the most productive and lowest-cost sources of natural gas in the United States, which together accounted for more than 50%
of total U.S. dry gas production<sup>82</sup> in 2025, 81% of our royalty revenue in 2025 and 80% of our royalty revenue for the three months ended March 31, 2026. These basins feature thick, laterally
continuous shale intervals, high-pressure reservoirs, and well-developed gathering and long-haul pipeline infrastructure that enable some of the lowest breakeven development economics in the United States. The fact that 11% and 33%<sup>83</sup> of Appalachian and Haynesville Basin wells, respectively, were drilled on our acreage in 2025, is indicative that our assets are located in the core development areas of these premier gas plays. We
believe our proximity to the core development areas of these basins will provide long-term visibility into drilling activity and sustained royalty cash flow through consistent operator investments and stacked play potential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***High-margin, capital-light business model.*** WhiteHawk's business model is designed to
generate substantial cash flow as our mineral and royalty interests have no drilling capital expenditure requirements

<sup>81</sup> Enverus Data. Percentages exceed 100% due to rounding. 

<sup>82</sup> EIA Short-Term Energy Outlook.

<sup>83</sup> Enverus Data.

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and minimal operating costs. Our mineral and royalty interests allow us to capture the economic benefits of natural gas development without bearing the capital risk or inflationary cost pressures typical of traditional E&P companies because we do not incur drilling, completion, lease operating expenses, or plugging and abandonment obligations at the end of a well's productive life. This capital-light model enables us to convert a significant portion of our revenue directly into free cash flow. Our recurring costs are limited primarily to production taxes, gathering, processing, and transportation expenses, and modest general and administrative overhead. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***High-quality assets supported by top-tier operators with visible development activity*.** Our mineral interests are operated by leading, well-capitalized E&P companies in some of the most productive and economically attractive natural gas basins in the United States. In 2025, the Appalachian Basin
accounted for approximately 38% of the total U.S. natural gas production,<sup>84</sup> with WhiteHawk's acreage operated by premier producers including EQT, Antero Resources, Range Resources and CNX
Resources. Combined, these operators accounted for approximately 96% of our royalty revenue in the Appalachian Basin in 2025, and approximately 97% of our royalty revenue in the Appalachian Basin for the three months ended March 31, 2026. The
Haynesville Basin contributed approximately 14% of total U.S. natural gas production in 2025,<sup>85</sup> with WhiteHawk's acreage operated by premier producers including Expand Energy, Comstock
Resources and Aethon Energy. Combined, these operators accounted for approximately 58% of our royalty revenue in the Haynesville Basin for 2025 and approximately 52% of our royalty revenue in the Haynesville Basin for the three months ended
March 31, 2026. As of March 31, 2026, our portfolio includes nearly 430 WIPs and permitted locations, and more than 8,000 remaining identified undeveloped locations. We believe this embedded inventory provides a visible, multi-year growth
runway that requires no additional capital investment from us. Our exposure to operators with strong balance sheets, basin-leading drilling productivity, and disciplined capital programs is designed to enhance the stability of our production base
and support long-term royalty cash flow generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Capturing value from AI-driven electricity demand growth.*** We are positioned to benefit from the accelerating rise in electricity demand driven by AI and data center expansion, much of which is expected to be met by natural gas. Natural gas is the primary fuel for U.S. power generation accounting for
approximately 41%<sup>86</sup> of total electricity output in 2025. In line with this trend, our Appalachian Basin acreage is located near 21 publicly announced new or planned natural gas fired power
plants representing what management estimates to be approximately 7.8 Bcf/d of total natural gas demand associated with new power plants expected by 2031.<sup>87</sup> The ongoing expansion of AI-driven and digital-infrastructure power needs is expected to support long-term natural gas consumption and price stability, encouraging sustained operator investment and development activity on our mineral
acreage and providing predictable recurring cash flows that can be distributed to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Positioned to capitalize on LNG export growth.*** The EIA estimates U.S. LNG export capacity will
nearly double from approximately 17 Bcf/d in 2025 to nearly 34 Bcf/d by 2031<sup>88</sup>, as European and Asian buyers seek secure, competitively priced supply and diversify away from oil-indexed benchmarks or regional international benchmarks such as JKM (Asia) and TTF (Europe), where the average pricing is 3-4x Henry Hub pricing in the United States for
the year 2025.<sup>89</sup> In addition, as of December 2025, approximately 28 Bcf/d of incremental LNG capacity is in various stages of regulatory review and development, representing further upside to
long-term U.S. export potential.<sup>90</sup> The Haynesville Basin's proximity and pipeline connectivity to the Gulf Coast LNG corridor position

<sup>84</sup> EIA Short-Term Energy Outlook.

<sup>85</sup> EIA Short-Term Energy Outlook.

<sup>86</sup> EIA Electric Monthly.

<sup>87</sup> Assumes 1 gigawatt of capacity equates to 154 mmcf/d of natural gas demand.

<sup>88</sup> EIA Natural Gas Exports. Excludes announced projects.

<sup>89</sup> FactSet LNG Pricing.

<sup>90</sup> EIA Liquefaction Report as supplemented by management's review of recently announced facilities

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our assets to benefit directly from this expansion. Sustained growth in U.S. LNG exports is expected to drive long-term feed-gas demand from the basins where our mineral interests are concentrated, for years to come.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Proven management team with a track record of public company value creation and accretive growth.*** Our management team is among the most experienced and acquisitive in the minerals sector, with more than 125 years of combined industry experience and over $31 billion of completed energy transactions across the upstream, midstream, and
mineral and royalty value chain. Members of our team previously served as senior executives or founders of Atlas Energy, Atlas Pipeline Partners and Falcon Minerals, each a successful public company that created substantial shareholder value through
disciplined growth, accretive acquisitions, and strategic monetization. Since our founding, WhiteHawk has been the most active acquirer of natural gas minerals and royalties, completing eight large transactions across the most prolific gas-oriented basins in the United States.<sup>91</sup> Our ability to consistently source, evaluate, and close accretive transactions underscores WhiteHawk's
leadership as a focused, data-driven consolidator with proven expertise in capital allocation, M&A execution and public-market stewardship.

**Strategies** 

Our primary business objective is to deliver shareholder value through dividends and total return from our mineral interests in premier natural gas-weighted properties. We intend to accomplish this objective by executing the following key strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Provide sustained income to investors through strong Cash Available for Distribution generation and cash dividends.*** We expect initially to pay dividends from our Cash Available for Distribution with the remaining cash flow to be used for additional acquisitions that meet our investment criteria or to maintain our conservative capital structure.
As mineral and royalty owners, we benefit from the continued organic development of our acreage and are able to convert a high percentage of our revenues to Cash Available for Distribution. We believe that our mineral and royalty interests are
positioned for growth as E&P operators continue to concentrate on the Appalachian Basin, Haynesville Basin and Mid-Con region to meet growing global demand for natural gas. Since our inception in 2022, we
have paid 49 consecutive monthly common equity dividends, totaling approximately $37 million and representing a cash-on-cash return of approximately 38%<sup>92</sup> to our initial investors through March 31, 2026. We believe our efficient, conservatively levered structure, with low capital intensity and disciplined financial management, provides a
sustainable foundation for attractive dividend yields, balance sheet flexibility, and long-term value creation for shareholders. There can be no assurance that we will pay any dividends to holders of our Class A common stock, or as to the amount of
any such dividends. See "Risk Factors—Risks Related to Our Business—We expect to distribute a substantial majority of the cash we generate from operations, which could limit our ability to grow and make acquisitions" and
"Risk Factors—Risks Related to this Offering and Ownership of Our Class A Common Stock—We intend to pay regular dividends to our stockholders, but our ability to do so is subject to the discretion of our board of directors and
may be limited…" for additional discussion of factors that could impact our ability to pay dividends, including covenants under our Senior Notes and Revolving Credit Facility. Please also read "Dividend Policy,"
"Description of Material Indebtedness" and "Certain Relationships and Related Party Transactions—Internalization."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Strategically source and acquire de-risked, cash-flowing natural gas mineral and royalty interests of scale from long-term partnerships.*** Our strategy focuses on acquiring high-quality mineral and royalty interests that generate immediate cash flow and offer long-term development visibility. We target
assets operated by leading, well-capitalized producers in the core of the Appalachian Basin,

<sup>91</sup> Enverus Data.

<sup>92</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

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Haynesville Basin, and Mid-Con region, where continued drilling activity provides durable revenue growth without direct capital risk exposure. WhiteHawk differentiates itself through a disciplined, partnership-oriented sourcing approach with private-equity sponsors and other institutional owners seeking liquidity from later-life funds. This positions WhiteHawk as one of the few large-scale consolidators of natural gas-weighted minerals, particularly in the Appalachian Basin, which remains underrepresented in public minerals markets. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursue disciplined, accretive acquisitions in premier natural gas plays.*** We intend to grow our
portfolio through the disciplined acquisition of high-quality natural gas mineral and royalty interests in the Appalachian Basin, Haynesville Basin and Mid-Con region. By leveraging our management team's
extensive industry relationships, and proprietary geologic and title data, we target assets that can provide accretive growth in shareholder value while strengthening our production and reserve base. Since inception, we have been among the most
active consolidators in the natural gas minerals sector, completing eight transactions that have materially increased our scale and enhanced cash flow. These acquisitions have been highly accretive to shareholders and have resulted in approximately
38%<sup>93</sup> cash-on-cash return to our initial investors. We believe current market conditions remain highly favorable for
consolidation, as fragmented ownership across numerous private sellers continues to create opportunities for accretive acquisitions that meet our investment criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Optimize portfolio to maximize Cash Available for Distribution and maintain diversified exposure.*** We actively manage our portfolio to prioritize acreage with a strong cash-flow base, visible near-term development, and substantial future inventory. A core component of this strategy is maintaining a broad, diversified mineral footprint
across multiple core natural gas basins, encompassing an average NRI of 0.69% in more than 10,900 producing wells as of December 31, 2025, with additional wells consistently in various stages of development across a footprint exceeding
3.4 million gross DSU acres as of March 31, 2026. This scale and diversity provide exposure to the most prolific, lowest-cost natural gas plays in the United States while reducing reliance on any single operator or well. The result is a
balanced portfolio designed to generate resilient cash flow and mitigate volatility through commodity cycles. Through disciplined asset management, targeted reinvestment, and continued optimization, we seek to enhance portfolio productivity,
strengthen cash flow stability and grow our dividend over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain conservative and flexible capital structure to support our business and facilitate long-term operations.*** We are committed to maintaining a conservative capital structure that will afford us the financial flexibility to execute our business strategies on an ongoing basis. We expect to maintain a prudent level of debt to support our
acquisition and growth strategy while preserving balance sheet flexibility. We believe that the combination of cash flow from operations, proceeds from this offering, and selective use of other debt and equity financings will provide us with
sufficient liquidity to pursue accretive acquisitions, enhance our cash flow profile, and return capital to our shareholders. We intend to manage our leverage conservatively and finance future acquisitions through cash flow from operations or
opportunistically utilizing equity or debt to support disciplined growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Commitment to responsible natural gas development and governance excellence.*** Natural gas, the
primary driver of our royalty income, is a critical, lower-emission component of the modern energy mix and remains central to meeting global demand for reliable and affordable power. As a cleaner-burning fuel, it provides consistent and scalable
energy that complements renewable energy and supports grid stability. The operators developing our mineral acreage, including EQT, Range Resources, Antero Resources and CNX Resources, have each adopted measurable standards focused on reducing
emissions and promoting responsible development. With all of our assets located in the most economic natural gas basins in the United States, we are positioned to benefit from the growing recognition of natural gas as a reliable, cleaner source of
energy. We also intend to reinforce the

<sup>93</sup> Reflects a cash-on-cash return to our initial investors whose share price did not include any selling commissions on investment. Returns to our initial investors whose share price included selling commissions on investment resulted in cash-on-cash returns of approximately 35%. 

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durability of our business through rigorous corporate governance, transparency, and alignment with our shareholders. Our governance framework emphasizes independence, accountability, and disciplined capital allocation. We believe our governance framework reduces our risk profile and sustains investor confidence through commodity cycles. We believe our adherence to governance best practices and partnerships with responsible operators differentiate WhiteHawk as a transparent, sustainable, and income-oriented energy investment capable of delivering attractive returns over the long term. <br>

**Our Acquisition History** 

We completed our first acquisition in 2022 when we acquired an aggregate 25% undivided interest in the natural gas-weighted mineral and royalty assets of the TRR Seller located in the Appalachian Basin of southwestern Pennsylvania. The assets are primarily located in Washington and Greene counties in Pennsylvania, which WhiteHawk believes represent some of the highest quality natural gas reserves in the United States. This initial position was anchored by best-in-class natural gas operators EQT, Range Resources and CNX Resources. This initial position established our footprint in the Marcellus Shale.

In 2023, we expanded into the Haynesville Shale, acquiring minerals in two separate transactions from Mesa Minerals Partners II, LLC and affiliated entities across northwestern Louisiana and East Texas operated by best-in-class producers including Expand Energy, Aethon Energy and Comstock Resources. This transaction marked a pivotal step in building a diversified, multi-basin platform, pairing Appalachia's predictable base with Haynesville's price-responsive growth and direct exposure to Gulf Coast LNG demand. The Mesa acquisitions were completed through two separately negotiated transactions, closing in the first and third quarters of 2023. Later that year, we doubled our Marcellus position through an acquisition of an additional 25% interest in our existing footprint of natural gas mineral and royalty assets from the TRR Seller.

In 2024, we deepened our Appalachian presence with a 20% undivided interest in other natural gas mineral and royalty assets of an affiliate of the TRR Seller, adding acreage in Pennsylvania and West Virginia, and increasing WhiteHawk's Appalachian footprint to approximately 975,000 gross DSU acres. This acquisition also added more significant exposure to Antero Resources, along with increased exposure to EQT, Range Resources and CNX Resources. The assets are primarily located in Washington and Greene counties in Pennsylvania, and Wetzel and Marshall counties in West Virginia.

In the first quarter of 2025, we acquired additional Marcellus Shale mineral and royalty interests in the acquisition of the remaining 50% interest in natural gas mineral and royalty assets of the TRR Seller. In June 2025, we acquired PHX. The PHX Acquisition increased our mineral and royalty ownership position by acquiring additional mineral and royalty interests in the Haynesville Shale, as well as the SCOOP/STACK, Bakken, Arkoma and others. The PHX Acquisition also increased our exposure to some of its top third-party operators, including Expand Energy, Comstock Resources and Aethon Energy in the Haynesville Shale, while adding other top operators, including Continental Resources and Devon Energy in the SCOOP/STACK region in Oklahoma. As a result of the PHX Acquisition, WhiteHawk added approximately 1.8 million gross DSU acres of premier natural gas mineral and royalty assets, significantly expanding its footprint in the core of the Haynesville Shale in East Texas/North Louisiana and diversifying its portfolio into the SCOOP/STACK region.

***Haynesville Assets***

On March 2, 2026, the Company and its affiliate entered into a definitive purchase and sale agreement to acquire the Haynesville Assets. The Haynesville Assets cover approximately 150,000 gross DSU acres and will further increase the Company's exposure to high-quality development across the Haynesville and Mid-Bossier formations. The assets are concentrated in core areas of the basin and are operated by established, well-capitalized operators. The Haynesville Assets acquisition closed on April 3, 2026. We funded the purchase price of the Haynesville Assets acquisition primarily through the issuance of approximately $37.8 million of shares of Series D preferred stock. See "Description of Capital Stock—Preferred Stock—Series D Preferred Stock."

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**Natural Gas, NGL and Oil Data** 

***Proved Reserves***

*Evaluation of Proved Reserves*. Our proved reserve estimates as of December 31, 2025 and 2024 are based on reserve reports prepared by CG&A and Schaper Energy, respectively, our independent petroleum engineers. The reports of CG&A and Schaper Energy contain further discussion of the reserves estimates and their preparation procedures.

With respect to our 2025 reserve report, the technical person primarily responsible for supervising the preparation of the reserves estimates set forth in the CG&A report is Mr. W. Todd Brooker, P.E., President of Cawley, Gillespie & Associates, Inc. Prior to joining CG&A in 1992, Mr. Brooker worked in Gulf of Mexico drilling and production engineering at Chevron U.S.A. His experience includes extensive projects in conventional and unconventional reservoirs across all major U.S. basins, including oil and gas shales, coalbed methane, waterfloods and complex, faulted structures. His current responsibilities include reserve and economic evaluations, fair market valuations, expert reporting and testimony, field studies, pipeline resource assessments, development planning and acquisition/divestiture analysis. Mr. Brooker graduated with honors from The University of Texas at Austin with a Bachelor of Science in Petroleum Engineering. He is a licensed Professional Engineer in the State of Texas, a member of the Society of Petroleum Engineers (SPE) and serves on the board of the Society of Petroleum Evaluation Engineers (SPEE).

CG&A meets or exceeds the requirements relating to professional qualifications, independence, objectivity and confidentiality set forth in the standards pertaining to estimating and auditing oil and gas reserves information. CG&A does not own an interest in any of our properties and is not employed by us on a contingent basis.

With respect to our 2024 reserve report, the technical person primarily responsible for preparing the reserve estimates set forth in the reserve reports incorporated herein is Mr. Andrew Schaper, P.E., President of Schaper Energy. Prior to joining Schaper Energy, Mr. Schaper acted as the Head of Americas A&D Origination at Bank of America Merrill Lynch in Houston, Texas. Prior to his time at Bank of America Merrill Lynch, Mr. Schaper held positions with Citigroup, Quantum Resources Management LLC and Newfield Exploration Company. He spent the first several years of his career acting as a reservoir engineer in both development and exploratory capacities focused on domestic basins. His experience includes significant projects in both conventional and unconventional resources in every major U.S. producing basin, including gas and oil shale plays, conventional fields, and secondary recovery operations. His current responsibilities include reserve and economic evaluations, fair market valuations, field studies, acquisition/divestiture analysis and expert witness support for the foregoing topics.

Mr. Schaper graduated Summa Cum Laude from Texas A&M University with a Bachelor of Science degree in Electrical Engineering specializing in Power Systems, and holds a Master of Engineering degree in Petroleum Engineering from Texas A&M University, a Master in Business Administration degree from The University of Texas at Austin and a Doctor of Engineering degree in Engineering from Texas A&M University with a focus in Nuclear, Energy & Environmental Engineering. Mr. Schaper is a licensed Professional Engineer in the State of Texas and is a Certified Petroleum Engineer (SPEC<sup>®</sup>) with the Society of Petroleum Engineers ("SPE") and a member of the Society of Petroleum Evaluation Engineers ("SPEE").

Mr. Schaper meets or exceeds the requirements with regard to qualifications, independence, objectivity and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers. Schaper Energy does not own an interest in any of our properties, nor is it employed by us on a contingent basis.

The summary of our 2024 report with respect to our proved reserve estimates as of December 2024 is included as an exhibit to the registration statement of which this prospectus forms a part.

We maintain a staff of petroleum engineers who work closely with our management team and our independent petroleum engineers to ensure the integrity, accuracy and timeliness of the data used to calculate our proved

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reserves relating to our properties. Our management team meets with our independent reserve engineers periodically during the period covered by the proved reserve report to discuss the assumptions and methods used in the proved reserve estimation process. We provide historical information to our independent petroleum engineers for our properties, such as ownership interest, natural gas and oil production, commodity prices and our estimates of our operators' operating and development costs. John Picton, our Vice President of Engineering, is primarily responsible for overseeing the review of our reserve estimates. Mr. Picton has substantial reservoir and operations experience with more than 15 years of experience. Prior to joining our Company full-time in April 2025 and as a consultant since April 2023, Mr. Picton previously held roles at Quantum Energy Partners, Teton Range LLC, Jefferies Financial Group, Inc., LINN Energy, LLC, Occidental Petroleum Corp. and Citation Oil & Gas Corp.

The preparation of our proved reserve estimates were reviewed in accordance with our internal control procedures. These procedures, which are intended to ensure reliability of reserve estimations, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review and verification of historical production data, which data is based on actual production as reported by
our operators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review by Mr. Picton of all of our reported proved reserves, including the review of all significant reserve
changes and all new PUDs additions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• review of reserve estimates by Mr. Picton or under his direct supervision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct reporting responsibilities by Mr. Picton to our Chief Operating Officer.

*Estimation of Proved Reserves*. In accordance with rules and regulations of the SEC applicable to companies involved in oil and natural gas producing activities, proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations. The term "reasonable certainty" means deterministically, the quantities of oil and/or natural gas are much more likely to be achieved than not, and probabilistically, there should be at least a 90% probability of recovering volumes equal to or exceeding the estimate. All of our proved reserves as of December 31, 2025 and 2024 were estimated using a deterministic method. The estimation of reserves involves two distinct determinations. The first determination results in the estimation of the quantities of recoverable oil and natural gas and the second determination results in the estimation of the uncertainty associated with those estimated quantities in accordance with the definitions established under SEC rules. The process of estimating the quantities of recoverable reserves relies on the use of certain generally accepted analytical procedures. These analytical procedures fall into four broad categories or methods: (i) production performance-based methods; (ii) material balance-based methods; (iii) volumetric-based methods; and (iv) analogy. These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves. Reserves for proved developed producing wells were estimated using production performance methods for the vast majority of properties. Certain new producing properties with very little production history were forecast using a combination of production performance and analogy to similar production, both of which are considered to provide a reasonably high degree of accuracy. Non-producing reserve estimates, for developed and undeveloped properties, were forecast using analogy methods. This method provides a reasonably high degree of accuracy for predicting proved developed non-producing and PUDs for our properties, due to the abundance of analog data.

To estimate economically recoverable proved reserves and related future net cash flows, we considered many factors and assumptions, including the use of reservoir parameters derived from geological and engineering data that cannot be measured directly, economic criteria based on current costs and the SEC pricing requirements and forecasts of future production rates.

Under SEC rules, reasonable certainty can be established using techniques that have been proven effective by actual production from projects in the same reservoir or an analogous reservoir or by other evidence using reliable technology

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that establishes reasonable certainty. Reliable technology is a grouping of one or more technologies (including computational methods) that have been field-tested and have been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. To establish reasonable certainty with respect to our estimated proved reserves, the technologies and economic data used in the estimation of our proved reserves have been demonstrated to yield results with consistency and repeatability, and include production and well test data, downhole completion information, geologic data, electrical logs, radioactivity logs, core data, and historical well cost and operating expense data.

*Summary of Reserves*.*** The following tables present our estimated net proved reserves as of December 31, 2025 and 2024, based on our proved reserve estimates as of such dates, which have been prepared by CG&A and

Schaper Energy, respectively, our independent petroleum engineering firms, in accordance with the rules and regulations of the SEC. All of our proved reserves are located in the United States. The increase in our estimated net proved reserves over this period was primarily the result of an increase in commodity prices.

The table below summarizes our present value and reserves as of December 31, 2025:

---

| | |
|:---|:---|
|  | **WhiteHawk<sup>(1)</sup>** |
|  | (dollars in thousands) |
|  **Estimated proved developed producing reserves:** |  |
|  Natural gas (MMcf) | 154137 |
|  NGLs (MBbls) | 2914 |
|  Oil (MBbls) | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(2)</sup>** | **178544** |
|  **Estimated proved developed non-producing reserves:** |  |
|  Natural gas (MMcf) | 19094 |
|  NGLs (MBbls) | 459 |
|  Oil (MBbls) | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(2)</sup>** | **23066** |
|  **Estimated proved undeveloped reserves:** |  |
|  Natural gas (MMcf) | 4149 |
|  NGLs (MBbls) | 84 |
|  Oil (MBbls) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(2)</sup>** | **4864** |
|  **Estimated proved reserves:** |  |
|  Natural gas (MMcf) | 177380 |
|  NGLs (MBbls) | 3457 |
|  Oil (MBbls) | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(2)</sup>** | **206473** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Standardized Measure($)** | $**266326** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PV-10 ($)<sup>(3)</sup>** | $**293690** |

---

(1) Our estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry Hub
spot price calculated in accordance with SEC guidance of $3.387 per MMBtu was adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West Texas
Intermediate price calculated in accordance with SEC guidance of $65.34 per barrel as of December 31, 2025 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All economic
factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $3.03 per Mcf of gas, $22.03 per
barrel of NGLs and $62.99 per barrel of oil as of December 31, 2025.

(2) Natural gas equivalents are calculated using a ratio of six thousand cubic feet of natural gas to one barrel of
oil, condensate or NGLs, based on approximate relative energy content. This ratio does not represent the current or historical price relationship between natural gas and oil or NGLs.

(3) PV-10 is a non-GAAP financial
measure and differs from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the standardized measure of
discounted future net cash flows on a pre-tax basis. PV-10 is equal to the standardized measure of discounted future net cash flows at the applicable date, before

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deducting future income taxes, discounted at 10% using SEC rules. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize PV-10 as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. We use PV-10 when assessing the potential return on investment related to our oil and natural gas properties; however, PV-10 is not a substitute for the standardized measure of discounted future net cash flows. PV-10 and the standardized measure of discounted future net cash flows do not purport to represent the fair value of our oil and natural gas reserves. See "—Reconciliation of Standardized Measure to PV-10."

The table below summarizes our, PHX and the TRR Seller's present value and reserves as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **WhiteHawk<sup>(1)</sup>** | **PHX<sup>(2)</sup>** | **TRR<br>Seller<sup>(3)</sup>** |
|  | (dollars in thousands) | (dollars in thousands) | (dollars in thousands) |
|  **Estimated proved developed producing reserves:** |  |  |  |
|  Natural gas (MMcf) | 64783 | 41648 | 47103 |
|  NGLs (MBbls) | 690 | 1320 | 653 |
|  Oil (MBbls) | 23 | 943 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(4)</sup>** | **69061** | **55227** | **51105** |
|  **Estimated proved developed non-producing reserves:** |  |  |  |
|  Natural gas (MMcf) | 469 | 901 | 2424 |
|  NGLs (MBbls) | 11 | 2 | 61 |
|  Oil (MBbls) | 0 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(4)</sup>** | **535** | **944** | **2814** |
|  **Estimated proved undeveloped reserves:** |  |  |  |
|  Natural gas (MMcf) | 16469 | 6758 | 0 |
|  NGLs (MBbls) | 176 | 26 | 0 |
|  Oil (MBbls) | 16 | 99 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(4)</sup>** | **17619** | **7506** | **0** |
|  **Estimated proved reserves:** |  |  |  |
|  Natural gas (MMcf) | 81721 | 49307 | 49527 |
|  NGLs (MBbls) | 877 | 1348 | 714 |
|  Oil (MBbls) | 39 | 1047 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total (MMcfe)<sup>(4)</sup>** | **87213** | **63677** | **53919** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Standardized Measure($)<sup>(5)</sup>** | $**61933** | $**76255** | $**45088** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PV-10($)<sup>(5)</sup>** | $**72153** | $**79642** | $**45088** |

---

(1) Our estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry Hub
spot price calculated in accordance with SEC guidance of $2.13 per MMBtu was adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West Texas
Intermediate price calculated in accordance with SEC guidance of $75.48 per barrel as of December 31, 2024 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All economic
factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $1.788 per Mcf of gas, $26.32 per
barrel of NGLs and $65.26 per barrel of oil as of December 31, 2024. Estimates of our reserves were based upon the reserve report prepared by our independent petroleum engineer, Schaper Energy Consulting, LLC.

(2) PHX's estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry
Hub spot price calculated in accordance with SEC guidance of $2.13 per MMBtu was adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West
Texas Intermediate price calculated in accordance with SEC guidance of $75.48 per barrel as of December 31, 2024 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All economic
factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $2.051 per Mcf of gas, $20.968 per
barrel of NGLs and $73.477 per barrel of oil as of December 31, 2024. Estimates of PHX's reserves were based upon the reserve report prepared by PHX's independent petroleum engineer, Cawley, Gillespie & Associates, Inc.

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(3) The TRR Seller's estimated reserves were determined using average first-day-of-the-month prices for the prior 12 months in accordance with SEC guidance. For gas volumes, the average Henry Hub
spot price calculated in accordance with SEC guidance of $2.13 per MMBtu was adjusted for local basis differential, treating cost, transportation, gas shrinkage and gas heating value (BTU content). For NGLs and oil volumes, the average West Texas
Intermediate price calculated in accordance with SEC guidance of $75.48 per barrel as of December 31, 2024 was adjusted for local basis differential, treating cost, transportation and/or crude quality and gravity corrections. All economic
factors were held constant throughout the lives of the properties in accordance with SEC guidelines. The average adjusted product prices weighted by production over the remaining lives of the proved properties were $1.44 per Mcf of gas,
$23.67 per barrel of NGLs and $71.51 per barrel of oil as of December 31, 2024. Estimates of TRR Seller's reserves were based upon the reserve report prepared by TRR Seller's independent petroleum engineer, Ryder Scott Company,
LP.

(4) Natural gas equivalents are calculated using a ratio of six thousand cubic feet of natural gas to one barrel of
oil, condensate or NGLs, based on approximate relative energy content. This ratio does not represent the current or historical price relationship between natural gas and oil or NGLs.

(5) PV-10 is a non-GAAP financial
measure and differs from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the standardized measure of
discounted future net cash flows on a pre-tax basis. PV-10 is equal to the standardized measure of discounted future net cash flows at the applicable date, before
deducting future income taxes, discounted at 10% using SEC rules. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows
attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may
utilize PV-10 as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. We use PV-10 when assessing the potential return on investment related to our oil and natural gas properties; however, PV-10 is not a substitute for the standardized measure of
discounted future net cash flows. PV-10 and the standardized measure of discounted future net cash flows do not purport to represent the fair value of our oil and natural gas reserves. See
"—Reconciliation of Standardized Measure to PV-10."

The following table provides information regarding our gross and net drilling locations by basin and reserve category as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PDP** | **WIPs** | **Permits** | **Other<br>Locations** | **Total** |
|  **Basin / Region** |  |  |  |  |  |
|  Appalachia | 2322 | 150 | 79 | 2563 | 5114 |
|  Haynesville | 2203 | 64 | 30 | 1487 | 3784 |
|  Mid-Continent | 5492 | 65 | 21 | 3866 | 9444 |
|  Other | 930 | 15 | 6 | 437 | 1388 |
|  **Total Gross Location Count** | **10947** | **294** | **136** | **8352** | **19729** |
|  **Total Net Location Count** | **75.2** | **1.2** | **0.3** | **26.46** | **103.22** |

---

*Summary of Undeveloped Locations*. The following table presents our estimated undeveloped inventory as of December 31, 2025, which have been audited by our independent petroleum engineering firm, CG&A. CG&A's review considered only technical criteria in reviewing undeveloped locations and did not attempt to determine commerciality of any location or intent by operators to develop such locations identified by the Company. Further, no reserves (except for those presented as part of CG&A's reserve report dated March 13, 2026, with respect to the Company's proved reserves as of December 31, 2025) have been quantified beyond identifying numbers of viable undeveloped locations based on their technical review.

We identify drilling locations based on our assessment of current geologic, engineering and land data. This includes DSU formation, current well spacing and typical lateral length information derived from state agencies and operations of the E&P companies drilling our mineral interests. Our extensive inventory includes locations in the Appalachian Basin, Haynesville Basin, Mid-Continent Region and other basins and regions.

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The following table provides information regarding our gross and net locations by region or basin based on technical parameters as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross Undeveloped Location Count<sup>(1)</sup>** | **Gross Undeveloped Location Count<sup>(1)</sup>** | **Gross Undeveloped Location Count<sup>(1)</sup>** | **Net Undeveloped<br>Location Count<sup>(4)</sup>** | **Average Lateral<br>Length** |
| **Region / Basin** | **Included in Proved<br>Reserves<sup>(2)</sup>** | **Other**<br>**Locations<sup>(3)</sup>** | **Total** | **Total** | **(feet)** |
|  Appalachian Basin | 229 | 2563 | 2792 | 8.7 | 13246 |
|  Haynesville Basin | 94 | 1487 | 1581 | 3.1 | 9267 |
|  Mid-Continent Basin<sup>(5)</sup> | 86 | 3866 | 3952 | 14.1 | 9314 |
|  Other<sup>(6)</sup> | 21 | 437 | 458 | 2.1 | 9864 |

---

(1) Numbers of gross well locations may vary based on actual lateral lengths drilled by operators.

(2) Includes Proved Undeveloped locations included as part of CG&A's reserve report dated March 13,
2026 with respect to the Company's proved reserves as of December 31, 2025. Includes WIPs and permits as defined by management.

(3) Includes locations not included as part of CG&A's reserve report dated March 13, 2026 with respect to
the Company's proved reserves as of December 31, 2025; however, such locations have been audited and approved by CG&A. Includes other undeveloped locations, as defined by management.

(4) Reflects management's estimated net revenue interest multiplied by Total Gross Undeveloped Locations as
audited by CG&A.

(5) Includes locations in the SCOOP, STACK, Cherokee, Arkoma and Fayetteville.

(6) Includes locations in the Bakken.

*Reconciliation of Standardized Measure to PV-10*. PV-10 is a non-GAAP financial measure and differs from the standardized measure of discounted future net cash flows, which is the most directly comparable GAAP financial measure. PV-10 is a computation of the standardized measure of discounted future net cash flows on a pre-tax basis. PV-10 is equal to the standardized measure of discounted future net cash flows at the applicable date, before deducting future income taxes, discounted at 10% using SEC rules. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize PV-10 as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. We use PV-10 when assessing the potential return on investment related to our oil and natural gas properties; however, PV-10 is not a substitute for the standardized measure of discounted future net cash flows. PV-10 and the standardized measure of discounted future net cash flows do not purport to represent the fair value of our oil and natural gas reserves.

The following table presents a reconciliation of PV-10 to the most directly comparable GAAP financial measure for the period indicated (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** |
|  | **2024** | **2025** |
|  Standardized measure | $61933 | $266326 |
|  Present value of future income tax discounted 10% | 10220 | 27364 |
|  PV-10 of proved reserves | 72153 | 293690 |

---

**PUDs** 

As of December 31, 2025, we estimated our PUD reserves to be 4,149 MMcf of natural gas, 84 MBbls of NGLs and 35 MBbls of oil, for a total of 4,864 MMcfe. As of December 31, 2024, we estimated our PUD reserves to be 16,469 MMcf of natural gas, 176 MBbls of NGLs and 16 MBbls of oil, for a total of 17,619 MMcfe. PUDs will be converted from undeveloped to developed as the applicable wells begin production.

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The following table summarize our changes in PUDs during the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Natural**<br>**Gas**<br>**(Mmcf)** | **Crude**<br>**Oil**<br>**(Mbbl)** | **NGL**<br>**(Mbbl)** | **Proved<br>Undeveloped<br>Reserves<br>(MMcfe)<sup>(1)</sup>** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  **Balance, December 31, 2024** | 16469 | 16 | 176 | 17619 |
|  Acquisitions of reserves |  |  |  |  |
|  Extensions and discoveries | 2255 | 20 | 69 | 2785 |
|  Divestiture of minerals in place |  |  |  |  |
|  Revisions of previous estimates | (5256) | 9 | (68) | (5602) |
|  Transfers to estimated proved developed | (9319) | (10) | (93) | (9939) |
|  **Balance, December 31, 2025** | 4149 | 35 | 84 | 4864 |

---

(1) Natural gas equivalents are calculated using a ratio of six thousand cubic feet of natural gas to one barrel of
oil, condensate or NGLs, based on approximate relative energy content. This ratio does not represent the current or historical price relationship between natural gas and oil or NGLs.

Changes in PUDs that occurred during 2025 were primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• well additions, extensions and discoveries of approximately 2.8 Bcfe. 2.8 Bcfe was added as proved undeveloped
over 232 gross locations due to increased operator activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative revisions of approximately 7.5 Bcfe. 5.3 Bcfe decrease over 228 gross locations being reclassified to
non-proved due to changes in operator development. 2.2 Bcfe decrease over 23 locations being reclassified to non-proved due to changes in operator unit configuration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• positive revisions of approximately 1.1 Bcfe. 1.1 Bcfe increase over 531 gross locations due to wells that were
identified as having a WhiteHawk ownership.

As a mineral and royalty interests owner, we do not incur any capital expenditures or lease operating expenses in connection with the development of our PUDs, which costs are borne entirely by the operator. As a result, during the twelve months ended December 31, 2025, we did not have any expenditures to convert PUDs to proved developed reserves.

We identify drilling locations based on our assessment of current geologic, engineering and land data. This includes DSU formation and current well spacing information derived from state agencies and the operations of the E&P companies drilling our mineral interests. We generally do not have evidence of approval of our operators' development plans, however we do rely on publicly available information from our third-party operators. As a mineral and royalty company, our PUDs are limited exclusively to locations for which we have public confirmation that the third-party operator has initiated the drilling process for a specific well location. For our purposes, this includes WIPs, where third-party operators have publicly reported a spud date or otherwise confirmed that drilling has commenced, as well as wells that have been drilled but are not yet producing, including those undergoing completion activities. We also include locations covered by approved, publicly available drilling permits where the operator has received regulatory authorization but has not yet commenced drilling. Accordingly, all of our PUDs consist solely of WIPs or permitted locations supported by public operator disclosures, and we do not include speculative or unpermitted future development locations in our PUD inventory. As of December 31, 2025 and 2024, approximately 2% and 20%, respectively, of our total proved reserves were classified as PUDs.

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**Natural Gas, NGL and Production Prices and Costs** 

***Production and Price History***

The following table sets forth information regarding net production of natural gas, NGLs and oil, and certain price and cost information for each of the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months<br>Ended<br>March 31, 2026** | **Three Months<br>Ended<br>March 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** | **Year Ended<br>December 31, 2024** |
|  | **WhiteHawk** | **WhiteHawk** | **WhiteHawk** | **WhiteHawk** | **TRR Seller** | **PHX** |
|  **Production:** |  |  |  |  |  |  |
|  Natural gas (Mcf) | 5113078 | 2184405 | 16586178 | 7370198 | 5826061 | 7969948 |
|  NGLs (Bbls) | 70562 | 26457 | 210677 | 74350 | 67883 | 133609 |
|  Oil (Bbls) | 41311 | 1273 | 87970 | 3750 | 2513 | 178357 |
|  Equivalents (Mcfe) | <br> 5784316 | <br> 2350783 | <br> 18378060 | <br> 7838798 | <br> 6248432 | 9841746 |
|  Equivalents per day (Mcfe) | 64270 | 26120 | 50351 | 21417 | 18209 | 26964 |
|  **Realized Prices** |  |  |  |  |  |  |
|  Natural gas (Mcf) | $4.73 | $3.57 | $2.94 | $1.85 | $1.78 | $2.19 |
|  NGLs (Bbls) | $23.07 | $27.81 | $21.94 | $25.50 | $25.08 | $21.95 |
|  Oil (Bbls) | $69.76 | $59.27 | $60.93 | $54.67 | $63.82 | $74.59 |
|  Equivalents (Mcfe)<sup>(1)</sup> | $4.96 | $3.66 | $3.19 | $2.01 | $1.96 | $3.42 |
|  **Average Realized Price After Effects of Derivative Settlements:** |  |  |  |  |  |  |
|  Natural gas (per Mcf) | $3.60 | $3.36 | $3.45 | $3.04 | $3.26 | $2.75 |
|  **Average costs (per Mcfe):** |  |  |  |  |  |  |
|  Transportation, gathering, and marketing | $— | $— |  |  | $0.39 | $0.46 |
|  Depletion, depreciation and accretion | $1.67 | $1.36 | $1.32 | $1.38 | $0.54 | $0.98 |
|  Interest expense, net | $1.04 | $0.74 | $1.04 | $0.50 | $0.31 | $0.26 |
|  General and administrative | $0.54 | $0.38 | $0.90 | $0.36 | $0.16 | $1.19 |
|  **Total** | $3.25 | $2.48 | $3.26 | $2.24 | $1.40 | $3.19 |

---

(1) Natural gas equivalents are calculated using a ratio of six thousand cubic feet of natural gas to one barrel of
oil, condensate or NGLs, based on approximate relative energy content. This ratio does not represent the current or historical price relationship between natural gas and oil or NGLs.

**Productive Wells** 

Productive wells consist of producing horizontal and vertical wells, wells capable of production and exploratory, development or extension wells that are not dry wells. As of December 31, 2025, we owned mineral and royalty interests in 10,947 gross productive wells and 75.2 net productive wells.

The majority of our mineral and royalty interests are leased to our operators with 94% of our 90,729 leased net mineral acres being held by production as of December 31, 2025. In addition, we had 4,585 net mineral acres that were not leased as of December 31, 2025.

***Drilling Results***

For the year ended December 31, 2025, 411 gross and 1.4 net wells turned to production. As of December 31, 2025, we owned interests in a total of 10,947 gross productive wells (75.2 net wells), which represents our

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cumulative producing well count across all of our mineral and royalty interests as of such date, rather than wells turned to production during the year, and our third-party operators turned to production 411 gross and 1.4 net wells on acreage in which we own mineral and royalty interests. As a holder of mineral and royalty interests, we generally are not provided information as to whether any wells drilled on the properties underlying our acreage are classified as exploratory or as developmental wells. We are not aware of any dry holes drilled on the acreage underlying our mineral interests during the relevant periods.

---

| | | |
|:---|:---|:---|
|  | **For the Year<br>Ended<br>December 31,** | **For the Year<br>Ended<br>December 31,** |
|  | **2025** | **2024** |
|  **Productive Gross** | 411 | 257 |
|  **Dry** | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | 411 | 257 |
|  **Productive Net** | 1.4 | 0.59 |

---

***Acreage***

The following table sets forth historical information about our developed and undeveloped net mineral acres as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net<br>Mineral<br>Acres** | **Avg. Net<br>Revenue<br>Interest<sup>(2)</sup>** | **NRA<br>(1/8<sup>th</sup><br>Basis)<sup>(1)</sup>** | **Total<br>NRAs<br>(100%<br>Basis)** |
|  Developed | 53005 | 0.69% | 77008 | 9626 |
|  Undeveloped | 42522 | 0.32% | 61778 | 7722 |
|  Total | **95526** | **0.51%** | **138785** | **17348** |

---

(1) Standardized to a 1/8th royalty: The hypothetical number of acres in which an owner owns a standardized 12.5%
royalty interest, calculated by multiplying the actual net mineral acres by the average royalty rate and dividing by 12.5%. For example, an owner who has a 25% royalty interest in 100 acres would own 200 NRAs on a 1/8th basis.

**Regulation of Environmental and Occupational Safety and Health Matters** 

Natural gas, NGL and oil exploration, development and production operations are subject to stringent laws and regulations governing the discharge of materials into the environment or otherwise relating to protection of the environment, natural resources, and occupational health and safety. These laws and regulations have the potential to impact production by our third-party operators on our properties, including requirements to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain permits to conduct regulated activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit or prohibit drilling activities on certain lands lying within wilderness, wetlands, habitats of listed or
protected species and other protected areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict the types, quantities and concentration of materials that can be released into the environment in the
performance of drilling and production activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initiate investigatory and remedial measures to mitigate pollution from former or current operations, such as
restoration of drilling pits and plugging of abandoned wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• apply specific health and safety criteria addressing worker protection; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose substantial liabilities for pollution resulting from operations.

Failure to comply with environmental laws and regulations may result in the assessment of administrative, civil and criminal sanctions, including monetary penalties, the imposition of strict, joint and several liability,

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investigatory and remedial obligations and the issuance of injunctions limiting or prohibiting some or all of the operations on our properties. Moreover, these laws, rules and regulations may restrict the rate of natural gas, NGL and oil production below the rate that would otherwise be possible. The regulatory burden on the natural gas and oil industry increases the cost of doing business in the industry and consequently affects profitability. The trend in environmental regulation has been to place more restrictions and limitations on activities that may affect the environment or natural resources and thus, any changes in environmental laws and regulations or re-interpretation of enforcement policies that result in more stringent and costly construction, drilling, water management, completion, emission or discharge limits or waste handling, disposal or remediation obligations could increase the cost to our third-party operators of developing our properties. Moreover, accidental releases or spills may occur in the course of operations on our properties, potentially causing our third-party operators to incur significant costs and liabilities as a result of such releases or spills, including any third-party claims for damage to property, natural resources or persons.

Increased costs or operating restrictions on our properties as a result of compliance with environmental laws could result in reduced exploratory and production activities by our third-party operators on our properties and, as a result, our revenues and results of operations. The following is a summary of certain existing environmental, health and safety laws and regulations, each as amended from time to time, to which operations on our properties by our third-party operators are subject.

***Regulation of Transportation***

The sale and transportation of our natural gas, NGLs and crude oil is generally undertaken by our third-party operators (or by third parties at the direction of such operators) of our properties. Sales of crude oil, condensate and NGL are not currently regulated and are made at negotiated prices; however, Congress has enacted price controls in the past and could reenact price controls in the future. Sales of crude oil are affected by the availability, terms and cost of transportation. The transportation of oil in common carrier pipelines is also subject to rate regulation. The Federal Energy Regulatory Commission ("FERC") regulates interstate oil pipeline transportation rates under the Interstate Commerce Act. Intrastate oil pipeline transportation rates are subject to regulation by state regulatory commissions. The basis for intrastate oil pipeline regulation, and the degree of regulatory oversight and scrutiny given to intrastate oil pipeline rates, varies from state to state. Interstate and intrastate common carrier oil pipelines must provide service on a non-discriminatory basis. Under this open access standard, common carriers must offer service to all shippers requesting service on the same terms and under the same rates. When oil pipelines operate at full capacity, access is governed by pro-rationing provisions set forth in the pipelines' published tariffs.

FERC has endeavored to make natural gas transportation more accessible to natural gas buyers and sellers on an open and non-discriminatory basis. FERC has stated that open access policies are necessary to improve the competitive structure of the interstate natural gas pipeline industry and to create a regulatory framework that will put natural gas sellers into more direct contractual relations with natural gas buyers by, among other things, unbundling the sale of natural gas from the sale of transportation and storage services. Although FERC's orders do not directly regulate natural gas producers, they are intended to foster increased competition within all phases of the natural gas industry.

***Hazardous Substances and Waste Handling***

The Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"), also known as the "Superfund" law, and comparable state laws impose strict, joint and several liability without regard to fault or the legality of the original conduct on certain classes of persons who are considered to be responsible for the release of a "hazardous substance" into the environment. Under CERCLA, these "responsible persons" may include the current or former owner or operator of the site where the release occurred, and entities that transport, dispose of or arrange for the transport or disposal of hazardous substances released at the site. These responsible persons may be subject to joint and several strict liability for the costs of cleaning up the hazardous substances that have

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been released into the environment, for damages to natural resources and for the costs of certain health studies. CERCLA also authorizes the EPA and, in some instances, third parties to act in response to threats to the public health or the environment and to seek to recover from the responsible classes of persons the costs they incur. It is not uncommon for neighboring landowners and other third-parties to file claims for personal injury and property damage allegedly caused by the hazardous substances released into the environment.

The Resource Conservation and Recovery Act ("RCRA") and comparable state laws regulate the management, generation, treatment, storage and disposal of hazardous and non-hazardous waste. With federal approval, individual states administer some or all of the provisions of RCRA, sometimes in conjunction with their own, more stringent requirements. Drilling fluids, produced waters and most of the other wastes associated with the exploration, development and production of natural gas, NGLs and oil, if properly handled, are currently exempt from regulation as hazardous waste under RCRA and, instead, are regulated under RCRA's less stringent non-hazardous waste provisions, state laws or other federal laws. However, it is possible that certain natural gas, NGLs and oil drilling and production wastes now classified as non-hazardous could be classified as hazardous wastes in the future. Any such change could result in an increase in the costs to manage and dispose of such wastes, which could increase the costs of our third-party operators' operations.

Certain of our properties have been used for natural gas and oil exploration and production for many years. Although former third-party operators may have utilized operating and disposal practices that were standard in the industry at the time, petroleum hydrocarbons and wastes may have been disposed of or released on or under our properties, or on or under other offsite locations where these petroleum hydrocarbons and wastes have been taken for recycling or disposal. Our properties and the petroleum hydrocarbons and wastes disposed or released thereon may be subject to CERCLA, RCRA and analogous state laws. Under such laws, the owner or operator could be required to remove or remediate previously disposed wastes, to clean up contaminated property and to perform remedial operations such as restoration of pits and plugging of abandoned wells to prevent future contamination or to pay some or all of the costs of any such action.

***Water Discharges and NORM***

The Federal Water Pollution Control Act (the "Clean Water Act" or the "CWA") and analogous state laws impose restrictions and strict controls with respect to the discharge of dredged or fill material and the discharge of pollutants, including spills and leaks of oil, into waters of the United States ("WOTUS") and state waters, including certain wetlands. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. The discharge of dredged or fill material typically requires a permit issued by the U.S. Army Corps of Engineers ("Corps").

Federal and state regulatory agencies can impose administrative, civil and criminal penalties for non-compliance with discharge permits or other requirements of the Clean Water Act and analogous state laws and regulations. Spill prevention, control and countermeasure ("SPCC") plan requirements imposed under the Clean Water Act require appropriate containment berms and similar structures to help prevent the contamination of navigable waters in the event of a hydrocarbon tank spill, rupture or leak and require certain facility operators to develop, implement, and maintain SPCC plans. The Clean Water Act and analogous state laws also require individual permits or coverage under general permits for discharges of storm water runoff from certain types of facilities and requires those facilities to develop and implement stormwater pollution prevention plans. The Oil Pollution Act of 1990, as amended (the "OPA"), amends the Clean Water Act and establishes strict liability and natural resource damages liability for unauthorized discharges of oil into waters of the United States. OPA requires owners or operators of certain onshore facilities to prepare facility response plans for responding to a worst-case discharge of oil into waters of the United States. Uncertainty with respect to water discharges and changes in water regulations, including under the Clean Water Act and the OPA, have the potential to delay or materially modify the issuance of permits which may be required for certain of our third-party operators' activities.

The scope of federal jurisdictional reach over WOTUS under the CWA has been subject to significant uncertainty and litigation. In September 2023, the EPA and the Corps issued a final rule conforming the

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regulatory definition of WOTUS to the U.S. Supreme Court's 2023 decision in *Sackett v. EPA*, which narrowed the scope of federally jurisdictional waters to "relatively permanent, standing, or continuously flowing bodies of water" and wetlands with a "continuous surface connection" to such waters. However, the rule is currently subject to litigation. As a result, the September 2023 rule is currently in effect in only 24 states, and the EPA and the Corps are using the pre-2015 definition of WOTUS in the other 26 states. In November 2025, the EPA and the Corps issued a proposed rule to further update and narrow the definition of WOTUS. In addition, the U.S. Supreme Court's 2020 decision in *County of Maui v. Hawaii Wildlife Fund* held that, in certain cases, certain discharges from a point source to groundwater could fall within the scope of the CWA and require a permit.

Also, in January 2026, the EPA released a proposed rule to revise its CWA Section 401 Certification Rule following a May 2025 memorandum raising concerns with the existing rule implementing Section 401 promulgated in November 2023. Under CWA Section 401, a federal agency may not issue a license or permit to conduct an activity that may result in a discharge into a WOTUS unless a state or authorized Tribe issues or waives Section 401 water quality certification. The January 2026 proposed rule seeks to limit the scope of Section 401 reviews and clarify the regulations to ensure such reviews are completed within the one-year statutory deadline. Eleven states sued the EPA challenging the 2023 CWA Section 401 Certification Rule, alleging that the rule exceeds the EPA's statutory authority under the CWA, including in *State of Louisiana, et al., v. EPA, et al.*, which has been held in abeyance pending the administration's review of the rule and litigation. The final rule revising the CWA Section 401 Certification Rule is expected in Spring 2026. However, opponents of the January 2026 proposal are pushing back on these efforts, including EPA efforts to narrow the scope of state authority.

In addition, wastes containing naturally occurring radioactive material ("NORM") may be generated in connection with our third-party operators' natural gas and oil production. Certain processes used to produce natural gas and oil may enhance the radioactivity of NORM, which may be present in oilfield wastes. Comprehensive federal regulation does not currently exist for NORM. However, the EPA has studied the impacts of technologically enhanced NORM. NORM is subject primarily to individual state radiation control regulations. In addition, NORM handling and management activities are governed by regulations promulgated by OSHA. These state and OSHA regulations impose certain requirements concerning worker protection, the treatment, storage and disposal of NORM waste and the management of waste piles, containers and tanks containing NORM, as well as restrictions on the uses of land with NORM contamination. Concerns have arisen over traditional NORM disposal practices (including discharge through publicly owned treatment works into surface waters), which may increase the costs associated with management of NORM. To the extent that federal or state regulation increases the compliance costs for NORM disposal, our third-party operators may incur additional costs that may make some properties unprofitable to operate.

***Air Emissions***

The CAA and comparable state laws restrict the emission of air pollutants from many sources through air emissions permitting programs and impose various monitoring and reporting requirements. CAA regulations include, among others, New Source Performance Standards for the oil and natural gas source category to address emissions of sulfur dioxide, methane and volatile organic compounds and a separate set of emissions standards to address hazardous air pollutants frequently associated with oil and natural gas production and processing activities. These laws and regulations may require our third-party operators to obtain pre-approval for the construction or modification of certain projects or facilities expected to produce or significantly increase air emissions, obtain and strictly comply with stringent air permit requirements or incur development expenses to install and utilize specific equipment or technologies to control emissions. For example, in December 2023, the EPA finalized new rules intended to reduce methane emissions from gas and oil sources. The rules strengthened the existing emissions reduction requirements in regulations known as Subpart OOOOa, expanded reduction requirements for new, modified and reconstructed natural gas and oil sources in Subpart OOOOb, and imposed methane emissions limitations on existing natural gas and oil sources nationwide for the first time in Subpart OOOOc. In Subpart OOOOc, the rules established "Emissions Guidelines," which required states to develop plans to reduce methane emissions from existing sources that must be at least as effective as presumptive

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standards set by the EPA. The rules also created a new third-party monitoring program to flag large emissions events, referred to as "super emitters." Under Subparts OOOOb and OOOOc, the rules established more stringent requirements for new, modified and reconstructed natural gas and oil sources constructed after December 6, 2022, meaning that sources constructed prior to that date will be considered existing sources with later compliance dates. The rules gave states, along with federal tribes that wish to regulate existing sources, until March 2026 to develop and submit their plans for reducing methane emissions from existing sources. The final emissions guidelines under Subpart OOOOc provided until 2029 for existing sources to comply. However, in March 2025, the EPA announced plans to reconsider Subparts OOOOb and OOOOc and, in November 2025, the EPA finalized an interim final rule extending certain compliance deadlines for certain provisions provided in the 2023 rules. Litigation challenging the final interim final rule remains pending.

Additionally, in May 2024, the EPA finalized amendments to the Greenhouse Gas Reporting Program for petroleum and natural gas facilities in accordance with the Inflation Reduction Act. Among other things, the rule expands the emissions events that are subject to reporting requirements to include "other large release events." The emissions reported under the Greenhouse Gas Reporting Program were intended to be the basis for any Waste Emissions Charges assessed under the Methane Emissions Reduction Program of the Inflation Reduction Act. However, in February 2026, the EPA finalized a rule rescinding the GHG "Endangerment Finding" that underlies these regulations on the basis that the finding, among other reasons, exceeds the EPA's statutory authority. Litigation challenging the final rule is pending, and as a result there is significant uncertainty with respect to regulation of GHG emissions. Further, in September 2025, the EPA proposed to delay the reporting of GHG emissions under the Greenhouse Gas Reporting Program for the oil and gas sector until 2034. This proposal is still under consideration and is subject to a number of uncertainties and will likely face legal challenges that would further delay the implementation of any rules, and we cannot predict the ultimate outcome.

In November 2024, the EPA finalized a regulation to implement the Inflation Reduction Act's Waste Emissions Charge. The rule required the EPA to impose and collect a Waste Emissions Charge annually from oil and gas facilities that exceed statutory methane emissions thresholds. However, in February 2025, Congress repealed the Waste Emissions Charge rule using the Congressional Review Act. In addition, the One Big Beautiful Bill Act, enacted in July 2025, delayed implementation of the charge until 2034. While the EPA cannot reissue its rule implementing the Waste Emissions Charge (either in substantially the same form or in a new rule), the underlying requirement in the Inflation Reduction Act remains unchanged. We cannot predict if the Trump Administration and/or Congress may take action to repeal or revise this requirement of the Inflation Reduction Act; however, compliance with this and other air pollution control and permitting requirements has the potential to delay the development of natural gas projects and increase our third-party operators' costs of development, which costs could be significant. In addition, various states have adopted or are considering adopting new rules to reduce emissions from oil and gas operations in the state, including requirements for more extensive emissions monitoring and reporting. Any such requirements could increase the costs for our third-party operators of development and production on our properties, potentially impairing the economic development of our properties. Obtaining permits has the potential to delay the development of natural gas and oil projects. Federal and state regulatory agencies may impose administrative, civil and criminal penalties for non-compliance with air permits or other requirements of the CAA and associated state laws and regulations.

***Climate Change***

The threat of climate change continues to attract considerable attention in the United States and around the world, and numerous proposals have been made and could continue to be made at the international, national, regional and state levels of government, and among trade organizations and industry groups to monitor and limit existing emissions of GHGs as well as to restrict or eliminate such future emissions. While Congress has from time to time considered legislation to reduce emissions of GHGs, comprehensive legislation aimed at reducing GHG emissions has not yet been adopted at the federal level, and in February 2026, the EPA issued a final rule rescinding the "Endangerment Finding" that provides the underlying basis for the majority of its GHG regulations. A number of state and regional efforts have emerged that are aimed at tracking or reducing GHG

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emissions by means of cap-and-trade programs, which typically require major sources of GHG emissions to acquire and surrender emission allowances in return for emitting those GHGs, or by means of emissions reporting or climate risk disclosure requirements. Litigation risks are also increasing, as a number of parties have sought to bring suit against oil and natural gas companies in state or federal court, alleging, among other things, that such companies created public nuisances by producing fuels that contributed to climate change or that companies have been aware of the adverse effects of climate change for some time but defrauded their investors or customers by failing to adequately disclose those impacts. For further discussion regarding these international, federal, and state regulatory and policy initiatives as well as climate change transition and physical risks affecting our and our third-party operators' businesses see "Risk Factors—Risks Related to Legal, Regulatory and Environmental Matters—The development and enactment of climate change legislation and regulation regarding emissions of GHGs could adversely affect the mineral industry and reduce demand for the natural gas and oil that our third-party operators produce."

***Hydraulic Fracturing Activities***

A substantial portion of the production on our properties by our third-party operators involve the use of hydraulic fracturing techniques. Hydraulic fracturing is an important and common practice that is used to stimulate production of natural gas, NGLs and oil from dense subsurface rock formations. The hydraulic fracturing process involves the injection of water, sand and chemical additives under pressure into targeted geological formations to fracture the surrounding rock and stimulate production. Most hydraulic fracturing is currently exempt from the definition of "underground injection" under the SDWA; however, legislation to repeal this exemption and require federal permitting and regulatory control of hydraulic fracturing activities, and to require disclosure of the chemical constituents of the fluids used in the fracturing process, has been proposed in Congress from time to time. This legislation has not been enacted.

Hydraulic fracturing typically is regulated by state natural gas and oil commissions or similar agencies, but the EPA has asserted federal regulatory authority pursuant to the SDWA over certain hydraulic fracturing activities involving the use of diesel fuel in fracturing fluids and issued permitting guidance that applies to such activities. While our third-party operators engaged in hydraulic fracturing do not currently use diesel fuels in their hydraulic fracturing fluids, they may become subject to federal permitting under the SDWA if their fracturing formula changes and may incur significant costs to comply with disposal requirements for hydraulic fracturing fluids and produced water. However, several federal agencies have asserted regulatory authority over certain aspects of the process. For example, the EPA has published an effluent limit guideline final rule prohibiting the discharge of wastewater from onshore unconventional oil and gas extraction facilities to publicly owned wastewater treatment plants. For more information, see "Risk Factors—Risks Related to Legal, Regulatory and Environmental Matters—Future legislative or regulatory changes may result in increased costs and decreased revenues, cash flows and liquidity, all of which could have a material adverse effect on our business, financial condition and results of operations—Hydraulic Fracturing and Water Disposal."

***Endangered Species Act***

The Endangered Species Act of 1973, as amended (the "ESA") and analogous state laws restrict activities that may affect endangered and threatened species or their habitats. Similar protections are offered to migratory birds under the Migratory Bird Treaty Act of 1918, as amended (the "MBTA") and to eagles under the Bald and Golden Eagle Protection Act. The ESA, MBTA, and similar laws provide for significant penalties for willful or even unintentional violations. The designation of previously unidentified endangered or threatened species could cause our third-party operators to incur additional costs or become subject to operating delays, restrictions or bans in the affected areas. To the extent species are listed under the ESA or similar state laws, or are protected under the MBTA, or previously unprotected species are designated as threatened or endangered in areas where our properties are located, operations on those properties could incur increased costs arising from species protection measures and face delays or limitations with respect to production activities thereon.

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***National Environmental Policy Act***

The National Environmental Policy Act ("NEPA") is a procedural statute that requires federal agencies to evaluate the environmental impacts of major federal actions that may significantly affect the quality of the environment, which generally includes the granting of a permit or similar authorization by a federal agency. Some states have analogous laws that provide for similar environmental reviews. As part of such reviews, agencies are generally required to consider a broad array of environmental impacts, such as impacts of the proposed action on air quality, water quality, wildlife, cultural resources, geology, socioeconomics, and aesthetics, as well as practicable alternatives to the project. Procedures for implementing NEPA vary at the agency level. In May 2025, the U.S. Department of Interior issued a new "alternative arrangements" policy for NEPA reviews of proposed fossil fuel projects, significantly expediting environmental review. Also in May 2025, the U.S. Supreme Court held in *Seven County Infrastructure Coalition v. Eagle County, Colorado* that courts must grant agencies "substantial judicial deference" with respect to the scope and content of their NEPA reviews when considering NEPA challenges, and that an agency may decline to evaluate environmental effects from separate projects upstream or downstream from the project at issue. Further, in September 2025, the White House Council on Environmental Quality issued new guidance to federal agencies implementing NEPA, encouraging agencies to limit their NEPA reviews, rely more heavily on sponsor-prepared documents, and streamline the NEPA process. Certain of our third-party operators' operations may be subject to environmental reviews under NEPA or analogous state laws, which can cause significant delays in approval of permits. As a result of NEPA reviews, agencies may decide to deny permits or other support for a project or to condition permits or approvals on modifications or mitigation measures. Further, authorizations under NEPA are often subject to protest, appeal, or litigation, which may lead to further delays.

***Occupational Health and Safety***

Nearly all employers, including us and the third-party operators that conduct activities on our properties, are subject to the federal Occupational Safety and Health Act ("OSH Act") and comparable state statutes, which are intended to protect the health and safety of workers. As a minerals and royalties interest owner, we generally do not conduct field operations or employ on-site personnel; accordingly, our direct OSH Act obligations primarily relate to our corporate and administrative office locations. By contrast, our third-party operators are responsible for day-to-day field activities on our properties and are subject to more comprehensive and stringent requirements under the OSH Act and other federal and state laws applicable to natural gas and oil operations. For example, the Occupational Safety and Health Administration's hazard communication standard, the EPA's Risk Management Program, community right-to-know regulations under Title III of the federal Superfund Amendment and Reauthorization Act (also known as the Emergency Planning and Community Right-to-Know Act of 1986), and comparable state statutes require that information be organized and maintained concerning hazardous materials used or produced in operations and that this information be provided to employees, state and local government authorities and citizens. Other OSH Act standards regulate worker safety aspects of operations and workplaces. Failures to comply with OSH Act requirements, including those applicable to our third-party operators, can lead to the imposition of citations and penalties and could have a material adverse effect on our third-party operators' business, and, in turn, our financial condition and results of operations.

**Title to Properties** 

We are not required to, and under certain circumstances we may elect not to, incur the expense of retaining lawyers to examine the title to our mineral and royalty interests. Our title review is meant to confirm the quantum of mineral and royalty interest owned by a prospective seller, the property's lease status and royalty amount as well as encumbrances or other related burdens.

In addition to our initial title work, operators often will conduct a thorough title examination prior to leasing and/or drilling a well. Should a third-party operator's title work uncover any further title defects, either we or such third-party operator will perform curative work with respect to such defects. A third-party operator generally will not commence drilling operations on a property until any material title defects on such property have been cured.

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We believe that the title to our assets is satisfactory in all material respects. Although title to these properties is in some cases subject to encumbrances, such as customary interests generally retained in connection with the acquisition of gas and oil interests, non-participating royalty interests and other burdens, easements, restrictions or minor encumbrances customary in the natural gas and oil industry, we believe that none of these encumbrances will materially detract from the value of these properties or from our interest in these properties. See "Risk Factors—Risks Related to Our Business—We may incur losses as a result of title defects or other issues in the properties we own which could have a material adverse effect on our business, financial condition and results of operations."

**Competition** 

The natural gas and oil business is highly competitive in the exploration for and acquisition of reserves, the acquisition of minerals and natural gas and oil leases and personnel required to find and produce reserves. Many factors beyond our control affect our competitive position. Some of these factors include: the quantity and price of foreign oil imports; domestic supply and deliverability of natural gas, NGL and oil; changes in prices received for natural gas, NGL and oil production; business and consumer demand for refined natural gas, NGL and oil products; and the effects of federal, state and local regulation of the exploration for, production of and sales of natural gas, NGL and oil.

Some of our competitors not only own and acquire mineral and royalty interests but also explore for and produce natural gas and oil and, in some cases, carry on midstream and refining operations and market petroleum and other products on a regional, national or worldwide basis. By engaging in such other activities, our competitors may be able to develop or obtain information that is superior to the information that is available to us. In addition, certain of our competitors may possess financial or other resources substantially larger than we possess. Our ability to acquire additional minerals and properties and to discover reserves in the future will be dependent upon our ability to evaluate and select suitable properties and to consummate transactions in a highly competitive environment.

In addition, natural gas and oil products compete with other forms of energy available to customers, primarily based on price. These alternate forms of energy include wind and solar, electricity, coal, and fuel oils. Changes in the availability or price of natural gas and oil or other forms of energy, as well as business conditions, conservation, legislation, regulations, and the ability to convert to alternate fuels and other forms of energy may affect the demand for natural gas and oil. See "Risk Factors—Risks Related to Our Industry—Our industry is highly competitive, and competitive pressures could negatively affect our business."

**Seasonality of Business** 

Weather conditions affect the demand for, and prices of, natural gas and can also delay drilling activities, disrupting our overall business plans. Additionally, some of the areas in which our properties are located are adversely affected by seasonal weather conditions, primarily in the winter and spring. During periods of heavy snow, ice or rain, our operators may be unable to move their equipment between locations, thereby reducing their ability to operate our wells, reducing the amount of natural gas and oil produced from the wells on our properties during such times. Furthermore, demand for natural gas is typically higher during the winter, resulting in higher natural gas prices for our natural gas production during our first and fourth quarters. Certain natural gas users utilize natural gas storage facilities and purchase some of their anticipated winter requirements during the summer, which can lessen seasonal demand fluctuations. Seasonal weather conditions can limit drilling and producing activities and other natural gas and oil operations in a portion of our operating areas. Due to these seasonal fluctuations, our results of operations for individual quarterly periods may not be indicative of the results that we may realize on an annual basis.

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**Human Capital** 

***Overview and Structure***

We consider our people to be our most important asset, and seek to structure our hiring practices, compensation and benefits programs, and employee practices and policies to attract, retain, develop and support high-quality personnel. We invest in our employees by providing career growth opportunities and maintaining a focus on corporate ethics.

***Headcount***

Our workforce consists of full-time employees and consultants. As of March 31, 2026, we had 13 full-time employees and six individuals engaged as consultants. None of our employees are represented by labor unions or covered by any collective bargaining agreements.

***Compensation***

As part of our efforts to hire and retain highly qualified employees and service providers, we have structured compensation and benefits programs that, we believe, are competitive and sufficiently reward our high performers. In addition to the incentive programs in place for our named executive officers, we have structured a cash bonus program for non-officer employees that is dependent on an employee's individual performance and our performance as a company.

***Healthcare and Other Benefits***

We provide a suite of benefits to our employees, including a 401(k) plan with employer matching contributions and medical and dental insurance.

**Legal Proceedings** 

We are party to lawsuits arising in the ordinary course of our business. We cannot predict the outcome of any such lawsuits with certainty, but management believes it is remote that pending or threatened legal matters will have a material adverse impact on our financial condition.

Due to the nature of our business, we are, from time to time, involved in other routine litigation or subject to disputes or claims related to our business activities, including the non-payment of royalties. In the opinion of our management, none of these other pending litigations, disputes or claims against us, if decided adversely, will have a material adverse effect on our business, financial condition and results of operations.

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**MANAGEMENT** 

**Directors and Executive Officers** 

The following table sets forth the names, ages and titles, as of May 20, 2026, of the individuals who will serve as our executive officers and members of our board of directors upon consummation of this offering.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position (upon consummation of this offering)** |
|  Daniel Herz | 49 | Chief Executive Officer, President and Chairman |
|  Jeffrey Slotterback | 44 | Chief Financial Officer, Treasurer, Secretary and Director |
|  Michael Downs | 48 | Chief Operating Officer<sup>1</sup> |
|  Matthew Heinlein | 31 | Vice President, Head of Corporate Development & Strategy<sup>1</sup> |
|  Stephen Pilatzke | 47 | Chief Accounting Officer |
|  Jeffery Smith | 51 | Director |
|  Alan Bigman | 58 | Director |
|  Andrew Ceitlin | 52 | Director |
|  Peggy Gold | 69 | Director |
|  Robert W. "Trey" Karlovich. | 49 | Director<sup>2</sup> |

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<sup>1</sup> As of the date of this registration statement, Mr. Downs and Mr. Heinlein serve on our board of directors. Effective immediately prior to effectiveness of this registration statement, Mr. Downs and Mr. Heinlein will resign from our board of directors.

<sup>2</sup> As of the date of this table, Mr. Karlovich is a director nominee. He is expected to become a member of our board of directors effective immediately prior to the effectiveness of this registration statement.

***Daniel Herz***

Daniel Herz has served as Chairman of our board of directors and as our Chief Executive Officer since our inception and has also served as Chief Executive Officer of WhiteHawk Management since June 2021. In addition to his current roles, Mr. Herz will also serve as our President effective immediately prior to the effectiveness of this registration statement. Mr. Herz has previously served as founder, president and chief executive officer of Falcon Minerals Corporation, a formerly publicly traded company, from August 2018 to June 2021 and served as a director from May 2020 to June 2021. Mr. Herz also served in various positions at the Atlas companies, a publicly traded enterprise, including as president of Atlas Energy Group, LLC from 2015 to 2018, and as chief executive officer of Atlas Resources Partners L.P. and its successor, Titan Energy, LLC from 2015 to 2018. Additionally, Mr. Herz served as vice president and senior vice president of corporate development and strategy from 2004 to 2011 of Atlas Energy, Inc., prior to its $4.3 billion sale to Chevron Corporation, the general partner of Atlas Pipeline Partners, L.P. from 2004 to 2015, until its sale to Targa Resources for $7.7 billion, and the general partner of Atlas Energy, L.P. from 2011 to 2015. From April 2015 to April 2021, Mr. Herz served as a director of Titan Energy and its predecessor. In July 2016, Atlas Resource Partners and certain of its affiliates filed for Chapter 11 prepackaged bankruptcy protection and successfully emerged from bankruptcy in September 2016 with the new name of Titan Energy. Mr. Herz has also served as a director, including as chair of the compensation committee and member of the audit committee, of Presidio Production Company (NYSE: FTW) since March 2026. We believe Mr. Herz's leadership experience and industry knowledge make him well qualified to serve as a director

***Jeffrey Slotterback***

Jeffrey Slotterback has served on our board of directors and as our Chief Financial Officer, Treasurer and Secretary since our inception and has also served as an executive officer of WhiteHawk Management, LLC, our external manager since March 31, 2022. He has also served as founder and partner of PhiCap Advisors, LLC, a financial and capital advisory firm specializing in clean energy and energy transition capital raises, since its founding in September 2019. From 2016 to 2018, Mr. Slotterback served as a director and chief financial officer of Titan Energy. From August 2015 to December 2021, Mr. Slotterback served as the principal executive officer

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and chief financial officer for certain Atlas companies, a publicly traded enterprise, including for Atlas Energy Group and Atlas Resource Partners L.P. In July 2016, Atlas Resource Partners, L.P. and certain of its affiliates filed for Chapter 11 prepackaged bankruptcy protection and successfully emerged from bankruptcy in September 2016 with the new name of Titan Energy. Prior to joining Atlas, Mr. Slotterback was also a senior auditor with Deloitte & Touche, LLP from 2004 to 2007. We believe Mr. Slotterback's financial expertise and experience in the energy sector make him well qualified to serve as a director.

***Michael Downs***

Michael Downs has served on our board of directors since August 2023 and as our Chief Operating Officer since November 2022. Immediately prior to the effectiveness of this registration statement, Mr. Downs will resign from our board of directors. He has also served as a partner of PhiCap Advisors, LLC since its founding in September 2019 and as interim chief financial officer of Zefiro Methane Corp., a publicly traded company, from June 2025 to present. Mr. Downs has previously served as chief operating officer for Falcon Minerals Corporation, a formerly publicly traded company, from October 2018 to June 2022. Prior to joining Falcon, Mr. Downs served as vice president of operations from July 2011 to October 2018 at certain Atlas companies, a publicly traded enterprise, including Atlas Energy Group and Atlas Resource Partners. In July 2016, Atlas Resource Partners and certain of its affiliates filed for Chapter 11 prepackaged bankruptcy protection and successfully emerged from bankruptcy in September 2016 with the new name of Titan Energy.

***Matthew Heinlein***

Matthew Heinlein has served on our board of directors since August 2023 and as our Vice President & Head of Corporate Development & Strategy since our inception. Immediately prior to the effectiveness of this registration statement, Mr. Heinlein will resign from our board of directors. From July 2019 to July 2021, Mr. Heinlein worked at The Blackstone Group where he was involved with several of Blackstone's investments across the energy industry. Mr. Heinlein also worked at Falcon Minerals Corporation, a formerly publicly traded company, from 2018 to 2019, where he focused on corporate development, financial analyses and acquisition underwriting. He also worked in investment banking at Jefferies from 2016 to 2018, where he focused on mergers and acquisitions and financial advisement to gas and oil companies.

***Stephen Pilatzke***

Mr. Pilatzke has served as our Chief Accounting Officer since 2023. He oversees all accounting and financial reporting for WhiteHawk Energy. Previously, Mr. Pilatzke worked as the Chief Accounting Officer of Volta, Inc (NYSE: VLTA) from July 2022 through March 2023 until its sale to Shell USA, Inc. Mr. Pilatzke served as Chief Accounting Officer of Falcon Minerals Corporation (NASDAQ: FLMN) from October 2018 to June 2022 until its sale to Sitio Royalties Corp. Prior to that, Mr. Pilatzke served as Chief Accounting Officer for Lightfoot Capital Partners GP, LLC from January 2010 to December 2019 and for Arc Logistics Partners GP, LLC (NYSE: ARCX) from October 2013 to December 2017 until its sale to Zenith Energy U.S., LP. He also served as Chief Financial Officer and Controller of Paramount BioSciences LLC from December 2005 to January 2010. Mr. Pilatzke also worked as an auditor at EisnerAmper LLP, an accounting and advisory firm, from November 2001 to December 2005. Mr. Pilatzke is a Certified Public Accountant and holds a B.S. in accounting from Binghamton University.

***Jeffery Smith***

Jeffery Smith has served on our board of directors and as our President since our inception and has also served as president of WhiteHawk Management since March 2022. Immediately prior to the effectiveness of this registration statement, Mr. Smith will resign from his position as our President. Mr. Smith is co-owner of Badger Creek Holdings, a holding company that owns several companies, including Preferred Capital Securities, LLC, where he has served as its Chief Executive Officer since 2018 after joining the firm in 2016. Mr. Smith

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previously held several leadership positions at Atlas Energy, L.P. from 2013 to 2016 and at Wells Real Estate from 2002 to 2009. We believe Mr. Smith's experience in managing businesses and capital markets for over 20 years makes him well qualified to serve as a director.

***Alan Bigman***

Alan Bigman has served on our board of directors since November 2025. Mr. Bigman has held board positions at numerous public and private companies, including Evolve Transition Infrastructure, a publicly traded oil and gas master limited partnership, from June 2014 to March 2021, Aquadrill LLC, an offshore drilling company later acquired by Seadrill Limited, from May 2021 to April 2023, Arclin USA LLC, a large specialty chemicals and materials company, from May 2017 to September 2021, and JKX Oil and Gas, a foreign publicly traded oil and gas producer, from 2016 to 2017. He also co-founded VistaTex LLC, an independent oil and gas company, in 2010, where he served on the board of directors until its sale to a strategic acquirer in 2014. Mr. Bigman began his career in investment and corporate finance roles at Access Industries and later served as chief financial officer of Basell from 2006 to 2007 and LyondellBasell Industries from 2007 to 2009, one of the largest chemical companies in the world. We believe Mr. Bigman's experience in finance and corporate governance makes him well qualified to serve as a director.

***Andrew Ceitlin***

Andrew Ceitlin has served on our board of directors since December 2024. Since October 2022, he has served as senior vice president and general counsel of the Construction Management division of AECOM, a publicly traded company, where he manages the legal departments of Tishman Construction Corporation, Hunt Construction Group, Inc., and Leeding Builders Group and their various subsidiaries. From June 2017 to October 2022, Mr. Ceitlin held various positions at AECOM including vice president, assistant general counsel and senior corporate counsel. We believe Mr. Ceitlin's legal and compliance experience makes him well qualified to serve as a director.

***Peggy Gold***

Peggy Gold has served on our board of directors since April 2023. Ms. Gold previously served as vice president and head of investor services for Resource REIT, Inc. from January 2020 until May 2022. From April 2004 to May 2022, Ms. Gold served as executive vice president for Resource Real Estate, Resource REIT's sponsor, where she focused on capital raising, which included the key accounts, marketing and investor services departments. Ms. Gold's team was dedicated to supporting the broker-dealer relationships, due diligence process, conferences and seminars. Ms. Gold was also responsible for revenue generation for multiple business lines by building company brand awareness and playing an integral role in product development. We believe Ms. Gold's experience in investor services and capital raising makes her well qualified to serve as a director.

***Robert W. "Trey" Karlovich III***

Mr. Karlovich will begin serving as a member of our board of directors effective immediately prior to the effectiveness of this registration statement. Since October 2021, Mr. Karlovich has served as President of Muirfield Resources, LLC, an energy management and investment firm, and President of Claremont Corporation and Heirloom Oil and Gas Holdings, LLC, energy-related businesses. He is also a member of Muirfield Hall PLLC, an accounting advisory firm. Mr. Karlovich currently serves as a Senior Advisor for Sixth Street Partners, LLC, a global investment firm, and as a member of the Board of Directors and Audit Committee Chairman of Crane Harbor Acquisition Corp. II. From February 2016 to September 2021, Mr. Karlovich served as Executive Vice President and Chief Financial Officer of NGL Energy Partners LP (NYSE: NGL), a publicly-traded midstream company, where he oversaw finance, accounting, investor relations, internal audit, tax, and risk management functions. Mr. Karlovich holds a B.S. in Accounting from Oklahoma State University and is a certified public accountant. We believe Mr. Karlovich is qualified to serve on our Board of Directors due to his

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extensive experience in the energy industry, his financial expertise as a former chief financial officer of publicly - traded companies, and his background in accounting and corporate governance.

**Board of Directors** 

Our business and affairs are managed under the direction of our board of directors. Our directors will hold office until the earlier of their death, resignation, retirement, disqualification or removal, or until their successors have been duly elected and qualified.

Our directors will be divided into three classes serving staggered three-year terms. Class I, Class II and Class III directors will serve until our first, second and third annual meetings of stockholders, respectively, following the filing of the amended and restated certificate of incorporation. Mr. Smith and Mr. Karlovich will be assigned to Class I, Mr. Slotterback, Mr. Bigman and Ms. Gold will be assigned to Class II, and Mr. Herz and Mr. Ceitlin will be assigned to Class III. At each annual meeting of stockholders held after the initial classification, directors will be elected to succeed the class of directors whose terms have expired.

Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. This classification of our board of directors may have the effect of delaying or preventing changes in control of the Company. See "Description of Capital Stock—Anti-Takeover Provisions."

**Director Independence** 

Our board of directors is expected to affirmatively determine that Mr. Bigman, Mr. Ceitlin, Ms. Gold and Mr. Karlovich are each an "independent director," as defined under the NYSE rules. In making these determinations, our board of directors will consider the current and prior relationships that each director has with the Company and all other facts and circumstances our board of directors deemed relevant in determining his or her independence, including the beneficial ownership of our capital stock by each director, and the transactions involving them described in the section titled "Certain Relationships and Related Party Transactions."

**Board Committees** 

Our board of directors will have an audit committee, a compensation committee and a nominating and corporate governance committee. Each committee will have a charter that has been approved by our board of directors and that will be available on our website. Each committee will have the composition and responsibilities described below. Committee members will serve on such committees until their resignations or until otherwise determined by our board of directors.

**Audit Committee** 

The primary purposes of our audit committee under the committee's charter will be to assist our board of directors with oversight of audits of our financial statements, the integrity of our financial statements, our process relating to risk management and the conduct and systems of internal control over financial reporting and disclosure controls and procedures, the qualifications, engagement, compensation, independence and performance of our independent auditor, and the performance of our internal audit function.

Upon the consummation of this offering, the members of our audit committee will be Mr. Bigman, Mr. Karlovich and Ms. Gold. Mr. Bigman will serve as the chair of the audit committee. Mr. Bigman and Mr. Karlovich each qualify as an "audit committee financial expert" as such term has been defined by the SEC in Item 407(d) of Regulation S-K. Our board of directors has affirmatively determined that Mr. Bigman, Mr. Karlovich and Ms. Gold meet the definition of an "independent director" for the purposes of serving on the audit committee under Rule 10A-3 under the Exchange Act and the applicable rules. We intend to comply with these independence requirements for

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all members of the audit committee within the time periods specified under such rules. The audit committee will be governed by a charter that complies with the rules of the NYSE.

**Compensation Committee** 

The primary purposes of our compensation committee under the committee's charter will be to assist our board of directors in overseeing our management compensation policies and practices, including determining and approving from time to time the compensation of our independent directors; reviewing, approving and administering compensation and equity compensation policies and programs; and preparing the report of the compensation committee that the rules of the SEC require to be included in our annual meeting proxy statement. See "Executive and Director Compensation" for more information.

Upon the consummation of this offering, the members of our compensation committee will be Ms. Gold, Mr. Ceitlin and Mr. Bigman. Ms. Gold will serve as the chair of the committee. Our board of directors has affirmatively determined that each of Ms. Gold, Mr. Ceitlin and Mr. Bigman are independent under the applicable NYSE rules, including rules specific to membership on the compensation committee.

**Nominating and Corporate Governance Committee** 

The primary purposes of our nominating and corporate governance committee under the committee's charter will be to assist our board of directors with oversight of, among other things, identifying and screening individuals qualified to serve as directors and director succession planning; developing, recommending to the board of directors and reviewing the Company's corporate governance guidelines; coordinating and overseeing the periodic self-evaluation of the board of directors and its committees; and reviewing on a regular basis the overall corporate governance of the Company and recommending improvements to the board of directors where appropriate.

The members of our nominating and corporate governance committee will be Mr. Ceitlin, Mr. Karlovich and Mr. Bigman. Mr. Ceitlin will serve as the chairperson of the committee. Our board of directors has affirmatively determined that each of Mr. Ceitlin, Mr. Karlovich and Mr. Bigman are independent under the applicable NYSE rules.

**Risk Oversight** 

Risk assessment and oversight are an integral part of our governance and management processes. Our board of directors encourages management to promote a culture that incorporates risk management into our corporate strategy and day-to-day business operations. Our board of directors as a whole oversees our risk management function directly, and the standing committees of our board of directors address risks inherent in their respective areas of oversight.

**Compensation Committee Interlocks and Insider Participation** 

None of the expected members of our compensation committee is or has been an officer or employee of the Company. None of our executive officers currently serves, or has served during the last year, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving as the expected member(s) of our board of directors or compensation committee. See the section titled "Certain Relationships and Related Party Transactions" for information about related party transactions involving members of our compensation committee or their affiliates.

**Indemnification of Directors and Executive Officers** 

Our amended and restated certificate of incorporation will provide that we will indemnify our executive officers and directors to the fullest extent permitted by the DGCL. We intend to enter into indemnification agreements

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with each of our executive officers and directors prior to the completion of this offering. The indemnification agreements will provide the executive officers and directors with contractual rights to indemnification and expense advancement, to the fullest extent permitted under the DGCL. The agreements supplement and further the indemnification provisions set forth in our certificate of incorporation, bylaws and applicable law. We will be the indemnitor of first resort and will advance expenses to indemnified persons within thirty days of receiving a written request, subject to an undertaking to repay if it is ultimately determined that such person is not entitled to indemnification.

**Code of Business Conduct and Ethics** 

Prior to the completion of this offering, we will adopt a code of conduct and ethics that applies to all of our directors, employees and officers. A copy of the code will be available on our website located at www.whitehawkenergy.com. Any amendments or waivers to our code for our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, will be disclosed on our website promptly following the date of such amendment or waiver, as and if required by applicable law.

**Corporate Governance Guidelines** 

We will adopt corporate governance guidelines in accordance with the corporate governance rules of NYSE. These guidelines will cover a number of areas including director responsibilities and duties, director elections and re-elections, composition of the board of directors, including director qualifications and board committees, executive sessions, director access to management and, as necessary and appropriate, independent advisors, director orientation and continuing education, board materials, management succession and evaluations of the board of directors and the board's committees. A copy of our corporate governance guidelines will be posted on our website.

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**EXECUTIVE AND DIRECTOR COMPENSATION** 

As an emerging growth company as defined under the Securities Act, we are providing this executive compensation disclosure in accordance with the scaled requirements of Item 402 of Regulation S-K, which permit reduced compensation information compared to that required of other registrants. Our reporting obligations extend only to each individual who served in the role of our principal executive officer during the last completed fiscal year, our next two most highly compensated executive officers who were serving as executive officers as of December 31, 2025, and up to two additional individuals, each of whom would have been one of our two most highly compensated executive officers but for the fact that the individual was not serving as an executive officer as of December 31, 2025 (together, our "named executive officers" or "NEOs"). For the year ended December 31, 2025, our NEOs were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Daniel Herz, Chief Executive Officer and Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Jeffrey Slotterback, Chief Financial Officer, Treasurer, Secretary and Director

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matthew Heinlein, Vice President & Head of Corporate Development & Strategy and Director

The Company is currently externally managed by WhiteHawk Management LLC, which we refer to in this section as our "Manager" for purposes of this discussion. The Manager is a separate legal entity from us, operating pursuant to its own management agreements. Our Manager is controlled indirectly by WhiteHawk Energy LLC, which is owned and controlled by Mr. Herz (87.5%), Mr. Heinlein (2.5%) and PhiCap Advisors LLC ("PhiCap Advisors") (PhiCap Advisors owns approximately 10% of WhiteHawk Energy LLC but receives approximately 20% of the economics of WhiteHawk Energy, LLC), a financial and capital advisory firm specializing in clean energy and energy transition capital raises, where Mr. Slotterback is a partner. All of our NEOs also serve as executive officers of the Manager.

During the year ended December 31, 2025, the Company's day-to-day operations were externally managed by the Manager pursuant to the Investment Management Agreement and the Administrative Services Agreement. As described further below under "Certain Relationships and Related Party Transactions," we pay the Manager a Base Management Fee and Dividend Incentive Fee, as well as certain management and administrative fees pursuant to the Administrative Services Agreement.

Generally, the purpose of the fees paid by us to the Manager pursuant to the Investment Management Agreement and the Administrative Services Agreement is not to provide compensation to our NEOs, but rather to compensate the Manager for the services and expertise it provides to us. Pursuant to the Administrative Services Agreement, the Company reimburses the Manager for the actual costs and expenses paid for administrative services, which also includes certain compensation paid by the Manager to certain of our executive officers. Specifically, with respect to Mr. Herz, compensation amounts relating to employer 401(k) contributions and certain health benefits are reimbursed by the Company to the Manager as well as salary attributed to Mr. Herz for purposes of his 401(k) plan participation. With respect to Mr. Slotterback, the Company does not reimburse the Manager for any amounts paid by the Manager that are related to compensation or benefits. With respect to Mr. Heinlein, the Company reimburses the Manager for Mr. Heinlein's annual salary, annual bonus, and 401(k) employer contributions and certain health benefits. All amounts reimbursed by the Company are reflected in the *Summary Compensation Table* below.

In addition, Messrs. Herz, Slotterback and Heinlein each have an interest in the fees we pay to the Manager as indirect equity holders in the Manager. Messrs. Herz and Heinlein also receive profit distributions through their interests in WhiteHawk Energy LLC. Mr. Slotterback also receives profit distributions as a partner of PhiCap Advisors.

We do not provide any direct compensation or benefits to our NEOs. Any compensation paid to our NEOs for the fiscal year ended December 31, 2025, was paid by and solely in the discretion of the Manager. Any amounts

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reimbursed by the Company to the Manager for the fiscal year ended December 31, 2025, with respect to compensation and benefits paid to our NEOs are reflected in the table below.

***Summary Compensation Table***

The following table provides summary information concerning the compensation amounts reimbursed by the Company to the Manager with respect to our named executive officers for 2025. As noted above, none of our executive officers are our employees and we did not directly pay any cash compensation to the executive officers for service in 2025. Our named executive officers also did not receive any equity awards or other forms of compensation directly from us in 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary ($)** | **Bonus ($)** | **All Other<br>Compensation ($)<sup>(1)</sup>** | **Total ($)<sup>(2)</sup>** |
|  Daniel Herz<br> *Chief Executive Officer and Director* | 2025 | 23500 |  | $51938 | $75438 |
|  Jeffrey Slotterback<br> *Chief Financial Officer, Treasurer, Secretary and Director* | 2025 |  |  |  | $— |
|  Matthew Heinlein<br> *Vice President & Head of Corporate Development & Strategy and Director* | 2025 | 300000 | 760000 | $56250 | 1116250 |

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(1) Amounts reflect (i) for Mr. Herz, Company reimbursement of $14,000 for employer matching contributions
to his 401(k) account and Company reimbursement of $37,938 in respect of certain health benefits and (ii) for Mr. Heinlein, Company reimbursement of $11,500 for employer matching contributions to his 401(k) account and Company
reimbursement of $44,750 in respect of certain health benefits.

(2) The Company reimburses only limited benefits for Mr. Herz as well as attributes a nominal salary to him for
purposes of 401(k) plan participation, reimburses no compensation for Mr. Slotterback, and reimburses Mr. Heinlein's full salary, bonus, and benefits.

**Additional Narrative Disclosure Regarding Executive Compensation Matters** 

***Incentive Plan***

In order to attract, retain and motivate qualified persons as employees, directors and consultants, we adopted the 2026 Equity Incentive Plan (the "Existing 2026 Plan"), which became effective on January 23, 2026. Through the Existing 2026 Plan, we can facilitate the grant of equity incentives to eligible service providers of our company and affiliates to obtain and retain services of these individuals, which is essential to our long-term success.

We have not previously granted equity awards to our NEOs.

In connection with this offering, we adopted the A&R 2026 Plan, an amendment and restatement of the Existing 2026 Plan that will govern equity-based compensation for directors, officers, employees, consultants and advisors of the Company and its subsidiaries upon the consummation of this offering. The material terms of the A&R 2026 Plan are summarized below, which is qualified in its entirety by the text of the A&R 2026 Plan.

***Employment Agreements***

In connection with the Internalization and the consummation of this offering, we intend to enter into employment agreements with Messrs. Herz and Slotterback. The material terms of such employment agreements are set forth below.

***Employment Agreement of Mr. Herz***

The employment agreement of Mr. Herz will provide for the terms of his employment as Chief Executive Officer (the "Herz Employment Agreement"). The Herz Employment Agreement will be effective as of the

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consummation of this offering (the "Effective Date"), and have an initial term ending on the fifth anniversary of the Effective Date (the "Initial Term"), which will automatically renew for successive one-year periods unless either party provides at least 60 days' prior written notice of non-renewal. The Herz Employment Agreement provides for (i) an annual base salary of $500,000, (ii) a target annual bonus equal to 100% of his annual base salary (the "Target Annual Bonus") consisting of a combination of cash and/or equity awards as determined by the Board or the Company's Compensation Committee and (iii) eligibility to participate in the employee benefits programs offered by us to our employees generally.

Pursuant to the Herz Employment Agreement, in the event Mr. Herz's employment is terminated (i) by us without "cause," (ii) by Mr. Herz for "good reason" (each as defined in the Herz Employment Agreement) or (iii) as a result of our non-extension of the Herz Employment Agreement, where the notice of such non-extension provided by us pursuant to the Herz Employment Agreement does not include notice that we are waiving enforcement of the noncompetition provision of the Herz Employment Agreement (together with (i) and (ii), a "Qualifying Termination"), he would be entitled to, subject to his execution of a release of claims (1) any accrued benefits, (2) a pro-rata portion of his Target Annual Bonus, (3) an amount equal to the product of (A) the Severance Multiple (as defined below) and (B) the sum of (I) his annual base salary and (II) the average annual bonus earned with respect to each of the last three consecutive completed calendar years immediately preceding the date of termination, (4) his annual bonus earned with respect to the prior year (to the extent unpaid), (5) up to 18 months of COBRA premium reimbursements and (6) with respect to any unvested equity award granted under the A&R 2026 Plan or any successor equity incentive plan thereto (A) that is subject solely to a time-based vesting condition, a prorated portion of such award that would have become vested as of the next vesting date immediately following the date of termination of employment will become vested upon such date of termination and (B) that is subject to subsequent performance-based vesting conditions will remain outstanding and continue to be eligible to vest in accordance with the performance metrics set forth in the applicable award agreement, subject to proration based on the executive's employment during the applicable performance period. "Severance Multiple" is defined as three in the event the termination of employment occurs during the Initial Term and two if the termination of employment occurs after the expiration of the Initial Term. In the event Mr. Herz is terminated by reason of death or "disability" (as such term is defined in the Herz Employment Agreement), Mr. Herz would be entitled to (1) any accrued benefits, (2) a pro-rata portion of his Target Annual Bonus, (3) up to 18 months of COBRA premium reimbursements, (4) his annual bonus earned with respect to the prior year (to the extent unpaid), and (5) subject to execution and non-revocation of a general release, any unvested equity award granted under the A&R 2026 Plan or any successor equity incentive plan thereto (A) that is subject solely to a time-based vesting condition will accelerate and vest in full on termination of employment and (B) that is subject to subsequent performance-based vesting conditions will remain outstanding and continue to be eligible to vest in accordance with the performance metrics set forth in the applicable award agreement.

Additionally, in the event Mr. Herz experiences a Qualifying Termination on or within the twenty-four months following a Change in Control (as defined in the A&R 2026 Plan), provided that he has executed and delivered a general release and any period for rescission of such general release has expired without his having rescinded such general release, in addition to the severance benefits described above, any unvested equity award (i) that is subject solely to a time-based vesting condition will accelerate and vest in full and (ii) that is subject to subsequent performance-based vesting conditions will vest and be settled at the greater of target and actual performance, each as of the termination of employment.

The Herz Employment Agreement also contains certain restrictive covenants, which require Mr. Herz to preserve and protect certain confidential information and, for a two-year period following his termination of employment if termination occurs during the initial term of employment under the Herz Employment Agreement (or the one-year period following his termination of employment if such termination occurs on or after the expiration of the initial term), to refrain from competing with the company group, soliciting its customers and employees and interfering with its vendors, joint venturers and licensors. Additionally, the Herz Employment Agreement includes a non-disparagement covenant. Under the Herz Employment Agreement, Mr. Herz will be permitted to pursue certain additional corporate opportunities so long as they do not result in a violation of his restrictive covenant obligations or his fiduciary duties.

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The Herz Employment Agreement further provides that if any payments or benefits Mr. Herz would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code, such payments will be reduced to the extent necessary so that no portion is subject to the excise tax, but only if the after-tax amount of the reduced payments would be greater than or equal to the after-tax amount of the unreduced payments (after accounting for the excise tax).

***Employment Agreement of Mr. Slotterback***

The employment agreement of Mr. Slotterback will provide for the terms of his employment as Chief Financial Officer, Treasurer, and Secretary (the "Slotterback Employment Agreement"). The Slotterback Employment Agreement will be effective as of the consummation of this offering (the "Effective Date"), and have an initial term ending on the third anniversary of the Effective Date (the "Initial Term"), that will automatically renew for successive one-year periods unless either party provides at least 60 days' prior written notice of non-renewal. The Slotterback Employment Agreement is expected to provide for (i) an annual base salary of $400,000, (ii) a target annual bonus equal to 100% of the his annual base salary (the "Target Annual Bonus") consisting of a combination of cash and/or equity awards as determined by the Board or the Company's Compensation Committee and (iii) eligibility to participate in the employee benefits programs offered by us to our employees generally.

Pursuant to the Slotterback Employment Agreement, in the event Mr. Slotterback's employment is terminated (i) by us without "cause," (ii) by Mr. Slotterback for "good reason" (each as defined in Slotterback Employment Agreement) or (iii) as a result of our non-extension of the Slotterback Employment Agreement, where the notice of such non-extension provided by us pursuant to the Slotterback Employment Agreement does not include notice that we are waiving enforcement of the noncompetition provision of the Slotterback Employment Agreement (together with (i) and (ii), a "Qualifying Termination"), he would be entitled to, subject to his execution of a release of claims (1) any accrued benefits, (2) a pro-rata portion of his Target Annual Bonus, (3) an amount equal to the product of (A) two (2) and (B) the sum of (I) his annual base salary and (II) the average annual bonus earned with respect to each of the last three consecutive completed calendar years immediately preceding the date of termination, (4) his annual bonus earned with respect to the prior year (to the extent unpaid), (5) up to 18 months of COBRA premium reimbursements and (6) with respect to any unvested equity award granted under the A&R 2026 Plan or any successor equity incentive plan thereto (A) that is subject solely to a time-based vesting condition, a prorated portion of such award that would have become vested as of the next vesting date immediately following the date of termination of employment will become vested upon such date of termination and (B) that is subject to subsequent performance-based vesting conditions will remain outstanding and continue to be eligible to vest in accordance with the performance metrics set forth in the applicable award agreement, subject to proration based on the executive's employment during the applicable performance period. In the event Mr. Slotterback is terminated by reason of death or "disability" (as such term is defined in the Slotterback Employment Agreement), Mr. Slotterback would be entitled to (1) any accrued benefits, (2) a pro-rata portion of his Target Annual Bonus, (3) up to 18 months of COBRA premium reimbursements, (4) his annual bonus earned with respect to the prior year (to the extent unpaid) and (5) subject to execution and non-revocation of a general release, any unvested equity award granted under the A&R 2026 Plan or any successor equity incentive plan thereto (A) that is subject solely to a time-based vesting condition will accelerate and vest in full on termination of employment and (B) that is subject to subsequent performance-based vesting conditions will remain outstanding and continue to be eligible to vest in accordance with the performance metrics set forth in the applicable award agreement.

Additionally, in the event Mr. Slotterback experiences a Qualifying Termination on or within the twenty-four months following a Change in Control, provided that he has executed and delivered a general release and any period for rescission of such general release has expired without his having rescinded such general release, in addition to the severance benefits described above, any unvested equity award (i) that is subject solely to a time-based vesting condition will accelerate and vest in full and (ii) that is subject to subsequent performance-based vesting conditions will vest and be settled at the greater of target and actual performance, each as of the termination of employment.

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The Slotterback Employment Agreement also contains certain restrictive covenants, which require Mr. Slotterback to preserve and protect certain confidential information and, for a two-year period following his termination of employment, to refrain from competing with the company group, soliciting its customers and employees and interfering with its vendors, joint venturers and licensors. Additionally, the Slotterback Employment Agreement includes a non-disparagement covenant, and requires the execution of a release and continued compliance with the restrictive covenants to receive the severance benefits described above. Under the Slotterback Employment Agreement, Mr. Slotterback will be permitted to pursue certain additional corporate opportunities so long as they do not result in a violation of his restrictive covenant obligations or his fiduciary duties.

The Slotterback Employment Agreement further provides that if any payments or benefits Mr. Slotterback would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code, such payments will be reduced to the extent necessary so that no portion is subject to the excise tax, but only if the after-tax amount of the reduced payments would be greater than or equal to the after-tax amount of the unreduced payments (after accounting for the excise tax).

***Outstanding Equity Awards at Fiscal Year-End***

As of December 31, 2025, none of our NEOs held outstanding equity awards granted by us.

***Retirement Plan***

Our named executive officers other than Mr. Slotterback currently participate in a defined contribution 401(k) plan maintained for employees of the Company (the "401(k) Plan"). The Internal Revenue Code allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) plan**.** We believe that providing a vehicle for tax-deferred retirement savings through a 401(k) plan adds to the overall desirability of our compensation package and further incentivizes our employees, including our named executive officers.

***Health and Welfare Plans; Perquisites***

Our named executive officers are currently eligible to participate in a standard suite of health and welfare plans offered to the Company's employees, including medical, dental and vision plans.

We did not provide any perquisites or special personal benefits to our named executive officers in fiscal year 2025, but our Compensation Committee may from time to time approve them in the future when our Compensation Committee determines that such perquisites are necessary or advisable to fairly compensate or incentivize our employees.

***Potential Payments upon Termination or Change-in-Control***

As of December 31, 2025, none of our NEOs were subject to any arrangements that provide for payments or vesting upon a termination of employment or change in control. However, in connection with this offering, Messrs. Herz and Slotterback will become subject to employment agreements and/or our NEOs may be granted equity awards pursuant to the A&R 2026 Plan that will provide for potential payments upon certain terminations of employment or upon a change in control. In addition, as described below under "Certain Relationships and Related Party Transactions—Investment Management Agreement," our Manager earns a Liquidity Incentive Fee upon a liquidity event for our assets, and a portion of this Liquidity Incentive Fee may be paid to our NEOs by the Manager.

***Policies and Practices Related to the Timing of Grants of Certain Equity-Based Awards***

The Company does not currently grant awards of stock options, stock appreciation rights or similar option-like instruments and, therefore, does not have a policy or practice relating to the timing of such awards in relation to the disclosure of material non-public information by the Company.

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***Director Compensation***

The following table sets forth information concerning the compensation of the Company's non-employee directors for 2025. Any director who is an employee receives no additional compensation for services as a director or as a member of a committee of the Company's board of directors. Non-employee directors were originally eligible to receive an annual retainer of $80,000, with $40,000 paid in cash on a quarterly basis and $40,000 paid in common stock on an annual basis. However, in the third quarter of 2025 we revised our non-employee director compensation program to provide an annual retainer of $100,000, with $50,000 paid in cash on a quarterly basis and $50,000 paid in common stock on an annual basis (which commenced following the adoption of the Existing 2026 Plan). No director equity awards were outstanding at December 31, 2025.

In addition, non-employee directors who serve on the Manager Internalization Committee receive up to $10,000 on a monthly basis not to exceed an annual total of $60,000 (in the aggregate for all directors). We also reimburse our non-employee directors for their travel and other reasonable expenses incurred in attending meetings of our board of directors and committees of the board of directors.

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| | | |
|:---|:---|:---|
| **Name** | **Fees Earned or<br>Paid in Cash ($)<sup>(1)</sup>** | **Total ($)** |
|  Alan Bigman<sup>(2)</sup> | $26250 | $26250 |
|  Peggy Gold | $72808 | $72808 |
|  Andrew Ceitlin  | $68331 | $68331 |

---

(1) Represents fees paid to our directors for 2025.

(2) Mr. Bigman commenced service on our board of directors in November 2025.

In January 2026, we granted awards of restricted stock units to non-employee directors which will vest upon the earlier of (i) the non-employee director's removal as an independent director by the Company after the one year anniversary of the applicable vesting commencement date of the award or (ii) a "liquidity event" (as defined in the Existing 2026 Plan), including, but not limited to, the listing of the Company's common stock on a national securities exchange or a quotation through a national quotation system. In addition, such awards will fully accelerate and vest in the event of a director's termination of service due to such director's death or disability.

In connection with this offering, we intend to approve and implement a compensation program for our non-employee directors that consists of annual cash retainer fees and equity awards. The program is expected to provide non-employee directors with an annual equity award, prorated for the initial year of service (if applicable), in years following the completion of this offering, which will vest on the earlier to occur of the first anniversary of the grant date and the date immediately preceding the date of the next annual meeting following the grant date, subject to continued service on our board of directors. Each is expected to be denominated as a restricted stock unit award with an aggregate value of $150,000. Each non-employee director is also expected to receive an annual cash retainer for his or her services in an amount equal to $75,000. In addition, certain positions on the board of directors or committees of the board of directors are expected to receive additional retainers, including the chairperson of the audit committee who is expected to receive an additional retainer of $20,000, the chairperson of the compensation committee who is expected to receive an additional retainer of $15,000 and the chairperson of the governance committee who is expected to receive an additional retainer of $15,000. Compensation under the program will be subject to annual limits on non-employee director compensation set forth in the A&R 2026 Plan.

In connection with this offering, we intend to grant restricted stock unit awards to directors serving on the Board on the date of this offering, which grants will become effective in connection with the completion of this offering and are expected to have a value of $250,000. These restricted stock unit awards will vest in full on the first anniversary of the closing of this offering, subject to the director's continued service through such date.

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***Equity Plans***

***Existing 2026 Plan.*** We currently maintain the Existing 2026 Plan, which provides for certain designated employees, officers, directors, consultants and advisors to be eligible for equity ownership opportunities that are intended to align the interest of such persons with those of our stockholders. We believe that such awards attract, retain and motivate persons who are expected to make important contributions to us. The Existing 2026 Plan is generally administered by our Board and provides for the grant of options, cash-based incentive awards, restricted stock, restricted stock units and other stock-based awards, including stock appreciation rights. As of , 2026 there were shares of our common stock available for issuance under the Existing 2026 Plan and shares subject to outstanding restricted stock units which have been granted under the Existing 2026 Plan. On and after the closing of this offering, the Existing 2026 Plan will be superseded in its entirety by the A&R 2026 Plan.

The restricted stock units granted to certain employees under the Existing 2026 Plan in January 2026 are generally subject to graded, time-based vesting over either three or four years; provided that such award will remain outstanding and eligible to vest for 90 days if the employee is terminated by the Company other than for cause and a change of control (as defined in the Existing 2026 Plan) occurs within such 90 day period, and will accelerate and vest in full in the event of the holder's termination of service due to death or disability, or in the event the holder's service is terminated by the Company other than for cause within 90 days of a change of control.

This summary is not a complete description of all provisions of the Existing 2026 Plan and is qualified in its entirety by reference to the Existing 2026 Plan, which is filed as an exhibit to the registration statement of which this prospectus is part.

***A&R 2026 Plan.*** In connection with this offering, we adopted the A&R 2026 Plan, under which we may grant cash and equity-based incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The material terms of the A&R 2026 Plan are summarized below. This summary is not a complete description of all provisions of the A&R 2026 Plan and is qualified in its entirety by reference to the A&R 2026 Plan, which will be filed as an exhibit to the registration statement of which this prospectus is a part.

***Eligibility***. Participation in the A&R 2026 Plan will be limited to any (i) individuals employed by the Company (or any successor) or its subsidiaries (collectively, the "Company Group"); provided, that no such employee covered by a collective bargaining agreement will be eligible to participate in the A&R 2026 Plan unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) directors and officers of the Company Group; and (iii) consultants or advisors to the Company Group who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) above has entered into an award agreement or who has received written notification from the Committee or its designee that they have been selected to participate in the A&R 2026 Plan.

***Administration***. The A&R 2026 Plan will be administered by the Compensation Committee of the Board or any properly delegated subcommittee thereof or, if no such committee exists, the Board itself (the "Committee"). The Committee will have broad authority to designate participants, determine the type and terms of awards, interpret the plan, and make all other determinations necessary for administration of the plan.

***Share Reserve***. The maximum number of shares of Class A common stock that will be available for awards under the A&R 2026 Plan is equal to the sum of (a) a number of shares of Class A common stock equal to 10% of the number of shares of the classes of common stock outstanding on an as-converted basis as of immediately following the offering; and (b) an annual increase on the first day of each calendar year beginning on the January 1<sup>st</sup> of the first calendar year following the calendar year in which the offering occurs and ending on and including

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the ninth anniversary of such January 1st, equal to the lesser of (i) 5% of the aggregate number of shares of Class A common stock and Class B common stock outstanding on an as-converted basis on the last day of the immediately preceding calendar year and (ii) such smaller number of shares of Class A common stock as is determined by the Board (the "Overall Share Limit"). No more than a number of shares equal to the initial share reserve pursuant to the foregoing clause (a) may be issued pursuant to the exercise of "incentive stock options" granted under the A&R 2026 Plan.

Shares of common stock subject to awards that are forfeited, repurchased, surrendered, expire or otherwise terminate without issuance in full, or are settled in cash, in each case, in a manner that results in the Company acquiring shares of common stock covered by the award at a price not greater than the price paid by the participant for such shares of common stock or otherwise does not result in the issuance of all or a portion of the shares of common stock subject to such award (including on payment in shares of common stock on exercise of a stock appreciation right), such shares of common stock will, to the extent of such forfeiture, repurchase, surrender, expiration, termination, cash settlement or non-issuance, be added back to the shares available for grant under the A&R 2026 Plan. Awards granted under the A&R 2026 Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by an entity in connection with a corporate acquisition or combination with the Company will not reduce the shares authorized for grant under the A&R 2026 Plan.

In the event that (i) any option or other award granted under the A&R 2026 Plan is exercised through the tendering of shares of Class A common stock or by the withholding of shares of Class A common stock by the Company, or (ii) withholding tax liabilities arising from such option or other award are satisfied by the tendering of shares of Class A common stock or by the withholding of shares by the Company, then in each such case the shares of Class A common stock so tendered or withheld will be added to the shares of Class A common stock available for grant under the A&R 2026 Plan. The payment of dividend equivalents in cash in conjunction with any outstanding awards will not count against the Overall Share Limit. The following shares of Class A common stock will not be added to the shares of Class A common stock authorized for grant and will not be available for future grants of awards: (i) shares of Class A common stock subject to a stock appreciation right that are not issued in connection with the stock settlement of the stock appreciation right on exercise thereof; and (ii) shares of Class A common stock purchased on the open market by the Company with the cash proceeds from the exercise of options.

***Types of Awards***. The A&R 2026 Plan will authorize the grant of incentive stock options ("ISOs"), nonqualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units ("RSUs"), and other equity-based awards and cash-based incentive awards. Each award must be evidenced by a written award agreement.

***Stock Options and SARs.*** The A&R 2026 Plan will allow for the grant of stock options, which may be ISOs within the meaning of Section 422 of the Internal Revenue Code (the "Code") or non-qualified stock options. Stock options must have an exercise price of no less than 100% of the fair market value of a share of Class A common stock on the date of grant (110% in the case of an ISO granted to an employee who, at the time the ISO is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company Group). The option exercise price is payable in cash, check, cash equivalent and/or shares of common stock valued at the fair market value at the time the option is exercised (provided, that such shares of Class A common stock are not subject to any pledge or other security interest and have been held by the participant for at least six (6) months) or by such other method as the Committee may permit, in its sole discretion. Options typically expire ten years after grant (five years after grant in the case of an ISO granted to a participant who, at the time the ISO is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company Group) or earlier as may be provided in an award agreement.

The A&R 2026 Plan will also allow for the grant of SARs, which represent the right to receive any appreciation in a share of Class A common stock over a particular time period. These awards may be granted alone or in tandem with options under the A&R 2026 Plan. The strike price of a SAR may not be less than 100% of the fair

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market value of the underlying share on the date of grant (except with respect to certain substitute SARs granted in connection with a corporate transaction); provided that a SAR granted in tandem with (or in substitution for) an option previously granted shall have a strike price equal to the exercise price of the corresponding option. The term of a SAR may not be longer than ten years.

***Restricted Stock*.** The A&R 2026 Plan will allow for the grant of shares of restricted stock. An award of restricted stock is a grant of shares of Class A common stock which are subject to vesting conditions and transfer restrictions.

***RSUs*.** The A&R 2026 Plan will allow for the grant of RSUs. RSUs represent a right to receive, upon satisfaction of applicable vesting conditions, either a specified number of shares of Class A common stock or a cash payment equal to the fair market value (as of the date on which the applicable restricted period lapses) of a specified number of shares of Class A common stock, at the discretion of the Committee.

***Other Equity-Based Awards*.** The A&R 2026 Plan will allow for the grant of other equity-based awards, including awards that may be settled in shares of Class A common stock, in other property based on the value of a share of common stock, or as dividends on Class A common stock or dividend equivalents in respect of dividends paid on common stock. Any dividend or dividend equivalent otherwise payable in respect of any award under the A&R 2026 Plan that remains subject to vesting conditions at the time of payment of such dividend or dividend equivalent may be retained by the Company and remain subject to the same vesting conditions and risks of forfeiture as the underlying award to which the dividend or dividend equivalent relates.

***Cash-Based Incentive Awards.*** The A&R 2026 Plan will allow for the grant of cash-based incentive awards, which are awards denominated in cash.

***Vesting***. Awards granted under the A&R 2026 Plan will vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, attainment of performance criteria. The Committee may at any time provide that any award will become immediately vested and fully or partially exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable.

***Non-Employee Director Compensation Limits***. The maximum value of awards granted during a single fiscal year to any non-employee director, for services rendered as a non-employee director, taken together with any cash fees paid to such non-employee director during the fiscal year, may not exceed $750,000 in total value in respect of any fiscal year of the non-employee director's service on the Board. The Committee may make exceptions to such annual non-employee director compensation limit in extraordinary circumstances, as the Committee may determine in its discretion, provided that the non-employee director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving non-employee directors.

***Change in Control and Adjustment Event***. The A&R 2026 Plan will include provisions addressing the treatment of awards in connection with a Change in Control or other Adjustment Event (each as defined in the A&R 2026 Plan). The Committee is authorized to take various actions with respect to outstanding awards whenever the Committee determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the A&R 2026 Plan or with respect to any award under the A&R 2026 Plan, to facilitate transactions or events or to give effect to changes in applicable laws or accounting principles. Such actions may include substituting or assuming awards, accelerating vesting, canceling awards and making cash payments in settlement, adjusting the number and type of shares subject to awards as well as the exercise price or any applicable performance measures, replacing awards with other rights or property, and providing that awards will terminate following an applicable event.

***No Repricing***. Except as otherwise permitted under the A&R 2026 Plan in the context of an Adjustment Event, the Committee may not, without stockholder approval (i) reduce the exercise price of any option or the strike price of any SAR; (ii) cancel any outstanding option or SAR and replace it with a new option or SAR (with a

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lower exercise price or strike price, as the case may be) or other award or cash payment that is greater than the intrinsic value (if any) of the cancelled option or SAR; and (iii) take any other action which is considered a "repricing" for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted.

***Transferability***. Awards granted under the A&R 2026 Plan are generally not transferable other than by will or the laws of descent and distribution. The Committee may, in its discretion, permit transfers to certain family members, trusts, partnerships or limited liability companies for the benefit of the participant and immediate family members, and charitable organizations.

***Clawback***. All awards granted under the A&R 2026 Plan are subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with any clawback, forfeiture or similar policy adopted by the Board or the Committee and applicable law.

***Amendment and Termination***. The Board or Committee may amend, alter, suspend, discontinue or terminate the A&R 2026 Plan at any time, provided that stockholder approval is required for amendments where necessary to comply with applicable regulatory requirements or changes in accounting standards. No amendment that would materially and adversely affect the rights of any participant will be effective without the affected participant's consent. The A&R 2026 Plan will remain in effect until terminated by the Committee; provided, that an Incentive Stock Option may not be granted under A&R 2026 Plan after ten years from the date the stockholders adopted the A&R 2026 Plan.

***Grant of Awards to Certain Eligible Persons***. The Company may provide through the establishment of a formal written policy (which will be deemed a part of the A&R 2026 Plan) or otherwise for the method by which shares of common stock or other securities of the Company may be issued and by which such shares of common stock or other securities and/or payment therefor may be exchanged or contributed among the Company, its subsidiaries, or any of its affiliates, or may be returned to the Company upon any forfeiture of shares of common stock or other securities by the eligible person.

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**PRINCIPAL STOCKHOLDERS** 

The following table shows information as of , 2026 regarding the beneficial ownership of our Class A common stock as adjusted to give effect to this offering by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to beneficially own more than 5% of our Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and named executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group.

Beneficial ownership of shares is determined under rules of the SEC and generally includes any shares over which a person exercises sole or shared voting or investment power. Except as noted by footnote, and subject to community property laws where applicable, we believe based on the information provided to us that the persons and entities named in the table below have sole voting and investment power with respect to all shares of our Class A common stock shown as beneficially owned by them.

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Percentage of beneficial ownership is based on shares of Class A common stock outstanding as of , 2026 and shares of Class A common stock outstanding after giving effect to this offering, assuming no exercise of the underwriters' option to purchase additional shares, or shares of Class A common stock, assuming the underwriters exercise their option to purchase additional shares in full, and gives effect to the Transactions. The table below does not reflect any shares of Class A common stock that executive officers and directors may purchase in this offering through the directed share program described under "Underwriting—Directed Share Program." Unvested time-based shares of restricted Class A common stock subject to forfeiture are deemed to be beneficially owned by the holders thereof. Shares of Class A common stock subject to options currently exercisable or exercisable within 60 days of the date of this prospectus are deemed to be outstanding and beneficially owned by the person holding the options for the purposes of computing the percentage of beneficial ownership of that person and any group of which that person is a member, but are not deemed outstanding for the purpose of computing the percentage of beneficial ownership for any other person. Unless otherwise indicated, the address of all listed stockholders is 2000 Market Street, Suite 910, Philadelphia, PA 19103.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A Common Stock**<br>**Beneficially Owned** | **Class A Common Stock**<br>**Beneficially Owned** | **Class A Common Stock**<br>**Beneficially Owned** | **Class A Common Stock**<br>**Beneficially Owned** | **Class A Common Stock**<br>**Beneficially Owned** | **Class A Common Stock**<br>**Beneficially Owned** | **Class B Common Stock**<br>**Beneficially Owned** | **Class B Common Stock**<br>**Beneficially Owned** | **Class B Common Stock**<br>**Beneficially Owned** | **Class B Common Stock**<br>**Beneficially Owned** | **Class B Common Stock**<br>**Beneficially Owned** | **Class B Common Stock**<br>**Beneficially Owned** | **Combined Voting**<br>**Power<sup>(2)</sup>** | **Combined Voting**<br>**Power<sup>(2)</sup>** |
|  | **Before**<br>**this<br>offering<sup>(1)</sup>** | **Before**<br>**this<br>offering<sup>(1)</sup>** | **After this<br>offering<br>(no<br>exercise**<br>**of over-<br>allotment<br>option)** | **After this<br>offering<br>(no<br>exercise**<br>**of over-<br>allotment<br>option)** | **After this<br>offering<br>(with full<br>exercise**<br>**or over-<br>allotment<br>option)** | **After this<br>offering<br>(with full<br>exercise**<br>**or over-<br>allotment<br>option)** | **Before**<br>**this<br>offering** | **Before**<br>**this<br>offering** | **After this<br>offering<br>(no<br>exercise**<br>**of over-<br>allotment<br>option)** | **After this<br>offering<br>(no<br>exercise**<br>**of over-<br>allotment<br>option)** | **After this<br>offering<br>(with full<br>exercise**<br>**or over-<br>allotment<br>option)** | **After this<br>offering<br>(with full<br>exercise**<br>**or over-<br>allotment<br>option)** | **After this<br>offering<br>(No<br>exercise<br>of over-<br>allotment<br>option)** | **After this<br>offering<br>(with full<br>exercise<br>of over-<br>allotment<br>option)** |
| **Name of beneficial owner** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **Number** | **%** | **%** | **%** |
|  **5% Stockholders** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omega Capital Partners, LP<sup>(3)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne Cooperman |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WhiteHawk Minerals LLC<sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  **Named Executive Officers and Directors** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daniel Herz |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffrey Slotterback<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stephen Pilatzke |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Downs<sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew Heinlein |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffery Smith<sup>(6)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peggy Gold |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andrew Ceitlin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alan Bigman |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trey Karlovich |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **All directors, director designees and executive officers as a group (10 persons)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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\* Represents beneficial ownership of less than 1% of our outstanding Class A common stock. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects holdings of Class A common stock, Class I common stock and Class T common stock after giving effect to
the Common Stock Reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents the percentage of voting power of our Class A common stock and Class B common stock, voting
as a single class. Each share of Class A common stock entitles the registered holder thereof to one vote per share, and each share of Class B common stock entitles the registered holder thereof to one vote per share, in each case, on all
matters presented to stockholders for a vote generally, including the election of directors. The Class A common stock and Class B common stock will vote as a single class on all matters except as required by law or our amended and restated
certificate of incorporation. Our Class B common stock does not have any of the economic rights (including rights to dividends and distributions upon dissolution or liquidation) associated with our Class A common stock. See
"Description of Capital Stock."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects beneficial ownership of shares of Class A common stock held by Omega Capital Partners, LP
("Omega"). By virtue of his position as managing member of the general partner of Omega, Leon Cooperman may be deemed to have sole voting and dispositive power over the shares held by Omega. The business address of Omega is 7118 Melrose
Castle Lane, Boca Raton, Florida 33496.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Following the first anniversary of the closing of the Internalization, WhiteHawk Minerals LLC (the
"Management Contributor") expects to distribute the shares of Class B common stock received by it in connection with the Internalization to the Subsequent Continuing Equity Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of      shares of Class A common stock and      Class B
shares of common stock held by PhiCap Advisors, LLC ("PhiCap"). PhiCap is a Delaware limited liability company that is managed by its members. Jeffrey Slotterback and Michael Downs are each members of PhiCap and, as such, share voting
and dispositive power over the shares held by PhiCap with the other members of PhiCap. Decisions regarding the voting and disposition of shares held by PhiCap are made by the affirmative vote of members holding a majority of the percentage interests
in PhiCap. Mr. Slotterback holds a 25.01% percentage interest in PhiCap, and Mr. Downs holds a 24.99% percentage interest in PhiCap. Each of Mr. Slotterback and Mr. Downs disclaims beneficial ownership of the shares held by PhiCap except to the
extent of his pecuniary interest therein. The address of PhiCap is 1430 Walnut Street, Suite 200, Philadelphia, PA 19102.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock and     Class B shares of
common stock (in addition to an equal number of OpCo Interests) held by BCA-WHE LLC ("BCA-WHE"). BCA-WHE is a Delaware limited liability company. Jeffery A. Smith serves as the Chief Executive Officer of BCA-WHE. In such capacity, Mr.
Smith has been delegated voting and dispositive power over the shares held by BCA-WHE. Mr. Smith disclaims beneficial ownership of the shares held by BCA-WHE except to the extent of his pecuniary interest therein. The address of BCA-WHE is 3284
Northside Parkway NW, Suite 150 Atlanta, GA 30327.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

The following are summaries of certain provisions of our related party agreements and are qualified in their entirety by reference to all of the provisions of such agreements. Because these descriptions are only summaries of the applicable agreements, they do not necessarily contain all of the information that you may find useful. Therefore, we urge you to review the agreements in their entirety. Copies of the forms of the agreements have been filed as exhibits to the registration statement of which this prospectus is a part, and are available electronically on the website of the SEC at www.sec.gov.

We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or the amounts that we would pay or receive, as applicable, in arm's-length transactions.

**OpCo Agreement** 

***Agreement in Effect Before Consummation of the Transactions***

We and OP GP are currently parties to the OpCo Agreement, which governs the business operations of WhiteHawk OpCo and defines the relative rights and privileges associated with the existing units of WhiteHawk OpCo. Under the existing OpCo Agreement, the OP GP has full, exclusive discretion to manage and control the business and affairs of WhiteHawk OpCo, and the day-to-day business operations of WhiteHawk OpCo are overseen and implemented by the OP GP and its Board of Managers.

***Agreement in Effect Upon Consummation of the Transactions***

In connection with the consummation of the Transactions, WhiteHawk OpCo will amend and restate the OpCo Agreement.

*Appointment of General Partner*. Under the OpCo Agreement, OP GP will serve as the sole general partner of WhiteHawk OpCo. As the sole member of OP GP, we will control OP GP and, through OP GP, control all of the day-to-day business affairs and decision-making of WhiteHawk OpCo without the approval of any limited partner. As such, we, through our officers and directors, will be responsible for all operational and administrative decisions of WhiteHawk OpCo and daily management of WhiteHawk OpCo's business. Pursuant to the terms of the OpCo Agreement, OP GP cannot be removed as the sole general partner of WhiteHawk OpCo, and OP GP may not transfer or assign its general partner interest or withdraw from WhiteHawk OpCo, except in connection with a General Partner Change of Control (as defined in the OpCo Agreement) or a reconstitution, conversion or transfer of such interest to one of our wholly-owned subsidiaries. Any vacancy in the position of general partner of WhiteHawk OpCo will be filled by us.

*Compensation, Fees and Expenses*. OP GP will not be entitled to compensation for its services as the general partner of WhiteHawk OpCo. We will be entitled to reimbursement by WhiteHawk OpCo for reasonable fees and expenses incurred on behalf of WhiteHawk OpCo, including all expenses associated with the Transactions, any subsequent offering of our Class A common stock, being a public company, and maintaining our corporate existence.

*Capitalization*. The OpCo Agreement authorizes three classes of units: common units, Series B preferred units and Series D preferred units. Common units share pro rata in profits, losses and distributions and (other than those held by us) are subject to the Redemption Right. The Series B and Series D preferred units are issued solely to us, accrue cumulative distributions, carry liquidation preferences, are non-voting and non-convertible (except for an automatic conversion into common units in connection with certain IPO- or Qualifying Offering-funded redemptions). OP GP may cause WhiteHawk OpCo to issue additional units or other equity securities substantially equivalent to a corresponding class or series of our stock.

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*Distributions*. Except to the extent such distributions would render WhiteHawk OpCo insolvent or are otherwise prohibited by law or any of our debt agreements, the OpCo Agreement will require "tax distributions" to be made by WhiteHawk OpCo to its unitholders, pro rata in accordance with economic interests, in an amount at least sufficient to allow its unitholders, including us, to pay taxes imposed on their allocable share of taxable income of WhiteHawk OpCo to the extent its unitholders, including us, do not otherwise receive non-tax distributions from WhiteHawk OpCo in amounts at least sufficient to allow such unitholders, including us, to pay such taxes. The assumed tax rate for purposes of determining tax distributions will be the highest combined U.S. federal, state, and local tax rate that may potentially apply to any one of WhiteHawk OpCo's unitholders, regardless of the actual, final tax liability of any such partner. The OpCo Agreement will also allow for cash distributions of "Available Cash" (as defined in the OpCo Agreement) to be made by WhiteHawk OpCo (subject to the sole discretion of OP GP) to its unitholders on a pro rata basis. We expect WhiteHawk OpCo may make such distributions periodically and as necessary to enable us to cover our operating expenses and other obligations, including any tax liability, except to the extent such distributions would render WhiteHawk OpCo insolvent or are otherwise prohibited by law or any of our future debt agreements.

*Transfer Restrictions*. The OpCo Agreement generally does not permit transfers of OpCo Interests by limited unitholders, except for transfers to permitted transferees, transfers pursuant to the Redemption Right (as described below) and transfers approved in writing by OP GP, and other limited exceptions. The OpCo Agreement may impose additional restrictions on transfers that are necessary or advisable so that WhiteHawk OpCo is not treated as a "publicly traded unitholdership" taxable as a corporation for U.S. federal income tax purposes. In the event of a permitted transfer under the OpCo Agreement, such limited partner will be required to simultaneously transfer to such transferee a number of shares of Class B common stock equal to the number of OpCo Interests that were transferred to such transferee. Notwithstanding the foregoing, Continuing Equity Owners will be prohibited from transferring or redeeming their OpCo Interests and corresponding Class B common stock or related securities for 365 days following the consummation of this offering, or such shorter period as determined by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering (the "OpCo Lockup").

*Redemption Right*. Subject to certain limitations, including the expiration of the OpCo Lockup, each Continuing Equity Owner will have the right (the "Redemption Right") to cause WhiteHawk OpCo to redeem all or a portion of their OpCo Interests for, at our election (determined solely by our independent directors who are disinterested), newly-issued shares of our Class A common stock on a one-for-one basis or a cash payment equal to (i) a volume weighted average market price of one share of Class A common stock for each OpCo Interest so redeemed or (ii) in the case that the cash is from a related sale of stock by us, the net proceeds per share from such sale, in each case in accordance with the terms of the OpCo Agreement. The Redemption Right may be exercised by a Continuing Equity Owner only three times per calendar quarter and is subject to a minimum redemption number specified in the OpCo Agreement. In connection with any such redemption, a corresponding number of shares of Class B common stock held by the redeeming Continuing Equity Owner will automatically be transferred to us for no consideration and canceled. We may, at our option, effect a direct exchange of cash or Class A common stock for such OpCo Interests in lieu of such a redemption by WhiteHawk OpCo. Whether by redemption or exchange, we are obligated to ensure that at all times the number of OpCo Interests we own equals the number of shares of Class A common stock issued and outstanding (subject to certain exceptions for treasury shares and equity compensation).

Each Continuing Equity Owner's Redemption Right will be subject to certain customary limitations, including the expiration of any contractual lock-up period relating to the shares of our Class A common stock that may be applicable to such Continuing Equity Owner and the absence of any liens or encumbrances on such OpCo Interests redeemed. We may elect to settle a redemption in cash only to the extent we have consummated a substantially contemporaneous private or public offering of shares of Class A common stock sufficient to fund such cash payment, and if such offering is not consummated by the redemption date, the redemption will instead be settled in shares of our Class A common stock. Additionally, in the case we elect a cash settlement, such Continuing Equity Owner may rescind its redemption request within a specified period of time. Moreover, in the

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case of a settlement in Class A common stock, such redemption may be conditioned on the closing of an underwritten distribution of the shares of Class A common stock to be issued in connection with such proposed redemption. In the case of a settlement in Class A common stock, such Continuing Equity Owner may also revoke or delay its redemption request if the following conditions exist: (1) any registration statement pursuant to which the resale of the Class A common stock to be registered for such Continuing Equity Owner at or immediately following the consummation of the redemption shall have ceased to be effective; (2) we failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such redemption; (3) we exercised our right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Continuing Equity Owner to have its Class A common stock registered at or immediately following the consummation of the redemption; (4) such Continuing Equity Owner is in possession of any material non-public information concerning us, the receipt of which results in such Continuing Equity Owner being prohibited or restricted from selling Class A common stock at or immediately following the redemption without disclosure of such information (and we do not permit disclosure); (5) any stop order relating to the registration statement pursuant to which the Class A common stock was to be registered by such Continuing Equity Owner at or immediately following the redemption shall have been issued by the SEC; (6) 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; (7) 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; (8) we shall have failed to comply in all material respects with our obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Continuing Equity Owner to consummate the resale of the Class A common stock to be received upon such redemption pursuant to an effective registration statement; (9) the redemption date would occur during a black-out period; or (10) such Continuing Equity Owner so elects by written notice to WhiteHawk OpCo no later than three business days prior to the scheduled redemption date.

The OpCo Agreement will require that in the case of a redemption by a Continuing Equity Owner, we contribute cash or shares of our Class A common stock to WhiteHawk OpCo in exchange for an amount of newly-issued OpCo Interests equal to the number of OpCo Interests redeemed from the Continuing Equity Owner. WhiteHawk OpCo will then distribute the cash or shares of our Class A common stock, as applicable, to such Continuing Equity Owner to complete the redemption. In the event of a redemption election by a Continuing Equity Owner, we may, at our option, effect a direct exchange of cash or our Class A common stock for such OpCo Interests in lieu of such a redemption by WhiteHawk OpCo. Whether by redemption or exchange, we are obligated to ensure that at all times the number of OpCo Interests that we own equals the number of our outstanding shares of Class A common stock (subject to certain exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

Except for certain exceptions, any transferee of OpCo Interests must execute a joinder to the OpCo Agreement and assume all of the obligations of the transferring limited partner with respect to the transferred OpCo Interests, and such transferee shall be bound by any limitations and obligations under the OpCo Agreement. A limited partner shall remain as a limited partner with all rights and obligations until the transferee is admitted as a substitute limited partner in accordance with the OpCo Agreement.

*Issuance of OpCo Interests*. The OpCo Agreement will authorize the issuance of OpCo Interests to us in exchange for the net proceeds from this offering and any future offerings of our Class A common stock. Each OpCo Interest generally will entitle the holder to a pro rata share of the net profits and net losses and distributions of WhiteHawk OpCo based on the holder's Percentage Interest.

*Maintenance of One-to-One Ratios*. The OpCo Agreement requires WhiteHawk OpCo to take all actions with respect to its OpCo Interests, including issuances, reclassifications, distributions, divisions or recapitalizations, such that (1) we at all times maintain a ratio of one OpCo Interest owned by us, directly or indirectly, for each share of Class A common stock issued and outstanding (subject to certain exceptions for treasury stock and equity compensation), and (2) unless otherwise determined by the general partner, WhiteHawk OpCo at all times

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maintains a one-to-one ratio between the number of shares of Class B common stock issued to and owned by the Continuing Equity Owners and their permitted transferees and the number of OpCo Interests owned by the Continuing Equity Owners and their permitted transferees. WhiteHawk OpCo is prohibited from undertaking any subdivision or combination of the OpCo Interests that is not accompanied by an identical subdivision or combination of our Class A common stock and Class B common stock to maintain such one-to-one ratios.

*Issuance of OpCo Interests Upon Exercise of Equity Awards*. Upon the exercise of options or other equity awards issued by us, or the issuance of other types of equity compensation by us (such as the issuance of restricted or non-restricted stock, payment of bonuses in stock, or settlement of stock appreciation rights in stock), we will have the right to acquire from WhiteHawk OpCo a number of OpCo Interests equal to the number of shares of our Class A common stock being issued in connection with the exercise of such options or issuance of other types of equity compensation.

*Dissolution*. The OpCo Agreement will provide that the voluntary dissolution of WhiteHawk OpCo will require the unanimous consent of OP GP and all of the unitholders. In addition to a voluntary dissolution, WhiteHawk OpCo will be dissolved upon a Change of Control Transaction (as defined in the OpCo Agreement) that is not approved by the Majority Unitholders (as defined in the OpCo Agreement), the entry of a decree of judicial dissolution or other circumstances in accordance with Delaware law. Upon a dissolution event, the proceeds of a liquidation will be applied in the following order: (1) first, to pay all of the debts, liabilities and obligations of WhiteHawk OpCo owed to creditors other than the unitholders, including all expenses incurred in connection with the liquidation and winding up of WhiteHawk OpCo; (2) second, to pay all of the debts, liabilities and obligations of WhiteHawk OpCo owed to the unitholders (other than any payments or distributions owed to such unitholders in their capacity as unitholders pursuant to the OpCo Agreement); (3) third, to us in respect of the Series D Preferred Units, in an amount equal to the aggregate liquidation preference for all then-outstanding Series D Preferred Units; (4) fourth, to us in respect of the Series B Preferred Units, in an amount equal to the aggregate liquidation preference for all then-outstanding Series B Preferred Units; and (5) fifth, to the unitholders in respect of their common units pro rata in accordance with their respective Percentage Interests.

*Confidentiality*. OP GP and each partner agree to maintain the confidentiality of WhiteHawk OpCo's confidential information. This obligation excludes information independently obtained or developed by the unitholders, information that is in the public domain or otherwise disclosed to a partner, in either such case not in violation of a confidentiality obligation under the OpCo Agreement, or approved for release by written authorization of our Chief Executive Officer, Chief Financial Officer, or General Counsel, or any other officer designated by us.

*Indemnification*. The OpCo Agreement will provide for indemnification of OP GP, the limited unitholders, and officers of WhiteHawk OpCo or their respective affiliates, to the fullest extent permitted by Delaware law.

*Amendments*. The OpCo Agreement may generally be amended or modified solely by OP GP. However, certain amendments require additional approvals, including: amendments that modify any partner's limited liability or increase any partner's liabilities or obligations, which require the consent of each affected partner; amendments that materially alter or change the rights, preferences or privileges of any class of OpCo Interests in a manner that is different or prejudicial relative to other holders of the same class, which require the approval of the affected holders; and amendments that materially and adversely alter or change the rights, preferences or privileges of OP GP or us, which require the approval of a majority of our independent directors.

**Contribution Agreement** 

In connection with this offering, we and certain of our subsidiaries expect to enter into the Contribution Agreement with the Management Contributor providing for the contribution of ManagementCo to WhiteHawk OpCo in exchange for OpCo Interests, and in connection therewith, the Management Contributor will subscribe for a corresponding amount of shares of our Class B common stock. The description of the terms of the Internalization and the Contribution Agreement described herein are subject to the execution of definitive documentation among the parties thereto.

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***Internalization***

Under the terms of the Internalization, we will acquire all of the outstanding interests in ManagementCo from the Management Contributor, and WhiteHawk Energy Services LLC ("WhiteHawk Services"), the company that currently employs the personnel that manages our business on behalf of ManagementCo, will become a wholly-owned subsidiary of ManagementCo. After the closing of the Internalization and the consummation of this offering, we will be internally managed and operated by our executive officers and other employees. We will pay compensation and related employee expenses directly to our employees. In addition, in connection with the Internalization and the consummation of this offering, (i) Mr. Herz and Mr. Slotterback, who will be Subsequent Continuing Equity Owners, will enter into employment agreements, as further described in the section titled "Executive and Director Compensation," and (ii) our obligations under the Investment Management Agreement and Administrative Services Agreement, including the payment of the various management fees under the Investment Management Agreement, will be delegated in full to WhiteHawk OpCo. In addition, immediately before the contribution of the interests in ManagementCo and the delegation of the Investment Management Agreement and Administrative Services Agreement to WhiteHawk OpCo, ManagementCo will assign to Management Contributor the right to receive (x) the Liquidity Incentive Fee payable to ManagementCo under the Investment Management Agreement upon the consummation of this offering, which will be paid in accordance with its terms using the proceeds from this offering and (y) once fully vested in accordance with the terms of the Letter Agreement, the shares of restricted stock previously issued to ManagementCo under the Investment Management Agreement, which will remain outstanding in accordance with their terms.

***Terms of the Contribution Agreement***

***Purchase Price***. Pursuant to the Contribution Agreement, we will acquire ManagementCo from the Management Contributor for a total purchase price of $125.0 million, subject to an adjustment up or down, in each case by a maximum of $15.0 million, depending on the initial public offering price (as adjusted, the "Internalization Price"). The Internalization Price will be payable solely in the form of OpCo Interests and shares of Class B common stock. The number of OpCo Interests to be received by the Management Contributor will be determined by dividing the Internalization Price by the initial public offering price in this offering, and the Management Contributor will receive one share of Class B common stock for each OpCo Interest received. Following the first anniversary of the closing of the Internalization, we expect that the Management Contributor will distribute the OpCo Interests and Class B common stock received pursuant to the Contribution Agreement to the Subsequent Continuing Equity Owners. The number of OpCo Interests to be received by the Management Contributor pursuant to the Contribution Agreement will be determined by dividing the Internalization Price by the initial public offering price in this offering. As a result of the foregoing, we will not know the final Internalization Price until we determine the initial offering price per share of this offering. In addition, the Management Contributor will subscribe for and receive one share of Class B common stock for each OpCo Interest received. The Class B common stock has the same voting rights as our Class A common stock, but no economic value. The holders of the Class B common stock will not receive distributions from us. Upon any redemption or exchange of the OpCo Interests issued in connection with the Internalization for shares of our Class A common stock, the Company may benefit from certain tax attributes, including potential increases in tax basis that may reduce the amount of tax that would otherwise be payable by us. In connection with any such redemption or exchange of OpCo Interests, a corresponding number of shares of Class B common stock held by the relevant Continuing Equity Owners will automatically be transferred to us for no consideration and be canceled. See "Our Organizational Structure."

***Earnout***. Pursuant to the Contribution Agreement, the Continuing Equity Owners have agreed that 25% of the Internalization Price (the "Earnout Amount") is conditioned on us achieving certain Adjusted EBITDA targets

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(each an "EBITDA Target") in each of the three 12-month periods from July 1, 2026 to June 30, 2029 (each such 12-month period, an "Earnout Year") as follows:

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| | | |
|:---|:---|:---|
| <u>Earnout Year ending:</u> | <u>EBITDA Target:</u> | <u>Earnout Amount received:</u> |
| June 30, 2027 | $106.6 million | One-third |
| June 30, 2028 | $129.0 million | Up to two-thirds (less any Earnout Amount received in the prior Earnout Year) |
| June 30, 2029 | $126.0 million | Up to the entire Earnout Amount (less any Earnout Amount received in the prior two Earnout Years) |

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In addition, if we fail to achieve the EBITDA Target in any Earnout Year, the Continuing Equity Owners may become entitled to receive a proportionate share of the Earnout Amount if we achieve or surpass the following lower Adjusted EBITDA thresholds (each a "Minimum EBITDA"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $80.2 million for the Earnout Year ending June 30, 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $97.0 million for the Earnout Year ending June 30, 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $94.8 million for the Earnout Year ending June 30, 2029.

In this case, the proportion of the Earnout Amount that the Continuing Equity Owners will be entitled to receive will be based on a percentage based on our actual Adjusted EBITDA for the relevant Earnout Year relative to the difference between the EBITDA Target and the Minimum EBITDA for such Earnout Year. With the exception of the DERs which will be paid in cash, the Earnout Amount, if and when earned, will be payable solely in the form of additional OpCo Interests and a corresponding number of shares of Class B common stock.

In addition, if we undergo a change of control (as defined in the Contribution Agreement), the Continuing Equity Owners will become entitled to receive the full Earnout Amount (to the extent not previously received), regardless of whether the change of control occurs during an Earnout Year or whether any EBITDA Target has been achieved.

If we fail to achieve the Minimum EBITDA for each of the three Earnout Years, the Continuing Equity Owners will not be entitled to receive any of the Earnout Amount.

***Dividend Equivalent Rights***. From and after the closing of the Internalization, the Continuing Equity Owners will be entitled to receive, in respect of the Earnout Amount, dividend and distribution equivalent payments in an amount equal to the dividends and distributions that would have been paid on the OpCo Interests issuable in respect of the Earnout Amount had such OpCo Interests been outstanding from the closing of the Internalization. Any such dividend and distribution equivalent payments not already paid that are attributable to any portion of the Earnout Amount that is ultimately not earned will be forfeited.

***Representations, Warranties and Covenants***. The Contribution Agreement will contain customary representations, warranties and covenants by the parties and also provide for indemnification, to be paid, if applicable, in the form of OpCo Interests, subject to certain limits, for inaccuracies or breaches of representations and warranties and breaches or failure to perform covenants. Under the terms of the Contribution Agreement, the consummation of the Internalization is subject to certain closing conditions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prior or contemporaneous effectiveness of the amended and restated OpCo Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• execution of employment agreements with certain Continuing Equity Owners, as further described in the section
titled "Executive and Director Compensation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of any legal, regulatory or judicial action prohibiting the consummation of the Internalization or
the other Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to the Class B common stock portion of the Internalization consideration, consummation of this
offering.

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The representations and warranties set forth in the Contribution Agreement will be made solely for the benefit of the parties to the Contribution Agreement. In addition, those representations and warranties (i) will be made only for the purpose of the Contribution Agreement, (ii) will be qualified by the disclosures made to the other party in connection with the Contribution Agreement, (iii) will be subject to certain materiality qualifications contained in the Contribution Agreement that may differ from what may be viewed as material by investors and (iv) will be included in the Contribution Agreement for the purpose of allocating risk between the contracting parties rather than establishing matters as facts and should not be relied upon by persons who are not parties to the Contribution Agreement as statements of factual information.

The Management Contributor will be prohibited under the terms of the Contribution Agreement from distributing, encumbering, transferring or otherwise disposing of any portion of the OpCo Interests and Class B common stock received pursuant to the Contribution Agreement until the later of (i) the date that is 12 months after the Contribution Date (with respect to OpCo Interests) or the Closing of the offering (with respect to the Class B common stock) (the "Release Date") and (ii) the date on which any claim that we make prior to the Release Date for indemnification under the terms of the Contribution Agreement is finally resolved. Notwithstanding the foregoing transfer restriction, to the extent that there are any unresolved indemnification claims that we have made prior to the Release Date, the Management Contributor will be permitted to distribute a portion of the OpCo Interests and Class B common stock received pursuant to the Contribution Agreement with a value in excess of 110% of our good faith estimate of the loss giving rise to indemnification claim. We expect that on or shortly after the Release Date, the Management Contributor will distribute to the Subsequent Continuing Equity Owners as much of the OpCo Interests and Class B common stock received pursuant to the Contribution Agreement as is permitted pursuant to the Contribution Agreement.

***Registration Rights.***

In connection with the Internalization, the Company and certain of the Subsequent Continuing Equity Owners will enter into the Registration Rights Agreement, which will include customary demand and piggyback registration rights, as further described in "Certain Relationships and Related Party Transactions."

***Lock-Up***. The Continuing Equity Owners will be subject to lock-up restrictions on the OpCo Interests and shares of Class B common stock received in connection with the Internalization. The lock-up applicable to Daniel Herz, Jeff Slotterback and Stephen Pilatzke will be set forth in their respective employment agreements, and the lock-up applicable to all other Continuing Equity Owners will be on the same terms as the lock-up applicable to other parties in connection with this offering, as further described in the section titled "—OpCo Agreement" and "Underwriting."

***Special Committee***

As part of the process of considering an internalization transaction, our board of directors approved the formation of a special committee comprised of Peggy Gold, Alan Bigman and Andrew Ceitlin, each of whom is an independent director within the meaning of the NYSE listing standards (the "Special Committee"). The Special Committee was represented by its own independent legal and financial advisors. None of the members of the Special Committee are or have been affiliated with ManagementCo. The Special Committee negotiated the terms of the Contribution Agreement in an arm's length transaction. The Special Committee unanimously recommended that the full board of directors of the Company approve the terms of the Contribution Agreement and underlying Internalization. On the basis of the Special Committee's recommendation, the full board of directors of the Company also unanimously approved the terms of the Contribution Agreement and underlying Internalization.

The foregoing description of the Contribution Agreement and the Registration Rights Agreement, and the transactions contemplated thereby, are summaries and are subject to, and qualified in their entirety by, the full text of the Contribution Agreement and the Registration Rights Agreement, copies of which will be filed as exhibits to this registration statement and will be incorporated by reference herein.

**Investment Management Agreement** 

We entered into the Investment Management Agreement, amended and restated as of October 3, 2025, with WhiteHawk Management. Certain of our directors and officers also serve as officers of WhiteHawk Management

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including Mr. Herz as chief executive officer, Mr. Smith as president and Mr. Slotterback as chief financial officer. WhiteHawk Management is indirectly controlled by WhiteHawk Energy, which is owned and controlled by Mr. Herz, Mr. Heinlein and PhiCap Advisors, where Mr. Slotterback is a partner. See "Executive and Director Compensation" for more information.

Pursuant to the Investment Management Agreement, WhiteHawk Management has agreed to avail itself to the Company of its experience, source of information, advice, assistance and certain facilities to aid the Company in generating cash flow from its operations with the potential for capital appreciation. WhiteHawk Management's responsibilities pursuant to the Investment Management Agreement include, but are not limited to: (i) providing necessary investment advisory and management services, (ii) investigating, selecting and, on behalf of the Company, engaging and conducting business with such persons as WhiteHawk Management deems necessary to the proper performance of its obligations thereunder, (iii) locating, analyzing and performing due diligence on and selecting potential assets, (iv) structuring and negotiating terms and conditions of transactions pursuant to which asset acquisitions and dispositions will be made, (v) making asset acquisitions and dispositions on behalf of the Company in compliance with the business strategy and policies of the Company, (vi) arranging for financing and refinancing and making other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with asset acquisitions, (vii) determining the composition of the Company's assets, the nature and timing of the changes therein and the manner of implementing such changes, (viii) assisting the Company with asset valuations, (ix) servicing and monitoring the Company's assets and (x) arranging for the payment of Company expenses. Under the Investment Management Agreement, WhiteHawk Management earns a monthly asset management fee (the "Base Management Fee"), a dividend incentive fee (the "Dividend Incentive Fee") and an incentive fee upon a liquidity event for our assets (the "Liquidity Incentive Fee"). The listing of our Class A common stock on the in connection with the consummation of this offering will constitute a liquidity event entitling WhiteHawk Management to a Liquidity Incentive Fee pursuant to the Investment Management Agreement, which is equal to 12.5% of the excess proceeds from the liquidity event, calculated after the initial and continuing investors holding shares of WhiteHawk's Class A common stock or preferred stock, or any combination thereof, receive 100% of their initial invested capital plus a 7.5% annualized non-compounded return.

For the three months ended March 31, 2026 and 2025, we paid WhiteHawk Management $3.0 million and $1.4 million, respectively, and for the years ended December 31, 2025, 2024 and 2023, we paid WhiteHawk Management $10.0 million, $4.7 million and $2.3 million, respectively, related to WhiteHawk Management's Base Management Fee and Dividend Incentive Fee. Upon the sale of shares of our Class A common stock in this offering, at an assumed public offering price of $ per share, which is the midpoint of the price range set forth on the cover of this prospectus, WhiteHawk Management will be entitled to receive a Liquidity Incentive Fee of approximately $.

**Administrative Services Agreement** 

We entered into an administrative services agreement, dated as of March 1, 2022 (the "Administrative Services Agreement"), with WhiteHawk Management. Pursuant to the Administrative Services Agreement, WhiteHawk Management performs and oversees on our behalf the performance of various administrative services that we require. Such administrative services include, but are not limited to, the provision of office facilities and equipment; the provision of clerical, bookkeeping, general ledger accounting, and recordkeeping services; investor services, assistance with tax preparation; regulatory filings; procurement of operational services including agreements with custodians, escrow agents, depositories, transfer agents, accountants, auditors, engineers, environmental experts, tax consultants, advisers, escrow agents, attorneys, marketing contractors, public relations firms, investor communication agents, printers, insurers, banks, independent valuation agents, and any other services, except investment advisory services, as WhiteHawk Management from time to time determines to be necessary or useful to perform its obligations under the Administrative Services Agreement. The Administrative Services Agreement provides for the reimbursement of WhiteHawk Management's costs and expenses paid for such administrative services. For the three months ended March 31, 2026 and 2025, we paid WhiteHawk Management $1.4 million and $0.4 million, respectively, and for the years ended December 31, 2025, 2024 and 2023, we paid WhiteHawk Management $6.8 million, $2.1 million and $1.9 million, respectively, for reimbursement for the administrative costs and expenses paid pursuant to the Administrative Services Agreement.

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**Other Related Party Transactions** 

Jeffery Smith, our President and director, is the chief executive officer and co-owner of Preferred Capital Securities, LLC ("PCS"). We entered into a dealer manager agreement, dated as of March 18, 2022 (the "Common Stock DMA"), with PCS. Pursuant to the Common Stock DMA, PCS agreed to act as our agent and exclusive distributor in connection with our continuing offer (the "Private Offering") to accredited investors of our Class A common stock, $0.0001 par value (the "Class A Shares"), Class I common stock, $0.0001 par value (the "Class I Shares"), and Class T common stock, $0.0001 par value (the "Class T Shares"), pursuant to a confidential private placement memorandum (the "Memorandum"). Under the agreement, PCS has agreed to find, on a best efforts basis, purchasers for our Class A Shares, Class I Shares and Class T Shares for cash through broker-dealers or registered investment advisors, all of which are members of the Financial Industry Regulatory Authority, Inc. ("FINRA"), or registered as investment advisors with the SEC or state regulatory authorities, as appropriate.

Under the Common Stock DMA, PCS is entitled to a dealer manager fee of 2.5% of the price of Class A Shares and Class T Shares sold in the Private Offering. In addition, we agreed to pay PCS a selling commission equal to 6.0% of the price of Class A Shares, and 4.0% of Class T Shares sold in the Private Offering. Additionally, a trail commission equal to 0.7% annually will be paid on Class T Shares subject to the restrictions and provisions as described in the Memorandum. For the three months ended March 31, 2026 and 2025, we paid PCS $0.2 million and $0.2 million, respectively, and for the years ended December 31, 2025, 2024 and 2023, we paid PCS $5.2 million, $0.7 million and $0.9 million, respectively, in compensation for its services under the Dealer Manager Agreement.

We also entered into a dealer manager agreement, dated as of February 2, 2024 (the "Preferred Stock DMA" and, together with the Common Stock DMA, the "DMAs"), with PCS. Pursuant to the Preferred Stock DMA, PCS agreed to act as our agent and exclusive distributor in connection with the continuing Private Offering to accredited investors of shares of our Series B preferred common stock, $0.0001 par value (our "Series B Preferred Shares") pursuant to the Memorandum. Under the Preferred Stock DMA, PCS has agreed to find, on a best efforts basis, purchasers for our Series B Preferred Shares for cash through broker-dealers or registered investment advisors, all of which are members of FINRA or registered as investment advisors with the SEC or state regulatory authorities, as appropriate.

Under the Preferred Stock DMA, PCS is entitled to a dealer manager fee of up to 3.0% of the price per Series B Preferred Share sold in the Private Offering. In addition, we agreed to pay PCS a selling commission of up to 7.0% of the price per Series B Preferred Share sold in the Private Offering. For the three months ended March 31, 2026 and 2025, we paid PCS $0.9 million and $0.3 million, respectively, and for the years ended December 31, 2025 and 2024, we paid PCS $1.6 million and $0.8 million, respectively, in compensation for its services under the Preferred Stock DMA.

Pursuant to each DMA, no selling commissions or dealer manager fees will be paid in connection with the common stock or preferred stock, as applicable, sold to WhiteHawk Management, its management and their family members, employees and their family members and WhiteHawk Management's other affiliates. As president of WhiteHawk Management, Mr. Smith is not entitled to any selling commissions or dealer management fees under each DMA.

PhiCap Advisors LLC ("PhiCap") provides leadership and capital solutions support to the Company through a consulting agreement. In addition, PhiCap owns approximately 10% of WhiteHawk Energy LLC (and receives approximately 20% of the economics of WhiteHawk Energy, LLC), which in turns owns 75% of WhiteHawk Minerals LLC. For the three months ended March 31, 2026, the Company paid PhiCap $0.1 million and $0.1 million in consulting fees and reimbursements, respectively. For the three months ended March 31, 2025, the Company paid PhiCap $0.1 million and $0.1 million in consulting fees and reimbursements, respectively. For the year ended December 31, 2025, the Company paid PhiCap $1.3 million and $0.3 million in consulting fees and reimbursements, respectively. During the year ended December 31, 2024, the Company paid $0.5 million and $0.1 million in consulting fees and reimbursements, respectively.

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**Employment Agreements** 

Prior to the consummation of this offering, we intend to enter into employment agreements with certain of our named executive officers. See "Executive and Director Compensation—Additional Narrative Disclosure Regarding Executive Compensation Matters—Employment Agreements" for a description of the employment agreements.

**Registration Rights Agreement** 

In connection with this offering, we intend to enter into the Registration Rights Agreement with certain of the Subsequent Continuing Equity Owners. Pursuant to the Registration Rights Agreement, we will be required, as soon as practicable after, and in any event within days after, the closing of this offering, to file with the SEC a registration statement registering the resale of all shares of our Class A common stock issuable to such Subsequent Continuing Equity Owners upon redemption or exchange of their OpCo Interests pursuant to the OpCo Agreement, and to use commercially reasonable efforts to cause such registration statement to be declared effective no later than the earlier of (i) days after the closing of this offering and (ii) the business day after the SEC notifies us that such registration statement will not be reviewed or will not be subject to further review. Such Subsequent Continuing Equity Owners will also have the right, subject to certain conditions (including the expiration of any applicable contractual lock-up), to demand that we effect underwritten offerings of their registrable shares with anticipated aggregate gross proceeds of at least $ million (subject to a limit of two underwritten offerings in any twelve-month period) and to request resale registrations on Form S-3 (subject to the same minimum gross proceeds threshold) when we are eligible to use Form S-3. The Registration Rights Agreement will also provide for customary "piggyback" registration rights for all such Subsequent Continuing Equity Owners, customary cutback provisions on overallotted offerings, customary suspension and blackout rights for the Company (subject to a -day aggregate cap in any 365-day period), customary mutual indemnification and contribution provisions and a covenant that we will pay the Subsequent Continuing Equity Owners' registration expenses (including reasonable fees of one counsel for the Demanding Holders, but excluding underwriting discounts and brokerage fees, which the selling Holders will bear). The registration rights will be freely transferable to permitted transferees of the registrable shares.

**Director and Officer Indemnification and Insurance** 

Prior to the consummation of this offering, we intend to enter into separate indemnification agreements with each of our directors and executive officers. The indemnification agreements will provide the executive officers and directors with contractual rights to indemnification, expense advancement and reimbursement, to the fullest extent permitted under the DGCL, subject to certain exceptions contained in those agreements. We have also purchased directors' and officers' liability insurance. See "Description of Capital Stock—Limitations on Liability and Indemnification of Officers and Directors."

**Our Policy Regarding Related Party Transactions** 

In connection with this offering, our board of directors will adopt a written related party transaction policy setting forth the policies and procedures for the review and approval or ratification by the audit committee of related party transactions. This policy will cover, with certain exceptions set forth in Item 404 of Regulation S-K under the Securities Act, any transaction, arrangement or series of transactions or arrangements in which we participate (whether or not we are a party) and a related party has or will have a direct or indirect material interest in such transaction. A related party includes (i) our directors, director nominees or executive officers, (ii) any 5% record or beneficial owner of our Class A common stock or (iii) any immediate family member of the foregoing. In reviewing and approving any related party transaction, the audit committee is tasked to consider all of the relevant facts and circumstances, and consideration of various factors enumerated in the policy.

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**DESCRIPTION OF MATERIAL INDEBTEDNESS** 

*The following is a summary of the material provisions relating to our material indebtedness. The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to the provisions of the corresponding agreement or instrument, including the definitions of certain terms therein that are not otherwise defined in this prospectus. You should refer to the relevant agreement or instrument for additional information, copies of which are filed as exhibits to the registration statement of which this prospectus is a part.* 

**Senior Notes** 

As used herein, "Note Purchase Agreement" refers, as applicable, to the Note Purchase Agreement as in effect prior to the consummation of the Transactions, or to the Note Purchase Agreement to be effective after the consummation of the Transactions, and as such agreement may thereafter be amended and/or restated.

***Note Purchase Agreement in Effect Upon Consummation of the Transactions***

On May 20, 2026, WhiteHawk OpCo entered into an Amended and Restated Note Purchase Agreement with U.S. Bank Trust Company, National Association, as agent, and the holders party thereto. In connection with the effectiveness thereof which will be contemporaneous with the effectiveness of this offering, the principal outstanding under the existing note purchase agreement will be paid down to evidence $75.0 million of senior notes (the "Senior Notes") (using a portion of the net proceeds from this offering) and the existing note purchase agreement will be assigned to WhiteHawk OpCo and will become a second lien obligation to the Revolving Credit Facility as further described below.

The Senior Notes will mature on May 20, 2031, or such earlier date on which all Senior Notes become due and payable in full, whether by acceleration or otherwise.

The obligations under the Note Purchase Agreement will be guaranteed by substantially all of WhiteHawk OpCo's existing and future direct and indirect subsidiaries, with certain customary or agreed upon exceptions. The Note Purchase Agreement will be secured by collateral including (i) substantially all of WhiteHawk OpCo's properties and assets, and the properties and assets of WhiteHawk OpCo's subsidiaries and (ii) pledges of the equity interests in all of WhiteHawk OpCo's present and future subsidiaries (subject to certain exceptions as provided for under the note documents).

The obligations under the Note Purchase Agreement will be subject to an intercreditor agreement between the agent for the holders of the Senior Notes and the administrative agent for the Revolving Credit Facility, which governs the relative rights and priorities of the first lien secured parties under the Revolving Credit Facility and the second lien secured parties under the Note Purchase Agreement with respect to the collateral.

The restrictions, covenants and funding obligations under the Note Purchase Agreement will be effective upon the closing of this offering.

*Interest Rates and Fees* 

Borrowings under the Note Purchase Agreement bear interest at a rate per annum equal to (a) for any Senior Note (other than an ABR Note), the Adjusted Term SOFR Rate plus 4.75%, or (b) for an ABR Note, ABR plus 3.75%. The Adjusted Term SOFR Rate is subject to a floor of 2.50%, and ABR is subject to a floor of 1.50%. Interest payments are due on the last day of each fiscal quarter and on the maturity date of the Senior Notes. All interest is computed on the basis of a 360-day year for the actual number of days elapsed. Upon the occurrence and during the continuance of certain events of default, the interest rate on overdue amounts increases by 2.0% per annum above the rate otherwise applicable.

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*Voluntary Prepayments* 

We may voluntarily prepay the Senior Notes on any business day in whole or in part, subject to (a) if being paid in whole, payment of all obligations, and (b) if being paid in part, a minimum principal amount of $1,000,000 and integral multiples of $500,000 in excess thereof. If permitted by the Revolving Credit Facility, we may also make voluntary prepayments in amounts up to $6,275,000 per fiscal quarter without penalty, premium or make-whole amount. All other voluntary prepayments will be subject to the applicable make-whole amount or prepayment fee described below.

*Mandatory Prepayments* 

The Note Purchase Agreement also requires WhiteHawk OpCo to prepay the Senior Notes (i) if the Consolidated Total Net Leverage Ratio on a pro forma basis is greater than or equal to 3.00 to 1.00 for the most recently ended rolling period, in an aggregate principal amount equal to Distributable Free Cash Flow (as defined in the Note Purchase Agreement), (ii) with 100% of the net cash proceeds from certain casualty events in excess of specified thresholds, subject to certain reinvestment rights, (iii) with 100% of the cash proceeds from the incurrence of debt not otherwise permitted under the Note Purchase Agreement, and (iv) with 100% of the net cash proceeds from certain non-ordinary course asset sales in excess of specified thresholds, subject to certain reinvestment rights, in each case subject to notice requirements and certain exceptions and net of any amounts prepaid or required to be prepaid under the Revolving Credit Facility. Such prepayments shall be made only to the extent permitted by the Revolving Credit Facility, and to the extent not permitted thereby, shall be made to prepay the Revolving Credit Facility. Each holder has the right to decline its pro rata share of any mandatory prepayment under clauses (ii) through (iv) above. Furthermore, upon the occurrence of a sale of all or substantially all the properties of the note parties or a Change in Control (each as defined in the Note Purchase Agreement), WhiteHawk OpCo is required to offer to repurchase all outstanding Senior Notes at the applicable redemption price.

*Make-Whole Amount and Prepayment Fee* 

Upon any prepayment of the Senior Notes (other than certain exempt prepayments, including certain mandatory prepayments, and certain voluntary prepayments as described above), whether as a result of an acceleration following an event of default, at WhiteHawk OpCo's option, or otherwise, WhiteHawk OpCo is required to pay an additional amount equal to (i) if such prepayment or acceleration occurs on or prior to June 23, 2027, the Make-Whole Amount (as defined in the Note Purchase Agreement) or (ii) if such prepayment or acceleration occurs after June 23, 2027 and on or prior to June 23, 2028, a prepayment fee of 2.0% of the principal amount prepaid, or (iii) if such prepayment or acceleration occurs after June 23, 2028, no prepayment fee is payable.

*Affirmative and Negative Covenants* 

The Note Purchase Agreement provides for customary representations, warranties and covenants, including, among other things, covenants relating to financial reporting, notices of material events, maintenance of the existence of the business, payment of obligations, hedging requirements, maintenance of collateral coverage, limitations on our ability to make investments and acquisitions, indebtedness (including that the borrowing base under the Revolving Credit Facility shall not exceed $200,000,000 if the Consolidated Total Net Leverage Ratio exceeds 2.50 to 1.00), liens, restricted payments, dividends and distributions, asset sales, mergers and consolidations, affiliate transactions, amendments to organizational documents and certain material agreements, and certain other fundamental transactions.

With respect to restricted payments, the Note Purchase Agreement permits WhiteHawk OpCo to make cash restricted payments to the direct holders of its equity interests so long as, both before and immediately after giving effect to any such restricted payment, (A) no default or event of default under the Note Purchase Agreement, or borrowing base deficiency under the Revolving Credit Facility, exists or results from such restricted payment, (B) WhiteHawk OpCo is in pro forma compliance with its financial covenants, (C) unused

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availability is at least 10% of the loan limit then in effect under the Revolving Credit Facility, and (D) the Consolidated Total Net Leverage Ratio on a pro forma basis for the most recently ended rolling period is (x) less than 2.50 to 1.00, in an aggregate amount not to exceed the Distributable Free Cash Flow (as defined in the Note Purchase Agreement), or (y) less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00, in an aggregate amount not to exceed 65% of the Distributable Free Cash Flow. If the Consolidated Total Net Leverage Ratio is greater than or equal to 3.00 to 1.00, no such restricted payments are permitted. Additionally, WhiteHawk OpCo may make cash restricted payments to the direct holders of its equity interests so long as, both before and immediately after giving effect to any such restricted payment, (X) no default or event of default under the Note Purchase Agreement, or borrowing base deficiency under the Revolving Credit Facility, exists or results from such restricted payment, (Y) WhiteHawk OpCo is in pro forma compliance with its financial covenants, and (Z) the Consolidated Total Net Leverage Ratio on a pro forma basis is less than 2.00 to 1.00. The Note Purchase Agreement also permits permitted tax distributions and certain other limited restricted payments.

With respect to hedging, the Note Purchase Agreement requires the note parties, (i) prior to or at closing, to enter into and thereafter maintain swap agreements with approved counterparties in respect of commodities for fair market value, entered into not for speculative purposes and in the form of fixed price swaps, the notional volumes of which are at least, for each month during the 36-month period immediately following the closing date, 75% of the reasonably anticipated projected production from the note parties' oil and gas properties constituting proved developed producing reserves of crude oil and natural gas, and (ii) prior to the end of each fiscal quarter, to enter into and thereafter maintain such swap agreements the notional volumes of which are at least, for each month during the 36-month period immediately following the end of the applicable fiscal quarter, 50% of the reasonably anticipated projected production from the note parties' oil and gas properties constituting proved developed producing reserves of crude oil and natural gas.

*Financial Covenants* 

The Note Purchase Agreement requires WhiteHawk OpCo to maintain, as of the last day of each fiscal quarter (commencing with the fiscal quarter ending June 30, 2026), a Consolidated Total Net Leverage Ratio (as defined in the Note Purchase Agreement) for the rolling period then ending of not greater than 3.50 to 1.00, an Asset Coverage Ratio (as defined in the Note Purchase Agreement) of not less than 1.00 to 1.00, and a Liquidity Percentage (as defined in the Note Purchase Agreement) of at least 10%.

*Events of Default* 

The Note Purchase Agreement contains events of default customary for facilities of this nature, including, among others: payment defaults, breaches of representations and warranties, failure to observe or perform covenants (subject to certain grace periods), certain cross-defaults to material indebtedness (including under the Revolving Credit Facility), bankruptcy or insolvency events, material judgments in excess of $10.0 million, defects in the perfection or priority of collateral or the enforceability of note documents, changes of control, certain ERISA events, and the failure of the intercreditor agreement to remain in full force and effect. Upon the occurrence and during the continuation of an event of default, the holders are able to declare any outstanding principal balance of the Senior Notes, together with accrued and unpaid interest, any applicable make-whole amount or prepayment fee, and all other amounts owed under the Note Purchase Agreement, to be immediately due and payable and exercise other remedies.

***Note Purchase Agreement in Effect Before Consummation of the Transactions***

On September 17, 2024 we entered into the Note Purchase Agreement, initially evidencing the issuance and purchase of Senior Secured First Lien Notes due 2030 by the certain holders party thereto in an aggregate principal amount of $65.0 million. On March 31, 2025, we entered into that certain First Amendment to Note Purchase Agreement with certain holders setting forth various amendments to the Note Purchase Agreement including the issuance and purchase of incremental Senior Notes in an aggregate principal amount of

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$86.0 million. On June 23, 2025, we entered into that certain Second Amendment to Note Purchase Agreement with certain holders setting forth various amendments to the Note Purchase Agreement including the issuance and purchase of incremental Senior Notes in an aggregate principal amount of $100.0 million. On January 27, 2026, we entered into that certain Third Amendment to Note Purchase Agreement with certain holders setting forth various amendments to the Note Purchase Agreement including permitting a like-kind exchange program with respect to certain acquired mineral interests and adding new subsidiaries as guarantors under the Note Purchase Agreement. On March 26, 2026, we entered into that certain Fourth Amendment to Note Purchase Agreement with certain holders setting forth various amendments to the Note Purchase Agreement including increasing the annual general and administrative cost that may be paid. On March 30, 2026, we entered into that certain Fifth Amendment to Note Purchase Agreement with certain holders setting forth various amendments to the Note Purchase Agreement including permitting the issuance of a new series of preferred stock and updating certain ratio tests for permitted distributions. As of March 31, 2026, we had $231.4 million of principal outstanding under our Senior Notes. Our Senior Notes bear interest at the adjusted term SOFR rate plus 6.50%, which, for the three months ended March 31, 2026, resulted in an interest rate of 10.30% per annum.

Under the Note Purchase Agreement, we may not make restricted payments (such as dividends or stock redemptions) except as specifically permitted. Permitted restricted payments include dividends and distributions that satisfy the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Default or Event of Default (as defined in the Note Purchase Agreement) has occurred and is continuing or
would result from such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After giving pro forma effect to such payment, we are in compliance with the affirmative and negative covenants
set forth in the Note Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After giving pro forma effect to such payment, we maintain liquidity (calculated on a Distribution PF Basis) of
greater than Minimum Liquidity Amount (as defined in the Note Purchase Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After giving pro forma effect to such payment, we maintain a Consolidated Total Net Leverage Ratio less than
(a) from March 31, 2025 through March 31, 2026, 3.75 to 1.00 for Primary Distributions (as defined in the Note Purchase Agreement) and 3.00 to 1.00 for additional common share dividends, (b) from April 1, 2026 through
September 30, 2027, 3.25 to 1.00 for Primary Distributions and 3.00 to 1.00 for additional common share dividends, and (c) from October 1, 2027 and thereafter, 2.75 to 1.00 for Primary Distributions and 2.00 to 1.00 for additional common
share dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After giving pro forma effect to such payment, we maintain an Asset Coverage Ratio greater than (a) from
March 31, 2025 through March 31, 2026, 1.05 to 1.00 for Primary Distributions and 1.20 to 1.00 for additional common share dividends, (b) from April 1, 2026 through September 30, 2027, 1.10 to 1.00 for Primary Distributions and
1.20 to 1.00 for additional common share dividends, and (c) from October 1, 2027 and thereafter, 1.15 to 1.00 for Primary Distributions and 1.35 to 1.00 for additional common share dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the distribution period beginning October 1, 2027 and thereafter, the aggregate principal amount of Notes
outstanding as of such date of distribution is equal to or less than the Target Debt Balance (as defined in the Note Purchase Agreement) as of such date of distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Such payment, together with all other restricted payments during the applicable distribution period, does not
exceed the Distributable Free Cash Flow (as defined in the Note Purchase Agreement) for such period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Such payment is made prior to the applicable CF Sweep Date (as defined in the Note Purchase Agreement) for the
relevant distribution period.

See "—Financial Covenants" for a description of the financial ratios and tests applicable to our Senior Notes.

The proceeds from the various issuances of Senior Notes were used to help fund certain acquisitions, repay existing debt, redeem preferred shares, and for general corporate purposes, including covering related transaction costs.

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*Interest Rates and Fees* 

Borrowings under the Note Purchase Agreement bear interest at a rate per annum equal to (a) before June 20, 2025, (i) for any Senior Note other than an ABR Note (as defined in the Note Purchase Agreement), an adjusted term SOFR rate plus 6.25%, or (ii) for an ABR Note, ABR (as defined in the Note Purchase Agreement) plus 5.25%, and (b) on and after June 20, 2025, (i) for any Senior Note other than an ABR Note, an adjusted term SOFR rate plus 6.50%, or (ii) for an ABR Note, ABR plus 5.50%. Interest payments are due on the last day of each fiscal quarter and on the maturity date of our Senior Notes.

*Voluntary Prepayments* 

We may voluntarily prepay, in whole or in part, our Senior Notes on any business day, subject to certain minimum amounts, notice requirements, and the payment of any applicable make-whole amount or prepayment fee as specified in the Note Purchase Agreement.

In connection with the closing of this offering, we intend to use a portion of the net proceeds received to prepay a portion of the outstanding principal of our Senior Notes as described above.

*Mandatory Prepayments* 

The Note Purchase Agreement requires us to prepay our Senior Notes (i) on a quarterly basis, an amount equal to the lesser of: (A) the difference between the aggregate outstanding principal amount of our Senior Notes and the Target Debt Balance (as defined in the Note Purchase Agreement) as of the date thereof, and (B) any liquidity (calculated on a Distribution PF Basis (as defined in the Note Purchase Agreement)) in excess of the Minimum Liquidity Amount (as defined in the Note Purchase Agreement), (ii) with 100% of the net cash proceeds from certain asset sales and casualty events, subject to reinvestment rights and thresholds, and (iii) with 100% of the proceeds from certain debt issuances and specified equity contributions for any Cure Amount (as defined in the Note Purchase Agreement), in each case subject to notice requirements and certain exceptions. Furthermore, upon the occurrence of a sale of all or substantially all the properties of the Note Parties or a Change in Control (each as defined in the Note Purchase Agreement), we are required to offer to repurchase all outstanding Senior Notes at the applicable redemption price.

*Affirmative and Negative Covenants* 

The Note Purchase Agreement contains a number of customary affirmative and negative covenants. Specifically, we are required to (subject to qualifiers and exceptions) (i) provide annual and quarterly financial statements, compliance certificates, reserve reports, and other requested information to the agent and holders, (ii) maintain our legal existence, rights, and licenses necessary for business operations, (iii) pay all taxes when due (except those contested in good faith), (iv) maintain adequate insurance, (v) comply with all applicable laws (including environmental, sanctions, and anti-corruption regulations), (vi) promptly notify the agent of material events such as defaults or litigation, (vii) maintain proper books and records, (viii) allow inspections of our properties, (ix) ensure collateral coverage, (x) enter into and maintain certain hedging agreements, (xi) use note proceeds only for specified purposes, and (xii) adhere to certain administrative, legal, and operational standards, such as ensuring that new material subsidiaries become guarantors.

Conversely, we may not (i) incur additional debt except as specifically permitted, (ii) create, incur, assume or permit to exist liens except for those securing obligations under the Note Purchase Agreement and other permitted liens, (iii) make restricted payments (such as dividends or redemptions) except as specifically permitted and subject to certain financial tests, (iv) make any investments outside of permitted categories, (v) materially change the nature of the business or operate outside the United States, (vi) engage in mergers, consolidations, or asset sales except as specifically permitted, (vii) engage in certain prohibited transactions with affiliates, (viii) amend our organizational documents in a way materially adverse to the holders, (ix) amend certain material agreements in a way materially

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adverse to the holders, (x) change our fiscal year-end, (xi) exceed specified leverage ratios or fall below asset coverage ratios, and (xii) comply with other customary restrictive covenants, including limitations on subsidiary formation, hedging activities, negative pledge agreements, and general and administrative costs. We are also required to maintain a passive holding company structure, limiting activities to those directly related to holding equity interests in subsidiaries and fulfilling our obligations under the Note Purchase Agreement.

*Final Maturity and Amortization* 

Our Senior Notes mature on the earlier of (i) June 23, 2030 and (ii) the date on which all Senior Notes become due and payable in full, whether by acceleration or otherwise. Our Senior Notes are not subject to mandatory amortization, however, they are subject to a quarterly excess cash sweep as set forth therein.

*Guarantors* 

All obligations under the Note Purchase Agreement are guaranteed by WhiteHawk Income Marcellus LLC, WhiteHawk Income Haynesville LLC, WhiteHawk Income OP GP LLC, WhiteHawk Income Operating Partnership L.P., WhiteHawk VF LLC, PHX Minerals LLC, WhiteHawk Acquisition LLC, and our future material subsidiaries.

*Security* 

All obligations under the Note Purchase Agreement are secured, subject to permitted liens and other customary exceptions set forth in the Note Purchase Agreement and related security documents, by a first priority perfected security interest in substantially all of the personal property of us and the guarantors.

*Financial Covenants* 

We are required to maintain a Consolidated Total Net Leverage Ratio (as defined in the Note Purchase Agreement) not greater than (a) 3.50 to 1.00 for the fiscal quarters ending December 31, 2024 and March 31, 2025, (b) 4.00 to 1.00 for the fiscal quarters ending June 30, 2025 through December 31, 2025, (c) 3.50 to 1.00 for the fiscal quarter ending March 31, 2026, June 30, 2026, September 30, 2026, and December 31, 2026, and (d) 3.25 to 1.00 for the fiscal quarter ending March 31, 2027 and each fiscal quarter thereafter, and an Asset Coverage Ratio (as defined in the Note Purchase Agreement) not less than (a) 1.00 to 1.00 beginning with the fiscal quarter ending December 31, 2024 and (b) 1.10 to 1.00 beginning with the fiscal quarter ending March 31, 2027 and each fiscal quarter thereafter.

**Events of Default** 

The holders under the Note Purchase Agreement are permitted to accelerate our Senior Notes, terminate commitments, or exercise other remedies upon the occurrence of certain customary events of default, subject to specified grace periods and exceptions. These events of default include, among others, payment defaults, cross-defaults to material indebtedness, breaches of covenants, material inaccuracies in representations and warranties, bankruptcy or insolvency events, material judgments, defects in the perfection or priority of collateral, events that could reasonably be expected to have a material adverse effect, and changes of control.

**Revolving Credit Facility** 

WhiteHawk OpCo entered into a reserve-based revolving credit facility on May 10, 2026 among WhiteHawk OpCo, as borrower, us, as the parent, OP GP, as the general partner, Capital One, National Association, as administrative agent and a lender, and the other lenders party thereto (the "Revolving Credit Facility"), with the restrictions, covenants and funding obligations under such Revolving Credit Facility to be effective upon the closing of this offering (the "Effective Date"). The Revolving Credit Facility will provide for an initial aggregate maximum credit amount of $500 million, an initial aggregate elected commitment amount of $150 million and an initial borrowing base of $150 million, with a sublimit for the issuance of letters of credit of up to $10 million. The Revolving Credit Facility will mature four years after the Effective Date.

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The Revolving Credit Facility will be available (i) to provide working capital and for acquisitions of oil and gas properties permitted under the Revolving Credit Facility, (ii) for general corporate purposes and (iii) to pay fees and expenses related to the loan documents and the offering.

The borrowing base under the Revolving Credit Facility is subject to semi-annual redeterminations on April 15 and October 15 of each year, commencing October 15, 2026. Each redetermination is based on a review of our proved oil and gas reserves, commodity prices and other factors deemed relevant by the administrative agent. In addition, each of WhiteHawk OpCo and the administrative agent (at the direction of the required lenders) may elect to initiate one interim redetermination of the borrowing base between scheduled redeterminations, and WhiteHawk OpCo may elect an additional interim redetermination in connection with acquisitions of oil and gas properties representing at least 5% of the then-effective borrowing base. There can be no assurance that the borrowing base will remain at its initial level, and any reduction in the borrowing base could require us to repay indebtedness in excess of the revised borrowing base.

In addition to scheduled and interim redeterminations, the borrowing base will be automatically reduced (i) by the borrowing base value of any oil and gas properties disposed of or swap agreements terminated if the aggregate value of such dispositions and terminations since the most recent redetermination date exceeds 5% of the then-effective borrowing base and (ii) upon the issuance of any permitted senior notes, by an amount equal to 25% of the aggregate stated principal amount of such notes.

The Revolving Credit Facility will allow us to request that the aggregate elected commitments be increased to up to the aggregate maximum credit amount, subject to certain conditions, by obtaining additional commitments from the existing lenders or by causing a person acceptable to the administrative agent to become a lender, subject to the borrowing base in effect at such time and the terms and conditions set forth in the Revolving Credit Facility.

The incurrence of borrowings and letter of credit issuances under the Revolving Credit Facility will be subject to the satisfaction of certain customary conditions, including the absence of any default or event of default, the accuracy of representations and warranties and the requirement that the Consolidated Cash Balance (as defined in the Revolving Credit Facility) does not exceed the greater of $25,000,000 and 10% of the borrowing base then in effect after giving pro forma effect to such borrowing and the use of proceeds thereof. Further, the effectiveness of the Revolving Credit Facility is conditioned on, among other things, consummation of this offering with minimum gross proceeds of $150 million contributed to WhiteHawk OpCo. The commitments under the Revolving Credit Facility will terminate if the conditions to effectiveness are not satisfied by August 8, 2026.

Borrowings under the Revolving Credit Facility will bear, at our option, interest at (i) a rate per annum equal to the margin plus the greatest of (1) the Prime Rate in effect on such day, (2) the Federal Funds Rate in effect on such day plus 1/2 of 1.00% or (3) Term SOFR for a one month interest period on such day plus 1.00% (provided that in no event shall the Alternate Base Rate be less than 1.00%) or (ii) the margin plus Term SOFR. Term SOFR will be subject to a floor of 2.50% while the Senior Notes are in effect and 0.00% thereafter. The margin will be based on the utilization of the borrowing base and will range from 1.50% to 2.50% for ABR loans and 2.50% to 3.50% for Term SOFR loans. The unused portion of the Revolving Credit Facility is subject to a commitment fee ranging from 0.375% to 0.50%. We will also pay certain ongoing customary fees and expenses under the Revolving Credit Facility. The interest rate amount under the Revolving Credit Facility must at no point exceed the highest lawful rate.

The Revolving Credit Facility will be secured by collateral including (i) substantially all of WhiteHawk OpCo's properties and assets, and the properties and assets of WhiteHawk OpCo's subsidiaries and (ii) pledges of the equity interests in all of WhiteHawk OpCo's present and future subsidiaries (subject to certain exceptions as provided for under the loan documents). The obligations under the Revolving Credit Facility are guaranteed by substantially all of WhiteHawk OpCo's existing and future direct and indirect subsidiaries, with certain customary or agreed upon exceptions.

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The obligations under the Revolving Credit Facility will be subject to an intercreditor agreement between the administrative agent for the Revolving Credit Facility and the agent for the holders of the notes issued under the Note Purchase Agreement, which governs the relative rights and priorities of the first lien secured parties and the second lien secured parties with respect to the collateral. The intercreditor agreement will also apply to our existing hedge counterparties.

The Revolving Credit Facility will provide for customary representations, warranties and covenants, including, among other things, covenants relating to financial reporting, notices of material events, maintenance of the existence of the business, payment of obligations, hedging requirements, limitations on our ability to make investments and acquisitions, indebtedness, liens, dividends and distributions, and certain fundamental transactions.

The Revolving Credit Facility will also require us to maintain a consolidated net leverage ratio for the rolling period then ending, as of the last day of any fiscal quarter (commencing with the first full fiscal quarter ending after the Effective Date), of no greater than 3.50 to 1.00 and a current ratio as of the last day of any fiscal quarter (commencing with the first full fiscal quarter ending after the Effective Date) of no less than 1.0 to 1.0.

With respect to dividends and distributions, the Revolving Credit Facility will permit us to make cash restricted payments to holders of our equity interests so long as, both before and immediately after giving effect to any such restricted payment, (A) no default, event of default or borrowing base deficiency exists, (B) unused availability is at least 10% of the loan limit and (C) the Consolidated Net Leverage Ratio is less than or equal to 3.00 to 1.00 on a pro forma basis; provided that such dividends and distributions are permitted by the Note Purchase Agreement. See "Description of Material Indebtedness." The Revolving Credit Facility will also permit distributions for tax purposes and other purposes, subject to certain exceptions.

With respect to hedging, the Revolving Credit Facility will require us, on the last day of each fiscal quarter, to maintain swap agreements hedging a minimum percentage of our reasonably projected production of crude oil and natural gas from proved developed producing reserves. The required hedging percentage and tenor varies based on the Consolidated Net Leverage Ratio: if the ratio is at least 1.50 to 1.00, we must hedge at least 50% of reasonably projected production for each of the 24 months following such date; if the ratio is at least 1.00 to 1.00 but less than 1.50 to 1.00, we must hedge at least 50% for 12 months and at least 25% for months 13 through 24; and if the ratio is less than 1.00 to 1.00, we must hedge at least 50% for 12 months ; provided that if our natural gas production exceeds 90% of our aggregate production, determined on a barrel of oil equivalent basis, we will not be required to hedge our volumes of crude oil.

The Revolving Credit Facility will contain events of default customary for facilities of this nature, including, but not limited, to: (i) events of default resulting from our failure or the failure of any credit party to comply with covenants and financial ratios; (ii) the occurrence of a change of control; (iii) the institution of insolvency or similar proceedings against us or any credit party; and (iv) the occurrence of a default under any other material indebtedness we or any guarantor may have. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the Revolving Credit Facility, the lenders will be able to declare any outstanding principal balance of our credit facility, together with accrued and unpaid interest, to be immediately due and payable and exercise other remedies.

The Revolving Credit Facility contains a "most favored terms" provision pursuant to which, if at any time any documentation governing the Note Purchase Agreement includes any representation, warranty, covenant (including financial covenants), event of default or other term excluding applicable margin for determining interest rates that is more restrictive as to the Company, OP GP, WhiteHawk OpCo or any restricted subsidiary than the corresponding terms of the Revolving Credit Facility and the other loan documents thereunder (each, a "More Restrictive Term"), the terms of the Revolving Credit Facility will, without any further action on the part of WhiteHawk OpCo, the administrative agent or any lender, be deemed to be automatically amended to incorporate each such More Restrictive Term, mutatis mutandis, effective as of the date when such More Restrictive Term became effective under the Note Purchase Agreement. As a result, the Revolving Credit Facility

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will at all times contain restrictions that are at least as restrictive as those set forth in the Note Purchase Agreement, and investors should be aware that the imposition of additional or more restrictive terms in the Note Purchase Agreement will automatically result in corresponding additional or more restrictive terms under the Revolving Credit Facility. Additionally, the Revolving Credit Facility will require that the Senior Notes be paid down to $75 million on the effective date and that they have a maturity date no earlier than 180 days after the maturity date in the Revolving Credit Facility. In connection with this partial prepayment of Senior Notes, we expect to pay a make-whole amount of approximately $14.6 million and a prepayment premium of approximately $3.0 million to the existing holders, in each case as required under the terms of our existing Note Purchase Agreement.

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**DESCRIPTION OF CAPITAL STOCK** 

*The following summary describes the material terms of our capital stock as set forth in the amended and restated certificate of incorporation and amended and restated bylaws as they will be in effect upon the consummation of this offering, the certificates of designations of our Series B preferred stock and our Series D preferred stock remaining outstanding following this offering and certain applicable provisions of Delaware law. Because this is only a summary, it does not contain all the information that may be important to you. We urge you to read our amended and restated certificate of incorporation and our amended and restated bylaws, which are included as exhibits to the registration statement of which this prospectus forms a part.* 

**General** 

Prior to the consummation of this offering, we will file an amended and restated certificate of incorporation and we will adopt our amended and restated bylaws. Our amended and restated certificate of incorporation will authorize capital stock consisting of three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class A common stock, par value $0.0001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of Class B common stock, par value $0.0001 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares of preferred stock, par value $0.0001 per share.

We are selling shares of Class A common stock in this offering (shares if the underwriters exercise in full their option to purchase additional shares of our Class A common stock). All shares of our Class A common stock outstanding upon consummation of this offering will be fully paid and non-assessable. We are issuing shares of Class B common stock to the Management Contributor in connection with the Transactions (including this offering and the proposed use of proceeds) for nominal consideration.

The following summary describes the material provisions of our capital stock and certain provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, each of which will become effective prior to the completion of this offering, and of the General Corporation Law of the State of Delaware (the "DGCL"), and is qualified by reference to the amended and restated certificate of incorporation, the amended and restated bylaws and the DGCL. We urge you to read our amended and restated certificate of incorporation and our amended and restated bylaws, which are included as exhibits to the registration statement of which this prospectus forms a part.

Certain provisions of our amended and restated certificate of incorporation and our amended and restated bylaws summarized below may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares of common stock.

**Common Stock** 

**Class A Common Stock** 

Holders of shares of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders and on which the holders of the Class A common stock are entitled to vote.

Holders of shares of our Class A common stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

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Upon our dissolution or liquidation, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of our Class A common stock will be entitled to receive pro rata our remaining assets available for distribution.

Holders of shares of our Class A common stock do not have preemptive, subscription, redemption, or conversion rights. There will be no redemption or sinking fund provisions applicable to the Class A common stock.

Holders of shares of our Class A common stock will vote together with holders of our Class B common stock, as a single class on all matters presented to our stockholders for their vote or approval, except for certain amendments to the amended and restated certificate of incorporation or as otherwise required by applicable law or our amended and restated certificate of incorporation. Any amendment to our amended and restated certificate of incorporation that gives holders of the Class B common stock (i) any rights to receive dividends (subject to certain exceptions) or any other kind of distribution, (ii) any right to convert into or be exchanged for shares of Class A common stock, or (iii) any other economic rights (except for payments in cash in lieu of receipt of fractional stock) shall, in addition to the vote of the holders of shares of any class or series of our capital stock required by law, also require the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class A common stock voting separately as a class.

**Class B Common Stock** 

Each share of our Class B common stock entitles its holders to one vote per share on all matters presented to our stockholders and on which the holders of the Class B common stock are entitled to vote.

Shares of Class B common stock will be issued in the future only to the extent necessary to maintain a one-to-one ratio between the number of OpCo Interests held by the Continuing Equity Owners and the number of shares of Class B common stock issued to the Continuing Equity Owners. Shares of Class B common stock are transferable only together with an equal number of OpCo Interests. Only permitted transferees of OpCo Interests held by the Continuing Equity Owners will be permitted transferees of Class B common stock. See "Certain Relationships and Related Party Transactions—OpCo Agreement." Shares of Class B common stock automatically transferred to us upon the redemption or exchange of their OpCo Interests pursuant to the terms of the OpCo Agreement and will be canceled and may not be reissued.

Holders of shares of our Class B common stock will vote together with holders of our Class A common stock, as a single class on all matters presented to our stockholders for their vote or approval, except for certain amendments to our amended and restated certificate of incorporation described below or as otherwise required by applicable law or our amended and restated certificate of incorporation.

Except in certain limited circumstances, holders of our Class B common stock do not have any right to receive dividends or to receive a distribution upon dissolution or liquidation. Additionally, holders of shares of our Class B common stock do not have preemptive, subscription or redemption rights. There will be no redemption or sinking fund provisions applicable to the Class B common stock. Upon the redemption or exchange of an OpCo Interest (together with a share of Class B common stock) for Class A common stock, the shares of Class B common stock will be automatically transferred to us for no consideration and will be canceled and no longer outstanding. Such shares of Class B common stock may not be reissued. Any amendment of our amended and restated certificate of incorporation that gives holders of our Class B common stock (1) any rights to receive dividends or any other kind of distribution, (2) any right to convert into or be exchanged for shares of Class A common stock, or (3) any other economic rights (except for payments in cash in lieu of receipt of fractional stock) will require, in addition to any stockholder approval required by applicable law, the affirmative vote of holders of a majority of the voting power of the outstanding shares of our Class A common stock voting separately as a class.

Upon the consummation of the Transactions (including this offering and the proposed use of proceeds), the Continuing Equity Owners will own, in the aggregate, shares of our Class B common stock.

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**Preferred Stock** 

Our amended and restated certificate of incorporation that we will file in connection with the consummation of this offering will (i) authorize our board of directors to issue "blank check" preferred stock and (ii) include designations detailing the terms of our existing Series B preferred stock and Series D preferred stock.

Immediately prior to the consummation of this offering, we had shares of Series B preferred stock outstanding and shares of Series D preferred stock outstanding. In connection with this offering, we expect to redeem a portion of our outstanding Series B preferred stock and all of our outstanding Series D preferred stock. See "Use of Proceeds."

*Series B Preferred Stock.* Certain key terms of the Series B preferred stock are described below. We refer you to the Series B certificate of designations for a complete description of such terms.

*Voting Rights.* Series B preferred stock has no voting rights.

*Dividends.* The Series B preferred stockholders are entitled to a monthly preferred cumulative dividend at an annualized rate of ten percent (10%) until it is redeemed. Payment of such dividends on the Company's Series B preferred stock is subject to a dividend declaration by our board of directors. Unpaid dividends accrue monthly on a cumulative basis from the most recent date through which dividends have been paid or, if no dividends have been paid, from the date of issuance for each share of Series B preferred stock.

*Liquidation and Dissolution.* Series B preferred stock will be entitled to be paid out of the funds and assets available for distribution, an amount per share equal to the Stated Value (as defined herein), plus an amount per share that is issuable as the result of accrued or unpaid dividends. After payment to the holders of preferred stock, the remaining funds and assets available for distribution to stockholders shall be distributed among the holders of shares of common stock, *pro rata* based on the number of shares of common stock held by each such stockholder. The liquidation preference for our Series B preferred stock is as follows: (i) prior or senior to all classes or series of our common stock and any other class or series of common equity securities, if the holders of Series B preferred stock are entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of shares of such class or series; (ii) on parity with our other classes or series of our preferred equity securities issued in the future if, pursuant to the specific terms of such class or series of equity securities, of which the holders of such preferred stock and the holders of Series B preferred stock are entitled to the receipt of dividends and of amounts distributable upon liquidation, dissolution or winding up in proportion to their respective amounts of accrued and unpaid dividends per share or liquidation preferences, without preference or priority one over the other; and (iii) junior to all our existing and future indebtedness and any other classes or series of preferred stock if, pursuant to the specific terms of such class or series of preferred stock, the holders of such preferred stock are entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of Series B preferred stock.

*Maturity.* Shares of the Series B preferred stock have no stated maturity. Shares of the Series B preferred stock will remain outstanding indefinitely unless they are redeemed or repurchased by the Company. The Company is not required to set apart for payment funds to redeem the Series B preferred stock.

*Redemption:* Holders of Series B preferred stock may redeem such shares at any time subject to a monthly limit of 2% of the number of outstanding Series B preferred shares as of the end of the immediately prior month and a quarterly limit of 5% of the number of outstanding Series B preferred shares as of the end of the prior calendar quarter, subject to redemption fees if redeemed earlier than three years following the issuance date of 10% discount to Stated Value if redeemed in the first year following the date of issuance, 8% discount to Stated Value if redeemed in the second year following the date of issuance and 6% discount to Stated Value if redeemed in the third year following the date of issuance. Following the first anniversary of the date on which a share of Series B preferred stock was issued, the Company may also redeem the Series B preferred stock upon written notice to some or all of the holders for $1,000 per share (the "Stated

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Value") plus accrued but unpaid cumulative dividends. Additionally, the redemption of Series B preferred stock will be triggered by: (i) the sale, transfer or other disposition, in a single transaction or series of related transactions of all or substantially all of the Company's assets; (ii) a merger or consolidation transaction into another entity where immediately following the consummation of such transaction, the Company's common stockholders will receive the interests of another entity; or (iii) the closing of the transfer (whether by merger, consolidation or otherwise) of the Company's capital stock if, after such closing, the beneficial owner (as defined under the Exchange Act) would acquire more than 50% of the Company's outstanding voting securities (or those of a successor entity).

*Series D Preferred Stock*. Certain key terms of the Series D preferred stock are described below. We refer you to the Series D certificate of designations for a complete description of such terms.

*Voting and Consent Rights*. Series D preferred stock has no voting rights. However, at any time when any shares of Series D preferred stock are outstanding, the Company shall not do any of the following without the consent of the then-holders of Series D preferred stock: (i) other than pursuant to the Note Purchase Agreement, guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; (ii) incur any indebtedness, other than trade credit incurred in the ordinary course of business or pursuant to the Note Purchase Agreement; and (iii) other than the Series D preferred stock, create or issue or obligate itself to issue shares of, or reclassify, any capital stock unless the same ranks junior to the Series D preferred stock with respect to its special rights, powers and preferences.

*Dividends*. The Series D preferred stockholders are entitled to a monthly preferred cumulative dividend at an annualized rate of fourteen percent (14%) until December 31, 2027, after which the Series D preferred stockholders are entitled to a monthly preferred cumulative dividend at an annualized rate of eighteen percent (18%), in each case, until the Series D preferred stock is redeemed. Payment of such dividends on the Company's Series D preferred stock is subject to a dividend declaration by our board of directors. Unpaid dividends accrue monthly on a cumulative basis from the most recent date through which dividends have been paid or, if no dividends have been paid, from the date of issuance for each share of Series D preferred stock.

*Liquidation and Dissolution*. Series D preferred stock will be entitled to be paid out of the funds and assets available for distribution, an amount per share sufficient to provide for a total return of 8% per share of Series D preferred stock, after giving effect to the payment of all dividends thereon (the "Minimum Return"). After payment to the holders of Series D preferred stock of the Minimum Return, the Series B preferred stock will be entitled to be paid out of the remaining funds and assets available for distribution, an amount per share equal to the Stated Value, plus an amount per share that is issuable as the result of the accrued or unpaid dividends. After payment to the holders of preferred stock, the remaining funds and assets available for distribution to stockholders shall be distributed among the holders of shares of common stock, pro rata based on the number of shares of common stock held by each such stockholder. The liquidation preference for our Series D preferred stock is as follows: (i) prior or senior to all classes or series of our common stock, Series B preferred stock and any other class or series of common equity securities, if the holders of Series D preferred stock are entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of shares of such class or series; and (ii) junior to all our existing and future indebtedness and any other classes or series of preferred stock if, pursuant to the specific terms of such class or series of preferred stock, the holders of such preferred stock are entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up in preference or priority to the holders of Series D preferred stock.

*Maturity*. Shares of the Series D preferred stock have no stated maturity. Shares of the Series D preferred stock will remain outstanding indefinitely unless they are redeemed or repurchased by the Company. The Company is not required to set apart for payment funds to redeem the Series D preferred stock. However, if the Company does not redeem all of the shares of Series D preferred stock prior to December 31, 2028, the Company shall not be allowed to declare, pay or set aside any distributions or dividends with respect to any

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class or series of capital stock of the Company until all of the shares of Series D preferred stock have been redeemed and the holders thereof have received the Minimum Return.

*Redemption*: The Company shall have the right, but not the obligation, to redeem the shares of Series D preferred stock at any time and from time to time for $1,000 per share, plus all accrued but unpaid cumulative dividends thereon, if any (such aggregate amount, the "Redemption Price"). Upon the exercise of the Company's optional redemption right with respect to any share of Series D preferred stock that is the last share of Series D preferred stock held by a Holder of Series D preferred stock, in addition to the Redemption Price, if applicable, the Company shall pay an additional dividend, if required, such that, together with the payment of the Redemption Price and all dividends paid with respect to such holder in the aggregate, such holder shall have received the Minimum Return (such additional dividend, the "Minimum Return Payment"). Additionally, the redemption of Series D preferred stock will be triggered by: (i) a Deemed Liquidation Event (as defined in our amended and restated certificate of incorporation); (ii) the cessation, or deemed cessation, of business by the Company; (iii) the commencement of any legal proceeding by any judgment creditor against the Company to attach or levy upon any material property of the Company which is not dismissed within forty-five (45) days; (iv) any bankruptcy, insolvency, receivership, liquidation, or dissolution under applicable law or statute; or (v) a general assignment by the Company for the benefit of its creditors.

*Authorized but unissued preferred stock.* Our board of directors will be authorized to provide for the issuance of additional preferred stock in one or more series and to fix the preferences, powers and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof, including the dividend rate, conversion rights, voting rights, redemption rights and liquidation preference and to fix the number of shares to be included in any such series without any further vote or action by our stockholders. Any preferred stock so issued may rank senior to our common stock with respect to the payment of dividends or amounts upon liquidation, dissolution or winding up, or both. In addition, any such shares of preferred stock may have class or series voting rights. Unless required by law or by any stock exchange on which our common stock may be listed, the authorized shares of preferred stock will be available for issuance without further action by our stockholders. Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of the NYSE which would apply as long as our common stock is listed on the NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the combined voting power of our common stock. These additional shares of preferred stock may be used for a variety of corporate purposes, including future public offerings to raise additional capital, acquisitions and employee benefit plans. The issuance of preferred stock may enable our board of directors to issue shares to persons friendly to current management, which could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and could thereby protect the continuity of our management and possibly deprive stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.

In connection with the completion of this offering, we intend to use a portion of the net proceeds to redeem, in whole or in part, shares of one or more series of our outstanding preferred stock.

**Indemnification and Limitations on Directors' Liability** 

Our amended and restated certificate of incorporation and amended and restated bylaws provide indemnification for our directors and officers to the fullest extent permitted by the DGCL. Prior to the closing of this offering, we intend to enter into indemnification agreements with each of our directors and officers that may, in some cases, be broader than the specific indemnification provisions contained under Delaware law. In addition, as permitted by Delaware law, our amended and restated certificate of incorporation will include provisions that eliminate the personal liability of our directors and officers for monetary damages for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of this provision is to restrict our rights and the rights of our stockholders in derivative suits to

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recover monetary damages against a director or officer for breach of fiduciary duties as a director or officer. Our amended and restated certificate of incorporation also provides that the Corporation shall have the power to provide rights to indemnification and advancement of expenses to its current and former officers, directors, employees and agents and to any person who is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.

In connection with this offering, we expect to enter into a directors' and officers' insurance policy. The policy is expected to insure our directors and officers against unindemnified losses arising from certain wrongful acts in their capacities as directors and officers and reimburse us for those losses for which we have lawfully indemnified the directors and officers. The policy is expected to contain various exclusions that are normal and customary for policies of this type.

**Anti-Takeover Provisions** 

Our amended and restated certificate of incorporation and amended and restated bylaws will contain provisions that may delay, defer or discourage transactions involving an actual or potential change in control of us or change in our management. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions will be designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they will also give our board of directors the power to discourage transactions that some stockholders may favor, including transactions in which stockholders might otherwise receive a premium for their shares or transactions that our stockholders might otherwise deem to be in their best interests. Accordingly, these provisions could adversely affect the price of our Class A common stock.

*Classified Board of Directors.* Our amended and restated certificate of incorporation will provide that our board of directors will be divided into three classes, and with the directors serving three-year terms. Approximately one third of our directors will be elected each year. See "Management—Board of Directors." The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors and may prevent a third party who acquires control of a majority of our outstanding voting stock from obtaining control of our board of directors.

*Removal of Directors.* The number of directors constituting our board of directors is determined from time to time by our board of directors. Our amended and restated certificate of incorporation will also provide that, subject to any rights of any preferred stock then outstanding, any director may be removed from office at any time but only for cause by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of the shares entitled to vote for the election of directors. In addition, our amended and restated certificate of incorporation will provide that, so long as our board of directors remains classified, any vacancy on the board of directors, including a vacancy that results from an increase in the number of directors, may be filled only by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director. This provision will prevent stockholders from removing incumbent directors without cause and filling the resulting vacancies with their own nominees.

*Stockholder Action by Written Consent.* Our amended and restated certificate of incorporation will provide that, subject to the rights of any holders of preferred stock to act by written consent instead of a meeting, stockholder

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action may be taken only at an annual meeting or special meeting of stockholders and may not be taken by written consent instead of a meeting. Failure to satisfy any of the requirements for a stockholder meeting could delay, prevent or invalidate stockholder action.

*Special Meetings of Stockholders.* Our amended and restated certificate of incorporation and amended and restated bylaws will provide that special meetings of the stockholders may be called only by or at the direction the board of directors, the chairperson of the board of directors, the chief executive officer or president. Our amended and restated bylaws will prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers or changes in control or management of our company.

*Advance Notice of Nominations and Other Business.* Our amended and restated bylaws will establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of our board of directors or a committee of our board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with the advance notice requirements. Our amended and restated bylaws will allow the presiding officer at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings, which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquiror from conducting a solicitation of proxies to elect the acquiror's own slate of directors or otherwise attempting to obtain control of our company.

*Section 203 of the DGCL.* Our amended and restated certificate of incorporation will provide that the Company expressly elects not to be governed by Section 203 of the DGCL. However, our certificate of incorporation will contain provisions that are similar to Section 203 of the DGCL. Specifically, these provisions will prohibit us from engaging in any business combination with any interested stockholder (a stockholder who owns more than 15% of our Class A common stock) for a period of three years after the interested stockholder became such unless: (i) prior to such time the board of directors approved either the business combination or the transaction which resulted in such stockholder becoming an interested stockholder, (ii) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the outstanding voting stock, excluding shares held by directors who are also officers and certain employee stock plans, or (iii) at or subsequent to such time the business combination is approved by the board of directors and by the affirmative vote of at least 66 2/3% of the outstanding voting stock not owned by the interested stockholder.

*Amendment of Bylaws and Certificate of Incorporation.* Any amendment to our amended and restated certificate of incorporation must first be approved by stockholders. Our amended and restated certificate of incorporation will provide that the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all of the then-outstanding shares of capital stock entitled to vote is required to amend or repeal certain provisions of our certificate of incorporation. Our amended and restated bylaws may be amended by the board of directors. Our stockholders may also adopt, amend or repeal the bylaws, but only by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all the then-outstanding shares of voting stock.

**Exclusive Forum** 

Our amended and restated certificate of incorporation will provide that, unless we consent in writing to an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any (i) derivative action or proceeding brought on our behalf, (ii) action asserting a claim of breach of a fiduciary duty or other wrongdoing by any current or former director, officer, employee, agent or stockholder to us or our stockholders, (iii) action asserting a claim arising pursuant to any provision of the DGCL, our amended and restated certificate of incorporation or our amended and restated bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, or (iv) action asserting a claim governed by the internal affairs doctrine of the law of the State of Delaware. Our

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**Listing** 

We have applied to have our Class A common stock listed on NYSE under the symbol "WHK."

**Transfer Agent and Registrar** 

The transfer agent and registrar for our Class A common stock is Computershare Inc.

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**SHARES ELIGIBLE FOR FUTURE SALE** 

Immediately prior to this offering, there was no public market for our Class A common stock. Future sales of substantial amounts of Class A common stock in the public market (including shares of Class A common stock issuable upon redemption or exchange of OpCo Interests of our Subsequent Continuing Equity Owners), or the perception that such sales may occur, could adversely affect the market price of our Class A common stock. Although we have applied to have our Class A common stock listed on the Exchange, we cannot assure you that there will be an active public market for our Class A common stock.

Upon the closing of this offering, we will have an aggregate of shares of Class A common stock outstanding, assuming the issuance of shares of Class A common stock offered by us in this offering. Of these shares, all shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by our affiliates, as that term is defined in Rule 144 under the Securities Act, whose sales would be subject to the Rule 144 resale restrictions described below, other than the holding period requirement.

None of the shares of Class A common stock will be restricted securities, as that term is defined in Rule 144 under the Securities Act. Restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under the Securities Act, including Rules 144 or 701 under the Securities Act, which are summarized below.

In addition, each OpCo Interest held by our Subsequent Continuing Equity Owners will be redeemable, at the election of each Subsequent Continuing Equity Owner, for, at our election (determined solely by our independent directors (within the meaning of the Exchange rules) who are disinterested), newly-issued shares of our Class A common stock on a one-for-one basis or a cash payment equal to a volume weighted average market price of one share of Class A common stock for each OpCo Interest so redeemed, in each case, in accordance with the terms of the OpCo Agreement; provided that, at our election (determined solely by our independent directors (within the meaning of the Exchange rules) who are disinterested), we may effect a direct exchange by WhiteHawk Income Corporation of such Class A common stock or such cash, as applicable, for such OpCo Interests. The Subsequent Continuing Equity Owners may, subject to certain exceptions, exercise such redemption right for as long as their OpCo Interests remain outstanding. See "Certain Relationships and Related Party Transactions—OpCo Agreement." Upon consummation of the Transactions, the Management Contributor will hold OpCo Interests (along with an equal number of shares of Class B common stock), which will be restricted from transfer, exchange or distribution until the first anniversary of the closing of the Internalization. Following the first anniversary of the closing of the Internalization, we expect that the Management Contributor will distribute the OpCo Interests and Class B common stock received pursuant to the Contribution Agreement to the Subsequent Continuing Equity Owners. Once distributed to the Subsequent Continuing Equity Owners, the OpCo Interests will be exchangeable for shares of our Class A common stock. The shares of Class A common stock we issue upon such exchanges would be "restricted securities" as defined in Rule 144 unless we register such issuances. However, we will enter into the Registration Rights Agreement with certain of the Continuing Equity Owners that will require us, subject to customary conditions, to register under the Securities Act these shares of Class A common stock. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

**Lock-up Arrangements and Registration Rights** 

We and our directors and executive officers will enter into lock-up agreements pursuant to which we and they will be subject to certain restrictions with respect to the offer, sale or disposition or hedge of our securities for a period of 180 days following the date of this prospectus. Additionally, our amended and restated certificate of incorporation will provide that, subject to certain exceptions, all of the shares of Class A common stock held by the Legacy Common Stock Investors may not be sold, pledged, transferred or otherwise disposed of for 365 days following the consummation of this offering, or such shorter period as determined by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering.

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In addition, following the distribution by the Management Contributor of its OpCo Interests (and shares of Class B common stock) to the Subsequent Continuing Equity Owners, certain of the Subsequent Continuing Equity Owners will have the right under the Registration Rights Agreement, subject to certain conditions, to require us to register the sale of their shares of our Class A common stock under federal securities laws. Registration of these shares under the Securities Act will result in these shares becoming freely tradable immediately upon the effectiveness of such registration, subject to the restrictions of Rule 144. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement."

Following the lock-up periods described above, all of the shares of our Class A common stock that are restricted securities or are held by our affiliates as of the date of this prospectus will be eligible for sale in the public market in compliance with Rule 144 under the Securities Act.

**Rule 144** 

The shares of our Class A common stock sold in this offering will generally be freely transferable without restriction or further registration under the Securities Act, except that any shares of our Class A common stock held by an "affiliate" of ours may not be resold publicly except in compliance with the registration requirements of the Securities Act or under an exemption under Rule 144 or otherwise. Rule 144 permits our Class A common stock that has been acquired by a person who is an affiliate of ours, or has been an affiliate of ours within the past three months, to be sold into the market in an amount that does not exceed, during any three-month period, the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one percent of the total number of shares of our Class A common stock outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly reported trading volume of our Class A common stock for the four calendar weeks prior to the
sale.

Such sales are also subject to specific manner of sale provisions, a six-month holding period requirement, notice requirements and the availability of current public information about us.

Approximately shares of our Class A common stock that are not subject to lock-up arrangements described above will be eligible for sale under Rule 144 immediately upon the closing.

Rule 144 also provides that a person who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has for at least six months beneficially owned shares of our Class A common stock that are restricted securities, will be entitled to freely sell such shares of our Class A common stock subject only to the availability of current public information regarding us. A person who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale, and who has beneficially owned for at least one year shares of our Class A common stock that are restricted securities, will be entitled to freely sell such shares of our Class A common stock under Rule 144 without regard to the current public information requirements of Rule 144.

**Rule 701** 

Rule 701 generally allows a stockholder who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of our company during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701, subject to the expiration of the lock-up restrictions described above.

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**Additional Registration Statements** 

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our Class A common stock subject to issuance under our equity incentive plans. Such registration statement is expected to be filed soon after the date of this prospectus and will automatically become effective upon filing with the SEC. Accordingly, shares of our Class A common stock registered under such registration statements will be available for sale in the open market, unless such shares are subject to the Rule 144 limitations, vesting restrictions with us or the lock-up restrictions described above.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS TO NON-U.S. HOLDERS OF CLASS A COMMON STOCK** 

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the ownership and disposition of our Class A common stock issued pursuant to this offering but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the ownership and disposition of our Class A common stock.

This discussion is limited to Non-U.S. Holders that hold our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A common stock as part of a straddle or other risk reduction strategy or as part
of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers, or certain electing traders in securities that are subject to a mark-to-market method of tax accounting for their securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and
corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and
investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons required for U.S. federal income tax purposes to conform the timing of income accruals with respect to
our Class A common stock to their financial statements under Section 451(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option
or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all
of the interests of which are held by qualified foreign pension funds.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of an owner of such an entity will depend on the status of the owner, the activities of such entity and certain determinations made at the owner level. Accordingly, entities treated as partnerships for U.S. federal income tax purposes holding our Class A common stock and the owners of such entities should consult their tax advisors regarding the U.S. federal income tax consequences to them.

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**THIS DISCUSSION IS NOT TAX ADVICE. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE OWNERSHIP AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.** 

**Definition of a Non-U.S. Holder** 

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Class A common stock that is an individual, corporation, estate or trust that is not a "U.S. person." A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual \who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or
organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more
"United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions** 

As described in the section entitled "Dividend policy," we do not anticipate declaring or paying any dividends on our Class A common stock in the foreseeable future. However, if we do make distributions of cash or property on our Class A common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute returns of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its Class A common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "—Sale or other taxable disposition."

Subject to the discussion below on effectively connected income, dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States. Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the rates and in the manner generally applicable to United States persons (as defined by the Code) unless an applicable income tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such

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effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or other taxable disposition** 

A Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's
conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is
attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the
United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Class A common stock constitutes a U.S. real property interest ("USRPI") by reason of our
status as a U.S. real property holding corporation ("USRPHC") for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the rates and in the manner generally applicable to United States persons (as defined by the Code) unless an applicable income tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of our Class A common stock, which may be offset by certain U.S.-source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe that we currently are, and expect to remain for the foreseeable future, a USRPHC for U.S. federal income tax purposes. However, as long as our Class A common stock continues to be regularly traded on an established securities market, only a non-U.S. holder that actually or constructively owns, or owned at any time during the shorter of the five-year period ending on the date of the disposition and the Non-U.S. Holder's holding period for the Class A common stock, more than 5% of our Class A common stock will be subject to tax with respect to gain realized on the disposition of our Class A common stock as a result of our status as a USRPHC. We anticipate that our Class A common stock will be regularly traded on an established securities market following this offering. However, no assurance can be given in this regard, and no assurance can be given that our Class A common stock will remain regularly traded in the future. If our Class A common stock were not considered to be regularly traded on an established securities market during the calendar year in which the relevant disposition by a Non-U.S. Holder occurred, such holder (regardless of the percentage of our Class A common stock owned) would be subject to U.S. federal income tax on the taxable disposition of our Class A common stock (as described in the preceding paragraph), and a 15% withholding tax would apply to the gross proceeds from such disposition.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Information reporting and backup withholding** 

Payments of dividends on our Class A common stock will not be subject to backup withholding, provided the applicable payor does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption.

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However, information returns are required to be filed with the IRS in connection with any distributions on our Class A common stock paid to the Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class A common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable payor receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person or the Non-U.S. Holder otherwise establishes an exemption. Proceeds of a disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional withholding tax on payments made to foreign accounts** 

Withholding may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act ("FATCA") on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our Class A common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

If withholding under FATCA is imposed, a beneficial owner that is not a foreign financial institution generally may obtain a refund of any amounts withheld by filing a U.S. federal income tax return (which may entail significant administrative burden). Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our Class A common stock.

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**UNDERWRITING** 

Raymond James & Associates, Inc. and Stifel, Nicolaus & Company, Incorporated are acting as representatives of the underwriters of this offering. Under the terms of an underwriting agreement, which will be filed as an exhibit to the registration statement of which this prospectus forms a part, each of the underwriters named below has severally agreed to purchase from us the respective number of shares of Class A common stock shown opposite its name below:

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| | |
|:---|:---|
| **Underwriter** | **Number of<br>Shares** |
|  Raymond James & Associates, Inc. |  |
|  Stifel, Nicolaus & Company, Incorporated |  |
|  J.P. Morgan Securities LLC |  |
|  Capital One Securities, Inc. |  |
|  Stephens Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |

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The underwriting agreement provides that the obligation of the underwriters to purchase and accept delivery of the shares of Class A common stock offered by this prospectus are subject to approval by their counsel of certain legal matters and to certain other customary conditions set forth in the underwriting agreement.

The underwriters are obligated to purchase and accept delivery of all of the shares of Class A common stock offered by this prospectus, if any of the shares of Class A common stock are purchased, other than those covered by the underwriters' option to purchase additional shares described below.

The underwriters initially propose to offer the shares of Class A common stock directly to the public at the public offering price listed on the cover page of this prospectus and to various dealers at that price less a concession not in excess of $ per share of Class A common stock. After the public offering of the shares of Class A common stock, the underwriters may change the public offering price and other selling terms. The shares of Class A common stock are offered by the underwriters as stated in this prospectus, subject to receipt and acceptance by them. The underwriters reserve the right to reject an order for the purchase of the shares of Class A common stock in whole or in part.

**Option to Purchase Additional Shares** 

We have granted the underwriters an option exercisable for 30 days after the date of this prospectus to purchase, from time to time, in whole or in part, up to an aggregate of shares of our Class A common stock from us at the offering price less underwriting discounts and commissions, solely for the purpose of covering overallotments. To the extent that this option is exercised, each underwriter will be obligated, subject to certain conditions, to purchase its pro rata portion of these additional shares based on the underwriter's percentage underwriting commitment in this offering as indicated in the above table.

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**Discounts and Expenses** 

The following table summarizes the underwriting discounts and commissions we will pay to the underwriters. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares. The underwriting fee is the difference between the initial price to the public and the amount the underwriters pay to us for the shares.

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| | | |
|:---|:---|:---|
|  | **Paid by the<br>Company** | **Paid by the<br>Company** |
|  | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $| $|

---

If all the shares are not sold at the initial public offering price following the initial public offering, the representatives may change the offering price and other selling terms.

The expenses of the offering that are payable by us are estimated to be approximately $(excluding underwriting discounts and commissions). We have agreed to reimburse the underwriters for certain of their expenses in an amount up to $.

**Indemnification** 

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may be required to make for these liabilities.

**Lock-Up Restrictions** 

We and our directors and executive officers will enter into lock-up agreements pursuant to which we and they will be subject to certain restrictions with respect to the offer, sale or disposition or hedge of any of our securities for a period of 180 days following the date of this prospectus. Additionally, our amended and restated certificate of incorporation will provide that, subject to certain exceptions, all of the shares of Class A common stock held by the Legacy Common Stock Investors may not be sold, pledged, transferred or otherwise disposed of for 365 days following the consummation of this offering, or such shorter period as determined by the board of directors, but in no event less than 180 days without the prior written consent of the managing underwriter of this offering. Following the expiration of such lock-up restrictions, such stockholders, subject to compliance with the Securities Act or exceptions therefrom, will be able to freely trade their Class A common stock. These restrictions also preclude any hedging collar or other transaction designed or reasonably expected to result in a disposition of shares of Class A common stock or securities convertible into or exercisable or exchangeable for shares of Class A common stock. The representatives may, in their sole discretion and at any time without notice, release all or any portion of the securities subject to these restrictions.

**Offering Price Determination** 

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price was negotiated between the representatives and us. In determining the initial public offering price of our Class A common stock, the representatives considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the history and prospects for the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our management and our business potential and earning prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prevailing securities markets at the time of this offering; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recent market prices of, and the demand for, publicly traded shares of generally comparable companies.

**Stabilization, Short Positions and Penalty Bids** 

Until the distribution of the securities offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase shares of our Class A common stock. As an exception to these rules, the underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act ("Regulation M") that are intended to stabilize, maintain or otherwise affect the price of the shares of our Class A common stock. The underwriters may engage in stabilizing transactions, short sales, syndicate covering transactions and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not
exceed a specified maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A short position involves a sale by the underwriters of shares in excess of the number of shares the underwriters
are obligated to purchase in the offering, which creates the syndicate short position. This short position may be either a covered short position or a naked short position. In a covered short position, the number of shares involved in the sales made
by the underwriters in excess of the number of shares they are obligated to purchase is not greater than the number of shares that they may purchase by exercising their option to purchase additional shares. In a naked short position, the number of
shares involved is greater than the number of shares in their option to purchase additional shares. The underwriters may close out any short position by either exercising their option to purchase additional shares and/or purchasing shares in the
open market. In determining the source of shares to close out the short position, the underwriters will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase
shares through their option to purchase additional shares. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market after pricing that
could adversely affect investors who purchase in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions involve purchases of the Class A common stock in the open market after the
distribution has been completed in order to cover syndicate short positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalty bids permit the representatives to reclaim a selling concession from a syndicate member when the Class A
common stock originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our Class A common stock or preventing or retarding a decline in the market price of the Class A common stock. As a result, the price of the Class A common stock may be higher than the price that might otherwise exist in the open market. These transactions may be effected on the NYSE or otherwise and, if commenced, may be discontinued at any time.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Class A common stock. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these stabilizing transactions or that any transaction, once commenced, will not be discontinued without notice.

**Electronic Distribution** 

A prospectus in electronic format may be made available on the Internet sites or through other online services maintained by one or more of the underwriters and/or selling group members participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms online and, depending upon the particular underwriter or selling group member, prospective investors may be allowed to place orders online. The

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underwriters may agree with us to allocate a specific number of shares for sale to online brokerage account holders. Any such allocation for online distributions will be made by the representatives on the same basis as other allocations.

Other than the prospectus in electronic format, the information on any underwriter's or selling group member's web site and any information contained in any other web site maintained by an underwriter or selling group member is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter or selling group member in its capacity as underwriter or selling group member and should not be relied upon by investors.

**Listing** 

We have applied to list our shares of Class A common stock on the NYSE under the symbol "WHK."

**Stamp Taxes** 

If you purchase shares of Class A common stock offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

**Other Relationships** 

The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The underwriters and certain of their affiliates have, from time to time, performed, and may in the future perform, various commercial and investment banking and financial advisory services for the issuer and its affiliates, for which they received or may in the future receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and certain of their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of the issuer or its affiliates. If the underwriters or their affiliates have a lending relationship with us, certain of those underwriters or their affiliates may hedge their credit exposure to us consistent with their customary risk management policies. Typically, the underwriters and their affiliates would hedge such exposure by entering into transactions that consist of either the purchase of credit default swaps or the creation of short positions in our securities or the securities of our affiliates, including potentially the shares of Class A common stock offered hereby. Any such credit default swaps or short positions could adversely affect future trading prices of the shares of Class A common stock offered hereby. The underwriters and certain of their affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Directed Share Program** 

At our request, the underwriters have reserved up to % of the Class A common stock being offered by this prospectus for sale at the initial public offering price to our directors, officers, employees and other individuals associated with us and members of their families. The sales will be made by Raymond James & Associates, Inc., an underwriter of this offering, through a directed share program. We do not know if these persons will choose to purchase all or any portion of these reserved shares, but any purchases they do make will reduce the number of shares available to the general public. Any reserved shares not so purchased will be offered

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by the underwriters to the general public on the same terms as the other shares of Class A common stock. Participants in the directed share program shall be subject to a three month lock-up with respect to any shares sold to them pursuant to that program. This lock-up will have similar restrictions and an identical extension provision to the lock-up restrictions described above. Any shares sold in the directed share program to our directors or executive officers shall be subject to the lock-up restrictions described above. We have agreed to indemnify the underwriters against certain liabilities and expenses, including liabilities under the Securities Act, in connection with the sales of the shares reserved for the directed share program.

**Selling Restrictions** 

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**European Economic Area and United Kingdom** 

In relation to each Member State of the European Economic Area and the United Kingdom (each, a "Relevant Member State"), no Class A common stock has been offered or will be offered pursuant to the offering to a public in that Relevant Member State prior to the publication of a prospectus in relation to the Class A common stock that has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Regulation (as defined below), except that offers of shares may be made to the public in that Relevant Member State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to legal entities that are qualified investors as defined under the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by the underwriters to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Regulation), subject to obtaining prior consent of each of the representatives of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of Class A common stock shall result in a requirement for us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression "offer to the public" in relation to any shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

**United Kingdom** 

This prospectus has only been communicated or caused to have been communicated and will only be communicated or caused to be communicated as an invitation or inducement to engage in investment activity

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(within the meaning of Section 21 of the Financial Services and Markets Act of 2000 (the "FSMA")) as received in connection with the issue or sale of the Class A common stock in circumstances in which Section 21(1) of the FSMA does not apply to us. All applicable provisions of the FSMA will be complied with in respect to anything done in relation to the Class A common stock in, from or otherwise involving the United Kingdom.

**Canada** 

The securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**Notice to Prospective Investors in Switzerland** 

This prospectus does not constitute an issue prospectus pursuant to Article 652a or Article 1156 of the Swiss Code of Obligations and the securities will not be listed on the SIX Swiss Exchange. Therefore, this prospectus may not comply with the disclosure standards of the listing rules (including any additional listing rules or prospectus schemes) of the SIX Swiss Exchange. Accordingly, the securities may not be offered to the public in or from Switzerland, but only to a selected and limited circle of investors who do not subscribe to the securities with a view to distribution. Any such investors will be individually approached by the underwriters from time to time.

**Dubai International Financial Centre** 

This prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority ("DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for this prospectus. The securities to which this offering memorandum relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the securities offered should conduct their own due diligence on the securities. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

**Hong Kong** 

The shares may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("Companies (Winding Up and

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Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("Securities and Futures Ordinance"), or (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares that are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

**Singapore** 

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person that is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired the shares under Section 275 of the SFA except: (i) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (ii) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (iii) where no consideration is or will be given for the transfer, (iv) where the transfer is by operation of law, (v) as specified in Section 276(7) of the SFA, or (vi) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore ("Regulation 32").

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person that is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the shares under Section 275 of the SFA except: (i) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (ii) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (iii) where no consideration is or will be given for the transfer, (iv) where the transfer is by operation of law, (v) as specified in Section 276(7) of the SFA, or (vi) as specified in Regulation 32.

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**Japan** 

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended) (the "FIEA"). The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

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**LEGAL MATTERS** 

Latham & Watkins LLP has passed upon the validity of the Class A common stock offered hereby on behalf of us. Certain legal matters related to this offering will be passed upon for the underwriters by Vinson & Elkins L.L.P., Houston, Texas.

**EXPERTS** 

The consolidated financial statements of WhiteHawk Income Corporation as of December 31, 2025 and for the year then ended included in this prospectus have been audited by Baker Tilly US, LLP, an independent registered public accounting firm, as stated in their report, which is included herein. Such consolidated financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The consolidated financial statements of WhiteHawk Income Corporation as of December 31, 2024 and for the year then ended included in this prospectus have been audited by Whitley Penn LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The financial statements of PHX Minerals Inc. at December 31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The carve-out financial statements of Three Rivers Royalty, LLC at December 31, 2024 and 2023, and for each of the two years ended December 31, 2024, appearing in this Prospectus and Registration Statement have been audited by Plante & Moran, PLLC, an independent auditor, as stated in their report, which report includes an emphasis of matter paragraph related to the carve-out basis of accounting. We have included the financials statements of Three Rivers Royalty, LLC in this prospectus and elsewhere in the registration statement in reliance on the report of Plante & Moran, PLLC, given on their authority as experts in accounting and auditing.

Estimates of our reserves and related future net cash flows related to our properties as of December 31, 2024 included herein and elsewhere in the registration statement were based upon the reserve report prepared by our independent petroleum engineer, Schaper Energy Consulting, LLC. We have included these estimates in reliance on the authority of such firm as an expert in such matters.

Estimates of PHX Minerals, Inc.'s reserves and related future net cash flows related to its properties as of December 31, 2024 included herein and elsewhere in the registration statement were based upon the reserve report prepared by PHX Minerals, Inc.'s independent petroleum engineer, Cawley, Gillespie and Associates, Inc. We have included these estimates in reliance on the authority of such firm as an expert in such matters.

Estimates of Three River Royalty, LLC's reserves and related future net cash flows related to its properties as of December 31, 2024 included herein and elsewhere in the registration statement were based upon the reserve report prepared by Three River Royalty, LLC's independent petroleum engineer, Ryder Scott Company, L.P. We have included these estimates in reliance on the authority of such firm as an expert in such matters.

Estimates of our reserves and related future net cash flows related to our properties as of December 31, 2025 included herein and elsewhere in the registration statement were based upon the reserve report prepared by our independent petroleum engineer, Cawley, Gillespie and Associates, Inc. We have included these estimates in reliance on the authority of such firm as an expert in such matters.

Information related to undeveloped locations as of December 31, 2025, included in this prospectus has been audited by Cawley, Gillespie and Associates, Inc. We have included this information in reliance on the authority of such firm as an expert in such matter.

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**CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

On June 30, 2025, we notified Whitley Penn LLP ("WP"), which had served as our prior independent registered public accounting firm, of our intention to obtain proposals from other accounting firms to perform the audit of our consolidated financial statements as of and for the year ending December 31, 2025 (our "2025 Audit"). On July 1, 2025, we engaged Baker Tilly US, LLP ("BT") as our independent registered public accounting firm for our 2025 Audit, effective immediately. The decision to dismiss WP and engage BT was approved by our management but has not yet been approved by our board of directors. On May 19, 2026, our board of directors ratified the dismissal of WP and the appointment of BT as our independent registered public accounting firm.

The reports of WP on our consolidated financial statements as of December 31, 2024, and for the years then ended, did not contain adverse opinions or disclaimers of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the year ended December 31, 2024 and the subsequent interim period through June 30, 2025, there were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions
thereto) with WP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of WP, would have caused WP to make reference to the
subject matter of the disagreements in its report on our financial statements as of December 31, 2024 and 2023, and for the years then ended, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K and the related
instructions thereto).

We provided WP with a copy of the disclosure set forth in this section and requested that WP furnish us with a letter addressed to the SEC stating whether WP agrees with the statements made herein, each as required by applicable SEC rules. A copy of the letter, dated May 11, 2026, furnished by WP in response to that request, is filed as Exhibit 16.1 to the registration statement of which this prospectus is a part.

During the year ended December 31, 2024 and the subsequent interim period through June 30, 2025, when we engaged BT, we did not consult with BT with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on our financial statements, and neither a written report nor oral advice was provided to us that BT concluded was an important factor considered by us in reaching a decision as to any accounting, auditing, or financial reporting issue, or (ii) any matter that was the subject of a "disagreement" or a "reportable event" (each as defined above).

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**WHERE YOU CAN FIND MORE INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our Class A common stock offered by this prospectus. For purposes of this section, the term registration statement means the original registration statement and any and all amendments including the schedules and exhibits to the original registration statement or any amendment. This prospectus, filed as part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules thereto as permitted by the rules and regulations of the SEC. For further information about us and our Class A common stock, you should refer to the registration statement, including its exhibits and schedules. This prospectus summarizes provisions that we consider material of certain contracts and other documents to which we refer you. Because the summaries may not contain all of the information that you may find important, you should review the full text of those documents.

This registration statement, including its exhibits and schedules, will be filed with the SEC. The SEC maintains a website at (http://www.sec.gov) from which interested persons can electronically access the registration statement, including the exhibits and schedules to the registration statement. We intend to furnish our stockholders with annual reports containing financial statements audited by our independent auditors.

Upon the closing of this offering, we will be required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. These reports, proxy statements, and other information will be available on the website of the SEC referred to above. We also maintain a website at www.whitehawkenergy.com, through which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on, or that can be accessed through, our website or any subsection thereof is not a part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

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**INDEX TO FINANCIAL STATEMENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  **WhiteHawk Income Corporation** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audited Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (PCAOB ID Number 23)](#fin86452_1) | F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (PCAOB ID Number 726)](#fin86452_1a) | F-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Balance Sheets as of December 31, 2025 (restated) and 2024](#fin86452_2) | F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations for the years ended December 31, 2025 (restated) and 2024](#fin86452_3) | F-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Mezzanine Equity and Shareholders' Equity as of December 31, 2025 (restated) and 2024](#fin86452_4) | F-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flows for the years ended December 31, 2025 (restated) and 2024](#fin86452_5) | F-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Consolidated Financial Statements](#fin86452_6) | F-9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaudited Interim Condensed Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Balance Sheets as of March 31, 2026 and 2025 (unaudited)](#fin86452_1011) | F-41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)](#fin86452_1012) | F-42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Mezzanine Equity and Shareholders' Equity for the three months ended March 31, 2026 and 2025 (unaudited)](#fin86452_1013) | F-43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)](#fin86452_1014) | F-44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Condensed Consolidated Financial Statements (unaudited)](#fin86452_1015) | F-45 |
|  **PHX Minerals, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audited Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (PCAOB ID Number 42)](#fin86452_7) | F-68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balance Sheets as of December 31, 2024 and 2023](#fin86452_8) | F-70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Income for the years ended December 31, 2024 and 2023](#fin86452_9) | F-71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Stockholders' Equity as of December 31, 2024 and 2023](#fin86452_10) | F-72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Cash Flows for the years ended December 31, 2024 and 2023](#fin86452_11) | F-73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin86452_12) | F-74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaudited Interim Condensed Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Balance Sheets as of March 31, 2025 and 2024](#fin86452_12a) | F-100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Statements of Income for the three months ended March 31, 2025 and 2024](#fin86452_12b) | F-101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Statements of Stockholders' Equity as of March 31, 2025 and 2024](#fin86452_12c) | F-102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Statements of Cash Flows for the three months ended March 31, 2025 and 2024](#fin86452_12d) | F-103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin86452_12e) | F-104 |
|  **Three Rivers Royalty, LLC** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audited Carve-Out Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (PCAOB ID Number 166)](#fin86452_13) | F-117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balance Sheet as of December 31, 2024 and 2023](#fin86452_14) | F-119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations for the years ended December 31, 2024 and 2023](#fin86452_15) | F-120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Member's Equity for the years ended December 31, 2024 and 2023](#fin86452_16) | F-121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Cash Flows for the years ended December 31, 2024 and 2023](#fin86452_17) | F-122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin86452_18) | F-123 |

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**WHITEHAWK INCOME CORPORATION** 

**CONSOLIDATED FINANCIAL STATEMENTS** 

**YEARS ENDED DECEMBER 31, 2025 AND 2024** 

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**WHITEHAWK INCOME CORPORATION** 

**TABLE OF CONTENTS** 

**WHITEHAWK INCOME CORPORATION** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (Baker Tilly US, LLP, Dallas, Texas PCAOB ID:23)](#fin86452_1) | F-3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (Whitley Penn LLP, Houston, Texas, PCAOB ID:726)](#fin86452_1a) | F-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Balance Sheets (as restated)](#fin86452_2) | F-5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations (as restated)](#fin86452_3) | F-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Mezzanine Equity and Shareholders' Equity (as restated)](#fin86452_4) | F-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Cash Flows (as restated)](#fin86452_5) | F-8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Consolidated Financial Statements](#fin86452_6) | F-9 |

---

------

##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and the Board of Directors of

WhiteHawk Income Corporation

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheet of WhiteHawk Income Corporation (and subsidiaries) (the "Company") as of December 31, 2025, the related consolidated statements of operations, mezzanine equity and shareholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025, and the consolidated results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

**Restatement of Previously Issued Financial Statements** 

As discussed in Note 3, the Company has restated its 2025 consolidated financial statements for the correction of errors.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Baker Tilly US, LLP

Dallas, Texas

March 31, 2026, except for Note 3, as to which the date is May 6, 2026

We have served as the Company's auditor since 2025

------

##### [**Table of Contents**](#toc)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of

WhiteHawk Income Corporation and its subsidiaries:

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated balance sheets of WhiteHawk Income Corporation and subsidiaries (the "Company") as of December 31, 2024, and the related consolidated statement of operations, statement of mezzanine equity and shareholders' equity, and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of their operations and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

**Critical Audit Matters** 

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

We have served as the Company's auditor since 2022.

/s/ Whitley Penn LLP

Houston, Texas 

March 31, 2025

------

##### [**Table of Contents**](#toc)
**WHITEHAWK INCOME CORPORATION** 

**CONSOLIDATED BALANCE SHEETS** 

**(In thousands, except par value and share amounts)** 

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(As restated)** | |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $28989 | $5330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 10176 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term derivative asset | 5349 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 1410 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 45924 | 9704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas and oil mineral interests, net - successful efforts method | 460586 | 155084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other property and equipment, net | 275 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 353 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $507138 | $165920 |
|  **Liabilities, mezzanine equity and shareholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $1177 | $1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 1158 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued dividends | 7516 | 2399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes, current portion | 6275 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current portion | 176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 16302 | 11405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes, net of unamortized debt issuance costs | 227985 | 56284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 21329 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, net of current portion | 121 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative liability | 4669 | 6439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation | 316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 270722 | 74128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies (See Note 14) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mezzanine equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred stock, $0.0001 par value; 400,000 shares authorized; 0 and 19,000 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, redemption value $0 and $19,000, respectively |  | 13308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred stock, $0.0001 par value; 400,000 shares authorized; 35,524 and 9,823 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively, redemption value $35,524 and $9,823, respectively | 27662 | 7917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, $0.0001 par value; 7,000,000 shares authorized; 6,518,383 and 2,635,050 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T common stock, $0.0001 par value; 100,000 shares authorized; 66,830 and 38,094 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I common stock, $0.0001 par value; 9,100,000 shares authorized; 8,050,883 and 1,917,690 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid in capital | 223900 | 82128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (15146) | (11561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 208754 | 70567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, mezzanine equity and shareholders' equity | $507138 | $165920 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**WHITEHAWK INCOME CORPORATION** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(In thousands, except per share data)** 

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  | **(As restated)** | |
|  **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $50075 | $12702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | 16648 | (4418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus revenue | 872 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 67595 | 9450 |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 16585 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 9966 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 24237 | 10827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 50788 | 18300 |
|  **Operating income (loss)** | 16807 | (8850) |
|  **Other expense:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | 3839 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of assets | 123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 19070 | 3939 |
|  **Income (loss) before income taxes** | (6225) | (13148) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (2640) | (1587) |
|  **Net income (loss)** | (3585) | (11561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings allocated to participating securities | (7341) | (5266) |
|  **Net income (loss) attributable to common stockholders** | $(10926) | $(16827) |
|  **Earnings(loss) per common share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares - basic and diluted | $(1.30) | $(3.88) |
|  **Weighted average number of shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares - basic and diluted | 8378 | 4340 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**WHITEHAWK INCOME CORPORATION** 

**CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY** 

**(In thousands)** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
|  | **Series A<br>Preferred Stock** | **Series A<br>Preferred Stock** | **Series B<br>Preferred Stock** | **Series B<br>Preferred Stock** | **Series C<br>Preferred Stock** | **Series C<br>Preferred Stock** | **Class A<br>Common Stock** | **Class A<br>Common Stock** | **Class T<br>Common Stock** | **Class T<br>Common Stock** | **Class I<br>Common Stock** | **Class I<br>Common Stock** | **Additional<br>Paid In<br>Capital** | **Retained<br>Earnings<br>(Accumulated<br>Deficit) (As<br>restated)** | **Total<br>Shareholders'<br>Equity (As<br>restated)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid In<br>Capital** | **Retained<br>Earnings<br>(Accumulated<br>Deficit) (As<br>restated)** | **Total<br>Shareholders'<br>Equity (As<br>restated)** |
|  **Balance at December 31, 2023** | 44 | $43217 |  | $— |  | $— | 2279 | $— | 38 | $— | 1836 | $— | $81193 | $— | $81193 |
|  Issuance of common stock |  |  |  |  |  |  | 375 |  |  |  | 82 |  | 11041 |  | 11041 |
|  Common stock redemption |  |  |  |  |  |  | (19) |  |  |  |  |  | (436) |  | (436) |
|  Issuance of Series B Preferred Stock |  |  | 10 | 9654 |  |  |  |  |  |  |  |  |  |  |  |
|  Redemption of Series A Preferred Stock | (25) | (25100) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Equity issuance costs |  |  |  | (1182) |  |  |  |  |  |  |  |  | (1428) |  | (1428) |
|  Common stock dividends |  |  |  |  |  |  |  |  |  |  |  |  | (8242) |  | (8242) |
|  Preferred stock dividends |  | (4809) |  | (555) |  |  |  |  |  |  |  |  |  |  |  |
|  Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  | (11561) | (11561) |
|  **Balance at December 31, 2024** | 19 | $13308 | 10 | $7917 |  | $— | 2635 | $— | 38 | $— | 1918 | $— | $82128 | $(11561) | $70567 |
|  Issuance of common stock |  |  |  |  |  |  | 3894 |  | 29 |  | 6133 |  | 178162 |  | 178162 |
|  Common stock redemption |  |  |  |  |  |  | (11) |  |  |  |  |  | (267) |  | (267) |
|  Issuance of Preferred Stock |  |  | 25 | 24920 | 56 | 56000 |  |  |  |  |  |  |  |  |  |
|  Redemption of Preferred Stock | (19) | (12514) |  | (138) | (56) | (51520) |  |  |  |  |  |  | (10966) |  | (10966) |
|  Equity issuance costs |  |  |  | (2566) |  |  |  |  |  |  |  |  | (6968) |  | (6968) |
|  Common stock dividends |  |  |  |  |  |  |  |  |  |  |  |  | (18368) |  | (18368) |
|  Preferred stock dividends |  | (794) |  | (2471) |  | (4480) |  |  |  |  |  |  |  |  |  |
|  Stock based compensation |  |  |  |  |  |  |  |  |  |  |  |  | 179 |  | 179 |
|  Net loss (as restated) |  |  |  |  |  |  |  |  |  |  |  |  |  | (3585) | (3585) |
|  **Balance at December 31, 2025 (As restated)** |  | $— | 35 | $27662 |  | $— | 6518 | $— | 67 | $— | 8051 | $— | $223900 | $(15146) | $208754 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**WHITEHAWK INCOME CORPORATION** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(In thousands)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
|  | **(As restated)** | |
|  Cash flow from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $(3585) | $(11561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gain) loss on commodity derivative instruments | (8122) | 13134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 24237 | 10827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 744 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on extinguishment of debt | 3839 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on the sale of assets | 123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (3508) | (1587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities (net of assets and liabilities acquired) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (562) | (1534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 149 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1319 | (1097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (836) | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and other liabilities | (400) | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | 13577 | 9447 |
|  Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of oil and gas properties, net of post-close adjustments | (115342) | (30392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of PHX, net of cash | (194616) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities | (309958) | (30392) |
|  Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Senior Notes | 186000 | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of Senior Notes | (13300) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of Term Loan |  | (20000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs | (5807) | (2333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of common stock, net | 169737 | 9613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of Series B preferred stock, net | 22354 | 8472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of Series C preferred stock, net | 56000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock redemptions | (267) | (436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Stock redemptions | (19000) | (25100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred Stock redemptions | (138) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C Preferred Stock redemptions | (56000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to Series A Preferred Stock | (794) | (4809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to Series B Preferred Stock | (1797) | (305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to Series C Preferred Stock | (4480) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to common stock | (12468) | (8041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | 320040 | 22061 |
|  Net increase (decrease) in cash and cash equivalents | 23659 | 1116 |
|  Cash and cash equivalents, beginning of period | 5330 | 4214 |
|  Cash and cash equivalents, end of period | $28989 | $5330 |
|  **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $19117 | $3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for income taxes | $745 | $877 |
|  **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to common stock holders through common stock issuances pursuant to dividend reimbursement plan | $1457 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock dividend | $57100 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in dividends declared but not yet paid | $5148 | $451 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**WHITEHAWK INCOME CORPORATION** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**Note 1—Organization and Presentation** 

***Organization and Description of Business***

WhiteHawk was formed in February 2022 to acquire, own and manage mineral interests with the objective of generating cash flow from operations that can be distributed to shareholders as dividends and reinvested to expand our base of cash flow generating assets. WhiteHawk is governed by a board of directors (the "Board"). The Company's primary investment objective is to provide shareholders with current income with the potential for capital appreciation. The Company's primary business objective is to provide a return to investors by owning and acquiring mineral interests in natural gas resources across the U.S. and distributing a meaningful portion of our cash flow to investors as dividends.

In March 2025, the Company doubled its ownership interests in the natural gas mineral assets of Three Rivers Royalty, LLC (the "Seller") located in southwestern Pennsylvania by purchasing the remaining 50% undivided interest in the natural gas mineral assets of the Seller for $118.0 million ("Three Rivers Acquisition").

During 2024, the Company announced the acquisition of additional Marcellus Shale natural gas and royalty assets covering 435,000 gross unit acres across southwestern Pennsylvania and northern West Virginia ("Marcellus Acquisition") for $30.0 million.

*PHX Acquisition*

On June 23, 2025, following the completion of the previously announced tender offer, the Company completed the acquisition of PHX Minerals Inc. ("PHX") through a merger pursuant to the Agreement and Plan of Merger ("Merger Agreement"), dated May 8, 2025, by and among WhiteHawk Merger Sub, Inc., Whitehawk Acquisition, Inc. (" Merger Parent") and PHX ("PHX Merger"). Upon completion of the merger, PHX became a wholly owned subsidiary of Merger Parent, a wholly owned subsidiary of the Company. The Company acquired PHX in an all-cash transaction that valued PHX at $4.35 per share, or a total value of approximately $194.8 million, including PHX's net debt. Refer to "Note 4—PHX Merger" for further information.

**Note 2—Summary of Significant Accounting Policies** 

***Basis of Presentation***

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany balances and transactions are eliminated in consolidation.

***Principles of Consolidations***

These consolidated financial statements reflect the financial condition, results of operations, cash flows and changes in shareholders' equity of the Company and its consolidated subsidiaries, WhiteHawk Income Marcellus, LLC, WhiteHawk Income Haynesville, LLC, WhiteHawk Acquisition, Inc. and PHX Minerals Inc. for the periods presented. All intercompany balances and transactions are eliminated in consolidation.

***Cash and Cash Equivalents***

Cash and cash equivalents represent unrestricted cash on hand and include all highly liquid investments purchased with a maturity of three months or less and money market funds. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments.

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***Use of Estimates***

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting periods; and the quantities and values of proved oil, natural gas and natural gas liquids ("NGL") reserves used in calculating depletion and assessing impairment of natural gas mineral properties. Actual results could differ significantly from these estimates. Significant estimates made by management include the quantities of proved oil, natural gas and NGLs reserves, related present value estimates of future net cash flows therefrom, the carrying value of natural gas mineral properties, and estimates of current and deferred income taxes. Other areas requiring estimation include valuation of commodity derivatives and our revenue accrual. While management believes these estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates and it is reasonably possible these estimates could be revised in the near term, and these revisions could be material.

***Accounts Receivable***

Accounts receivable represents amounts due to the Company, and are uncollateralized, consisting primarily of royalty revenue receivable. Royalty revenue receivable consists of royalties due from operators for oil, natural gas and NGL volumes sold to purchasers. Those purchasers remit payment for production to the operator of the properties and the operator, in turn, remits payment to the Company. Receivables from third parties for which we did not receive actual production information, either due to timing delays or due to the unavailability of data at the time when revenues are recognized, are estimated. The Company routinely reviews outstanding balances, assesses the financial strength of its operators and records a reserve for amounts not expected to be fully recovered, using a current expected credit loss model. The Company write off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, it will be recognized in income in the year of recovery, in accordance with the Company's accounting policy election. The Company did not record any credit losses for the years ended December 31, 2025, and 2024.

***Commodity Derivative Financial Instruments***

The Company's ongoing operations expose it to changes in the market price for natural gas minerals. To mitigate the price risk associated with its operations, the Company uses commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company does not enter into derivative instruments for speculative purposes.

Derivative instruments are recognized at fair value. If a right of offset exists under master netting arrangements and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the consolidated balance sheets. The Company does not specifically designate derivative instruments as fair value or cash flow derivatives, even though they reduce its exposure to changes in natural gas mineral prices; therefore, gains and losses arising from changes in the fair value of the derivative instruments are recognized in revenue on a net basis in the accompanying consolidated statements of operations within gain (loss) on commodity derivative instruments.

***Mineral Interests in Natural Gas Properties***

The Company follows the successful efforts method of accounting for natural gas mineral operations. Under this method, costs to acquire minerals and interests in natural gas mineral properties are capitalized when incurred. Acquisitions of interests of natural gas mineral properties are considered asset acquisitions and are recorded at cost.

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Acquisition costs of proven mineral interests are amortized using the units of production method over the life of the property, which is estimated using proven reserves. Acquisition costs of mineral interests on unproved properties, where there are no proven reserves, are not amortized. When the associated exploration stage interests are converted to proven reserves, the cost basis is amortized using the units of production methodology over the life of the property, using proven reserves. For purposes of amortization, interests in natural gas mineral properties are grouped in a reasonable aggregation of properties with common geological structural features or stratigraphic condition.

We review and evaluate our mineral interests in natural gas mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Proved natural gas properties are reviewed for impairment when events and circumstances indicate a potential decline in the fair value of such properties below the carrying value, such as a downward revision of the reserve estimates or lower commodity prices. When such events or changes in circumstances occur, we estimate the undiscounted future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. If the carrying value of the properties is determined to not be recoverable based on the undiscounted cash flows, an impairment charge is recognized by comparing the carrying value to the estimated fair value of the properties. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and a discount rate commensurate with the risk reflective of the lives remaining for the respective natural gas properties. There was no such impairment of proved natural gas mineral properties for the years ended December 31, 2025, or 2024.

Unproved properties are also assessed for impairment periodically on a depletable unit basis when facts and circumstances indicate that the carrying value may not be recoverable, at which point an impairment loss is recognized to the extent the carrying value exceeds the estimated recoverable value. The carrying value of unproved properties, including unleased mineral rights, is determined based on management's assessment of fair value using factors similar to those previously noted for proved properties, as well as geographic and geologic data. There was no impairment of unproved properties for the years ended December 31, 2025, and 2024.

Upon the sale of a complete depletable unit, the book value thereof, less proceeds or salvage value, is charged to income. Upon the sale or retirement of an individual well, or an aggregation of interests which make up less than a complete depletable unit, the proceeds are credited to accumulated depletion, unless doing so would significantly alter the depletion rate of the depletable unit, in which case a gain or loss would be recorded.

***Fair Value of Financial Instruments***

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. GAAP establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This three-tier hierarchy classifies fair value amounts recognized or disclosed in the consolidated financial statements based on the observability of inputs used to estimate such fair values. The classification within the hierarchy of an asset or liability is determined based on the lowest level input that is significant to the fair value measurement. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, the Company categorizes its assets and liabilities recorded at fair value using this hierarchy.

The amounts reported in the balance sheet for cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair value because of the short-term maturities of these instruments. The Company's commodity derivative instruments are classified within Level 2. The fair values of the Company's commodity derivative instruments are based upon inputs that are either readily available in the public market, such as natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets.

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Assets and liabilities accounted for at fair value on a non-recurring basis in accordance with Level 3 of the fair value hierarchy include the estimated impairment of oil and natural gas properties, if any, asset retirement obligations and the fair value of royalty interests acquired during each of the years ended December 31, 2025 and 2024.

***Debt Issuance Costs***

The Company accounts for the costs incurred in connection with borrowings under financing facilities as deferred and amortized over the life of the related financing on a straight-line basis which approximates the effective interest method. As of December 31, 2025 and 2024, the Company has deferred and capitalized costs associated with the Company's credit agreements of $3.4 million and $2.3 million, respectively. These deferred issuance costs will be amortized on a straight-line basis over the duration of the credit agreements. Debt issuance costs include origination, legal and other fees to obtain or issue debt. Debt issuance costs which are related to a debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability.

For the years ended December 31, 2025 and 2024, the Company amortized $0.7 million and $0.3 million, respectively, of deferred debt issuance costs in the accompanying consolidated statements of operations (see Note 8 – Debt).

***Leases***

The Company determines if an arrangement is a lease at inception by considering whether (1) explicitly or implicitly identified assets have been deployed in the agreement and (2) the Company obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the agreement. Operating leases are included in Other assets, and Operating lease liabilities in the consolidated balance sheets. As of December 31, 2025, and December 31, 2024, none of the Company's leases were classified as financing leases.

Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets are recognized at commencement date and consist of the present value of remaining lease payments over the lease term, initial direct costs, prepaid lease payments less any lease incentives. Operating lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. The Company uses the implicit rate, when readily determinable, or its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments.

The lease terms may include periods covered by options to extend the lease when it is reasonably certain that the Company will exercise that option and periods covered by options to terminate the lease when it is not reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company made an accounting policy election to not recognize leases with terms of less than twelve months on the consolidated balance sheets and recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. In the event that the Company's assumptions and expectations change, it may have to revise its ROU assets and operating lease liabilities.

***Revenue from Contracts with Customers***

The Company has the right to receive revenues from natural gas, oil and NGL sales obtained by the operator of the wells in which the Company owns a mineral or royalty interest. Revenue is recognized at the point control of the product is transferred to the purchaser. Virtually all of the pricing provisions in the Company's contracts are tied to a market index.

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The Company earns lease bonus income by leasing its mineral interests to exploration, development and production companies. The Company recognizes lease bonus income when a lease agreement has been executed and payment is determined to be collectible.

*Royalty Income from Oil, Natural Gas and Natural Gas Liquids Sales* 

The Company's oil, natural gas and NGL sales contracts are generally structured whereby the producer of the properties in which the Company owns a mineral or royalty interest sells the Partnership's proportionate share of oil, natural gas and NGL production to the purchaser and the Company collects its percentage royalty based on the revenue generated by the sale of the oil, natural gas and NGL. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead or at the gas processing facility based on the Company's percentage ownership share of the revenue, net of any deductions for gathering and transportation.

*Transaction Price Allocated to Remaining Performance Obligations* 

The Company's right to royalty income does not originate until production occurs and, therefore, is not considered to exist beyond each day's production. Therefore, there are no remaining performance obligations under any of the Company's royalty income contracts.

*Contract Balances* 

Under the Company's royalty income contracts, it generally has the right to receive its interest in the gross proceeds collected by the operator from third-party purchasers of the Company's production once production has occurred, at which point payment is unconditional. Accordingly, the Company's royalty income contracts do not give rise to contract assets or liabilities under Accounting Standards Codification 606.

*Prior-Period Performance Obligations* 

The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain oil, natural gas and natural gas liquids sales may not be received for 30 to 90 days after the date production is delivered. As a result, the Company is required to estimate the amount of royalty income to be received based upon the Company's royalty interest. The Company records the differences between its estimates and the actual amounts received for royalties in the month that payment is received from the operator. Any identified differences between its revenue estimates and actual revenue received historically have not been significant. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to expected sales volumes and prices for those properties are estimated and recorded.

The disaggregated revenues from sales of natural gas, oil and NGLs for the years ended December 31, 2025 and 2024 were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2025** | **2024** |
|  Natural gas sales | $48720 | $13656 |
|  Oil sales | 5359 | 205 |
|  NGL sales | 4622 | 1896 |
|  Less deductions for gathering, transportation and other | (8626) | (3055) |
|  Total royalty revenues | $50075 | $12702 |

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Revenues from lease bonus payments are recorded upon receipt. The lease bonus is separate from the lease itself and is recognized as revenue to the Company upon receipt of payment. The Company generates lease bonus revenue by leasing its mineral interests to exploration and production companies and includes proceeds from assignments of leasehold interests where the Company retains an interest. A lease agreement represents the Company's contract with a lessee and generally transfers the rights to develop oil or natural gas, grants the Company a right to a specified royalty interest, and requires that drilling and completion operations commence within a specified time period. Upon signing a lease agreement, no further performance obligation exists for the Company, and therefore, no contract assets or contract liabilities are generated.

***Concentration of Revenue***

Collectability of the Company's royalty revenues is dependent upon the financial condition of the Company's operators, the entities they sell their products to, as well as general economic conditions of the industry. During the years ended December 31, 2025 and 2024, the following operators represented 10% or more of total revenues:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  EQT Production Company | 33% | 50% |
|  Range Resources | 11% | 19% |
|  CNX Gas Company | 10% | 13% |
|  Total | 54% | 82% |

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Although the Company is exposed to a concentration of credit risk, the Company does not believe the loss of any single operator or entity would materially impact the Company's operating results as natural gas, crude oil and NGLs are fungible products with well-established markets and numerous purchasers. If multiple entities were to cease making purchases at or around the same time, we believe there would be challenges initially, but there would be ample markets to handle disruption.

***Income Taxes***

The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures,* which requires disaggregated information related to the effective tax rate reconciliation as well

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as information on income taxes paid. This ASU is effective for annual periods beginning after December 15, 2025, and requires prospective application with the option to apply the standard retrospectively. We are currently evaluating the impact of the ASU on our disclosures.

In November 2024, the FASB issued ASU 2024-03, *Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures,* which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. This ASU is effective for annual periods beginning after December 15, 2026, and requires either prospective or retrospective application. We are currently evaluating the impact of the ASU on our disclosures.

**Note 3—Restatement of Financial Statements** 

Subsequent to the issuance of the WhiteHawk Income Corporation's (the "Company" or "WhiteHawk") consolidated financial statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024 originally dated March 31, 2026 ("Original Report"), the Company identified errors in the financial statements. The first error is related to the reconciliation of the intercompany and related party balances that occurred during the consolidation process (the "Management Fee Misstatement") which resulted in the erroneous recording of a portion of the Base Management Fee (defined below) in accounts receivable instead of management fees. The second error is related to pre-closing and post-effective date monies received related to the Three Rivers Acquisition (defined below) was erroneously recorded as revenue instead of a reduction in the purchase price (the "Three Rivers Acquisition Misstatement" and together the "Misstatements"). The Misstatements impacted the previously issued audited consolidated financial statements as of December 31, 2025 and for the year then ended (the "Restatement Period"). In accordance with ASC 250 – *Accounting Changes and Error Corrections*, and SEC Staff Accounting Bulletin ("SAB") No. 99 – *Materiality*, management concluded the error was material to Company's consolidated financial statements and required restatement of the consolidated financial statements for the Restatement Period (the "Restatement").

***Restatement Background***

While performing closing procedures for the first quarter of 2026, the Company identified the Misstatements. The correction of the Misstatements impacts the previously reported amounts of accounts receivable, other current assets, natural gas and oil mineral interests, royalty revenue, depletion, management fees, provision for income taxes, net loss, net loss per common share, and all related financial statement subtotals and totals.

***Impact of Restatement***

The following tables present the impact of the Restatement to the specific line items presented in the previously reported audited consolidated financial statements. The amounts labeled "As Previously Reported" were derived from the Original Report. The amounts labeled "Adjustments" represents the impact of correcting the Misstatements identified by the Company. The effects of the Restatement have been corrected in all impacted tables and footnotes throughout the Consolidated Financial Statements herein.

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**WhiteHawk Income Corporation** 

**Restated Consolidated Balance Sheet** 

(amounts in thousands, except for par value and share amounts)

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **As Previously Reported** | **Adjustments** | **As Restated** |
|  **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 12848 | (2672) | 10176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 1148 | 262 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 48334 | (2410) | 45924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas and oil mineral interests, net - successful efforts method | 461511 | (925) | 460586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $510473 | $(3335) | $507138 |
|  **Liabilities, mezzanine equity and shareholders' equity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 22109 | (780) | 21329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 271502 | (780) | 270722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (12591) | (2555) | (15146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 211309 | (2555) | 208754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, mezzanine equity and shareholders' equity | $510473 | $(3335) | $507138 |

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**WhiteHawk Income Corporation** 

**Restated Consolidated Statements of Operations** 

(amounts in thousands, except per share amounts)

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **As Previously Reported** | **Adjustments** | **As Restated** |
|  **Revenues:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $55691 | $(5616) | $50075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 73211 | (5616) | 67595 |
|  **Operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 9274 | 692 | 9966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 26948 | (2711) | 24237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 52807 | (2019) | 50788 |
|  **Operating income (loss)** | 20404 | (3597) | 16807 |
|  **Income (loss) before income taxes** | (2628) | (3597) | (6225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (1598) | (1042) | (2640) |
|  **Net income (loss)** | $(1030) | $(2555) | $(3585) |
|  **Earnings(loss) per common share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares - basic and diluted | $(1.00) | $(0.30) | $(1.30) |
|  **Weighted average number of shares outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares - basic and diluted | 8378 |  | 8378 |

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**WhiteHawk Income Corporation** 

**Restated Consolidated Statement of Cash Flows** 

(amounts in thousands)

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **As Previously Reported** | **Adjustments** | **As Restated** |
|  Cash flow from operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $(1030) | $(2555) | $(3585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 26948 | (2711) | 24237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (2728) | (780) | (3508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities (net of assets and liabilities acquired) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (3235) | 2673 | (562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 411 | (262) | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | 17212 | (3635) | 13577 |
|  Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of oil and gas properties, net of post-close adjustments | (118977) | 3635 | (115342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities | (313593) | 3635 | (309958) |
|  Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | 320040 |  | 320040 |
|  Net increase (decrease) in cash and cash equivalents | 23659 |  | 23659 |
|  Cash and cash equivalents, beginning of period | 5330 |  | 5330 |
|  Cash and cash equivalents, end of period | $28989 | $— | $28989 |

---

**Note 4—PHX Merger** 

In June 2025, the Company completed the acquisition of certain natural gas and oil mineral interests in the Haynesville, SCOOP/STACK and other basins from PHX pursuant to the Merger Agreement. At closing, Merger Parent completed the acquisition of PHX in an all-cash transaction of approximately $194.8 million plus assumed liabilities whereby PHX became a wholly owned subsidiary of Merger Parent, a wholly owned subsidiary of WhiteHawk.

Under the terms of the Merger Agreement, at closing PHX stockholders received $4.35 in cash, net to the holder thereof, without interest thereon and subject to any applicable tax withholding, for each share of PHX common stock owned.

The PHX Merger was accounted for as a business combination using the acquisition method, and therefore, the acquired interests were recorded based on the fair value of the total assets acquired and liabilities assumed on the acquisition date. The Company completed the determination of the fair value attributable to the identifiable assets acquired and liabilities assumed based on the fair value at the acquisition date. The purchase price allocation was finalized during the year ended December 31, 2025.

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The following table presents the allocation of the purchase price to the assets acquired and liabilities assumed on June 23, 2025, including any measurement period adjustments (in thousands):

---

| | |
|:---|:---|
|  | **December 31,<br>2025** |
|  Assets acquired: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 5577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas mineral interests, net | 214307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other property and equipment, net | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets acquired | $222420 |
|  Liabilities acquired: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current portion | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term derivative liability | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, net of current portion | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 24837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative liability | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities assumed | $27657 |
|  Net assets acquired | $194763 |

---

Transaction costs associated with the PHX Merger incurred for the year ended December 31, 2025 was $7.4 million. These costs, which are comprised primarily of advisory, legal and other professional and consulting fees, are included in general and administrative expense on our consolidated statement of operations.

The results of PHX's operations have been included in our consolidated financial statements since the June 23, 2025 acquisition date. The amount of revenue and direct operating expense resulting from the acquisition included in our consolidated statement of operations from June 23, 2025 through December 31, 2025 was approximately $14.7 million and $1.2 million, respectively.

***Pro Forma Financial Information (unaudited)***

The unaudited pro forma information for the years ended December 31, 2025 and 2024, gives effect to the PHX Merger as if it had occurred on January 1, 2024 (in thousands, except per share amounts):

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
|  Total revenues | $84153 | $44021 |
|  Pro forma net income (loss) | $2753 | $(9239) |
|  Net income (loss) per share: |  |  |
|  Basic and diluted | $(0.27) | $(3.34) |

---

The unaudited pro forma financial information is for informational purposes only and is not intended to represent or to be indicative of the combined results of operations that the Company would have reported had the PHX Merger been completed as of January 1, 2024 and should not be taken as indicative of the Company's future combined results of income. The actual results may differ significantly from that reflected in the unaudited pro forma financial information for a number of reasons, including, but not limited to, differences in assumptions used to prepare the unaudited pro forma financial information and actual results.

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**Note 5—Commodity Derivative Financial Instruments** 

The Company's ongoing operations expose it to changes in the market price for natural gas assets. To mitigate the inherent commodity price risk associated with its operations, the Company periodically uses natural gas commodity derivative instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company enters into natural gas derivative contracts that contain netting arrangements with each counterparty. The Company does not enter into derivative instruments for speculative purposes.

As of December 31, 2025, the Company's open derivative contracts consisted of fixed-price swap natural gas contracts and oil contracts as well as natural gas costless collar contracts. A fixed-price swap contract between the Company and a counterparty specifies a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. A costless collar contract between the Company and the counterparty specifies a floor and a ceiling commodity price over a specified period for a contracted volume. The Company has not designated any of its contracts as fair value or cash flow derivatives. Accordingly, the changes in fair value of the contracts are included in the consolidated statements of operations in the period of the change. All derivative gains and losses from the Company's derivative contracts have been recognized in revenue in the Company's accompanying consolidated statements of operations. Derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in the Company's accompanying consolidated balance sheets as of December 31, 2025 and 2024.

The Company's oil transactions are settled based upon the average daily prices for the calendar month of the contract period and its natural gas contracts are settled based upon the last day settlement of the first nearby month futures contract of the contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month.

The Company's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Company's commodity derivative assets. While the Company does not require contract counterparties to post collateral, the Company does evaluate the credit standing on each counterparty as deemed appropriate. The evaluation includes reviewing a counterparty's credit rating and latest financial information.

The Company utilizes the market approach in determining the fair value of its derivative positions by using either Henry Hub, Texas Eastern Transmission Company Market Zone 2 ("TETCO M2") or West Texas Intermediate ("WTI") published market prices, independent broker pricing data or broker/dealer valuations. Over-the-counter derivatives with Henry Hub, TETCO M2 or WTI based prices are considered Level 2 due to the impact of counterparty credit risk. The Company's derivatives are classified within Level 2.

The table below summarizes the fair values and classifications of the Company's derivative instruments as of December 31, 2025, and 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| <br>**Classification** | <br>**Balance Sheet Location** | **Gross Fair<br>Value** | **Effect of<br>Netting** | **Net Carrying<br>Value** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current asset | Other current assets | $9557 | $(4208) | $5349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term asset | Other assets | 5990 | (5990) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $15547 | $(10198) | $5349 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liability | Other current liabilities | $4208 | $(4208) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term liability | Other non-current liabilities | 10659 | (5990) | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | $14867 | $(10198) | $4669 |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| <br>**Classification** | <br>**Balance Sheet Location** | **Gross Fair<br>Value** | **Effect of<br>Netting** | **Net Carrying<br>Value** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current asset | Other current assets | $2080 | $(1927) | $153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term asset | Other assets | 1882 | (1882) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $3962 | $(3809) | $153 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liability | Other current liabilities | $1927 | $(1927) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term liability | Other non-current liabilities | 8321 | (1882) | 6439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | $10248 | $(3809) | $6439 |

---

Changes in the fair values of the Company's derivative instruments are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the years ended December 31, 2025, and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
|  | **2025** | **2024** |
|  Unrealized gain (loss) of open non-hedge derivative instruments | $8121 | $(13134) |
|  Realized gain (loss) on settlement of non-hedge derivative instruments | 8527 | 8716 |
|  Gain (loss) on commodity derivative instruments | $16648 | $(4418) |

---

The Company had the following open derivative contracts for as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Period and Type of Contract** | **Volume<br>(MMBtu)** | **Weighted Average<br>Price<br>(Per MMBtu)** |
|  **Natural Gas Fixed Price Swaps:** |  |  |
| 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 4428000 | $4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 4920000 | $4.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 4896000 | $4.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 5379000 | $4.07 |
| 2027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 5092000 | $3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 4938000 | $3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 4990000 | $3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 5025000 | $3.85 |
| 2028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 4374000 | $3.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 3157000 | $3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 3164000 | $3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 3149000 | $3.66 |
| 2029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 2273000 | $3.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 533000 | $3.38 |

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| | | |
|:---|:---|:---|
| **Period and Type of Contract** | **Volume<br>(MMBtu)** |  |
|  **Natural Gas TETCO M2 Fixed Price Swaps:** |  |  |
| 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 1959000 | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 1958000 | $(0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 1962000 | $(1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 1979000 | $(1.04) |
| 2027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 2035000 | $(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 1857000 | $(0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 1872000 | $(0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 1886000 | $(1.04) |
| 2028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 1551000 | $(0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 667000 | $(0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 667000 | $(0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 675000 | $(0.94) |
| 2029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 547000 | $(0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 291000 | $(0.61) |

---

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| | | |
|:---|:---|:---|
| **Period and Type of Contract** | **Volume<br>(Bbls)** | **Weighted Average<br>Price<br>(Per MMBtu)** |
|  **WTI Fixed Price Swaps:** |  |  |
| 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 21000 | $64.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 20000 | $62.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 19000 | $60.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 17000 | $59.50 |
| 2027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 16000 | $59.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 16000 | $59.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 15000 | $59.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 14000 | $59.50 |
| 2028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 14000 | $59.50 |

---

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| | | | |
|:---|:---|:---|:---|
| **Period and Type of Contract** | **Volume (MMBtu)** | **Weighted Average<br>Floor Price (Per MMBtu)** | **Weighted Average<br>Ceiling Price (Per MMBtu)** |
|  **Natural Gas Collar Contracts:** |  |  |  |
| 2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 720000 | $3.50 | $4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 225000 | $3.00 | $3.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 300000 | $3.00 | $3.60 |

---

**Note 6—Fair Value Measurements** 

The Company's ongoing operations expose it to changes in the market price for natural gas minerals. To mitigate the price risk associated with its operations, the Company uses commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company does not enter into derivative instruments for speculative purposes.

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Derivative instruments are recognized at fair value. If a right of offset exists under master netting arrangements and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the consolidated balance sheets. The Company does not specifically designate derivative instruments as fair value or cash flow derivatives, even though they reduce its exposure to changes in natural gas mineral prices; therefore, gains and losses arising from changes in the fair value of the derivative instruments are recognized on a net basis in the accompanying consolidated statements of operations within gain (loss) on commodity derivative instruments.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value measurements are derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. GAAP establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This three-tier hierarchy classifies fair value amounts recognized or disclosed in the consolidated financial statements based on the observability of inputs used to estimate such fair values. The classification within the hierarchy of an asset or liability is determined based on the lowest level input that is significant to the fair value measurement. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, the Company categorizes its assets and liabilities recorded at fair value using this hierarchy.

The amounts reported in the balance sheet for cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair value because of the short-term maturities of these instruments. The Company's commodity derivative instruments are classified within Level 2. The fair values of the Company's commodity derivative instruments are based upon inputs that are either readily available in the public market, such as natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets. The Company's asset retirement obligations are based upon significant unobservable, entity-specific data, such as the Company's own forecasts of future cash outflows for asset retirement and therefore are classified within Level 3.

Certain nonfinancial assets and liabilities, such as assets and liabilities acquired in a business combination, are measured at fair value on a nonrecurring basis on the acquisition date and are subject to fair value adjustments under certain circumstances. Inputs used to determine such fair values are primarily based upon internally developed engineering and geology models, publicly available drilling disclosures, a risk-adjusted discount rate, and publicly available data regarding mineral transactions consummated by other buyers and sellers (Level 3).

Mineral assets not acquired through a business combination are measured at fair value on a nonrecurring basis on the acquisition date. The original purchase price of mineral assets is allocated between proved and unproved properties based on the estimated relative fair values. Inputs used to determine such fair values are primarily based upon internally developed engineering and geology models, publicly available drilling disclosures, a risk-adjusted discount rate, and publicly available data regarding mineral transactions consummated by other buyers and sellers (Level 3).

The following table presents information about the Company's assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value as of December 31, 2025 and 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivative assets (liabilities) – current | $– $| 5349 | $– $| 5349 |
|  Derivative assets (liabilities) – long-term | – | (4669) | – | (4669) |
|  Total | $– $| 680 | $– $| 680 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivative assets (liabilities) – current | $– $| 153 | $– $| 153 |
|  Derivative assets (liabilities) – long-term | – | (6439) | – | (6439) |
|  Total | $– $| (6286) | $– $| (6286) |

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**Note 7—Natural Gas Mineral Interests** 

The Company owns mineral rights across multiple on-shore basins in the United States. The following is a summary of natural gas and oil properties as of December 31, 2025, and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proved properties | $327342 | $110001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unproved properties | 176240 | 63932 |
|  Natural gas and oil mineral interests, gross | $503582 | $173933 |
|  Accumulated depletion | (42996) | (18849) |
|  Natural gas and oil mineral interests, net | $460586 | $155084 |

---

**Note 8 – Debt** 

The Company's outstanding debt instruments as of December 31, 2025, and 2024, are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  Senior notes | $237700 | $65000 |
|  Less: current portion | 6275 | 6500 |
|  Less unamortized debt issuance costs | 3440 | 2216 |
|  Total long-term debt, net of unamortized debt issuance costs and current portion | $227985 | $56284 |

---

*Term Loan* 

On August 3, 2023, the Company entered into a term loan agreement that provides for a senior secured term acquisition facility with a maximum amount of $100 million (the "Term Loan"). The Term Loan bore interest on the total outstanding balance at 12% per annum payable quarterly in arrears and is secured by all of the existing and future assets of the Company. The Term Loan was set to mature on December 31, 2025, at which time the full outstanding amount would be payable.

During September 2024, the Company fully repaid the outstanding loan balance. Upon redemption of the Term Loan, the Company recognized a loss on extinguishment of debt of $0.4 million associated with unamortized discount and debt issuance costs.

*Senior Notes* 

On September 17, 2024, the Company issued and sold $65.0 million in senior secured first lien notes ("Senior Notes"). The Senior Notes bears interest on the total outstanding balance at Adjusted Term SOFR plus 6% per annum payable quarterly in arrears and is secured by all of the existing and future assets of the Company.

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The Senior Notes mature on September 17, 2029, at which time the remaining outstanding amount shall be payable. On March 31, 2025, the Company amended the Senior Notes to increase the amount outstanding to $151 million and extended the maturity date to March 31, 2030 ("First Amendment"). On June 23, 2025, the Company amended the Senior Notes to increase the amount outstanding to $251.0 million and extended the maturity date to June 23, 2030 ("Second Amendment"). For the year ended December 31, 2025, the Company recognized a loss on extinguishment of debt of $3.8 million associated with unamortized discount and debt issuance costs related to the original Senior Notes and First Amendment. For the year ended December 31, 2025, the weighted average interest rate related to our borrowings under the Senior Notes was 10.8%. The Senior Notes contain mandatory prepayments of $1.6 million paid in quarterly installments beginning in January 2025. The repayment amount was increased to $6.3 million as a part of the Second Amendment. The mandatory prepayments are subject to a Minimum Liquidity Amount restriction which requires quarterly analysis to determine if prepayment is required. The Senior Notes contain certain covenants pertaining to reporting and financial requirements, as well as negative and affirmative covenants. Proceeds from the Senior Notes were used to extinguish the Term Loan, reduce amounts due to the holders of our Series A Preferred Stock and fund the Marcellus Acquisition. Proceeds from the First Amendment were used to extinguish our Series A Preferred Stock and partially fund the Three Rivers Acquisition. Proceeds from the Second Amendment were used to partially fund the PHX Merger.

Obligations under the Senior Notes are guaranteed by the Company and each of its existing and future, direct and indirect domestic subsidiaries (the "Credit Parties") and are secured by all the present and future assets of the Credit Parties, subject to customary carve-outs.

The Senior Notes contains various affirmative, negative, and financial maintenance covenants. The Senior Notes also contains a minimum hedging covenant. These covenants, among other things, include restrictions on the Company's ability to incur additional indebtedness, acquire and sell assets, create liens, enter into certain lease agreements, make investments, make distributions, and require the maintenance of the financial ratios described below through the Fiscal Quarter ending December 31, 2025. The Company was in compliance with the terms and covenants of the Senior Notes at December 31, 2025.

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| | |
|:---|:---|
| **Financial Covenant** | **Required Ratio** |
| Ratio of Consolidated Total Net Leverage, as defined in the Senior Notes | Not greater than 4.0 to 1 |
| Ratio of Asset Coverage, as defined in the Senior Notes | Not less than 1.00 to 1.00 |

---

Commencing with the Fiscal Quarter ending March 31, 2026, the financial ratios are updated to the following:

---

| | |
|:---|:---|
| **Financial Covenant** | **Required Ratio** |
| Ratio of Consolidated Total Net Leverage, as defined in the Senior Notes | Not greater than 3.5 to 1 |
| Ratio of Asset Coverage, as defined in the Senior Notes | Not less than 1.00 to 1.00 |

---

Commencing with the Fiscal Quarter ending March 31, 2027, the financial ratios are updated to the following:

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| | |
|:---|:---|
| **Financial Covenant** | **Required Ratio** |
| Ratio of Consolidated Total Net Leverage, as defined in the Senior Notes | Not greater than 3.25 to 1 |
| Ratio of Asset Coverage, as defined in the Senior Notes | Not less than 1.10 to 1.00 |

---

For the years ended December 31, 2025 and 2024, the Company recognized $0.7 million and $0.1 million, respectively, of interest expense attributable to the amortization of debt issuance costs and debt discounts related to the Senior Notes.

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**Note 9—Preferred Stock** 

As of December 31, 2025 and 2024, there were 0 shares and 19,000 shares, respectively, of Series A preferred stock issued and outstanding. As of December 31, 2025 and 2024, there were 35,524 shares and 9,823 shares, respectively, of Series B Preferred Stock issued and outstanding. As of December 31, 2025 and 2024, there were 0 and 0 shares, respectively, of Series C preferred stock issued and outstanding. The Company is authorized to issue 400,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences described below.

*Series A Preferred Stock* 

In November 2023, the Company sold 44,100 shares of Series A Preferred Stock (the "Series A Preferred Stock") at a price of $1,000.00 per share, resulting in gross proceeds of $44.1 million. The Series A Preferred Stock shall, as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, rank senior to each class or series of the Company's common stock. The holders of the Series A Preferred Stock shall have no voting rights on any matters which the Company's stockholders are entitled to vote except for consent for the Company to incur any new indebtedness or for the Company to create or issue any capital stock that ranks senior to the Series A Preferred Stock. Dividends on each share of Series A Preferred Stock shall accrue on a daily basis and be payable monthly in arrears at rate of 14% per year through November 13, 2024, and a rate of 18% per year subsequently. The Company has the right, but not the obligation, to redeem the Series A Preferred Stock, in whole or in part, from time to time, at a redemption price of $1,000 per share plus all accrued and unpaid dividends ("Redemption Price"). At the time of redemption, if the Redemption Price does not exceed a return of not less than 8% per Series A Preferred Share ("Minimum Return Payment"), the Company shall be required to pay an additional dividend to satisfy Minimum Return Payment. In the event that the Company has not redeemed all of the Series A Preferred Shares by November 13, 2025, the Company shall not declare, pay or set aside any dividends on shares of common stock. The Company incurred $0.1 million in expenses related to sale of Series A Preferred Stock which were deducted from the carrying value of the Series A Preferred Stock in the Consolidated Statements of Shareholders' Equity. The proceeds from the sale of the Series A Preferred Stock were used to purchase an additional 25% of the Marcellus Assets from the Seller. Since the Series A Preferred Stock agreement features certain redemption rights that are considered to be outside the Company's control and subject to the occurrence of uncertain future events, the Series A Preferred Stock will be presented as mezzanine equity outside of the shareholders' equity section of the Company's consolidated balance sheet. The Series A Preferred Stock meets the criteria of a participating security for purposes of calculating earnings per share (See Note 11—Earnings Per Share).

The table below summarizes the monthly dividends related to the Company's Series A Preferred Stock (in thousands, except annual dividend rate):

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock<br>Annual<br>Dividend<br>Rate** | **Total Cash<br>Dividend** |
|  March 31, 2025 | 18% | $249 |
|  February 28, 2025 | 18% | $255 |
|  January 31, 2025 | 18% | $290 |
|  December 31, 2024 | 18% | $290 |
|  November 30, 2024 | 18% | $269 |
|  October 31, 2024 | 14% | $237 |
|  September 30, 2024 | 14% | $316 |
|  August 31, 2024 | 14% | $403 |
|  July 31, 2024 | 14% | $434 |

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock<br>Annual<br>Dividend<br>Rate** | **Total Cash<br>Dividend** |
|  June 30, 2024 | 14% | $431 |
|  May 31, 2024 | 14% | $458 |
|  April 30, 2024 | 14% | $460 |
|  March 31, 2024 | 14% | $500 |
|  February 29, 2024 | 14% | $489 |
|  January 31, 2024 | 14% | $523 |

---

In March 2025, the Company's Series A Preferred Stock was extinguished with proceeds raised from the Company's Series C Preferred Stock (as defined below).

*Series B Preferred Stock* 

In February 2024, the Company authorized $50.0 million of its Series B 10% Redeemable Preferred Share class ("Series B Preferred Stock"). Through December 31, 2025, the Company has closed on approximately $22.3 million of net proceeds from the issuance of the Series B Preferred Stock. The Series B Preferred Stock shall, as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, rank senior to each class or series of the Company's common stock. The holders of the Series B Preferred Stock shall have no voting rights. Dividends on each share of Series B Preferred Stock shall accrue on a daily basis and be payable monthly in arrears at rate of 10% per year. The Company has the right, but not the obligation, to redeem the Series B Preferred Stock, in whole or in part, from time to time, at a redemption price of $1,000 per share plus all accrued and unpaid dividends ("Redemption Price"). Through December 31, 2025, Company incurred $2.6 million in expenses related to sale of Series B Preferred Stock which were deducted from the carrying value of the Series B Preferred Stock in the Consolidated Statements of Shareholders' Equity. The net proceeds from issuance of the Series B Preferred Stock will be utilized to redeem the Company's Series A Preferred Stock. Since the Series B Preferred Stock agreement features certain redemption rights that are considered to be outside the Company's control and subject to the occurrence of uncertain future events, the Series B Preferred Stock will be presented as mezzanine equity outside of the shareholders' equity section of the Company's consolidated balance sheet. The Series B Preferred Stock meets the criteria of a participating security for purposes of calculating earnings per share (See Note 11—Earnings Per Share).

The table below summarizes the monthly dividends related to the Company's Series B Preferred Stock (in thousands, except annual dividend rate):

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock<br>Annual<br>Dividend<br>Rate** | **Total Cash<br>Dividend** |
|  December 31, 2025 | 10% | $282 |
|  November 30, 2025 | 10% | $256 |
|  October 31, 2025 | 10% | $231 |
|  September 30, 2025 | 10% | $201 |
|  August 31, 2025 | 10% | $179 |
|  July 31, 2025 | 10% | $159 |
|  June 30, 2025 | 10% | $150 |
|  May 31, 2025 | 10% | $138 |
|  April 30, 2025 | 10% | $125 |
|  March 31, 2025 | 10% | $111 |

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock<br>Annual<br>Dividend<br>Rate** | **Total Cash<br>Dividend** |
|  February 28, 2025 | 10% | $95 |
|  January 31, 2025 | 10% | $85 |
|  December 31, 2024 | 10% | $69 |
|  November 30, 2024 | 10% | $64 |
|  October 31, 2024 | 10% | $58 |
|  September 30, 2024 | 10% | $49 |
|  August 31, 2024 | 10% | $40 |
|  July 31, 2024 | 10% | $31 |
|  June 30, 2024 | 10% | $24 |
|  May 31, 2024 | 10% | $19 |
|  April 30, 2024 | 10% | $13 |
|  March 31, 2024 | 10% | $2 |

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*Series C Preferred Stock* 

In March 2025, the Company sold 56,000 shares of Series C Preferred Stock (the "Series C Preferred Stock") at a price of $1,000.00 per share, resulting in gross proceeds of $56 million. The Series C Preferred Stock shall, as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, rank senior to each class or series of the Company's common stock. The holders of the Series C Preferred Stock shall have no voting rights on any matters which the Company's stockholders are entitled to vote except for consent for the Company to incur any new indebtedness or for the Company to create or issue any capital stock that ranks senior to the Series C Preferred Stock. Dividends on each share of Series C Preferred Stock shall accrue on a daily basis and be payable monthly in arrears at rate of 14% per year through December 31, 2026, and a rate of 18% per year subsequently. The Company has the right, but not the obligation, to redeem the Series C Preferred Stock, in whole or in part, from time to time, at a redemption price of $1,000 per share plus all accrued and unpaid dividends ("Redemption Price – Series C"). At the time of redemption, if the Redemption Price – Series C does not exceed a return of not less than 8% per Series C Preferred Share ("Minimum Return Payment – Series C"), the Company shall be required to pay an additional dividend to satisfy Minimum Return Payment – Series C. In the event that the Company has not redeemed all of the Series C Preferred Shares by December 31, 2027, the Company shall not declare, pay or set aside any dividends on shares of common stock. The proceeds from the sale of the Series C Preferred Stock were used to purchase an additional 50% of the Marcellus Assets from the Seller. Since the Series C Preferred Stock agreement features certain redemption rights that are considered to be outside the Company's control and subject to the occurrence of uncertain future events, the Series C Preferred Stock will be presented as mezzanine equity outside of the shareholders' equity section of the Company's consolidated statement of changes in mezzanine equity and shareholders' equity. The Series C Preferred Stock meets the criteria of participating security for purposes of calculating earnings per share (See Note 11—Earnings Per Share).

The table below summarizes the monthly dividends related to the Company's Series C Preferred Stock (in thousands):

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock<br>Annual<br>Dividend<br>Rate** | **Total Cash<br>Dividend** |
|  December 31, 2025 | 14% | $526 |
|  November 30, 2025 | 14% | $193 |
|  October 31, 2025 | 14% | $200 |

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock<br>Annual<br>Dividend<br>Rate** | **Total Cash<br>Dividend** |
|  September 30, 2025 | 14% | $322 |
|  August 31, 2025 | 14% | $533 |
|  July 31, 2025 | 14% | $666 |
|  June 30, 2025 | 14% | $644 |
|  May 31, 2025 | 14% | $666 |
|  April 30, 2025 | 14% | $644 |
|  March 31, 2025 | 14% | $86 |

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In December 2025, the Company's Series C Preferred Stock was extinguished with proceeds raised from the Company's common stock.

**Note 10—Shareholders' Equity and Dividends** 

*Class A, T, and I Common Stock* – As of December 31, 2025, there were 6,518,383 shares of Class A Common Stock issued and outstanding, 66,830 shares of Class T Common Stock issued and outstanding, and 8,050,883 shares of Class I Common Stock issued and outstanding. Holders of the Company's Class A, T and I Common Stock are entitled to one vote for each share. The Company is authorized to issue 7,000,000 shares, 100,000 shares and 9,100,000 shares of Class A, T and I Common Stock, respectively, each with a par value of $0.0001 per share. The rights and privileges of the Class A,T and I Common Stock are the same, the primary difference between each class of common stock is selling commissions and placement agent fees.

***Cash Dividends***

The table below summarizes the monthly dividends related to the Company's common stock through December 31, 2025 (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Month Ended** | **Total<br>Monthly<br>Dividend<br>Per Common<br>Share** | **Total<br>Cash<br>Dividend** | **Payment Date** | **Stockholders<br>Record Date** |
|  December 31, 2025 | $0.1562 | $2286 | February 16, 2025 | January 1, 2026 |
|  November 30, 2025 | $0.1562 | $2034 | January 15, 2025 | December 1, 2025 |
|  October 31, 2025 | $0.1562 | $2019 | December 15, 2025 | November 3, 2025 |
|  September 30, 2025 | $0.1562 | $2004 | November 14, 2025 | October 2, 2025 |
|  August 31, 2025 | $0.1562 | $1670 | October 15, 2025 | September 2, 2025 |
|  July 31, 2025 | $0.1562 | $1557 | September 15, 2025 | August 1, 2025 |
|  June 30, 2025 | $0.1562 | $1447 | August 15, 2025 | July 1, 2025 |
|  May 31, 2025 | $0.1562 | $804 | July 15, 2025 | June 1, 2025 |
|  April 30, 2025 | $0.1562 | $766 | June 15, 2025 | May 1, 2025 |
|  March 31, 2025 | $0.1562 | $750 | May 15, 2025 | April 1, 2025 |
|  February 28, 2025 | $0.1562 | $731 | April 15, 2025 | March 1, 2025 |
|  January 31, 2025 | $0.1562 | $721 | March 15, 2025 | February 1, 2025 |
|  December 31, 2024 | $0.1562 | $717 | February 14, 2025 | January 1, 2025 |
|  November 30, 2024 | $0.1562 | $706 | January 15, 2025 | December 2, 2024 |
|  October 31, 2024 | $0.1562 | $699 | December 16, 2024 | November 1, 2024 |
|  September 30, 2024 | $0.1562 | $695 | November 15, 2024 | October 1, 2024 |
|  August 31, 2024 | $0.1562 | $691 | October 15, 2024 | September 2, 2024 |
|  July 31, 2024 | $0.1562 | $685 | September 16, 2024 | August 1, 2024 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Month Ended** | **Total<br>Monthly<br>Dividend<br>Per Common<br>Share** | **Total<br>Cash<br>Dividend** | **Payment Date** | **Stockholders<br>Record Date** |
|  June 30, 2024 | $0.1562 | $675 | August 15, 2024 | July 1, 2024 |
|  May 31, 2024 | $0.1562 | $670 | July 15, 2024 | June 3, 2024 |
|  April 30, 2024 | $0.1562 | $666 | June 14, 2024 | May 1, 2024 |
|  March 31, 2024 | $0.1562 | $660 | May 15, 2024 | April 1, 2024 |
|  February 29, 2024 | $0.1562 | $657 | April 15, 2024 | March 4, 2024 |
|  January 31, 2024 | $0.1562 | $653 | March 15, 2024 | February 2, 2024 |

---

On October 1, 2025, all record holders of WhiteHawk common stock as of September 30, 2025, received a stock dividend equivalent to one additional share for each ten shares currently held, calculated to the number of whole shares. On January 1, 2026, all record holders of WhiteHawk common stock as of December 31, 2025, received a stock dividend equivalent to one additional share for each ten shares currently held, calculated to the number of whole shares.

In connection with the 2025 stock dividends discussed above, the WHIC Manager (defined below) received 358,893 restricted shares related to its dividend incentive fee with a total value of $8.2 million. Fair value was determined using the offering price of the Series I Common Stock. The restricted shares issued to the WHIC Manager shall vest and cease to be restricted on the earlier of (i) the occurrence of a Company Liquidity Event and (ii) January 1, 2031. The dividend incentive fee will be accounted for as stock compensation expense on the Company's consolidated statement of operating income and cash flows over the vesting period. All share amounts shown in the Company's financial statements are presented pro forma for the stock dividend.

**Note 11—Earnings Per Share** 

Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent preferred stock in which the holders have non-forfeitable rights to receive dividends. Net Income (loss) attributable to common shareholders is determined by subtracting earnings and dividends attributable to the various classes of preferred stock, as well as earnings and dividends attributed to restricted share units, from net income.

The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  | **(As restated)** | |
|  **Numerator:** |  |  |
|  Net income (loss) - basic and diluted | $(3585) | $(11561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Earnings allocated to participating securities | (7341) | (5266) |
|  Net income (loss) attributable to common stockholders - basic and diluted | $(10926) | $(16827) |
|  **Denominator:** |  |  |
|  Weighted average shares outstanding - basic and diluted | 8378 | 4340 |
|  Net income (loss) per common share - basic and diluted | $(1.30) | $(3.88) |

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The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods:

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
|  Series A Preferred Stock |  | 19000 |
|  Series B Preferred Stock | 35524 | 9823 |
|  Restricted stock | 358893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 394417 | 28823 |

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**Note 12—Income Taxes** 

The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and other carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized.

For the years ended December 31, 2025 and 2024, the Company recorded an income tax benefit of $2.6 million and $1.6 million, respectively.

As of December 31, 2025 and 2024, the Company had $21.3 million and $0.0 million, respectively, of net deferred tax liabilities net of valuation allowances. The Company acquired $24.8 million of net deferred tax liabilities as a part of the PHX Merger. These net deferred tax liabilities relate to natural gas assets and other temporary items where the tax basis differs from the GAAP carrying amounts.

As of December 31, 2025, the Company had $11.9 million in federal net operating loss carryforwards and $6.3 million in state net operating loss carryforwards for income tax purposes. The Company acquired all of the federal and state net operating loss carryforwards as part of the acquisition of PHX Minerals Inc. in 2025. As of the date of the financial statements, no limitations were identified that would limit the Company's ability to utilize the net operating losses in future years. In the event that the Company experiences another ownership change within the meaning of Section 382 of the Internal Revenue Code, our ability to utilize net operating losses and other tax attributes may be limited.

As of December 31, 2025, the Company determined it is more likely than not that it will realize our deferred tax assets, with the exception of a small valuation allowance on state net operating loss carryforwards that are expected to expire before utilization.

At December 31, 2025 and 2024, the Company had prepaid income taxes of $0.4 million and $0.1 million, respectively. The prepaid income taxes are included in other current assets on the consolidated balance sheets.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

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The components of the provision for income taxes for the years ended December 31, 2025 and 2024 is as follows:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
|  | **2025** | **2024** |
|  | **(As restated)** | |
|  | **(in thousands)** | **(in thousands)** |
|  Current income tax provision: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $470 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current income tax provision | 868 |  |
|  Deferred income tax provision: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | (3042) | (1069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | (466) | (518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred income tax provision (benefit) | (3508) | (1587) |
|  Total provision (benefit) for income taxes | $(2640) | $(1587) |

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| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(As restated)** | |
|  | **(in thousands, except effective tax rate)** | **(in thousands, except effective tax rate)** |
|  Income (loss) before income taxes | $(6225) | $(13148) |
|  Income taxes at U.S. statutory rate | (1307) | (2761) |
|  State taxes, net of federal benefit | 72 | (525) |
|  Federal and state valuation allowance | (1842) | 1853 |
|  Federal and state true-ups | 160 |  |
|  Non-deductible acquisition costs | 445 |  |
|  Percentage depletion | (144) |  |
|  Other | (24) | (154) |
|  Income tax provision expense (benefit) | (2640) | (1587) |
|  Effective tax rate | 42.4% | 12.1% |

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| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(As restated)** | |
|  | **(in thousands)** | **(in thousands)** |
|  Deferred tax assets: |  |  |
|  Unrealized (gain) loss on unrealized commodity derivatives | $— | $1539 |
|  Cost depletion |  | 312 |
|  Statutory depletion carryover | 606 |  |
|  Federal net operating loss carryforward | 2513 |  |
|  State net operating loss carryforward | 251 |  |
|  Interest expense limitation/carryover | 3357 |  |
|  Other | 197 | 2 |
|  Total deferred tax assets | 6924 | 1853 |

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| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(As restated)** | |
|  | **(in thousands)** | **(in thousands)** |
|  Deferred tax liabilities: |  |  |
|  Financial basis of natural gas and oil mineral interests in excess of tax basis | $27922 | $— |
|  Unrealized (gain) loss on commodity derivatives | 169 |  |
|  Other | 152 |  |
|  Total deferred tax liabilities | 28243 |  |
|  Valuation allowance | (10) | (1853) |
|  Net deferred tax assets (liabilities) | $(21329) | $— |

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**Note 13—Related Party Transactions** 

*WhiteHawk Management* 

The Company is managed by WhiteHawk Minerals, LLC, a Delaware limited liability company (the "WHM"), along with its wholly-owned subsidiary, WhiteHawk Management, LLC (collectively, "WHIC Manager")

With the oversight of the Board, the WHIC Manager is responsible for the investment management function on behalf of WhiteHawk pursuant to the management agreement ("WHIC Management Agreement"). The WHIC Manager is responsible for managing the day-to-day operations of WhiteHawk, including investigating, analyzing, structuring, and negotiating potential investments, monitoring the performance of the assets, and making determinations.

The WHIC Management Agreement may be terminated at any time, without the payment of any penalty by either the Company or the WHIC Manager for "Cause" (as defined in the WHIC Management Agreement) upon thirty (30) days' prior written notice of the incident giving rise to the Cause and an opportunity to cure the Cause referenced in such notice prior to termination. The WHIC Management Agreement may be terminated at any time, without Cause and without the payment of any penalty: (i) by WhiteHawk upon sixty (60) days' prior written notice to the WHIC Manager; or (ii) by the WHIC Manager upon not less than one hundred and twenty (120) days' prior written notice to WhiteHawk.

Under the WHIC Management Agreement, WHIC Manager will earn a monthly asset management fee (the "Base Management Fee"), a dividend incentive fee (the "Dividend Incentive Fee"), and an incentive fee upon a Liquidity Event for the Company's assets (the "Liquidity Incentive Fee").

The Base Management Fee is calculated at an annual rate of one and one-half percent (1.5%) of WhiteHawk's total assets, which will initially be based on the total cost of all WhiteHawk's assets. The Base Management Fee is payable monthly in arrears and is calculated based on the arithmetic average value of our total assets as of the last day of (1) a calendar month and (2) the immediately preceding calendar month.

The Dividend Incentive Fee entitles the WHIC Manager to earn a fee of 12.5% of all distributions, including all dividends and dividend incentive fees, earned and/or paid out during a calendar month. If in any calendar month the WHIC Manager elects to defer receipt of its Dividend Incentive Fee to a future month (the "Manager Fee Deferral"), then the WHIC Manager will still earn its fee in any calendar month where dividends are paid to the shareholders. Any remaining cash flow of the Company after all base dividends, bonus dividends, and Dividend Incentive Fees have been paid in any given calendar month shall first be used to reimburse the WHIC Manager for any prior period cash flow needs that it has funded or Dividend Incentive Fees that it has earned but not yet been paid, and then shall be retained by WhiteHawk, to be used at the Company's discretion for additional investment purposes.

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The Liquidity Incentive Fee entitles the WHIC Manager to receive a portion of the proceeds from a WhiteHawk liquidity event after shareholders have received 100% of their initial invested capital plus a 7.5% annualized non-compounded return (the "Hurdle"). The WHIC Manager will receive 12.5% of all amounts above the Hurdle.

During the years ended December 31, 2025, and 2024, the Company paid $10.0 million and $4.7 million, respectively, to the WHIC Manager related to its Base Management Fee and Dividend Incentive Fee, respectively. This is recorded in the management fee expense on the consolidated statements of operations. In addition, the WHIC Manager received restricted stock with a fair value of $8.2 million during the year ended December 31, 2025. The restricted stock issued to the WHIC Manager shall vest and cease to be restricted on the earlier of (i) the occurrence of a Company Liquidity Event and (ii) January 1, 2031.

*Preferred Capital Securities* 

Jeff Smith, our President and director, is the chief executive officer and co-owner of Preferred Capital Securities, LLC ("PCS"). We entered into a dealer manager agreement, dated as of March 18, 2022 (the "Common Stock DMA"), with PCS. Pursuant to the Common Stock DMA, PCS agreed to act as our agent and exclusive distributor in connection with our continuing offer (the "Private Offering") to accredited investors of our Class A Common Stock, Class I Common Stock, and Class T Common Stock, pursuant to a confidential private placement memorandum (the "Memorandum"). Under the agreement, PCS has agreed to find, on a best efforts basis, purchasers for our Class A, Class I and Class T Common Stock for cash through broker-dealers or registered investment advisors, all of which are members of the Financial Industry Regulatory Authority, Inc. ("FINRA"), or registered as investment advisors with the SEC or state regulatory authorities, as appropriate.

Under the Common Stock DMA, PCS is entitled to a dealer manager fee of 2.5% of the price of Class A and Class T Common Stock sold in the Private Offering. In addition, we agreed to pay PCS a selling commission equal to 6.0% of the price of Class A Common Stock, and 4.0% of Class T Common Stock sold in the Private Offering. Additionally, a trail commission equal to 0.7% annually will be paid on Class T Common Stock subject to the restrictions and provisions as described in the Memorandum. For the years ended December 31, 2025 and 2024 we paid PCS $5.2 million and $0.7 million, respectively, in compensation for its services under the Dealer Manager Agreement.

We also entered into a dealer manager agreement, dated as of February 2, 2024 (the "Preferred Stock DMA" and, together with the Common Stock DMA, the "DMAs"), with PCS. Pursuant to the Preferred Stock DMA, PCS agreed to act as our agent and exclusive distributor in connection with the continuing Private Offering to accredited investors of shares of our Series B preferred common stock, $0.0001 par value (our "Series B Preferred Shares") pursuant to the Memorandum. Under the Preferred Stock DMA, PCS has agreed to find, on a best efforts basis, purchasers for our Series B Preferred Shares for cash through broker-dealers or registered investment advisors, all of which are members of FINRA or registered as investment advisors with the SEC or state regulatory authorities, as appropriate.

Under the Preferred Stock DMA, PCS is entitled to a dealer manager fee of up to 3.0% of the price per Series B Preferred Share sold in the Private Offering. In addition, we agreed to pay PCS a selling commission of up to 7.0% of the price per Series B Preferred Share sold in the Private Offering. For the years ended December 31, 2025 and 2024, we paid PCS $1.6 million and $0.8 million, respectively, in compensation for its services under the Preferred Stock DMA.

Pursuant to each DMA, no selling commissions or dealer manager fees will be paid in connection with the common stock or preferred stock, as applicable, sold to WhiteHawk Management, its management and their family members, employees and their family members and WhiteHawk Management's other affiliates. As president of WhiteHawk Management, Mr. Smith is not entitled to any selling commissions or dealer management fees under each DMA.

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*PhiCap Advisors LLC* 

PhiCap Advisors LLC ("PhiCap") provides leadership and capital solutions support to the Company through a consulting agreement. In addition, PhiCap owns approximately 20% of WhiteHawk Energy LLC ("WhiteHawk Energy"), which in turns owns 75% of WhiteHawk Minerals. For the year ended December 31, 2025, the Company paid PhiCap $1.3 million and $0.3 million, respectively, in consulting fees and reimbursements. During the year ended December 31, 2024, the Company paid $0.5 million and $0.1million, respectively in consulting fees and reimbursements. Approximately $0.1 million of the consulting fees paid to PhiCap are recorded in Additional Paid In Capital due to PhiCap's fund raising support and the remainder is recorded in general and administrative expense on the consolidated statement of operations.

*WhiteHawk Related Party Equity Transactions* 

Members and employees of the WHIC Manager contributed $2.6 million of the $44.1 million of the proceeds raised through the sale of the Series A Preferred Stock. Members of the WHIC Manager received dividends of less than $0.1 million and $0.3 million, respectively, during the years ended December 31, 2025, and 2024 from the Series A Preferred Stock.

Members and employees of the WHIC Manager contributed $2.6 million of the $56.0 million of the proceeds raised through the sale of the Series C Preferred Stock. Members of the WHIC Manager received dividends of $0.8 million and $0.0 million during the years ended December 31, 2025, and 2024 from the Series C Preferred Stock.

**Note 14—Commitments and Contingencies** 

From time to time, the Company may be involved in various legal proceedings, lawsuits, and other claims in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Management does not believe that the resolution of these matters will have a material adverse impact on our financial condition, cash flows or results of operations.

**Note 15—Segment** 

WhiteHawk's chief operating decision maker ("CODM") is the Chief Executive Officer ("CEO"). The CEO manages the business as a whole and assesses financial performance as a single enterprise and not on an area-by-area basis. Therefore, the Company identified one reportable segment: natural gas & oil minerals. The natural gas and oil minerals segment acquires, owns and manages high-quality mineral and royalty interests across premium basins in the United States and leases its mineral interests to E&P operators. These leases permit E&P operators to explore for and produce oil, natural gas and natural gas liquids from WhiteHawk's properties and entitle the Company to receive a percentage of the proceeds from the sales of these commodities. The accounting policies of the oil & natural gas minerals segment are the same as those described in the summary of significant accounting policies. The CODM uses net income from operations generated from segment assets in deciding whether to reinvest profits into the oil & natural gas minerals segment or into other parts of the entity, pay dividends to holders of our common and preferred stock, or make payments on our outstanding debt. The CODM assesses performance of the oil & natural gas minerals segment and decides how to allocate resources based on net income and net income from operations that is reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM evaluates significant expenses and assets based off the consolidated financial statements and does not further disaggregate expenses or assets in deciding how to allocate resources and assess performance. Since the Company operates as a single reporting segment, all required segment reporting disclosures can be found in the consolidated financial statements.

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**Note 16—Subsequent Events** 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued.

*Dividends Declared* 

On August 13, 2025, the Company approved the following cash dividends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Dividend of $0.1354 per share and Bonus dividend of $0.0208 per share for all I, A, & T-Shares outstanding as of December 1, 2025, payable on January 15, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Dividend of $0.1354 per share and Bonus dividend of $0.0208 per share for all I, A, & T-Shares outstanding as of January 2, 2026, payable on February 13, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Dividend of $0.1354 per share and Bonus dividend of $0.0208 per share for all I, A, & T-Shares outstanding as of February 2, 2026, payable on March 13, 2026;

On February 10, 2026, the Company approved the following cash dividends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Dividend of $0.1354 per share and Bonus dividend of $0.0208 per share for all I, A, & T-Shares outstanding as of March 2, 2026, payable on April 15, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Dividend of $0.1354 per share and Bonus dividend of $0.0208 per share for all I, A, & T-Shares outstanding as of April 1, 2026, payable on May 15, 2026;

*Haynesville acquisition* 

In March 2026, the Company entered into a definitive purchase and sale agreement to acquire natural gas mineral and royalty interests primarily located in the Haynesville Shale in Louisiana and East Texas ("Haynesville Assets") for approximately $33.0 million. The transaction is expected to close in April 2026.

In March 2026, the Company authorized 37,780 shares of its Series D Preferred Stock (the "Series D Preferred Stock") at a price of $1,000.00 per share. Through the date the financial statements are available to be issued, the Company has closed on $36.3 million of gross proceeds from the issuance of the Series D Preferred Stock. The Company plans to use the proceeds raised with the Series D Preferred Stock to purchase the Haynesville Assets.

**Note 17—Supplemental Information on Natural gas mineral Operations (Unaudited)** 

The Company's natural gas mineral reserves are attributable solely to properties within the United States.

***Capitalized natural gas mineral costs***

Aggregate capitalized costs related to natural gas mineral production activities with applicable accumulated depreciation, depletion and amortization are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Proved royalty interest | $327342 | $110001 |
|  Unproved royalty interests | 176240 | 63932 |
|  Accumulated amortization | (42996) | (18849) |
|  Net royalty interests in oil and natural gas properties | $460586 | $155084 |

---

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***Costs incurred in natural gas mineral activities***

Costs incurred in natural gas mineral property acquisitions, exploration and development activities are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Acquisition costs: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proved properties | $205108 | $17402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unproved properties | 124542 | 12990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $329650 | $30392 |

---

***Results of operations from natural gas mineral producing activities***

The following table sets forth the revenues and expenses related to the production and sale of natural gas mineral. It does not include any interest costs or general and administrative costs and, therefore, is not necessarily indicative of the contribution to the net operating results of the Company's natural gas operations.

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Royalty income | $50075 | $12702 |
|  Depletion | (24237) | (10827) |
|  Income tax (expense) benefit | 2640 | 1587 |
|  Results of operations from natural gas | $28478 | $3462 |

---

***Natural gas mineral Reserves***

Proved natural gas reserve estimates as of December 31, 2025 were prepared by Cawley, Gillespie & Associates, Inc., independent petroleum engineers. Proved natural gas reserve estimates as of December 31, 2024, were prepared by Schaper Energy Consultants, independent petroleum engineers. Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon the 12-month unweighted average of the first-day-of-the-month prices.

There are numerous uncertainties inherent in estimating quantities of proved natural gas mineral reserves. Natural gas mineral reserve engineering is a subjective process of estimating underground accumulations of natural gas mineral that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of natural gas mineral that are ultimately recovered.

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The changes in estimated proved reserves are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Oil<br>(MBbls)** | **Natural Gas<br>(MMcf)** | **Natural Gas<br>Liquids<br>(MBbls)** | **Total<br>(MMcfe)** |
|  **Proved Developed and Undeveloped Reserves:** |  |  |  |  |
|  **As of December 31, 2023** | 18 | 62421 | 582 | 66013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of reserves in place | 12 | 12023 | 416 | 14588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and discoveries | 11 | 5655 | 43 | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions of previous estimates | 3 | 8991 | (89) | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (5) | (7371) | (75) | (7838) |
|  **As of December 31, 2024** | 39 | 81719 | 877 | 87213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of reserves in place | 1210 | 101193 | 2338 | 122484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and discoveries | 196 | 15454 | 286 | 18345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions of previous estimates | 34 | (4400) | 167 | (3191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production | (88) | (16586) | (210) | (18378) |
|  **As of December 31, 2025** | 1391 | 177380 | 3458 | 206473 |
|  **Proved Developed Reserves** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 23 | 65252 | 701 | 69594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 1356 | 173231 | 3373 | 201609 |
|  **Proved Undeveloped Reserves:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2024 | 16 | 16469 | 176 | 17619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2025 | 35 | 4149 | 84 | 4864 |

---

Revisions of previous estimates represent changes, either increases or decreases, to prior reserve estimates resulting from new information, which is typically obtained through development drilling and production performance, or from changes in economic factors, including commodity prices, operating expenses, and development costs.

For the year ended December 31, 2025, the Company recognized negative revisions of previous estimates of 3,191 Mmcfe, primarily attributable to changes in development timing. Total extensions of 18,345 Mmcfe during the year were primarily attributable to the drilling of 221 wells and the permitting of 95 wells. Purchases of reserves in place of 122,484 Mmcfe were primarily attributable to the PHX Merger and an additional acquisition in the Marcellus Shale.

During the year ended December 31, 2024, the Company's positive revisions of previous estimates of 8,475 Mmcfe resulted primarily from a change in development timing. The company's total extensions of 5,975 Mmcfe resulted primarily from the drilling of 183 wells. The purchase of reserves in place of 14,588 Mmcfe was due to an acquisition in the Marcellus Shale.

***Standardized Measure of Discounted Cash Flows***

The standardized measure of discounted future net cash flows are based on the unweighted average, first-day-of-the-month price. The projections should not be viewed as realistic estimates of future cash flows, nor should the "standardized measure" be interpreted as representing current value to the Company. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary.

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The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company's proved natural gas mineral reserves as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Future cash inflows | $700567 | $171733 |
|  Future production costs | (109293) | (22608) |
|  Future development costs (capital costs) | (1271) |  |
|  Future income tax expense | (56289) | (24246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future net cash flows | 533714 | 124879 |
|  10% discount to reflect timing of cash flows | (267388) | (62946) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standardized measure of discounted cash flows | $266326 | $61933 |

---

In the table below the average first-day-of–the-month price for oil, natural gas and natural gas liquids is presented, all utilized in the computation of future cash inflows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | Unweighted Arithmetic Average<br>First-Day-of-the-Month Prices | Unweighted Arithmetic Average<br>First-Day-of-the-Month Prices |
|  Oil (per Bbl) | $65.34 | $75.48 |
|  Natural gas (per Mcf) | $3.39 | $2.13 |
|  Natural gas liquids (per Bbl) | $25.48 | $29.44 |

---

Principal changes in the standardized measure of discounted future net cash flows attributable to the Company's proved reserves are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
|  Standardized measure of discounted future net cash flows at the beginning of the period | $61933 | $50663 |
|  Net changes in prices and production costs | 44893 | (2491) |
|  Purchase of minerals in place | 195062 | 12081 |
|  Extension and discoveries | 34223 | 4951 |
|  Revisions of previous quantity estimates | (2640) | 7017 |
|  Natural gas and oil produced during the period | (50075) | (12702) |
|  Accretion of discount | 7215 | 5684 |
|  Net changes in income taxes | (17143) | (3301) |
|  Net changes in timing of production and other | (7142) | 31 |
|  Standardized measure of discounted future net cash flows at the end of the period | $266326 | $61933 |

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**WHITEHAWK INCOME CORPORATION** 

**CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)** 

**THREE MONTHS ENDED MARCH 31, 2026 AND 2025** 

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##### [**Table of Contents**](#toc)
**WHITEHAWK INCOME CORPORATION** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  **WHITEHAWK INCOME CORPORATION** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Balance Sheets (unaudited)](#fin86452_1011) | F-41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Operations (unaudited)](#fin86452_1012) | F-42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Mezzanine Equity and Shareholders' Equity (unaudited)](#fin86452_1013) | F-43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Condensed Consolidated Statements of Cash Flows (unaudited)](#fin86452_1014) | F-44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Condensed Consolidated Financial Statements (unaudited)](#fin86452_1015) | F-45 |

---

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##### [**Table of Contents**](#toc)
**WHITEHAWK INCOME CORPORATION** 

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(In thousands, except par value and share amounts)** 

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** | |
|  **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $64562 | $28989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 14395 | 10176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term derivative asset | 4279 | 5349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 1430 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 84666 | 45924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas and oil mineral interests, net - successful efforts method | 457480 | 460586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other property and equipment, net | 245 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2471 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $544862 | $507138 |
|  **Liabilities, mezzanine equity and shareholders' equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $977 | $1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 1760 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued dividends | 5430 | 7516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes, current portion | 6275 | 6275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current portion | 177 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 14619 | 16302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior notes, net of unamortized debt issuance costs | 221733 | 227985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 21257 | 21329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, net of current portion | 76 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term derivative liability | 3204 | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligation | 323 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 261212 | 270722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commitments and contingencies (See Note 13) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mezzanine equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B Preferred stock, $0.0001 par value; 400,000 shares authorized; 49,038 and 35,524 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively, redemption value $49,038 and $35,524, respectively | 37643 | 27662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D Preferred stock, $0.0001 par value; 400,000 shares authorized; 37,780 and 0 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively, redemption value $37,780 and $0, respectively | 37030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock, $0.0001 par value; 7,000,000 shares authorized; 6,660,465 and 6,518,383 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class T common stock, $0.0001 par value; 100,000 shares authorized; 67,051 and 66,830 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I common stock, $0.0001 par value; 9,100,000 shares authorized; 8,161,117 and 8,050,883 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid in capital | 225186 | 223900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (16209) | (15146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 208977 | 208754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities, mezzanine equity and shareholders' equity | $544862 | $507138 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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**WHITEHAWK INCOME CORPORATION** 

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(In thousands, except per share data)** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty revenue | $25616 | $8039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on commodity derivative instruments | (5309) | (8874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonus and other revenue | 517 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 20824 | (833) |
|  **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 3109 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 2981 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 9665 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock based compensation | 483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 16238 | 5513 |
|  **Operating income (loss)** | 4586 | (6346) |
|  **Other expense:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense, net | 5997 | 1747 |
|  **Income (loss) before income taxes** | (1411) | (8093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (benefit from) income taxes | (348) |  |
|  **Net income (loss)** | (1063) | (8093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings allocated to participating securities | (1186) | (1086) |
|  **Net income (loss) attributable to common stockholders** | $(2249) | $(9179) |
|  **Earnings(loss) per common share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares - basic and diluted | $(0.15) | $(1.97) |
|  **Weighted average number of shares outstanding:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares - basic and diluted | 14739 | 4652 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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**WHITEHAWK INCOME CORPORATION** 

**CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY** 

**(In thousands)** 

**(Unaudited)** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Mezzanine Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |
|  | **Series A<br>Preferred Stock** | **Series A<br>Preferred Stock** | **Series B<br>Preferred Stock** | **Series B<br>Preferred Stock** | **Series C<br>Preferred Stock** | **Series C<br>Preferred Stock** | **Series D<br>Preferred Stock** | **Series D<br>Preferred Stock** | **Class A<br>Common Stock** | **Class A<br>Common Stock** | **Class T<br>Common Stock** | **Class T<br>Common Stock** | **Class I<br>Common Stock** | **Class I<br>Common Stock** | **Additional<br>Paid In<br>Capital** | **Retained<br>Earnings<br>(Accumulated<br>Deficit)** | **Total<br>Shareholders'<br>Equity** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid In<br>Capital** | **Retained<br>Earnings<br>(Accumulated<br>Deficit)** | **Total<br>Shareholders'<br>Equity** |
|  **Balance at December 31, 2024** | 19 | $13308 | 10 | $7917 |  | $— |  | $— | 2635 | $— | 38 | $— | 1918 | $— | $82128 | $(11561) | $70567 |
|  Issuance of common stock |  |  |  |  |  |  |  |  | 113 |  | 6 |  | 89 |  | 4979 |  | 4979 |
|  Issuance of Series B Preferred Stock |  |  | 4 | 4287 |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Issuance of Series C Preferred Stock |  |  |  |  | 56 | 56000 |  |  |  |  |  |  |  |  |  |  |  |
|  Redemption of Series A Preferred Stock | (19) | (12514) |  |  |  |  |  |  |  |  |  |  |  |  | (6486) |  | (6486) |
|  Equity issuance costs |  |  |  | (460) |  |  |  |  |  |  |  |  |  |  | (270) |  | (270) |
|  Common stock dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2247) |  | (2247) |
|  Preferred stock dividends |  | (794) |  | (370) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8093) | (8093) |
|  **Balance at March 31, 2025** |  | $— | 14 | $11374 | 56 | $56000 |  | $— | 2748 | $— | 44 | $— | 2007 | $— | $78104 | $(19654) | $58450 |
|  **Balance at December 31, 2025** |  | $— | 35 | $27662 |  | $— |  | $— | 6518 | $— | 67 | $— | 8051 | $— | $223900 | $(15146) | $208754 |
|  Issuance of common stock |  |  |  |  |  |  |  |  | 147 |  |  |  | 110 |  | 6133 |  | 6133 |
|  Common stock redemption |  |  |  |  |  |  |  |  | (5) |  |  |  |  |  | (109) |  | (109) |
|  Issuance of Preferred Stock |  |  | 14 | 13105 |  |  | 37 | 37780 |  |  |  |  |  |  |  |  |  |
|  Stock receivable |  |  |  | (1106) |  |  |  | (750) |  |  |  |  |  |  |  |  |  |
|  Equity issuance costs |  |  |  | (1223) |  |  |  |  |  |  |  |  |  |  | (534) |  | (534) |
|  Common stock dividends |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4661) |  | (4662) |
|  Preferred stock dividends |  |  |  | (795) |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Stock based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 483 |  | 483 |
|  Dividend equivalent rights paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (26) |  | (26) |
|  Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1063) | (1063) |
|  **Balance at March 31, 2026** |  | $— | 49 | $37643 |  | $— | 37 | $37030 | 6660 |  | 67 |  | 8161 |  | 225186 | (16209) | 208977 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

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**WHITEHAWK INCOME CORPORATION** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(In thousands)** 

**(Unaudited)** 

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Cash flow from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $(1063) | $(8093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gain) loss on commodity derivative instruments | (395) | 8413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depletion, depreciation and accretion | 9665 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 197 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | (72) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities (net of assets and liabilities acquired) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | (4219) | (5588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | (20) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (2118) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (200) | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and other liabilities | 583 | (681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | 2841 | (230) |
|  Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of oil and gas properties, net of post-close adjustments | (6522) | (114756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities | (6522) | (114756) |
|  Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Senior Notes |  | 86000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of Senior Notes | (6275) | (1625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs | (174) | (1988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of common stock, net | 5599 | 4709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of Series B preferred stock, net | 10776 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of Series C preferred stock, net |  | 56000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the issuance of Series D preferred stock, net | 37030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock redemptions | (109) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A Preferred Stock redemptions |  | (19000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to Series A Preferred Stock |  | (794) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to Series B Preferred Stock | (924) | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to common stock | (6643) | (2144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend equivalent rights paid | (26) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | 39254 | 124734 |
|  Net increase (decrease) in cash and cash equivalents | 35573 | 9748 |
|  Cash and cash equivalents, beginning of period | 28989 | 5330 |
|  Cash and cash equivalents, end of period | $64562 | $15078 |
|  **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for interest | $5964 | $1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid for income taxes | $42 | $— |
|  **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid to common stock holders through common stock issuances pursuant to distribution reimbursement plan | $1133 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock issued but not yet paid | $1856 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in dividends declared but not yet paid | $(2111) | $222 |

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The accompanying notes are an integral part of these consolidated financial statements.

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**WHITEHAWK INCOME CORPORATION** 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**(Unaudited)** 

**Note 1—Organization and Presentation** 

***Organization and Description of Business***

WhiteHawk Income Corporation (the "Company" or "WhiteHawk") was formed in February 2022 to acquire, own and manage mineral interests with the objective of generating cash flow from operations that can be distributed to shareholders as dividends and reinvested to expand our base of cash flow generating assets. WhiteHawk is governed by a board of directors (the "Board"). The Company's primary investment objective is to provide shareholders with current income with the potential for capital appreciation. The Company's primary business objective is to provide a return to investors by owning and acquiring mineral interests in natural gas resources across the U.S. and distributing a meaningful portion of our cash flow to investors as dividends.

In March 2025, the Company doubled its ownership interests in the natural gas mineral assets of Three Rivers Royalty, LLC (the "Seller") located in southwestern Pennsylvania by purchasing the remaining 50% undivided interest in certain natural gas mineral assets of the Seller for $118.0 million ("Three Rivers Acquisition").

On June 23, 2025, following the completion of the previously announced tender offer, the Company completed the acquisition of PHX Minerals Inc. ("PHX") through a merger pursuant to the Agreement and Plan of Merger ("Merger Agreement"), dated May 8, 2025, by and among WhiteHawk Merger Sub, Inc., Whitehawk Acquisition, Inc. (" Merger Parent") and PHX ("PHX Merger"). Upon completion of the merger, PHX became a wholly owned subsidiary of Merger Parent, a wholly owned subsidiary of the Company. The Company acquired PHX in an all-cash transaction that valued PHX at $4.35 per share, or a total value of approximately $194.8 million, including PHX's net debt.

In March 2026, the Company entered into a definitive purchase and sale agreement to acquire natural gas mineral and royalty interests primarily located in the Haynesville Shale in Louisiana and East Texas ("Haynesville Assets") for approximately $33.0 million. The transaction closed in April 2026.

In addition to our strategic acquisitions of larger, consolidated natural gas mineral packages, we launched a dedicated "ground game" in 2025 that has become an important component of our growth strategy. During the three months ended March 31, 2026, we have completed 11 such transactions totaling approximately $6.5 million. We expect the ground game to remain a component of our acquisition strategy, with the goal of adding scale consistent with our existing portfolio quality.

**Note 2—Summary of Significant Accounting Policies** 

***Basis of Presentation***

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles ("GAAP") in the U.S. and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). In the opinion of management, all adjustments, consisting only of normal recurring adjustments and disclosures necessary for a fair statement of these interim statements, have been included. All intercompany balances and transactions are eliminated in consolidation.

The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year or for any other period. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2025, issued on March 31, 2026, except for Note 3, as to which the date is May 6, 2026.

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***Principles of Consolidations***

These consolidated financial statements reflect the financial condition, results of operations, cash flows and changes in shareholders' equity of the Company and its consolidated subsidiaries, WhiteHawk Income Marcellus, LLC, WhiteHawk Income Haynesville, LLC, WhiteHawk Acquisition, LLC, Whitehawk VF, LLC and PHX Minerals LLC for the periods presented. All intercompany balances and transactions are eliminated in consolidation.

***Cash and Cash Equivalents***

Cash and cash equivalents represent unrestricted cash on hand and include all highly liquid investments purchased with a maturity of three months or less and money market funds. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments.

***Use of Estimates***

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities; disclosure of contingent assets and liabilities at the date of the financial statements; the reported amounts of revenues and expenses during the reporting periods; and the quantities and values of proved oil, natural gas and natural gas liquids ("NGL") reserves used in calculating depletion and assessing impairment of natural gas mineral properties. Actual results could differ significantly from these estimates. Significant estimates made by management include the quantities of proved oil, natural gas and NGLs reserves, related present value estimates of future net cash flows therefrom, the carrying value of natural gas mineral properties, and estimates of current and deferred income taxes. Other areas requiring estimation include valuation of commodity derivatives and our revenue accrual. While management believes these estimates are reasonable, changes in facts and assumptions or the discovery of new information may result in revised estimates. Actual results could differ from these estimates and it is reasonably possible these estimates could be revised in the near term, and these revisions could be material.

***Accounts Receivable***

Accounts receivable represents amounts due to the Company, and are uncollateralized, consisting primarily of royalty revenue receivable. Royalty revenue receivable consists of royalties due from operators for oil, natural gas and NGL volumes sold to purchasers. Those purchasers remit payment for production to the operator of the properties and the operator, in turn, remits payment to the Company. Receivables from third parties for which we did not receive actual production information, either due to timing delays or due to the unavailability of data at the time when revenues are recognized, are estimated. The Company routinely reviews outstanding balances, assesses the financial strength of its operators and records a reserve for amounts not expected to be fully recovered, using a current expected credit loss model. The Company writes off receivables when there is information that indicates the debtor is facing significant financial difficulty and there is no possibility of recovery. If any recoveries are made from any accounts previously written off, it will be recognized in income in the year of recovery, in accordance with the Company's accounting policy election. The Company did not record any credit losses for the three months ended March 31, 2026, and 2025.

***Commodity Derivative Financial Instruments***

The Company's ongoing operations expose it to changes in the market price for natural gas minerals. To mitigate the price risk associated with its operations, the Company uses commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company does not enter into derivative instruments for speculative purposes.

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Derivative instruments are recognized at fair value. If a right of offset exists under master netting arrangements and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on the consolidated balance sheets. The Company does not specifically designate derivative instruments as fair value or cash flow derivatives, even though they reduce its exposure to changes in natural gas mineral prices; therefore, gains and losses arising from changes in the fair value of the derivative instruments are recognized in revenue on a net basis in the accompanying consolidated statements of operations within gain (loss) on commodity derivative instruments.

***Mineral Interests in Natural Gas Properties***

The Company follows the successful efforts method of accounting for natural gas mineral operations. Under this method, costs to acquire minerals and interests in natural gas mineral properties are capitalized when incurred. Acquisitions of interests of natural gas mineral properties are considered asset acquisitions and are recorded at cost.

Acquisition costs of proven mineral interests are amortized using the units of production method over the life of the property, which is estimated using proven reserves. Acquisition costs of mineral interests on unproved properties, where there are no proven reserves, are not amortized. When the associated exploration stage interests are converted to proven reserves, the cost basis is amortized using the units of production methodology over the life of the property, using proven reserves. For purposes of amortization, interests in natural gas mineral properties are grouped in a reasonable aggregation of properties with common geological structural features or stratigraphic condition.

We review and evaluate our mineral interests in natural gas mineral properties for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Proved natural gas properties are reviewed for impairment when events and circumstances indicate a potential decline in the fair value of such properties below the carrying value, such as a downward revision of the reserve estimates or lower commodity prices. When such events or changes in circumstances occur, we estimate the undiscounted future cash flows expected in connection with the properties and compare such future cash flows to the carrying amounts of the properties to determine if the carrying amounts are recoverable. If the carrying value of the properties is determined to not be recoverable based on the undiscounted cash flows, an impairment charge is recognized by comparing the carrying value to the estimated fair value of the properties. The factors used to determine fair value include, but are not limited to, estimates of proved, probable and possible reserves, future commodity prices, the timing of future production and a discount rate commensurate with the risk reflective of the lives remaining for the respective natural gas properties. There was no such impairment of proved natural gas mineral properties for the three months ended March 31, 2026, or 2025.

Unproved properties are also assessed for impairment periodically on a depletable unit basis when facts and circumstances indicate that the carrying value may not be recoverable, at which point an impairment loss is recognized to the extent the carrying value exceeds the estimated recoverable value. The carrying value of unproved properties, including unleased mineral rights, is determined based on management's assessment of fair value using factors similar to those previously noted for proved properties, as well as geographic and geologic data. There was no impairment of unproved properties for the three months ended March 31, 2026, or 2025.

Upon the sale of a complete depletable unit, the book value thereof, less proceeds or salvage value, is charged to income. Upon the sale or retirement of an individual well, or an aggregation of interests which make up less than a complete depletable unit, the proceeds are credited to accumulated depletion, unless doing so would significantly alter the depletion rate of the depletable unit, in which case a gain or loss would be recorded.

***Fair Value of Financial Instruments***

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. Fair value measurements are

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derived using inputs and assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. GAAP establishes a valuation hierarchy for disclosure of the inputs used to measure fair value. This three-tier hierarchy classifies fair value amounts recognized or disclosed in the consolidated financial statements based on the observability of inputs used to estimate such fair values. The classification within the hierarchy of an asset or liability is determined based on the lowest level input that is significant to the fair value measurement. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3). At each balance sheet reporting date, the Company categorizes its assets and liabilities recorded at fair value using this hierarchy.

The amounts reported in the balance sheet for cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair value because of the short-term maturities of these instruments. The Company's commodity derivative instruments are classified within Level 2. The fair values of the Company's commodity derivative instruments are based upon inputs that are either readily available in the public market, such as natural gas futures prices, volatility factors and discount rates, or can be corroborated from active markets.

Assets and liabilities accounted for at fair value on a non-recurring basis in accordance with Level 3 of the fair value hierarchy include the estimated impairment of oil and natural gas properties, if any, asset retirement obligations and any royalty interest acquired through a business combination during each of the three months ended March 31, 2026, or 2025.

***Debt Issuance Costs***

The Company accounts for the costs incurred in connection with borrowings under financing facilities as deferred and amortized over the life of the related financing on a straight-line basis which approximates the effective interest method. As of March 31, 2026 and December 31, 2025, the Company has deferred and capitalized costs associated with the Company's credit agreements of $3.4 million and $3.4 million, respectively. These deferred issuance costs will be amortized on a straight-line basis over the duration of the credit agreements. Debt issuance costs include origination, legal and other fees to obtain or issue debt. Debt issuance costs which are related to a debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability.

For the three months ended March 31, 2026 and 2025, the Company amortized $0.2 million and $0.1 million, respectively, of deferred debt issuance costs in the accompanying consolidated statements of operations (see Note 6 – Debt).

***Leases***

The Company determines if an arrangement is a lease at inception by considering whether (1) explicitly or implicitly identified assets have been deployed in the agreement and (2) the Company obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the agreement. Operating leases are included in Other assets, and Operating lease liabilities in the consolidated balance sheets. As of March 31, 2026, and December 31, 2025, none of the Company's leases were classified as financing leases.

Right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets are recognized at commencement date and consist of the present value of remaining lease payments over the lease term, initial direct costs, prepaid lease payments less any lease incentives. Operating lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. The Company uses the implicit rate, when readily determinable, or its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments.

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The lease terms may include periods covered by options to extend the lease when it is reasonably certain that the Company will exercise that option and periods covered by options to terminate the lease when it is not reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company made an accounting policy election to not recognize leases with terms of less than twelve months on the consolidated balance sheets and recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. In the event that the Company's assumptions and expectations change, it may have to revise its ROU assets and operating lease liabilities.

***Revenue from Contracts with Customers***

The Company has the right to receive revenues from natural gas, oil and NGL sales obtained by the operator of the wells in which the Company owns a mineral or royalty interest. Revenue is recognized at the point control of the product is transferred to the purchaser. Virtually all of the pricing provisions in the Company's contracts are tied to a market index.

The Company earns lease bonus income by leasing its mineral interests to exploration, development and production companies. The Company recognizes lease bonus income when a lease agreement has been executed and payment is determined to be collectible.

*Royalty Income from Oil, Natural Gas and Natural Gas Liquids Sales* 

The Company's oil, natural gas and NGL sales contracts are generally structured whereby the producer of the properties in which the Company owns a mineral or royalty interest sells the Partnership's proportionate share of oil, natural gas and NGL production to the purchaser and the Company collects its percentage royalty based on the revenue generated by the sale of the oil, natural gas and NGL. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead or at the gas processing facility based on the Company's percentage ownership share of the revenue, net of any deductions for gathering and transportation.

*Transaction Price Allocated to Remaining Performance Obligations* 

The Company's right to royalty income does not originate until production occurs and, therefore, is not considered to exist beyond each day's production. Therefore, there are no remaining performance obligations under any of the Company's royalty income contracts.

*Contract Balances* 

Under the Company's royalty income contracts, it generally has the right to receive its interest in the gross proceeds collected by the operator from third-party purchasers of the Company's production once production has occurred, at which point payment is unconditional. Accordingly, the Company's royalty income contracts do not give rise to contract assets or liabilities under Accounting Standards Codification 606.

*Prior-Period Performance Obligations* 

The Company records revenue in the month production is delivered to the purchaser. However, settlement statements for certain oil, natural gas and natural gas liquids sales may not be received for 30 to 90 days after the date production is delivered. As a result, the Company is required to estimate the amount of royalty income to be received based upon the Company's royalty interest. The Company records the differences between its estimates and the actual amounts received for royalties in the month that payment is received from the operator. Any identified differences between its revenue estimates and actual revenue received historically have not been significant. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids

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contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the royalties related to expected sales volumes and prices for those properties are estimated and recorded.

The disaggregated revenues from sales of natural gas, oil and NGLs for the three months ended March 31, 2026, and 2025 were as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  Natural gas sales | $24191 | $8183 |
|  Oil sales | 2882 | 154 |
|  NGL sales | 1628 | 747 |
|  Less deductions for gathering, transportation and other | (3085) | (1045) |
|  Total royalty revenues | $25616 | $8039 |

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Revenues from lease bonus payments are recorded upon receipt. The lease bonus is separate from the lease itself and is recognized as revenue to the Company upon receipt of payment. The Company generates lease bonus revenue by leasing its mineral interests to exploration and production companies and includes proceeds from assignments of leasehold interests where the Company retains an interest. A lease agreement represents the Company's contract with a lessee and generally transfers the rights to develop oil or natural gas, grants the Company a right to a specified royalty interest, and requires that drilling and completion operations commence within a specified time period. Upon signing a lease agreement, no further performance obligation exists for the Company, and therefore, no contract assets or contract liabilities are generated.

***Concentration of Revenue***

Collectability of the Company's royalty revenues is dependent upon the financial condition of the Company's operators, the entities they sell their products to, as well as general economic conditions of the industry. During the three months ended March 31, 2026 and 2025, the following operators represented 10% or more of total revenues:

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| | | |
|:---|:---|:---|
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
|  EQT Production Company | 35% | 52% |
|  Range Resources | 10% | 15% |
|  CNX Gas Company | 11% | 15% |
|  Total | 56% | 82% |

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Although the Company is exposed to a concentration of credit risk, the Company does not believe the loss of any single operator or entity would materially impact the Company's operating results as natural gas, crude oil and NGLs are fungible products with well-established markets and numerous purchasers. If multiple entities were to cease making purchases at or around the same time, we believe there would be challenges initially, but there would be ample markets to handle disruption.

***Income Taxes***

The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered

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or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties at March 31, 2026 and 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

***Share-Based Compensation***

Share-based compensation awards are measured at fair value on the date of grant and are expensed, net of any actual forfeitures, over the required service period. See "Note 9**—**Share-Based Compensation" for additional information.

***Recent Accounting Pronouncements***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures,* which requires disaggregated information related to the effective tax rate reconciliation as well as information on income taxes paid. This ASU is effective for annual periods beginning after December 15, 2026, and requires prospective application with the option to apply the standard retrospectively. We are currently evaluating the impact of the ASU on our disclosures.

In November 2024, the FASB issued ASU 2024-03, *Income Statement (Subtopic 220-40): Reporting Comprehensive Income—Expense Disaggregation Disclosures,* which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. This ASU is effective for annual periods beginning after December 15, 2026, and requires either prospective or retrospective application. We are currently evaluating the impact of the ASU on our disclosures.

**Note 3—Commodity Derivative Financial Instruments** 

The Company's ongoing operations expose it to changes in the market price for natural gas assets. To mitigate the inherent commodity price risk associated with its operations, the Company periodically uses natural gas commodity derivative instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts, and other contractual arrangements. The Company enters into natural gas derivative contracts that contain netting arrangements with each counterparty. The Company does not enter into derivative instruments for speculative purposes.

As of March 31, 2026, the Company's open derivative contracts consisted of fixed-price swap natural gas contracts and oil contracts as well as natural gas costless collar contracts. A fixed-price swap contract between the Company and a counterparty specifies a fixed price for the contract and pays a floating market price to the counterparty over a specified period for a contracted volume. A costless collar contract between the Company and the counterparty specifies a floor and a ceiling commodity price over a specified period for a contracted volume. The Company has not designated any of its contracts as fair value or cash flow derivatives. Accordingly, the changes in fair value of the contracts are included in the consolidated statements of operations in the period of the change. All derivative gains and losses from the Company's derivative contracts have been recognized in revenue in the Company's accompanying consolidated statements of operations. Derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in the Company's accompanying consolidated balance sheets as of March 31, 2026 and December 31, 2025.

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The Company's oil transactions are settled based upon the average daily prices for the calendar month of the contract period and its natural gas contracts are settled based upon the last day settlement of the first nearby month futures contract of the contract period. Settlement for oil derivative contracts occurs in the succeeding month and natural gas derivative contracts are settled in the production month.

The Company's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Company's commodity derivative assets. While the Company does not require contract counterparties to post collateral, the Company does evaluate the credit standing on each counterparty as deemed appropriate. The evaluation includes reviewing a counterparty's credit rating and latest financial information.

The Company utilizes the market approach in determining the fair value of its derivative positions by using either Henry Hub, Texas Eastern Transmission Company Market Zone 2 ("TETCO M2") or West Texas Intermediate ("WTI") published market prices, independent broker pricing data or broker/dealer valuations. Over-the-counter derivatives with Henry Hub, TETCO M2 or WTI based prices are considered Level 2 due to the impact of counterparty credit risk. The Company's derivatives are classified within Level 2.

The table below summarizes the fair values and classifications of the Company's derivative instruments as of March 31, 2026, and December 31, 2025 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| <br>**Classification** | <br>**Balance Sheet Location** | **Gross Fair<br>Value** | **Effect of<br>Netting** | **Net Carrying<br>Value** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current asset | Other current assets | $12004 | $(7725) | $4279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term asset | Other assets | 7810 | (7810) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $19814 | $(15535) | $4279 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liability | Other current liabilities | $7725 | $(7725) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term liability | Other non-current liabilities | 11014 | (7810) | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | $18739 | $(15535) | $3204 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| <br>**Classification** | <br>**Balance Sheet Location** | **Gross Fair<br>Value** | **Effect of<br>Netting** | **Net Carrying<br>Value** |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current asset | Other current assets | $9557 | $(4208) | $5349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term asset | Other assets | 5990 | (5990) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $15547 | $(10198) | $5349 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liability | Other current liabilities | $4208 | $(4208) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term liability | Other non-current liabilities | 10659 | (5990) | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | $14867 | $(10198) | $4669 |

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Changes in the fair values of the Company's derivative instruments are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the three months ended March 31, 2026, and 2025 (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Unrealized gain (loss) of open non-hedge derivative instruments | $395 | $(8413) |
|  Realized gain (loss) on settlement of non-hedge derivative instruments | (5704) | (461) |
|  Gain (loss) on commodity derivative instruments | $(5309) | $(8874) |

---

The Company had the following open derivative contracts for as of March 31, 2026:

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| | | |
|:---|:---|:---|
| **Period and Type of Contract** | **Volume<br>(MMBtu)** | **Weighted Average<br>Price<br>(Per MMBtu)** |
|  **Natural Gas Fixed Price Swaps:** |  |  |
| 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 5128000 | $4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 5087000 | $4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 5494000 | $4.06 |
| 2027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 5197000 | $3.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 5035000 | $3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 5088000 | $3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 5130000 | $3.85 |
| 2028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 4483000 | $3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 3243000 | $3.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 3253000 | $3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 3241000 | $3.66 |
| 2029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 2335000 | $3.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 533000 | $3.38 |

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| | | |
|:---|:---|:---|
| **Period and Type of Contract** | **Volume<br>(MMBtu)** | **Weighted Average<br>Price<br>(Per MMBtu)** |
|  **Natural Gas TETCO M2 Fixed Price Swaps:** |  |  |
| 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 1958000 | $(0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 1962000 | $(0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 1979000 | $(0.96) |
| 2027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 2035000 | $(0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 1857000 | $(0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 1872000 | $(0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 1886000 | $(0.97) |
| 2028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 1551000 | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 667000 | $(0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 667000 | $(0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 675000 | $(1.00) |
| 2029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 547000 | $(0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 291000 | $(0.77) |

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| | | |
|:---|:---|:---|
| **Period and Type of Contract** | **Volume<br>(Bbls)** | **Weighted Average<br>Price<br>(Per MMBtu)** |
|  **WTI Fixed Price Swaps:** |  |  |
| 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 35000 | $64.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 44000 | $63.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 41000 | $62.04 |
| 2027 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 40000 | $61.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 34000 | $61.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 33000 | $61.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 34000 | $61.46 |
| 2028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 32000 | $61.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 19000 | $62.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 20000 | $62.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Quarter | 20000 | $62.75 |
| 2029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Quarter | 7000 | $62.75 |

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| | | | |
|:---|:---|:---|:---|
| **Period and Type of Contract** | **Volume<br>(MMBtu)** | **Weighted Average<br>Floor Price (Per MMBtu)** | **Weighted Average<br>Ceiling Price (Per MMBtu)** |
|  **Natural Gas Collar Contracts:** |  |  |  |
| 2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Quarter | 225000 | $3.00 | $3.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Quarter | 300000 | $3.00 | $3.60 |

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**Note 4—Fair Value Measurements** 

The following table presents information about the Company's assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value as of March 31, 2026, and December 31, 2025 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivative assets (liabilities) – current | $— | $4279 | $— | $4279 |
|  Derivative assets (liabilities) – long-term |  | (3204) |  | (3204) |
|  Total | $— | $1075 | $— | $1075 |
| **December 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Derivative assets (liabilities) – current | $— | $5349 | $— | $5349 |
|  Derivative assets (liabilities) – long-term |  | (4669) |  | (4669) |
|  Total | $— | $680 | $— | $680 |

---

**Note 5—Natural Gas Mineral Interests** 

The Company owns mineral rights across multiple on-shore basins in the United States. The following is a summary of natural gas and oil properties as of March 31, 2026, and December 31, 2025 (in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proved properties | $333672 | $327342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unproved properties | 176432 | 176240 |
|  Natural gas and oil mineral interests, gross | $510104 | $503582 |
|  Accumulated depletion | (52624) | (42996) |
|  Natural gas and oil mineral interests, net | $457480 | $460586 |

---

**Note 6—Debt** 

The Company's outstanding debt instruments as of March 31, 2026, and December 31, 2025, are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
|  Senior notes | $231425 | $237700 |
|  Less: current portion | 6275 | 6275 |
|  Less unamortized debt issuance costs | 3417 | 3440 |
|  Total long-term debt, net of unamortized debt issuance costs and current portion | $221733 | $227985 |

---

*Senior Notes* 

On September 17, 2024, the Company issued and sold $65.0 million in senior secured first lien notes ("Senior Notes"). The Senior Notes bears interest on the total outstanding balance at Adjusted Term SOFR plus 6% per annum payable quarterly in arrears and is secured by all of the existing and future assets of the Company. The Senior Notes mature on September 17, 2029, at which time the remaining outstanding amount shall be payable. On

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March 31, 2025, the Company amended the Senior Notes to increase the amount outstanding to $151 million and extended the maturity date to March 31, 2030 ("First Amendment"). On June 23, 2025, the Company amended the Senior Notes to increase the amount outstanding to $251.0 million and extended the maturity date to June 23, 2030 ("Second Amendment"). For the three months ended March 31, 2026, the weighted average interest rate related to our borrowings under the Senior Notes was 10.3%. The Senior Notes contain mandatory prepayments of $1.6 million paid in quarterly installments beginning in January 2025. The repayment amount was increased to $6.3 million as a part of the Second Amendment. The mandatory prepayments are subject to a Minimum Liquidity Amount restriction which requires quarterly analysis to determine if prepayment is required. The Senior Notes contain certain covenants pertaining to reporting and financial requirements, as well as negative and affirmative covenants.

Obligations under the Senior Notes are guaranteed by the Company and each of its existing and future, direct and indirect domestic subsidiaries (the "Credit Parties") and are secured by all the present and future assets of the Credit Parties, subject to customary carve-outs.

The Senior Notes contains various affirmative, negative, and financial maintenance covenants. The Senior Notes also contains a minimum hedging covenant. These covenants, among other things, include restrictions on the Company's ability to incur additional indebtedness, acquire and sell assets, create liens, enter into certain lease agreements, make investments, make distributions, and require the maintenance of the financial ratios described below through the Fiscal Quarter ending March 31, 2026. The Company was in compliance with the terms and covenants of the Senior Notes at March 31, 2026.

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| | |
|:---|:---|
| **Financial Covenant** | **Required Ratio** |
| Ratio of Consolidated Total Net Leverage, as defined in the Senior Notes | Not greater than 3.5 to 1 |
| Ratio of Asset Coverage, as defined in the Senior Notes | Not less than 1.00 to 1.00 |

---

Commencing with the Fiscal Quarter ending March 31, 2027, the financial ratios are updated to the following:

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| | |
|:---|:---|
| **Financial Covenant** | **Required Ratio** |
| Ratio of Consolidated Total Net Leverage, as defined in the Senior Notes | Not greater than 3.25 to 1 |
| Ratio of Asset Coverage, as defined in the Senior Notes | Not less than 1.10 to 1.00 |

---

For the three months ended March 31, 2026 and 2025, the Company recognized $0.2 million and $0.1 million, respectively, of interest expense attributable to the amortization of debt issuance costs and debt discounts related to the Senior Notes.

**Note 7—Preferred Stock** 

As of March 31, 2026 and 2025, there were zero shares of Series A preferred stock issued and outstanding. As of March 31, 2026 and 2025, there were 49,038 shares and 14,229 shares, respectively, of Series B Preferred Stock issued and outstanding. As of March 31, 2026 and 2025, there were 0 and 56,000 shares, respectively, of Series C preferred stock issued and outstanding. As of March 31, 2026 and 2025, there were 37,780 and 0 shares, respectively, of Series D preferred stock issued and outstanding. The Company is authorized to issue 400,000 shares of preferred stock with a par value of $0.0001 per share with such designation, rights and preferences described below.

*Series A Preferred Stock* 

The Series A Preferred Stock shall, as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, rank senior to each class or series of the Company's common stock. The holders of the Series A Preferred Stock shall have no voting rights on any matters which the Company's stockholders are entitled to vote except for consent for the Company to incur

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any new indebtedness or for the Company to create or issue any capital stock that ranks senior to the Series A Preferred Stock. Dividends on each share of Series A Preferred Stock shall accrue on a daily basis and be payable monthly in arrears at rate of 18% per year. The Company has the right, but not the obligation, to redeem the Series A Preferred Stock, in whole or in part, from time to time, at a redemption price of $1,000 per share plus all accrued and unpaid dividends ("Redemption Price"). At the time of redemption, if the Redemption Price does not exceed a return of not less than 8% per Series A Preferred Share ("Minimum Return Payment"), the Company shall be required to pay an additional dividend to satisfy Minimum Return Payment. In the event that the Company has not redeemed all of the Series A Preferred Shares by November 13, 2025, the Company shall not declare, pay or set aside any dividends on shares of common stock. Since the Series A Preferred Stock agreement features certain redemption rights that are considered to be outside the Company's control and subject to the occurrence of uncertain future events, the Series A Preferred Stock will be presented as mezzanine equity outside of the shareholders' equity section of the Company's consolidated balance sheet. The Series A Preferred Stock meets the criteria of a participating security for purposes of calculating earnings per share (See Note 10—Earnings Per Share).

The table below summarizes the monthly dividends related to the Company's Series A Preferred Stock (in thousands, except annual dividend rate):

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock Annual<br>Dividend Rate** | **Total Cash<br>Dividend** |
|  March 31, 2025 | 18% | $249 |
|  February 28, 2025 | 18% | $255 |
|  January 31, 2025 | 18% | $290 |
|  December 31, 2024 | 18% | $290 |
|  November 30, 2024 | 18% | $269 |
|  October 31, 2024 | 14% | $237 |
|  September 30, 2024 | 14% | $316 |
|  August 31, 2024 | 14% | $403 |
|  July 31, 2024 | 14% | $434 |
|  June 30, 2024 | 14% | $431 |
|  May 31, 2024 | 14% | $458 |
|  April 30, 2024 | 14% | $460 |
|  March 31, 2024 | 14% | $500 |
|  February 29, 2024 | 14% | $489 |
|  January 31, 2024 | 14% | $523 |
|  December 31, 2023 | 14% | $524 |
|  November 30, 2023 | 14% | $304 |

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In March 2025, the Company's Series A Preferred Stock was extinguished with proceeds raised from the Company's Series C Preferred Stock (as defined below).

*Series B Preferred Stock* 

In February 2024, the Company authorized $50.0 million of its Series B 10% Redeemable Preferred Share class ("Series B Preferred Stock"). Through March 31, 2026, the Company has closed on approximately $44.2 million of net proceeds from the issuance of the Series B Preferred Stock. The Series B Preferred Stock shall, as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, rank senior to each class or series of the Company's common stock. The holders of the Series B Preferred Stock shall have no voting rights. Dividends on each share of Series B Preferred Stock shall accrue on a daily basis and be payable monthly in arrears at rate of 10% per year. The Company has the right, but not the obligation, to redeem the Series B Preferred Stock, in whole or in part, from time to time, at a redemption price of $1,000 per share plus all accrued and unpaid dividends ("Redemption Price"). For the three months ended March 31, 2026 and 2025, the Company incurred $1.2 million and $0.5 million, respectively, in expenses related to sale of Series B Preferred Stock which were deducted from the carrying value of

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the Series B Preferred Stock in the Consolidated Statements of Shareholders' Equity. The net proceeds from issuance of the Series B Preferred Stock were utilized to redeem the Company's Series A Preferred Stock. Since the Series B Preferred Stock agreement features certain redemption rights that are considered to be outside the Company's control and subject to the occurrence of uncertain future events, the Series B Preferred Stock will be presented as mezzanine equity outside of the shareholders' equity section of the Company's consolidated balance sheet. The Series B Preferred Stock meets the criteria of a participating security for purposes of calculating earnings per share (See Note 10—Earnings Per Share).

The table below summarizes the monthly dividends related to the Company's Series B Preferred Stock (in thousands, except annual dividend rate):

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock Annual<br>Dividend Rate** | **Total Cash<br>Dividend** |
|  March 31, 2026 | 10% | $381 |
|  February 28, 2026 | 10% | $337 |
|  January 31, 2026 | 10% | $304 |
|  December 31, 2025 | 10% | $282 |
|  November 30, 2025 | 10% | $256 |
|  October 31, 2025 | 10% | $231 |
|  September 30, 2025 | 10% | $201 |
|  August 31, 2025 | 10% | $179 |
|  July 31, 2025 | 10% | $159 |
|  June 30, 2025 | 10% | $150 |
|  May 31, 2025 | 10% | $138 |
|  April 30, 2025 | 10% | $125 |
|  March 31, 2025 | 10% | $111 |
|  February 28, 2025 | 10% | $95 |
|  January 31, 2025 | 10% | $85 |
|  December 31, 2024 | 10% | $69 |
|  November 30, 2024 | 10% | $64 |
|  October 31, 2024 | 10% | $58 |
|  September 30, 2024 | 10% | $49 |
|  August 31, 2024 | 10% | $40 |
|  July 31, 2024 | 10% | $31 |
|  June 30, 2024 | 10% | $24 |
|  May 31, 2024 | 10% | $19 |
|  April 30, 2024 | 10% | $13 |
|  March 31, 2024 | 10% | $2 |

---

*Series C Preferred Stock* 

In March 2025, the Company sold 56,000 shares of Series C Preferred Stock (the "Series C Preferred Stock") at a price of $1,000.00 per share, resulting in gross proceeds of $56 million. The Series C Preferred Stock shall, as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, rank senior to each class or series of the Company's common stock. The holders of the Series C Preferred Stock shall have no voting rights on any matters which the Company's stockholders are entitled to vote except for consent for the Company to incur any new indebtedness or for the Company to create or issue any capital stock that ranks senior to the Series C Preferred Stock. Dividends on each share of Series C Preferred Stock shall accrue on a daily basis and be payable monthly in arrears at rate of 14% per year through December 31, 2026, and a rate of 18% per year subsequently. The Company has the right, but not the obligation, to redeem the Series C Preferred Stock, in whole or in part, from time to time, at a redemption price of $1,000 per share plus all accrued and unpaid dividends ("Redemption Price

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– Series C"). At the time of redemption, if the Redemption Price – Series C does not exceed a return of not less than 8% per Series C Preferred Share ("Minimum Return Payment – Series C"), the Company shall be required to pay an additional dividend to satisfy Minimum Return Payment – Series C. In the event that the Company has not redeemed all of the Series C Preferred Shares by December 31, 2027, the Company shall not declare, pay or set aside any dividends on shares of common stock. Since the Series C Preferred Stock agreement features certain redemption rights that are considered to be outside the Company's control and subject to the occurrence of uncertain future events, the Series C Preferred Stock will be presented as mezzanine equity outside of the shareholders' equity section of the Company's consolidated statement of changes in mezzanine equity and shareholders' equity. The Series C Preferred Stock meets the criteria of participating security for purposes of calculating earnings per share (See Note 10—Earnings Per Share).

The table below summarizes the monthly dividends related to the Company's Series C Preferred Stock (in thousands):

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| | | |
|:---|:---|:---|
| **Month Ended** | **Preferred<br>Stock Annual<br>Dividend Rate** | **Total Cash<br>Dividend** |
|  December 31, 2025 | 14% | $526 |
|  November 30, 2025 | 14% | $193 |
|  October 31, 2025 | 14% | $200 |
|  September 30, 2025 | 14% | $322 |
|  August 31, 2025 | 14% | $533 |
|  July 31, 2025 | 14% | $666 |
|  June 30, 2025 | 14% | $644 |
|  May 31, 2025 | 14% | $666 |
|  April 30, 2025 | 14% | $644 |
|  March 31, 2025 | 14% | $86 |

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In December 2025, the Company's Series C Preferred Stock was extinguished with proceeds raised from the Company's common stock.

*Series D Preferred Stock* 

In March 2026, the Company sold 37,780 shares of Series D Preferred Stock (the "Series D Preferred Stock") at a price of $1,000.00 per share, resulting in gross proceeds of approximately $37.8 million. The Series D Preferred Stock shall, as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, rank senior to each class or series of the Company's common stock. The holders of the Series D Preferred Stock shall have no voting rights on any matters which the Company's stockholders are entitled to vote except for consent for the Company to incur any new indebtedness or for the Company to create or issue any capital stock that ranks senior to the Series D Preferred Stock. Dividends on each share of Series D Preferred Stock shall accrue on a daily basis and be payable monthly in arrears at rate of 14% per year through December 31, 2027, and a rate of 18% per year subsequently. The Company has the right, but not the obligation, to redeem the Series D Preferred Stock, in whole or in part, from time to time, at a redemption price of $1,000 per share plus all accrued and unpaid dividends ("Redemption Price – Series D"). At the time of redemption, if the Redemption Price – Series D does not exceed a return of not less than 8% per Series D Preferred Share ("Minimum Return Payment – Series D"), the Company shall be required to pay an additional dividend to satisfy Minimum Return Payment – Series D. In the event that the Company has not redeemed all of the Series D Preferred Shares by December 31, 2028, the Company shall not declare, pay or set aside any dividends on shares of common stock. The proceeds from the sale of the Series D Preferred Stock were used to purchase additional Haynesville Assets. Since the Series D Preferred Stock agreement features certain redemption rights that are considered to be outside the Company's control and subject to the occurrence of uncertain future events, the Series D Preferred Stock will be presented as mezzanine equity

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outside of the shareholders' equity section of the Company's consolidated statement of changes in mezzanine equity and shareholders' equity. The Series D Preferred Stock meets the criteria of participating security for purposes of calculating earnings per share (See Note 10—Earnings Per Share).

**Note 8—Shareholders' Equity and Dividends** 

*Class A, T, and I Common Stock* – As of March 31, 2026, there were 6,660,465 shares of Class A Common Stock issued and outstanding, 67,051 shares of Class T Common Stock issued and outstanding, and 8,161,117 shares of Class I Common Stock issued and outstanding. Holders of the Company's Class A, T and I Common Stock are entitled to one vote for each share. The Company is authorized to issue 7,000,000 shares, 100,000 shares and 9,100,000 shares of Class A, T and I Common Stock, respectively, each with a par value of $0.0001 per share. The rights and privileges of the Class A,T and I Common Stock are the same, the primary difference between each class of common stock is selling commissions and placement agent fees.

***Cash Dividends***

The table below summarizes the monthly dividends related to the Company's common stock through March 31, 2026 (in thousands, except per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Month Ended** | **Total<br>Monthly<br>Dividend<br>Per Common<br>Share** | **Total<br>Cash<br>Dividends** | **Payment<br>Date** | **Stockholders<br>Record Date** |
|  March 31, 2026 | $0.1562 | $2326 | May 15, 2026 | April 1, 2026 |
|  February 28, 2026 | $0.1562 | $2310 | April 15, 2026 | March 1, 2026 |
|  January 31, 2026 | $0.1562 | $2298 | March 15, 2026 | February 1, 2026 |
|  December 31, 2025 | $0.1562 | $2286 | February 16, 2025 | January 1, 2026 |
|  November 30, 2025 | $0.1562 | $2034 | January 15, 2025 | December 1, 2025 |
|  October 31, 2025 | $0.1562 | $2019 | December 15, 2025 | November 3, 2025 |
|  September 30, 2025 | $0.1562 | $2004 | November 14, 2025 | October 2, 2025 |
|  August 31, 2025 | $0.1562 | $1670 | October 15, 2025 | September 2, 2025 |
|  July 31, 2025 | $0.1562 | $1557 | September 15, 2025 | August 1, 2025 |
|  June 30, 2025 | $0.1562 | $1447 | August 15, 2025 | July 1, 2025 |
|  May 31, 2025 | $0.1562 | $804 | July 15, 2025 | June 1, 2025 |
|  April 30, 2025 | $0.1562 | $766 | June 15, 2025 | May 1, 2025 |
|  March 31, 2025 | $0.1562 | $750 | May 15, 2025 | April 1, 2025 |
|  February 28, 2025 | $0.1562 | $731 | April 15, 2025 | March 1, 2025 |
|  January 31, 2025 | $0.1562 | $721 | March 15, 2025 | February 1, 2025 |
|  December 31, 2024 | $0.1562 | $717 | February 14, 2025 | January 1, 2025 |
|  November 30, 2024 | $0.1562 | $706 | January 15, 2025 | December 2, 2024 |
|  October 31, 2024 | $0.1562 | $699 | December 16, 2024 | November 1, 2024 |
|  September 30, 2024 | $0.1562 | $695 | November 15, 2024 | October 1, 2024 |
|  August 31, 2024 | $0.1562 | $691 | October 15, 2024 | September 2, 2024 |
|  July 31, 2024 | $0.1562 | $685 | September 16, 2024 | August 1, 2024 |
|  June 30, 2024 | $0.1562 | $675 | August 15, 2024 | July 1, 2024 |
|  May 31, 2024 | $0.1562 | $670 | July 15, 2024 | June 3, 2024 |
|  April 30, 2024 | $0.1562 | $666 | June 14, 2024 | May 1, 2024 |
|  March 31, 2024 | $0.1562 | $660 | May 15, 2024 | April 1, 2024 |
|  February 29, 2024 | $0.1562 | $657 | April 15, 2024 | March 4, 2024 |
|  January 31, 2024 | $0.1562 | $653 | March 15, 2024 | February 2, 2024 |
|  December 31, 2023 | $0.1562 | $649 | February 15, 2024 | January 2, 2024 |
|  November 30, 2023 | $0.1562 | $642 | January 15, 2024 | December 4, 2023 |

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|:---|:---|:---|:---|:---|
| **Month Ended** | **Total<br>Monthly<br>Dividend<br>Per Common<br>Share** | **Total<br>Cash<br>Dividends** | **Payment<br>Date** | **Stockholders<br>Record Date** |
|  October 31, 2023 | $0.1562 | $635 | December 15, 2023 | November 3, 2023 |
|  September 30, 2023 | $0.1562 | $613 | November 15, 2023 | October 3, 2023 |
|  August 31, 2023 | $0.1563 | $603 | October 13, 2023 | September 1, 2023 |
|  July 31, 2023 | $0.1562 | $579 | September 15, 2023 | August 2, 2023 |
|  June 30, 2023 | $0.1562 | $578 | August 15, 2023 | July 3, 2023 |
|  May 31, 2023 | $0.1562 | $550 | July 14, 2023 | June 2, 2023 |
|  April 30, 2023 | $0.1562 | $548 | June 15, 2023 | May 2, 2023 |
|  March 31, 2023 | $0.1562 | $539 | May 15, 2023 | April 2, 2023 |
|  February 28, 2023 | $0.1562 | $532 | April 14, 2023 | March 2, 2023 |
|  January 31, 2023 | $0.1562 | $510 | March 15, 2023 | February 2, 2023 |
|  December 31, 2022 | $0.1562 | $510 | February 15, 2023 | January 3, 2023 |
|  November 30, 2022 | $0.1562 | $429 | January 16, 2023 | November 30, 2022 |
|  October 31, 2022 | $0.1562 | $328 | December 15, 2022 | October 31, 2022 |
|  September 30, 2022 | $0.1562 | $259 | November 15, 2022 | September 30, 2022 |
|  August 31, 2022 | $0.1562 | $226 | October 14, 2022 | August 31, 2022 |
|  July 31, 2022 | $0.1562 | $185 | September 15, 2022 | July 31, 2022 |
|  June 30, 2022 | $0.1562 | $161 | August 15, 2022 | June 30, 2022 |
|  May 31, 2022 | $0.1562 | $154 | July 15, 2022 | May 31, 2022 |
|  April 30, 2022 | $0.1562 | $80 | June 15, 2022 | April 30, 2022 |
|  March 31, 2022 | $0.1562 | $22 | May 16, 2022 | March 31, 2022 |

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On January 1, 2026, all record holders of WhiteHawk common stock as of December 31, 2025, received a stock dividend equivalent to one additional share for each ten shares currently held, calculated to the number of whole shares.

In connection with the 2025 stock dividends discussed above, the WHIC Manager (defined below) received 358,893 restricted shares related to its dividend incentive fee with a total value of $8.2 million. Fair value was determined using the offering price of the Series I Common Stock. The restricted shares issued to the WHIC Manager shall vest and cease to be restricted on the earlier of (i) the occurrence of a Company Liquidity Event and (ii) January 1, 2031. The dividend incentive fee will be accounted for as stock compensation expense on the Company's consolidated statement of operating income and cash flows over the vesting period. All share amounts shown in the Company's financial statements are presented pro forma for the stock dividend. For the three months ended March 31, 2026, the Company incurred $0.4 million in stock-based compensation related to the restricted stock issued to WHIC Manager.

***Distribution Reinvestment Plan***

In January 2025, the Company's Board adopted a Distribution Reinvestment Plan (the "DRP") pursuant to which our common and preferred stockholders (the "Stockholders") may elect to have their cash dividends reinvested in additional stock. For the three months ended March 31, 2026 and 2025, Stockholders reinvested $1.1 million and less than $0.1 million, respectively, under the Company's DRP.

**Note 9—Share-Based Compensation** 

During January 2026, the WhiteHawk Board adopted the WhiteHawk 2026 Equity Incentive Plan (the "Plan"). An aggregate of 0.2 million shares of common stock are available for issuance under the Plan. The Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. Common shares that are cancelled, forfeited, or withheld to satisfy exercise prices or tax

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withholding obligations will be available for delivery pursuant to other awards. Distribution equivalent rights ("DER") are also available for grant under the Plan, either alone or in tandem with other specific awards, which will entitle the recipient to receive an amount equal to dividends paid on a common stock. The Plan is administered by the WhiteHawk Board of Directors or a committee thereof.

***Restricted Stock Units***

Under the Plan, the WhiteHawk Board is authorized to issue restricted stock units ("RSU") to eligible employees and non-employee directors. The Company estimates the fair value of the RSUs as the closing price of the Company's common stock on the grant date of the award, which is expensed over the applicable vesting period. All compensation cost for the RSUs will be recognized over the longer of the service condition or the performance condition (if any). Each RSU that has been granted has a dividend equivalent right ("DER") included in each agreement. Dividends paid in connection with the DERs are accounted for as a reduction in retained earnings for those awards that are expected to vest. RSUs that are forfeited could cause a reclassification of any previously recognized DER payments from a reduction in retained earnings to additional compensation cost.

The following table summarizes the activity in our unvested RSUs for the three months ended March 31, 2026:

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| | | |
|:---|:---|:---|
|  | **Restricted<br>Stock<br>Units** | **Weighted Average<br>Grant-Date<br>Fair Value** |
|  Unvested at December 31, 2025 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granted | 84704 | $22.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vested |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forfeited |  | $— |
|  Unvested at March 31, 2026 | 84704 | $22.88 |

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For the three months ended March 31, 2026, the Company incurred $0.1 million of share-based compensation which is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. The unamortized estimated fair value of unvested RSUs was $1.9 million at March 31, 2026. These costs are expected to be recognized as expense over a weighted average period of 3.19 years. In addition, for the three months ended March 31, 2026, the Company paid less than $0.1 million of DERs to d RSU holders.

**Note 10—Earnings Per Share** 

Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent preferred stock in which the holders have non-forfeitable rights to receive dividends. Net Income (loss) attributable to common shareholders is determined by subtracting earnings and dividends attributable to the various classes of preferred stock, as well as earnings and dividends attributed to restricted share units, from net income.

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The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  **Numerator:** |  |  |
|  Net income (loss) - basic and diluted | $(1063) | $(8093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Earnings allocated to participating securities | (1186) | (1086) |
|  Net income (loss) attributable to common stockholders - basic and diluted | $(2249) | $(9179) |
|  **Denominator:** |  |  |
|  Weighted average shares outstanding - basic and diluted | 14739 | 4652 |
|  Net income (loss) per common share - basic and diluted | $(0.15) | $(1.97) |

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The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods:

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|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
|  Series B Preferred Stock | 49038 | 14229 |
|  Series C Preferred Stock |  | 56000 |
|  Series D Preferred Stock | 37780 |  |
|  Restricted Stock Units | 84704 |  |
|  Restricted Stock | 358893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 530415 | 70229 |

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**Note 11—Income Taxes** 

The Company under ASC 740 uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and (ii) operating loss and other carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized.

For the three months ended March 31, 2026, and 2025, the Company recorded an income tax benefit of $0.3 million and $0.0 million, respectively.

As of March 31, 2026, and December 31, 2025, the Company had $21.3 million and $21.3 million, respectively, of net deferred tax liabilities net of valuation allowances. The Company acquired $24.8 million of net deferred tax liabilities as a part of the PHX Merger. These net deferred tax liabilities relate to natural gas assets and other temporary items where the tax basis differs from the GAAP carrying amounts.

As of March 31, 2026, the Company had $11.9 million in federal net operating loss carryforwards and $6.3 million in state net operating loss carryforwards for income tax purposes. The Company acquired all of the federal and state net operating loss carryforwards as part of the acquisition of PHX Minerals Inc. in 2025. As of

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the date of the financial statements, no limitations were identified that would limit the Company's ability to utilize the net operating losses in future years. In the event that the Company experiences another ownership change within the meaning of Section 382 of the Internal Revenue Code, our ability to utilize net operating losses and other tax attributes may be limited.

As of March 31, 2026, the Company determined it is more likely than not that it will realize our deferred tax assets, with the exception of a small valuation allowance on state net operating loss carryforwards that are expected to expire before utilization.

At March 31, 2026, and December 31, 2025, the Company had prepaid income taxes of $0.6 million and $0.4 million, respectively. The prepaid income taxes are included in other current assets on the consolidated balance sheets.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of March 31, 2026 and December 31, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals, or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

**Note 12—Related Party Transactions** 

*WhiteHawk Management* 

The Company is managed by WhiteHawk Minerals, LLC, a Delaware limited liability company (the "WHM"), along with its wholly-owned subsidiary, WhiteHawk Management, LLC (collectively, "WHIC Manager")

With the oversight of the Board, the WHIC Manager is responsible for the investment management function on behalf of WhiteHawk pursuant to the management agreement ("WHIC Management Agreement"). The WHIC Manager is responsible for managing the day-to-day operations of WhiteHawk, including investigating, analyzing, structuring, and negotiating potential investments, monitoring the performance of the assets, and making determinations.

The WHIC Management Agreement may be terminated at any time, without the payment of any penalty by either the Company or the WHIC Manager for "Cause" (as defined in the WHIC Management Agreement) upon thirty (30) days' prior written notice of the incident giving rise to the Cause and an opportunity to cure the Cause referenced in such notice prior to termination. The WHIC Management Agreement may be terminated at any time, without Cause and without the payment of any penalty: (i) by WhiteHawk upon sixty (60) days' prior written notice to the WHIC Manager; or (ii) by the WHIC Manager upon not less than one hundred and twenty (120) days' prior written notice to WhiteHawk.

Under the WHIC Management Agreement, WHIC Manager will earn a monthly asset management fee (the "Base Management Fee"), a dividend incentive fee (the "Dividend Incentive Fee"), and an incentive fee upon a Liquidity Event for the Company's assets (the "Liquidity Incentive Fee").

The Base Management Fee is calculated at an annual rate of one and one-half percent (1.5%) of WhiteHawk's total assets, which will initially be based on the total cost of all WhiteHawk's assets. The Base Management Fee is payable monthly in arrears and is calculated based on the arithmetic average value of our total assets as of the last day of (1) a calendar month and (2) the immediately preceding calendar month.

The Dividend Incentive Fee entitles the WHIC Manager to earn a fee of 12.5% of all distributions, including all dividends and dividend incentive fees, earned and/or paid out during a calendar month. If in any calendar

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month the WHIC Manager elects to defer receipt of its Dividend Incentive Fee to a future month (the "Manager Fee Deferral"), then the WHIC Manager will still earn its fee in any calendar month where dividends are paid to the shareholders. Any remaining cash flow of the Company after all base dividends, bonus dividends, and Dividend Incentive Fees have been paid in any given calendar month shall first be used to reimburse the WHIC Manager for any prior period cash flow needs that it has funded or Dividend Incentive Fees that it has earned but not yet been paid, and then shall be retained by WhiteHawk, to be used at the Company's discretion for additional investment purposes.

The Liquidity Incentive Fee entitles the WHIC Manager to receive a portion of the proceeds from a WhiteHawk liquidity event after shareholders have received 100% of their initial invested capital plus a 7.5% annualized non-compounded return (the "Hurdle"). The WHIC Manager will receive 12.5% of all amounts above the Hurdle.

During the three months ended March 31, 2026, and 2025, the Company paid $3.0 million and $1.4 million, respectively, to the WHIC Manager related to its Base Management Fee and Dividend Incentive Fee, respectively. This is recorded in the management fee expense on the consolidated statements of operations. In addition, the WHIC Manager received restricted stock with a fair value of $8.2 million during the three months ended March 31, 2026. The restricted stock issued to the WHIC Manager shall vest and cease to be restricted on the earlier of (i) the occurrence of a Company Liquidity Event and (ii) January 1, 2031.

We entered into an administrative services agreement, date as of March 1, 2022 (the "Administrative Services Agreement"), with WHIC Manager. Pursuant to the Administrative Services Agreement, WHIC Manager performs and oversees on our behalf the performance of various administrative services that we require. Such administrative services include, but are not limited to, the provision of office facilities and equipment; the provision of clerical, bookkeeping, general ledger accounting, and recordkeeping services; investor services, assistance with tax preparation; regulatory filings; procurement of operational services and any other services. The Administrative Services Agreement provides for the reimbursement of WHIC Manager's costs and expenses paid for such administrative services. For the three months ended March 31, 2026 and 2025, the Company paid WHIC Manager $1.4 million and $0.4 million, respectively, for the reimbursement for the administrative costs and expenses paid pursuant to the Administrative Services Agreement. These amounts are recorded in the general and administrative expense on the consolidated statement of operations.

*Preferred Capital Securities* 

Jeff Smith, our President and director, is the chief executive officer and co-owner of Preferred Capital Securities, LLC ("PCS"). We entered into a dealer manager agreement, dated as of March 18, 2022 (the "Common Stock DMA"), with PCS. Pursuant to the Common Stock DMA, PCS agreed to act as our agent and exclusive distributor in connection with our continuing offer (the "Private Offering") to accredited investors of our Class A Common Stock, Class I Common Stock, and Class T Common Stock, pursuant to a confidential private placement memorandum (the "Memorandum"). Under the agreement, PCS has agreed to find, on a best efforts basis, purchasers for our Class A, Class I and Class T Common Stock for cash through broker-dealers or registered investment advisors, all of which are members of the Financial Industry Regulatory Authority, Inc. ("FINRA"), or registered as investment advisors with the SEC or state regulatory authorities, as appropriate.

Under the Common Stock DMA, PCS is entitled to a dealer manager fee of 2.5% of the price of Class A and Class T Common Stock sold in the Private Offering. In addition, we agreed to pay PCS a selling commission equal to 6.0% of the price of Class A Common Stock, and 4.0% of Class T Common Stock sold in the Private Offering. Additionally, a trail commission equal to 0.7% annually will be paid on Class T Common Stock subject to the restrictions and provisions as described in the Memorandum. For the three months ended March 31, 2026 and 2025 we paid PCS $0.2 million and $0.2 million, respectively, in compensation for its services under the Dealer Manager Agreement and is included in the equity statement as a reduction to common stock proceeds.

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We also entered into a dealer manager agreement, dated as of February 2, 2024 (the "Preferred Stock DMA" and, together with the Common Stock DMA, the "DMAs"), with PCS. Pursuant to the Preferred Stock DMA, PCS agreed to act as our agent and exclusive distributor in connection with the continuing Private Offering to accredited investors of shares of our Series B preferred common stock, $0.0001 par value (our "Series B Preferred Shares") pursuant to the Memorandum. Under the Preferred Stock DMA, PCS has agreed to find, on a best efforts basis, purchasers for our Series B Preferred Shares for cash through broker-dealers or registered investment advisors, all of which are members of FINRA or registered as investment advisors with the SEC or state regulatory authorities, as appropriate.

Under the Preferred Stock DMA, PCS is entitled to a dealer manager fee of up to 3.0% of the price per Series B Preferred Share sold in the Private Offering. In addition, we agreed to pay PCS a selling commission of up to 7.0% of the price per Series B Preferred Share sold in the Private Offering. For the three months ended March 31, 2026 and 2025, we paid PCS $0.9 million and $0.3 million, respectively, in compensation for its services under the Preferred Stock DMA and is included in the equity statement as a reduction to Series B Preferred Stock.

Pursuant to each DMA, no selling commissions or dealer manager fees will be paid in connection with the common stock or preferred stock, as applicable, sold to WhiteHawk Management, its management and their family members, employees and their family members and WhiteHawk Management's other affiliates. As president of WhiteHawk Management, Mr. Smith is not entitled to any selling commissions or dealer management fees under each DMA.

*PhiCap Advisors LLC* 

PhiCap Advisors LLC ("PhiCap") provides leadership and capital solutions support to the Company through a consulting agreement. In addition, PhiCap owns approximately 20% of WhiteHawk Energy LLC ("WhiteHawk Energy"), which in turns owns 75% of WhiteHawk Minerals. For the three months ended March 31, 2026, the Company paid PhiCap $0.1 million and $0.1 million, respectively, in consulting fees and reimbursements. During the three months ended March 31, 2025, the Company paid $0.1 million and less than $0.1 million, respectively in consulting fees and reimbursements. During the three months ended March 31, 2026 and 2025, less than $0.1 million and less than $0.1 million, respectively, of the consulting fees paid to PhiCap were recorded in Additional Paid In Capital due to PhiCap's fund raising support and the remainder was recorded in general and administrative expense on the consolidated statement of operations.

*WhiteHawk Related Party Equity Transactions* 

Members and employees of the WHIC Manager contributed to WHIC $2.6 million of the $44.1 million of the proceeds raised through the sale of the Series A Preferred Stock. Members and employees of the WHIC Manager received dividends of $0.0 million and less than $0.1 million, respectively, during the three months ended March 31, 2026, and 2025 from the Series A Preferred Stock.

Members and employees of the WHIC Manager contributed to WHIC $2.6 million of the $56.0 million of the proceeds raised through the sale of the Series C Preferred Stock. Members and employees of the WHIC Manager received dividends of $0.0 million and less than $0.1 million during the three months ended March 31, 2026, and 2025 from the Series C Preferred Stock.

Members and employees of the WHIC Manager contributed $2.7 million of the $37.8 million proceeds raised through the sale of the Series D Preferred Stock. Members and employees of the WHIC Manager received dividends of $0.0 million during the three months ended March 31, 2026, from the Series D Preferred Stock.

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**Note 13—Commitments and Contingencies** 

From time to time, the Company may be involved in various legal proceedings, lawsuits, and other claims in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Management does not believe that the resolution of these matters will have a material adverse impact on our financial condition, cash flows or results of operations.

**Note 14—Segment** 

WhiteHawk's chief operating decision maker ("CODM") is the Chief Executive Officer ("CEO"). The CEO manages the business as a whole and assesses financial performance as a single enterprise and not on an area-by-area basis. Therefore, the Company identified one reportable segment: natural gas & oil minerals. The natural gas and oil minerals segment acquires, owns and manages high-quality mineral and royalty interests across premium basins in the United States and leases its mineral interests to E&P operators. These leases permit E&P operators to explore for and produce oil, natural gas and natural gas liquids from WhiteHawk's properties and entitle the Company to receive a percentage of the proceeds from the sales of these commodities. The accounting policies of the oil & natural gas minerals segment are the same as those described in the summary of significant accounting policies. The CODM uses net income from operations generated from segment assets in deciding whether to reinvest profits into the oil & natural gas minerals segment or into other parts of the entity, pay dividends to holders of our common and preferred stock, or make payments on our outstanding debt. The CODM assesses performance of the oil & natural gas minerals segment and decides how to allocate resources based on net income and net income from operations that is reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM evaluates significant expenses and assets based off the consolidated financial statements and does not further disaggregate expenses or assets in deciding how to allocate resources and assess performance. Since the Company operates as a single reporting segment, all required segment reporting disclosures can be found in the consolidated financial statements.

**Note 15—Subsequent Events** 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the consolidated financial statements were issued.

*Dividends Declared* 

On February 10, 2026, the Company approved the following cash dividends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Dividend of $0.1354 per share and Bonus dividend of $0.0208 per share for all I, A, & T-Shares outstanding as of March 2, 2026, payable on April 15, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Dividend of $0.1354 per share and Bonus dividend of $0.0208 per share for all I, A, & T-Shares
outstanding as of April 1, 2026, payable on May 15, 2026.

*Revolving Credit Facility* 

On May 10, 2026 a subsidiary of the Company entered into a reserve-based revolving credit facility with Capital One, National Association, as administrative agent and a lender, and the other lenders party thereto (the "Revolving Credit Facility"), with the restrictions, covenants and funding obligations under such Revolving Credit Facility to be effective upon the closing of an offering (the "Effective Date"). The Revolving Credit Facility will provide for an initial aggregate maximum credit amount of $500 million, an initial aggregate elected commitment of $150 million and an initial borrowing base of $150 million, with a sublimit for the issuance of letters of credit of up to $10 million. The Revolving Credit Facility will mature four years after the Effective Date.

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**Report of Independent Registered Public Accounting Firm** 

To the Stockholders and the Board of Directors of PHX Minerals Inc.

**Opinion on the Financial Statements** 

We have audited the accompanying balance sheets of PHX Minerals Inc. (the Company) as of December 31, 2024 and 2023, the related statements of income, stockholders' equity and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter** 

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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| | |
|:---|:---|
|  | ***Depreciation, Depletion and Amortization of Producing Natural Gas and Oil Working Interest and Overriding Royalty Interest Properties*** |
| *Description of the Matter* | At December 31, 2024, the cost basis of the Company's natural gas and oil properties was $274.9 million, and depreciation, depletion and amortization ("DD&A") expense was $9.6 million for the year then ended. As discussed in Note 1, the Company follows the successful efforts method of accounting for its natural gas and oil producing activities. Depreciation, depletion and amortization of natural gas and oil properties is generally computed using the unit-of-production method primarily on an individual property basis using proved or proved developed reserves, as applicable, as estimated by the Company's Independent Consulting Petroleum Engineer. The |

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| | |
|:---|:---|
|  | Company's Independent Consulting Petroleum Engineer, with assistance from the Company, prepares estimates of natural gas, crude oil and NGL reserves using standard geological and engineering methods generally recognized in the petroleum industry based on evaluations of in-place hydrocarbon volumes using financial and non-financial inputs.<br> Subjective judgment is required by the Independent Consulting Petroleum Engineer in evaluating data used to estimate natural gas, oil and NGL reserves. Estimating reserves requires the selection of inputs, including historical production, price assumptions, and future operating costs, among others. Auditing the Company's working interest and overriding royalty interest properties unit-of-production DD&A calculations is subjective because of the use of the work of the Independent Consulting Petroleum Engineer and the determination of the inputs described above used by the engineers in estimating proved natural gas, oil and NGL reserves. |
| *How We Addressed the Matter in Our Audit* | Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the Independent Consulting Petroleum Engineer used to prepare the proved natural gas, oil and NGL reserve estimates. In assessing whether we can use the work of the Independent Consulting Petroleum Engineers, we evaluated the completeness and accuracy of the financial and non-financial data described above used by the engineers in estimating proved natural gas, oil and NGL reserves by agreeing them to source documentation. In addition, we assessed the inputs for reasonableness based on our review of corroborative evidence and consideration of any contrary evidence. We also tested the mathematical accuracy of the DD&A calculations, including comparing the proved natural gas, oil and NGL reserve amounts used in the calculations to the Company's reserve report. |

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/s/ Ernst & Young LLP

We have served as the Company's auditor since 1989.

Oklahoma City, Oklahoma

March 12, 2025

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PHX Minerals Inc.

Balance Sheets

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  **Assets** |  |  |
|  Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $2242102 | $806254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas, oil and NGL sales receivables (net of $0 allowance for uncollectable accounts) | 6128954 | 4900126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refundable income taxes | 328560 | 455931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative contracts, net |  | 3120607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 857317 | 878659 |
|  Total current assets | 9556933 | 10161577 |
|  Properties and equipment at cost, based on successful efforts accounting: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Producing natural gas and oil properties | 223043942 | 209082847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-producing natural gas and oil properties | 51806911 | 58820445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1361064 | 1360614 |
|  | 276211917 | 269263906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less accumulated depreciation, depletion and amortization | (122835668) | (114139423) |
|  Net properties and equipment | 153376249 | 155124483 |
|  Derivative contracts, net |  | 162980 |
|  Operating lease right-of-use assets | 429494 | 572610 |
|  Other, net | 553090 | 486630 |
|  Total assets | $163915766 | $166508280 |
|  **Liabilities and Stockholders' Equity** |  |  |
|  Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $804693 | $562607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative contracts, net | 316336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liability | 247786 | 233390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and other | 1866930 | 1215275 |
|  Total current liabilities | 3235745 | 2011272 |
|  Long-term debt | 29500000 | 32750000 |
|  Deferred income taxes | 7286315 | 6757637 |
|  Asset retirement obligations | 1097750 | 1062139 |
|  Derivative contracts, net | 398072 |  |
|  Operating lease liability, net of current portion | 448031 | 695818 |
|  Total liabilities | 41965913 | 43276866 |
|  Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voting common stock, par value $0.01666 per share: 75,000,000 shares authorized and 36,796,496 shares issued and outstanding at December 31, 2024; 54,000,500 shares authorized and 36,121,723 shares issued and outstanding at December 31, 2023 | 613030 | 601788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital in excess of par value | 44029492 | 41676417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred directors' compensation | 1323760 | 1487590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 77073332 | 80022839 |
|  | 123039614 | 123788634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost: 279,594 shares at December 31, 2024; 131,477 shares at December 31, 2023 | (1089761) | (557220) |
|  Total stockholders' equity | 121949853 | 123231414 |
|  Total liabilities and stockholders' equity | $163915766 | $166508280 |

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*See accompanying notes.* 

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PHX Minerals Inc.

Statements of Income

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Revenues: |  |  |
|  Natural gas, oil and NGL sales | $33690652 | $36536285 |
|  Lease bonuses and rental income | 580804 | 1068022 |
|  Gains (losses) on derivative contracts (Note 12) | 299608 | 6859589 |
|  | 34571064 | 44463896 |
|  Costs and expenses: |  |  |
|  Lease operating expenses | 1228813 | 1598944 |
|  Transportation, gathering and marketing | 4513381 | 3674832 |
|  Production and ad valorem taxes | 1703305 | 1881737 |
|  Depreciation, depletion and amortization | 9606444 | 8566185 |
|  Provision for impairment | 52673 | 38533 |
|  Interest expense | 2563268 | 2362393 |
|  General and administrative | 11670328 | 11970182 |
|  Losses (gains) on asset sales and other | 83799 | (4285170) |
|  | 31422011 | 25807636 |
|  Income before provision for income taxes | 3149053 | 18656260 |
|  Provision for income taxes | 827187 | 4735460 |
|  Net income | $2321866 | $13920800 |
|  Basic and diluted earnings (loss) per common share (Note 7) | $0.06 | $0.39 |
|  Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 36329735 | 35980309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 36412270 | 35980309 |
|  Dividends per share of common stock paid in period | $0.1400 | $0.0975 |

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*See accompanying notes.* 

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PHX Minerals Inc.

Statements of Stockholders' Equity

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Voting<br>Common Stock | Voting<br>Common Stock | Capital in<br>Excess of Par<br>Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  | Shares | Amount | Capital in<br>Excess of Par<br>Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  Balances at December 31, 2022 | 35938206 | $598731 | $43344916 | $1541070 | $68925774 | (300272) | $(4307365) | $110103126 |
|  Net income (loss) |  |  |  |  | 13920800 |  |  | 13920800 |
|  Purchase of treasury stock |  |  |  |  |  | (120939) | (402704) | (402704) |
|  Restricted stock awards expense |  |  | 2205910 |  |  |  |  | 2205910 |
|  Dividends declared |  |  |  |  | (2823735) |  |  | (2823735) |
|  Distribution of restricted stock to officers and directors | 183517 | 3057 | (3850079) |  |  | 268422 | 3847022 |  |
|  Distribution of deferred directors' compensation |  |  | (24330) | (281497) |  | 21312 | 305827 |  |
|  Increase in deferred directors' compensation charged to expense |  |  |  | 228017 |  |  |  | 228017 |
|  Balances at December 31, 2023 | 36121723 | $601788 | $41676417 | $1487590 | $80022839 | (131477) | $(557220) | $123231414 |
|  Net income (loss) |  |  |  |  | 2321866 |  |  | 2321866 |
|  Purchase of treasury stock |  |  |  |  |  | (212391) | (805063) | (805063) |
|  Restricted stock awards expense |  |  | 2287927 |  |  |  |  | 2287927 |
|  Dividends declared |  |  |  |  | (5271373) |  |  | (5271373) |
|  Distribution of restricted stock to officers and directors | 674773 | 11242 | (11242) |  |  |  |  |  |
|  Distribution of deferred directors' compensation |  |  | 76390 | (348912) |  | 64274 | 272522 |  |
|  Increase in deferred directors' compensation charged to expense |  |  |  | 185082 |  |  |  | 185082 |
|  Balances at December 31, 2024 | 36796496 | $613030 | $44029492 | $1323760 | $77073332 | (279594) | $(1089761) | $121949853 |

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*See accompanying notes.* 

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PHX Minerals Inc.

Statements of Cash Flows

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  **Operating Activities** |  |  |
|  Net income | $2321866 | $13920800 |
|  Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | 9606444 | 8566185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of producing properties | 52673 | 38533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for deferred income taxes | 528678 | 4303731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from leasing fee mineral acreage | (580805) | (1067992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from leasing fee mineral acreage | 597389 | 1213913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (gain) loss on sales of assets | (518816) | (4728758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' deferred compensation expense | 185082 | 228017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (gain) loss on derivative contracts | (299608) | (6859589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash receipts (payments) on settled derivative contracts | 4297603 | 2743475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted stock award expense | 2287927 | 2205910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 98104 | 136412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided (used) by changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas, oil and NGL sales receivables | (1228828) | 4883870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes receivable | 127371 | (455931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | (3064) | (45869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 252386 | 69228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | (22985) | 206292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | (576427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 376436 | (610661) |
|  Total adjustments | 15755987 | 10250339 |
|  Net cash provided by operating activities | 18077853 | 24171139 |
|  **Investing Activities** |  |  |
|  Capital expenditures | $(87579) | $(325983) |
|  Acquisition of minerals and overriding royalty interests | (7796983) | (29735516) |
|  Net proceeds from sales of assets | 527167 | 9614194 |
|  Net cash provided by (used in) investing activities | (7357395) | (20447305) |
|  **Financing Activities** |  |  |
|  Borrowings under Credit Facility | 3000000 | 19500000 |
|  Payments of loan principal | (6250000) | (20050000) |
|  Payments on off-market derivative contracts |  | (560162) |
|  Purchases of treasury stock | (805063) | (402704) |
|  Payments of dividends | (5229547) | (3520366) |
|  Net cash provided by (used in) financing activities | (9284610) | (5033232) |
|  Increase (decrease) in cash and cash equivalents | 1435848 | (1309398) |
|  Cash and cash equivalents at beginning of period | 806254 | 2115652 |
|  Cash and cash equivalents at end of period | $2242102 | $806254 |
|  **Supplemental Disclosures of Cash Flow Information** |  |  |
|  Interest paid (net of capitalized interest) | $2611089 | $2405361 |
|  Income taxes paid (net of refunds received) | $318789 | $1464087 |
|  **Supplemental schedule of noncash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared and unpaid | $155271 | $113443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross additions to properties and equipment | $7893036 | $30761578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (increase) decrease in accounts receivable for properties and equipment additions | (8474) | (700079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures and acquisitions | $7884562 | $30061499 |

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PHX Minerals Inc.

Notes to Financial Statements

<u>1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u> 

**Nature of Business** 

The Company's principal line of business is maximizing the value of its existing mineral and royalty assets through active management and expanding its asset base through acquisitions of additional mineral and royalty interests. The Company owns mineral and leasehold properties and other natural gas and oil interests, which are all located in the contiguous United States, primarily in Oklahoma, Texas, Louisiana, North Dakota and Arkansas, with properties located in several other states. The Company's natural gas, oil and NGL production is from interests in 6,958 wells located principally in Oklahoma, Louisiana, Texas, Arkansas and North Dakota. The Company does not operate any wells. Approximately 52%, 39% and 9% of natural gas, oil and NGL revenues were derived from the sale of natural gas, oil and NGL, respectively, in the year ended December 31, 2024. Approximately 81%, 11% and 8% of the Company's total sales volumes in the year ended December 31, 2024 were derived from natural gas, oil and NGL, respectively. Substantially all the Company's natural gas, oil and NGL production is sold through the operators of the wells.

Effective April 1, 2022, the Company changed its state of incorporation from Oklahoma to Delaware through a merger with a wholly owned subsidiary, which was conducted for such purpose (the "Reincorporation"). Other than the change in the state of incorporation, the Reincorporation did not result in any change in the business, physical location, management, or any change in the fair value of the assets and liabilities of PHX Minerals Inc. and its subsidiaries and no gain or loss was recognized in our consolidated financial statements (since the merger was between entities under common control both before and after the merger).

**Use of Estimates** 

Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Of these estimates and assumptions, management considers the estimation of natural gas, crude oil and NGL reserves to be the most significant. These estimates affect the unaudited standardized measure disclosures, as well as DD&A and impairment calculations. The Company's Independent Consulting Petroleum Engineer, with assistance from the Company, prepares estimates of natural gas, crude oil and NGL reserves on an annual basis. These estimates are based on available geologic and seismic data, reservoir pressure data, core analysis reports, well logs, analogous reservoir performance history, production data and other available sources of engineering, geological and geophysical information. For DD&A purposes, and as required by the guidelines and definitions established by the SEC, the reserve estimates were based on average individual product prices during the 12-month period prior to December 31, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices were defined by contractual arrangements, excluding escalations based upon future conditions. For impairment purposes, projected future natural gas, crude oil and NGL prices as estimated by management are used. Natural gas, crude oil and NGL prices are volatile and largely affected by worldwide production and consumption and are outside the control of management. Management uses projected future natural gas, crude oil and NGL pricing assumptions to prepare estimates of natural gas, crude oil and NGL reserves used in formulating management's overall operating decisions.

As a non-operator of working, royalty and mineral interests, the Company receives actual natural gas, oil and NGL sales volumes and prices more than a month after the information is available to the operators of the wells. Because of the delay in information, the most current available production data is gathered from the

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appropriate operators, as well as public and private sources, and natural gas, oil and NGL index prices are used to estimate the accrual of revenue on these wells. If information is not available from an outside source, the Company utilizes past production receipts, production type curves, and estimated sales price information to estimate its accrual of revenue on all other wells each quarter. The natural gas, oil and NGL sales revenue accrual can be impacted by many variables including rapid production decline rates, production curtailments by operators, the shut-in of wells with mechanical problems and rapidly changing market prices for natural gas, oil and NGL. These variables could lead to an over or under accrual of natural gas, oil and NGL at the end of any particular quarter. Based on past history, the Company's estimated accrual has been materially accurate.

**Basis of Presentation** 

Certain reclassifications have been made to prior period financials to conform to the current year presentation. These reclassifications have no impact on previous reported total assets, total liabilities, net income (loss), stockholders' equity, or operating cash flows.

**Cash and Cash Equivalents** 

Cash and cash equivalents consist of all demand deposits and funds invested in short-term investments with original maturities of three months or less.

**Natural Gas, Oil and NGL Sales** 

The Company sells natural gas, oil and NGL to various customers, recognizing revenues as natural gas, oil and NGL is produced and sold.

**Accounts Receivable and Concentration of Credit Risk** 

Substantially all of the Company's accounts receivable are due from purchasers (operators) of natural gas, oil and NGL. Natural gas, oil and NGL sales receivables are generally unsecured. This industry concentration has the potential to impact our overall exposure to credit risk, in that the purchasers of our natural gas, oil and NGL and the operators of the properties in which we have an interest may be similarly affected by changes in economic, industry or other conditions. During the years ended December 31, 2024, and 2023, the Company did not have any bad debt expense. The Company's allowance for uncollectible accounts as of the balance sheet dates was not material.

**Natural Gas and Oil Producing Activities** 

The Company follows the successful efforts method of accounting for natural gas and oil producing activities. For working interest properties, intangible drilling and other costs of successful wells and development dry holes are capitalized and amortized. The costs of exploratory wells are initially capitalized, but charged against income, if and when the well does not reach commercial production levels. Natural gas and oil mineral and leasehold costs are capitalized when incurred.

**Leasing of Mineral Rights** 

The Company generates lease bonuses by leasing its mineral interests to exploration and production companies. A lease agreement represents the Company's contract with a third party and generally conveys the rights to any natural gas, oil or NGL discovered, grants the Company a right to a specified royalty interest and requires that drilling and completion operations commence within a specified time period. Control is transferred to the lessee and the Company has satisfied its performance obligation when the lease agreement is executed, such that revenue is recognized when the lease bonus payment is received. The Company accounts for its lease bonuses as conveyances in accordance with the guidance set forth in ASC 932, and it recognizes the lease bonus

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as a cost recovery with any excess above its cost basis in the mineral being treated as income. The excess of lease bonus above the mineral basis is shown in the lease bonuses and rentals line item on the Company's Statements of Income.

**Derivatives** 

The Company utilizes derivative contracts to reduce its exposure to fluctuations in the price of natural gas and oil. These derivatives are recorded at fair value on the balance sheet. The Company has elected not to complete the documentation requirements necessary to permit these derivative contracts to be accounted for as cash flow hedges.

**Properties and Equipment** 

*Depreciation, Depletion and Amortization* 

Depreciation, depletion and amortization of the costs of producing natural gas and oil properties are generally computed using the unit-of-production method primarily on an individual property basis using proved or proved developed reserves, as applicable, as estimated by the Company's Independent Consulting Petroleum Engineer. The Company's capitalized costs of drilling and equipping all development wells, and those exploratory wells that have found proved reserves, are amortized on a unit-of-production basis over the remaining life of associated proved developed reserves. Leasehold costs for working interest and overriding royalty interest properties are amortized on a unit-of-production basis over the remaining life of associated total proved reserves. Depreciation of furniture and fixtures is computed using the straight-line method over estimated productive lives of five to eight years.

Non-producing natural gas and oil properties include non-producing minerals, which had a net book value of $41,870,046 and $49,226,889 at December 31, 2024 and December 31, 2023, respectively, consisting of perpetual ownership of mineral interests in several states, with 57% of the acreage in Oklahoma, Texas, Louisiana, North Dakota and Arkansas. As mentioned, these mineral rights are perpetual and have been accumulated over the 98-year life of the Company. There are approximately 170,773 net acres of non-producing minerals in more than 5,603 tracts owned by the Company. An average tract contains approximately 30 acres. Since inception, the Company has continually generated an interest in several thousand natural gas and oil wells using its ownership of the fee mineral acres as an ownership basis. There continues to be drilling and leasing activity on these mineral interests each year. Non-producing minerals are considered a long-term investment by the Company, as they do not expire (unlike natural gas and oil leases) and based on past history and experience, management has concluded that a long-term straight-line amortization over 33 years is appropriate. Due to the fact that the Company's mineral ownership consists of a large number of properties, whose costs are not individually significant, and because virtually all are in the Company's core operating areas, the minerals are being amortized on an aggregate basis (by mineral deed).

When a new well is drilled on the Company's mineral acreage, all of the non-producing mineral costs for the associated mineral tract are transferred to producing minerals and are amortized straight-line over a 20-year period (insignificant fields are amortized over a 10-year period). Management has historically chosen to move non-producing mineral costs in this manner, as it is very difficult for the Company, as a non-operator, to predict well spacing and timing of drilling on the Company's minerals, and future development will deplete these assets over a long period. The straight-line amortization over a 20-year period is appropriate for producing minerals, because current and future development will deplete these assets over a lengthy period that represents the estimated economic life.

**Capitalized Interest** 

During the years ended December 31, 2024 and 2023, no interest was capitalized. Interest of $2,563,268 and $2,362,393, respectively, was charged to expense during those periods.

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**Accrued Liabilities** 

The following table shows the balances for the years ended December 31, 2024 and December 31, 2023, relating to the Company's accrued liabilities:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Accrued compensation | $853963 | $210379 |
|  Revenues payable | 624837 | 529025 |
|  Accrued ad valorem | 81422 | 39591 |
|  Dividends | 155271 | 113443 |
|  Other | 151437 | 322837 |
|  Total accrued liabilities | $1866930 | $1215275 |

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The increase in accrued compensation in 2024 is due to timing of payment related to the short-term incentive compensation.

**Asset Retirement Obligations** 

The Company owns interests in natural gas and oil properties, which may require expenditures to plug and abandon the wells upon the end of their economic lives. The fair value of legal obligations to retire and remove long-lived assets is recorded in the period in which the obligation is incurred (typically when the asset is installed at the production location). When the liability is initially recorded, this cost is capitalized by increasing the carrying amount of the related properties and equipment. Over time the liability is increased for the change in its present value, and the capitalized cost in properties and equipment is depreciated over the useful life of the remaining asset. The Company does not have any assets restricted for the purpose of settling asset retirement obligations.

**Environmental Costs** 

As the Company is directly involved in the extraction and use of natural resources, it is subject to various federal, state and local provisions regarding environmental and ecological matters. Compliance with these laws may necessitate significant capital outlays. The Company does not believe the existence of current environmental laws, or interpretations thereof, will materially hinder or adversely affect the Company's business operations; however, there can be no assurances of future effects on the Company of new laws or interpretations thereof. Since the Company does not operate any wells where it owns an interest, actual compliance with environmental laws is controlled by the well operators, with the Company being responsible for its proportionate share of the costs involved (on working interest wells only). The Company carries liability and pollution control insurance. However, all risks are not insured due to the availability and cost of insurance.

Environmental liabilities, which historically have not been material, are recognized when it is probable that a loss has been incurred and the amount of that loss is reasonably estimable. Environmental liabilities, when accrued, are based upon estimates of expected future costs. At December 31, 2024 and December 31, 2023, there were no such costs accrued and expenses were immaterial for both years.

**Earnings (Loss) Per Share of Common Stock** 

Earnings (loss) per share is calculated using net income (loss) divided by the weighted average number of common shares outstanding, plus unissued, vested directors' deferred compensation shares during the period.

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**Share-based Compensation** 

The Company recognizes current compensation costs for its Deferred Compensation Plan for Non-Employee Directors (the "Plan"). Compensation cost is recognized for the requisite directors' fees as earned and unissued stock is recorded to each director's account based on the fair market value of the stock at the date earned. The Plan provides that only upon retirement, termination or death of the director or upon a change in control of the Company, the shares accrued under the Plan may be issued to the director.

Restricted stock awards to officers and employees provide for either cliff vesting at the end of three years from the date of the awards or time vesting ratably over a three-year period. These restricted stock awards can be granted based on service time only (time-based), subject to certain share price performance standards (market-based) or subject to company performance standards (performance-based). Restricted stock awards to the non-employee directors provide for annual vesting during the calendar year of the award. The fair value of the awards on the grant date is ratably expensed over the vesting period in accordance with accounting guidance.

**Income Taxes** 

The estimation of amounts of income tax to be recorded by the Company involves interpretation of complex tax laws and regulations, as well as the completion of complex calculations, including the determination of the Company's percentage depletion deduction. Although the Company's management believes its tax accruals are adequate, differences may occur in the future depending on the resolution of pending and new tax regulations. Deferred income taxes are computed using the liability method and are provided on all temporary differences between the financial basis and the tax basis of the Company's assets and liabilities.

The Company's provision for income taxes differs from the statutory rate primarily due to estimated federal and state benefits generated from estimated excess federal and Oklahoma percentage depletion, which are permanent tax benefits. Excess percentage depletion, both federal and Oklahoma, can only be taken in the amount that it exceeds cost depletion which is calculated on a unit-of-production basis.

Both excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, and excess Oklahoma percentage depletion, which has no limitation on production volume, reduce estimated taxable income or add to estimated taxable loss projected for any year. Federal and Oklahoma excess percentage depletion, when a provision for income taxes is expected for the year, decreases the effective tax rate, while the effect is to increase the effective tax rate when a benefit for income taxes is expected for the year. The benefits of federal and Oklahoma excess percentage depletion and excess tax benefits and deficiencies of stock-based compensation are not directly related to the amount of pre-tax income (loss) recorded in a period. Accordingly, in periods where a recorded pre-tax income or loss is relatively small, the proportional effect of these items on the effective tax rate may be significant. The effective tax rate for the year ended December 31, 2024 was 26% as compared to 25% for the year ended December 31, 2023.

The threshold for recognizing the financial statement effect of a tax position is when it is more likely than not, based on the technical merits, that the position will be sustained by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Subject to statutory exceptions that allow for a possible extension of the assessment period, the Company is no longer subject to U.S. federal, state, and local income tax examinations for fiscal years prior to 2021.

The Company includes interest assessed by the taxing authorities in interest expense and penalties related to income taxes in general and administrative expense on its Statements of Income. For the fiscal years ended December 31, 2024 and 2023, the Company's interest and penalties were not material. The Company does not believe it has any material uncertain tax positions.

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**Recent Accounting Pronouncements** 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which requires public entities with a single reportable segment to provide all existing segment disclosures required by ASC 280 on an interim and annual basis, including the title and position of the Chief Operating Decision Maker ("CODM"), and primarily requires disclosing of significant segment expenses that are regularly provided to the CODM. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. We have adopted ASU 2023-07 for the fiscal year 2024 annual financial statements and interim condensed financial statements thereafter and have applied this standard retrospectively for all prior periods presented. Refer to Note 15 — Operating Segment of these financial statements.

**Accounting Pronouncements Not Yet Adopted** 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. The guidance increases transparency in the income tax disclosure, primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the income tax disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires public entities to disclose additional information about certain expenses included in relevant expense captions on the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. Management is evaluating the impact of adoption of ASU 2024-03 on the Company's financial statements and disclosures.

<u>2. LEASES AND COMMITMENTS</u> 

*Assessment of Leases* 

The Company determines if an arrangement is a lease at inception by considering whether (i) explicitly or implicitly identified assets have been deployed in the agreement and (ii) the Company obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the agreement. As of December 31, 2024, none of the Company's leases were classified as financing leases. Operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. The Company entered into a seven-year lease for office space during the quarter ended March 31, 2020, with a commencement date in August 2020. The associated lease liability and ROU asset at December 31, 2024, were $459,654 and $300,816, respectively. The Company has a lease incentive asset of $132,476, which is included in Other, net on the Company's balance sheets. Additionally, the Company entered into a new five-year lease for office space during the quarter ended March 31, 2022, with a commencement date in July 2022. The associated lease liability and ROU asset at December 31, 2024, were $236,163 and $128,678, respectively. The Company has a lease incentive asset of $95,397, which is included in Other, net on the Company's balance sheets. Lease costs for the years ended December 31, 2024 and 2023 were $287,763 and $304,163, respectively.

ROU assets represent the Company's right to use an underlying asset for the lease term, and operating lease liabilities represent the Company's obligation to make payments arising from the lease. ROU assets are recognized at commencement date and consist of the present value of remaining lease payments over the lease term, initial direct costs and prepaid lease payments less any lease incentives. Operating lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. The Company uses the implicit rate, when readily determinable, or its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments.

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The lease terms may include periods covered by options to extend the lease when it is reasonably certain that the Company will exercise that option and periods covered by options to terminate the lease when it is not reasonably certain that the Company will exercise that option. Lease expense for lease payments will be recognized on a straight-line basis over the lease term. The Company made an accounting policy election to not recognize leases with terms, including applicable options, of less than twelve months on the Company's balance sheets and recognize those lease payments in the Company's Statements of Income on a straight-line basis over the lease term. In the event that the Company's assumptions and expectations change, it may have to revise its ROU assets and operating lease liabilities.

The following table represents the maturities of the operating lease liabilities as of December 31, 2024:

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| | |
|:---|:---|
| 2025 | 270845 |
| 2026 | 277723 |
| 2027 | 186004 |
|  Thereafter |  |
|  Total lease payments | $734572 |
|  Less: Imputed interest | (38755) |
|  Total | $695817 |

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<u>3. REVENUES</u> 

*Natural gas and oil derivative contracts* 

See Note 12 for discussion of the Company's accounting for derivative contracts.

***Revenues from Contracts with Customers***

*Natural gas, oil and NGL sales* 

Sales of natural gas, oil and NGL are recognized when production is sold to a purchaser and control has transferred. Oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location. The price the Company receives for natural gas and NGL is tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality and heat content of natural gas, and prevailing supply and demand conditions, so that the price of natural gas fluctuates to remain competitive with other available natural gas supplies. These market indices are determined on a monthly basis. Each unit of commodity is considered a separate performance obligation; however, as consideration is variable, the Company utilizes the variable consideration allocation exception permitted under the standard to allocate the variable consideration to the specific units of commodity to which they relate.

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***Disaggregation of natural gas, oil and NGL revenues***

The following tables present the disaggregation of the Company's natural gas, oil and NGL revenues for the years ended December 31, 2024 and 2023.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Royalty Interest** | **Working Interest** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas revenue | $15958989 | $1494732 | $17453721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil revenue | 12011909 | 1292015 | 13303924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL revenue | 1880830 | 1052177 | 2933007 |
|  Natural gas, oil and NGL sales | $29851728 | $3838924 | $33690652 |

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Royalty Interest** | **Working Interest** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas revenue | $17420360 | $2025900 | $19446260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil revenue | 12306987 | 1733213 | 14040200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL revenue | 1866004 | 1183821 | 3049825 |
|  Natural gas, oil and NGL sales | $31593351 | $4942934 | $36536285 |

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***Performance obligations***

The Company satisfies the performance obligations under its natural gas, oil and NGL sales contracts upon delivery of its production and related transfer of title to purchasers. Upon delivery of production, the Company has a right to receive consideration from its purchasers in amounts that correspond with the value of the production transferred.

***Allocation of transaction price to remaining performance obligations***

*Natural gas, oil and NGL sales* 

As the Company has determined that each unit of product generally represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. The Company has utilized the practical expedient in ASC 606, which permits the Company to allocate variable consideration to one or more but not all performance obligations in the contract if the terms of the variable payment relate specifically to the Company's efforts to satisfy that performance obligation and allocating the variable amount to the performance obligation is consistent with the allocation objective under ASC 606. Additionally, the Company will not disclose variable consideration subject to this practical expedient.

***Prior-period performance obligations and contract balances***

The Company records revenue in the month production is delivered to the purchaser. As a non-operator, the Company has limited visibility into the timing of when new wells start producing, and production statements may not be received for 30 to 90 days or more after the date production is delivered. As a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The expected sales volumes and prices for these properties are estimated and recorded within the natural gas, oil and NGL sales receivables line item on the Company's balance sheets. The difference between the Company's estimates and the actual amounts received for natural gas, oil and NGL sales is recorded in the quarter that payment is received from the third party. For the years ended December 31, 2024 and 2023, revenue recognized in these reporting periods related to performance obligations satisfied in prior reporting periods for existing wells was considered a change in estimate.

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As noted above, as a non-operator, there are instances when the Company is limited by the information operators provide. Through cash received on new wells, in the years ended December 31, 2024 and 2023, the Company identified several producing properties on its minerals that had production dates prior to the years ended December 31, 2024 and 2023. Estimates of the natural gas and oil sales related to those properties were made and are reflected in the natural gas, oil and NGL sales on the Company's Statements of Income and on the Company's Balance Sheets in natural gas, oil and NGL sales receivables. In connection with obtaining more relevant information on new wells on Company acreage during the years ended December 31, 2024 and 2023, the Company recorded a change in estimate for new wells to natural gas, oil and NGL sales totaling approximately $0.5 million for the year ended December 31, 2024 related to the production periods before January 1, 2024 and approximately $0.9 million for the year ended December 31, 2023 related to the production periods before January 1, 2023.

<u>4. INCOME TAXES</u> 

The Company's provision for income taxes is detailed as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Current: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $99719 | $190914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 198790 | 240815 |
|  | 298509 | 431729 |
|  Deferred: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | 525511 | 3538031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State | 3167 | 765700 |
|  | 528678 | 4303731 |
|  | $827187 | $4735460 |

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The difference between the provision for income taxes and the amount which would result from the application of the federal statutory rate to income before provision for income taxes is analyzed below:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Provision for income taxes at statutory rate | $661301 | $3917815 |
|  Change in valuation allowance | 3394 | (8067) |
|  Percentage depletion | (375145) | (408729) |
|  State income taxes, net of federal provision | 156818 | 963063 |
|  Restricted stock tax benefit | (59943) | 10664 |
|  Deferred directors' compensation benefit | 28230 | 42018 |
|  Nondeductible compensation | 359545 | 122204 |
|  Law change |  |  |
|  Provision to return adjustments | 40670 | 190914 |
|  Other | 12317 | (94422) |
|  | $827187 | $4735460 |

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Deferred tax assets and liabilities, resulting from differences between the financial statement carrying amounts and the tax basis of assets and liabilities, consist of the following at December 31, 2024 and 2023:

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial basis in excess of tax basis, principally intangible drilling costs capitalized for financial purposes and expensed for tax purposes | $12099584 | $10825555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative contracts |  | 802712 |
|  Total deferred tax liabilities | 12099584 | 11628267 |
|  Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State net operating loss carry forwards | 221690 | 293701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal net operating loss carry forwards | 1998323 | 2234275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statutory depletion carryover | 239294 | 417090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations | 220560 | 210447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred directors' compensation | 288962 | 331879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted stock expense | 482607 | 653959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative contracts | 172930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense limitation/carryover | 1101150 | 643067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 96809 | 91874 |
|  Total deferred tax assets | 4822325 | 4876292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State NOL valuation allowance | 9056 | 5662 |
|  Net deferred tax liabilities | $7286315 | $6757637 |

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The federal net operating loss carry forwards can be carried forward indefinitely. Included in state net operating loss carry forwards at December 31, 2024, the Company had a deferred tax asset of $20,946 related to various state income tax net operating loss ("state NOL") carry-forwards, which begin to expire as of December 31, 2024. The Company has a valuation allowance of $9,056 for the state NOLs, as it is more likely than not that it will not be fully utilized before expiration.

<u>5. DEBT</u> 

On September 1, 2021, the Company entered into a $100,000,000 credit facility (the "Credit Facility") with a group of banks headed by Independent Bank. The Credit Facility has a current borrowing base of $50,000,000 as of December 31, 2024, and a maturity date of September 1, 2028. The Credit Facility is secured by the Company's personal property and at least 75% of the total value of the proved, developed and producing oil and gas properties. The interest rate is based on either (a) SOFR plus an applicable margin ranging from 2.750% to 3.750% per annum based on the Company's Borrowing Base Utilization or (b) the greater of (1) the Prime Rate in effect for such day, or (2) the overnight cost of federal funds as announced by the US Federal Reserve System in effect on such day plus one-half of one percent (0.50%), plus, in each case, an applicable margin ranging from 1.750% to 2.750% per annum based on the Company's Borrowing Base Utilization. The election of Independent Bank prime or SOFR is at the Company's discretion. The interest rate spread from Independent Bank prime or SOFR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from SOFR or the prime rate increases as a larger percent of the borrowing base is advanced. At December 31, 2024, the effective interest rate was 7.88%.

The Company's debt is recorded at the carrying amount on its balance sheets. The carrying amount of the Credit Facility approximates fair value because the interest rates are reflective of market rates. Debt issuance costs associated with the Credit Facility are presented in Other, net on the Company's balance sheets. Total debt

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issuance cost net of amortization as of December 31, 2024, was $325,218. The debt issuance cost is amortized over the life of the Credit Facility.

Determinations of the borrowing base are made semi-annually (usually June and December) or whenever the banks, in their sole discretion, believe that there has been a material change in the value of the Company's natural gas and oil properties. The Credit Facility contains customary covenants which, among other things, require periodic financial and reserve reporting and place certain limits on the Company's incurrence of indebtedness, liens, make fundamental changes, and engage in certain transactions with affiliates. The Credit Agreement also restricts the Company's ability to make certain restricted payments if before or after the Restricted Payment (i) the Available Commitment is less than ten percent (10%) of the Borrowing Base or (ii) the Leverage Ratio on a pro forma basis is greater than 2.50 to 1.00. In addition, the Company is required to maintain certain financial ratios, a current ratio (as described in the Credit Agreement) of no less than 1.0 to 1.0 and a funded debt to EBITDAX (as defined in the Credit Agreement) of no more than 3.5 to 1.0 based on the trailing twelve months. At December 31, 2024, the Company was in compliance with the covenants of the Credit Facility, had $29,500,000 outstanding, and had $20,500,000 of borrowing base availability under the Credit Facility. All capitalized terms in this description of the Credit Facility that are not otherwise defined in this Annual Report have the meaning assigned to them in the Credit Agreement.

<u>6. STOCKHOLDERS' EQUITY</u> 

In May 2014, the Board adopted stock repurchase resolutions (the "Repurchase Program") to allow management, at its discretion, to purchase the Company's Common Stock as treasury shares up to an amount equal to the aggregate number of shares of Common Stock awarded pursuant to the 2010 Restricted Stock Plan ("2010 Stock Plan"), as amended, contributed by the Company to its ESOP and credited to the accounts of directors pursuant to the Deferred Compensation Plan for Non-Employee Directors.

Effective in May 2018, the Board approved an amendment to the Company's existing stock Repurchase Program. As amended, the Repurchase Program continues to allow the Company to repurchase up to $1.5 million of the Company's Common Stock at management's discretion. The Board added language to clarify that this is intended to be an evergreen program as the repurchase of an additional $1.5 million of the Company's Common Stock is authorized and approved whenever the previous amount is utilized. In addition, the number of shares allowed to be purchased by the Company under the Repurchase Program is no longer capped at an amount equal to the aggregate number of shares of Common Stock (i) awarded pursuant to the 2010 Stock Plan, as amended, (ii) contributed by the Company to its ESOP, and (iii) credited to the accounts of directors pursuant to the Deferred Compensation Plan for Non-Employee Directors.

<u>7. EARNINGS PER SHARE ("EPS")</u> 

Basic and diluted earnings per common share is calculated using net income divided by the weighted average number of shares of Common Stock outstanding, including unissued, vested directors' deferred compensation shares of 288,262 and 261,320, respectively, during the years ended December 31, 2024 and 2023. As of December 31, 2024, there were no participating securities.

For the years ended December 31, 2024 and 2023, the Company excluded restricted stock in the diluted EPS calculation that would have been antidilutive. The average shares outstanding of restricted stock excluded from the diluted EPS was 1,088,269 and 753,336, respectively, for the years ended December 31, 2024 and 2023.

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The following table sets forth the computation of earnings (loss) per share.

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Basic EPS |  |  |
|  Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic net income (loss) | $2321866 | $13920800 |
|  Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares | 36041473 | 35718989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unissued, directors' deferred compensation shares | 288262 | 261320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average shares outstanding | 36329735 | 35980309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic EPS | $0.06 | $0.39 |
|  Diluted EPS |  |  |
|  Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic net income (loss) | $2321866 | $13920800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted net income (loss) | 2321866 | 13920800 |
|  Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average shares outstanding | 36329735 | 35980309 |
|  Effects of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unvested restricted stock | 82535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average shares outstanding | 36412270 | 35980309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS | $0.06 | $0.39 |

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<u>8. 401K PLAN</u> 

Effective January 1, 2021, the Company established a defined contribution 401K plan. The Company began matching up to 5% of 401K contributions in cash starting January 1, 2021.

Contributions to the plan consisted of:

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| | |
|:---|:---|
| Year | Amount |
| 2024 | $166954 |
| 2023 | $150843 |

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<u>9. DEFERRED COMPENSATION PLAN FOR DIRECTORS</u> 

Annually, independent directors may elect to be included in the Company's Deferred Directors' Compensation Plan for Non-Employee Directors (the "Plan"). The Plan provides that each independent director may individually elect to be credited with future unissued shares of Company Common Stock rather than cash for all or a portion of the annual retainers, and may elect to receive shares, when issued, over annual time periods up to ten years. These unissued shares are recorded to each director's deferred compensation account at the closing market price of the shares at each quarter end. Only upon a director's retirement, termination, death or a change-in-control of the Company will the shares recorded for such director under the Plan be issued to the director. The promise to issue such shares in the future is an unsecured obligation of the Company. As of December 31, 2024, there were 292,320 shares recorded under the Plan. The deferred balance outstanding at December 31, 2024, under the Plan was $1,323,760. Expenses totaling $185,082 and $228,017 were charged to the Company's results of operations for the years ended December 31, 2024 and 2023, respectively, and are included in general and administrative expense in the accompanying Statements of Income.

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<u>10. LONG-TERM INCENTIVE PLAN</u> 

In March of 2021, stockholders approved the PHX Minerals Inc. 2021 Long-Term Incentive Plan (the "LTIP"). The LTIP expressly prohibits the payment of dividends or dividend equivalents on any award before the date on which the award vests. Awards under the LTIP will be subject to any clawback or recapture policy that the Company may adopt from time to time or any clawback or recapture provisions set forth in an award agreement.

The fair value of the restricted stock (time-based) was based on the closing price of the shares on their grant date and will be recognized as compensation expense ratably over the vesting period. The fair value of the performance shares (market-based) was estimated on the grant date using a Monte Carlo valuation model that factors in information, including the historical volatility, risk-free interest rate and the probable outcome of the market condition, over the expected life of the performance shares. Vesting of these performance shares is based on the performance of the market price of the Common Stock over the vesting period. Compensation expense for the performance shares is a fixed amount determined at the grant date and is recognized over the vesting period regardless of whether performance shares are awarded at the end of the vesting period. Upon vesting, shares are expected to be issued out of shares held in treasury or the Company's authorized but unissued shares. Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized when they occur.

On January 31, 2023, the Company granted shares of Common Stock in the form of time-based and market-based restricted stock to the employees and officers of the Company. Officers were awarded 299,900 market-based shares with a fair value on their award date of $1,541,893. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. Both employees and certain officers were also awarded 97,053 time-based shares with a fair value on the award date of $350,362. The shares issued to employees time-vest ratably over a three-year period ending in December of 2025, and the shares awarded to the officers cliff vest at the end of a three-year period ending in December of 2025. All shares granted on January 31, 2023 have voting rights during the vesting period.

On April 20, 2023, the Company granted 92,544 shares of Common Stock in the form of time-based restricted stock to the non-employee directors of the Company, which had a fair value of $243,390. The shares of restricted stock fully vested in December 2023 and had voting rights during the vesting period.

On December 21, 2023, the Company granted 482,339 shares of Common Stock in the form of time-based and market-based restricted stock to the employees and officers of the Company. Officers were awarded 369,114 market-based shares with a fair value on their award date of $1,678,599. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. Both employees and certain officers were also awarded 113,225 time-based shares with a fair value on the award date of $381,571. The shares issued to employees time-vest ratably over a three-year period ending in December of 2026, and the shares awarded to the officers cliff vest at the end of a three-year period ending in December of 2026. All shares granted on December 21, 2023 have voting rights during the vesting period.

On December 21, 2023, the Company granted 116,904 shares of Common Stock in the form of time-based restricted stock to the non-employee directors of the Company, which had a fair value of $393,967. The shares of restricted stock fully vested in December 2024 and had voting rights during the vesting period.

On December 16, 2024, the Company granted 465,649 shares of Common Stock in the form of time-based and market-based restricted stock to the employees and officers of the Company. Officers were awarded 347,818 market-based shares with a fair value on their award date of $1,786,802. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. Both employees and certain officers were also awarded 117,831 time-based shares with a fair value on the award date of $467,790. The shares issued to employees time-vest ratably over a three-year period ending in December of 2027, and the shares awarded to the

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officers cliff vest at the end of a three-year period ending in December of 2027. All shares granted on December 16, 2024 have voting rights during the vesting period.

On December 16, 2024, the Company granted 82,695 shares of Common Stock in the form of time-based restricted stock to the non-employee directors of the Company, which had a fair value of $328,300. The shares of restricted stock fully vest in December 2025 and have voting rights during the vesting period.

The following table summarizes the Company's pre-tax compensation expense for the years ended December 31, 2024 and 2023 related to the Company's market-based, time-based and performance-based restricted stock:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Market-based, restricted stock | $1624134 | $1722814 |
|  Time-based, restricted stock | 663793 | 483096 |
|  Total compensation expense | $2287927 | $2205910 |

---

A summary of the Company's unrecognized compensation cost for its unvested market-based and time-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized are shown in the following table:

---

| | | |
|:---|:---|:---|
|  | Unrecognized<br>Compensation<br>Cost | Weighted<br>Average Period<br>(in years) |
|  Market-based, restricted stock | $2605320 | 1.75 |
|  Time-based, restricted stock | 1080882 | 2.02 |
|  Total | $3686202 |  |

---

Upon vesting, shares are expected to be issued out of shares held in treasury or authorized but unissued shares.

A summary of the status of, and changes in, unvested shares of restricted stock awards is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Market-Based<br>Unvested<br>Restricted<br>Awards | Weighted<br>Average<br>Grant-Date<br>Fair Value | Time-Based<br>Unvested<br>Restricted<br>Awards | Weighted<br>Average<br>Grant-Date<br>Fair Value |
|  Unvested shares as of December 31, 2022 | 705835 | $3.55 | 153224 | $5.09 |
|  Granted | 669014 | 4.81 | 419726 | 3.26 |
|  Vested | (303750) | 2.72 | (147495) | 5.17 |
|  Forfeited |  |  | (7919) | 3.41 |
|  Unvested shares as of December 31, 2023 | 1071099 | $4.57 | 417536 | $3.26 |
|  Granted | 458465 | 4.89 | 210651 | 3.92 |
|  Vested | (502608) | 4.18 | (172165) | 3.15 |
|  Forfeited | (21962) | 4.81 | (60658) | 3.36 |
|  Unvested shares as of December 31, 2024 | 1004994 | $4.91 | 395364 | $3.64 |

---

The fair value of the vested shares for the years ended December 31, 2024 and 2023 was $2,558,348 and $1,539,424, respectively.

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<u>11. PROPERTIES AND EQUIPMENT</u> 

*Impairment* 

During the year ended December 31, 2024, the Company recorded impairment of $24,061 related to one field. These assets were written down to their fair market value. The remaining $28,612 of impairment expense was related to leasehold that expired.

During the year ended December 31, 2023, the Company recorded no impairment provisions on producing properties and $38,533 on wells that were assigned back to the operator and the Company wrote off.

A further reduction in natural gas, oil and NGL prices or a decline in reserve volumes may lead to additional impairment in future periods that may be material to the Company.

*Acquisitions* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Quarter Ended | Net royalty acres <sup>(1)(2)</sup> | Total Purchase<br> Price <sup>(1)(3)</sup> | % Proved / %<br> Unproved | Area of Interest |
| December 31, 2024 |  |  |  |  |
|  | 363 | $2.5 million | 85% / 15% | Haynesville |
| September 30, 2024 |  |  |  |  |
|  | 325 | $3.0 million | 78% / 22% | Haynesville / SCOOP |
| June 30, 2024 |  |  |  |  |
|  | 96 | $0.9 million | 59% / 41% | Haynesville / SCOOP |
| March 31, 2024 |  |  |  |  |
|  | 146 | $1.4 million | 5% / 95% | SCOOP |
| December 31, 2023 |  |  |  |  |
|  | 325 | $4.3 million | 72% / 28% | Haynesville / SCOOP |
| September 30, 2023 |  |  |  |  |
|  | 974 | $13.4 million | 81% / 19% | Haynesville / SCOOP |
| June 30, 2023 |  |  |  |  |
|  | 151 | $1.8 million | 29% / 71% | Haynesville / SCOOP |
| March 31, 2023 |  |  |  |  |
|  | 912 | $10.8 million | 44% / 56% | Haynesville / SCOOP |

---

(1) Excludes subsequent closing adjustments and insignificant acquisitions.

(2) An estimated net royalty equivalent was used for the unleased minerals included in the net royalty acres.

(3) Table excludes transaction costs of $0.1 million and $0.3 million, respectively, that were
capitalized during the years ended December 31, 2024 and 2023.

All purchases made in fiscal years 2023 and 2024 were of mineral and royalty acreage and were accounted for as asset acquisitions.

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*Divestitures* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Quarter Ended | Net mineral acres<sup>(1)</sup>/Wellbores<sup>(2)</sup> | Sale Price <sup>(3)</sup> | Gain/(Loss) <sup>(3)</sup> | Location |
| December 31, 2024 |  |  |  |  |
|  | No significant divestitures |  |  |  |
| September 30, 2024 |  |  |  |  |
|  | No significant divestitures |  |  |  |
| June 30, 2024 |  |  |  |  |
|  | 1,005 acres | $0.5 million | $0.4 million | TX |
| March 31, 2024 |  |  |  |  |
|  | No significant divestitures |  |  |  |
| December 31, 2023 |  |  |  |  |
|  | No significant divestitures |  |  |  |
| September 30, 2023 |  |  |  |  |
|  | 729 acres | $0.3 million | $0.2 million | OK |
| June 30, 2023 |  |  |  |  |
|  | No significant divestitures |  |  |  |
| March 31, 2023 |  |  |  |  |
|  | 755 acres | $0.3 million | $0.3 million | OK / TX |
|  | 267 wellbores | $10.7 million | $4.1 million | OK / TX |

---

(1) Number of net mineral acres sold.

(2) Number of gross wellbores associated with working interests sold.

(3) Excludes subsequent closing adjustments and immaterial divestitures.

*Asset Retirement Obligations* 

The following table shows the activity for the years ended December 31, 2024 and 2023, relating to the Company's asset retirement obligations:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Asset retirement obligations as of beginning of the period | $1062139 | $1916932 |
|  Wells acquired or drilled |  |  |
|  Wells sold or plugged | (8214) | (898231) |
|  Accretion of discount | 43825 | 43438 |
|  Asset retirement obligations as of end of the period | $1097750 | $1062139 |

---

As a non-operator, the Company does not control the plugging of wells in which it has a working interest and is not involved in the negotiation of the terms of the plugging contracts. This estimate relies on information gathered from outside sources as well as relevant information received directly from operators.

<u>12. DERIVATIVES</u> 

The Company has entered into fixed swap contracts and costless collar contracts. These instruments are intended to reduce the Company's exposure to fluctuations in the price of natural gas and oil. Collar contracts set a fixed floor price and a fixed ceiling price and provide payments to the Company if the index price falls below the floor or require payments by the Company if the index price rises above the ceiling. Fixed swap contracts set a fixed price and provide payments to the Company if the index price is below the fixed price or require payments by the Company if the index price is above the fixed price. These contracts cover only a portion of the Company's natural gas and oil production, provide only partial price protection against declines in natural gas and oil prices and may limit the benefit of future increases in prices.

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On September 2, 2021, the Company settled all of its derivative contracts consisting of both swaps and costless collars with BOKF, NA dba Bank of Oklahoma ("BOKF") by paying $8.8 million. On September 3, 2021, the Company entered into new derivative contracts with BP Energy Company ("BP") that had similar terms to the contracts settled with BOKF and received a payment of $8.8 million from BP. The new derivative contracts consisted of all fixed swap contracts and are secured under the Company's Credit Facility with Independent Bank. Management concluded that the financing element of the new derivative contracts with BP was other than insignificant due to the off-market terms of the fixed swap price. Due to the financing element, the Company is required to report all cash flows associated with these derivative contracts as "cash flows from financing activities" in the statement of cash flows. This requirement relates to all cash flows from these derivatives and not just the portion of the cash flows relating to the financing element of the derivative. All of these derivatives with a financing element settled in 2023. The Company's derivative contracts that were in place and unsettled as of December 31, 2024 will settle based on the terms below.

**Derivative contracts in place as of December 31, 2024** 

---

| | | | |
|:---|:---|:---|:---|
| Fiscal period | Contract total volume | Index | Contract average price |
|  Natural gas costless collars |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1,540,000 Mmbtu | NYMEX Henry Hub | $3.27floor/$4.54ceiling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 1,245,000 Mmbtu | NYMEX Henry Hub | $3.29floor/$4.19ceiling |
|  Natural gas fixed price swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2,200,000 Mmbtu | NYMEX Henry Hub | $3.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 215,000 Mmbtu | NYMEX Henry Hub | $3.44 |
|  Oil Costless Collars |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining unsettled from 2024 | 500 Bbls | NYMEX WTI | $67.00floor/$77.00ceiling |
|  Oil fixed price swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining unsettled from 2024 | 5,100 Bbls | NYMEX WTI | $68.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 57,800 Bbls | NYMEX WTI | $69.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 15,000 Bbls | NYMEX WTI | $68.78 |

---

The Company's fair value of derivative contracts was a net liability of $714,408 as of December 31, 2024, and a net asset of $3,283,587 as of December 31, 2023. Realized and unrealized gains and (losses) are recorded in gains (losses) on derivative contracts on the Company's Statement of Income. Cash receipts in the following table reflect the gain or loss on derivative contracts which settled during the respective periods, and the non-cash gain or loss reflect the change in fair value of derivative contracts as of the end of the respective periods.

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31,** | **For the Year Ended**<br>**December 31,** |
|  | **2024** | **2023** |
|  Cash received (paid) on settled derivative contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas costless collars | $1877875 | $1516535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas fixed price swaps<sup>(1)</sup> | 2616497 | 1344580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil costless collars | (52530) | 24330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil fixed price swaps<sup>(1)</sup> | (144239) | (328387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received (paid) on settled derivative contracts, net | $4297603 | $2557058 |
|  Non-cash gain (loss) on derivative contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas costless collars | $(1940316) | $857675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas fixed price swaps | (2138259) | 3119388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil costless collars | 14577 | (702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil fixed price swaps | 66003 | 326170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash gain (loss) on derivative contracts, net | $(3997995) | $4302531 |
|  Gains (losses) on derivative contracts, net | $299608 | $6859589 |

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(1) For the year ended December 31, 2023, excludes $373,745 of cash paid to settle off-market derivative contracts that are not reflected on the Statements of Income. Total cash paid related to off-market derivatives was $560,162 for the year ended
December 31, 2023 and is reflected in the Financing Activities section of the Statements of Cash Flows. Cash (paid) or received not related to off-market derivatives is reflected in the Operating
Activities section of the Statements of Cash Flows.

The fair value amounts recognized for the Company's derivative contracts executed with the same counterparty under a master netting arrangement may be offset. The Company has the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on, or termination of, any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability on the balance sheets. The following table summarizes and reconciles the Company's derivative contracts' fair values at a gross level back to net fair value presentation on the Company's balance sheets at December 31, 2024, and December 31, 2023. The Company has offset all amounts subject to master netting agreements on the Company's balance sheets at December 31, 2024 and December 31, 2023.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12/31/2024** | **12/31/2024** | **12/31/2024** | **12/31/2024** | **12/31/2023** | **12/31/2023** | **12/31/2023** | **12/31/2023** |
|  | Fair Value<br>Commodity Contracts | Fair Value<br>Commodity Contracts | Fair Value<br>Commodity Contracts | Fair Value<br>Commodity Contracts | Fair Value<br>Commodity Contracts | Fair Value<br>Commodity Contracts | Fair Value<br>Commodity Contracts | Fair Value<br>Commodity Contracts |
|  | Current<br>Assets | Current<br>Liabilities | Non-Current<br>Assets | Non-Current<br>Liabilities | Current<br>Assets | Current<br>Liabilities | Non-Current<br>Assets | Non-Current<br>Liabilities |
|  Gross amounts recognized | $596514 | $912850 | $398894 | $796966 | $3318046 | $197439 | $344614 | $181634 |
|  Offsetting adjustments | (596514) | (596514) | (398894) | (398894) | (197439) | (197439) | (181634) | (181634) |
|  Net presentation on Balance Sheets | $— | $316336 | $— | $398072 | $3120607 | $— | $162980 | $— |

---

The fair value of derivative assets and derivative liabilities is adjusted for credit risk. The impact of credit risk was immaterial for all periods presented.

<u>13. FAIR VALUE MEASUREMENTS</u> 

Fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels.

---

| | |
|:---|:---|
| Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The Company considers active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
| Level 2: | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that the Company values using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category include non-exchange traded derivatives such as over-the-counter commodity fixed-price swaps and commodity options (i.e. price collars). |

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| | |
|:---|:---|
|  | <br> The Company uses an option pricing valuation model for option derivative contracts that considers various inputs including: future prices, time value, volatility factors, counterparty credit risk and current market and contractual prices for the underlying instruments. The values calculated are then compared to the values given by counterparties for reasonableness. |
| Level 3: | Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and unobservable (or less observable) from objective sources (supported by little or no market activity). |

---

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2024** | **Fair Value Measurement at December 31, 2024** | **Fair Value Measurement at December 31, 2024** | **Fair Value Measurement at December 31, 2024** |
|  | Quoted<br>Prices in<br>Active<br>Markets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total Fair<br>Value |
|  Financial Assets (Liabilities): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Contracts - Swaps | $— | $(366215) | $— | $(366215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Contracts - Collars | $— | $(348193) | $— | $(348193) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement at December 31, 2023** | **Fair Value Measurement at December 31, 2023** | **Fair Value Measurement at December 31, 2023** | **Fair Value Measurement at December 31, 2023** |
|  | Quoted<br>Prices in<br>Active<br>Markets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total Fair<br>Value |
|  Financial Assets (Liabilities): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Contracts - Swaps | $— | $1706042 | $— | $1706042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Contracts - Collars | $— | $1577545 | $— | $1577545 |

---

The following table presents impairments associated with certain assets that have been measured at fair value on a nonrecurring basis within Level 3 of the fair value hierarchy.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** |
|  | Fair Value | Impairment | Fair Value | Impairment |
|  Producing Properties <sup>(a)</sup> | $— | $24061 | $— | $— |

---

<sup>(a)</sup> At the end of each quarter, the Company assessed the carrying value of its producing properties for impairment if indicators of impairment existed at such time. If indicators of impairment exist, the Company utilizes estimates of future cash flows of proved properties or fair value (selling price) less cost to sell if the property is held for sale. Significant judgments and assumptions in these assessments include estimates of future natural gas, oil and NGL prices using a forward NYMEX curve adjusted for projected inflation, locational basis differentials, drilling plans, expected capital costs and an applicable discount rate commensurate with risk of the underlying cash flow estimates. These assessments identified certain properties with carrying value in excess of their calculated fair values. This table excludes impairments on properties that were written off in the amount of $28,612 and $38,533 for the years ended December 31, 2024 and 2023, respectively. 

At December 31, 2024 and December 31, 2023, the carrying values of cash and cash equivalents, receivables, and payables are considered to be representative of their respective fair values due to the short-term maturities of those instruments. Financial instruments include debt, which the valuation is classified as Level 2 as the carrying amount of the Company's revolving credit facility approximates fair value because the interest rates

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are reflective of market rates. The estimated current market interest rates are based primarily on interest rates currently being offered on borrowings of similar amounts and terms. In addition, no valuation input adjustments were considered necessary relating to nonperformance risk for the debt agreements.

<u>14. INFORMATION ON NATURAL GAS AND OIL PRODUCING ACTIVITIES</u> 

The natural gas and oil producing activities of the Company are conducted within the contiguous United States (principally in Oklahoma, Texas, Louisiana, Arkansas and North Dakota) and represent substantially all of the business activities of the Company.

The following table shows sales to major purchasers, by percentage, through various operators/purchasers during the years ended December 31, 2024 and 2023.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Company A | 17% | 14% |
|  Company B | 9% | 13% |
|  Company C | 8% | 3% |

---

The loss of any of these major purchasers of natural gas, oil and NGL production could have a material adverse effect on the ability of the Company to produce and sell its natural gas, oil and NGL production.

<u>15. OPERATING SEGMENT</u> 

An operating segment is defined as a component of a public entity that engages in business activities and for which discrete financial information and operating results are available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. The Company's Chief Executive Officer has been determined to be its CODM. The CODM manages the Company's business activities in a single operating and reportable segment focused on managing the Company's mineral portfolio and growing its mineral positions in its core focus areas. The financial information and operating results, including net income and total assets, used by the CODM to allocate resources, assess performance, and make key operating decisions are the same as that which is reported by the Company on the Income Statement and Balance Sheet, and the CODM does not use further disaggregated expenses or assets in deciding how to allocate resources and assess performance.

<u>16. SUBSEQUENT EVENTS</u> 

Subsequent to December 31, 2024, the Company closed on the divestiture of 165,326 net mineral acres for approximately $8.0 million and paid down an additional $9.8 million in debt. Additionally, the Company announced a $0.04 per share quarterly dividend, payable on March 28, 2025, to stockholders of record on March 17, 2025.

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PHX Minerals Inc.

Supplementary Information

<u>SUPPLEMENTARY INFORMATION ON NATURAL GAS, OIL AND NGL RESERVES (UNAUDITED)</u>

**Aggregate Capitalized Costs** 

The aggregate amount of capitalized costs of natural gas and oil properties and related accumulated depreciation, depletion and amortization as of December 31, 2024 and December 31, 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
|  Producing properties | $223043942 | $209082847 |
|  Non-producing minerals | 50156199 | 56670341 |
|  Non-producing leasehold | 1650712 | 2150104 |
|  | 274850853 | 267903292 |
|  Accumulated depreciation, depletion and amortization | (122030459) | (113506928) |
|  Net capitalized costs | $152820394 | $154396364 |

---

**Costs Incurred** 

For the years ended December 31, 2024 and 2023, the Company incurred the following costs in natural gas and oil producing activities:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Property acquisition costs | $7834849 | $30435595 |
|  Development costs | 94022 | 113967 |
|  | $7928871 | $30549562 |

---

**Estimated Quantities of Proved Natural Gas, Oil and NGL Reserves** 

The following unaudited information regarding the Company's natural gas, oil and NGL reserves is presented pursuant to the disclosure requirements promulgated by the SEC and the FASB*.*

Proved natural gas and oil reserves are those quantities of natural gas and oil which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions. The project to extract the hydrocarbons must have commenced, or the operator must be reasonably certain that it will commence the project within a reasonable time. The area of the reservoir considered as proved includes: (i) the area identified by drilling and limited by fluid contacts, if any, and (ii) adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible natural gas or oil

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on the basis of available geoscience and engineering data. In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons as seen in a well penetration unless geoscience, engineering or performance data and reliable technology establishes a lower contact with reasonable certainty. Where direct observation from well penetrations has defined a highest known oil elevation and the potential exists for an associated natural gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering or performance data and reliable technology establish the higher contact with reasonable certainty. Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when: (i) successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (ii) the project has been approved for development by all necessary parties and entities, including governmental entities.

The independent consulting petroleum engineering firm of Cawley, Gillespie and Associates, Inc. (CG&A) of Fort Worth, Texas, prepared the Company's natural gas, oil and NGL reserves estimates as of December 31, 2024 and December 31, 2023.

The Company's net proved natural gas, oil and NGL reserves, which are located in the contiguous United States, as of December 31, 2024 and December 31, 2023, have been estimated by the Company's Independent Consulting Petroleum Engineering Firm. Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering and evaluation principles and techniques that are in accordance with practices generally recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled "Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (Revision as of February 19, 2007)." The method or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data and production history.

All of the reserve estimates are reviewed and approved by the Company's Vice President of Engineering. The Vice President of Engineering, and internal staff work closely with the Independent Consulting Petroleum Engineers to ensure the integrity, accuracy and timeliness of data furnished to them for their reserves estimation process. The Company provides historical information (such as ownership interest, gas and oil production, well test data, commodity prices, operating costs, handling fees and development costs) for all properties to the Independent Consulting Petroleum Engineers. Throughout the year, the Vice President of Engineering and internal staff meet regularly with representatives of the Independent Consulting Petroleum Engineers to review properties and discuss methods and assumptions.

Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering and evaluation principles and techniques that are in accordance with the reserves definitions of Rules 4–10(a) (1)–(32) of Regulation S–X of the SEC and with practices generally recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers (SPE) entitled "Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (revised June 2019) Approved by the SPE Board on 25 June 2019" and in Monograph 3 and Monograph 4 published by the Society of Petroleum Evaluation Engineers. The method or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history. Based on the current stage of field development, production performance, development plans and analyses of areas offsetting existing wells with test or production data, reserves were classified as proved. The proved undeveloped reserves were estimated for locations that have been permitted, are currently drilling, are drilled but not yet completed, or locations where the operator has indicated to the Company its intention to drill.

For the evaluation of unconventional reservoirs, a performance-based methodology integrating the appropriate geology and petroleum engineering data was utilized. Performance-based methodology primarily

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includes (1) production diagnostics, (2) decline-curve analysis, and (3) model-based analysis (if necessary, based on availability of data). Production diagnostics include data quality control, identification of flow regimes and characteristic well performance behavior. These analyses were performed for all well groupings (or type-curve areas). Characteristic rate-decline profiles from diagnostic interpretation were translated to modified hyperbolic rate profiles, including one or multiple b-exponent values followed by an exponential decline. Based on the availability of data, model-based analysis may be integrated to evaluate long-term decline behavior, the effect of dynamic reservoir and fracture parameters on well performance, and complex situations sourced by the nature of unconventional reservoirs. In the evaluation of undeveloped reserves, type-well analysis was performed using well data from analogous reservoirs for which more complete historical performance data were available.

Accordingly, these estimates should be expected to change, and such changes could be material and occur in the near term as future information becomes available.

Net quantities of proved, developed and undeveloped natural gas, oil and NGL reserves are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Proved Reserves | Proved Reserves | Proved Reserves | Proved Reserves |
|  | Natural<br>Gas<br>(MMcf) | Oil<br>(MBbls) | NGL<br>(MBbls) | Total<br>MMcfe |
|  December 31, 2022 | 61205 | 1372 | 1709 | 79689 |
|  Revisions of previous estimates | (4997) | 30 | (86) | (5335) |
|  Acquisitions | 7323 | 35 | 20 | 7653 |
|  Divestitures | (7296) | (340) | (145) | (10209) |
|  Extensions, discoveries and other additions | 7211 | 158 | 102 | 8778 |
|  Production | (7457) | (183) | (137) | (9379) |
|  December 31, 2023 | 55989 | 1072 | 1463 | 71197 |
|  Revisions of previous estimates | (4947) | 10 | (46) | (5209) |
|  Acquisitions | 2367 | 13 | 9 | 2499 |
|  Divestitures | (5) | (2) |  | (18) |
|  Extensions, discoveries and other additions | 3873 | 132 | 56 | 5049 |
|  Production | (7970) | (178) | (134) | (9841) |
|  December 31, 2024 | 49307 | 1047 | 1348 | 63677 |

---

The prices used to calculate reserves and future cash flows from reserves for natural gas, oil and NGL, respectively, were as follows: December 31, 2024 - $2.05/Mcf, $73.48/Bbl, $20.97/Bbl; December 31, 2023 - $2.67/Mcf, $76.85/Bbl, $21.98/Bbl; December 31, 2022 - $6.52/Mcf, $92.74/Bbl, $39.18/Bbl.

The changes in reserves at December 31, 2023, as compared to December 31, 2022, are attributable to:

Revisions of previous estimates from December 31, 2022 to December 31, 2023 that were primarily the result of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative pricing revisions of 4.8 Bcfe due to natural gas and oil wells reaching their economic limits earlier
than was projected in 2022 due to lower commodity prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative performance revisions of 0.5 Bcfe principally due to steeper decline and lower than expected volumes in
wells located in an area with gas takeaway constraints located in the Haynesville Shale.

Acquisitions and divestitures were the result of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The sale of 10.2 Bcfe proved developed, consisting predominately of working interest properties in the Eagle Ford
Shale play in Texas and the Arkoma Stack play and Western Anadarko Basin in Oklahoma.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition of 7.7 Bcfe, predominately of royalty interest properties in the active drilling programs of the
Haynesville Shale play in east Texas and western Louisiana and the Mississippi and Woodford Shale intervals in the SCOOP play in the Ardmore basin of Oklahoma, of which 3.4 Bcfe were proved developed and 4.3 Bcfe were proved undeveloped.

Extensions, discoveries and other additions from December 31, 2022 to December 31, 2023 that are principally attributable to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserve extensions, discoveries and other additions of 8.8 Bcfe (comprised of 1.0 Bcfe proved developed and 7.8
Bcfe proved undeveloped reserves) principally resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company's royalty interest ownership in the ongoing development of unconventional natural gas,
utilizing horizontal drilling, in the Haynesville Shale play of East Texas and Western Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company's royalty interest ownership in the ongoing development of unconventional natural gas, oil
and NGL utilizing horizontal drilling in the Mississippi and Woodford Shale intervals in the SCOOP play in the Ardmore basin of Oklahoma.

And production of 9.4 Bcfe from the Company's natural gas and oil properties.

The changes in reserves at December 31, 2024, as compared to December 31, 2023, are attributable to:

Revisions of previous estimates from December 31, 2023 to December 31, 2024 that were primarily the result of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative pricing revisions of 4.9 Bcfe primarily due to natural gas and oil wells reaching their economic limits
earlier than was projected in 2023 due to lower commodity prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative performance revisions of 0.3 Bcfe principally due to a pad of working interest wells where production
did not return to prior rates post workover.

Acquisitions and divestitures were the result of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acquisition of 2.5 Bcfe, predominately of royalty interest properties in the active drilling programs of the
Haynesville Shale play in east Texas and western Louisiana and the Mississippi and Woodford Shale intervals in the SCOOP play in the Ardmore basin of Oklahoma, of which 1.2 Bcfe were proved developed and 1.3 Bcfe were proved undeveloped.

Extensions, discoveries and other additions from December 31, 2023 to December 31, 2024 that are principally attributable to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserve extensions, discoveries and other additions of 5.0 Bcfe (comprised of 2.0 Bcfe proved developed and 3.0
Bcfe proved undeveloped reserves) principally resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company's royalty interest ownership in the ongoing development of unconventional natural gas,
utilizing horizontal drilling, in the Haynesville Shale play of East Texas and Western Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Company's royalty interest ownership in the ongoing development of unconventional natural gas, oil
and NGL utilizing horizontal drilling in the Mississippi and Woodford Shale intervals in the SCOOP play in the Ardmore basin of Oklahoma.

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And production of 9.8 Bcfe from the Company's natural gas and oil properties.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Proved Developed Reserves | Proved Developed Reserves | Proved Developed Reserves | Proved Undeveloped Reserves | Proved Undeveloped Reserves | Proved Undeveloped Reserves |
|  | Natural Gas<br>(MMcf) | Oil<br>(MBbls) | NGL<br>(MBbls) | Natural Gas<br>(MMcf) | Oil<br>(MBbls) | NGL<br>(MBbls) |
|  December 31, 2023 | 44480 | 937 | 1363 | 11509 | 134 | 100 |
|  December 31, 2024 | 42549 | 948 | 1322 | 6758 | 99 | 26 |

---

The following details the changes in proved undeveloped reserves for 2024 (MMcfe):

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| | |
|:---|:---|
|  Beginning proved undeveloped reserves | 12914 |
|  Proved undeveloped reserves transferred to proved developed | (8502) |
|  Revisions | (1152) |
|  Extensions and discoveries | 2985 |
|  Sales |  |
|  Purchases | 1261 |
|  Ending proved undeveloped reserves | 7506 |

---

During fiscal year 2024, total net PUD reserves decreased by 5.4 Bcfe. In fiscal year 2024, a total of 8.5 Bcfe (66% of the beginning balance) was transferred to proved developed. This decrease was partially offset by 3.1 Bcfe (24% of the beginning balance) of positive changes to PUD reserves consisting of acquisitions of 1.3 Bcfe in the Haynesville Shale in Texas and Louisiana and Meramec and Woodford SCOOP play in Oklahoma, additions and extensions of 3.0 Bcfe within the active drilling program areas of (i) the Haynesville Shale in Texas and Louisiana, (ii) the SCOOP Mississippi and Woodford in Oklahoma, (iii) the STACK Meramec and Woodford in Oklahoma, (iv) the Arkoma Woodford in Oklahoma and (v) the Bakken in North Dakota, and negative revisions of 1.2 Bcfe primarily due to permit expirations, as our PUD reserves consist only of wells that are permitted, drilling, or waiting on completion.

The Company anticipates that all current PUD locations will be drilled and converted to PDP within five years of the date they were added. However, PUD locations and associated reserves, which are no longer projected to be drilled within five years from the date they were added to PUD reserves, will be removed as revisions at the time that determination is made. In the event that there are undrilled PUD locations at the end of the five-year period, the Company will remove the reserves associated with those locations from proved reserves as revisions.

**Standardized Measure of Discounted Future Net Cash Flows** 

Accounting Standards prescribe guidelines for computing a standardized measure of future net cash flows and changes therein relating to estimated proved reserves. The Company has followed these guidelines, which are briefly discussed below.

Future cash inflows and future production and development costs are determined by applying the trailing unweighted 12-month arithmetic average of the first-day-of-the-month individual product prices and year-end costs to the estimated quantities of natural gas, oil and NGL to be produced. Actual future prices and costs may be materially higher or lower than the unweighted 12-month arithmetic average of the first-day-of-the-month individual product prices and year-end costs used. For each year, estimates are made of quantities of proved reserves and the future periods during which they are expected to be produced, based on continuation of the economic conditions applied for such year.

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Estimated future income taxes are computed using current statutory income tax rates, including consideration for the current tax basis of the properties and related carry forwards, giving effect to permanent differences and tax credits. The resulting future net cash flows are reduced to present value amounts by applying a 10% annual discount factor. The assumptions used to compute the standardized measure are those prescribed by the FASB and, as such, do not necessarily reflect the Company's expectations of actual revenue to be derived from those reserves nor their present worth. The limitations inherent in the reserve quantity estimation process, as discussed previously, are equally applicable to the standardized measure computations since these estimates affect the valuation process.

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Future cash inflows | $206317618 | $264083714 |
|  Future production costs | (60622892) | (67959181) |
|  Future development and asset retirement costs | (1307480) | (1224333) |
|  Future income tax expense | (7979227) | (18437730) |
|  Future net cash flows | 136408019 | 176462470 |
|  10% annual discount | (60153131) | (76071084) |
|  Standardized measure of discounted future net cash flows | $76254888 | $100391386 |

---

Changes in the standardized measure of discounted future net cash flows are as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
|  Beginning of year | $100391386 | $197489635 |
|  Changes resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of natural gas, oil and NGL, net of production costs | (26245153) | (29380772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in sales prices and production costs | (16835611) | (112688455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in future development and asset retirement costs | (41631) | 171076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extensions and discoveries | 9694126 | 13586306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revisions of quantity estimates | (8661885) | (16554366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions (divestitures) of reserves-in-place | 2540234 | (19144486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discount | 11001794 | 24132484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in income taxes | 6239421 | 34208654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in timing and other, net | (1827793) | 8571310 |
|  Net change | (24136498) | (97098249) |
|  End of year | $76254888 | $100391386 |

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PHX MINERALS INC.

CONDENSED BALANCE SHEETS

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| | | |
|:---|:---|:---|
|  | March 31, 2025 | December 31, 2024 |
| **Assets** | (unaudited) |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $2536133 | $2242102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas, oil, and NGL sales receivables (net of $0 allowance for uncollectable accounts) | 6577696 | 6128954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refundable income taxes | 80621 | 328560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 721062 | 857317 |
|  Total current assets | 9915512 | 9556933 |
|  Properties and equipment at cost, based on successful efforts accounting: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Producing natural gas and oil properties | 223655459 | 223043942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-producing natural gas and oil properties | 45544346 | 51806911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1361064 | 1361064 |
|  | 270560869 | 276211917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less accumulated depreciation, depletion and amortization | (120293049) | (122835668) |
|  Net properties and equipment | 150267820 | 153376249 |
|  Operating lease right-of-use assets | 392263 | 429494 |
|  Other, net | 509837 | 553090 |
|  Total assets | $161085432 | $163915766 |
|  **Liabilities and Stockholders' Equity** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $656711 | $804693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative contracts, net | 3178706 | 316336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liability | 252436 | 247786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities and other | 1420856 | 1866930 |
|  Total current liabilities | 5508709 | 3235745 |
|  Long-term debt | 19750000 | 29500000 |
|  Deferred income taxes, net | 8318416 | 7286315 |
|  Asset retirement obligations | 1098536 | 1097750 |
|  Derivative contracts, net | 480401 | 398072 |
|  Operating lease liability, net of current portion | 383070 | 448031 |
|  Total liabilities | 35539132 | 41965913 |
|  Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock, $0.01666 par value; 75,000,000 shares authorized and 36,796,496 issued at March 31, 2025; 75,000,000 shares authorized and 36,796,496 issued at December 31, 2024 | 613030 | 613030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital in excess of par value | 44749269 | 44029492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred directors' compensation | 1313492 | 1323760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 79940318 | 77073332 |
|  | 126616109 | 123039614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less treasury stock, at cost; 274,478 shares at March 31, 2025, and 279,594 shares at December 31, 2024 | (1069809) | (1089761) |
|  Total stockholders' equity | 125546300 | 121949853 |
|  Total liabilities and stockholders' equity | $161085432 | $163915766 |

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(The accompanying notes are an integral part of these condensed financial statements.)

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PHX MINERALS INC.

CONDENSED STATEMENTS OF INCOME

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| | | |
|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2025 | 2024 |
| Revenues: | (unaudited) | (unaudited) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas, oil and NGL sales | $10433287 | $7090208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease bonuses and rental income | 328203 | 151718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) on derivative contracts | (3163178) | 627492 |
|  | $7598312 | $7869418 |
|  Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease operating expenses | 273713 | 332409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation, gathering and marketing | 1103966 | 843504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production and ad valorem taxes | 422787 | 392327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | 2430207 | 2356326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 452051 | 714886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 3754248 | 3347037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses (gains) on asset sales and other | (6519747) | 24212 |
|  Total costs and expenses | 1917225 | 8010701 |
|  Income (loss) before provision for income taxes | 5681087 | (141283) |
|  Provision for income taxes | 1297205 | 42332 |
|  Net income (loss) | $4383882 | $(183615) |
|  Basic earnings (loss) per common share (Note 4) | $0.12 | $(0.01) |
|  Diluted earnings (loss) per common share (Note 4) | $0.12 | $(0.01) |
|  Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 36808766 | 36303392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 38009410 | 36303392 |
|  Dividends per share of common stock paid in period | $0.0400 | $0.0300 |

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(The accompanying notes are an integral part of these condensed financial statements.)

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PHX MINERALS INC.

STATEMENTS OF STOCKHOLDERS' EQUITY

Three Months Ended March 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Capital in<br>Excess of<br>Par Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  | Common Stock | Common Stock | Capital in<br>Excess of<br>Par Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  | Shares | Amount | Capital in<br>Excess of<br>Par Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  Balances at December 31, 2024 | 36796496 | $613030 | $44029492 | $1323760 | $77073332 | (279594) | $(1089761) | $121949853 |
|  Net income (loss) |  |  |  |  | 4383882 |  |  | 4383882 |
|  Restricted stock award expense |  |  | 681723 |  |  |  |  | 681723 |
|  Dividends declared |  |  |  |  | (1516896) |  |  | (1516896) |
|  Distribution of deferred directors' compensation |  |  | 38054 | (58006) |  | 5116 | 19952 |  |
|  Increase in deferred directors' compensation charged to expense |  |  |  | 47738 |  |  |  | 47738 |
|  Balances at March 31, 2025 | 36796496 | $613030 | $44749269 | $1313492 | $79940318 | (274478) | $(1069809) | $125546300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unaudited) |  |  |  |  |  |  |  |  |

---

Three Months Ended March 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Capital in<br>Excess of<br>Par Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  | Common Stock | Common Stock | Capital in<br>Excess of<br>Par Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  | Shares | Amount | Capital in<br>Excess of<br>Par Value | Deferred<br>Directors'<br>Compensation | Retained<br>Earnings | Treasury<br>Shares | Treasury<br>Stock | Total |
|  Balances at December 31, 2023 | 36121723 | $601788 | $41676417 | $1487590 | $80022839 | (131477) | $(557220) | $123231414 |
|  Net income (loss) |  |  |  |  | (183615) |  |  | (183615) |
|  Restricted stock award expense |  |  | 656656 |  |  |  |  | 656656 |
|  Dividends declared |  |  |  |  | (1121314) |  |  | (1121314) |
|  Distribution of deferred directors' compensation |  |  | 70344 | (107199) |  | 8692 | 36855 |  |
|  Increase in deferred directors' compensation charged to expense |  |  |  | 45132 |  |  |  | 45132 |
|  Balances at March 31, 2024 | 36121723 | $601788 | $42403417 | $1425523 | $78717910 | (122785) | $(520365) | $122628273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(unaudited) |  |  |  |  |  |  |  |  |

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(The accompanying notes are an integral part of these condensed financial statements.)

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PHX MINERALS INC.

CONDENSED STATEMENTS OF CASH FLOWS

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| | | |
|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2025 | 2024 |
| **Operating Activities** | (unaudited) | (unaudited) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | $4383882 | $(183615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | 2430207 | 2356326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for deferred income taxes | 1032101 | 25332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from leasing fee mineral acreage | (328203) | (151718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from leasing fee mineral acreage | 332331 | 151718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (gain) loss on sales of assets | (6625686) | (66500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' deferred compensation expense | 47738 | 45132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (gain) loss on derivative contracts | 3163178 | (627492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash receipts (payments) on settled derivative contracts | (218479) | 1669309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted stock award expense | 681723 | 656656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 25333 | 35731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided (used) by changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas, oil and NGL sales receivables | (448742) | 1216455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 202745 | 207497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (145867) | 67986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes receivable | 247939 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets | 58642 | 56338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | (562402) | (212882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjustments | (107442) | 5430266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 4276440 | 5246651 |
|  **Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (6336) | (7440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of minerals and overriding royalty interests | (630296) | (1406248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales of assets | 7865103 | 66500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) investing activities | 7228471 | (1347188) |
|  **Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings under Credit Facility |  | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of loan principal | (9750000) | (3000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of dividends | (1460880) | (1079968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | (11210880) | (3079968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (decrease) in cash and cash equivalents | 294031 | 819495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at beginning of period | 2242102 | 806254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents at end of period | $2536133 | $1625749 |
|  **Supplemental Disclosures of Cash Flow Information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid (net of capitalized interest) | $503184 | $733799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes paid (net of refunds received) | $17165 | $16623 |
|  **Supplemental Schedule of Noncash Investing and Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends declared and unpaid | $56016 | $41346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross additions to properties and equipment | $568026 | $1406743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in accounts receivable for properties and equipment additions | 68606 | 6945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures and acquisitions | $636632 | $1413688 |

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(The accompanying notes are an integral part of these condensed financial statements.)

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PHX MINERALS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1: Basis of Presentation and Accounting Principles

*Basis of Presentation* 

The accompanying unaudited condensed financial statements of PHX Minerals Inc. have been prepared in accordance with the instructions to Form 10-Q as prescribed by the SEC. Management believes that all adjustments necessary for a fair presentation of the financial position and results of operations and cash flows for the periods have been included. All such adjustments are of a normal recurring nature. The results are not necessarily indicative of those to be expected for a full fiscal year.

Certain amounts and disclosures have been condensed or omitted from these financial statements pursuant to the rules and regulations of the SEC. Therefore, these condensed financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Unless indicated otherwise or the context requires, the terms "we," "our," "us," "PHX" or the "Company" refer to PHX Minerals Inc.

Accounting standards that have been issued or proposed by the FASB, or other standards-setting bodies, that do not require adoption until a future date are not expected to have a material impact on the Company's financial statements upon adoption.

NOTE 2: Revenues

***Revenues from contracts with customers***

*Natural gas, oil and NGL sales* 

Sales of natural gas, oil and NGL are recognized when production is sold to a purchaser and control of the product has been transferred. Oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location. The price the Company receives for natural gas and NGL is tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality and heat content of natural gas, and prevailing supply and demand conditions, so that the price of natural gas fluctuates to remain competitive with other available natural gas supplies. These market indices are determined on a monthly basis. Each unit of commodity is considered a separate performance obligation; however, as consideration is variable, the Company utilizes the variable consideration allocation exception permitted under the standard to allocate the variable consideration to the specific units of commodity to which they relate.

***Disaggregation of natural gas, oil and NGL revenues***

The following table presents the disaggregation of the Company's natural gas, oil and NGL revenues for the three months ended March 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2025 |
|  | Royalty Interest | Working Interest | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas revenue | $6038625 | $611235 | $6649860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil revenue | 2711565 | 275141 | 2986706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL revenue | 538234 | 258487 | 796721 |
|  Natural gas, oil and NGL sales | $9288424 | $1144863 | $10433287 |

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| | | | |
|:---|:---|:---|:---|
|  | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2024 |
|  | Royalty Interest | Working Interest | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas revenue | $3201897 | $363777 | $3565674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil revenue | 2518321 | 313875 | 2832196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NGL revenue | 456056 | 236282 | 692338 |
|  Natural gas, oil and NGL sales | $6176274 | $913934 | $7090208 |

---

***Prior-period performance obligations and contract balances***

The Company records revenue in the month production is delivered to the purchaser. As a non-operator, the Company has limited visibility into the timing of when new wells start producing, and production statements may not be received for 30 to 90 days or more after the date production is delivered. As a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The expected sales volumes and prices for these properties are estimated and recorded within the natural gas, oil and NGL sales receivables line item on the Company's balance sheets. The difference between the Company's estimates and the actual amounts received for natural gas, oil and NGL sales is recorded in the quarter that payment is received from the third party. For the quarters ended March 31, 2025 and 2024, revenue recognized during the reporting period related to performance obligations satisfied in prior reporting periods for existing wells was considered a change in estimate.

As noted above, as a non-operator, there are instances when the Company is limited by the information operators provide. Through cash received on new wells, in the quarters ended March 31, 2025 and 2024, the Company identified several producing properties on its minerals that had production dates prior to the quarters ended March 31, 2025 and 2024. Estimates of the natural gas and oil sales related to those properties were made and are reflected in the natural gas, oil and NGL sales on the Company's Statements of Income and on the Company's Balance Sheets in natural gas, oil and NGL sales receivables.

In connection with obtaining more relevant information on new wells on Company acreage during the quarters ended March 31, 2025 and 2024, the Company recorded a change in estimate for new wells to natural gas, oil and NGL sales totaling $204,141 for the quarter ended March 31, 2025, all of which related to the production periods during the fiscal year ended December 31, 2024, and the Company recorded a change in estimate for new wells to natural gas, oil and NGL sales totaling $447,284 for the quarter ended March 31, 2024, of which $23,159 related to the production periods before January 1, 2023 and $424,125 related to the fiscal year ended December 31, 2023.

***Lease bonus revenue***

The Company generates lease bonus revenue by leasing its mineral interests to exploration and production companies. A lease agreement represents the Company's contract with a third party and generally conveys the rights to any natural gas, oil or NGL discovered, grants the Company a right to a specified royalty interest and requires that drilling and completion operations commence within a specified time period. Control is transferred to the lessee and the Company has satisfied its performance obligation when the lease agreement is executed, such that revenue is recognized when the lease bonus payment is received. The Company accounts for its lease bonuses as conveyances in accordance with the guidance set forth in ASC 932 (Extractive Activities—Oil and Gas), and upon leasing, it recognizes the lease bonus as a cost recovery with any excess above its cost basis in the mineral interests being treated as a gain. The excess of lease bonus above the mineral interests basis is shown in the lease bonuses and rental income line item on the Company's Statements of Income.

***Natural gas and oil derivative contracts***

See Note 9 for discussion of the Company's accounting for derivative contracts.

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NOTE 3: Income Taxes

The Company's provision for income taxes differs from the statutory rate primarily due to estimated federal and state benefits generated from excess federal and Oklahoma percentage depletion, which are permanent tax benefits. Excess percentage depletion, both federal and Oklahoma, can only be taken in the amount that exceeds cost depletion, which is calculated on a unit-of-production basis. The Company completes an evaluation of the expected realization of the Company's gross deferred tax assets each quarter. Excess tax benefits and deficiencies of stock-based compensation are recognized as provision (benefit) for income taxes in the Company's Statements of Income.

Both excess federal percentage depletion, which is limited to certain production volumes and by certain income levels, and excess Oklahoma percentage depletion, which has no limitation on production volume, reduce estimated taxable income or add to estimated taxable loss projected for any year. The federal and Oklahoma excess percentage depletion estimates will be updated throughout the year until finalized with detailed well-by-well calculations at fiscal year-end. Depending upon whether a provision for income taxes or a benefit for income taxes is expected for a year, federal and Oklahoma excess percentage depletion will either decrease or increase the effective tax rate, respectively. The benefits of federal and Oklahoma excess percentage depletion and excess tax benefits and deficiencies of stock-based compensation are not directly related to the amount of pre-tax income (loss) recorded in a period. Accordingly, in periods where a recorded pre-tax income or loss is relatively small, the proportional effect of these items on the effective tax rate may be significant.

As of March 31, 2025, the Company completed an evaluation of the expected realization of its gross deferred tax assets. As a result of its evaluation, the Company concluded a valuation allowance was required for certain state deferred tax assets, and for the quarter ended March 31, 2025, there was no change in the Company's valuation allowance of $9,056 from December 31, 2024. The Company's effective tax rate for the three months ended March 31, 2025 was a 23% provision as compared to a (30%) provision for the three months ended March 31, 2024. The change in effective tax rate resulted primarily from the increase in net income in the quarter ended March 31, 2025.

NOTE 4: Basic and Diluted Earnings (Loss) Per Common Share ("EPS")

Basic earnings (loss) per share of Common Stock is calculated using net income (loss) divided by the weighted average number of voting shares of Common Stock outstanding, including unissued, vested directors' deferred compensation shares, during the period. Diluted earnings (loss) per share of Common Stock is calculated using net income (loss) divided by the weighted average number of voting shares of Common Stock outstanding, including unissued, vested directors' deferred compensation shares and any other potentially dilutive shares of Common Stock, during the period. There were no participating securities at March 31, 2025.

For the three months ended March 31, 2025 and 2024, the Company excluded restricted stock in the diluted EPS calculation that would have been antidilutive. The average number of restricted stock excluded from the diluted EPS was 849,439 and 946,350 for the three months ended March 31, 2025 and 2024, respectively.

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The following table presents a reconciliation of the components of basic and diluted EPS.

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| | | |
|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2025 | 2024 |
|  Basic EPS |  |  |
|  Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic net income (loss) | $4383882 | $(183615) |
|  Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares | 36521563 | 35998651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unissued, directors' deferred compensation shares | 287203 | 304741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average shares outstanding | 36808766 | 36303392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic EPS | $0.12 | $(0.01) |
|  Diluted EPS |  |  |
|  Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic net income (loss) | $4383882 | $(183615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted net income (loss) | 4383882 | (183615) |
|  Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic weighted average shares outstanding | 36808766 | 36303392 |
|  Effects of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unvested restricted stock | 1200644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted weighted average shares outstanding | 38009410 | 36303392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS | $0.12 | $(0.01) |

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NOTE 5: Long-Term Debt

The Company has a $100,000,000 credit facility (the "Credit Facility") with a syndicate of banks led by Independent Bank pursuant to a credit agreement entered into in September 2021 (as amended, the "Credit Agreement"). The Credit Facility had a borrowing base of $50,000,000 and a maturity date of September 1, 2028 as of March 31, 2025. The Credit Facility is secured by the Company's personal property and at least 75% of the total value of the proved, developed and producing oil and gas properties. The interest rate is based on either (a) SOFR plus an applicable margin ranging from 2.750% to 3.750% per annum based on the Company's Borrowing Base Utilization or (b) the greater of (1) the Prime Rate in effect for such day, or (2) the overnight cost of federal funds as announced by the U.S. Federal Reserve System in effect on such day plus one-half of one percent (0.50%), plus, in each case, an applicable margin ranging from 1.750% to 2.750% per annum based on the Company's Borrowing Base Utilization. The election of Independent Bank prime or SOFR is at the Company's discretion. The interest rate spread from Independent Bank prime or SOFR will be charged based on the ratio of the loan balance to the borrowing base. The interest rate spread from SOFR or the prime rate increases as a larger percent of the borrowing base is advanced. At March 31, 2025, the effective interest rate was 7.54%.

The Company's debt is recorded at the carrying amount on its balance sheets. The carrying amount of the debt under the Credit Facility approximates fair value because the interest rates are reflective of market rates. Debt issuance costs associated with the Credit Facility are presented in "Other, net" on the Company's balance sheets. Total debt issuance cost, net of amortization, as of March 31, 2025 was $303,373. The debt issuance cost is amortized over the life of the Credit Facility.

Determinations of the borrowing base under the Credit Facility are made semi-annually (usually in June and December) or whenever the lending banks, in their sole discretion, believe that there has been a material change

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in the value of the Company's natural gas and oil properties. The Credit Facility contains customary covenants which, among other things, require periodic financial and reserve reporting and place certain restrictions on the Company's ability to incur debt, grant liens, make fundamental changes and engage in certain transactions with affiliates. The Credit Facility also restricts the Company's ability to make certain restricted payments if before or after the Restricted Payment (i) the Available Commitment is less than ten percent (10%) of the Borrowing Base or (ii) the Leverage Ratio on a pro forma basis is greater than 2.50 to 1.00. In addition, the Company is required to maintain certain financial ratios, a current ratio (as described in the Credit Facility) of no less than 1.0 to 1.0 and a funded debt to EBITDAX of no more than 3.5 to 1.0 based on the trailing twelve months. At March 31, 2025, the Company was in compliance with the covenants of the Credit Facility, had $19,750,000 in outstanding borrowings and had $30,250,000 available for borrowing under the Credit Facility. All capitalized terms in this description of the Credit Facility that are not otherwise defined in this Form 10-Q have the meaning assigned to them in the Credit Agreement.

NOTE 6: Deferred Compensation Plan for Non-Employee Directors

Annually, non-employee directors may elect to be included in the Deferred Compensation Plan for Non-Employee Directors. This plan provides that each outside director may individually elect to be credited with future unissued shares of Company Common Stock (each such share, a "Deferred Stock Unit") rather than cash for all or a portion of their annual retainers and Board and committee meeting fees. Directors receive dividends on Deferred Stock Units in the form of additional Deferred Stock Units. These unissued shares are recorded to each director's deferred compensation account at the closing market price of the shares on the payment dates of the annual retainers and on the dividend payment date, as applicable. Only upon a director's retirement, termination or death or a change-in-control of the Company will the shares representing Deferred Stock Units recorded for such director be issued under this plan. Directors may elect to receive shares, when issued, over annual time periods of up to ten years. The promise to issue such shares in the future is an unsecured obligation of the Company.

NOTE 7: Long Term Incentive Plan

Compensation expense for restricted stock awards is recognized in G&A. Forfeitures of awards are recognized at the time of forfeiture. The following table summarizes the Company's pre-tax compensation expense for the three months ended March 31, 2025 and 2024 related to the Company's market-based and time-based restricted stock:

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| | | |
|:---|:---|:---|
|  | Three Months Ended<br>March 31, | Three Months Ended<br>March 31, |
|  | 2025 | 2024 |
|  Market-based, restricted stock | $511350 | $480676 |
|  Time-based, restricted stock | 170373 | 175980 |
|  Total compensation expense | $681723 | $656656 |

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A summary of the Company's unrecognized compensation cost for its unvested market-based and time-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized is shown in the following table:

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| | | |
|:---|:---|:---|
|  | As of March 31, 2025 | As of March 31, 2025 |
|  | Unrecognized<br>Compensation Cost | Weighted Average<br>Period (in years) |
|  Market-based, restricted stock | $2093970 | 1.87 |
|  Time-based, restricted stock | 910509 | 1.85 |
|  Total | $3004479 |  |

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NOTE 8: Properties and Equipment

*Acquisitions* 

The Company made the following property acquisitions during the three-month periods ended March 31, 2025 and 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| Quarter Ended | Net royalty<br>acres <sup>(1)(2)</sup> | Total Purchase<br>Price <sup>(1)</sup> | % Proved / %<br>Unproved | Area of Interest |
|  March 31, 2025 | 50 | $0.6 million | 90% /10% | SCOOP |
|  March 31, 2024 | 146 | $1.4 million | 5% /95% | SCOOP |

---

(1) Excludes subsequent closing adjustments and insignificant acquisitions.

(2) An estimated net royalty equivalent was used for the unleased minerals included in the net royalty acres.

All purchases made in the 2025 and 2024 quarters were for mineral and royalty acreage and were accounted for as asset acquisitions.

*Divestitures* 

The Company made the following property divestitures during the three-month periods ended March 31, 2025 and 2024. Revenue and expenses recognized between the effective date and closing date of divestitures are recorded in the Operating Activities section in the Statements of Cash Flows.

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| | | | | |
|:---|:---|:---|:---|:---|
| Quarter Ended | Net mineral acres<sup>(1)</sup>/<br> Wellbores<sup>(2)</sup> | Sale Price <sup>(3)</sup> | Gain/(Loss) <sup>(3)</sup> | Location |
|  March 31, 2025 |  |  |  |  |
|  | 165,326 acres | $7.9 million | $6.7 million | OK, AR, CO, FL, IN, KS, MT,<br>ND, NM, SD, TX |
|  March 31, 2024 |  |  |  |  |
|  | No significant divestitures |  |  |  |

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(1) Number of net mineral acres sold.

(2) Number of gross wellbores associated with working interests sold.

(3) Excludes subsequent closing adjustments and insignificant divestitures.

*Natural Gas, Oil and NGL Reserves* 

Management considers the estimation of the Company's natural gas, oil and NGL reserves to be the most significant of its judgments and estimates. Changes in natural gas, oil and NGL reserve estimates affect the Company's calculation of DD&A, provision for retirement of assets and assessment of the need for asset impairments. On an annual basis, the Company's Independent Consulting Petroleum Engineer, with assistance from Company staff, prepares estimates of natural gas, oil and NGL reserves based on available geologic and seismic data, reservoir pressure data, core analysis reports, well logs, analogous reservoir performance history, production data and other available sources of engineering, geologic and geophysical information. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations utilizing appropriate prices for the current period. The estimated natural gas, oil and NGL reserves were computed using the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month natural gas, oil and NGL price for each month within the 12-month period prior to the balance sheet date, held flat over the life of the properties. However, projected future natural gas, oil and NGL pricing assumptions are used by management to prepare estimates of natural gas, oil and NGL reserves and future net cash flows used in asset impairment assessments and in formulating management's overall operating decisions. Natural gas, oil and NGL prices are volatile, affected by worldwide production and consumption, and are outside the control of management.

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*Impairment* 

Company management monitors all long-lived assets, principally natural gas and oil properties, for potential impairment when circumstances indicate that the carrying value of the asset may be greater than its estimated future net cash flows. The evaluations involve significant judgment since the results are based on estimated future events, such as inflation rates; future drilling and completion costs; future sales prices for natural gas, oil and NGL; future production costs; estimates of future natural gas, oil and NGL reserves to be recovered and the timing thereof; the economic and regulatory climates; and other factors. The need to test a property for impairment may result from significant declines in sales prices or unfavorable adjustments to natural gas, oil and NGL reserves. Between periods in which reserves would normally be calculated, the Company updates the reserve calculations to reflect any material changes since the prior report was issued and then utilizes updated projected future price decks current with the period. For the three months ended March 31, 2025 and 2024, management's assessment resulted in no impairment provisions on producing properties.

NOTE 9: Derivatives

The Company has entered into commodity price derivative agreements, including fixed swap contracts and costless collar contracts. These instruments are intended to reduce the Company's exposure to short-term fluctuations in the price of natural gas and oil. Fixed swap contracts set a fixed price and provide payments to the Company if the index price is below the fixed price, or require payments by the Company if the index price is above the fixed price. Collar contracts set a fixed floor price and a fixed ceiling price and provide payments to the Company if the index price falls below the floor or require payments by the Company if the index price rises above the ceiling. These contracts cover only a portion of the Company's natural gas and oil production and provide only partial price protection against declines in natural gas and oil prices. The Company's derivative contracts are currently with BP Energy Company ("BP"). The derivative contracts with BP are secured under the Credit Facility with Independent Bank (see Note 5: Long-Term Debt). The derivative instruments have settled or will settle based on the prices below:

<u>Derivative Contracts in Place as of March 31, 2025</u> 

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| | | | |
|:---|:---|:---|:---|
| Calendar Period | Contract total volume | Index | Contract average price |
|  Natural gas costless collars |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 815,000 Mmbtu | NYMEX Henry Hub | $3.29 floor / $4.36 ceiling |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 1,245,000 Mmbtu | NYMEX Henry Hub | $3.29 floor / $4.19 ceiling |
|  Natural gas fixed price swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1,620,000 Mmbtu | NYMEX Henry Hub | $3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 215,000 Mmbtu | NYMEX Henry Hub | $3.44 |
|  Oil fixed price swaps |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 46,600 Bbls | NYMEX WTI | $69.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 | 15,000 Bbls | NYMEX WTI | $68.78 |

---

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##### [**Table of Contents**](#toc)
<u>Derivative Settlements during the Three Months Ended March 31, 2025</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Contract period <sup>(2)</sup> | Monthly<br>Production volume | Index | Contract price | Settlement<br>(paid) received |
|  Natural gas costless collars |  |  |  |  |
|  January - March 2025 | 90,000 Mmbtu | NYMEX Henry Hub | $3.25 floor / $5.25 ceiling | $— |
|  January - April 2025 | 30,000 Mmbtu | NYMEX Henry Hub | $3.00 floor / $5.00 ceiling | $— |
|  January - March 2025 | 30,000 Mmbtu | NYMEX Henry Hub | $3.50 floor / $5.15 ceiling | $— |
|  January - March 2025 | 25,000 Mmbtu | NYMEX Henry Hub | $3.00 floor / $3.37 ceiling | $(21125) |
|  January 2025 | 55,000 Mmbtu | NYMEX Henry Hub | $3.50 floor / $4.40 ceiling | $— |
|  February 2025 | 25,000 Mmbtu | NYMEX Henry Hub | $3.50 floor / $4.40 ceiling | $— |
|  March 2025 | 35,000 Mmbtu | NYMEX Henry Hub | $3.50 floor / $4.40 ceiling | $— |
|  April 2025 | 55,000 Mmbtu | NYMEX Henry Hub | $3.00 floor / $3.75 ceiling | $(11000) |
|  Natural gas fixed price swaps |  |  |  |  |
|  January - March 2025 | 60,000 Mmbtu | NYMEX Henry Hub | $4.16 | $91500 |
|  January - March 2025 | 50,000 Mmbtu | NYMEX Henry Hub | $3.51 | $(21250) |
|  April 2025 | 100,000 Mmbtu | NYMEX Henry Hub | $3.28 | $(67000) |
|  April 2025 | 125,000 Mmbtu | NYMEX Henry Hub | $3.00 | $(118125) |
|  April 2025 | 25,000 Mmbtu | NYMEX Henry Hub | $3.23 | $(18000) |
|  Oil costless collars |  |  |  |  |
|  December 2024 | 500 Bbls | NYMEX WTI | $67.00 floor / $77.00 ceiling | $— |
|  Oil fixed price swaps |  |  |  |  |
|  December 2024 | 2,000 Bbls | NYMEX WTI | $69.50 | $(396) |
|  January - February 2025 | 500 Bbls | NYMEX WTI | $69.50 | $(3653) |
|  December 2024 | 500 Bbls | NYMEX WTI | $74.94 | $2621 |
|  January 2025 | 500 Bbls | NYMEX WTI | $74.48 | $(309) |
|  February 2025 | 500 Bbls | NYMEX WTI | $74.10 | $1445 |
|  December 2024 - February 2025 | 1,000 Bbls | NYMEX WTI | $68.80 | $(9605) |
|  December 2024 - February 2025 | 1,600 Bbls | NYMEX WTI | $64.80 | $(34568) |
|  January - February 2025 | 2,000 Bbls | NYMEX WTI | $70.90 | $(9014) |
|  |  |  | Total (paid) received | $(218479) |

---

(1) Natural gas derivatives settle at first of the month pricing and oil derivatives settle at a monthly daily
average.

(2) Certain April 2025 contracts were settled on March 31, which did not result in additional gains (losses)
on derivative contracts on the Statements of Income.

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##### [**Table of Contents**](#toc)
The Company has elected not to complete all of the documentation requirements necessary to permit these derivative contracts to be accounted for as cash flow hedges. The Company's fair value of derivative contracts was a net liability of $3,659,107 as of March 31, 2025, and a net liability of $714,408 as of December 31, 2024. Cash receipts or payments in the following table reflect the gain or loss on derivative contracts which settled during the respective periods, and the non-cash gain or loss reflect the change in fair value of derivative contracts as of the end of the respective periods.

---

| | | |
|:---|:---|:---|
|  | Three Months Ended<br> March 31, | Three Months Ended<br> March 31, |
|  | 2025 | 2024 |
|  Cash received (paid) on derivative contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas costless collars | $(32125) | $1107575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas fixed price swaps | (132875) | 555248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil costless collars |  | (1219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil fixed price swaps | (53479) | 7705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received (paid) on derivative contracts, net | $(218479) | $1669309 |
|  Non-cash gain (loss) on derivative contracts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas costless collars | $(1210667) | $(759269) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas fixed price swaps | (1798121) | 198016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil costless collars |  | (94898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil fixed price swaps | 64089 | (385666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash gain (loss) on derivative contracts, net | $(2944699) | $(1041817) |
|  Gains (losses) on derivative contracts, net | $(3163178) | $627492 |

---

The fair value amounts recognized for the Company's derivative contracts executed with the same counterparty under a master netting arrangement may be offset. The Company has the choice of whether or not to offset, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the Company's balance sheets.

The following table summarizes and reconciles the Company's derivative contracts' fair values at a gross level back to net fair value presentation on the Company's balance sheets at March 31, 2025 and December 31, 2024. The Company has offset all amounts subject to master netting agreements in the Company's balance sheets at March 31, 2025 and December 31, 2024.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2025<br>Fair Value (a)<br>Commodity Contracts | March 31, 2025<br>Fair Value (a)<br>Commodity Contracts | March 31, 2025<br>Fair Value (a)<br>Commodity Contracts | March 31, 2025<br>Fair Value (a)<br>Commodity Contracts | December 31, 2024<br>Fair Value (a)<br>Commodity Contracts | December 31, 2024<br>Fair Value (a)<br>Commodity Contracts | December 31, 2024<br>Fair Value (a)<br>Commodity Contracts | December 31, 2024<br>Fair Value (a)<br>Commodity Contracts |
|  | Current<br>Assets | Current<br>Liabilities | Non-Current<br>Assets | Non-Current<br>Liabilities | Current<br>Assets | Current<br>Liabilities | Non-Current<br>Assets | Non-Current<br>Liabilities |
|  Gross amounts recognized | $310102 | $3488808 | $94636 | $575037 | $596514 | $912850 | $398894 | $796966 |
|  Offsetting adjustments | (310102) | (310102) | (94636) | (94636) | (596514) | (596514) | (398894) | (398894) |
|  Net presentation on condensed balance sheets | $— | $3178706 | $— | $480401 | $— | $316336 | $— | $398072 |

---

(a) See Note 10: Fair Value Measurements for further disclosures regarding fair value of financial instruments.

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##### [**Table of Contents**](#toc)
The fair value of derivative assets and derivative liabilities is adjusted for credit risk. The impact of credit risk was immaterial for all periods presented.

NOTE 10: Fair Value Measurements

Fair value is defined as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e., an exit price. To estimate an exit price, a three-level hierarchy is used. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or a liability, into three levels. Level 1 inputs are unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 2 inputs include the following: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active; (iii) inputs other than quoted prices that are observable for the asset or liability; or (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 inputs are unobservable inputs for the financial asset or liability.

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis at March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurement at March 31, 2025 | Fair Value Measurement at March 31, 2025 | Fair Value Measurement at March 31, 2025 | Fair Value Measurement at March 31, 2025 |
|  | Quoted<br>Prices in<br>Active<br>Markets<br>(Level 1) | Significant<br>Other<br>Observable<br>Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total Fair<br>Value |
|  Financial Assets (Liabilities): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Contracts - Swaps | $— | $(2100247) | $— | $(2100247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative Contracts - Collars | $— | $(1558860) | $— | $(1558860) |

---

Level 2 – Market Approach - The fair values of the Company's swaps and collars are based on a third-party pricing model, which utilizes inputs that are either readily available in the public market, such as natural gas curves and volatility curves, or can be corroborated from active markets. These values are based upon future prices, time to maturity and other factors. These values are then compared to the values given by our counterparties for reasonableness.

At March 31, 2025 and December 31, 2024, the carrying values of cash and cash equivalents, receivables, and payables are considered to be representative of their respective fair values due to the short-term maturities of those instruments. Financial instruments include long-term debt, the valuation of which is classified as Level 2 as the carrying amount of the Company's debt under the Credit Facility approximates fair value because the interest rates are reflective of market rates. The estimated current market interest rates are based primarily on interest rates currently being offered on borrowings of similar amounts and terms. In addition, no valuation input adjustments were considered necessary relating to nonperformance risk for the debt agreements.

NOTE 11: Commitments and Contingencies

*Litigation* 

The Company may be the subject of threatened or pending legal actions and contingencies in the normal course of conducting our business. The Company provides for costs related to these matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of these matters on the Company's future results of operations and liquidity cannot be predicted because any such effect depends on

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##### [**Table of Contents**](#toc)
future results of operations and the amount or timing of the resolution of such matters. For certain types of claims, the Company maintains insurance coverage for personal injury and property damage, product liability and other liability coverages in amounts and with deductibles that it believes are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against the Company.

NOTE 12: Operating Segment

An operating segment is defined as a component of a public entity that engages in business activities and for which discrete financial information and operating results are available and regularly reviewed by the "Chief Operating Decision Maker" or "CODM", in deciding how to allocate resources and assess performance. The Company's Chief Executive Officer has been determined to be its CODM. The CODM manages the Company's business activities in a single operating and reportable segment focused on managing the Company's mineral portfolio and growing its mineral positions in its core focus areas. The financial information and operating results, including net income and total assets, used by the CODM to allocate resources, assess performance, and make key operating decisions are the same as that which is reported by the Company on the Income Statement and Balance Sheet, and the CODM does not use further disaggregated expenses or assets in deciding how to allocate resources and assess performance.

NOTE 13: Subsequent Event

On May 8, 2025, the Company entered into a definitive agreement to be acquired in an all-cash transaction that values the Company at $4.35 per share.

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##### [**Table of Contents**](#toc)
Three Rivers Royalty, LLC

**Financial Report** 

**with Supplemental Information** 

**December 31, 2024** 

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Contents

---

| | |
|:---|:---|
|  **[Independent Auditor's Report](#fin86452_62)** | F-117-118 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Balance Sheet](#fin86452_63) | F-119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin86452_64) | F-120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Member's Equity](#fin86452_65) | F-121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Cash Flows](#fin86452_66) | F-122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin86452_67) | F-123-132 |
|  **[Supplemental Information (Unaudited)](#fin86452_69)** | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Supplemental Oil and Gas Information (Unaudited)](#fin86452_68) | F-134-136 |

---

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##### [**Table of Contents**](#toc)
**Independent Auditor's Report** 

To the Member

Three Rivers Royalty, LLC

***Opinion***

We have audited the financial statements of Three Rivers Royalty, LLC (the "Company"), which comprise the balance sheet as of December 31, 2024 and 2023 and the related statements of operations, changes in member's equity, and cash flows for the years then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audits of the Financial Statements* section of our report. We are required to be independent of the Company and to meet our ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Emphasis of Matters***

As described in Note 10 to the financial statements, subsequent to December 31, 2024, the Company completed the sale of substantially all of the Company's oil and gas properties. Our opinion is not modified with respect to this matter.

We draw attention to Note 2, which describes the basis of presentation of the accompanying carve-out financial statements. These carve-out financial statements have been derived from the historical accounting records of San Jacinto Minerals, LLC and its consolidated subsidiary and reflect the assets, liabilities, revenue, and expenses as they would have been recorded had the carve-out entity operated as a separate legal entity. Our opinion is not modified with respect to this matter.

***Responsibilities of Management for the Financial Statements***

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued.

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##### [**Table of Contents**](#toc)
To the Member

Three Rivers Royalty, LLC

***Auditor's Responsibilities for the Audits of the Financial Statements***

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not a guarantee that audits conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing audits in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audits in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audits, significant audit findings, and certain internal control-related matters that we identified during the audits.

/s/ Plante & Moran, PLLC

Denver, Colorado

January 20, 2026

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Balance Sheet

**December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
| **Assets** | **Assets** | **Assets** |
|  **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $489722 | $298918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty receivable | 2873470 | 2159839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related parties (Note 9) | 119881 | 109999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 187 | 7872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity derivative instruments | 1877511 | 5293373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 5360771 | 7870001 |
|  **Oil and Gas Properties** - Using the successful efforts method of accounting |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proved oil and gas properties | 51674858 | 48334046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unproved oil and gas properties | 12048527 | 15367698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less accumulated depreciation, depletion, and amortization | 22404879 | 19015831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total oil and gas properties - Net | 41318506 | 44685913 |
|  **Other Assets** | 79167 | 70000 |
|  **Commodity Derivative Instruments** |  | 2248448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $**46758444** | $**54874362** |
| **Liabilities and Member's Equity** | **Liabilities and Member's Equity** | **Liabilities and Member's Equity** |
|  **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | $152947 | $522400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued and other current liabilities |  | 149711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 152947 | 672111 |
|  **Guarantee Obligation to Member** (Note 5) | 19540000 | 20800000 |
|  **Other Long-term Liabilities** |  | 10607 |
|  **Commodity Derivative Instruments** | 429306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 20122253 | 21482718 |
|  **Commitments and Contingencies** (Note 7) |  |  |
|  **Member's Equity** | 26636191 | 33391644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and member's equity | $**46758444** | $**54874362** |

---

See notes to financial statements.

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Statement of Operations

**Years Ended December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
|  **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas royalty revenue | $10356647 | $16172114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas liquids and oil royalty revenue | 1866153 | 2452325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mineral lease bonuses | 1614695 | 2863516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of oil and gas properties |  | 16998752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue and gain on sale | 13837495 | 38486707 |
|  **Operating Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gathering, processing, and transportation | 2415621 | 2900412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion, and amortization | 3389048 | 5312943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses | 506751 | 241268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative expenses - Related party (Note 9) | 485168 | 744573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 6796588 | 9199196 |
|  **Operating Income** | 7040907 | 29287511 |
|  **Nonoperating (Expense) Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on commodity derivatives | (158541) | 20859494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 93903 | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (2001697) | (3243013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total nonoperating (expense) income | (2066335) | 17621160 |
|  **Net Income** | $**4974572** | $**46908671** |

---

See notes to financial statements.

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Statement of Changes in Member's Equity

**Years Ended December 31, 2024 and 2023** 

---

| | | | |
|:---|:---|:---|:---|
|  | Net Member<br>Investment | Retained<br>Earnings | Total Member's<br>Equity |
|  **Balance** - January 1, 2023 | $(50985294) | $97637343 | $46652049 |
|  Net income |  | 46908671 | 46908671 |
|  Distributions to member | (60169076) |  | (60169076) |
|  **Balance** - December 31, 2023 | (111154370) | 144546014 | 33391644 |
|  Net income |  | 4974572 | 4974572 |
|  Distributions to member | (11730025) |  | (11730025) |
|  **Balance** - December 31, 2024 | $**(122884395)** | $**149520586** | $**26636191** |

---

See notes to financial statements.

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Statement of Cash Flows

**Years Ended December 31, 2024 and 2023** 

---

| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
|  **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $4974572 | $46908671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion, and amortization | 3389048 | 5312943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 90833 | 56000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized loss (gain) on commodity derivatives | 6093616 | (16863722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of oil and gas properties |  | (16998752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities that (used) provided cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty receivable | (713631) | 5784469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to/from related parties | (9882) | 8864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 7686 | 1849576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued and other liabilities | (529772) | 681808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | 13302470 | 26739857 |
|  **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of oil and natural gas mineral rights - Unproved properties | (21641) | (1630224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of oil and natural gas properties - Net |  | 52325588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in) provided by investing activities | (21641) | 50695364 |
|  **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments on guarantee obligation to member | (1260000) | (17000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt issuance costs | (100000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions to member | (11730025) | (60169076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in financing activities | (13090025) | (77169076) |
|  **Net Increase in Cash** | 190804 | 266145 |
|  **Cash** - Beginning of year | 298918 | 32773 |
|  **Cash** - End of year | $**489722** | $**298918** |
|  **Supplemental Cash Flow Information** - Cash paid for interest | $2096058 | $3222946 |

---

See notes to financial statements.

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 1 - Nature of Business** 

Three Rivers Royalty, LLC (the "Company"), a Texas limited liability company, was formed on September 13, 2015 for the purpose of managing and acquiring mineral and royalty assets for lease and royalty revenue. The Company owns oil and natural gas mineral and royalty interests in the Marcellus shale play in Pennsylvania and West Virginia.

The Company is a wholly owned subsidiary of San Jacinto Minerals, LLC (SJM). The Company sold its oil and gas properties to WhiteHawk Income Marcellus LLC (WhiteHawk) in 2025 (see Note 10).

SJM and its affiliated entities, San Jacinto Minerals II, LLC (SJM II); San Jacinto Minerals III, LLC (SJM III); and San Jacinto Minerals IV, LLC (SJM IV) (collectively, the "SJM Entities"), share common ownership and common management. Under a management services agreement between SJM II and the other SJM Entities (the "MSA"), SJM II is the named employer of those individuals providing services to the SJM Entities. Labor and other shared expenses are allocated amongst the SJM Entities based on the hours spent of such personnel (see Note 9). Direct costs of each of the individual SJM Entities are recorded based on the actual amounts incurred and recorded to the specific entity for which it relates.

In addition, the Company is the guarantor under SJM's Credit Agreement (see Note 5).

**Note 2 - Significant Accounting Policies** 

***Basis of Presentation***

The accompanying carve-out financial statements of the Company are presented in accordance with accounting principles generally accepted in the United States of America (GAAP).

These carve-out financial statements of the Company reflect the assets, liabilities, revenue, and expenses directly attributable to the Company, as well as allocations deemed reasonable by management, to present the Company's financial position, results of operations, changes in member's equity, and cash flows of the Company on a stand-alone basis. The allocation methodologies have been described within the notes to the financial statements where appropriate, and management considers the allocations to be reasonable.

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from those estimates.

Depreciation, depletion, and amortization (DD&A) and impairment of proved oil and gas properties are determined using estimates of oil and gas reserves. There are numerous uncertainties in estimating the quantity of reserves and in projecting the future rates of production and timing of development expenditures. Oil and gas reserve engineering must be recognized as a subjective process of estimating underground accumulations of oil and gas that cannot be measured in an exact way. The recoverability of unproved oil and gas properties and the allocation of certain expenses not specifically identifiable to the Company's revenue producing activities are also subject to estimation.

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 2 - Significant Accounting Policies (Continued)** 

***Cash***

The Company continually monitors its positions with, and the credit quality of, the financial institutions with which it invests. As of and during the years ended December 31, 2024 and 2023, cash balances were primarily held by one financial institution.

***Commodity Derivative Instruments***

SJM and the Company use commodity derivative instruments to provide a measure of stability to their cash flows in an environment of volatile oil and gas prices and to manage their exposure to oil and gas price volatility. All commodity derivative instruments are initially, and subsequently, measured at estimated fair value and recorded as assets or liabilities on the balance sheet.

SJM is the named counterparty to the commodity derivative contracts pertaining to the Company's natural gas production and natural gas volumes. As these commodity derivative instruments relate specifically to the Company's natural gas volumes, the fair values, and the related realized and unrealized gains/losses attributable thereto, have been pushed down to these financial statements for each of the years presented.

SJM and the Company have elected not to designate commodity derivative instruments as cash flow hedges. For commodity derivative instruments that do not qualify as cash flow hedges, changes in the estimated fair value of the contracts are recorded as gains and losses in the statement of operations. When commodity derivative instruments are settled, SJM and the Company recognize realized gains and losses in the statement of operations. Derivative cash flows are reported as cash flows from operating activities in the statement of cash flows (see Note 4).

***Deferred Financing Costs***

Costs associated with SJM's revolving line of credit (the "Credit Agreement") (see Note 5), for which the Company is the named guarantor, have been deferred and amortized to interest expense using the straight-line method over the term of the related financing and are included in other assets on the balance sheet.

***Revenue Recognition***

The Company's revenue is primarily derived from the sale of its produced oil and natural gas from wells in which the Company has nonoperated royalty interests.

The Company's produced oil and natural gas is produced and sold in the Pennsylvania and West Virginia geographic areas. Oil sales for the years ended December 31, 2024 and 2023 were $160,370 and $222,692, respectively. Natural gas sales for the years ended December 31, 2024 and 2023 were $10,356,647 and $16,172,114, respectively. Natural gas liquids sales for the years ended December 31, 2024 and 2023 were $1,705,783 and $2,229,633, respectively. Accounts receivable from royalty revenue were $8,163,666 as of January 1, 2023.

The sales of produced oil and natural gas are made under contracts that the operators of the wells have negotiated with customers, which typically include variable consideration based on monthly pricing tied to

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 2 - Significant Accounting Policies (Continued)** 

local indices and volumes delivered. While revenue is typically recorded at the point in time when control of the produced oil and natural gas transfers to the customer, statements and payment may not be received via the operator of the wells for one to three months after the date the produced oil and natural gas are delivered, and, as a result, the amount of production delivered to the customer and the price that will be received for the sale of the product are estimated utilizing production reports, market indices, and estimated differentials. Estimated revenue due to the Company is recorded within accounts receivable in the accompanying balance sheet until payment is received. Differences between the estimated amounts and the actual amounts received from the sale of the produced oil and natural gas are recorded when known, which is generally when statements and payment are received.

The Company utilizes the practical expedient in ASC 606, which states the Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. As the Company has determined that each unit of product generally represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to the remaining performance obligations is not required.

The Company also derives revenue from mineral lease bonuses. The Company generates lease bonus revenue by leasing its mineral interests to exploration and production companies. The lease agreements generally transfer the rights to any oil or natural gas discovered, grant the Company a right to a specified royalty interest, and require that drilling and completion operations commence within a specified time period or the lease will expire. The Company recognizes such lease bonus revenue once the lease agreement has been executed, payment is received, and the Company has no further obligation to refund the payment.

Given that the Company does not recognize lease bonus income until a lease agreement has been executed, at which point its performance obligation has been satisfied, and payment is received, the Company does not record revenue for unsatisfied or partially unsatisfied performance obligations as of the end of the reporting period.

***Unit-based Compensation***

The Company follows authoritative guidance that applies to unit-based awards, which requires entities to recognize compensation expense for awards issued to employees and others. Authoritative guidance also requires unit-based awards to employees and others by a related party or other holder of an economic interest in the entity to be accounted for as unit-based transactions if awards are for services provided by such employee and others (see Note 8).

***Concentrations of Credit Risk***

The Company's producing properties are all located in Pennsylvania and West Virginia, and the oil, condensate, natural gas, and natural gas liquids production is sold by various operators based on market index prices. For the years ended December 31, 2024 and 2023, three operators accounted for 99 percent of revenue. As of December 31, 2024 and 2023, three operators accounted for 99 percent of oil and gas revenue receivables. The risk of nonpayment by these purchasers is considered minimal, and the Company does not generally obtain collateral for sales. The Company continually monitors the credit standing of the

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 2 - Significant Accounting Policies (Continued)** 

primary purchasers and assesses the recoverability of the receivables to determine their collectibility. As the receivables are primarily with other entities within the oil and gas industry, such concentration may impact the Company's credit risk, as these entities may be similarly impacted by economic or other changes within the oil and gas industry.

The Company accrues a reserve for the allowance for credit losses based on management's current estimate of expected credit losses that includes historical credit loss experience of financial assets with similar risk characteristics, adjusted for management's current expectation of current conditions and reasonable and supportable forecasts. The risk of nonpayment is considered minimal; therefore, an allowance for doubtful accounts has not been recorded as of December 31, 2024 and 2023.

***Oil and Gas Properties***

The Company uses the successful efforts method of accounting for its oil and gas producing activities. Under this method of accounting, costs associated with the acquisition, drilling, and equipping of successful exploratory wells and costs of successful and unsuccessful development wells are capitalized and depleted, net of estimated salvage value, using the units of production on a field-by-field basis based upon proved oil and gas reserves. The Company's proved oil and gas reserve information was computed by applying the average first day of the month oil and gas price during each of the 12-month periods ended December 31, 2024 and 2023. Depletion expense associated with proved oil and gas properties for the years ended December 31, 2024 and 2023 was approximately $3,390,000 and $5,310,000, respectively. Exploration, geological costs, delay rentals, and drilling costs of unsuccessful exploratory wells are charged to expense as incurred.

Costs associated with unevaluated exploratory wells are excluded from the depletable basis until the determination of proved reserves, at which time those costs are reclassified to proved oil and gas properties and are subject to depletion. If it is determined that the exploratory well costs were not successful in establishing proved reserves, such costs are expensed at the time of such determination.

The Company reviews its oil and gas properties for impairment at least annually and whenever events and circumstances indicate a decline in the recoverability of their carrying value. The Company estimates the expected future cash flows of its proved oil and gas properties and compares such cash flows to the carrying amount of the proved oil and gas properties to determine if the amount is recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company will adjust its proved oil and gas properties to estimated fair value. The factors used to estimate fair value include estimates of proved reserves, future commodity prices adjusted for basis differentials, future production estimates, anticipated capital expenditures, and a discount rate commensurate with the risk associated with realizing the projected cash flows. The discount rate is a rate that management believes is representative of current market conditions and includes estimates for a risk premium and other operational risks. There were no proved oil and gas property impairments during the years ended December 31, 2024 and 2023.

Unproved oil and gas properties are assessed at least annually to determine whether they have been impaired by the drilling of dry holes on or near the related acreage or other circumstances that may indicate a decline in value. When unproved property is determined to be impaired, a loss equal to the portion impaired is recognized. If and when leases for unproved properties expire, the costs thereof are removed from the accounts and charged to expense. There were no unproved property impairments during the years ended December 31, 2024 and 2023.

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 2 - Significant Accounting Policies (Continued)** 

Upon the drilling of successful wells on unproved properties, the Company reclassifies cost basis from unproved to proved properties, at which time that cost basis is subject to depletion.

From time to time, the Company may sell its oil and gas properties. The partial sale of proved properties within an existing field is accounted for as a recovery of basis, and no gain or loss on divestiture is recognized as long as this treatment does not significantly affect the units-of-production depletion rate. The partial sale of unproved property is accounted for as a recovery of cost when substantial uncertainty exists as to the ultimate recovery of the cost applicable to the interest retained. A gain on divestiture activity is recognized to the extent that the sale price exceeds the carrying amount of the unproved property. A gain or loss is recognized for all other sales of proved and unproved properties. The Company had material sales of proved and unproved oil and gas properties during the years ended December 31, 2025 and 2023 (see Note 6).

***Income Taxes***

The Company is treated as a limited liability company for federal income tax purposes. Consequently, federal income taxes are not payable or provided for by the Company. The members of SJM are taxed individually on their pro rata ownership share of the Company's earnings. The Company's net income or loss is allocated among the members in accordance with the Company's operating agreement.

Beginning on January 1, 2018, new rules apply to Internal Revenue Service (IRS) audits of partnerships. Under these rules, adjustments resulting from an IRS audit may be assessed at the partnership level on behalf of the members. As of December 31, 2024, the Company has no tax years under audit.

**Note 3 - Fair Value Measurements** 

Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets and liabilities that the Company has the ability to access.

Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets and other inputs, such as interest rates and yield curves, that are observable at commonly quoted intervals.

Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset or liability. These Level 3 fair value measurements are based primarily on management's own estimates using pricing models, discounted cash flow methodologies, or similar techniques taking into account the characteristics of the asset or liability.

In instances where inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 3 - Fair Value Measurements (Continued)** 

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and 2023 and the valuation techniques used by the Company to determine those fair values:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets and Liabilities Measured at Fair Value on a Recurring Basis at<br>December 31, 2024 | Assets and Liabilities Measured at Fair Value on a Recurring Basis at<br>December 31, 2024 | Assets and Liabilities Measured at Fair Value on a Recurring Basis at<br>December 31, 2024 | Assets and Liabilities Measured at Fair Value on a Recurring Basis at<br>December 31, 2024 |
|  | Quoted Prices<br>in Active<br>Markets for<br>Identical Assets<br>(Level 1) | Significant Other<br>Observable<br>Inputs<br>(Level 2) | Significant Unobservable<br>Inputs<br>(Level 3) | Balance at<br>December 31,<br>2024 |
|  Commodity derivative instruments asset | $— | $1877511 | $— | $1877511 |
|  Commodity derivative instruments liability | $— | $(429306) | $— | $(429306) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Assets Measured at Fair Value on a Recurring Basis at<br>December 31, 2023 | Assets Measured at Fair Value on a Recurring Basis at<br>December 31, 2023 | Assets Measured at Fair Value on a Recurring Basis at<br>December 31, 2023 | Assets Measured at Fair Value on a Recurring Basis at<br>December 31, 2023 |
|  | Quoted Prices<br>in Active<br>Markets for<br>Identical Assets<br>(Level 1) | Significant Other<br>Observable<br>Inputs<br>(Level 2) | Significant Unobservable<br>Inputs<br>(Level 3) | Balance at<br>December 31,<br>2023 |
|  Commodity derivative instruments asset | $— | $7541821 | $— | $7541821 |

---

The Company's derivative instruments consist of commodity swaps. The Company estimates the fair values of its commodity swaps under the income valuation technique using a discounted cash flow model. The valuation models require a variety of inputs, including contractual terms, published forward prices, and discount rates, as appropriate. The Company's estimates of the fair value of commodity derivative instruments include consideration of the counterparty's creditworthiness, the Company's creditworthiness, and the time value of money. The consideration of these factors results in an estimated exit price for each derivative asset or liability under a marketplace participant's view. The Company believes that the valuation methods utilized are appropriate and consistent with the fair value standards and with other market participants. All of the significant inputs are observable, either directly or indirectly; therefore, the Company's commodity swap instruments are included within the Level 2 fair value hierarchy.

The financial and nonfinancial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company's policy is to recognize transfers in and/or out of the fair value hierarchy as of the beginning of the reporting period in which the event or change in circumstances caused the transfer.

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 4 - Derivative Instruments** 

As discussed in Note 2, SJM and the Company periodically enter into various commodity derivative instruments to mitigate a portion of the effect of natural gas price fluctuations. SJM and the Company classify the fair value amounts of derivative assets and liabilities as net current or noncurrent derivative assets or net current or noncurrent derivative liabilities, whichever the case may be, by commodity and counterparty.

At December 31, 2024 and 2023, the fair values attributable to commodity derivative instruments in which SJM was the named party to the derivative agreements have been allocated to the Company because such commodity derivatives relate specifically to the Company's natural gas volumes and are as follows. Subsequent to December 31, 2024, in connection with the sale to WhiteHawk, all outstanding derivatives were extinguished (see Note 10). The fair values as of December 31, 2024 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Product and Type of<br>Hedging Contract | Total Mcf<br>(Natural Gas) | Settlement<br>Price | Index | Settlement<br>Period | Estimated Fair<br>Value |
|  Swaps: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 61000 | $2.3 | Platts IFERC Tetco M2 | 2025 | $(14291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 322000 | 2.64 | Platts IFERC Tetco M2 | 2025 | (9446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 1810000 | 3.85 | Platts IFERC Tetco M2 | 2025 | 1825946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 370000 | 3.87 | NYMEX 1st H Hub | 2025 | 118972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 230000 | 3.74 | NYMEX 1st H Hub | 2025 | (49472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 598000 | -1.00 | Platts IFERC Tetco M2 | 2025 | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 255500 | 2.3 | Platts IFERC Tetco M2 | 2026 | (126293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 255000 | 4.12 | NYMEX 1st H Hub | 2026 | (29848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 225000 | -1.00 | Platts IFERC Tetco M2 | 2026 | (102474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 641000 | 2.4 | Platts IFERC Tetco M2 | 2026 | (170691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $1448205 |

---

The fair values as of December 31, 2023 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Product and Type of<br>Hedging Contract | Total Mcf<br>(Natural Gas) | Settlement<br>Price | Index | Settlement<br>Period | Estimated<br>Fair Value |
|  Swaps: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 1830000 | $3.76 | Platts IFERC Tetco M2 | 2024 | $3541909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 1830000 | 2.76 | Platts IFERC Tetco M2 | 2024 | 1751464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 1810000 | 3.85 | Platts IFERC Tetco M2 | 2025 | 2084716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural gas | 370000 | 3.87 | NYMEX 1st H Hub | 2025 | 163732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  | $7541821 |

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As of December 31, 2024, the Company had $1,950,720 of gross current commodity instrument assets offset by $73,209 of current liabilities, resulting in a net current commodity derivative asset of $1,877,511. The Company had $429,306 of gross noncurrent commodity derivative liabilities, with no assets offsetting the balance.

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 4 - Derivative Instruments (Continued)** 

As of December 31, 2023, the Company had $5,293,373 of gross current commodity instrument assets, with no liabilities offsetting the balance. The Company had $2,248,448 of gross noncurrent commodity instrument assets, with no liabilities offsetting the balance.

Due to the volatility of natural gas prices, the estimated fair values of SJM's and the Company's commodity derivative instruments are subject to large fluctuations from period to period.

The counterparty to SJM and the Company's derivative instruments is East West Bank. The Company and SJM are not required to post collateral with East West Bank since the Credit Agreement (see Note 5) is collateralized by the Company's oil and gas assets.

For the years ended December 31, 2024 and 2023, the gains and losses recognized in the statement of operations attributable to derivative instruments are as follows:

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| | | |
|:---|:---|:---|
|  | 2024 | 2023 |
|  Realized gain on commodity derivative instruments | $5935075 | $3995772 |
|  Unrealized (loss) gain on commodity derivative instruments | (6093616) | 16863722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $(158541) | $20859494 |

---

**Note 5 - Guarantee Obligation to Member** 

In December 2016, SJM entered into a credit agreement with East West Bank with a maximum commitment of $75,000,000. The Credit Agreement, as subsequently amended, requires monthly interest payments that bear interest at rates ranging from SOFR plus 2.75 to SOFR plus 3.75 percent, depending on utilization (8.24 percent at December 31, 2024). The borrowing base is redetermined semiannually, and repayment of borrowings is required in the event the redetermined borrowing base is less than outstanding borrowings or on the maturity date.

The Credit Agreement also has an excess cash threshold, where cash balances held by SJM in excess of $4,000,000 on each available cash measurement date are to be used to pay down outstanding amounts under the Credit Agreement. The Credit Agreement contains financial covenants requiring minimum current, maximum leverage, and interest coverage ratios. As of December 31, 2024, SJM was in compliance with these financial covenants. The Credit Agreement contains restrictive covenants, including the limitation of paying distributions, certain transfers of the equity interests in SJM, and incurring additional indebtedness. Additionally, SJM is required to enter into and maintain commodity derivative transactions covering 50 to 90 percent of the anticipated oil and natural gas production, or anticipated receipt of royalties, from its proved developed producing properties. The Credit Agreement is collateralized by all mineral interests of Three Rivers Royalty, LLC. As of December 31, 2024, the outstanding amount borrowed under the Credit Agreement was $19,540,000.

The named borrower on the Credit Agreement is SJM, and the Company is the named guarantor. As the Company's oil and gas properties are the primary collateral under the Credit Agreement, and the Company's operations provide substantially all of the cash flows required for debt service, all amounts outstanding under the Credit Agreement as of December 31, 2024 and 2023, and all related interest expense for the years then ended, have been pushed down to the Company's accompanying balance sheet as an obligation attributable to the Company's guarantee of amounts outstanding.

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 5 - Guarantee Obligation to Member (Continued)** 

As of December 31, 2024, the borrowing base was $25,000,000 and the maturity date of the Credit Agreement was July 2027. In connection with the 2025 sale of properties to WhiteHawk (see Note 10), all outstanding amounts under the Credit Agreement were repaid and the Credit Agreement was terminated.

**Note 6 - Oil and Gas Property Sales** 

In 2023, the Company sold approximately 33 percent of its interests in its oil and gas properties to WhiteHawk Income Marcellus LLC for net proceeds of approximately $52,300,000. The transaction closed on November 13, 2023. As a part of the sale, the Company sold $20,464,381 of unproved property, which was accounted for as a recovery of basis, and no gain was recognized. Additionally, the Company sold $14,862,456 of proved properties, which resulted in a net gain of $16,998,752.

The results of the oil and gas properties sold in 2023 have not been disclosed separately from continued operations within these financial statements because the sale did not represent a strategic shift in operations for the Company.

Subsequent to December 31, 2024, the remaining oil and gas properties of the Company were sold to WhiteHawk (see Note 10). The Company's proved and unproved oil and gas properties have not been presented as assets held for sale, as the criteria pertaining to such within the authoritative guidance were not met as of December 31, 2024.

**Note 7 - Commitments and Contingencies** 

The Company is occasionally named a party to lawsuits in the normal course of business. In the opinion of management, the resolution of these lawsuits will not have a material adverse effect on the Company's financial position or results of operations.

**Note 8 - Member's Equity** 

The Company was formed in 2015, pursuant to a limited liability company agreement, as amended (the "Agreement"). The Agreement provides for the authorization of one class of common interests, in which SJM is the sole member.

Certain employees of SJM and SJM II (see Note 9) that provide management and administrative services to the Company were granted management incentive units of SJM (the "MIUs"). The MIUs entitle the holders to the right to receive distributions from SJM upon the attainment of specific payout thresholds. MIUs vest upon service conditions or performance conditions related to monetization events. All granted MIUs had *de minimis* grant-date fair value, and, as such, no compensation expense was required to be recognized by the Company.

**Note 9 - Related Party Transactions** 

As discussed in Note 1, during 2017, SJM entered into the MSA with SJM II, an entity with common ownership and common management, whereby shared management services and general overhead of the SJM Entities are allocated based on time incurred. SJM III and SJM IV subsequently became parties to the MSA. The MSA is subject to automatic annual renewals.

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**Three Rivers Royalty, LLC** 

Notes to Financial Statements

**December 31, 2024 and 2023** 

**Note 9 - Related Party Transactions (Continued)** 

For the years ended December 31, 2024 and 2023, the Company incurred services and shared general overhead from SJM II of approximately $485,000 and $745,000, respectively, all of which has been included in general and administrative expenses on the accompanying statement of operations of the Company. As of December 31, 2024 and 2023, the Company had a receivable due from SJM II totaling approximately $92,000 and $110,000, respectively, which has also been recorded on the Company's accompanying balance sheet.

Additionally, the Company had a receivable due from SJM III totaling approximately $28,000 as of December 31, 2024, which is included within related party receivables on the accompanying balance sheet. There were no amounts due from SJM III as of December 31, 2023.

During 2017, SJM and SJM II entered into an agreement whereby SJM and the Company's prospective mineral acquisitions shall be restricted to (1) certain counties within Pennsylvania or within two miles of existing Company mineral interests and (2) amounts less than $2.0 million. Furthermore, SJM and the Company may offer SJM II the right to participate in mineral interest acquisitions.

**Note 10 - Subsequent Events** 

On March 31, 2025, the Company entered into a definitive purchase and sale agreement (the "PSA") with WhiteHawk. Under the PSA, substantially all of the remaining oil and gas properties of the Company were sold at a base purchase price of $118,000,000.

Subsequent to year end, SJM and the Company terminated all outstanding commodity derivative instrument contracts. The termination resulted in net cash settlement payments of approximately $2,091,000.

Subsequent to year end, SJM and the Company paid off all amounts outstanding on the Credit Agreement, including all unpaid interest, resulting in payments of approximately $21,600,000.

The Company has evaluated all subsequent events up through and including January 20, 2026, which is the date these financial statements were available to be issued.

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Supplemental Information (Unaudited)

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##### [**Table of Contents**](#toc)
**Three Rivers Royalty, LLC** 

Supplemental Information (Unaudited)

**December 31, 2024 and 2023** 

**Supplemental Oil and Gas Information (Unaudited)** 

***Oil and Natural Gas Reserve Quantities***

The estimates of proved oil and natural gas reserves and discounted future net cash flows for the Company's oil and gas properties as of December 31, 2024 and 2023 were prepared using historical data and other information by qualified petroleum engineers engaged by the Company. Users of this information should be aware that the process of estimating quantities of proved oil and natural gas reserves is complex, requiring significant subjective decisions to be made in the evaluation of geologic, engineering, and economic data for each reservoir. The data for any given reservoir may also change substantially over time as a result of numerous factors, including, but not limited to, additional development activity, production history, and continual reassessment of the viability of production under varying economic conditions. As a result, revisions to existing reserve estimates may occur from time to time.

The estimated proved net recoverable reserves presented below include only those quantities of oil and natural gas that geologic and engineering data demonstrate with reasonable certainty to be recoverable in future periods from known reservoirs under existing economic, operating, and regulatory practices. In accordance with SEC's guidelines, estimates of proved reserves from which present values are derived were based on the unweighted 12-month average price of the first day of the month price for the period and held constant. Proved developed reserves represent only those reserves estimated to be recovered through existing wells. When and if the Company has insight into the development plans for each of the operators in which the Company holds royalty interests, the Company will recognize proved undeveloped reserves. All of the oil and gas reserves set forth herein are in the United States and are proved reserves.

The estimated rounded quantities of proved oil and natural gas reserves and changes in net proved reserves are summarized below for the year ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Oil (MBbl) | Gas (MMcf) | Liquids (Mbbl) | Total (MMcfe) |
|  Balance - December 31, 2023 | 13 | 43250 | 520 | 46448 |
|  Revisions | (3) | (2840) | 29 | (2684) |
|  Extensions | 11 | 14943 | 233 | 16407 |
|  Production | (3) | (5826) | (68) | (6252) |
|  Balance - December 31, 2024 | 18 | 49527 | 714 | 53919 |
|  Proved developed reserves at December 31, 2023 | 13 | 43250 | 520 | 46448 |
|  Proved developed reserves at December 31, 2024 | 18 | 49527 | 714 | 53919 |

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**Three Rivers Royalty, LLC** 

Supplemental Information (Unaudited)

**December 31, 2024 and 2023** 

**Supplemental Oil and Gas Information (Unaudited) (Continued)** 

The estimated rounded quantities of proved oil and natural gas reserves and changes in net proved reserves are summarized below for the year ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Oil (MBbl) | Gas (MMcf) | Liquids (MBbl) | Total (MMcfe) |
|  Balance - December 31, 2022 | 25 | 61879 | 810 | 66889 |
|  Revisions | (3) | 519 | 14 | 585 |
|  Extensions | 4 | 13388 | 78 | 13880 |
|  Divestitures of reserves | (10) | (24131) | (289) | (25925) |
|  Production | (3) | (8405) | (93) | (8981) |
|  Balance - December 31, 2023 | 13 | 43250 | 520 | 46448 |
|  Proved developed reserves at December 31, 2022 | 25 | 61879 | 810 | 66889 |
|  Proved developed reserves at December 31, 2023 | 13 | 43250 | 520 | 46448 |

---

During the year ended December 31, 2024, the Company's total extensions of 16,407 MMcfe resulted primarily from the drilling of 120 new gross wells (0.532 net wells). The Company's downward revisions of previous estimated quantities of 2,684 were primarily attributable to lower commodity prices and were not significant.

During the year ended December 31, 2023, the Company divested of 25,925 MMcfe from 33 percent of the Company's interest across 1,324 wells. The Company's total extensions of 13,880 MMcfe resulted from the drilling of 271 new gross wells (0.345 net wells). The Company's total downward revisions of previous estimated quantities of 0.585 MMcfe were primarily attributable to lower commodity prices and were not significant.

***Standardized Measure***

A standardized measure of future net cash flows and changes therein relating to estimated proved reserves is computed in accordance with authoritative accounting guidance. The assumptions used to compute the standardized measure are those prescribed by the Financial Accounting Standards Board and the SEC. These assumptions do not necessarily reflect expectations of actual revenue to be derived from those reserves nor their present value amount. The limitations inherent in the reserve quantity estimation process, as discussed previously, are equally applicable to the standardized measure computations since these reserve quantity estimates are the basis for the valuation process.

Future cash inflows and production and development costs are determined by applying prices and costs, including transportation, quantity, and basis differentials, to the year-end estimated future reserve quantities. The following prices, as adjusted for transportation, quality, and basis differentials, were used in the calculation of the standardized measure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
|  Oil (per Bbl) |  | 71.95 |  | 74.95 |
|  Gas (per Mcf) |  | 1.44 |  | 1.75 |
|  Liquids (per Bbl) |  | 23.93 |  | 25.00 |

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**Three Rivers Royalty, LLC** 

Supplemental Information (Unaudited)

**December 31, 2024 and 2023** 

**Supplemental Oil and Gas Information (Unaudited) (Continued)** 

Future operating costs are determined based on estimates of expenditures to be incurred in developing and producing the proved reserves in place at the end of the period using year-end costs and assuming continuation of existing economic conditions. The standardized measure presented here does not include the effects of federal income taxes, as the Company is taxed as a partnership and not subject to federal income taxes. The resulting future net cash flows are reduced to present value amounts by applying a 10 percent annual discount factor.

The standardized measure of discounted net cash flows related to the Company's proved oil and natural gas reserves as of December 31, 2024 and 2023 is as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Future cash inflows | $89726000 | $88555000 |
|  Future production costs | (72000) | (44000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future net cash flows | 89654000 | 88511000 |
|  10 percent annual discount for estimated timing of cash flows | (44566000) | (44193000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standardized measure of discounted future net cash flows | $45088000 | $44318000 |

---

The changes in the standardized measure of the future net cash flows related to proved oil and natural gas reserves for the years ended December 31, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Balance - Beginning of the year | $44318000 | $190478885 |
|  Net change in prices and production costs | (5458830) | (99042825) |
|  Sales of oil and gas produced - Net of production costs | (9807179) | (15724027) |
|  Extensions | 15441863 | 13520166 |
|  Divestiture of reserves |  | (66193699) |
|  Revisions of previous quantity estimates | (2579131) | 569946 |
|  Accretion of discount | 4431800 | 19047889 |
|  Changes in timing and other | (1258523) | 1661665 |
|  Standardized measure of future net cash flows - End of year | $45088000 | $44318000 |

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**ANNEX A** 

**GLOSSARY OF NATURAL GAS AND OIL TERMS** 

The following are abbreviations and definitions of certain terms used in this document, which are commonly used in the natural gas and oil industry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Basin*. A geographic area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Bbl*. One stock tank barrel of 42 U.S. gallons liquid volume used herein in reference to crude oil,
condensate or NGLs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Bcf/d*. Billion cubic feet per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *British thermal unit or Btu*. The quantity of heat required to raise the temperature of a one-pound mass of water from 58.5 to 59.5 degrees Fahrenheit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Completion*. Installation of permanent equipment for hydraulic fracturing for production of natural gas,
NGLs or oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Condensate*. A mixture of hydrocarbons that exists in the gaseous phase at original reservoir
temperature and pressure, but that, when produced, is in the liquid phase at surface pressure and temperature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Developed acreage*. The number of acres allocated or assignable to producing wells or wells capable of
production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Development costs*. Costs incurred to obtain access to proved reserves and to provide facilities for
extracting, treating, gathering and storing natural gas, NGLs and oil. For a complete definition of development costs, refer to the SEC's Regulation S-X, Rule 4-10(a)(7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Development project*. The means by which petroleum resources are brought to the status of economically
producible. As examples, the development of a single reservoir or field, an incremental development in a producing field or the integrated development of a group of several fields and associated facilities with a common ownership may constitute a
development project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Differential*. An adjustment to the price of oil or natural gas from an established spot market price to
reflect differences in the quality and/or location of oil or natural gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Drilling spacing unit or DSU*. Areas designated in a spacing order or unit designation as a unit and within
which operators drill wellbores to develop our oil and natural gas rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dry gas*. Natural gas that occurs in the absence of condensate or liquid hydrocarbons, or gas that has had
condensable hydrocarbons removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Dry hole* or *dry well*. A well found to be incapable of producing
hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *E&P*. Exploration and production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Economically producible*. The term economically producible, as it relates to a resource, means a resource
that generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. For a complete definition of economically producible, refer to the SEC's Regulation S-X, Rule 4-10(a)(10).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *EIA*. U.S. Energy Information Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Estimated ultimate recovery.* The sum of reserves remaining as of a given date and cumulative
production as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Exploratory well.* A well drilled to find a new field or to find a new reservoir in a field previously
found to be productive of natural gas or crude oil in another reservoir.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *FERC*. Federal Energy Regulatory Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *FID*. Final investment decision by a sponsor whereby such sponsor awards to a qualified contractor an
engineering, procurement and construction contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Field*. An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the
same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations. For a complete definition of field, refer to
the SEC's Regulation S-X, Rule 4-10(a)(15).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Formation*. A layer of rock that has distinct characteristics that differs from nearby rock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gross DSU acres*. The total acres within a drilling spacing unit, as the case may be, in which a mineral or
royalty interest is owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gross well.* A well in which a mineral interest is owned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Held by production*. Acreage covered by a mineral lease that perpetuates a company's right to operate
a property as long as the property produces a minimum paying quantity of natural gas, NGLs or oil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Horizontal drilling*. A drilling technique used in certain formations where a well is drilled vertically to
a certain depth and then drilled at a right angle within a specified interval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Henry Hub*. Widely used benchmark for the pricing of natural gas in the United States and a distribution
hub.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Horizontal well*. An oil or gas well that has sections that have been drilled to a horizontal or roughly
horizontal inclination from vertical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Hydraulic fracturing*. Process involving the high-pressure injection of water, sand and additives into rock
formations to stimulate natural gas and crude oil production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *LNG*. Liquefied natural gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MBbl*. One thousand barrels of crude oil, condensate or NGLs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mcf*. One thousand cubic feet of natural gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mcfe*. One thousand cubic feet of natural gas equivalent, determined by using the ratio of six Mcf of
natural gas to one Bbl of crude oil, condensate of natural gas liquids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mcf/d*. One Mcf per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mcfe/d*. One Mcfe per day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MMBbl*. One million barrels of crude oil, condensate or NGLs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MMBtu*. One million British thermal units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *MMcf*. One million cubic feet of natural gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net mineral acres*. Calculated by multiplying the total gross acres by an owner's mineral or royalty
interest. For example, an owner who owns a 25%, or 1/4<sup>th</sup>, royalty interest in 100 acres has 25 net mineral acres.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net production*. Production on our properties calculated net to our royalty interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net well.* Calculated by multiplying the number of gross wells in which a mineral interest is owned by
the net revenue interest in such wells. An owner with a 1.0% net revenue interest in 100 wells would own one gross well (100 multiplied by 1.0% = 1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *NGLs*. Natural gas liquids. Hydrocarbons found in natural gas that may be extracted as liquefied petroleum
gas and natural gasoline.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *NRAs (1/8 Basis) or net royalty acres (1/8 Basis).* The hypothetical number of acres in which an owner
owns a standardized 12.5%, or 1/8<sup>th</sup>, royalty interest based on the actual number of net mineral acres in which such owner has an interest and the average royalty interest such owner has in such
net mineral acres. For example, an owner who has a 25%, or 1/4<sup>th</sup>, royalty interest in 100 net mineral acres would hypothetically own 200 NRAs on a
1/8<sup>th</sup> basis (100 multiplied by 25% divided by 12.5%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *NRAs (Actual 100% Basis) or net royalty acres (Actual or 100% Basis)*. The actual number of
acres in which an owner owns a standardized 100% royalty interest based on the actual number of net mineral acres in which such owner has an interest and the average royalty interest such owner has in such net mineral acres. For example, an owner
who has a 25%, or 1/4<sup>th</sup>, royalty interest in 100 net mineral acres would own 25 NRAs on an actual or a 100% basis (100 multiplied by 25%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *NRI*. Net revenue interest. The net royalty, overriding royalty, production payment and net profits
interests in a particular tract or well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *NYMEX*. The New York Mercantile Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operators*. The individual, company or third-party natural gas operators responsible for the development
and/or production of an oil or natural gas well or lease. Some of our operators include EQT Corporation (NYSE: EQT), Range Resources Corporation (NYSE: RRC), CNX Resources Corporation (NYSE: CNX), Antero Resources Corporation (NYSE: AR), Expand
Energy Corporation (NASDAQ: EXE), Comstock Resources, Inc. (NYSE: CRK) and Aethon Energy Management LLC (recently rebranded as "Adamas Energy," wholly owned by Mitsubishi).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Overriding royalty interest*. Interest in the natural gas and oil produced under a lease, or the proceeds
from the sale thereof, apportioned out of the working interest, to be received free and clear of all costs of development, operation or maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *PDP*. Proved developed producing reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Play*. A geographic area with hydrocarbon potential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Possible reserves*. Reserves that are less certain to be recovered than probable reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Probable reserves*. Reserves that are less certain to be recovered than proved reserves but that, together
with proved reserves, are as likely as not to be recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Production or produced*. Volumes of natural gas, NGL and oil that have been both produced and sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Productive well*. A well that is found to be capable of producing hydrocarbons in sufficient quantities
such that proceeds from the sale of the production exceed production expenses and taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Prospect.* A specific geographic area that, based on supporting geological, geophysical or other data and
also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Proved developed reserves*. Reserves that can be expected to be recovered through (i) existing wells
with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well or (ii) through installed extraction equipment and infrastructure operational at the time of
the reserves estimate if the extraction is by means not involving a well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Proved reserves*. Those quantities of natural gas, NGLs and crude oil, which, by analysis of geoscience and
engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations prior to the time at
which contracts providing the right to operate expire, unless evidence indicates renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must
have commenced or the operator must be reasonably certain that it will commence the project within a

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reasonable time. For a complete definition of proved oil and natural gas reserves, refer to the SEC's Regulation S-X, Rule 4-10(a)(22).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Proved undeveloped reserves or PUDs*. Proved reserves expected to be recovered from new wells on undrilled
acreage or from existing wells where a relatively major expenditure is required for recompletion. Undrilled locations can be classified as having proved undeveloped reserves only if a development plan has been adopted indicating that such locations
are scheduled to be drilled within five years, unless specific circumstances justify a longer time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Realized price*. The cash market price less all expected quality, transportation and demand adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reasonable certainty*. A high degree of confidence that quantities will be recovered. For a complete
definition of reasonable certainty, refer to the SEC's Regulation S-X, Rule 4-10(a)(24).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Recompletion*. The completion for production of an existing wellbore in another formation from that which
the well has been previously completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reliable technology*. Reliable technology is a grouping of one or more technologies (including
computational methods) that has been field tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reserves*. Estimated remaining quantities of oil and natural gas and related substances anticipated to be
economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue
interest in the production, installed means of delivering oil and natural gas or related substances to market and all permits and financing required to implement the project. Reserves should not be assigned to adjacent reservoirs isolated by major,
potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources
from undiscovered accumulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reservoir*. A porous and permeable underground formation containing a natural accumulation of producible
oil and/or natural gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Resources*. Quantities of natural gas, NGLs and oil estimated to exist in naturally occurring
accumulations. A portion of the resources may be estimated to be recoverable and another portion may be considered to be unrecoverable. Resources include both discovered and undiscovered accumulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Royalty*. An interest in an oil and natural gas lease that gives the owner the right to receive a portion
of the production from the leased acreage (or of the proceeds from the sale thereof), but does not require the owner to pay any portion of the production or development costs on the leased acreage. Royalties may be either landowner's
royalties, which are reserved by the owner of the leased acreage at the time the lease is granted, or overriding royalties, which are usually reserved by an owner of the leasehold in connection with a transfer to a subsequent owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Spacing*. The distance between wells producing from the same reservoir. Spacing is often expressed in terms
of acres, e.g., 40-acre spacing, and is often established by regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Unconventional.* An area believed to be capable of producing natural gas and crude oil occurring in
accumulations that are regionally extensive, but may lack readily apparent traps, seals and discrete hydrocarbon water boundaries that typically define conventional reservoirs. These areas tend to have low permeability and may be closely associated
with source rock, as is the case with gas and oil shale,

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tight gas and oil sands, and coalbed methane, and generally require horizontal drilling, fracture stimulation treatments or other special recovery processes in order to achieve economic production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Undeveloped acreage*. Lease acreage on which wells have not been drilled or completed to a point that would
permit the production of commercial quantities of natural gas, NGLs or oil regardless of whether such acreage contains proved reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Unit*. The joining of all or substantially all interests in a reservoir or field, rather than a single
tract, to provide for development and operation without regard to separate property interests. Also, the area covered by a unitization agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Weighted Average Royalty.* The weighted average of our royalty interests is used to approximate the average
net royalty acres for our mineral interests. Calculated as the sum of the products of net mineral acres and royalty percentage, divided by the total royalty percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Wellbore*. The hole drilled by the bit that is equipped for natural gas production on a completed well.
Also called well or borehole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Working interest*. The right granted to the lessee of a property to develop, produce and own natural gas,
NGLs, oil or other minerals. The working interest owners bear the exploration, development and operating costs on either a cash, penalty or carried basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *WIP*. Wells-in-progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *WTI*. West Texas Intermediate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shares**![LOGO](g86452g96m82.jpg)

**Class A Common Stock** 

**Preliminary Prospectus** 

***Joint Lead Bookrunners***

---

| | | |
|:---|:---|:---|
| **Raymond James** | **Stifel** | **J.P. Morgan** |

---

***Bookrunning Managers***

---

| | |
|:---|:---|
| **Capital One Securities** | **Stephens Inc.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2026** 

Until , 2026 (25 days after the date of this prospectus), all dealers that buy, sell or trade in shares of these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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**PART II — INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13. Other Expenses of Issuance and Distribution.** 

The following table sets forth all costs and expenses, other than the underwriting discount, paid or payable by us in connection with the sale of the common stock being registered. All amounts shown are estimates except for the SEC registration fee, FINRA filing fee and the listing fee for .

---

| | |
|:---|:---|
|  | **Amount to be<br>Paid** |
|  SEC Registration Fee | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
|  FINRA filing fee | \* |
|  Stock exchange listing fee | \* |
|  Printing | \* |
|  Legal fees and expenses | \* |
|  Accounting fees and expenses | \* |
|  Transfer agent and registrar fees | \* |
|  Miscellaneous expenses | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total: | $\* |

---

\* To be filed by amendment.

**Item 14. Indemnification of Officers and Directors.** 

Section 102 of the DGCL allows a corporation to provide in its certificate of incorporation that a director or officer of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law, obtained an improper personal benefit or, with respect to an officer only, in any action by or in the right of the corporation. Our amended and restated certificate of incorporation, which will become effective upon the closing of this offering, will provide that no director or officer of WhiteHawk Income Corporation shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary duty as a director or officer, as applicable, to the fullest extent permitted by applicable law as it may be amended.

Section 145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities (collectively, "Covered Persons"), against expenses (including attorneys' fees) (and, with respect to actions other than actions brought by or in the right of the corporation, judgments, fines and amounts paid in settlement) actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he or she was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Delaware Court of Chancery or such other court shall deem proper.

Our amended and restated bylaws will authorize the indemnification of our officers and directors, to the fullest extent permitted by applicable law, or a Covered Person, including an officer or director, who was or is made or

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##### [**Table of Contents**](#toc)
is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Company or, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, employee or agent of another corporation or of a partnership, limited liability company, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except as otherwise provided in our amended and restated bylaws, the Company shall be required to indemnify a Covered Person in connection with a proceeding (or part thereof) commenced by such Covered Person only if the commencement of such proceeding (or part thereof) by the Covered Person was authorized in the specific case by the board of directors.

We intend to enter into indemnification agreements with each of our executive officers and directors. These agreements, among other things, will require the Company to indemnify each executive officer and director to the fullest extent permitted by Delaware law, including indemnification of expenses, such as attorneys' fees, judgments, fines and settlement amounts incurred by the director or executive officer in any action or proceeding, including any action or proceeding by or in right of the Company, arising out of the person's services as a director or executive officer.

Our amended and restated certificate of incorporation also provides that the Corporation shall have the power to provide rights to indemnification and advancement of expenses to its current and former officers, directors, employees and agents and to any person who is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.

We expect to maintain standard policies of insurance that provide coverage (i) to our directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (ii) to the Company with respect to indemnification payments that it may make to such directors and officers.

In any underwriting agreement we enter into in connection with the sale of common stock being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act against certain liabilities.

**Item 15. Recent Sales of Unregistered Securities.** 

From January 1, 2023 to May 20, 2026, we made sales or issuances to certain accredited investors of unregistered shares of Class A common stock listed in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  2/7/2023 | 14625 | $358235.00 | $23499.78 |
|  2/24/2023 | 49628 | $1232721.50 | $97281.54 |
|  3/7/2023 | 8898 | $222450.00 | $18908.25 |
|  3/22/2023 | 40524 | $982305.00 | $54377.33 |
|  4/7/2023 | 7480 | $187000.00 | $15895.00 |
|  4/21/2023 | 20313 | $500003.31 | $35825.08 |
|  4/28/2023 | 11600 | $290000.00 | $24650.00 |
|  5/5/2023 | 6377 | $157191.50 | $11261.79 |
|  5/22/2023 | 10653 | $259945.50 | $16098.64 |
|  6/5/2023 | 10168 | $254200.00 | $21607.00 |
|  6/23/2023 | 28012 | $688492.00 | $47422.30 |
|  6/30/2023 | 11938 | $293983.00 | $20789.58 |
|  7/21/2023 | 13895 | $340932.87 | $22920.10 |
|  8/7/2023 | 16993 | $419975.88 | $31136.17 |

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  8/22/2023 | 19730 | $493125.00 | $41790.94 |
|  8/28/2023 | 13823 | $343980.50 | $27739.51 |
|  9/6/2023 | 3463 | $84980.50 | $5724.51 |
|  9/21/2023 | 23070 | $576625.00 | $49013.13 |
|  9/29/2023 | 32947 | $823675.00 | $70012.38 |
|  10/5/2023 | 10040 | $251000.00 | $21335.00 |
|  10/23/2023 | 38260 | $956375.00 | $81167.20 |
|  11/7/2023 | 26289 | $654991.50 | $53574.79 |
|  11/21/2023 | 22228 | $549958.00 | $41348.95 |
|  12/6/2023 | 5800 | $145000.00 | $12325.00 |
|  12/21/2023 | 24766 | $615466.06 | $48841.63 |
|  12/27/2023 | 3120 | $78000.00 | $6630.00 |
|  1/11/2024 | 8005 | $199999.68 | $16874.97 |
|  1/26/2024 | 11400 | $285000.00 | $24225.00 |
|  2/8/2024 | 4128 | $100008.00 | $5500.20 |
|  2/22/2024 | 24727 | $614984.50 | $49274.61 |
|  3/8/2024 | 7950 | $198499.38 | $16622.45 |
|  3/22/2024 | 6188 | $149918.00 | $8247.95 |
|  3/28/2024 | 5306 | $130091.00 | $8652.28 |
|  4/4/2024 | 1000 | $25000.00 | $2125.00 |
|  4/25/2024 | 10752 | $268800.00 | $22848.00 |
|  4/30/2024 | 2110 | $49585.00 | $1239.63 |
|  5/8/2024 | 2400 | $60000.00 | $5100.00 |
|  5/22/2024 | 12520 | $313000.00 | $26605.00 |
|  6/5/2024 | 6824 | $164864.00 | $8621.36 |
|  6/19/2024 | 25270 | $631750.00 | $53698.75 |
|  7/2/2024 | 6320 | $158000.00 | $13430.00 |
|  7/10/2024 | 39943 | $991858.32 | $77974.99 |
|  7/24/2024 | 18600 | $465000.00 | $39525.00 |
|  8/7/2024 | 13089 | $324991.50 | $25524.79 |
|  8/21/2024 | 11029 | $269981.50 | $17549.54 |
|  9/4/2024 | 1600 | $40000.00 | $3400.00 |
|  9/16/2024 | 14740 | $368500.00 | $31322.50 |
|  9/25/2024 | 13722 | $342967.38 | $29069.80 |
|  10/9/2024 | 10372 | $259256.25 | $21993.14 |
|  10/23/2024 | 12382 | $303493.00 | $20103.33 |
|  11/6/2024 | 8384 | $209600.00 | $17816.00 |
|  11/21/2024 | 21370 | $534250.00 | $45411.25 |
|  12/6/2024 | 13423 | $333980.50 | $26889.51 |
|  12/18/2024 | 38988 | $942468.00 | $49811.70 |
|  12/30/2024 | 17315 | $427452.50 | $31236.31 |
|  12/31/2024 | 4000 | $102500.00 | $10625.00 |
|  1/9/2025 | 7600 | $190000.00 | $16150.00 |
|  1/23/2025 | 7368 | $184200.00 | $15657.00 |
|  2/7/2025 | 24258 | $601665.00 | $46643.63 |
|  2/21/2025 | 17253 | $423985.50 | $29139.64 |
|  2/28/2025 | 7255 | $174992.50 | $8874.81 |
|  3/7/2025 | 16790 | $414965.00 | $30774.13 |
|  3/14/2025 | 120 | $2756.62 |  |
|  3/25/2025 | 25899 | $642688.50 | $50129.21 |
|  3/28/2025 | 6000 | $150000.00 | $12750.00 |

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  4/9/2025 | 16807 | $409004.50 | $24265.11 |
|  4/15/2025 | 257 | $5875.78 |  |
|  4/24/2025 | 32238 | $789993.00 | $52149.83 |
|  4/30/2025 | 40508 | $1006958.00 | $80193.95 |
|  5/8/2025 | 38486 | $962150.00 | $81782.75 |
|  5/15/2025 | 800 | $18296.44 |  |
|  5/22/2025 | 93132 | $2313939.00 | $183185.48 |
|  5/30/2025 | 64876 | $1612327.00 | $128049.18 |
|  6/10/2025 | 120983 | $3003455.00 | $235440.88 |
|  6/12/2025 | 51288 | $1271988.00 | $98519.70 |
|  6/16/2025 | 1975 | $45192.62 |  |
|  6/20/2025 | 225805 | $5575001.50 | $407959.04 |
|  6/27/2025 | 153126 | $3749716.50 | $244998.41 |
|  7/2/2025 | 30877 | $740009.50 | $32900.24 |
|  7/10/2025 | 54840 | $1359831.00 | $105086.78 |
|  7/15/2025 | 2610 | $59725.84 |  |
|  7/16/2025 | 50260 | $1239461.50 | $89338.04 |
|  7/25/2025 | 81885 | $2014543.50 | $140609.59 |
|  7/31/2025 | 93594 | $2323770.00 | $182405.25 |
|  8/5/2025 | 116315 | $2862276.50 | $200430.91 |
|  8/15/2025 | 3421 | $78276.50 |  |
|  8/25/2025 | 109557 | $2727748.50 | $221352.71 |
|  8/28/2025 | 210429 | $5254981.50 | $441274.54 |
|  9/10/2025 | 207563 | $5170998.50 | $422542.96 |
|  9/15/2025 | 4004 | $91607.62 |  |
|  9/19/2025 | 128795 | $3170688.50 | $223273.21 |
|  9/25/2025 | 169169 | $4169814.50 | $298588.36 |
|  9/30/2025 | 705572 | $16474713.00 | $329817.63 |
|  10/10/2025 | 31191 | $760306.50 | $46325.66 |
|  10/15/2025 | 4684 | $107176.43 |  |
|  10/24/2025 | 25298 | $627665.00 | $48853.63 |
|  10/30/2025 | 13875 | $346953.37 | $29525.10 |
|  11/10/2025 | 29963 | $747480.50 | $62037.01 |
|  11/14/2025 | 6490 | $148493.73 |  |
|  11/25/2025 | 44123 | $1092522.50 | $82945.06 |
|  11/30/2025 | (136) | $(3104.43) |  |
|  12/10/2025 | 64314 | $1595079.00 | $123576.98 |
|  12/15/2025 | 6761 | $154687.78 |  |
|  12/18/2025 | 33666 | $839097.00 | $68923.43 |
|  12/30/2025 | 122229 | $3024577.50 | $227810.44 |
|  1/15/2026 | 26337 | $643709.12 | $41225.00 |
|  1/30/2026 | 9338 | $2 33450.00 | $19843.25 |
|  2/12/2026 | 12000 | $3 00000.00 | $25500.00 |
|  2/13/2026 | 8005 | $1 83158.44 |  |
|  2/27/2026 | 35564 | $8 85842.00 | $72234.05 |
|  3/12/2026 | 8678 | $2 10567.50 | $11898.69 |
|  3/13/2026 | 8475 | $1 93897.98 |  |
|  3/31/2026 | 37601 | $933645.50 | $73363.14 |
|  4/15/2026 | 8794 | $201208.49 |  |
|  4/16/2026 | 13560 | $339000.00 | $28815.00 |

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  4/30/2026 | 65437 | $1626994.00 | $129899.35 |
|  5/7/2026 | 161021 | $3983019.50 | $298601.49 |

---

From January 1, 2023 to May 20, 2026, we made sales or issuances to certain accredited investors of unregistered shares of Class I common stock listed in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  2/7/2023 | 21853 | $499996.64 |  |
|  2/24/2023 | 50261 | $1149971.68 |  |
|  4/21/2023 | 10927 | $250009.76 |  |
|  4/28/2023 | 4370 | $99985.60 |  |
|  5/22/2023 | 656 | $15009.28 |  |
|  6/5/2023 | 12457 | $285016.16 |  |
|  6/30/2023 | 109266 | $2500006.08 |  |
|  8/7/2023 | 1003 | $22948.64 |  |
|  8/28/2023 | 93968 | $2149987.84 |  |
|  9/21/2023 | 10927 | $250009.76 |  |
|  10/23/2023 | 87413 | $2000009.40 |  |
|  12/21/2023 | 12018 | $274971.84 |  |
|  1/26/2024 | 4371 | $100008.48 |  |
|  4/4/2024 | 4371 | $100008.48 |  |
|  4/25/2024 | 16385 | $374888.80 |  |
|  4/30/2024 | 2840 | $64979.20 |  |
|  5/8/2024 | 13111 | $299979.68 |  |
|  6/5/2024 | 1192 | $27283.50 |  |
|  8/7/2024 | 10927 | $250009.76 |  |
|  11/21/2024 | 28408 | $649975.04 |  |
|  1/9/2025 | 10926 | $249986.88 |  |
|  2/7/2025 | 4371 | $100008.48 |  |
|  2/28/2025 | 10926 | $249986.88 |  |
|  3/25/2025 | 4370 | $99985.60 |  |
|  3/28/2025 | 58740 | $1343971.20 |  |
|  4/9/2025 | 15298 | $350018.24 |  |
|  4/15/2025 | 104 | $2389.39 |  |
|  4/24/2025 | 1092 | $24984.96 |  |
|  5/8/2025 | 21855 | $500042.40 |  |
|  5/15/2025 | 323 | $7381.71 |  |
|  5/22/2025 | 9561 | $218755.68 |  |
|  5/30/2025 | 14641 | $334986.08 |  |
|  6/10/2025 | 585822 | $13403607.36 |  |
|  6/12/2025 | 11579 | $264927.52 |  |
|  6/16/2025 | 432 | $9878.63 |  |
|  6/20/2025 | 114923 | $2629444.36 |  |
|  6/23/2025 | 2788466 | $63800102.08 |  |
|  6/27/2025 | 62216 | $1423502.08 |  |
|  7/2/2025 | 15145 | $346517.60 |  |
|  7/10/2025 | 43705 | $999970.40 |  |
|  7/15/2025 | 720 | $16480.98 |  |
|  7/16/2025 | 93966 | $2149942.08 |  |
|  7/25/2025 | 177271 | $4055960.48 |  |
|  7/31/2025 | 52273 | $1196006.24 |  |

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  8/5/2025 | 227959 | $5215701.92 |  |
|  8/15/2025 | 4824 | $110365.01 |  |
|  8/25/2025 | 51355 | $1175002.40 |  |
|  9/10/2025 | 29753 | $680748.64 |  |
|  9/15/2025 | 5959 | $136335.65 |  |
|  9/19/2025 | 33622 | $769271.36 |  |
|  9/25/2025 | 80221 | $1835456.48 |  |
|  9/30/2025 | 772041 | $17664298.08 |  |
|  10/15/2025 | 6886 | $157543.62 |  |
|  10/24/2025 | 10926 | $249986.88 |  |
|  10/30/2025 | 2668 | $61051.38 |  |
|  11/10/2025 | 4370 | $99985.60 |  |
|  11/14/2025 | 7612 | $174167.73 |  |
|  11/30/2025 | 2016 | $46133.24 |  |
|  12/10/2025 | 32780 | $750006.40 |  |
|  12/15/2025 | 6640 | $151929.59 |  |
|  12/18/2025 | 9614 | $219968.32 |  |
|  12/30/2025 | 10919 | $249826.72 |  |
|  1/15/2026 | 18615 | $425903.75 |  |
|  1/30/2026 | 22943 | $524935.84 |  |
|  2/12/2026 | 5462 | $124970.56 |  |
|  2/13/2026 | 8656 | $198040.10 |  |
|  2/27/2026 | 5465 | $125039.20 |  |
|  3/12/2026 | 10926 | $249986.88 |  |
|  3/13/2026 | 8709 | $199254.31 |  |
|  3/31/2026 | 29524 | $675509.12 |  |
|  4/15/2026 | 8689 | $198810.06 |  |
|  4/16/2026 | 16453 | $376444.64 |  |
|  4/30/2026 | 28408 | $649975.04 |  |
|  5/7/2026 | 140575 | $3216356.00 |  |

---

From January 1, 2023 to May 20, 2026, we made sales or issuances to certain accredited investors of unregistered shares of Class T common stock listed in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  2/7/2023 | 1000 | $25000.00 | $1625.00 |
|  3/25/2025 | 6000 | $150000.00 | $9750.00 |
|  5/15/2025 | 32 | $728.83 |  |
|  5/30/2025 | 2000 | $50000.00 | $3250.00 |
|  6/12/2025 | 2000 | $50000.00 | $3250.00 |
|  6/16/2025 | 32 | $728.83 |  |
|  6/27/2025 | 2000 | $50000.00 | $3250.00 |
|  7/10/2025 | 2000 | $50000.00 | $3250.00 |
|  7/15/2025 | 46 | $1046.21 |  |
|  7/25/2025 | 600 | $15000.00 | $975.00 |
|  8/5/2025 | 1200 | $30000.00 | $1950.00 |
|  8/15/2025 | 46 | $1051.18 |  |
|  9/10/2025 | 1000 | $25000.00 | $1625.00 |
|  9/15/2025 | 60 | $1370.73 |  |
|  9/30/2025 | 5505 | $125954.40 |  |
|  10/15/2025 | 68 | $1560.04 |  |
|  10/30/2025 | (55) | $(1256.00) |  |

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| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  11/14/2025 | 83 | $1897.88 |  |
|  11/30/2025 | (19) | $(442.20) |  |
|  12/15/2025 | 68 | $1555.68 |  |
|  1/15/2026 | 68 | $1566.24 |  |
|  2/13/2026 | 76 | $1734.31 |  |
|  3/13/2026 | 76 | $1745.01 |  |
|  4/15/2026 | 77 | $1756.84 |  |

---

From January 1, 2023 to May 20, 2026, we made sales or issuances to certain accredited investors of unregistered shares of our Series B preferred stock listed in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  3/20/2024 | 255 | $255000.00 | $25500.00 |
|  3/27/2024 | 1186 | $1182600.00 | $115200.00 |
|  4/25/2024 | 699 | $692910.00 | $63627.30 |
|  5/8/2024 | 100 | $100000.00 | $10000.00 |
|  5/22/2024 | 406 | $401520.00 | $35985.60 |
|  6/5/2024 | 135 | $135000.00 | $13500.00 |
|  6/18/2024 | 150 | $150000.00 | $15000.00 |
|  7/2/2024 | 445 | $445000.00 | $44500.00 |
|  7/10/2024 | 434 | $434000.00 | $43400.00 |
|  7/24/2024 | 280 | $280000.00 | $24500.00 |
|  8/7/2024 | 639 | $611420.00 | $35492.60 |
|  8/9/2024 | 20 | $20000.00 | $2000.00 |
|  8/21/2024 | 545 | $524630.00 | $33518.90 |
|  9/4/2024 | 257 | $245310.00 | $13659.30 |
|  9/16/2024 | 356 | $345080.00 | $24352.40 |
|  9/25/2024 | 533 | $525860.00 | $45945.80 |
|  10/9/2024 | 678 | $670090.00 | $59652.70 |
|  10/23/2024 | 185 | $185000.00 | $18500.00 |
|  11/6/2024 | 311 | $299240.00 | $18987.20 |
|  11/21/2024 | 433 | $428100.00 | $38253.00 |
|  12/6/2024 | 55 | $55000.00 | $5500.00 |
|  12/18/2024 | 359 | $340240.00 | $16577.20 |
|  12/30/2024 | 1362 | $1326300.00 | $99429.00 |
|  1/9/2025 | 403 | $394530.00 | $31575.90 |
|  1/23/2025 | 568 | $564640.00 | $53339.20 |
|  2/7/2025 | 581 | $572530.00 | $49375.90 |
|  2/21/2025 | 571 | $554130.00 | $39723.90 |
|  3/7/2025 | 1557 | $1486510.00 | $83095.30 |
|  3/25/2025 | 726 | $714380.00 | $60631.40 |
|  4/9/2025 | 628 | $594540.00 | $28336.20 |
|  4/24/2025 | 1047 | $1011160.00 | $67784.80 |
|  4/30/2025 | 294 | $290920.00 | $26227.60 |
|  5/8/2025 | 338 | $319940.00 | $15198.20 |
|  5/22/2025 | 290 | $285100.00 | $23953.00 |
|  5/29/2025 | 41 | $41000.00 | $4100.00 |
|  5/30/2025 | 339 | $337530.00 | $32385.90 |
|  6/11/2025 | 1068 | $1012840.00 | $49985.20 |
|  6/20/2025 | 243 | $236490.00 | $17594.70 |
|  7/10/2025 | 673 | $647240.00 | $40767.20 |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Total Shares** | **Aggregate Offering Price** | **Aggregate Commissions** |
|  7/25/2025 | 690 | $677820.00 | $56454.60 |
|  8/8/2025 | 1485 | $1448950.00 | $111368.50 |
|  8/25/2025 | 1415 | $1363550.00 | $88506.50 |
|  9/10/2025 | 1046 | $1016460.00 | $74173.80 |
|  9/25/2025 | 2426 | $2314420.00 | $127672.60 |
|  10/10/2025 | 1182 | $1132510.00 | $67225.30 |
|  10/24/2025 | 1853 | $1791190.00 | $121635.70 |
|  11/10/2025 | 1837 | $1737810.00 | $81534.30 |
|  11/25/2025 | 588 | $566790.00 | $36953.70 |
|  12/10/2025 | 2370 | $2253800.00 | $117314.00 |
|  12/18/2025 | 1026 | $999680.00 | $75490.40 |
|  12/30/2025 | 566 | $552910.00 | $43117.30 |
|  1/15/2026 | 1376 | $1325130.00 | $85143.90 |
|  1/30/2026 | 2309 | $2241540.00 | $161108.40 |
|  2/12/2026 | 1321 | $1244710.00 | $53457.70 |
|  2/27/2026 | 3202 | $3107780.00 | $223153.40 |
|  3/12/2026 | 1981 | $1881460.00 | $98560.00 |
|  3/19/2026 | 1285 | $1285000.00 | $128500.00 |
|  3/31/2026 | 811 | $793780.00 | $63880.00 |
|  4/16/2026 | 567 | $543200.00 | $32900.00 |
|  4/27/2026 | 700 | $700000.00 | $70000.00 |
|  4/30/2026 | 1676 | $1652900.00 | $144500.00 |
|  5/7/2026 | 4684 | $4616540.00 | $400940.00 |

---

On November 12, 2023, we made sales or issuances to certain accredited investors of 44,100.00 unregistered shares of our Series A preferred stock for an aggregate offering price of $44,100,000.00 without any selling commissions. On March 27, 2025, we made sales or issuances to certain accredited investors of 56,000.00 unregistered shares of our Series C preferred stock for an aggregate offering price of $56,000,000.00 without any selling commissions.

On January 23, 2026, the Company granted an aggregate of 84,704 restricted stock units ("RSUs") under its Long-Term Incentive Plan (the "LTIP") to certain directors, officers, and employees of the Company, at a weighted average grant-date fair value of $22.88 per share, representing an aggregate fair value of $1.9 million. The LTIP authorizes the issuance of up to 200,000 shares, and following such grants, 115,296 shares remained available for future issuance thereunder.

From March 30, 2026 through May 20, 2026, we made sales or issuances to certain accredited investors of 37,780 unregistered shares of our Series D preferred stock for an aggregate offering price of $37.8 million without any selling commissions.

The transactions described above were made pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506(b) under Regulation D of the Securities Act in that such sales and issuances did not involve a public offering.

On December 29, 2025, our board of directors ratified the sales and issuances of the unregistered securities described above in accordance with Section 204 of the DGCL. In connection with the ratification, we filed certificates of validation with the Delaware Secretary of State to reflect the intended number of authorized shares of common stock and preferred stock in our certificate of incorporation, which have been processed and are effective. We delivered notice of the ratification to our stockholders on January 15, 2026, in accordance with the requirements of Section 204 of the DGCL. Under Section 204 of the DGCL, any claim that any of the ratified defective corporate acts or putative stock is void or voidable due to the failures of authorization (as that term is used in Section 204), or any claim that the Delaware Court of Chancery should declare in its discretion that the ratification thereof not be effective or be effective only on certain conditions, must be brought within 120 days from the date on which notice of the ratification is given. This ratification period expired on May 15, 2026 without any claims.

------

##### [**Table of Contents**](#toc)
**Item 16. Exhibits and Financial Statement Schedules.** 

(a) Exhibits:

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 1.1\* | Form of Underwriting Agreement. |
| 3.1‡ | [Amended and Restated Certificate of Incorporation of the Registrant (in effect prior to the offering).](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex31.htm) |
| 3.2‡ | [Amendment to Amended and Restated Certificate of Incorporation of the Registrant (in effect prior to the offering).](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex32.htm) |
| 3.3‡ | [Form of Amended and Restated Certificate of Incorporation of the Registrant (to be in effect after the offering).](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex33.htm) |
| 3.4‡ | [Certificate of Designations of Series B Preferred Stock of the Registrant.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex34.htm) |
| 3.5 | [Certificate of Increase of Series B Preferred Stock](d86452dex35.htm) |
| 3.6‡ | [Certificate of Designations of Series D Preferred Stock of the Registrant.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex35.htm) |
| 3.7‡ | [Bylaws of the Registrant (in effect prior to the offering).](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex36.htm) |
| 3.8‡ | [Form of Amended and Restated Bylaws of the Registrant (to be in effect after the offering).](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex37.htm) |
| 4.1\* | Form of Specimen Stock Certificate evidencing the shares of Class A common stock. |
| 4.2‡ | [Note Purchase Agreement, dated as of September 18, 2024, by and among WhiteHawk Income Corporation, U.S. Bank Trust Company, National Association, as agent and collateral agent, and the note holders party thereto.](http://www.sec.gov/Archives/edgar/data/1921603/000119312526215605/d86452dex42.htm) |
| 4.3‡ | [First Amendment to Note Purchase Agreement, dated as of March 31, 2025, by and among WhiteHawk Income Corporation, U.S. Bank Trust Company, National Association, as agent and collateral agent, and the note holders party thereto.](http://www.sec.gov/Archives/edgar/data/1921603/000119312526215605/d86452dex43.htm) |
| 4.4‡ | [Second Amendment to Note Purchase Agreement, dated as of June 23, 2025, by and among WhiteHawk Income Corporation, U.S. Bank Trust Company, National Association, as agent and collateral agent, and the note holders party thereto.](http://www.sec.gov/Archives/edgar/data/1921603/000119312526215605/d86452dex44.htm) |
| 4.5‡ | [Third Amendment to Note Purchase Agreement, dated as of January 27, 2026, by and among WhiteHawk Income Corporation, U.S. Bank Trust Company, National Association, as agent and collateral agent, and the note holders party thereto.](http://www.sec.gov/Archives/edgar/data/1921603/000119312526215605/d86452dex45.htm) |
| 4.6‡ | [Fourth Amendment to Note Purchase Agreement, dated as of March 26, 2026, by and among WhiteHawk Income Corporation, U.S. Bank Trust Company, National Association, as agent and collateral agent, and the note holders party thereto.](http://www.sec.gov/Archives/edgar/data/1921603/000119312526215605/d86452dex46.htm) |
| 4.7‡ | [Fifth Amendment to Note Purchase Agreement, dated as of March 30, 2026, by and among WhiteHawk Income Corporation, U.S. Bank Trust Company, National Association, as agent and collateral agent, and the note holders party thereto.](http://www.sec.gov/Archives/edgar/data/1921603/000119312526215605/d86452dex47.htm) |
| 4.8 | [Amended and Restated Note Purchase Agreement, dated May 20, 2026, by and among WhiteHawk Income Operating Partnership L.P., U.S. Bank Trust Company, National Association, as agent and collateral agent, and the note holders party thereto.](d86452dex48.htm) |
| 5.1\* | Opinion of Latham & Watkins LLP. |
| 10.1‡ | [Administrative Services Agreement, dated as of March 1, 2022, by and between WhiteHawk Income Corporation and WhiteHawk Management, LLC.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex101.htm) |
| 10.2‡ | [Amended and Restated Investment Management Agreement, dated as of October 3, 2025, by and between WhiteHawk Income Corporation and WhiteHawk Management, LLC.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex102.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 10.3‡ | [Purchase and Sale Agreement, dated as of March 31, 2025, by and between Three Rivers Royalty, LLC and WhiteHawk Income Marcellus LLC.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex103.htm) |
| 10.4‡ | [Agreement and Plan of Merger, dated as of May 8, 2025, by and among PHX Minerals Inc., WhiteHawk Acquisition, Inc. and WhiteHawk Merger Sub, Inc.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex104.htm) |
| 10.5 | [Form of Registration Rights Agreement (to be in effect after the offering).](d86452dex105.htm) |
| 10.6‡ | [Form of Indemnification Agreement.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex106.htm) |
| 10.7‡ | [WhiteHawk Income Corporation 2026 Equity Incentive Plan, dated January 23, 2026.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex107.htm) |
| 10.8 | [Form of Amended and Restated Limited Partnership Agreement of WhiteHawk OpCo (to be in effect after the offering).](d86452dex108.htm) |
| 10.9 | [Contribution Agreement, dated as of , 2026, by and between WhiteHawk Income Corporation, WhiteHawk Income Operating Partnership L.P., WhiteHawk Management LLC and WhiteHawk Minerals LLC.](d86452dex109.htm) |
| 10.10‡ | [Legacy Form of Restricted Stock Unit Grant Agreement for Employees.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex1010.htm) |
| 10.11‡ | [Legacy Form of Restricted Stock Unit Grant Agreement for Directors.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex1011.htm) |
| 10.12‡ | [Credit Agreement, dated as of May 10, 2026, among WhiteHawk Income Corporation, as Parent, WhiteHawk Income Operating Partnership L.P., as Borrower, Capital One, National Association, as Administrative Agent and Issuing Bank, and the lenders party thereto.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex1012.htm) |
| 10.13+ | [Amended and Restated WhiteHawk Income Corporation 2026 Equity Incentive Plan, to be effective upon the consummation of this offering.](d86452dex1013.htm) |
| 10.14+ | [Form of Option Agreement](d86452dex1014.htm) |
| 10.15+ | [Form of Employee Restricted Stock Unit Agreement](d86452dex1015.htm) |
| 10.16+ | [Form of Director Restricted Stock Unit Agreement](d86452dex1016.htm) |
| 10.17+ | [WhiteHawk Minerals Corp. Non-Employee Director Compensation Policy, to be effective upon the consummation of this offering.](d86452dex1017.htm) |
| 10.18+ | [Form of Employment Agreement by and between Daniel Herz, WhiteHawk Minerals Corp., WhiteHawk Income Operating Partnership L.P. and any subsidiaries or affiliates as may employ Mr. Herz from time to time.](d86452dex1018.htm) |
| 10.19+ | [Form of Employment Agreement by and between Jeffrey Slotterback, WhiteHawk Minerals Corp., WhiteHawk Income Operating Partnership L.P. and any subsidiaries or affiliates as may employ Mr. Slotterback from time to time.](d86452dex1019.htm) |
| 10.20+ | [Form of Employment Agreement by and between Stephen Pilatzke, WhiteHawk Minerals Corp., WhiteHawk Income Operating Partnership L.P. and any subsidiaries or affiliates as may employ Mr. Pilatzke from time to time.](d86452dex1020.htm) |
| 10.21 | [Form of Letter Agreement for 2025 Restricted Stock, by and between us, WhiteHawk Management, LLC, and WhiteHawk Minerals LLC](d86452dex1021.htm) |
| 16.1‡ | [Letter from Whitley Penn LLP to the Securities and Exchange Commission.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex161.htm) |
| 21.1 | [List of subsidiaries of the Registrant.](d86452dex211.htm) |
| 23.1 | [Consent of Baker Tilly US, LLP.](d86452dex231.htm) |
| 23.2 | [Consent of Whitley Penn LLP.](d86452dex232.htm) |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 23.3 | [Consent of Plante & Moran, PLLC.](d86452dex233.htm) |
| 23.4 | [Consent of Ernst & Young LLP.](d86452dex234.htm) |
| 23.5‡ | [Consent of Schaper Energy Consulting, LLC, regarding the report of Schaper Energy Consulting, LLC, Independent Petroleum Engineering Consultants, dated December 12, 2025, for WhiteHawk Income Corporation.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex235.htm) |
| 23.6‡ | [Consent of Cawley, Gillespie and Associates, Inc. regarding the Report of Cawley, Gillespie and Associates, Inc., Independent Petroleum Engineering Consultants, dated January 13, 2025, for PHX Minerals, Inc.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex236.htm) |
| 23.7‡ | [Consent of Ryder Scott Company, L.P. regarding the Report of Ryder Scott Company, L.P., Independent Petroleum Engineering Consultants, dated March 31, 2026, for Three Rivers Royalty, LLC.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex237.htm) |
| 23.8‡ | [Consent of Cawley, Gillespie and Associates, Inc. regarding the Report of Cawley, Gillespie and Associates, Inc., Independent Petroleum Engineering Consultants, for WhiteHawk Income Corporation and with respect to WhiteHawk Income Corporation's estimated reserves and related future net cash flows related to its properties as of December 31, 2025.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex238.htm) |
| 23.9\* | Consent of Latham & Watkins LLP (included in Exhibit 5.1). |
| 24.1‡ | [Power of Attorney (included on signature page).](http://www.sec.gov/Archives/edgar/data/1921603/000119312526215605/d86452ds1.htm#sig) |
| 99.1‡ | [Report of Schaper Energy Consulting, LLC, Independent Petroleum Engineering Consultants, dated February 4, 2025 for WhiteHawk Income Corporation.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex991.htm) |
| 99.2‡ | [Report of Cawley, Gillespie and Associates, Inc., Independent Petroleum Engineering Consultants, dated January 13, 2025 for PHX Minerals, Inc.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex992.htm) |
| 99.3‡ | [Report of Ryder Scott Company, L.P., Independent Petroleum Engineering Consultants, dated March 31, 2026 for Three Rivers Royalty, LLC.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex993.htm) |
| 99.4‡ | [Report of Cawley, Gillespie and Associates, Inc., Independent Petroleum Engineering Consultants for WhiteHawk Income Corporation.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dex994.htm) |
| 99.5 | [Consent of Director Nominee (Trey Karlovich).](d86452dex995.htm) |
| 107‡ | [Filing Fee Table.](http://www.sec.gov/Archives/edgar/data/0001921603/000119312526215605/d86452dexfilingfees.htm) |

---

\* To be filed by amendment.

‡ Previously filed.

+ Indicates management contracts or compensatory plans/arrangements.

------

##### [**Table of Contents**](#toc)
(b) Financial Statement Schedules:

All financial statement schedules are omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or the notes thereto.

**Item 17. Undertakings.** 

The undersigned registrant hereby undertakes to provide to the underwriters, at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of
prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of
this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Philadelphia, State of Pennsylvania, on May 20, 2026.

---

| | |
|:---|:---|
| WhiteHawk Income Corporation | WhiteHawk Income Corporation |
| By: | /s/ Daniel Herz |
|  | Name: Daniel Herz |
|  | Title: Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on May 20, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Daniel Herz<br> Daniel Herz | Chief Executive Officer and Director<br>(Principal Executive Officer) |
| /s/ Jeffrey Slotterback<br> Jeffrey Slotterback | Chief Financial Officer, Treasurer, Secretary and Director<br> (Principal Financial Officer) |
| /s/ Stephen Pilatzke<br> Stephen Pilatzke | Chief Accounting Officer<br> (Principal Accounting Officer) |
| \*<br> Jeffery Smith | President and Director |
| \*<br> Michael Downs | Chief Operating Officer and Director |
| \*<br> Matthew Heinlein | Vice President, Head of Corporate Development & Strategy and Director |
| \*<br> Alan Bigman | Director |
| \*<br> Andrew Ceitlin | Director |
| \*<br> Peggy Gold | Director |

---

---

| |
|:---|
| /s/ Daniel Herz |
| Daniel Herz |
| Attorney-in-fact |

---

## Exhibit 3.5

**Exhibit 3.5** 

**CERTIFICATE OF INCREASE** 

**OF** 

**WHITEHAWK INCOME CORPORATION** 

WhiteHawk Income Corporation, a Delaware corporation (the "<u>Corporation</u>"), certifies as follows:

**First:** The Corporation filed a Certificate of Designations of Series B Preferred Stock of the Corporation with the Office of the Secretary of State of the State of Delaware authorizing 50,000 shares of Series B Preferred Stock.

**Second:** The Board of Directors of the Corporation adopted a resolution authorizing and directing that the authorized number of shares of Series B Preferred Stock be increased to 100,000 shares.

[Signature Page Follows]

------

**IN WITNESS WHEREOF,** the Corporation has caused this Certificate of Increase to be executed by its duly authorized officer on the date set forth below.

---

| | |
|:---|:---|
| **WHITEHAWK INCOME CORPORATION** | **WHITEHAWK INCOME CORPORATION** |
| By: | /s/ Daniel Herz |
| Name: | Daniel Herz |
| Title: | Chief Executive Officer |
| Date: | May 7, 2026 |

---

## Exhibit 4.8

**Exhibit 4.8** 

**WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.** 

SENIOR SECURED SECOND LIEN NOTES DUE 2031

**$75,000,000 AMENDED AND RESTATED NOTE PURCHASE AGREEMENT** 

**DATED AS OF MAY 20, 2026** 

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| Article I. | Article I. | Article I. |
| DEFINITIONS AND INTERPRETATION | DEFINITIONS AND INTERPRETATION | DEFINITIONS AND INTERPRETATION |
| **Section 1.01** | Terms Defined Above | 1 |
| **Section 1.02** | Definitions | 1 |
| **Section 1.03** | Accounting Terms | 47 |
| **Section 1.04** | Interpretation, etc. | 47 |
| **Section 1.05** | Calculations of Total PDP PV-10 Value | 48 |
| Article II. | Article II. | Article II. |
| PURCHASE AND SALE OF NOTES | PURCHASE AND SALE OF NOTES | PURCHASE AND SALE OF NOTES |
| **Section 2.01** | Note Purchase | 51 |
| **Section 2.02** | The Notes; Purchases, Conversions and Continuations of Notes | 51 |
| **Section 2.03** | Requests for Notes | 52 |
| **Section 2.04** | Use of Proceeds | 52 |
| **Section 2.05** | Evidence of Debt; Register; Holders' Books and Records; Notes | 52 |
| **Section 2.06** | Interest; Fees | 53 |
| **Section 2.07** | Repayment of Notes | 54 |
| **Section 2.08** | Voluntary Prepayments | 54 |
| **Section 2.09** | Mandatory Prepayments | 55 |
| **Section 2.10** | Application of Payments | 59 |
| **Section 2.11** | General Provisions Regarding Payments | 60 |
| **Section 2.12** | Ratable Sharing | 61 |
| **Section 2.13** | Increased Costs | 62 |
| **Section 2.14** | Taxes; Withholding, etc. | 63 |
| **Section 2.15** | Alternate Rate of Interest | 67 |
| Article III. | Article III. | Article III. |
| CONDITIONS PRECEDENT | CONDITIONS PRECEDENT | CONDITIONS PRECEDENT |
| **Section 3.01** | Signing Date | 69 |
| **Section 3.02** | Closing Date | 70 |
| **Section 3.03** | Specified Effective Date | 74 |
| Article IV. | Article IV. | Article IV. |
| REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES | REPRESENTATIONS AND WARRANTIES |
| **Section 4.01** | Organization; Powers | 76 |
| **Section 4.02** | Authority; Enforceability | 76 |
| **Section 4.03** | Approvals; No Conflicts | 76 |
| **Section 4.04** | Financial Condition; No Material Adverse Effect | 77 |
| **Section 4.05** | Litigation | 77 |
| **Section 4.06** | Environmental Matters | 78 |
| **Section 4.07** | Compliance with Laws and Agreements; No Defaults, Event of Default or Borrowing Base Deficiency | 79 |

---

------

---

| | | |
|:---|:---|:---|
| **Section 4.08** | Investment Company Act | 79 |
| **Section 4.09** | Taxes | 80 |
| **Section 4.10** | ERISA | 80 |
| **Section 4.11** | Disclosure; No Material Misstatements | 81 |
| **Section 4.12** | Insurance | 82 |
| **Section 4.13** | Subsidiaries; Foreign Operations | 82 |
| **Section 4.14** | Properties; Titles, Etc. | 82 |
| **Section 4.15** | Maintenance of Properties | 83 |
| **Section 4.16** | No Operations | 84 |
| **Section 4.17** | Gas Imbalances; Prepayments | 84 |
| **Section 4.18** | Marketing of Production | 84 |
| **Section 4.19** | Swap Agreements and Qualified ECP Guarantor | 85 |
| **Section 4.20** | Use of Proceeds | 85 |
| **Section 4.21** | Solvency | 85 |
| **Section 4.22** | Anti-Corruption Laws, Sanctions and USA PATRIOT Act | 85 |
| **Section 4.23** | Affected Financial Institutions | 85 |
| **Section 4.24** | Collateral Documents | 85 |
| **Section 4.25** | Senior Debt | 86 |
| **Section 4.26** | Beneficial Ownership | 86 |
| **Section 4.27** | Private Offering | 86 |
| Article V. | Article V. | Article V. |
| REPRESENTATIONS OF HOLDERS | REPRESENTATIONS OF HOLDERS | REPRESENTATIONS OF HOLDERS |
| **Section 5.01** | Organization and Standing | 86 |
| **Section 5.02** | Authorization; Enforceability | 86 |
| **Section 5.03** | Investment | 86 |
| **Section 5.04** | Accredited Investor | 87 |
| **Section 5.05** | No Resale or Repurchase | 87 |
| **Section 5.06** | Private Placement | 87 |
| **Section 5.07** | Knowledge and Experience | 87 |
| **Section 5.08** | No Materials | 88 |
| **Section 5.09** | Transfer Restrictions | 88 |
| **Section 5.10** | Offers and Sales Only in Certain Circumstances | 88 |
| **Section 5.11** | Subsequent Purchaser Notification | 88 |
| Article VI. | Article VI. | Article VI. |
| AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS | AFFIRMATIVE COVENANTS |
| **Section 6.01** | Financial Statements; Other Information | 89 |
| **Section 6.02** | Notices of Material Events | 95 |
| **Section 6.03** | Existence; Conduct of Business | 95 |
| **Section 6.04** | Payment of Taxes | 95 |
| **Section 6.05** | Operation and Maintenance of Properties | 96 |
| **Section 6.06** | Insurance | 96 |
| **Section 6.07** | Books and Records; Inspection Rights | 96 |
| **Section 6.08** | Compliance with Laws | 97 |

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| | | |
|:---|:---|:---|
| **Section 6.09** | Environmental Matters | 97 |
| **Section 6.10** | Further Assurances | 98 |
| **Section 6.11** | Reserve Reports | 99 |
| **Section 6.12** | Title Information | 100 |
| **Section 6.13** | Collateral and Guaranty Agreements | 101 |
| **Section 6.14** | ERISA Compliance | 103 |
| **Section 6.15** | Commodity Exchange Act Keepwell Provisions | 103 |
| **Section 6.16** | Deposit Accounts, Commodity Accounts and Securities Accounts | 103 |
| **Section 6.17** | Marketing Activities | 104 |
| **Section 6.18** | Use of Proceeds; Sanctions | 104 |
| **Section 6.19** | Unrestricted Subsidiaries | 104 |
| **Section 6.20** | Swap Agreements | 105 |
| **Section 6.21** | More Favorable Terms | 105 |
| **Section 6.22** | RBL Credit Agreement | 106 |
| Article VII. | Article VII. | Article VII. |
| NEGATIVE COVENANTS | NEGATIVE COVENANTS | NEGATIVE COVENANTS |
| **Section 7.01** | Financial Covenants | 107 |
| **Section 7.02** | Debt | 109 |
| **Section 7.03** | Liens | 110 |
| **Section 7.04** | Dividends and Distributions | 111 |
| **Section 7.05** | Investments, Loans and Advances | 113 |
| **Section 7.06** | Nature of Business; No Foreign Subsidiaries; No International Operations | 114 |
| **Section 7.07** | Proceeds of Notes | 114 |
| **Section 7.08** | Mergers, Etc. | 115 |
| **Section 7.09** | Sale of Properties and Termination of Swap Agreements | 115 |
| **Section 7.10** | Environmental Matters | 117 |
| **Section 7.11** | Transactions with Affiliates | 118 |
| **Section 7.12** | Subsidiaries | 118 |
| **Section 7.13** | ERISA Compliance | 118 |
| **Section 7.14** | Negative Pledge Agreements; Dividend Restrictions | 119 |
| **Section 7.15** | Swap Agreements | 119 |
| **Section 7.16** | Designation and Conversion of Restricted and Unrestricted Subsidiaries | 121 |
| **Section 7.17** | Limitation on Accounting Changes or Changes in Fiscal Periods | 122 |
| **Section 7.18** | Amendments to Organizational Documents and Citadel Permitted Existing Trade Documents | 122 |
| **Section 7.19** | Outbound Investment Rules | 123 |
| **Section 7.20** | Passive Holding Company | 123 |
| **Section 7.21** | Amendments to Material Contracts | 124 |
| **Section 7.22** | Amendments to RBL Loan Documents; Borrowing Base; Collateral | 124 |
| Article VIII. | Article VIII. | Article VIII. |
| [Reserved] | [Reserved] | [Reserved] |

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| | | |
|:---|:---|:---|
| Article IX. | Article IX. | Article IX. |
| EVENTS OF DEFAULT; REMEDIES | EVENTS OF DEFAULT; REMEDIES | EVENTS OF DEFAULT; REMEDIES |
| **Section 9.01** | Events of Default | 125 |
| **Section 9.02** | Treatment of Make-Whole Amount and Prepayment Fee | 125 |
| **Section 9.03** | Application of Funds | 129 |
| **Section 9.04** | Credit Bidding | 130 |
| Article X. | Article X. | Article X. |
| AGENTS | AGENTS | AGENTS |
| **Section 10.01** | Appointment of Agents | 132 |
| **Section 10.02** | Powers and Duties | 132 |
| **Section 10.03** | General Immunity | 132 |
| **Section 10.04** | Holders' Representations, Warranties and Acknowledgment | 136 |
| **Section 10.05** | Successor Agents | 137 |
| **Section 10.06** | Delegation of Duties | 138 |
| **Section 10.07** | Collateral Documents | 138 |
| **Section 10.08** | Posting of Approved Electronic Communications | 139 |
| **Section 10.09** | Proofs of Claim | 140 |
| **Section 10.10** | Intercreditor Agreement | 140 |
| **Section 10.11** | Indemnification | 141 |
| Article XI. | Article XI. | Article XI. |
| MISCELLANEOUS | MISCELLANEOUS | MISCELLANEOUS |
| **Section 11.01** | Notices | 141 |
| **Section 11.02** | Expenses | 142 |
| **Section 11.03** | Indemnity; Limitation of Liability | 142 |
| **Section 11.04** | Set Off | 144 |
| **Section 11.05** | [Reserved] | 144 |
| **Section 11.06** | Amendments and Waivers | 144 |
| **Section 11.07** | Successors and Assigns; Assignments | 146 |
| **Section 11.08** | Survival of Representations, Warranties and Agreements | 149 |
| **Section 11.09** | No Waiver; Remedies Cumulative | 149 |
| **Section 11.10** | Marshalling; Payments Set Aside | 150 |
| **Section 11.11** | Severability | 150 |
| **Section 11.12** | Obligations Several; Independent Nature of Holders' Rights | 150 |
| **Section 11.13** | Tax Treatment | 150 |
| **Section 11.14** | Headings | 150 |
| **Section 11.15** | APPLICABLE LAW | 150 |
| **Section 11.16** | CONSENT TO JURISDICTION | 150 |
| **Section 11.17** | WAIVER OF JURY TRIAL | 151 |
| **Section 11.18** | Confidentiality | 151 |
| **Section 11.19** | Usury Savings Clause | 153 |
| **Section 11.20** | Counterparts | 153 |
| **Section 11.21** | USA PATRIOT Act | 153 |
| **Section 11.22** | Disclosure | 153 |
| **Section 11.23** | Appointment for Perfection | 154 |
| **Section 11.24** | Advertising and Publicity | 154 |

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| | | |
|:---|:---|:---|
| **Section 11.25** | Acknowledgments and Admissions | 154.0 |
| **Section 11.26** | Third Party Beneficiaries | 155.0 |
| **Section 11.27** | Entire Agreement | 155.0 |
| **Section 11.28** | Transferability of Securities; Restrictive Legend | 155.0 |
| **Section 11.29** | Replacement of Notes | 156.0 |
| **Section 11.30** | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 156.0 |
| **Section 11.31** | Intercreditor Agreement | 156.0 |
| **Section 11.32** | Amendment and Restatement | 157.0 |

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| | | |
|:---|:---|:---|
| **APPENDICES:** | A | Commitments |
|  | B | Notice Addresses |
| **SCHEDULES:** |  |  |
|  | 1.02(a) | Guarantors |
|  | 1.02(b) | Material Contracts |
|  | 1.02(c) | Citadel Permitted Existing Confirmations |
|  | 4.05 | Litigation |
|  | 4.13 | Subsidiaries |
|  | 4.17 | Gas Imbalances |
|  | 4.18 | Marketing Contracts |
|  | 4.19 | Citadel Permitted Existing Trades |
|  | 7.02 | Existing Debt |
|  | 7.05 | Existing Investments |
|  | 7.12 | Partnerships and Joint Venture |
|  | 11.18 | Compliance Personnel |
| **EXHIBITS:** | A | Form of Note Purchase Notice |
|  | B | Form of Note |
|  | C | Form of Closing Date Certificate |
|  | D | Form of Compliance Certificate |
|  | E | Form of Solvency Certificate |
|  | F | [Reserved] |
|  | G | [Reserved |
|  | H | Form of Assignment Agreement |
|  | I-1-4 | Form of U.S. Tax Compliance Certificate |
|  | J | Form of Reserve Report Certificate |
|  | K | Form of Free Cash Flow Utilization Certificate |

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**WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.** 

This **AMENDED AND RESTATED NOTE PURCHASE AGREEMENT**, dated as of May [20], 2026 (together with any amendments, restatements, amendments and restatements, supplements or other modifications hereto, the "**Agreement**"), is entered into by and among **WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.**, a Delaware limited partnership (the "**Issuer**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **PACIFIC INDEMNITY COMPANY**, as a Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **EIG RIVER ENERGY PARTNERS, L.P.**, as a Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **EIG UPSTREAM PARTNERS, L.P.**, as Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **EIG BANDELIER PARTNERS, L.P.**, as a Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **CARDINAL ENERGY LP**, as a Holder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **ART ELECTRO S.C.SP.**, as a Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **EIG CUMBERLAND PARTNERS, L.P.**, as a Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Bank Trust Company, National Association, as agent (in such capacity, the "**Agent** ")
and collateral agent for the Holders (in such capacity, the "**Collateral Agent** ").

**W I T N E S E T H:** 

In consideration of the mutual covenants and agreements contained herein and the Notes to be purchased by Holders, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I.** 

**DEFINITIONS AND INTERPRETATION** 

**Section 1.01** <u>Terms Defined Above</u>. As used in this Agreement, each term defined above has the meaning indicated above.

**Section 1.02** <u>Definitions</u>. The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings:

"**ABR**" means, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day <u>plus</u> <sup>1</sup>⁄<sub>2</sub> of 1% (or if such day is not a Business Day, the immediately preceding Business Day) and (c) if available, the Adjusted Term SOFR Rate as determined two (2) U.S. Government Securities Business Days prior to such day (or if such day is not a Business Day, the immediately preceding Business Day); <u>provided</u> that for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at

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approximately 12:00 p.m., New York time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective as of the opening of business on the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. For the avoidance of doubt, if the ABR shall be less than 1.50%, such rate shall be deemed to be 1.50% for purposes of this Agreement. In the event the Agent on any interest determination date is required, but unable, to determine a benchmark rate in accordance with at least of the procedures described above, ABR will be the Adjusted Term SOFR Rate as determined on the previous interest determination date.

"**ABR Note**" means Notes the rate of interest applicable to which is based upon the ABR. For the avoidance of doubt, Notes shall constitute ABR Notes only as set forth in <u>Section</u> <u>2.15(a)</u> or as otherwise expressly set forth herein.

"**Accepting Holders**" as defined in <u>Section</u> <u>2.09(g)</u>.

"**Acquired EBITDAX**" shall mean, with respect to any Acquired Entity or Business with an acquisition price in excess of $1,000,000 or any Converted Restricted Subsidiary with a fair market value (as determined by the Issuer in good faith) in excess of $1,000,000 for any period, the amount for such period of EBITDAX of such Acquired Entity or Business or Converted Restricted Subsidiary (determined as if references to the Issuer and the Restricted Subsidiaries or Consolidated Restricted Subsidiaries in the definition of EBITDAX (and in the component definitions used therein) were references to such Acquired Entity or Business and its Subsidiaries or to such Converted Restricted Subsidiary and its Subsidiaries), as applicable, all as determined on a consolidated basis for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable; <u>provided</u> that if (a) the acquisition consideration of the Acquired Entity or Business, or the fair market value of the Converted Restricted Subsidiary exceeds $30,000,000 (each, a "**Material Acquisition**"), (b) the Issuer shall have delivered to the Agent a certificate of a Responsible Officer of the Issuer setting forth the proposed Acquired EBITDAX for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable, and attaching thereto reasonably detailed calculations of Acquired EBITDAX for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable, and such other information as the Requisite Holders shall reasonably request, which shall, in each case, be in form and substance reasonably satisfactory to the RBL Administrative Agent (or, if the proposed Acquired EBITDAX adversely affects the Holders in a manner disproportionate to the RBL Administrative Agent, the Requisite Holders); and (c) the RBL Administrative Agent (or, if the proposed Acquired EBITDAX adversely affects the Holders in a manner disproportionate to the RBL Administrative Agent, the Requisite Holders) shall have approved of (such approval not to be unreasonably withheld), in writing, after delivery by the Issuer of the certificate described in the foregoing clause (b) of the Acquired EBITDAX Acquired Entity or Business or Converted Restricted Subsidiary, as applicable, then solely for the purposes of calculating the Consolidated Total Net Leverage Ratio hereunder for any date on or after such Acquired Entity or Business was acquired or any Converted Restricted Subsidiary was converted, (i) for the Fiscal Quarter in which such Acquired Entity or Business was acquired or any Converted Restricted Subsidiary was converted, Acquired EBITDAX shall be calculated by multiplying EBITDAX of such Acquired Entity or Business or Converted Restricted Subsidiary for the most recent Fiscal

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Quarter by 4, (ii) for the Fiscal Quarter in which such Acquired Entity or Business was acquired or any Converted Restricted Subsidiary was converted and the immediately following Fiscal Quarter, Acquired EBITDAX shall be calculated by multiplying EBITDAX of such Acquired Entity or Business or Converted Restricted Subsidiary for the two most recent Fiscal Quarters by 2, (iii) for the Fiscal Quarter in which such Acquired Entity or Business was acquired or any Converted Restricted Subsidiary was converted and the two immediately following Fiscal Quarters, Acquired EBITDAX shall be calculated by multiplying EBITDAX of such Acquired Entity or Business or Converted Restricted Subsidiary for the three most recent Fiscal Quarters by 4/3 and (iv) thereafter, Acquired EBITDAX of such Acquired Entity or Business was acquired or any Converted Restricted Subsidiary shall be EBITDAX for the four most recent Fiscal Quarters.

"**Acquired Entity or Business**" has the meaning set forth in the definition of the term "EBITDAX".

"**Adjusted Cash Flow from Operating Activities**" means, for any Fiscal Quarter, (a) Cash Flow from Operating Activities for such Fiscal Quarter minus (b) to the extent included in Cash Flow From Operating Activities for such Fiscal Quarter, any extraordinary, unusual or non-recurring cash flow of the Issuer and its Restricted Subsidiaries for such period, including without limitation, any cash proceeds from the unwinding, termination, or monetization of Swap Agreements, Asset Sales, insurance proceeds or indemnity payments <u>minus</u> (c) any cash repayments of the Notes pursuant to <u>Section</u> <u>2.07</u>, <u>Section</u> <u>2.08</u> or <u>Section</u> <u>2.</u>0<u>9</u> or any cash repayments of other Debt (including, without limitation, any Disqualified Capital Stock and any Loans under the RBL Credit Agreement) <u>minus</u> (d) any cash expenditures made with the proceeds of Cash Flow from Operating Activities in connection with Investments made in accordance with <u>Section</u> <u>7.05(e)</u>.

"**Adjusted Term SOFR Rate**" means an interest rate *per annum* equal to the Term SOFR Rate; <u>provided</u> that if the Adjusted Term SOFR Rate as so determined would be less than 2.50%, such rate shall be deemed to be 2.50% for the purposes of this Agreement.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified; <u>provided</u> that any Person that directly owns or holds twenty percent (20%) or more of any class of Equity Interests with voting power in such specified Person shall be deemed to be an Affiliate.

"**Affiliated Investor**" means any Person to the extent it owns or holds, directly or indirectly, or its Affiliate (other than the Issuer or any of its Subsidiaries) owns or holds, directly or indirectly, any Equity Interests of the Issuer or any of its Subsidiaries.

"**Agent**" as defined in the preamble hereto.

"**Agent Fee Letter**" means that certain Fee Letter dated as of the Closing Date between the Issuer and the Agent.

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"**Agents**" means the Agent and the Collateral Agent.

"**Agent's Account**" means an account designated by Agent from time to time as the account into which Note Parties shall make all payments to Agent for the benefit of the Agent and the Holders under this Agreement and the other Note Documents.

"**Agent's Office**" means the "Agent's Office" as set forth on <u>Appendix B</u> or such other office as Agent may from time to time designate in writing to the Issuer and each Holder.

"**Aggregate Amounts Due**" as defined in <u>Section</u> <u>2.12</u>.

"**Aggregate Elected Commitment Amounts**" has the meaning given to such term in the RBL Credit Agreement.

"**Aggregate Maximum Credit Amounts**" has the meaning given to such term in the RBL Credit Agreement.

"**Agreement**" as defined in the preamble.

"**Alternate Offer**" as defined in <u>Section</u> <u>2.09(h)(iii)</u>.

"**Amortization Payment Condition**" means the Issuer is not in compliance with a Consolidated Total Net Leverage Ratio, for the most recently ended Rolling Period, of less than or equal to 2.50 to 1.00.

"**Annualized EBITDAX**" means, for the purposes of calculating the Consolidated Total Net Leverage Ratio, (i) for the first Fiscal Quarter ending after the Closing Date, EBITDAX shall be calculated by multiplying EBITDAX for such Fiscal Quarter by 4, (ii) for the first two Fiscal Quarters ending after the Closing Date, EBITDAX shall be calculated by multiplying EBITDAX for such two Fiscal Quarters by 2 and (iii) for the first three Fiscal Quarters ending after the Closing Date, EBITDAX shall be calculated by multiplying EBITDAX for such three Fiscal Quarters by 4/3; *provided* that for the Fiscal Quarters identified in clauses (i) through (iii) hereof, Acquired EBITDAX (other than as set forth in the proviso to the definition of Acquired EBITDAX) and Disposed EBITDAX shall, be included in the calculation of EBITDAX before giving effect to the annualization set forth herein, without duplication of any annualization calculation applied pursuant to the definition of Acquired EBITDAX.

"**Anti-Corruption Laws**" means all laws, rules, and regulations of any jurisdiction applicable to the Parent, the Issuer or any of its Restricted Subsidiaries from time to time concerning or relating to bribery or corruption, including the FCPA.

"**Anti-Money Laundering Laws**" means all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules related to terrorism financing or money laundering, including any applicable provision of The Currency and Foreign Transactions Reporting Act (also known as the "Bank Secrecy Act," 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), as amended by the Patriot Act.

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"**Applicable Margin**" means (a) with respect to any Note (other than an ABR Note), a rate per annum equal to the Adjusted Term SOFR Rate <u>plus</u> 4.75% and (b) with respect to any ABR Note, a rate per annum equal to ABR <u>plus</u> 3.75%.

"**Applicable Office**" means the office through which a Holder's investment in any Note is made.

"**Approved Counterparty**" means (a) any Person who, at the time of entering into a Swap Agreement, is an RBL Lender or an Affiliate of an RBL Lender or (b) any other Person (or the credit support provider of such Person who guarantees all obligations of such Person under such Swap Agreement) who, at the time of entering into a Swap Agreement, has a long term senior unsecured debt rating of A-/A3 by S&P or Moody's (or their equivalent) or higher.

"**Approved Petroleum Engineers**" means (a) Netherland, Sewell & Associates, Inc., (b) DeGolyer and MacNaughton, (c) Cawley Gillespie and Associates, Inc., (d) Ryder Scott Company, L.P., (e) Wright & Company, Inc. or (f) any other regionally or nationally recognized independent petroleum engineering firms selected by the Issuer and reasonably acceptable to the RBL Administrative Agent (or, if the selection of any Approved Petroleum Engineer adversely affects the Holders in a manner disproportionate to the RBL Administrative Agent, the Requisite Holders).

"**Asset Coverage Ratio**" means, with respect to any date of determination, the ratio of (a) the Total PDP PV-10 Value as of such date of determination to (b) the Total Net Debt as of such date of determination.

"**Asset Sale**" means a sale, lease or sublease (as lessor or sublessor), sale and leaseback, assignment, conveyance, license, transfer or other disposition to, or any exchange of property with, any Person, in one transaction or a series of related transactions, of all or any part of any Person's businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, including the Equity Interest owned by such Person (in each case of the foregoing, excluding any Casualty Event).

"**Assignment Agreement**" means an Assignment and Assumption Agreement substantially in form of <u>Exhibit</u> <u>H</u> or such other form reasonably acceptable to the Agent (at the direction of the Requisite Holders).

"**Bail-In Action**" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"**Bail-In Legislation**" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

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"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Benefit Plan**" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such "employee benefit plan" or "plan".

"**Board**" means the Board of Governors of the Federal Reserve System of the United States of America or any successor Governmental Authority.

"**Board of Directors**" means (a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; (b) with respect to a partnership, the board of directors of the general partner of the partnership; (c) with respect to a limited liability company, the manager, managers, managing member or members or any controlling committee of managing members thereof; and (d) with respect to any other Person, the board or committee of such Person serving a similar function.

"**Borrowing Base**" means, at any particular time, the Dollar amount determined to be the "Borrowing Base" in accordance with the terms of the RBL Credit Agreement, including any redetermination or adjustment thereof in accordance with the terms of the RBL Credit Agreement.

"**Borrowing Base Deficiency**" occurs if at any time (a) the aggregate Revolving Credit Exposures at such time exceeds (b) the Borrowing Base then in effect.

"**Borrowing Base Properties**" means the Proved Oil and Gas Properties of the Note Parties included in the most recently delivered Reserve Report and evaluated for purposes of determining the Borrowing Base then in effect.

"**Business Day**" means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the States of New York or Texas or is a day on which banking institutions located in either of such states are authorized or required by law or other governmental action to close.

"**Called Principal**" means, with respect to any Note, the amount of principal of such Note that is to be prepaid pursuant to <u>Section</u> <u>2.08</u>, <u>Section</u> <u>2.09(c)</u>, or <u>Section</u> <u>2.09(d)</u> or has become or is declared to be immediately due and payable pursuant to <u>Section</u> <u>9.01</u>, as the context requires.

"**Cash Equivalents**" means: (a) securities issued or fully guaranteed or insured by the United States Government or any agency thereof and backed by the full faith and credit of the United States having maturities of not more than twenty four (24) months from the date of acquisition; *provided* that, for the avoidance of doubt, treasury securities issued by the United States Government or any agency thereof shall be deemed to be Cash Equivalents for purposes

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of this <u>clause (a)</u>; (b) certificates of deposit, time deposits, or bankers' acceptances having in each case a tenor of not more than twelve (12) months from the date of acquisition issued by any Holder or any U.S. commercial bank or any branch or agency of a non-U.S. commercial bank licensed to conduct business in the U.S. having combined capital and surplus of not less than Five Hundred Million Dollars ($500,000,000); (c) commercial paper of an issuer rated at least A-1 by S&P or P-1 by Moody's at the time of acquisition, and in either case having a tenor of not more than twelve (12) months; (d) Investments, classified in accordance with GAAP as current assets of the Issuer or any of its Restricted Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating assigned at that time from either Moody's or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u> of this definition; (e) repurchase obligations with a term of not more than one-hundred eighty (180) days for underlying securities of the types described in <u>clauses (a)</u> and <u>(b)</u> entered into with any financial institution or recognized securities dealer meeting the qualifications specified in <u>clause (b)</u> above; and (f) deposits in money market funds and investments investing at least 95% in investments described in <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u> and <u>(e)</u> above.

"**Cash Flow From Operating Activities**" means, for any Fiscal Quarter, the cash generated from the normal business operations of the Issuer and its Restricted Subsidiaries for such Fiscal Quarter, determined in a manner consistent with (a) the Issuer's past practice and (b)(i) the line item "Net Cash Flow, Total" contained in the Issuer's precedent lease operating statements delivered by the Issuer to EIG on or prior to the Closing Date, incorporating the revenue and expenses from ongoing operations of the Issuer and its Restricted Subsidiaries including from Oil and Gas Properties and Swap Agreements, <u>minus</u> (ii) General and Administrative Costs of the Issuer and its Restricted Subsidiaries for such period, and <u>minus</u> (iii) Consolidated Interest Expense of the Issuer and its Restricted Subsidiaries for such period.

"**Cash Receipts**" means all cash received by or on behalf of the Issuer or any Restricted Subsidiary, including without limitation: (a) amounts payable under or in connection with any Oil and Gas Properties; (b) cash representing operating revenue earned or to be earned by the Issuer or any Restricted Subsidiary; (c) proceeds from Notes; and (d) any other cash received by or on behalf of the Issuer or any Restricted Subsidiary from whatever source (including amounts received in respect of the Liquidation of any Swap Agreement and amounts received in respect of any disposition of Property).

"**Casualty Event**" means any loss, casualty or other insured damage to, or any nationalization, taking under power of eminent domain or by condemnation or similar proceeding of, any Property of the Issuer or any of its Restricted Subsidiaries.

"**CERCLA**" has the meaning set forth in the definition of "Environmental Laws".

"**Change in Control**" means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the Signing Date) (directly or indirectly, including through one or more holding companies), other than the Permitted Holders, of Equity Interests representing more than thirty-five percent (35%) of the aggregate ordinary

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voting power represented by the issued and outstanding Equity Interests of the Parent (including, for the avoidance of doubt, the Class A common stock and Class B common stock issued by the Parent), (b) the occupation of a majority of the seats (other than vacant seats) on the board of directors of the Parent by Persons who were neither (i) directors of the Parent on the Closing Date or nominated, appointed or approved for consideration by shareholders for election by the board of directors of the Parent or (ii) appointed by directors so nominated, appointed or approved, (c) the Parent ceases to directly own (i) 65% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Issuer and (ii) 65% of the economic interests represented by the issued and outstanding Equity Interests of the Issuer, (d) the Parent ceases to Control the General Partner and the Issuer, (e) the Parent at any time ceases to hold of record and have beneficial ownership of 100% of the aggregate ordinary voting power and 100% of the economic interests represented by the issued and outstanding Equity Interests of the General Partner, (f) the General Partner at any time ceases to directly own 100% of the general partner interests of the Issuer or ceases to be the sole general partner of the Issuer, (g) any Guarantor ceases to be a Wholly-Owned Subsidiary of the Issuer other than as a result of a transaction permitted under <u>Section</u> <u>7.08</u> or <u>Section</u> <u>7.09</u>, (h) a "Change in Control" (as defined in the RBL Credit Agreement) or any functionally equivalent concept under the RBL Credit Agreement shall have occurred, or (i) the occurrence of a "change of control" or "change in control" under the definitive documentation governing any Debt for borrowed money constituting Material Debt.

"**Citadel**" means Citadel Energy Marketing LLC, a Delaware limited liability company.

"**Citadel Permitted Existing Confirmations**" means the confirmations between Citadel and the Parent evidencing the trades listed on Schedule 1.02(c), as amended, modified, supplemented or restated on or prior to the Closing Date, and as the same may from time to time be amended, modified, supplemented or restated to the extent permitted by <u>Section</u> <u>7.18</u>.

"**Citadel Permitted Existing Trade Documents**" means, (a) the ISDA Master Agreement, dated as of May 25, 2023, between Citadel and the Parent, including the Schedule thereto, as amended, modified, supplemented or restated on or prior to the Closing Date, and as the same may from time to time be amended, modified, supplemented or restated to the extent permitted by <u>Section</u> <u>7.18</u> and (b) the Citadel Permitted Existing Confirmations.

"**Citadel Permitted Existing Trades**" means the transactions evidenced by the Citadel Permitted Existing Confirmations identified on Schedule 4.19 as any such transaction may from time to time be amended, modified, supplemented or restated to the extent permitted by <u>Section</u> <u>7.18</u>.

"**Citadel Swap Counterparty Acknowledgment**" means a Swap Counterparty Acknowledgment, in form and substance satisfactory to the RBL Administrative Agent, to be entered into between the RBL Administrative Agent, as collateral agent, the Issuer, and Citadel, as amended, modified, supplemented or restated from time to time.

"**Closing Date**" means the date on which all of the conditions precedent set forth in <u>Section</u> <u>3.02</u> have been satisfied or waived.

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"**Closing Date Certificate**" means a Closing Date Certificate substantially in the form of <u>Exhibit</u> <u>C</u>.

"**Closing Date Initial Public Offering**" means the initial public offering of Equity Interests of the Parent as described in the Registration Statement.

"**CME Term SOFR Administrator**" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"**Code**" means Title 11 of the United States Code entitled "Bankruptcy," as now and hereafter in effect, or any successor statute.

"**Collateral Agent**" as defined in the preamble hereto.

"**Collateral Documents**" means Guarantee and Collateral Agreement, the Mortgages, the Control Agreements, the Intercreditor Agreement, and any and all other agreements, instruments, consents or certificates now or hereafter executed and delivered by the Issuer or any other Person in connection with, or as security for the payment or performance of the Obligations or this Agreement, as such agreements may be amended, modified, supplemented or restated from time to time.

"**Commitment**" means, as to each Holder, its obligation to purchase a Note from the Issuer pursuant to <u>Section</u> <u>2.01(a)</u> in an aggregate amount not to exceed the amount set forth opposite such Holder's name in <u>Appendix A</u> under the caption "Commitment." The aggregate amount of the Commitments is $75,000,000.

"**Commitments**" means such commitments of all Holders in the aggregate.

"**Commodity Account**" means any "commodity account" as defined in the UCC.

"**Commodity Exchange Act**" means the Commodity Exchange Act (7 U.S.C. § 1 *et seq.*), as amended from time to time, and any successor statute, and any regulations promulgated thereunder.

"**Communications**" as defined in <u>Section</u> <u>10.08(a)</u>.

"**Compliance Certificate**" means a Compliance Certificate substantially in the form of <u>Exhibit</u> <u>D</u>.

"**Confidential Information**" as defined in <u>Section</u> <u>11.18</u>.

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"**Conforming Borrowing Base**" means a conforming borrowing base determined in good faith based on the normal and customary standards and practices of a commercial bank that is in the business of valuing and redetermining the value of oil and gas properties in connection with conforming, reserve-based oil and gas loan transactions in the United States, including by employing customary mechanisms for periodic redeterminations thereof.

"**Connection Income Tax**" means Taxes described in (b) of the definition of Tax on the Overall Net Income that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"**Consolidated Interest Expense**" means, for any period, the sum (determined without duplication) of the aggregate gross interest expense of the Note Parties and their Consolidated Restricted Subsidiaries for such period. For purposes of the foregoing, gross interest expense shall be determined after giving effect to any net payments made or received by the Note Parties with respect to interest rate Swap Agreements.

"**Consolidated Net Income**" means with respect to the Issuer and the Consolidated Restricted Subsidiaries, for any period, the aggregate of the net income (or loss) of the Issuer and the Consolidated Restricted Subsidiaries after allowances for taxes for such period determined on a consolidated basis in accordance with GAAP; <u>provided</u> that there shall be excluded, without duplication, from such net income (to the extent otherwise included therein) the following: (a) the net income of any Person in which the Issuer or any Consolidated Restricted Subsidiary has an interest (which interest does not cause the net income of such other Person to be consolidated with the net income of the Issuer and the Consolidated Restricted Subsidiaries in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to the Issuer or to a Consolidated Restricted Subsidiary, as the case may be; (b) the net income (but not loss) during such period of any Consolidated Restricted Subsidiary to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by that Consolidated Restricted Subsidiary is not at the time permitted by operation of the terms of its charter or any agreement, instrument or Governmental Requirement applicable to such Consolidated Restricted Subsidiary or is otherwise restricted or prohibited, in each case determined in accordance with GAAP, but in each case only to the extent of such prohibition or restriction; (c) the net income (or loss) of any Person accrued prior to the date it becomes a Consolidated Restricted Subsidiary or is merged into or consolidated with the Issuer or any of its Consolidated Restricted Subsidiaries; (d) any extraordinary or non-recurring gains or losses during such period; (e) any gains or losses attributable to writeups or writedowns of assets; (f) any gain or loss from the sale of assets other than in the ordinary course of business, (g) any income attributable to the early extinguishment of any Debt or Swap Agreements of the Issuer or a Consolidated Restricted Subsidiary; and (h) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application, in each case, in accordance with GAAP.

"**Consolidated Restricted Subsidiaries**" means any Restricted Subsidiaries that are Consolidated Subsidiaries.

"**Consolidated Subsidiaries**" means each Subsidiary of the Issuer (whether now existing or hereafter created or acquired) the financial statements of which shall be (or should have been) consolidated with the financial statements of the Issuer in accordance with GAAP.

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"**Consolidated Total Assets**" means, as of any date of determination, the total assets of the Issuer and its Consolidated Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, as shown on (x) the most recent balance sheet of the Issuer delivered pursuant to <u>Section</u> <u>6.01(a)</u> or <u>6.01(b)</u> or, with respect to the Initial Financial Statements, <u>Section</u> <u>4.02</u> or (y) a balance sheet of the Issuer (i) prepared by a Financial Officer of the Issuer, (ii) certified by a Financial Officer as presenting fairly in all material respects the financial position of the Issuer and its Consolidated Restricted Subsidiaries (excluding Unrestricted Subsidiaries) on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes and (iii) delivered to the Agent and each Holder.

"**Consolidated Total Net Leverage Ratio**" means, as of the last day of any Fiscal Quarter (or any other date of determination for purposes of <u>Sections 7.02(j)</u>, and <u>7.04(a)(iv)</u>), the ratio of Total Net Debt as of such day to EBITDAX (or (a) in the case of each of the first three Fiscal Quarters ending after the Closing Date, Annualized EBITDAX or (b) prior to the initial delivery of financial statements pursuant to <u>Section</u> <u>6.01(a)</u> or <u>Section</u> <u>6.01(b)</u>, Specified EBITDAX) for most recently ended Rolling Period.

"**Consolidated Unrestricted Subsidiaries**" means any Unrestricted Subsidiaries that are Consolidated Subsidiaries.

"**consolidation**" as defined in <u>Section</u> <u>7.08</u>.

"**Control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "**Controlling**" and "**Controlled**" have meanings correlative thereto.

"**Control Agreement**" means a control agreement, in form and substance reasonably satisfactory to the Collateral Agent, the Requisite Holders and the RBL Administrative Agent providing for (subject to the Intercreditor Agreement) the Collateral Agent's and the RBL Administrative Agent's control of a Deposit Account, Securities Account or Commodity Account, as applicable, after notice, executed and delivered by the Issuer or a Restricted Subsidiary, as applicable, and the applicable securities intermediary (with respect to a Securities Account), bank (with respect to a Deposit Account) or commodity intermediary (with respect to a Commodity Account), in each case at which such relevant account is maintained.

"**Controlled Investment Affiliate**" shall mean, as to any Person, any other Person which directly or indirectly is in control of, is controlled by, or is under common control with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect equity or debt investments in the Issuer and/or other companies.

"**Cure Amount**" as defined in <u>Section</u> <u>7.01(d)</u>.

"**Cure Period**" as defined in <u>Section</u> <u>7.01(d)</u>.

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"**Declining Holder**" as defined in <u>Section</u> <u>2.09(g)</u>.

"**Default**" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"**Default Rate**" means any interest payable pursuant to <u>Section</u> <u>2.06(c)</u>.

"**Deposit Account**" means any "deposit account" as defined in the UCC.

"**Discounted Value**" means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.

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"**Disposed EBITDAX**" shall mean, with respect to any Sold Entity or Business with a sale price in excess of $1,000,000 or any Converted Unrestricted Subsidiary with a fair market value (as reasonably determined by the Issuer) in excess of $1,000,000 for any period, the amount for such period of EBITDAX of such Sold Entity or Business (determined as if references to the Issuer and the Restricted Subsidiaries in the definition of EBITDAX (and in the component definitions used therein) were references to such Sold Entity or Business and its Subsidiaries or such Converted Unrestricted Subsidiary and its Subsidiaries) or such Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold Entity or Business or such Converted Unrestricted Subsidiary.

"**Disqualified Capital Stock**" means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event (other than upon a "change in control"; <u>provided</u> that the terms of such Equity Interest require that any payment in connection therewith be made only after the occurrence of the Release Date), matures or is mandatorily redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise, or is convertible or exchangeable for Debt or redeemable for any consideration other than other Equity Interests (which would not constitute Disqualified Capital Stock) at the option of the holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days (or, if issued to an insider, three hundred sixty-six (366) days) after the Maturity Date.

"**Distributable Free Cash Flow**" means, with respect to any Fiscal Quarter, (a) an amount equal to Adjusted Cash Flow from Operating Activities for such Fiscal Quarter, <u>minus</u> (b) the aggregate amount of Restricted Payments made during the then current Fiscal Quarter prior to and at such time of determination under <u>Section</u> <u>7.04(a)(iv)</u> (each such use under <u>clause (b)</u>, a "**Free Cash Flow Utilization**").

"**Dollars**" and the sign "**$**" mean the lawful money of the United States of America.

"**Domestic Subsidiary**" means any Restricted Subsidiary that is organized under the laws of the United States of America or any state or territory thereof or the District of Columbia.

"**EBITDAX**" means, means, for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Net Income for such period plus (without duplication),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the following expenses or charges to the extent deducted from Consolidated Net Income in such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interest expense,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) income tax expense,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) depreciation, depletion, amortization and exploration expenses and other similar noncash charges,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other non-cash charges, including any write-offs or write-downs, reducing Consolidated Net Income for such period (<u>provided</u> that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (1) the Issuer may determine not to add back such non-cash charge in the current period and (2) to the extent the Issuer does decide to add back such non-cash charge in the current period, the cash payment in respect thereof in such future period shall be subtracted from EBITDAX to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) losses on asset Dispositions, disposals and abandonments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) (x) Transaction Expenses incurred prior to or on or about the Closing Date in connection with the Transactions and (y) any Transaction Expenses after the Closing Date and any costs and expenses incurred in connection with any Investments, acquisitions (or purchases of assets), incurrence of Debt or expenses incurred in connection with Public Company Compliance after the Closing Date; <u>provided</u> that the aggregate amount of add backs under this clause (y) and clause (vii) below shall not exceed 10% of EBITDAX (calculated prior to giving effect to such add-backs) for such period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, retention charges (including charges or expenses in respect of incentive plans), severance costs, costs relating to initiatives aimed at profitability improvement, costs or reserves associated with improvements to IT and accounting functions and integration and facilities opening costs or any one-time costs incurred in connection with acquisitions and investments; <u>provided</u> that the aggregate amount of add backs under this (vii) and clause (vi)(y) above shall not exceed 10% of EBITDAX (calculated prior to giving effect to such add-backs) for such period,

minus (without duplication),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent included in the statement of Consolidated Net Income for such period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) interest income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) income tax credits (to the extent not netted from income tax expense),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all non-cash gains increasing Consolidated Net Income for such period, excluding any non-cash gains that represent the reversal of an accrual or reserve for any anticipated cash charges in any prior period (other than any such accrual or reserve that has been added back to Consolidated Net Income in calculating EBITDAX in accordance with this definition),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) gains on Asset Sales, disposals and abandonments (other than the sale of Hydrocarbons in the ordinary course of business, but including any gain from the Liquidation of any Swap Agreement).

If the Closing Date occurs on or prior to the date on which unaudited statements of income and cash flows of the Issuer and its Consolidated Subsidiaries as of and for the Fiscal Quarter ended June 30, 2026 are available, for any calculation of EBITDAX on or prior to the delivery of financial statements for the Fiscal Quarter ending June 30, 2026 pursuant to Section 6.01(b), EBITDAX (prior to giving effect to any Pro Forma Basis adjustments) shall be deemed to be Specified EBITDAX.

There may, at the Issuer's option, be included in determining EBITDAX for any period of four consecutive Fiscal Quarters (each a "Reference Period"), without duplication, the positive amount of Acquired EBITDAX of any Person, property, business or asset acquired by the Issuer or any Restricted Subsidiary during such Reference Period (but not the Acquired EBITDAX of any related Person, property, business or assets to the extent not so acquired), to the extent not subsequently sold, transferred or otherwise disposed by the Issuer or such Restricted Subsidiary during such Reference Period (each such Person, property, business or asset acquired and not subsequently so disposed of, an "**Acquired Entity or Business**") and the Acquired EBITDAX of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such Reference Period (each, a "**Converted Restricted Subsidiary**"), based on the actual Acquired EBITDAX of such Acquired Entity or Business or Converted Restricted Subsidiary for such Reference Period (including the portion thereof occurring prior to such acquisition). There shall be excluded in determining EBITDAX for any Reference Period (a) the negative amount of Acquired EBITDAX of any Acquired Entity or Business or Converted Restricted Subsidiary during such Reference Period and (b) the Disposed EBITDAX of any Person, property, business or asset (other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of or, closed or classified as discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) by the Issuer or any Restricted Subsidiary during such Reference Period (each such Person, property, business or asset so sold or disposed of, a "**Sold Entity or Business"**) and the Disposed EBITDAX of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such Reference Period (each a "**Converted Unrestricted Subsidiary**"), based on the actual Disposed EBITDAX of such Sold Entity or Business or Converted Unrestricted Subsidiary for such Reference Period (including the portion thereof occurring prior to such sale, transfer or disposition). For the avoidance of doubt, Acquired EBITDAX (in the case of any Acquired Entity or Business or Converted Restricted Subsidiary) and Disposed EBITDAX (in the case of any Disposed Entity or Business or Converted Unrestricted Subsidiary) shall be included in the calculation of EBITDAX for such Reference Period, as though Acquired EBITDAX were acquired and Disposed EBITDAX were disposed, as applicable, in each case, on the first day of such Reference Period. For the avoidance of doubt, and notwithstanding anything to the contrary contained herein, this paragraph shall not apply to any Acquired EBITDAX with respect to any Material Acquisition that is being annualized pursuant to the proviso to the definition of "Acquired EBITDAX".

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"**EEA Financial Institution**" means (a) any credit institution or investment firm established in any EEA Member Country that is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country that is a parent of an institution described in <u>clause (a)</u> of this definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in <u>clauses</u> <u>(a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

"**EEA Member Country**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**EIG**" means EIG Credit Management Company, LLC.

"**Eligible Assignee**" means (a) any Holder, (b) any Subsidiary, Related Fund or Affiliate of a Holder and (c) other than a natural Person, any Note Party or any of their respective Affiliates or any Holder or any Subsidiary, Related Fund or Affiliate thereof, any Institutional Investor or other Person, in each such case for such Institutional Investor or other Person in this <u>clause</u> <u>(c)</u> with the consent of the Issuer, such consent not to be unreasonably withheld, conditioned or delayed; <u>provided</u> that, (i) if an Event of Default has occurred and is continuing, the consent of the Issuer will not be required and (ii) the Issuer shall be deemed to have consented to any such Person unless it shall object thereto by written notice to the Agent within ten (10) Business Days after having received notice thereof; <u>provided further</u> that in any event "**Eligible Assignee**" shall not include any Affiliated Investor.

"**Environmental Claim**" means any notice of noncompliance, violation or potential responsibility, claim, action, suit, arbitration, complaint, proceeding, demand, abatement order or other order by any Governmental Authority or any other Person, arising (a) pursuant to or in connection with any actual or alleged violation of any Environmental Law; (b) in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (c) in connection with any actual or alleged damage, injury, threat or harm to human health or safety (to the extent relating to exposure to Hazardous Materials), natural resources or the environment.

"**Environmental Laws**" means any and all Governmental Requirements pertaining in any way to the environment, the preservation or reclamation of natural resources (including flora and fauna), induced seismicity, or the management, Release or threatened Release of any Hazardous Materials, including, to the extent applicable, the Oil Pollution Act of 1990, as amended, the Outer Continental Shelf Lands Act, the Clean Air Act, as amended, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980 ("**CERCLA**"), as amended, the Federal Water Pollution Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended, the Resource Conservation and Recovery Act of 1976 ("**RCRA**"), as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as amended, the Endangered Species Act, as amended, the Migratory Bird Treaty Act, as amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, and the Hazardous Materials Transportation Act, as amended.

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"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) any violation of any applicable Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) any exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement to the extent liability is assumed or imposed with respect to any of the foregoing.

"**Environmental Permit**" means any permit, registration, license, notice, approval, consent, exemption, variance, or other authorization required under or issued pursuant to applicable Environmental Laws.

"**Equity Interests**" means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such Equity Interest.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended, and any successor statute.

"**ERISA Affiliate**" means each trade or business (whether or not incorporated) which together with the Issuer or a Restricted Subsidiary would be deemed to be a "single employer" within the meaning of Section 4001(b)(1) of ERISA or Sections 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, under Sections 414(m) or (o) of the Code.

"**ERISA Event**" means (a) the occurrence of a "Reportable Event" described in Section 4043 of ERISA with respect to a Plan subject to Title IV of ERISA (other than a Multiemployer Plan) other than a Reportable Event as to which the provision of thirty (30) days' notice to the PBGC is expressly waived under applicable regulations, (b) the withdrawal of the Issuer, a Restricted Subsidiary or any ERISA Affiliate from a Plan subject to Section 4063 of ERISA during a plan year in which it was a "substantial employer" as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, (c) the filing of a notice of intent to terminate a Plan subject to Title IV of ERISA (other than a Multiemployer Plan) or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, (d) the institution of proceedings to terminate a Plan by the PBGC, (e) receipt of a notice of withdrawal liability pursuant to Section 4202 of ERISA, or (f) the occurrence of any other event or condition which would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan.

"**ESG Survey**" as defined in <u>Section</u> <u>6.01(v)</u>.

"**EU Bail-In Legislation Schedule**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

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"**Event of Default**" as defined in <u>Section</u> <u>9.01</u>.

"**Excepted Liens**" means (a) Liens for Taxes, assessments or other governmental charges or levies which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (b) Liens (i) in connection with workers' compensation, unemployment insurance or other social security, old age pension, public liability obligations or similar legislation, and deposits securing liabilities to insurance carriers under insurance arrangements in respect of such obligations, in each case, in the ordinary course of business, or (ii) to secure (or secure the Lien securing) liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Issuer or any Restricted Subsidiary, in each case, which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (c) statutory landlord's liens, operators', vendors', carriers', warehousemen's, repairmen's, mechanics', suppliers', workers', materialmen's, construction or other like Liens, in each case, arising by operation of law in the ordinary course of business or incident to the exploration, development, operation and maintenance of Oil and Gas Properties each of which is in respect of obligations that are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; (d) contractual Liens which arise in the ordinary course of business under operating agreements, joint venture agreements, oil and gas partnership agreements, oil and gas leases, farm-out agreements, farm-in agreements, division orders, contracts for the sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements, overriding royalty agreements, marketing agreements, processing agreements, net profits agreements, development agreements, service agreements, supply agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, seismic or other geophysical permits or agreements, and other agreements, in each case which are or have become usual and customary in the oil and gas business and are for claims which are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with GAAP; <u>provided</u> that any such Lien referred to in this clause (d) does not materially impair the use of any material Property covered by such Lien for the purposes for which such Property is held by the Issuer or any Restricted Subsidiary or materially impair the value of any material Property subject thereto; (e) Liens arising solely by virtue of any statutory or common law provision relating to banker's liens, rights of set-off or similar rights and remedies arising in the ordinary course of business and burdening only deposit accounts or other funds maintained with a creditor depository institution; <u>provided</u> that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access by the depositor in excess of those set forth by regulations promulgated by the Board and no such deposit account is intended by the Note Parties or any of their Restricted Subsidiaries to provide collateral to the depository institution; (f) zoning and land use requirements, easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations in any Property of the Issuer or any Restricted Subsidiary for the purpose of roads, pipelines, shared facilities, transmission lines, transportation lines, distribution lines for the removal of gas, oil, minerals or oil and other like purposes, or for the joint or common use of real estate, rights of way, facilities and equipment, that do not secure any monetary obligations and which in the aggregate do not materially impair the use of any material

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Property for the purposes of which such Property is held by the Issuer or any Restricted Subsidiary or materially impair the value of any material Property subject thereto; (g) Liens on cash or securities pledged to secure performance of tenders, surety and appeal bonds, government contracts, performance and return of money bonds, bids, trade contracts, leases, statutory obligations, regulatory obligations and other obligations of a like nature incurred in the ordinary course of business; (h) judgment and attachment Liens not giving rise to an Event of Default; <u>provided</u> that any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceeding may be initiated shall not have expired and no action to enforce such Lien has been commenced; (i) purported Liens evidenced by the filing of UCC financing statements solely as a precautionary measure in connection with operating leases of personal property; (j) any interest or title of a lessor, sublessor, licensor or sublicensor or secured by a lessor's, sublessor's, licensor's or sublicensor's interest under any lease, sublease, license or sublicense permitted by this Agreement; (k) Immaterial Title Deficiencies; (l) contractual restrictions and prohibitions on encumbrances and transferability with respect to software licensed to the Issuer and/or to any Restricted Subsidiary; and (m) Liens in favor of depository banks arising under documentation governing deposit accounts which Liens secure the payment of returned items, settlement item amounts, customary bank fees for maintaining deposit accounts and other related services, and similar items and fees; <u>provided</u>, <u>further</u>,<u> </u>that no intention to subordinate the Second Priority status afforded by the Liens granted in favor of the Collateral Agent (for the benefit of the Secured Parties, as provided in the Collateral Documents) is to be hereby implied or expressed by the permitted existence of such Excepted Liens. The parties acknowledge and agree that the term "Excepted Liens" shall not include any Lien securing Debt for borrowed money other than the Obligations.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder.

"**Excluded Accounts**" means (a) each account for which the deposits consist solely of amounts utilized to fund payroll, healthcare, employee benefit or tax obligations of the Issuer and its Restricted Subsidiaries, (b) segregated deposit accounts the balance of which consists exclusively of cash constituting purchase price deposits held in escrow by or on behalf of any Issuer or any of its Restricted Subsidiaries pursuant to a binding and enforceable purchase and sale agreement with an unaffiliated third party containing customary provisions regarding the payment and refunding of such deposits, (c) deposit accounts of any Person acquired by the Issuer or any Restricted Subsidiary in connection with any acquisition permitted hereunder during a thirty (30) day period following such acquisition (or such longer period as approved by the Requisite Holders); <u>provided</u> that (1) no proceeds of any Notes shall be deposited into any such account and (2) no additional funds shall be deposited into any such account other than revenues and other amounts required to be deposited therein pursuant to existing contractual arrangements or in the ordinary course of the business of the acquired Person as conducted prior to such acquisition and (d) other accounts so long as the aggregate average daily maximum balance in any such other account over a 30-day period does not at any time exceed $1,250,000; <u>provided</u> that the aggregate daily maximum balance for all such bank accounts excluded pursuant to this <u>clause</u> <u>(d)</u> on any day shall not exceed $2,500,000.

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"**Excluded Property**" has the meaning assigned to such term in the Guarantee and Collateral Agreement.

"**Excluded Taxes**" as defined in <u>Section</u> <u>2.14(b)</u>.

"**Existing Holders**" means the Holders (as defined in the Existing Note Purchase Agreement).

"**Existing Note Purchase Agreement**" means that certain Note Purchase Agreement, dated as of September 17, 2024 (as amended by that certain First Amendment to Note Purchase Agreement, dated as of March 31, 2025, that certain Second Amendment to Note Purchase Agreement, dated as of June 23, 2025, that certain Third Amendment to Note Purchase Agreement, dated as of January 27, 2026, that certain Fourth Amendment to Note Purchase Agreement, dated as of March 26, 2026 and that certain Fifth Amendment to the Note Purchase Agreement, dated as of March 30, 2026) by and among, *inter alios*, the Parent, as issuer, the guarantors from time to time party thereto, the holders from time to time party thereto and U.S. Bank Trust Company, National Association, as agent.

"**Existing Notes**" means the first lien senior secured notes issued by the Parent and purchased by the Existing Holders pursuant to the terms and conditions set forth in the Existing Note Purchase Agreement.

"**Exposure**" means, with respect to any Holder, as of any date of determination, the outstanding principal amount of the Notes held by such Holder.

"**Fair Market Value**" means, with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a disposition of such asset or group of assets at such date of determination assuming a disposition by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset or group of assets, as reasonably determined in good faith by the Issuer; <u>provided</u>, <u>however</u>,<u> </u>that to the extent the Requisite Holders disagree with such Fair Market Value as determined in good faith by the Issuer, the Requisite Holders and the Issuer shall determine Fair Market Value pursuant to a dispute resolution process substantially similar to that provided for in <u>Section</u> <u>1.05</u>.

"**FATCA**" means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.

"**FCPA**" means the Foreign Corrupt Practices Act of 1977, as amended.

"**FDIC**" means the Federal Deposit Insurance Corporation.

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"**Federal Funds Effective Rate**" means for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; <u>provided</u> that, if the foregoing rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"**Fee Letter**" means that certain, Amended and Restated Fee Letter dated as of the Closing Date between the Issuer, EIG and the other parties named therein.

"**Finance Leases**" means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP, recorded as finance leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent thereunder; <u>provided</u> that for all purposes hereunder the amount of obligations under any Finance Lease shall be the amount thereof accounted for as a liability on the balance sheet of such Person in accordance with GAAP; <u>provided</u>, <u>further</u>,<u> </u>that for purposes of calculations made pursuant to the terms of this Agreement, GAAP will be deemed to treat leases in a manner consistent with its treatment under GAAP applicable to private companies for Fiscal Years beginning prior to December 15, 2019, notwithstanding any modifications or interpretative changes thereto that may occur. For the avoidance of doubt, (i) any lease that would be characterized as an operating lease in accordance with GAAP applicable to private companies for Fiscal Years beginning prior to December 15, 2019 (whether or not such operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a Finance Lease) for purposes of this Agreement regardless of any change in GAAP applicable to private companies for Fiscal Years beginning after December 15, 2019 that would otherwise require such lease to be re-characterized (on a prospective or retroactive basis or otherwise) as a Finance Lease and (ii) GAAP will be deemed to not take into account ASU 2016-02.

"**Financial Officer**" means, for any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person or authorized signatory of such Person that has similar responsibilities; <u>provided</u> that, if such Person is a limited partnership or limited liability company, any reference to a Financial Officer of such Person shall be a reference to a Financial Officer of such Person or of the general partner or sole member, as applicable, of such Person. Unless otherwise specified, all references herein to a Financial Officer means a Financial Officer of the Issuer.

"**First Lien Obligations**" means the obligations made pursuant to the RBL Credit Agreement and any other obligations of the Issuer or any of its Restricted Subsidiaries under the RBL Loan Documents.

"**First Offer**" as defined in <u>Section</u> <u>2.09(g)</u>.

"**Fiscal Quarter**" means a Fiscal Quarter of any Fiscal Year.

"**Fiscal Year**" means the Fiscal Year of the Note Parties ending on December 31 of each calendar year.

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"**Flood Insurance Regulations**" means (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (c) the National Flood Insurance Reform Act of 1994 (amending 42 USC § 4001, et seq.), as the same may be amended or recodified from time to time, (d) the Flood Insurance Reform Act of 2004 and (e) the Biggert-Waters Flood Insurance Reform Act of 2012, in each case as now or hereafter in effect or any successor statute thereto and including any regulations promulgated thereunder.

"**Flow of Funds**" means the flow of funds instruction letter delivered to the Agent at least one (1) Business Day prior to the Closing Date, directing the Agent to make certain specified disbursements on the Closing Date.

"**Foreign Subsidiary**" means any Restricted Subsidiary that is not a Domestic Subsidiary.

"**Free Cash Flow Utilization**" has the meaning set forth in the definition of "Distributable Free Cash Flow".

"**GAAP**" means, subject to the limitations on the application thereof set forth in <u>Section</u> <u>1.03</u>, United States generally accepted accounting principles in effect as of the date of determination thereof.

"**General and Administrative Costs**" means the general and administrative costs of the Issuer, the other Note Parties and their Restricted Subsidiaries, including utilities, communications, consulting fees, salary, rent, supplies, travel, insurance, accounting, legal, engineering and broker related fees required to manage its affairs and, for the avoidance of doubt, (a) any costs and expenses of an Affiliate of the Issuer, the other Note Parties and their Restricted Subsidiaries that are reimbursed by the Issuer, the other Note Parties and their Restricted Subsidiaries and which are fairly allocable to the Issuer, the other Note Parties and their Restricted Subsidiaries and (b) any advisory fees or similar fees to any holder of its Equity Interests or any Affiliates thereof (other than a Note Party).

"**General Partner**" means WhiteHawk Income OP GP LLC, a Delaware limited liability company.

"**Governing Body**" means the Board of Directors or other body having the power to direct or cause the direction of the management and policies of a Person that is a corporation, partnership, trust or limited liability company or other applicable entity.

"**Governmental Authority**" means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"**Governmental Requirement**" means any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, rules of common law, authorization or other legally binding directive or requirement, whether now or hereinafter in effect, of any Governmental Authority.

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"**guarantee**" means, with respect to any Person, any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Debt or other obligation of any other Person in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, that is (a) an obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof; or (b) a liability of such Person for an obligation of another through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (ii) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described under <u>subclauses (i)</u> or <u>(ii)</u> of this <u>clause (b)</u>, the primary purpose or intent thereof is as described in <u>clause (a)</u> above. "**Guarantee**", unless the context otherwise requires, means the guarantee of each Guarantor set forth in the Guarantee and Collateral Agreement.

"**Guarantee and Collateral Agreement**" means a Guarantee and Collateral Agreement among the Issuer and the other Note Parties from time to time party thereto and the Collateral Agent in form and substance satisfactory to the Requisite Holders (a) granting Liens on the Note Parties' personal property constituting Collateral (as defined therein) in favor of the Collateral Agent for the benefit of the Secured Parties to secure the Obligations and (b) unconditionally guaranteeing on a joint and several basis, payment of the Obligations, as the same may be amended, restated, amended and restated, supplemented or modified from time to time.

"**Guarantors**" means (a) WhiteHawk Income Marcellus LLC, a Delaware limited liability company, (b) WhiteHawk Income Haynesville LLC, a Delaware limited liability company, (c) WhiteHawk VF LLC, a Delaware limited liability company, (d) WhiteHawk Acquisition, LLC, a Delaware limited liability company, (e) PHX Minerals LLC, a Delaware limited liability company, (f) those Persons identified on <u>Schedule</u> <u>1.02(a)</u> hereto and (g) each other Material Subsidiary and other Subsidiary of a Note Party that guarantees the Obligations pursuant to the Guarantee and Collateral Agreement or as otherwise required by <u>Section</u> <u>6.13(b)</u>.

"**Hazardous Material**" means any substance regulated or as to which liability might arise under any applicable Environmental Law due to its deleterious properties, including: (a) any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition or meaning of "hazardous substance," "hazardous material," "hazardous waste," "toxic waste," "extremely hazardous substance," "toxic substance," "contaminant," "pollutant" or words of similar meaning or import found in any applicable Environmental Law; (b) Hydrocarbons, petroleum products, petroleum substances, natural gas, oil, oil and gas waste, crude oil, and any components, factions or derivatives thereof; and (c) radioactive materials, explosives, brine, asbestos or asbestos containing materials, polychlorinated biphenyls, per- or polyfluoroalkyl substances, radon, or infectious or medical wastes.

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"**Hazardous Materials Activity**" means any past or current activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, Release, threatened Release, discharge, placement, generation, transportation, processing, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.

"**Highest Lawful Rate**" means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Holder which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the Signing Date.

"**Holder-Related Party**" as defined in <u>Section</u> <u>11.03(b)</u>.

"**Holders**" means (a) each Person listed on the signature pages hereto as a Holder and (b) any other Person that becomes a party hereto as a Holder pursuant to an Assignment Agreement, other than any such Person that ceases to be a party hereto as a Holder pursuant to an Assignment Agreement.

"**Hydrocarbon Interests**" means all rights, titles, interests and estates now or hereafter acquired by the Issuer or any Guarantor in and to oil and gas leases, oil, gas and mineral leases, and/or other liquid or gaseous hydrocarbon leases, mineral fee interests, term mineral interest, overriding royalty, non-participating royalty and royalty interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

"**Hydrocarbons**" means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom.

"**Immaterial Subsidiary**" means any Restricted Subsidiary that is not a Material Subsidiary.

"**Immaterial Title Deficiencies**" means, with respect to Oil and Gas Properties, minor defects or deficiencies in title, and discrepancies in reported net revenue and working interest ownership percentages, which do not, individually or in the aggregate, affect Oil and Gas Properties with a value (which, for purposes hereof, shall mean the value attributed to any such Oil and Gas Properties in the most recently delivered Reserve Report) greater than one percent (1%) of the most recent Borrowing Base.

"**Immediate Family Members**" shall mean with respect to any individual, such individual's child, stepchild, grandchild or more remote descendant, parent, stepparent, grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law (including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals or any donor-advised fund of which any such individual is the donor.

"**Incorporated Provision**" as defined in <u>Section</u> <u>6.21(b)</u>.

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"**Indemnified Liabilities**" means, collectively, any and all fees, liabilities, obligations, losses, damages, penalties, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable fees, disbursements and settlement costs and other charges of counsel for Indemnitees) and of consultants in connection with any proceeding (whether investigative, administrative, judicial or otherwise) commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any reasonable fees or expenses incurred by Indemnitees in administering and enforcing this Agreement and the other Note Documents and enforcing the indemnity under <u>Section</u> <u>11.03(a)</u>, whether direct, indirect or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of (a) this Agreement or the other Note Documents, the Transactions or any other transactions contemplated hereby or thereby (including the Holders' agreement to make Note Purchases or the use or intended use of the proceeds thereof, or any enforcement of any of the Note Documents (including any sale of, collection from, or other realization upon any of the Collateral or the enforcement of the Guarantee)); or (b) any Environmental Claim relating to or against, or any past or present activity (including any Hazardous Materials Activity), operation, land ownership, or practice of, the Issuer or any of its Subsidiaries or on any of their respective properties. Notwithstanding the foregoing, Indemnified Liabilities shall not include Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

"**Indemnified Taxes**" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any Obligation of any Note Party under any Note Document and (b) to the extent not otherwise described in (a), Other Taxes.

"**Indemnitee**" as defined in <u>Section</u> <u>11.03(a)</u>.

"**Indemnitee Agent Party**" means each Agent, its Affiliates and its officers, partners, directors, trustees, employees, representatives and agents of the Agents.

"**Initial Financial Statements**" as defined in <u>Section</u> <u>3.02(v)</u>.

"**Initial Reserve Report**" means the report of Cawley Gillespie and Associates, Inc., dated as of December 31, 2025, with respect to the Oil and Gas Properties of the Issuer and the Restricted Subsidiaries as of January 1, 2026.

"**Institutional Investor**" means (a) any Holder of a Note on the Closing Date, (b) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, (c) any Related Fund or Affiliate of any Holder of any Note and (d) any other Person that is a Qualified Institutional Buyer to the extent such Person would not reasonably be considered a competitor of the Issuer.

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"**Intercreditor Agreement**" means that an Intercreditor Agreement among the Issuer, the other Note Parties, the Collateral Agent and the RBL Administrative Agent, in form and substance satisfactory to the Requisite Holders and the Agents, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

"**Interest**" as defined in <u>Section</u> <u>2.06(a)</u>.

"**Interest Payment Date**" means (a) the last day of each Fiscal Quarter, commencing with the Fiscal Quarter ended June 30, 2026, and (b) the Maturity Date.

"**Interest Period**" means (a) from and including the Closing Date to the next Interest Payment Date, and (b) thereafter, from and including each Interest Payment Date to but excluding the next Interest Payment Date.

"**Interim Redetermination**" means an Interim Redetermination (as defined in the RBL Credit Agreement) or any functionally equivalent concept in the RBL Credit Agreement.

"**Internal Revenue Code**" means the Internal Revenue Code of 1986, as amended to the date hereof and from time to time hereafter, and any successor statute (except as otherwise provided herein).

"**Investment**" means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or otherwise) of Equity Interests of any other Person or any agreement to make any such acquisition (including, without limitation, any "short sale" or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or advance, loan or capital contribution to, assumption of Debt of, purchase or other acquisition of any other Debt or equity participation or interest in, or other extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person) and made in the ordinary course of business and consistent with past practice), (c) the purchase or acquisition (in one or a series of transactions) of Property (other than Equity Interests) of another Person that constitutes a business unit, line of business or a discrete set of Properties or (d) the entering into of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be sold) with respect to, Debt or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person. For purposes of covenant compliance, the amount of any Investment at any time shall be the amount actually invested (measured at the time made), without adjustment for subsequent increases or decreases in the value of such Investment.

"**IRS**" as defined in <u>Section</u> <u>2.14(e)</u>.

"**Issuer**" as defined in the preamble hereto.

"**Lien**" means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including but not limited to (a) the lien or security interest arising from a deed of trust, mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes or (b) production payments and the like payable out of Oil and Gas Properties. The term "Lien" shall include easements, restrictions, servitudes, permits, conditions, covenants, exceptions and reservations.

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"**Liquidate**" means, with respect to any Swap Agreement, the sale, assignment, novation, unwind, monetization or early termination of all or any part of such Swap Agreement or the creation of an offsetting position against all or any part of such Swap Agreement. The terms "**Liquidating**", "**Liquidated**" and "**Liquidation**" have a correlative meaning thereto.

"**Liquidity**" means, at any time, the sum of (a) the Unused Availability (only to the extent that the Issuer is then permitted to borrow such amount under the terms of the RBL Credit Agreement) at such time and (b) Unrestricted Cash at such time minus (c) the amount of any Borrowing Base Deficiency as of such date.

"**Liquidity Percentage**" means, as of any date of determination, the fraction expressed as a percentage, (a) the numerator of which is the sum of (i) unrestricted cash and Cash Equivalents (determined in accordance with GAAP) and cash and Cash Equivalents of the Note Parties pledged to the Collateral Agent for the benefit of the Secured Parties to secure the Obligations <u>plus</u> (ii)(A) the lesser of (I) the amount of Commitments (as defined in the RBL Credit Agreement) and (II) the Borrowing Base in effect as of such date less (B) the Revolving Credit Exposures of all RBL Lenders on such date and (b) the denominator of which shall be the least of (i) the Aggregate Maximum Credit Amounts, (ii) the Aggregate Elected Commitment Amounts then in effect and (iii) the Borrowing Base in effect on such date; <u>provided</u> that if such fraction is less than zero, it shall be deemed to be zero.

"**Loan Limit**" means, at any time, the least of (a) the Aggregate Maximum Credit Amounts, (b) the then effective Borrowing Base and (c) the then effective Aggregate Elected Commitment Amounts.

"**Loans**" has the meaning given to such term in the RBL Credit Agreement.

"**Make-Whole Amount**" means, with respect to the Called Principal of any Note, an amount equal to the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note, <u>provided</u> that the Make-Whole Amount shall in no event be less than zero.

"**Make-Whole Expiry Date**" as defined in <u>Section</u> <u>2.11(g)</u>.

"**Material Adverse Effect**" means a material adverse change in, or material adverse effect on (a) the business, operations, Property or financial condition of the Parent, the General Partner, the Issuer, Note Parties and their Restricted Subsidiaries taken as a whole, (b) the ability of the Issuer, the Parent, the General Partner, any Restricted Subsidiary or any Guarantor to perform any of its obligations under any Note Document, (c) the validity or enforceability of any Note Document, or (d) the rights and remedies of or benefits available to the Agent, any other Agent or any Holder under any Note Document.

"**Material Acquisition**" has the meaning assigned to such term in the definition of "Acquired EBITDAX".

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"**Material Contracts**" means (a) the contracts set forth on <u>Schedule</u> <u>1.02(b)</u> and (b) any other contract and agreement of any Note Party or its Subsidiaries resulting (or projected to result) in such Person being reasonably expected to receive revenue or other consideration or incur liabilities in excess of $2,000,000 during any Fiscal Year.

"**Material Debt**" means (a) Debt (other than the Notes), or obligations in respect of one or more Swap Agreements, of any one or more of the Note Parties and their Restricted Subsidiaries in an aggregate principal amount exceeding $5,000,000 and (b) Debt (and any guarantees thereof) under the RBL Credit Agreement and the other RBL Loan Documents. For purposes of determining Material Debt, the "principal amount" of the obligations of the Issuer or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the Swap Termination Value of such Swap Agreement.

"**Material Disposition**" means any disposition of Property or series of related dispositions of Property that involves the payment of consideration to the Note Parties and their Consolidated Restricted Subsidiaries in excess of $2,000,000.

"**Material Environmental and Social Incident**" means (a) any incident or accident formally elevated to the Board of Directors (or other similar Governing Body) of the Issuer, (b) an accident relating to the Note Parties, their Subsidiaries, or their respective properties resulting in death or serious or multiple injury or (c) a significant and material community or worker related grievance or protest directed at the Note Parties, their Subsidiaries, or their respective properties, in each of the foregoing cases, which has or could reasonably be expected to have (in the good faith determination of the Issuer) a material and adverse impact on health, safety or the environment (including, in each case, as the result of the Release of any Hazardous Material).

"**Material Subsidiary**" means, as of any date, any Restricted Subsidiary that (a) incurs or is otherwise liable on any Debt or guarantees any Debt or grants any Lien on any Property to secure any Debt, (b) owns any Borrowing Base Properties, or (c) whose revenues or total assets, when taken together with its Subsidiaries, as of the last day of the most recent Fiscal Quarter for which financial statements are required to have been delivered pursuant to <u>Section</u> <u>6.01(a)</u> or <u>Section</u> <u>6.01(b)</u> or, with respect to the Initial Financial Statements, <u>Section</u> <u>3.02(v)</u> were equal to or greater than 2.5% of the consolidated total revenues or consolidated total assets, respectively, of the Issuer and the Consolidated Restricted Subsidiaries as of such date, determined in accordance with GAAP; <u>provided</u> that, if, as of the last day of the most recent Fiscal Quarter for which financial statements are required to have been delivered pursuant to <u>Section</u> <u>6.01(a)</u> or <u>Section</u> <u>6.01(b)</u> or, with respect to the Initial Financial Statements, <u>Section</u> <u>3.02(v)</u>, the aggregate revenues or aggregate assets attributable to all Restricted Subsidiaries that are not Material Subsidiaries exceed 5.0% of the consolidated revenues or consolidated total assets, respectively, of the Issuer and the Consolidated Restricted Subsidiaries as of such date, then the Issuer shall designate in the compliance certificate required to be delivered pursuant to Section 6.01(c) for such Fiscal Quarter or Fiscal Year, as applicable, one or more Restricted Subsidiaries that are not Material Subsidiaries as Material Subsidiaries as may be necessary to eliminate such excess, and upon the delivery of such compliance certificate to the Agent and the Holders, such designated Restricted Subsidiaries shall for all purposes of this Agreement constitute Material Subsidiaries; <u>provided further</u> that, in the event that the Issuer fails to so designate sufficient additional Subsidiaries as "Material Subsidiaries" as aforesaid, the Requisite Holders may, by prior written notice to the Issuer, designate sufficient additional Restricted Subsidiaries as "Material Subsidiaries" on the Issuer's behalf, whereupon such Restricted Subsidiaries shall constitute "Material Subsidiaries" for all purposes of this Agreement.

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"**Maturity Date**" means the earlier of (a) May [20], 2031 and (b) the date that all Notes shall become due and payable in full hereunder, whether by acceleration or otherwise or, in either case, if such day is not a Business Day, the immediately preceding Business Day.

"**Moody's**" means Moody's Investors Service, Inc. and any successor thereto that is a nationally recognized rating agency.

"**More Restrictive Term**" as defined in <u>Section</u> <u>6.21(a)</u>.

"**Mortgage**" means all mortgages, deeds of trust and similar documents, instruments and agreements (including amendments and restatements of existing deeds of trust and similar documents, instruments and agreements) creating, evidencing, perfecting or otherwise establishing the Liens on Mortgaged Property to secure payment of the Obligations or any part thereof in a form to be negotiated in good faith between the Issuer and the Requisite Holders.

"**Mortgaged Property**" means any Property owned by the Issuer or any Guarantor which is subject to the Liens existing and to exist under the terms of the Collateral Documents. For the avoidance of doubt, "Mortgaged Property" shall include any Property mortgaged under the RBL Loan Documents.

"**Multiemployer Plan**" mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"**Net Asset Sale Proceeds**" means, with respect to any Asset Sale (other than pursuant to <u>Section</u> <u>7.09(a)</u>, <u>Section</u> <u>7.09(b)</u>, <u>Section</u> <u>7.09(c)</u>, <u>Section</u> <u>7.09(e)</u> <u>Section</u> <u>7.09(f)</u>, <u>Section</u> <u>7.09(h), Section</u> <u>7.09(j)</u> or <u>Section</u> <u>7.09(k)</u>), an amount equal to: (a) the sum of cash payments and Cash Equivalents received by the Issuer or any of its Affiliates from such Asset Sale (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received), <u>minus</u> (b) any bona fide costs and expenses (including, without limitation, legal, accounting and investment banking fees, and sales commissions) incurred in connection with such Asset Sale, including income or gains taxes paid or payable as a result of such Asset Sale (after taking into account any available tax credits or deductions and any tax-sharing arrangements) or reserves taken in respect of taxes, (c) a reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller's indemnities and representations and warranties to purchaser in respect of such Asset Sale undertaken by the Issuer or any other Note Party in connection with such Asset Sale; <u>provided</u> that upon release of any such reserve, the amount released shall be considered Net Asset Sale Proceeds, and (d) payments applied towards amounts outstanding under the RBL Loan Documents to (i) eliminate any Borrowing Base Deficiency, in an amount equal to such Borrowing Base Deficiency or (ii) pay other amounts due under the RBL Loan Documents as a result of such Asset Sale.

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"**Net Casualty Event Proceeds**" means, with respect to any Casualty Event, an amount equal to: (a) the sum of cash payments and Cash Equivalents received by the Issuer or any of its Affiliates from such Casualty Event <u>minus</u> (b) (i) any bona fide costs and expenses incurred in connection with the adjustment or settlement of any claims of the Issuer or any of its Restricted Subsidiaries in respect thereof, (ii) amounts expended to repair and/or replace property subject to such Casualty Event and (iii) payments applied towards amounts outstanding under the RBL Loan Documents to (A) eliminate any Borrowing Base Deficiency, in an amount equal to such Borrowing Base Deficiency or (B) pay other amounts due under the RBL Loan Documents as a result of such Casualty Event.

"**Non-U.S. Holder**" as defined in <u>Section</u> <u>2.14(e)</u>.

"**Not for Speculative Purposes**" in the case of Swap Agreements permitted under this Agreement, means the following Swap Agreements: (a) any commodity Swap Agreement intended, at inception of execution, to hedge or manage any of the risks related to existing and or forecasted Hydrocarbon production of the Issuer or its Restricted Subsidiaries (whether or not contracted) and (b) any Swap Agreement intended, at inception of execution, to hedge or manage the interest rate exposure associated with any debt securities, debt facilities or leases (existing or reasonably forecasted) of the Issuer or its Restricted Subsidiaries. It is understood that commodity Agreements that, taken as a whole, "hedge" the same volumes of commodity risk, including those under which one or more such Swap Agreements partially offset one or more other such Swap Agreements, shall not be aggregated together when calculating the foregoing limitations on notional volumes and shall be deemed, both individually and in the aggregate, not to be speculative.

"**Note**" means the notes purchased by the Holders on the Closing Date pursuant to <u>Section</u> <u>2.01(a)</u>, as may be evidenced by a promissory note in the form of <u>Exhibit</u> <u>B</u> (such term shall also include any such notes in substitution therefor pursuant to <u>Section</u> <u>11.29</u> of this Agreement).

"**Note Document**" means any of this Agreement, the Notes, the Agent Fee Letter, the Fee Letter, the Collateral Documents, the Flow of Funds and all other certificates, documents, instruments or agreements executed and delivered by a Note Party for the benefit of Agents or any Holder in connection herewith or pursuant to any of the foregoing. Any reference in this Agreement or any other Note Document to a Note Document shall include all appendices, exhibits and schedules thereto.

"**Note Party**" means the Issuer and the Guarantors.

"**Note Purchase**" means a purchase by the Holders of Notes pursuant to <u>Section</u> <u>2.01</u>.

"**Note Purchase Notice**" means a written notice by the Issuer that it intends to issue Notes hereunder, which Note Purchase Notice (a) sets forth the principal amount of Notes to be issued, (b) contains the information required by <u>Section</u> <u>2.03</u> and (c) is substantially in the form of <u>Exhibit</u> <u>A</u> or such other form reasonably satisfactory to the Requisite Holders.

"**NYFRB**" means the Federal Reserve Bank of New York.

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"**NYFRB Rate**" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u> that, if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Agent from a federal funds broker of recognized standing selected by the Requisite Holders; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"**NYMEX Pricing**" means, as of any date of determination with respect to any month, (a) for crude oil, the closing settlement price for the Light, Sweet Crude Oil futures contract for such month and (b) for natural gas, the closing settlement price for the Henry Hub Natural Gas futures contract for such month, in each case as published by CME Group / NYMEX on its website currently located at www.cmegroup.com, or any successor thereto (as such price may be corrected or revised from time to time by CME Group / NYMEX in accordance with its rules and regulations).

"**Obligations**" means all liabilities and obligations of every nature of the Parent, the General Partner and each Note Party or any Restricted Subsidiary from time to time owed to the Agents (including any former Agents), the Holders, any Indemnitee or any of them, in each case, under any Note Document, in each case, to which it is a party, whether for principal, interest (including, without limitation, interest accruing at any post-default rate and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), fees (including, without limitation, any Make-Whole Amount or any Prepayment Fee), expenses, penalties, premiums, reimbursements, indemnification or otherwise and whether primary, secondary, direct, indirect, contingent, fixed or otherwise (including obligations of performance) and all renewals, extensions and/or rearrangements of any of the above.

"**Oil and Gas Properties**" means (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized with Hydrocarbon Interests; (c) all presently existing or future unitization agreements, pooling agreements and declarations of pooled or unitized units and the units created thereby (including without limitation all units created under orders, regulations and rules of any Governmental Authority) which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements, including farmout agreements, farm in agreements, area of mutual interest agreements, equipment leases and production sharing contracts and other agreements, which relate to any of the Hydrocarbon Interests or the production, sale, purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests; (e) all Hydrocarbons in and under and which may be produced and saved or attributable to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other incomes from or attributable to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties in any manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests; and (g) all Properties, rights, titles, interests and estates described or referred to above, including any and all Property, real or personal, immovable or moveable, now owned or hereafter acquired and situated upon, used, held for use or useful in connection with the operating, working or

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development of any of such Hydrocarbon Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all wellbores, oil wells, gas wells, injection wells, disposal wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors, pumps, pumping units, gathering systems, field gathering systems, gas processing plants and pipeline systems and any related infrastructure to any thereof, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines, boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments to any and all of the foregoing. Unless otherwise expressly provided herein, all references in this Agreement to "Oil and Gas Properties" refer to Oil and Gas Properties owned by the Issuer and/or its Restricted Subsidiaries, as the context requires.

"**Ongoing Hedges**" as defined in <u>Section</u> <u>7.15(a)</u>.

"**Organizational Documents**" means (a) with respect to any corporation, its certificate or articles of incorporation, amalgamation, formation or organization, as amended, and its bylaws, as amended, (b) with respect to any limited partnership, its certificate of limited partnership or certificate of formation, as amended, and its partnership agreement, as amended, (c) with respect to any general partnership, its partnership agreement, as amended, (d) with respect to any limited liability company, its articles of organization or certificate of formation, as amended, and its operating agreement, as amended and (e) in any other case, the functional equivalent of the foregoing. In the event any term or condition of this Agreement or any other Note Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such "Organizational Document" shall only be to a document of a type customarily certified by such governmental official.

"**Other Taxes**" means any and all present or future stamp, recording, filing, court or documentary, intangible, or similar Taxes arising from any payment made hereunder or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Note Document, except any such Taxes described in <u>clause (b)</u> of the definition of Tax on the Overall Net Income imposed with respect to any assignment (other than an assignment pursuant to a request by the Issuer).

"**Outbound Investment Rules**" means the regulations administered and enforced, together with any related public guidance issued, by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation; as of the date of this Agreement, and as codified at 31 C.F.R. § 850.101 et seq.

"**Overnight Bank Funding Rate**" means, for any day, the rate comprised of both overnight federal funds and overnight Adjusted Term SOFR Rate borrowings by U.S.-managed banking offices of depository institutions, (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

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"**Parent**" means WhiteHawk Income Corporation, a Delaware corporation.

"**Participant**" as defined in <u>Section</u> <u>11.07(g)</u>.

"**Participant Register**" as defined in <u>Section</u> <u>11.07(g)</u>.

"**Payment**" as defined in <u>Section</u> <u>10.04(c)</u>.

"**Payment in Full**" means (a) the irrevocable payment in full in cash of all principal, interest (including interest accruing during the pendency of an insolvency or liquidation proceeding, regardless of whether allowed or allowable in such insolvency or liquidation proceeding), premium and make-whole, if any, on all Notes outstanding under this Agreement, (b) the irrevocable payment in full in cash in respect of all other Obligations or amounts that are outstanding under this Agreement (other than indemnity obligations for which notice of potential claim has not been given) and (c) the termination of all Commitments under this Agreement.

"**Payment Notice**" as defined in <u>Section</u> <u>10.04(d)</u>.

"**PBGC**" means the Pension Benefit Guaranty Corporation or any successor thereto.

"**Permitted Holder**" means officers and directors of the Issuer (or the Parent) who on the Closing Date are holders of Equity Interests of the Issuer (or the Parent) (and their Controlled Investment Affiliates and Immediate Family Members).

"**Permitted Recipients**" as defined in <u>Section</u> <u>11.18</u>.

"**Permitted Refinancing Debt**" means, with respect to Debt of any Person (for purposes of this definition, the "**Refinanced Debt**"), any refinancing, renewal or replacement of such Refinanced Debt (for purposes of this definition, "**new Debt**"); <u>provided</u> that (a) the principal amount of such new Debt does not exceed the principal amount then outstanding of the Refinanced Debt *plus* an amount necessary to pay accrued and unpaid interest thereon *plus* reasonable fees and expenses incurred in connection with such refinancing, renewal or replacement of such Refinanced Debt; (b) such new Debt has a final maturity date equal to or later than the final maturity date of, and has a weighted average life to maturity equal to or greater than the weighted average life to maturity of, the Refinanced Debt; (c)(i) to the extent the Refinanced Debt is subordinated in right of payment to the Obligations, such new Debt is subordinated in right of payment to the Obligations on terms and conditions satisfactory to the Requisite Holders and (ii) such new Debt is incurred by the Person who is the obligor of, and does not have greater guarantees or security than, the Refinanced Debt; and (d) if the Refinanced Debt constitutes RBL Obligations, then the new Debt must be incurred pursuant to and in accordance with the terms of <u>Section</u> <u>7.02(j)</u>.

"**Permitted Tax Distributions**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) for any taxable period (or portion thereof) ending prior to Closing Date for which Issuer was wholly-owned by Parent for U.S. federal income tax purposes, distributions in an aggregate amount not to exceed the product of (x) the highest combined marginal federal, state and/or local statutory income Tax rate applicable to Parent (as estimated by the Issuer in good faith) and (y) the taxable income attributable to the Issuer and its Subsidiaries for such taxable period allocated to Parent;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) for any taxable period (or portion thereof) ending after the Closing Date for which the Issuer is treated as a partnership (or disregarded as an entity separate from a partnership) that is not wholly-owned by a corporation for U.S. federal income tax purposes, distributions in an aggregate amount for such taxable period not to exceed the product of (1) the taxable income of the Issuer and its Subsidiaries for such taxable period (determined without regard to any adjustments pursuant to Section 734 or 743 of the Code) that is allocated to the direct and indirect equityholders of the Issuer and (2) the highest combined marginal U.S. federal, state and/or local income tax rate (taking into account the character of the taxable income in question (e.g., long term capital gain, qualified dividend income, etc.)) applicable to any direct or indirect equityholder of the Issuer (as estimated by the Issuer in good faith); <u>provided</u> that, to the extent a direct or indirect equityholder of the Issuer would be entitled to receive less than its pro rata share (in accordance with relative economic ownership of the Issuer) of the amounts of tax distributions otherwise distributable by the Borrower pursuant to this clause (B) on any given date, the amounts of Permitted Tax Distributions otherwise permitted pursuant to this clause (B) shall be increased to ensure that the direct and indirect equityholders of the Issuer shall receive an amount pursuant to this clause (B) so that all tax distributions by the Issuer are made to its direct and indirect equityholders pro rata in accordance with relative economic ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) for any taxable year ending after the Closing Date for which (i) the Issuer is treated as a corporation that is a member of a consolidated, combined, unitary or similar income tax group for U.S. federal or applicable foreign, state and/or local income tax purposes of which Parent or any other direct or indirect parent company of the Issuer is the common parent (a "Tax Group") or (ii) the Issuer is a pass-through or disregarded entity for U.S. federal or applicable foreign, state or local income tax purposes that is wholly-owned (directly or indirectly) by a corporation for U.S. federal income tax purposes, distributions to fund the portion of the U.S. federal, foreign, state and/or local income taxes of such Tax Group or such corporation (as applicable) for such taxable period that is attributable to the taxable income of the Issuer and/or the applicable Subsidiaries.

"**Person**" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"**Plan**" means any employee pension benefit plan, as defined in Section 3(2) of ERISA, which (a) is sponsored, maintained or contributed to by the Issuer, a Restricted Subsidiary or, solely with respect to a plan subject to Title IV of ERISA, an ERISA Affiliate or (b) if the Issuer or a Restricted Subsidiary has liability thereunder, was at any time during the six (6) calendar years preceding the Signing Date and the Closing Date, sponsored, maintained or contributed to by the Issuer or a Subsidiary or, to which Issuer or a Subsidiary has any liability, including any liability with respect to a plan subject to Title IV of ERISA on account of an ERISA Affiliate.

"**Prepayment Fee**" as defined in <u>Section</u> <u>2.11(g)</u>.

"**Prime Rate**" means the rate of interest per annum publicly quoted from time to time by *The Wall Street Journal* (or, if no longer quoted by *The Wall Street Journal*, such other national publication selected by the Requisite Holders in consultation with the Issuer) as the United States "prime rate".

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"**Pro Forma Basis**" means, as to the calculation of the Consolidated Total Net Leverage Ratio, Liquidity and the Asset Coverage Ratio, such calculation will be made on a pro forma basis, including giving pro forma effect to the following events as if such events occurred, for purposes of the Consolidated Total Net Leverage Ratio, on the first date of the then most recently ended period for which financial statements (including monthly financial statements and lease operating statements) are available and, for purposes of the Asset Coverage Ratio, immediately prior to such date of determination: any Asset Sale, any Casualty Event, any Restricted Payment, any redetermination of the Borrowing Base or any incurrence of Debt that occurred during such period (or thereafter and through and including the date of such determination, in the case of determinations made with respect to any action the taking of which hereunder is subject to compliance with the Consolidated Total Net Leverage Ratio or the Asset Coverage Ratio); <u>provided</u> that, such adjustments may only be applied to any such test solely to the extent that such adjustments are consistent with the definition of EBITDAX and its component definitions and give effect to events that are (as determined by the Issuer in good faith) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Issuer and the Restricted Subsidiaries and (z) factually supportable. Any cash or Cash Equivalents to be received by the Issuer or any Restricted Subsidiary in connection with the incurrence of Debt shall not be considered Unrestricted Cash in determining compliance on a "Pro Forma Basis" with the Consolidated Total Net Leverage Ratio for the incurrence of such Debt or any transaction substantially contemporaneously therewith. Solely with respect to any Material Acquisition, the Acquired EBITDAX with respect to such Material Acquisition (and any prior Material Acquisitions consummated after the most recently ended Rolling Period, and through but excluding the date on which compliance with the Consolidated Total Net Leverage Ratio, Liquidity and the Asset Coverage Ratio for purposes of Consolidated Total Net Leverage Ratio, Liquidity and the Asset Coverage Ratio, as applicable, is being tested) shall be included in the calculation of EBITDAX. Pro forma calculations made pursuant to the definition of the term "Pro Forma Basis" shall be, with respect to the Consolidated Total Net Leverage Ratio, determined in good faith by a Responsible Officer of the Issuer and with supporting documentation reasonably acceptable to the Agent (at the direction of the Requisite Holders) and, with respect to the Asset Coverage Ratio, made in accordance with <u>Section</u> <u>1.05</u> and <u>Section</u> <u>6.01(r)</u>.

"**Pro Rata Share**" means, as to any Holder, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section</u> <u>2.01(a)</u>, the percentage obtained by <u>dividing</u> (i) the Commitments of that Holder, by (ii) the aggregate Commitments of all Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all payments, computations and other matters relating to the Notes of any Holder (other than the issuance of the Notes contemplated by <u>Section</u> <u>2.01(a)</u>), the percentage obtained by <u>dividing</u> (i) the Exposure of that Holder by (ii) the aggregate Exposure of all Holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after Payment in Full, then the percentage obtained by <u>dividing</u> (i) the Exposure of that Holder by (ii) the aggregate Exposure of all Holders, in each case, shall be calculated on the last day prior to the Payment in Full that any Holder had an Exposure.

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"**Property**" means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights.

"**Proposed Acquisition**" as defined in <u>Section</u> <u>7.15(a)</u>.

"**Proved Developed Producing Reserves**" means "proved developed producing oil and gas reserves" as such term is defined in the Definitions for Oil as Gas Reserves promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question.

"**Proved Oil and Gas Properties**" means Oil and Gas Properties to which Proved Reserves are attributed.

"**Proved Reserves**" means collectively, "proved oil and gas reserves," "proved developed producing oil and gas reserves," "proved developed non-producing oil and gas reserves" (consisting of proved developed shut-in oil and gas reserves and proved developed behind pipe oil and gas reserves), and "proved undeveloped oil and gas reserves," as such terms are defined in the Definitions for Oil as Gas Reserves promulgated by the Society of Petroleum Engineers (or any generally recognized successor) as in effect at the time in question.

"**Public Company**" as defined in <u>Section</u> <u>11.18</u>.

"**Public Company Compliance**" means compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, the provisions of the Securities Act and the Exchange Act, and the rules of national securities exchange listed companies (in each case, as applicable to companies with equity or debt securities held by the public), including procuring directors' and officers' insurance, legal and other professional fees, and listing fees.

"**Public Company Information**" as defined in <u>Section</u> <u>11.18</u>.

"**Purchase Money Debt**" means Debt, the proceeds of which are used to finance the acquisition, construction, or improvement of inventory, equipment or other property in the ordinary course of business.

"**PV-9**" means, with respect to any Proved Reserves expected to be produced from any Borrowing Base Properties, the net present value, discounted at 9% per annum, of the future net revenues expected to accrue to the Issuer's and the Restricted Subsidiaries' collective interests in such reserves during the remaining expected economic lives of such reserves, calculated in accordance with the Bank Price Deck (as defined in the RBL Credit Agreement).

"**Qualified ECP Guarantor**" means, in respect of any Swap Agreement, each Note Party that (a) has total assets exceeding $10,000,000 at the time any guaranty of obligations under such Swap Agreement or grant of the relevant security interest becomes effective or (b) otherwise constitutes an "eligible contract participant" under the Commodity Exchange Act and can cause another Person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

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"**Qualified Institutional Buyer**" as defined in <u>Section</u> <u>5.11</u>.

"**RBL Administrative Agent**" as defined in <u>Section</u> <u>7.02</u>.

"**RBL Credit Agreement**" means that certain Credit Agreement dated as of May 10, 2026, among the Issuer, each of the RBL Lenders from time to time party thereto, the RBL Administrative Agent, as administrative agent and collateral agent for the RBL Lenders as such agreement may be amended, extended, supplemented, waived or otherwise modified from time to time or refinanced or replaced from time to time (in whole but not in part, whether with the original administrative agent and lenders or another RBL Administrative Agent and other lenders, and whether provided under the original RBL Credit Agreement or another single conforming commercial bank revolving borrowing base loan credit agreement that constitutes Permitted Refinancing Debt, but not another type of facility in each case to the extent permitted hereunder (it being understood, for purposes of <u>Section</u> <u>7.02</u>, <u>Section</u> <u>7.02(j)</u> is the only clause under which the Debt under the RBL Credit Agreement is permitted) and subject to the Intercreditor Agreement and the terms hereof.

"**RBL Event of Default**" as defined in <u>Section</u> <u>9.01(g)</u>.

"**RBL Lenders**" means a "Lender" as defined in the RBL Credit Agreement.

"**RBL Loan Documents**" means the "Loan Documents" as defined in the RBL Credit Agreement.

"**RBL Obligations**" means the obligations made pursuant to the RBL Credit Agreement, any other obligations of the Issuer or any of its Restricted Subsidiaries under the RBL Loan Documents or any functionally equivalent terms under Permitted Refinancing Debt.

"**RCRA**" has the meaning set forth in the definition of "**Environmental Laws**".

"**Recipient**" as defined in <u>Section</u> <u>11.18</u>.

"**Redemption**" means with respect to any Debt, the repurchase, redemption, prepayment, repayment, defeasance or any other acquisition or retirement for value (or the segregation of funds with respect to any of the foregoing) of such Debt. "**Redeem**" has the correlative meaning thereto.

"**Redemption Offer**" as defined in <u>Section</u> <u>2.09(h)(i)</u>.

"**Redemption Payment**" as defined in <u>Section</u> <u>2.09(h)(i)</u>.

"**Redemption Purchase Date**" as defined in <u>Section</u> <u>2.09(h)(i)</u>.

"**Refinancing**" as defined in <u>Section</u> <u>2.04</u>.

"**Register**" as defined in <u>Section</u> <u>2.05(b)</u>.

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"**Registration Statement**" means that certain Form S-1 Registration Statement initially filed with the U.S. Securities and Exchange Commission on May 11, 2026.

"**Regulation T**" means Regulation T of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"**Regulation U**" means Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"**Regulation X**" means Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof.

"**Reinvestment Yield**" means, with respect to the Called Principal of any Note, 50 basis points (one-half of one percent) over the yield to maturity implied by (a) the yields reported as of 10:00 a.m. (New York, New York time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as "Page PX1" (or such other display as may replace Page PX1 on Bloomberg Financial Markets ("**Bloomberg**")) or, if Page PX1 (or its successor screen on Bloomberg) is unavailable, the Telerate Access Service screen which corresponds most closely to Page PX1 for the most recently issued actively traded U.S. Treasury securities having a maturity equal to the Remaining Life of such Called Principal as of such Settlement Date or (b) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Life of such Called Principal as of such Settlement Date. Such implied yield will be determined, if necessary, by (i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between (A) the actively traded U.S. Treasury security with the maturity closest to and greater than such Remaining Life and (B) the actively traded U.S. Treasury security with the maturity closest to and less than such Remaining Life. The Reinvestment Yield shall be rounded to two decimal places.

"**Related Fund**" means, with respect to any Holder that is an investment fund, any other investment fund that is engaged in making, purchasing, holding or otherwise investing in bank loans, commercial loans, private placements and similar extensions of credit in the ordinary course and that is managed, advised or sub-advised by the Holder, an Affiliate of such Holder, or an entity that administers, advises, sub-advises or manages such Holder. Related Fund shall, with respect to any Holder, also include any swap, special purpose vehicles purchasing or acquiring security interests in collateralized loan obligations of such Holder or any other vehicle through which such Holder's investment advisors may leverage its investments from time to time.

"**Release**" means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating, injecting, escaping, leaching, dumping, or disposing.

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"**Remaining Life**" means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the Make-Whole Expiry Date.

"**Remaining Scheduled Payments**" means, with respect to the Called Principal of any Note, all payments of Interest in respect of such Called Principal that would be due on or after the Settlement Date through the Make-Whole Expiry Date with respect to such Called Principal if no payment of such Called Principal (or other payment of principal on the Notes) were made (to be calculated assuming the Adjusted Term SOFR Rate at the time the applicable notice of payment is delivered applies through the applicable period or, if no such notice is given, assuming the Adjusted Term SOFR Rate at the time of such payment applies through the applicable period).

"**Remedial Work**" as defined in <u>Section</u> <u>6.09(a)</u>.

"**Required Mortgage Percentage**" means 90%.

"**Required Title Percentage**" means 90%.

"**Requisite Holders**" means two or more Holders having or holding Exposure representing more than fifty percent (50%) of the sum of the aggregate Exposure of all Holders.

"**Reserve Report**" means (a) a report, in form and substance reasonably satisfactory to the Requisite Holders, setting forth, as of each January 1st, April 1st, July 1st or October 1st (or such other date in the event of an Interim Redetermination) the oil and gas reserves attributable to the Oil and Gas Properties of the Issuer and the Restricted Subsidiaries, together with a projection of the rate of production and future net income, Taxes, operating expenses and capital expenditures with respect thereto as of such date, based upon pricing assumptions consistent with the Strip Price as described in <u>Section</u> <u>1.05(c)</u> and (b) the Initial Reserve Report.

"**Reserve Report Certificate**" means a certificate of a Responsible Officer in substantially the form of <u>Exhibit</u> <u>J</u> certifying as to the matters in <u>Section</u> <u>6.11(b)</u>.

"**Resolution Authority**" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Responsible Officer**" means, as to any Person, the chief executive officer, the president, any Financial Officer or any vice president or authorized signatory of such Person; <u>provided</u> that if such person is a limited partnership or limited liability company, any reference to a Responsible Officer of such Person shall be a reference to a Responsible Officer of such limited liability company or of the general partner or sole member, as applicable, of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Issuer.

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"**Restricted Payment**" means (a) any dividend or other distribution (whether in cash, securities or other Property) with respect to any Equity Interests in the Issuer or any of its Subsidiaries, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in the Issuer or any of its Subsidiaries or any option, warrant or other right to acquire any such Equity Interests in the Issuer or any of its Subsidiaries and (b) any payment of management fees, advisory fees, consulting fees or similar fees by the Issuer or any Restricted Subsidiary to any holders of their Equity Interests or any Affiliates thereof.

"**Restricted Subsidiary**" means any Subsidiary of the Issuer that is not an Unrestricted Subsidiary.

"**Revolving Credit Exposures**" means, at any time of determination, the aggregate Revolving Credit Exposure (as defined in the RBL Credit Agreement) or any functionally equivalent concept in the RBL Credit Agreement measuring at such time the aggregate principal amount outstanding under the RBL Credit Agreement.

"**Rolling Period**" means (a) for each of the first three (3) Fiscal Quarters ending after the Closing Date, the applicable period commencing on the first day of the first Fiscal Quarter ending after the Closing Date and ending on the last day of such applicable Fiscal Quarter, and (b) for the fourth (4th) Fiscal Quarter ending after the Closing Date, and for each Fiscal Quarter thereafter, any period of four (4) consecutive Fiscal Quarters ending on the last day of such applicable Fiscal Quarter; provided that when used in connection with Specified EBITDAX, "Rolling Period" shall refer to the four (4) consecutive Fiscal Quarters ending on the last day of the Fiscal Quarter prior to the Closing Date.

"**S&P**" means Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc., and any successor thereto that is a nationally recognized rating agency.

"**Sanctioned Country**" means, at any time, a country, region or territory which is itself the target of any comprehensive Sanctions (at the time of the Signing Date, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the Crimea Region of Ukraine, Cuba, Iran and North Korea).

"**Sanctioned Person**" means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or by the United Nations Security Council, the European Union, any European Union member state or His Majesty's Treasury of the United Kingdom, (b) any Person operating, organized or ordinarily resident in a Sanctioned Country, (c) any government that is itself the target of Sanctions or (d) any Person 50% or more owned or controlled by (as "owed" and "controlled" are defined or interpreted under the relevant Sanctions) any such Person or Persons described in in <u>clauses (a)</u>, <u>(b)</u> or <u>(c)</u>.

"**Sanctions**" means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, or His Majesty's Treasury.

"**SEC**" means the United States Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

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"**Second Engineer**" as defined in <u>Section</u> <u>1.05(d)</u>.

"**Second Offer**" as defined in <u>Section</u> <u>2.09(g)</u>.

"**Second Priority**" means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is prior to any other Lien to which such Collateral is subject at the time such Lien is created, other than (x) the Liens securing the obligations under the RBL Loan Documents and (y) Excepted Liens (it being understood that no intention to subordinate the Lien priority status afforded by the Liens granted in favor of the Collateral Agent (for the benefit of the Secured Parties, as provided in the Collateral Documents) is to be hereby implied or expressed by the permitted existence of such Excepted Liens).

"**Secured Parties**" means, collectively, the Agents, the Holders and any other Person owed Obligations, and "Secured Party" means any of them individually.

"**Securities Account**" means any "securities account" as defined in the UCC.

"**Securities Act**" means the Securities Act of 1933, as amended from time to time, the rules and regulations promulgated thereunder and any successor statute.

"**Series B Preferred Shares**" means the one hundred thousand (100,000) authorized shares of preferred stock designated as "**Series B Preferred Stock**" pursuant to Section 1 of the Certificate of Designations of Series B Preferred Stock of the Parent, dated as of February 1, 2024, as the same may from time to time be amended or modified to the extent permitted by <u>Section</u> <u>7.18</u>.

**"Series D Preferred Shares"** means the thirty-seven thousand seven hundred and eighty (37,780) shares of preferred stock designated as "**Series D Preferred Stock**" pursuant to Section 1 of the Certificate of Designations of Series D Preferred Stock of the Parent, dated as of March 30, 2026, as the same may from time to time be amended or modified to the extent permitted by <u>Section</u> <u>7.18</u>.

**"Series D Certificate of Designations"** means the Certificate of Designations of Preferred Stock of the Parent, dated as of March 30, 2026.

"**Settlement Date**" means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to <u>Section</u> <u>2.08</u> or <u>Section</u> <u>2.09</u> as the context requires.

"**Signing Date**" means the date on which all of the conditions precedent set forth in <u>Section</u> <u>3.01</u> have been satisfied or waived.

"**SOFR**" means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator's Website.

"**SOFR Administrator**" means the NYFRB (or a successor administrator of the secured overnight financing rate).

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"**SOFR Administrator's Website**" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"**Sold Entity or Business**" has the meaning set forth in the definition of the term "EBITDAX".

"**Solvency Certificate**" means a Solvency Certificate of a Financial Officer substantially in the form of <u>Exhibit</u> <u>E</u>.

"**Solvent**" means, with respect to any Person on any date of determination, that on such date (a) the present fair saleable value of the property of such Person and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable liability of such Person and its Subsidiaries on a consolidated basis on their debts and other liabilities, as such debts and other liabilities become absolute and matured; (b) such Person and its Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (c) such Person and its Subsidiaries on a consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are conducted as of such date and are proposed to be conducted following such date.

"**Specified Amendment**" means, solely, the amendment to the Existing Note Purchase Agreement of the definition of "Issuer" from "WhiteHawk Income Corporate, a Delaware corporation" to "WhiteHawk Income Operating Partnership L.P, a Delaware limited partnership" as contemplated by this Agreement. For the avoidance of doubt, "Specified Amendment" shall not include any other amendment, restatement, amendment and restatement, waiver or modification to the Existing Note Purchase Agreement contemplated by this Agreement or any other Note Document.

"**Specified Equity Contribution**" means, at any time, without duplication, (a) the amount of cash proceeds received by the Issuer as cash capital contributions from one or more holders of the Equity Interests of the Issuer during the Cure Period or (b) the amount of proceeds received from the issuance of common Equity Interests issued by the Issuer (or, on terms reasonably satisfactory to the Requisite Holders, other forms of Equity Interests) to one or more of the holders of the Equity Interests of the Issuer during the Cure Period (in each case, other than in connection with an issuance by the Issuer of Disqualified Capital Stock), which is made for the purpose of curing a failure to comply with <u>Sections</u> <u>7.01(a)</u>, <u>7.01(b)</u> or 7.01(c) that would otherwise occur, pursuant to the exercise of a cure right pursuant to <u>Section</u> <u>7.01(d)</u>.

"**Specified Event**" as defined in <u>Section</u> <u>9.02</u>.

"**Specified EBITDAX**" means (prior to giving effect to any Pro Forma Basis adjustments) (a) prior to the date when the financial statements for the Fiscal Quarter ended March 31, 2026 are delivered, $82,800,000 and (b) thereafter until the first delivery of financial statements pursuant to <u>Section</u> <u>6.01(b)</u>, Specified EBITDAX shall be calculated by multiplying EBITDAX for the Fiscal Quarter ended March 31, 2026 times four.

"**Specified First Lien Event of Default**" as defined in <u>Section</u> <u>9.01(g)</u>.

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"**Strip Price**" means, at any time, (a) for each remaining month of the current calendar year, the monthly NYMEX Pricing for the remaining contracts in the current calendar year, (b) for each of the succeeding five complete calendar years, the monthly NYMEX Pricing, in each case, for each of the twelve months in each such calendar year, and (c) for the succeeding sixth complete calendar year, and for each calendar year thereafter, the annual monthly average of the NYMEX Pricing of the preceding fifth calendar year.

"**Subsidiary**" means, with respect to any Person at any date, any other Person the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other Person (a) of which Equity Interests representing more than 50% of the equity or more than 50% of the ordinary voting power (irrespective of whether or not at the time Equity Interests of any other class or classes of such Person shall have or might have voting power by reason of the happening of any contingency) or, in the case of a partnership, any general partnership interests are, as of such date, owned, controlled or held, or (b) the management decisions of which, as of such date, are otherwise controlled, in each case, directly, indirectly through one or more intermediaries, or both, by the parent. Unless otherwise specified, each reference to "Subsidiary" means a Subsidiary of the Issuer.

"**Swap Agreement**" means any agreement with respect to any swap, forward, collar, future or derivative transaction or option or similar agreement, whether exchange traded, "over-the-counter" or otherwise (and for the avoidance of doubt, including on a prepaid basis), involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions (including, but not limited to, as the context dictates, any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act); <u>provided</u> that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Issuer or its Restricted Subsidiaries shall be a Swap Agreement.

"**Swap Liquidation Date**" as defined in <u>Section</u> <u>7.15(b)</u>.

"**Swap Termination Value**" means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in <u>clause</u> <u>(a)</u>, the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined by the counterparties in such Swap Agreements.

"**Synthetic Leases**" means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP, treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment of rent thereunder and which were properly treated as indebtedness for borrowed money for purposes of United States federal income taxes, if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an amount in excess of, 80% of the residual value of the Property subject to such operating lease upon expiration or early termination of such lease.

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"**Tax**" or "**Taxes**" means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"**Tax on the Overall Net Income**" of a Person means (a) Taxes imposed on or measured by net income (however denominated), franchise Tax and branch profits Tax, in each case, imposed on a Person by the jurisdiction (or any political subdivision thereof) in which a Person is organized or in which that Person's applicable principal office (and/or, in the case of a Holder, its Applicable Office) is located or in which that Person (and/or, in the case of a Holder, its Applicable Office) is deemed to be doing business, and (b) any Tax imposed as a result of a present or former connection between such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Note Document, or sold or assigned an interest in any Note or Note Document).

"**Tax Related Person**" means, with respect to a pass-through entity, any Person who is a beneficial owner of an interest in such pass-through entity who is required to include in income amounts realized (whether or not distributed) by such pass-through entity. The foregoing shall be determined under United States federal income tax principles.

"**Term SOFR Determination Day**" has the meaning assigned to it under the definition of Term SOFR Reference Rate.

"**Term SOFR Rate**" means the three-month Term SOFR Reference Rate at approximately 12:00 p.m., New York time, two (2) U.S. Government Securities Business Days prior to the commencement of the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

"**Term SOFR Reference Rate**" means, for any day and time (such day, the "**Term SOFR Determination Day**"), with respect to any Interest Period, the rate per annum determined by the Agent as the three-month forward-looking term rate based on SOFR. If by 5:00 p.m. (New York City time) on such Term SOFR Determination Day, the "Term SOFR Reference Rate" has not been published by the CME Term SOFR Administrator, then the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first preceding Business Day is not more than three (3) Business Days prior to such Term SOFR Determination Day.

"**Test Quarter**" as defined in <u>Section</u> <u>7.15(b)</u>.

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"**Total Debt**" means, as of any date of determination, the sum of (without duplication) the aggregate principal amount of Debt of the Issuer and its Consolidated Restricted Subsidiaries outstanding on such date, but consisting only of Debt (i) of the type described in clauses (a) (including the Loans), (b) (but only to the extent such letters of credit, surety or other bonds and similar agreements have been drawn and have not been reimbursed within two (2) Business Days after the date of such drawing), (c), (d), (e) and (k) of the definition of "Debt"; (ii) of the type described in clause (f) of the definition of "Debt" to the extent such Liens secure Debt of the type described in clauses (a), (b), (d), (e) and (k) of the definition of "Debt"; and (iii) of the type described in clause (g) of the definition of "Debt" to the extent such guarantee is of Debt of the type described in clauses (a), (b), (d), (e) and (k) of the definition of "Debt".

"**Total Net Debt**" means, on any date of determination, (a) Total Debt <u>minus</u> (b) the positive difference (if any) of (i) the aggregate amount of Unrestricted Cash not to exceed $25,000.000, minus (ii) the amount of any Borrowing Base Deficiency existing as of such date of determination.

"**Total PDP PV-10 Value**" means, as of any date of determination, with respect to the Proved Developed Producing Reserves constituting Oil and Gas Properties of the Note Parties, the net present value of future cash flows (discounted at ten percent (10%) *per annum*) calculated in accordance with <u>Section</u> <u>1.05</u>.

"**Transaction Expenses**" means any fees or expenses incurred or paid by the Issuer or any of its Restricted Subsidiaries in connection with the Transactions, this Agreement and the other Note Documents and the transactions contemplated hereby.

"**Transactions**" means the transactions contemplated by the Note Documents to occur on or prior to the Closing Date, including (a) the execution, delivery and performance by the Note Parties of the Note Documents to which they are a party and the issuance of the Notes hereunder, (b) the consummation of the Refinancing, (c) the payment of related fees and expenses, (d) the execution, delivery and performance by the General Partner, the Parent and the Note Parties of the RBL Loan Document to which it is a party, the use of proceeds thereof and the grant of first-priority Liens by the Issuer, and the Guarantors pursuant to the RBL Loan Documents, (e) the Closing Date Initial Public Offering and the use of proceeds thereof.

"**U.S. Tax Compliance Certificate**" as defined in <u>Section</u> <u>2.14(e)(iii)</u>.

"**UCC**" means the Uniform Commercial Code as in effect in any applicable jurisdiction.

"**UK Financial Institution**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"**UK Resolution Authority**" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**United States Person**" has the meaning in Section 7701(a)(30) of the Internal Revenue Code.

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"**Unrestricted Cash**" means cash or Cash Equivalents of the Issuer or any of its Restricted Subsidiaries that would not appear as "restricted" on a consolidated balance sheet of the Issuer or any of its Restricted Subsidiaries; <u>provided</u> that cash or Cash Equivalents that would appear as "restricted" on a consolidated balance sheet of the Issuer or any of its Restricted Subsidiaries solely because such cash or Cash Equivalents are subject to a Control Agreement in favor of the RBL Administrative Agent and the Agent shall constitute Unrestricted Cash hereunder.

"**Unrestricted Subsidiary**" means any Subsidiary of the Issuer designated as such on <u>Schedule</u> <u>4.13</u>. Notwithstanding anything to the contrary, there shall be no Unrestricted Subsidiaries under this Agreement or any other Note Document and the Issuer shall not be permitted to designate any Subsidiary as an Unrestricted Subsidiary.

"**Unused Availability**" means at any time an amount equal to (a) the Loan Limit at such time, *minus* (b) the aggregate Revolving Credit Exposures outstanding under the RBL Credit Agreement at such time.

"**Updated Schedules**" as defined in <u>Section</u> <u>3.02(j)</u>.

"**U.S. Government Securities Business Day**" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**USA PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56), as amended.

"**Wholly-Owned Subsidiary**" means any Restricted Subsidiary of which all of the outstanding Equity Interests (other than any directors' qualifying shares mandated by applicable law), on a fully-diluted basis, are owned by the Issuer or one or more of the Wholly-Owned Subsidiaries or are owned by the Issuer and one or more of the Wholly-Owned Subsidiaries.

"**Withholding Agent**" means each of the Note Parties or the Agent.

"**Write-Down and Conversion Powers**" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

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**Section 1.03** <u>Accounting Terms</u>. Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Note Document, and the Issuer or the Requisite Holders shall so request, the Requisite Holders and the Issuer shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; <u>provided</u> that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and the Issuer shall provide to Agent and Holders reconciliation statements requested by Agent, acting at the written direction of the Requisite Holders, (reconciling the computations of such financial ratios and requirements from then-current GAAP computations to the computations under GAAP prior to such change) in connection therewith. Financial statements and other information required to be delivered by the Issuer to Holders pursuant to <u>Sections</u> <u>6.01(a)</u> and <u>6.01(b)</u> shall be prepared in accordance with GAAP as in effect at the time of such preparation. Subject to the foregoing, calculations in connection with the definitions, covenants and other provisions hereof shall utilize accounting principles and policies in conformity with those used to prepare the historical financial statements of the Issuer.

**Section 1.04** <u>Interpretation, etc.</u> Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided. References herein to a Schedule shall be considered a reference to such Schedule as of the Closing Date. The use herein of the word "include" or "including," when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not no limiting language (such as "without limitation" or "but not limited to" or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The use of the words "repay" and "prepay" and the words "repayment" and "prepayment" herein shall each have identical meanings hereunder. Unless otherwise indicated, any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein (it is understood that the phrase "any functionally equivalent term", when used with respect to another term, means a term with substantially the same meaning as such other term)); <u>provided</u> that, subject to the restrictions on amendments of the RBL Credit Agreement set forth herein, with respect to terms used herein that have the meanings ascribed to them in the RBL Credit Agreement or any functionally equivalent term, such terms shall have the meaning ascribed to them on the date hereof if any such amendment, supplement or modification to the meaning of such terms in the RBL Credit Agreement would be adverse to the Agents or the Holders. The use herein of the phrase "to the knowledge of" with respect to a Note Party shall be a reference to the knowledge of the Responsible Officers of the applicable Note Party. Unless otherwise specified, whenever any obligation required hereunder shall be stated to be due or performed on a day that is not a Business Day, such obligation shall be required on the immediately succeeding Business Day and such extension of time shall be included in the satisfaction of the obligation required

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hereunder (except as set forth in the definition of "Maturity Date"). The use of the phrase "subject to" or words of like import as used in connection with Liens permitted under <u>Section</u> <u>7.03</u> or otherwise and the permitted existence of any Liens permitted under <u>Section</u> <u>7.03</u> or any other Liens shall not be interpreted to expressly or impliedly subordinate any Liens granted in favor of the Collateral Agent or any other Secured Party as there is no intention to subordinate the Liens granted in favor of the Collateral Agent and the other Secured Parties (other than with respect to the RBL Obligations). The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights. No provision of this Agreement or any other Note Document shall be interpreted or construed against any Person solely because such Person or its legal representative drafted such provision. The words "execution," "signed," "signature," and words of like import in any Note Document or any amendment or other modification thereof shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; <u>provided</u> that, notwithstanding anything herein to the contrary, the Agents are under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Agents pursuant to reasonable procedures approved by the Agents. All notices, approvals, consents, requests and any communications hereunder must be in writing, in English (<u>provided</u> that any such communication sent to an Agent hereunder must be delivered by electronic mail (if in such Agent's discretion), or in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or AdobeSign (or such other digital signature provider as specified in writing to the Agents by the Issuer)). The Note Parties agree to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to an Agent, including without limitation the risk of the Agents acting on unauthorized instructions, and the risk of interception and misuse by third parties. Any reference in the Note Documents to the Agent or Collateral Agent exercising discretion or making determinations shall refer to the Agent or Collateral Agent exercising such discretion or making such determination at the direction of the Requisite Holders. Neither the Agent nor the Collateral Agent shall have any obligation to act in the absence of such direction.

**Section 1.05** <u>Calculations of Total PDP PV-10 Value</u>. Notwithstanding anything to the contrary contained herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for all calculations of Total PDP PV-10 Value hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) appropriate deductions shall be made for severance and ad valorem taxes, obligations and anticipated payments in respect of minimum volume commitments, capital expenditures and for operating, gathering, transportation and marketing costs required for the development, operation, production and sale of such oil and gas properties (including any contractually specified cost increases or escalators), plugging and abandonment (and other asset retirement obligations) or any other expenses in respect of such Oil and Gas properties (including expense incurred after the end of the expected economic lives of such Oil and Gas properties or contractually required increases in or escalators for expenses) in respect of such oil and gas properties,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without prejudice to <u>Section</u> <u>6.12(c)</u>, appropriate deductions shall be made for the benefits associated with Proved Developed Producing Reserves constituting Oil and Gas Properties of the Note Parties for which reasonably satisfactory title information as determined by the Requisite Holders has not been provided to the Requisite Holders on at least 90% of the cash flows attributable to such Proved Developed Producing Reserves,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the pricing assumptions used in determining Total PDP PV-10 Value for any Oil and Gas properties shall be based upon the Strip Price as described in <u>clause</u> <u>(c)</u> below, to reflect the Note Parties' commodity Swap Agreements with Approved Counterparties then in effect so that the expected cash flows with respect to such Swap Agreements are included in the determination of Total PDP PV-10 Value, without duplication with the cash flows from the production subject to such Swap Agreements (it being understood that deferred premiums in respect of such Swap Agreements shall be deducted from such expected cash flows),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the cash flows derived from the pricing assumptions set forth in <u>clause</u> <u>(ii)</u> above shall be further adjusted for basis, quality and gravity differentials based on historical differentials and go-forward expectations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the methodology applied towards any such calculation shall be consistent with, as reasonably determined by the Requisite Holders, the methodology applied in the Initial Reserve Report, including without limitation the methodology applied to allocate fixed platform expenses to various reserve categories, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notwithstanding the foregoing, wells shall only be included in the determination of Total PDP PV-10 Value to the extent that the Issuer receives revenue in the form of cash or Cash Equivalents pursuant to its ownership interest in such wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any such calculation, other than any calculation made as of the last day of any Fiscal Quarter with respect to <u>clause (i)</u> and <u>clause (iii)</u> below, shall be calculated on a pro forma basis for (i) the roll-off of production since the date of the most recently delivered Reserve Report, (ii) any change in the category of any Oil and Gas Property to another category of Oil and Gas Property (e.g., any "proved undeveloped reserves" becoming "proved developed reserves") and (iii) any disposition or acquisition of Oil and Gas Properties of the Note Parties constituting Proved Developed Producing Reserves, in each case, occurring or consummated by the Note Parties following the "as of" date of the Reserve Report most recently delivered by the Issuer pursuant to <u>Section</u> <u>6.11</u> (<u>provided</u> that, in the case of <u>clause (ii)</u> and dispositions or acquisitions under <u>clause</u> <u>(iii)</u> above, the Requisite Holders shall have received, and such update shall be based on, updated reserve engineering projections, reasonably acceptable to the Requisite Holders, evaluating the Proved Developed Producing Reserves attributable to the Oil and Gas Properties subject thereto ("**Specified Reserve Updates**")) but prior to the date on which Total PDP PV-10 Value is being calculated;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any calculation of Total PDP PV-10 Value (i) on any date other than the last day of any Fiscal Quarter shall be made using (x) the information set forth in the Reserve Report most recently delivered by the Issuer pursuant to <u>Section</u> <u>6.11</u> (as supplemented by any Specified Reserve Updates) and with an "as of" date that is such date of determination and (y) a Strip Price determined as the Strip Price for the date that is five (5) Business Days prior to such date of determination and (ii) on the last day of any Fiscal Quarter shall be made using (x) the information set forth in the Reserve Report with an "as of" date that is the same as such date and shall be based on reserve categories of the Oil and Gas properties on such date, and (y) a Strip Price determined as of the date that is forty (40) days after the end of the Fiscal Quarter to which the applicable corresponding certificate delivered pursuant to <u>Section</u> <u>6.01(c)</u> pertains; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) within ten (10) Business Days of receiving an Asset Coverage Ratio certificate provided pursuant to <u>Section</u> <u>6.01(c)</u> or <u>Section</u> <u>6.01(r)</u>, the Requisite Holders may, in their sole discretion, (x) request additional information with respect to such Asset Coverage Ratio certificate, its related Reserve Report and/or (y) deliver written notice to the Issuer that the Requisite Holders do not agree with the information set forth in such Reserve Report, Specified Reserve Updates and/or the Issuer's calculation of the Asset Coverage Ratio (including any component thereof). Upon delivery of such written notice by the Requisite Holders, the Issuer and the Requisite Holders shall promptly engage in good faith discussions to come to an agreement with respect to such Reserve Report, Specified Reserve Updates and/or such calculation of the Asset Coverage Ratio (including any component thereof). If the Issuer and the Requisite Holders have not resolved any such disagreements within five (5) Business Days (or such longer period as is mutually agreeable to the Issuer and the Requisite Holders),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Requisite Holders shall have the right to elect within ten (10) Business Days (or such longer period as is mutually agreeable to the Issuer and the Requisite Holders) following the initial five (5) Business Day period to have an Approved Petroleum Engineer selected by the Requisite Holders (a "**Second Engineer**") audit the Reserve Report, Specified Reserve Updates and related calculations delivered by the Issuer; <u>provided</u> that such Second Engineer's audit and preparation of a revised Reserve Report and updated calculations of the Asset Coverage Ratio shall be completed within thirty (30) days of delivery of the Requisite Holder's notice of dispute (or such later date as is mutually agreeable to the Issuer and the Requisite Holders). The Issuer and the Requisite Holders will endeavor that such determination be provided as soon as possible (and agree to promptly provide such information as may be requested by the Second Engineer in connection with such determination). The Second Engineer's determination of fact as to such matters and as to the Total PDP PV-10 Value that will be used in the calculation of Asset Coverage Ratio shall be binding, absent manifest error. If the Second Engineer's calculation of Total PDP PV-10 Value is (x)(1) higher than or (2) lower by less than ten percent (10%) of, the disputed Reserve Report's calculation of Total PDP PV-10 Value, then the fees and expenses of the Second Engineer with respect to such applicable dispute shall be paid by the Requisite Holders and (y) lower by ten percent (10%) or greater of the disputed Reserve Report's calculation of Total PDP PV-10 Value, the fees and expenses of the Second Engineer with respect to such applicable dispute shall be paid by the Issuer, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event the Requisite Holders have not elected to have a Second Engineer audit the Reserve Report, Specified Reserve Updates and related calculations delivered by the Issuer in accordance with <u>clause (i)</u> above, the Issuer and the Requisite Holders shall refer such matters to the Approved Petroleum Engineer that most recently prepared a Reserve Report to make a determination (which shall be binding, absent manifest error) of fact as to such matters and as to the Total PDP PV-10 Value that will be used in the calculation of Asset Coverage Ratio. The Issuer and the Requisite Holders will endeavor that such determination be provided as soon as possible (and agree to promptly provide such information as may be requested by such Approved Petroleum Engineer in connection with such determination), and in any event within thirty (30) days of submission of such request to such Approved Petroleum Engineer (or such later date as is mutually agreeable to the Issuer and the Requisite Holders).

During any such period of determination by the applicable Second Engineer or Approved Petroleum Engineer, as applicable (x) there shall be no Default or Event of Default arising from any non-compliance with <u>Section</u> <u>7.01(b)</u> for the applicable test date and (y) no event or transaction that requires the calculation of, and compliance with, an Asset Coverage Ratio on a Pro Forma Basis or otherwise shall be entered into or consummated by the Issuer and its Restricted Subsidiaries. For the avoidance of doubt, if the final determination by such Second Engineer or Approved Petroleum Engineer, as applicable, would result in a finding that would cause the Issuer to fail to be in compliance with <u>Section</u> <u>7.01(b)</u>, all rights of the Issuer under <u>Section</u> <u>7.01(d)</u> shall apply.

**ARTICLE II.** 

**PURCHASE AND SALE OF NOTES** 

**Section 2.01** <u>Note Purchase</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>The Notes</u>. Subject to the terms and conditions hereof on the Closing Date, the Issuer shall issue to each Holder, and each Holder shall purchase from Issuer (so long as all conditions precedent required hereby shall have then been satisfied or waived), a Note denominated in Dollars in an aggregate principal amount equal to such Holder's Pro Rata Share $75,000,000. Each of the parties hereto agree that immediately following the repayment of the Existing Notes in accordance with <u>Section</u> <u>3.02(q)</u>, subject to the execution and issuance of Notes by the Issuer, the Existing Notes shall be deemed to be rolled into and constitute the new Notes issued and purchased on the Closing Date in accordance with this <u>Section</u> <u>2.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notes purchased under this <u>Section</u> <u>2.01</u> and repaid or prepaid may not be resold, repurchased or reborrowed. In addition, each Holder's Commitment shall be reduced in full and immediately terminated upon giving effect to the purchases of the Notes on the Closing Date.

**Section 2.02** <u>The Notes; Purchases, Conversions and Continuations of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of manifest error, the obligation of Issuer to repay to each Holder the aggregate amount of all Notes held by such Holder, together with interest accruing in connection therewith, shall be evidenced by the Notes made by Issuer payable to such Holder or its registered assigns with appropriate insertions. Interest on each Note shall accrue and be due and payable as provided herein or in the applicable Note. Each Note shall be due and payable as provided herein and shall be due and payable in full on the Maturity Date. Issuer may not issue, repay, and reissue Notes hereunder or under the Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The failure of any Holder to purchase any Note to be purchased by it as part of any purchase of Notes pursuant to <u>Section</u> <u>2.01</u> shall not relieve any other Holder of its obligation, if any, hereunder to purchase its Notes on the date of such Note Purchase, but no Holder shall be responsible for the failure of any other Holder to purchase the Notes to be purchased by such other Holder on the date of any purchase.

**Section 2.03** <u>Requests for Notes</u>. Issuer must give to Agent written or electronic notice of any requested Note Purchase of Notes to be issued to, and purchased by, Holders. Each such notice constitutes a "**Note Purchase Notice**" hereunder and must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the aggregate amount of any such Note Purchase and the date on which such Notes are to be purchased; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be received by Agent no later than 12:00 p.m., New York, New York time, ten (10) Business Days prior to the date on which any such Notes are to be purchased (or such earlier date as the Holders may agree (and have notified Agent) in their sole discretion), which Note Purchase Notice shall (i) be sent by the Agent to the Holders no later than 12:00 p.m., New York, New York time one Business Day following receipt by the Agent thereof and (ii) specify the accounts in to which the funds received by Agent on the Closing Date shall be disbursed (which may be in the form of the Flow of Funds).

Each such written request must be made in the form and substance of the Note Purchase Notice, duly completed. Upon receipt of any such Note Purchase Notice, Agent shall give each Holder prompt notice of the terms thereof. If all conditions precedent to such new Notes have been met (or waived), each Holder will on the date requested promptly remit to Agent, at Agent's Account, the amount of such Holder's new Note in immediately available funds, and upon receipt of all such funds, the Agent shall promptly make such funds available to the Issuer and the Issuer will deliver such Notes to the counsel for the Holders who shall promptly make such Notes available to each Holder. The failure of any Holder to purchase any Note hereunder shall not relieve any other Holder of its obligation hereunder, if any, to purchase its Note, but no Holder shall be responsible for the failure of any other Holder to purchase any Note hereunder.

**Section 2.04** <u>Use of Proceeds</u>. The proceeds of the Notes issued on the Closing Date shall be used (i) to fund the amendment and restatement of the Existing Note Purchase Agreement (the "**Refinancing**") and (ii) for general corporate purposes, including to pay the Transaction Expenses.

**Section 2.05** <u>Evidence of Debt; Register; Holders</u><u>'</u> <u>Books and Records; Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Holders' Evidence of Debt</u>. Each Holder shall maintain in its internal records an account or accounts evidencing the Obligations of the Issuer to such Holder, including the amounts of the Notes held by such Holder and each repayment and prepayment in respect thereof. The failure to make any such recordation, or any error in such recordation, shall not affect any Obligations in respect of any applicable Notes. In the event of any inconsistency between the Register and any Holder's records, the recordations in the Register shall govern.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Register</u>. Agent shall maintain at Agent's Office a register for the recordation of the names and addresses of the Holders and principal amounts (and stated interest) of the Notes owing to, each Holder pursuant to the terms hereof from time to time (the "**Register**"). The Register shall be available for inspection by the Issuer and any Holder at any reasonable time and from time to time upon reasonable prior notice. The entries in the Register shall be conclusive and binding on the Note Parties, the Agent and each Holder, absent manifest error; <u>provided</u> that, failure to make any such recordation, or any error in such recordation, shall not affect the Note Parties' Obligations in respect of any Note. The Issuer, the Agent and the Holders shall treat each Person in whose name any Note shall be registered as the owner and the Holder thereof for all purposes hereof. The Issuer hereby designates the entity serving as Agent to serve as the Issuer's non-fiduciary agent solely for purposes of maintaining the Register as provided in this <u>Section</u> <u>2.05</u>, and the Agent shall be entitled to all of the rights, privileges and immunities afforded to it hereunder in the performance of such duties. Notwithstanding the foregoing, the Agent shall not, or be deemed to, act hereunder or under any other Note Documents, as transfer agent or registrar within the meaning of Article 8 of the UCC or Section 17A(c) of the Exchange Act.

**Section 2.06** <u>Interest; Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest</u>. Each Note shall at all times bear interest at a rate equal to the Applicable Margin then in effect (as such amount may be increased pursuant to <u>Section</u> <u>2.06(c)</u>), paid in cash ("**Interest**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interest Payment Dates</u>. Interest on each Note shall be due and payable on each Interest Payment Date to Holders of record in the Register on such Interest Payment Date; <u>provided</u> that, if Interest on any Note is required to be paid on any Settlement Date pursuant to <u>Section</u> <u>2.08</u> or <u>Section</u> <u>2.09</u>, and such Settlement Date is not an Interest Payment Date, then the amount of Interest due and payable on the next succeeding Interest Payment Date will be reduced by the amount of interest accrued to such Settlement Date and required to be paid (and is actually paid) on such Settlement Date pursuant to such <u>Section</u> <u>2.08</u> or <u>Section</u> <u>2.09</u>. All interest payable hereunder shall be computed on the basis of a year of three hundred sixty (360) days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of three hundred sixty-five (365) days (or three hundred sixty-six (366) days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Default Interest</u>. Notwithstanding the foregoing, (1) automatically upon the occurrence and during the continuance of an Event of Default arising under <u>Section</u> <u>9.01(a)</u>, <u>Section</u> <u>9.01(b)</u>, <u>Section</u> <u>9.01(h)</u> or <u>Section</u> <u>9.01(i)</u> and (2) if any other Event of Default has occurred and is continuing, then if the Requisite Holders so elect by written notice to the Issuer (with a copy to the Agent), the principal amount of all Notes outstanding and, to the extent permitted by applicable law, any due and unpaid interest payments on the Notes or any unpaid fees or other unpaid amounts owed hereunder (other than default interest occurring under this <u>Section</u> <u>2.06(c)</u>), shall, commencing on the date of occurrence of the applicable Event of Default,

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bear interest (including post-petition interest in any proceeding under the Code or other applicable bankruptcy laws, whether or not allowed in such a proceeding) payable in cash on demand at a rate that is two percent (2.0%) per annum in excess of the interest rate otherwise payable hereunder with respect to the Notes to the date of payment to the Agent. Payment or acceptance of the increased rates of interest provided for in this <u>Section</u> <u>2.06(c)</u> is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of the Agents or any Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fees</u>. Issuer will pay to each of the Agents and EIG for their own respective accounts, the fees as set forth in the Agent Fee Letter and the Fee Letter, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Calculations</u>. The Agent shall promptly (but in any event no later than three (3) Business Days to the Issuer and two (2) Business Days to the Holders prior to any Interest Payment Date or the date of any other amount payable under this <u>Section</u> <u>2.06</u>) notify the Issuer and the Holders of the effective date and the amount of each Interest, fee or other payment under this <u>Section</u> <u>2.06</u>. Each determination of an interest rate, interest payment amount or fee payment amount by the Agent pursuant to any provision of this Agreement shall be conclusive and binding on the Issuer and the Holders in the absence of manifest error. The Agent shall provide the Issuer notice of the calculation of Term SOFR Rate via email prior to the commencement of the applicable Interest Period.

**Section 2.07** <u>Repayment of Notes</u>. On each Interest Payment Date, the Issuer may repay to the Agent on behalf of the Holders the Notes in an aggregate principal amount up to $6,275,000 per Fiscal Quarter (which shall be paid ratably to all Holders of the Notes) with all such prepayments being made upon not less than three (3) Business Days' prior written notice, in each case given to Agent by 12:00 p.m. (New York, New York time) on the date required; <u>provided</u>, that (A) prior to the Discharge of First Lien Obligations (as defined in the Intercreditor Agreement), any payment of principal of the Notes pursuant to this <u>Section</u> <u>2.07</u> shall be net of any amounts prepaid, and required to be prepaid, under the RBL Credit Agreement and (B) no payment of principal as set forth above with respect to the Notes or any Obligations may be made pursuant to this <u>Section</u> <u>2.07</u> unless such payment is permitted under Section 9.04(b) of the RBL Credit Agreement (as in effect on the Closing Date or as amended or modified thereafter in a manner to enable additional prepayments or optional amortization payments). Notwithstanding any of the foregoing, if any principal or interest amount payable under the Notes remains outstanding on the Maturity Date, such amount will be paid in full by the Issuer to the Agent on behalf of the Holders in immediately available funds on the Maturity Date, together with any amounts required to be paid hereunder, including pursuant to <u>Section</u> <u>2.06</u>.

**Section 2.08** <u>Voluntary Prepayments</u>. The Issuer may prepay the Notes on any Business Day in whole or in part (together with any amounts due pursuant to <u>Section</u> <u>2.06</u> and <u>Section</u> <u>2.11(g)</u>) in an aggregate minimum principal amount equal to (a) if being paid in whole, the Obligations and (b) if being paid in part, $1,000,000 and integral multiples of $500,000 in excess of that amount. All such prepayments shall be made upon not less than three (3) Business Days' prior written notice, in each case given to Agent by 12:00 p.m. (New York, New York time) on the date required, which, upon receipt by the Agent, shall be promptly delivered to the Holders. Upon the giving of any such notice, the principal amount of the Notes specified in such notice shall become due and payable on the prepayment date specified therein. Any notice of prepayment described above may provide that such prepayment is conditioned upon the satisfaction of one of more conditions precedent. Any such voluntary prepayment shall be applied as specified in <u>Section</u> <u>2.10</u>.

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**Section 2.09** <u>Mandatory Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Distributable Free Cash Flow</u>. On the date of delivery of each certificate of Financial Officer of the Issuer pursuant to Section 6.01(c), commencing with the certificate of a Financial Officer delivered for the Fiscal Quarter ending June 30, 2026, if the Consolidated Total Net Leverage Ratio on a Pro Forma Basis (including any incurrence of Debt in connection with such Restricted Payment) for the most recently ended Rolling Period is greater than or equal to 3.00 to 1.00, then the Issuer shall prepay the Notes in an aggregate principal amount equal to the outstanding Distributable Free Cash Flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Casualty Events</u>. Upon receipt by the Issuer or any of its Affiliates of any Net Casualty Event Proceeds in excess of $500,000 for any individual Casualty Event or series of related Casualty Events or $1,000,000 in the aggregate, the Issuer shall within three (3) Business Days after the date of receipt of such Net Casualty Event Proceeds prepay the Notes in an aggregate principal amount equal to one hundred percent (100%) of the Net Casualty Event Proceeds and/or, so (A) long as no Default or Event of Default has occurred and is continuing and (B) both (I) as of the date of delivery of the certificate of the Responsible Officer of the Issuer described in the proviso below and (II) as of the date of reinvestment of Net Casualty Event Proceeds (as evidenced with a certificate of the Responsible Officer as of the date of such reinvestment delivered by the Issuer to the Agent), the Issuer being in compliance with (1) a Consolidated Total Net Leverage Ratio of less than 2.50 to 1.00, (2) an Asset Coverage Ratio of greater than 1.25 to 1.00, in each case on a Pro Forma Basis, reinvest such Net Casualty Event Proceeds in make Investments in Oil and Gas Properties or Equity Interests of any entity with no material assets other than Oil and Gas Properties; <u>provided further</u> that promptly following any determination by the Issuer of an election to invest Net Casualty Event Proceeds pursuant to this <u>Section</u> <u>2.09(b)</u>, the Issuer shall, within thirty (30) days after the receipt of such Net Casualty Event Proceeds, deliver to the Agent a certificate of a Responsible Officer of the Issuer specifying that the Issuer intends to reinvest such Net Casualty Event Proceeds; <u>provided</u> that, if any such Net Casualty Event Proceeds are not reinvested within three-hundred sixty (360) days, the Issuer shall prepay the Notes in an amount equal to the amount of any Net Casualty Event Proceeds from Casualty Event(s) that are not applied or re-invested as set forth in this <u>Section</u> <u>2.09(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Issuance of Debt</u>. Upon receipt by or on behalf of any Note Party or any of their Subsidiaries of any cash proceeds from the incurrence of any Debt (other than Debt that is permitted hereunder) by such Person, the Issuer shall prepay the Notes in an aggregate principal amount equal to one hundred percent (100%) of such proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Asset Sales</u>. Upon receipt by the Issuer or any of its Affiliates of any Net Asset Sale Proceeds in excess of $1,000,000 for any non-ordinary course individual Asset Sale or series of related Asset Sales or $2,000,000 in the aggregate, the Issuer shall (i) within three (3) Business Days after the date of receipt of such Net Asset Sale Proceeds prepay the Notes in an aggregate principal amount equal to one hundred percent (100%) of the Net Asset Sale Proceeds

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and/or, so (A) long as no Default or Event of Default has occurred and is continuing and (B) both (I) as of the date of delivery of the certificate of the Responsible Officer of the Issuer described in the proviso below and (II) as of the date of reinvestment of Net Asset Sale Proceeds (as evidenced with a certificate of the Responsible Officer as of the date of such reinvestment delivered by the Issuer to the Agent), the Issuer being in compliance with (1) a Consolidated Total Net Leverage Ratio of less than 2.50 to 1.00, (2) an Asset Coverage Ratio of greater than 1.25 to 1.00, in each case on a Pro Forma Basis, reinvest such Net Asset Sale Proceeds in make Investments in Oil and Gas Properties or Equity Interests of any entity with no material assets other than Oil and Gas Properties; <u>provided further</u> that promptly following any determination by the Issuer of an election to invest Net Asset Sale Proceeds pursuant to this <u>Section</u> <u>2.09(d)</u>, the Issuer shall, within thirty (30) days after the receipt of such Net Asset Sale Proceeds, deliver to the Agent a certificate of a Responsible Officer of the Issuer specifying that the Issuer intends to reinvest such Net Asset Sale Proceeds; <u>provided</u> that, if any such Net Asset Sale Proceeds are not reinvested within three-hundred sixty (360) days, the Issuer shall prepay the Notes in an amount equal to the amount of any Net Asset Sale Proceeds from Asset Sale(s) that are not applied or (re-)invested as set forth in this <u>Section</u> <u>2.09(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Prepayment Notice</u>. All prepayments made in accordance with <u>Section</u> <u>2.09(b)</u> through <u>Section</u> <u>2.09(e)</u> shall be made upon not less than eight (8) Business Days' prior written notice (or such shorter period as may be consented to by the Requisite Holders, <u>provided</u>,<u> </u>that the time period for any right for the Holders to waive such prepayment pursuant to <u>Section</u> <u>2.09(g)</u> shall be reduced accordingly), which notice shall be sent by the Agent to the Holders one (1) Business Day following receipt by the Agent thereof. Each such notice shall include the calculation of the amount of the applicable proceeds giving rise to the prepayment, as applicable, and refer to the section under this Agreement relating to such prepayment. In connection with any prepayment required under <u>Section</u> <u>2.09(b)</u> through <u>Section</u> <u>2.09(e)</u>, in the event that the Issuer shall subsequently determine that the actual amount received exceeded the amount set forth in such notice, the Issuer shall promptly make an additional prepayment of the Notes in an amount equal to such excess, and the Issuer shall concurrently therewith deliver to Agent a notice of prepayment demonstrating the calculation of such excess. Any notice of prepayment may provide that such prepayment is conditioned upon the satisfaction of one or more conditions precedent. Subject to <u>Section</u> <u>2.09(g)</u>, the Issuer shall prepay the Notes on the date set forth in the applicable prepayment notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Holder Right to Waive</u>. Notwithstanding anything in this Agreement to the contrary, each Holder, in its sole discretion, may, but is not obligated to, waive the Issuer's requirements to make any prepayments pursuant to <u>Section</u> <u>2.09(b)</u> through <u>Section</u> <u>2.09(e)</u> with respect to such Holder's Pro Rata Share of such prepayment. Upon the dates set forth in <u>Section</u> <u>2.09</u> for the delivery of any such prepayment notice, Issuer shall promptly notify the Agent of the amount that is available to prepay the Notes. Promptly after the date of receipt of such notice, the Agent shall provide written notice (the "**First Offer**") to the Holders of the amount available to prepay the Notes. Any Holder declining such prepayment (a "**Declining Holder**") shall give written notice thereof to the Agent by 10:00 a.m. New York, New York time no later than three (3) Business Days prior to such prepayment date. The Agent shall promptly provide written notice (the "**Second Offer**") to the Holders other than the Declining Holders

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(such Holders being the "**Accepting Holders**") of the additional amount available (due to such Declining Holders' declining such prepayment) to prepay Notes owing to such Accepting Holders, such available amount to be allocated on a *pro rata* basis among the Accepting Holders that accept the Second Offer. Any Holders declining prepayment pursuant to such Second Offer shall give written notice thereof to the Agent by 10:00 a.m. New York, New York time one (1) Business Day prior to such prepayment date, and Agent shall promptly notify Issuer of the aggregate amount of the prepayment. Amounts remaining after the allocation of accepted amounts with respect to the First Offer and the Second Offer to Accepting Holders shall be retained by Issuer or the relevant Subsidiary for working capital and general corporate purposes, subject to the other covenants contained in this Agreement. For the avoidance of doubt, any Holder or Accepting Holder that does not deliver a notice declining the applicable payment by the dates and times set forth above shall be deemed to have accepted such prepayment offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Redemption Offer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the occurrence of the sale of all or substantially all the properties of the Note Parties and their Restricted Subsidiaries, taken as a whole, or a Change in Control, the Issuer shall make an offer to repurchase all the Holders' Notes pursuant to an irrevocable offer ("**Redemption Offer**") on the terms set forth in this <u>Section</u> <u>2.09(h)</u>; <u>provided</u> that such notice may be conditioned on the consummation of the transactions described in such notice. In the Redemption Offer, Issuer will (A) offer to make a cash payment (a "**Redemption Payment**") equal to the amount that would have been payable with respect to such repurchased Notes had the Issuer prepaid such Notes pursuant to <u>Section</u> <u>2.08</u> <u>plus</u>, for the avoidance of doubt, the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or the Prepayment Fee, as applicable, in each case pursuant to <u>Section</u> <u>2.11(g)</u> and (B) set forth the date for such purchase, which shall be the date when such transaction is consummated, in which case it shall be the next Business Day thereafter (the "**Redemption Purchase Date**"). No less than three (3) Business Days prior to the Redemption Purchase Date, the Issuer will send an irrevocable written notice to each Holder (<u>provided</u> that such notice may be conditioned on the consummation of the transactions described in such notice), with a copy to the Agent, describing the transaction or transactions that constitute the sale of all or substantially all the properties of the Note Parties and their Restricted Subsidiaries, taken as a whole, or a Change in Control (as applicable) and stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) that the Redemption Offer is being made pursuant to this <u>Section</u> <u>2.09(h)</u> and that the Issuer is repurchasing all outstanding Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the purchase price and the Redemption Purchase Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) that, unless the Issuer defaults in the payment of the Redemption Payment, all Notes will cease to accrue interest after the Redemption Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Issuer will, no later than 12:00 p.m. (New York, New York time) on the Redemption Purchase Date deposit with the Agent an amount equal to the Redemption Payment in respect of all Notes outstanding.

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Upon the giving of any such notice, the principal amount of all of the Holders' Notes shall become due and payable on the Redemption Purchase Date (<u>provided</u> that any notice described above may provide that such Redemption Payment is conditioned upon the satisfaction of one or more conditions precedent). Upon receipt of the Redemption Payment from Issuer, the Agent will promptly wire transfer (based on each Holder's wire transfer instructions, which each Holder shall have provided to the Agent (along with completion of Agent's funds transfer requirements) at least five (5) Business Days prior to the Redemption Purchase Date) to each Holder of Notes the Redemption Payment for such Notes. Any Note paid in full will cease to accrue interest on and after the Redemption Purchase Date, unless the Issuer defaults in making the Redemption Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding any provision to the contrary, in lieu of the Issuer making a Redemption Offer (A) a third party may make the Redemption Offer in the manner, at the time and otherwise in compliance with the requirements set forth in <u>Section</u> <u>2.09(f)</u> hereof applicable to a Redemption Offer made by the Issuer and purchases all Notes outstanding, or (B) in connection with or in contemplation of the sale, assignment, conveyance or other transfer of all or substantially all the properties of the Note Parties and their Subsidiaries, taken as a whole, or Change in Control, the Issuer may make an irrevocable offer to purchase (an "**Alternate Offer**") all Notes outstanding at a cash price equal to or higher than the Redemption Payment and purchase all Notes outstanding in accordance with the terms of the Alternate Offer prior to the time when the payment by the Issuer would be required pursuant to a Redemption Offer. Notwithstanding anything to the contrary contained herein, a Redemption Offer or Alternate Offer may be made in advance of the sale, assignment, conveyance or other transfer of all or substantially all the properties of the Note Parties and their Subsidiaries, taken as a whole, or Change in Control, conditioned upon the consummation of such sale, assignment, conveyance or other transfer of all or substantially all the properties of the Note Parties and their Subsidiaries, taken as a whole, or Change in Control, if a definitive agreement is in place for the sale, assignment, conveyance or other transfer of all or substantially all the properties of the Note Parties and their Subsidiaries, taken as a whole, or Change in Control at the time the Redemption Offer or Alternate Offer is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Agreement, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Agreement by virtue thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) For the avoidance of doubt, the Issuer may, at its option, prepay all of the Notes pursuant to the provisions of <u>Section</u> <u>2.08</u> (including, for the avoidance of doubt, any Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or the Prepayment Fee, as applicable, due thereunder) in lieu of making a Redemption Offer pursuant to this <u>Section</u> <u>2.09(h)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>RBL Credit Agreement</u>. Notwithstanding anything to the contrary in this <u>Section</u> <u>2.09</u>, prior to the Discharge of First Lien Obligations (as defined in the Intercreditor Agreement), solely to the extent any prepayment of the Notes pursuant to this <u>Section</u> <u>2.09</u> shall be prohibited by Section 9.04(b) of the RBL Credit Agreement (as in effect on the Closing Date or as amended or modified thereafter in a manner to enable additional prepayments), the Issuer shall apply such amounts otherwise required to be prepaid pursuant to this <u>Section</u> <u>2.09</u> to the prepayment of the obligations under the RBL Credit Agreement in an amount equal to the lesser of (1) 100% of the amounts otherwise required to be prepaid under this <u>Section</u> <u>2.09</u> and (2) an amount necessary such that the Issuer is no longer prohibited by Section 9.04(b) of the RBL Credit Agreement from otherwise applying such amounts to the prepayment of the Notes under this <u>Section</u> <u>2.09</u>, with any remainder of the amounts otherwise required to be prepaid under this <u>Section</u> <u>2.09</u> to be prepaid as set forth therein; provided that, if any prepayment otherwise required to be made pursuant to this <u>Section</u> <u>2.09</u> is prohibited by Section 9.04(b) of the RBL Credit Agreement, and the Issuer is not able to make such prepayment under Section 9.04(b) of the RBL Credit Agreement as a result of the Issuer's failure to satisfy the requirements of Section 9.04(b)(i)(C)(w) of the RBL Credit Agreement, then all amounts required to be prepaid pursuant to this <u>Section</u> <u>2.09</u> shall be applied as set forth in the foregoing <u>clause (1)</u> of this <u>Section</u> <u>2.09(i)</u>.

**Section 2.10** <u>Application of Payments</u>. Any payment of any Note made pursuant to <u>Sections</u> <u>2.07</u>, <u>2.08</u>, or <u>2.09</u> shall be applied as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to each of the Agent and Collateral Agent in their capacities as such and Agent-related Indemnitees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, pro rata to payment or reimbursement of that portion of the Obligations, constituting fees, expenses and indemnities payable to the Holders and the other Indemnitees listed under <u>Section</u> <u>11.03</u> or the other Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, pro rata to payment of accrued Interest (including interest at the Default Rate, if any) on the Notes being repaid or prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, pro rata to pay the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u>, if any, on the Notes (including, for the avoidance of doubt, any Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u> resulting from the prepayment of principal under <u>clause (e)</u> below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, *pro rata* to payment of principal outstanding on the Notes which have not yet been reimbursed by or on behalf of the Issuer at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, pro rata to any other Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, any excess, after all of the Obligations shall have been indefeasibly paid in full in cash, shall be paid to the Issuer or as otherwise required by any Governmental Requirement.

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**Section 2.11** <u>General Provisions Regarding Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments by the Issuer of principal, interest, fees and other Obligations shall be made in Dollars in same day funds without recoupment, setoff, counterclaim or other defense, and delivered to Agent not later than 1:00 p.m. (New York, New York time) on the date due to Agent's Account for the account of the Holders; the Agent shall give the Holders prompt written notice of amounts due, but not received by the Agent, on such due date and at such time. Funds received by Agent after that time on such due date may be deemed by the Requisite Holders to have been paid by the Issuer on the next Business Day for the purposes of calculating interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All prepayments in respect of the principal amount of any Note shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid and other amounts due and payable thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Agent shall promptly distribute by wire transfer to each Holder to the account indicated in writing to Agent by each applicable Holder, such Holder's applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including all fees payable with respect thereto, to the extent received by Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Agent may, at the direction of the Requisite Holders, deem any payment by or on behalf of the Issuer hereunder that is not made in same day funds prior to 1:00 p.m. (New York, New York time) to be a non-conforming payment. Any such payment may be deemed by the Requisite Holders to have been received by Agent on the later of (i) the time such funds become available funds and (ii) the applicable next Business Day. Interest and fees shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the applicable rate determined pursuant to <u>Section</u> <u>2.06(a)</u> from the date such amount was due and payable until the date such amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Event of Default shall have occurred and not otherwise been waived, all payments or proceeds received by Agent hereunder in respect of any of the Obligations shall be applied <u>first</u>, to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Agent, the Collateral Agent and Agent-related Indemnitees (including any costs and expenses related to foreclosure or realization upon, or protecting, Collateral) in its capacity as such, <u>second</u>, pro rata to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Holders and the other Indemnitees listed under <u>Section</u> <u>11.03</u> or the other Note Documents, <u>third</u>, pro rata to payment of accrued Interest (including interest at the Default Rate, if any) on the Notes, <u>fourth</u>, pro rata to pay the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u>, if any, on the Notes (including, for the avoidance of doubt, any Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u> resulting from the prepayment of principal under clause fifth below), <u>fifth</u>, pro rata to payment of principal outstanding on the Notes which have not yet been reimbursed by or on behalf of the Issuer at such time, <u>sixth</u>, pro rata to any other Obligations, and <u>seventh</u>, any excess, after all of the Obligations shall have been indefeasibly paid in full in cash, shall be paid to the Issuer or as otherwise required by any Governmental Requirement*.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Make-Whole Amount; Prepayment Fee</u>. Upon any prepayment of the Notes (except for any prepayment made pursuant to <u>Section</u> <u>2.07</u> or <u>Section</u> <u>2.09(a)</u> or <u>Section</u> <u>2.09(b)</u>), whether such prepayment occurs as a result of an acceleration of the Notes pursuant to <u>Section</u> <u>9.01</u> (whether automatic or optional acceleration) following an Event of Default, at the Issuer's option or otherwise), the Issuer shall make an additional payment to the Agent for the account of the Holders in an aggregate amount equal to (i) if such prepayment or acceleration occurs on or prior to June 23, 2027 (the "**Make-Whole Expiry Date**"), the Make-Whole Amount determined for the Settlement Date with respect to such principal amount <u>plus</u> 2.0% of the principal of such prepaid or accelerated amount <u>plus</u> any accrued and unpaid interest and other amounts due and payable thereon or (ii) if such prepayment or acceleration occurs thereafter, a fee (the "**Prepayment Fee**"), in an amount equal to the product of (A) if such prepayment or acceleration occurs following the Make-Whole Expiry Date and on or prior to June 23, 2028, 2.00% of the principal of such prepaid or accelerated amount and (B) if such prepayment occurs after June 23, 2028, 0.00% of such prepaid or accelerated amount, <u>plus</u>, in each case for clause (ii), any accrued and unpaid interest and other amounts due and payable thereon. The Agent shall have no obligation to calculate or verify the calculations of the Make-Whole Amount or Prepayment Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Presentment of the Notes by the Holder is not a condition to receipt of payment on the Maturity Date or any earlier redemption.

**Section 2.12** <u>Ratable Sharing</u>. The Holders hereby agree among themselves that if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Notes purchased and applied in accordance with the terms hereof), through the exercise of any right of set off or banker's lien, by counterclaim or cross action or by the enforcement of any right under the Note Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then due and owing to such Holder hereunder or under the other Note Documents (collectively, the "**Aggregate Amounts Due**" to such Holder) which is greater than the proportion received by any other Holder in respect of the Aggregate Amounts Due to such other Holder, then the Holder receiving such proportionately greater payment shall (a) notify Agent and each other Holder of the receipt of such payment and (b) apply a portion of such payment to purchase Notes (which it shall be deemed to have purchased from each seller of a Note simultaneously upon the receipt by such seller of its portion of such payment) in the ratable Aggregate Amounts Due to the other Holders so that all such recoveries of Aggregate Amounts Due shall be shared by all Holders in proportion to the Aggregate Amounts Due to them; <u>provided</u> that, if all or part of such proportionately greater payment received by such purchasing Holder is thereafter recovered from such Holder upon the bankruptcy or reorganization of the Issuer or otherwise, those purchases to that extent shall be rescinded and the purchase prices paid for such Notes shall be returned to such purchasing Holder ratably to the extent of such recovery, but without interest. The Issuer expressly consents to the foregoing arrangement and agrees (i) that any Holder of a Note so purchased may exercise any and all

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rights of banker's lien, set off or counterclaim with respect to any and all monies owing by the Issuer to that Holder with respect thereto as fully as if that Holder were owed the amount of the Note held by that Holder and (ii) to the extent it may effectively do so under applicable law, that any Holder acquiring a participation pursuant to the foregoing arrangements may exercise against the Issuer rights of setoff and counterclaim with respect to such participation as fully as if such Holder were a direct creditor of the Issuer in the amount of such participation. The provisions of this <u>Section</u> <u>2.12</u> shall not be construed to apply to (A) any payment made by the Issuer pursuant to and in accordance with the express terms of this Agreement, or (B) any payment obtained by a Holder as consideration for the assignment of or sale of a participation in any of its Notes or Obligations to any assignee or participant, other than to the Issuer or any Subsidiary thereof (as to which the provisions of this <u>Section</u> <u>2.12</u> shall apply).

**Section 2.13** <u>Increased Costs</u>. Subject to the provisions of <u>Section</u> <u>2.14</u> (which shall be controlling with respect to the matters covered thereby), in the event that any Holder or the Agent shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any Governmental Requirement, or any change therein or in the interpretation, administration or application thereof (including the introduction of any new law, treaty or governmental rule, regulation or order), or any determination of a court or Governmental Authority, in each case that becomes effective after the date hereof, or compliance by such Holder or the Agent with any guideline, request or directive issued or made after the date hereof by any central bank or other Governmental Authority or quasi-Governmental Authority (whether or not having the force of law): (a) subjects such Holder (or its Applicable Office) or the Agent to any additional Tax (excluding any Indemnified Tax, any Connection Income Tax and any Excluded Tax (other than a tax described in clause (a) of Tax on the Overall Net Income)) with respect to this Agreement or any of the other Note Documents or any of its obligations hereunder or thereunder or any payments to such Holder (or its Applicable Office) or the Agent of principal, interest, fees or any other amount payable hereunder or its deposits, reserves or capital attributable thereto; (b) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Holder or (c) imposes any other condition (other than with respect to a Tax matter) on or affecting such Holder (or its Applicable Office) or its obligations hereunder; and the result of any of the foregoing is to increase the cost to such Holder or the Agent of agreeing to purchase, purchasing or maintaining Notes hereunder or to reduce any amount received or receivable by such Holder (or its Applicable Office) or the Agent with respect thereto; then, in any such case, Issuer shall promptly pay to such Holder or the Agent, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Holder shall reasonably determine) as may be necessary to compensate such Holder or the Agent for any such increased cost or reduction in amounts received or receivable hereunder. Such Holder or the Agent shall deliver to Issuer (and in the case of such Holder, with a copy to Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Holder or the Agent under this <u>Section</u> <u>2.13</u>, which statement shall be conclusive and binding upon all parties hereto absent manifest error; <u>provided</u> that the Issuer shall not be required to compensate such Holder pursuant to this <u>Section</u> <u>2.13</u> for any increased costs or reductions incurred more than three hundred sixty-five (365) days prior to

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the date that such Holder delivers written notice to the Issuer pursuant to this <u>Section</u> <u>2.13</u> setting forth such Holder's intention to claim compensation therefor; <u>provided</u>, <u>further</u>,<u> </u>that if the circumstances giving rise to such increased costs or reductions is retroactive, then the 365-day period referred to above shall be extended to include the period of retroactive effect thereof.

**Section 2.14** <u>Taxes; Withholding, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments to Be Free and Clear</u>. All sums payable by or on account of any Note Party hereunder and under the other Note Documents shall (except to the extent otherwise required by applicable law) be paid free and clear of, and without any deduction or withholding on account of, any Tax imposed, levied, collected, withheld or assessed by any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Withholding of Taxes</u>. If any Withholding Agent is required by law (as determined in the good faith discretion of the applicable Withholding Agent) to make any deduction or withholding for or on account of any Tax from any sum paid or payable under any of the Note Documents: (i) the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay (or cause to be paid) any such Tax to the relevant Governmental Authority and (ii) if such Tax is an Indemnified Tax, the sum payable by such Note Party in respect of which the relevant deduction or withholding is required shall be increased to the extent necessary to ensure that after any such deduction or withholding of Indemnified Taxes (including such deductions and withholdings applicable to additional sums payable under this Section), the Agent or such Holder, as the case may be, and each of their Tax Related Persons, receives on the due date a net sum equal to what it would have received had no such deduction or withholding of Indemnified Taxes been required; <u>provided</u> that, for the avoidance of doubt, no such additional amount shall be required to be paid to any Holder or the Agent (including any of their Tax Related Persons) under <u>clause (ii)</u> above for, and Indemnified Taxes shall not include, any of the following Taxes, (A) in the case of the Agent or Holder (including any of their Tax Related Persons), any U.S. federal withholding Tax in effect and applicable (x) as of the date on which Agent or Holder becomes a party to this Agreement (except to the extent that such amounts were, pursuant to this <u>Section</u> <u>2.14(b)</u>, payable to such Holder's assignor (including to the extent that such amounts were, pursuant to this <u>Section</u> <u>2.14(b)</u>, payable to such Holder's assignor's Tax Related Persons) immediately before such Holder became a party to this Agreement), and (y) in the case of a new Tax Related Person that becomes a Tax Related Person of an existing Holder after the relevant date described in <u>(x)</u>, above, the date on which such new Tax Related Person becomes a Tax Related Person (except to the extent that such amounts were, pursuant to this <u>Section</u> <u>2.14(b)</u>, payable to such existing Holder described in (x), above, (including to the extent that such amounts were, pursuant to this <u>Section</u> <u>2.14(b)</u>, payable to such existing Holder's existing Tax Related Persons but only to the extent that such new Tax Related Person acquires the interests of such existing Tax Related Person) immediately before such new Tax Related Person became a Tax Related Person of such existing Holder), or (z) the date on which such Holder changes its Applicable Office (except to the extent that such amounts were, pursuant to this <u>Section</u> <u>2.14(b)</u>, payable to such Holder (including to the extent that such amounts were, pursuant to this <u>Section</u> <u>2.14(b)</u>, payable to such Holder's Tax Related Persons) immediately before it changed its Applicable Office), (B) any Tax on the Overall Net Income of the Holder or Agent (or any of their Tax Related Persons), (C) any U.S. Tax imposed under FATCA or (D) any Tax attributable to the Holder's or the Agent's

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failure to comply with <u>Section</u> <u>2.14(e)</u> (all such amounts described in this proviso, "**Excluded Taxes**"). The Note Parties shall deliver to Agent official receipts (or certified copies of the receipts) or other evidence of such payment reasonably satisfactory to the Requisite Holders in respect of any Taxes payable hereunder within thirty (30) days after payment of such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Taxes</u>. In addition, and without duplication, the Note Parties shall pay all Other Taxes to the relevant Governmental Authorities in accordance with applicable law. The Note Parties shall deliver to Agent official receipts (or certified copies of the receipts) or other evidence of such payment reasonably satisfactory to the Requisite Holders in respect of Other Taxes payable hereunder as soon as practicable after payment of such Taxes or Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Indemnification</u>. Without duplication of any Taxes covered by <u>Sections</u> <u>2.14(b)</u> or <u>(c)</u>, the Note Parties shall indemnify the Agent and each Holder, within ten (10) days after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <u>Section</u> <u>2.14</u>) paid or incurred by the Agent or such Holder or their respective Tax Related Persons, as the case may be, relating to, arising out of, or in connection with any Note Document or any payment or transaction contemplated hereby or thereby, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority and all reasonable expenses and costs arising therefrom or with respect thereto. A certificate as to the amount of such payment or liability delivered to the Issuer by a Holder (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Holder, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Administrative Requirements; Forms Provision</u>. Each Holder that is a United States Person for U.S. federal income tax purposes shall deliver to the Issuer and the Agent, on or prior to the Closing Date (in the case of each Holder listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Holder (in the case of each other Holder), and at such other times as may be necessary in the determination of the Issuer or Agent (each in the reasonable exercise of its discretion), two executed copies of Internal Revenue Service ("**IRS**") Form W-9 certifying that such Holder is exempt from U.S. federal backup withholding Tax. Each Holder that is not a United States Person for U.S. federal income tax purposes (a "**Non-U.S. Holder**") shall, to the extent it is legally entitled to do so, deliver to the Issuer and the Agent (in such number of copies as shall be requested by the recipient), on or prior to the Closing Date (in the case of each Holder listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Holder (in the case of each other Holder), and at such other times as may be reasonably requested by the Issuer or Agent (each in the reasonable exercise of its discretion), whichever of the following described in <u>clauses (i)</u> through <u>(v)</u> below is applicable, accurately completed and in a manner reasonably acceptable to the Issuer and the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Non-U.S. Holder claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Note Document, two executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty, and (y) with respect to any other applicable payments under any Note Document, two executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) two executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of a Non-U.S. Holder claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue Code, (A) a certificate substantially in the form of <u>Exhibit</u> <u>I-1</u> to the effect that such Non-U.S. Holder is not a "bank" within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a "10 percent shareholder" of the Issuer within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Internal Revenue Code (a "**U.S. Tax Compliance Certificate**") and (B) two executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent a Non-U.S. Holder is not the beneficial owner of a Note, two executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit</u> <u>I-2</u> or <u>Exhibit</u> <u>I-3</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that if the Non-U.S. Holder is a partnership and one or more direct or indirect partners of such Non-U.S. Holder are eligible to claim the portfolio interest exemption, such Non-U.S. Holder shall provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit</u> <u>I-4</u> on behalf of each such direct and indirect partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Non-U.S. Holder shall deliver to the Issuer and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Holder becomes a Holder under this Agreement (and from time to time thereafter upon the reasonable request of the Issuer or the Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Issuer or the Agent to determine the withholding or deduction required to be made; <u>provided</u>, <u>however</u>, notwithstanding anything to the contrary in this <u>Section</u> <u>2.14(e)</u>, the completion, execution and submission of the documentation described in this <u>clause (v)</u> shall not be required if in the Holder's reasonable judgment such completion, execution of submission would subject such Holder to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Holder.

Each Holder required to deliver any forms, certificates or other evidence with respect to U.S. federal income tax withholding matters pursuant to this <u>Section</u> <u>2.14(e)</u> and <u>Section</u> <u>2.14(f)</u> hereby agrees, from time to time after the initial delivery by such Holder of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms certificates or other evidence obsolete or inaccurate in any respect, that such Holder shall promptly deliver to Agent and the Issuer two new executed copies of IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8IMY or IRS Form W-8ECI (or any successor form(s) of any of

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the foregoing), and as applicable, a U.S. Tax Compliance Certificate properly completed and duly executed by such Holder, and such other documentation required under the Internal Revenue Code and reasonably requested by Agent or the Issuer to confirm or establish that such Holder is not subject to deduction or withholding of U.S. federal income Tax with respect to payments to such Holder under the Note Documents or is subject to deduction or withholding at a reduced rate, or notify Agent and the Issuer of its inability to deliver any such forms, certificates or other evidence. Notwithstanding anything to the contrary in this <u>Section</u> <u>2.14(e)</u>, the completion, execution and submission of such documentation (other than such documentation set forth in clauses (i)-(iv) of this <u>Section</u> <u>2.14(e)</u>) shall not be required if in the Holder's reasonable judgment such completion, execution or submission would subject such Holder to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Holder. On or before the Closing Date, (or in the case of a successor or replacement Agent, on or before the date on which such successor or replacement Agent becomes a party to this Agreement), U.S. Bank Trust Company, National Association (or such successor or replacement Agent), shall deliver to the Issuer two executed copies of IRS Form W-9 establishing that the Issuer can make payments to the Agents without deduction or withholding of any Taxes imposed by the United States, including Taxes imposed under FATCA. Each Holder and Agent agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Issuer and the Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a payment made to a Holder under any Note Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Holder were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Holder shall deliver to the Issuer and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Issuer or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Issuer or the Agent as may be necessary for the Issuer and the Agent to comply with their obligations under FATCA and to determine that such Holder has complied with such Holder's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this <u>Section</u> <u>2.14(f)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Each Holder agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Issuer and the Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Defined Term</u>. For purposes of this Section, the term "applicable law" includes FATCA.

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**Section 2.15** <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If prior to the commencement of any Interest Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Term SOFR Reference Rate for such Interest Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent is advised by the Requisite Holders that Term SOFR Reference Rate for such Interest Period will not adequately and fairly reflect the cost to such Holders (or Holder) of its purchasing or maintaining their Notes (or its Note) for such Interest Period;

then the Agent shall give notice thereof to the Issuer and the Holders by written or electronic notice as promptly as practicable thereafter and, until the Agent notifies the Issuer and the Holders that the circumstances giving rise to such notice no longer exist, (A) any Notes requested to be issued and purchased on the first day of such Interest Period shall be issued and purchased as ABR Notes and (B) any outstanding Notes shall be converted, on the last day of the then-current Interest Period, to ABR Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time (i) the Requisite Holders determine (which determination shall be conclusive and binding absent manifest error) that the circumstances set forth in <u>clause (a)</u> have arisen and such circumstances are unlikely to be temporary or (ii) the Requisite Holders determine (which determination shall be conclusive and binding absent manifest error) that the circumstances set forth in <u>clause (a)</u> have not arisen but either (w) the CME Term SOFR Administrator has made a public statement or published information that the CME Term SOFR Administrator has ceased or is insolvent (and there is no successor administrator that will continue publication of the Term SOFR Reference Rate), (x) the CME Term SOFR Administrator has made a public statement or has published information (or a public statement or information is published on its behalf) which states that Term SOFR Reference Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the Term SOFR Reference Rate), (y) the supervisor for the CME Term SOFR Administrator, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the CME Term SOFR Administrator, a resolution authority with jurisdiction over the CME Term SOFR Administrator or a court or an entity with similar insolvency or resolution authority over the CME Term SOFR Administrator has made a public statement or has published information which states that the CME Term SOFR Administrator has ceased or is insolvent or the Term SOFR Reference Rate will permanently or indefinitely cease to be published or (z) the supervisor for CME Term SOFR Administrator or a Governmental Authority has made a public statement identifying or has published information which states that the Term SOFR Reference Rate is no longer representative or the Term SOFR Reference Rate may no longer be used for determining interest rates for notes or other comparable debt instruments, then the Requisite Holders and the Issuer (in consultation with the Agent) shall endeavor to establish an alternate rate of interest as a replacement to the Term SOFR Reference Rate that gives due consideration to the then prevailing or evolving market convention for determining a rate of interest for notes or other comparable debt instruments in the United States at such time and ensuring that Agent will be able to administer such alternate rate of interest, and the Requisite Holders, the Issuer and the Agent shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; <u>provided</u> that the Requisite Holders and the Issuer shall use commercially reasonable efforts to ensure that such replacement meets the standards set forth under Section 1.1001-6 of

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the Proposed United States Treasury Regulations (or any successor United States Treasury Regulations or other official IRS guidance promulgated that supersedes such Proposed United States Treasury Regulations) so as not to be treated as a "modification" (and therefore an exchange) of any Notes for purposes of Section 1.1001-3 of the United States Treasury Regulations. For the avoidance of doubt, any minimum rate of interest applicable to the Term SOFR Reference Rate hereunder shall also apply to such alternate rate of interest unless otherwise agreed by the Requisite Holders. The Agent and Requisite Holders do not warrant or accept responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of "Term SOFR Reference Rate" or with respect to any rate that is an alternative or replacement for or successor to any such rate (including, without limitation, any such alternate rate of interest established under this <u>Section</u> <u>2.15(b)</u>, whether the composition or characteristics of any such alternative, successor or replacement interest rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability) or the effect of any of the foregoing, or of any other related conforming changes to this Agreement. The Agent and Requisite Holders may select information sources or services in their reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Issuer (and, in the case of Agent, any Holder) or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for selection of such source or service or for any error or calculation of any such rate (or component thereof) provided by any such information source or service. Until an alternate rate of interest shall be determined in accordance with this <u>clause (b)</u>, (x) any Notes requested to be issued and purchased shall be issued and purchased as ABR Notes and (y) any outstanding Notes shall be converted, on the last day of the then-current Interest Period, to ABR Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the Term SOFR Rate (or other applicable benchmark rate), or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any event or date on which the benchmark shall have transitioned or may no longer be available, (ii) to select, determine or designate any alternative, successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any adjustment to the benchmark or the adjustment spread, or other modifier to any replacement or successor index or (iv) to determine whether or what changes are necessary or advisable, if any, in connection with any of the foregoing. Neither Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as a result of the unavailability of the Term SOFR Rate (or other applicable benchmark rate) and absence of a designated replacement benchmark rate, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Requisite Holders, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance of such duties.

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**ARTICLE III.** 

**CONDITIONS PRECEDENT** 

**Section 3.01** <u>Signing Date</u>. The obligation of each Holder to enter into this Agreement on the Signing Date, is subject to the satisfaction, or waiver in accordance with <u>Section</u> <u>11.06</u>, of the following conditions on or before the Signing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Note Documents</u>. Each Holder and the Agents shall have received sufficient copies of each Note Document executed and delivered by each Note Party to be delivered as of the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Organizational Documents; Incumbency</u>. Each Holder and Agent shall have received (i) sufficient copies of each Organizational Document of the Parent, the General Partner, the Issuer, and of each other Note Party, certified as of a recent date by the appropriate Governmental Authority, for each Holder, each dated the Signing Date or a recent date prior thereto; (ii) signature and incumbency certificates of the officers of the Parent, the General Partner, the Issuer and of each other Note Party executing the Note Documents; (iii) resolutions of the Board of Directors, the manager(s) or member(s) or similar Governing Body of the Parent, the General Partner, the Issuer and of each other Note Party approving and authorizing the execution, delivery and performance of this Agreement, the other Note Documents to which it is a party, certified as of the Signing Date by a Responsible Officer as being in full force and effect without modification or amendment; and (iv) a good standing certificate for the Parent, the General Partner, the Issuer and each other Note Party from the applicable Governmental Authority in such Person's jurisdiction of incorporation, organization or formation, each dated a recent date prior to the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Default or Event of Default; Representations and Warranties</u>. On the Signing Date after giving effect to the Transactions, (i) no Default or Event of Default shall have occurred and be continuing, and (ii) all representations and warranties made by the Note Parties contained herein or in the other Note Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the Signing Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date and except that any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Material Adverse Effect</u>. Since December 31, 2025, no event, change or condition shall have occurred that has caused or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Officer's Certificate</u>. The Issuer shall have delivered to Agent and the Holders a certificate of a Financial Officer of the Issuer, substantially in the form of the Closing Date Certificate, certifying as to matters set forth in <u>Section</u> <u>3.01(c)</u> and <u>3.01(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Know Your Customer</u>. Agents and the Holders shall have received, at least three (3) Business Days (or such shorter period as the Agents may agree) prior to the Signing Date, all documentation and other information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act and, to the extent the Issuer qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Issuer, that has been reasonably requested by Holders in writing to the Issuer at least ten (10) Business Days prior to the Signing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Solvency Certificate</u>. On the Signing Date, Agent shall have received a Solvency Certificate from a Financial Officer substantially in the form of <u>Exhibit</u> <u>E</u>.

Each of the parties hereto agrees that, notwithstanding anything to the contrary contained in the Note Documents, the Existing Note Purchase Agreement and each of the other Note Documents (as defined in the Existing Note Purchase Agreement) shall remain in full force and effect on and after the Signing Date, unless expressly terminated in accordance with the terms herein.

**Section 3.02** <u>Closing Date</u>. The obligation of each Holder to purchase Notes on the Closing Date is subject to the satisfaction, or waiver in accordance with <u>Section</u> <u>11.06</u>, of the following conditions on or before the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Fees</u>. The Issuer shall have paid any other amounts owed under and as set forth in the Fee Letter and the Agent Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Expenses</u>. The Issuer shall have paid to Agents and the Holders all amounts (invoiced at least two (2) Business Days prior to the Closing Date (or such shorter time reasonably acceptable to the Issuer) with reasonable detail) required to be paid pursuant to <u>Section</u> <u>11.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Approvals</u>. All approvals of any Governmental Authority or any other third Person required in connection with the Transactions have been obtained and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Purchase Date</u>. The date of purchase of the Notes shall be a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Organizational Documents; Incumbency</u>. Each Holder and Agent shall have received (i) sufficient copies of each Organizational Document of the Parent, the General Partner, the Issuer, and of each other Note Party, certified as of a recent date by the appropriate Governmental Authority, for each Holder, each dated the Closing Date or a recent date prior thereto; (ii) signature and incumbency certificates of the officers of the Parent, the General Partner, the Issuer and of each other Note Party executing the Note Documents; (iii) resolutions of the Board of Directors, the manager(s) or member(s) or similar Governing Body of the Parent, the General Partner, the Issuer and of each other Note Party approving and authorizing the execution, delivery and performance of this Agreement, the other Note Documents to which it is a party, certified as of the Closing Date by a Responsible Officer as being in full force and effect without modification or amendment; and (iv) a good standing certificate for the Parent, the General Partner, the Issuer and each other Note Party from the applicable Governmental Authority in such Person's jurisdiction of incorporation, organization or formation and from the appropriate state agencies where such entity owns any Mortgaged Property, each dated a recent date prior to the Closing Date; <u>provided</u> that such certificate may certify there has be no change in the Organizational Documents, in each case since those delivered pursuant to <u>Section</u> <u>3.01(b)</u> on the Signing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Initial Reserve Report; Projections; Title to Oil and Gas Properties</u>. The Agent and the Requisite Holders shall have received (i) the Initial Reserve Report accompanied by the third party audit letter with respect thereto and a Reserve Report Certificate covering the matters described in <u>Section</u> <u>6.11(b)</u> (other than <u>Section</u> <u>6.11(b)(iv)</u> and <u>Section</u> <u>6.11(b)(v)</u>) and (ii) title information in form and substance reasonably acceptable to the Requisite Holders setting forth the status of title to at least 90% of PV-9 of the Proved Oil and Gas Properties in the Initial Reserve Report, on a consolidated basis, consistent with usual and customary standards for the geographic regions in which such Oil and Gas Properties are located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Real Property Collateral</u>. The Agents and the Requisite Holders shall have received a Mortgage encumbering each Mortgaged Property in favor of the Collateral Agent, duly executed and acknowledged by each Note Party that is the owner of or holder of any interest in such Mortgaged Property, and otherwise in form for recording in the recording office of each applicable jurisdiction where each such Mortgaged Property is deemed located and that will, when properly recorded (or when the applicable financing statements related thereto are properly filed or such other actions needed to perfect are taken) create a valid, perfected Second Priority security interest (after giving effect to Excepted Liens identified in <u>clauses (a)</u> through <u>(d)</u> and <u>(f)</u> of the definition thereof, but subject to the provisos at the end of such definition) on at least 90% of the PV-9 of the Proved Oil and Gas Properties evaluated in the Initial Reserve Report, on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Personal Property Collateral</u>. In order to create in favor of the Collateral Agent, for the benefit of the Holders a valid, perfected Second Priority security interest in all personal property Collateral of the Note Parties, the Agents shall have received evidence reasonably satisfactory to Agents and the Requisite Holders of the compliance by each Note Party with its respective obligations under the Collateral Documents to which it is party (including its obligation to deliver UCC financing statements, originals of securities, instruments and chattel paper in each case, subject to the Intercreditor Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency Certificate</u>. On the Closing Date, Agent shall have received a Solvency Certificate from a Financial Officer substantially in the form of <u>Exhibit</u> <u>E</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Schedules</u>. The Holders shall have received updated Schedules to this Agreement (the "**Updated Schedules**") reflecting the occurrence of the Closing Date which Updated Schedules (it being understood and agreed that the Updated Schedules shall be deemed to amend and restate in their entirety the corresponding Schedules delivered on the Signing Date, and all representations and warranties made by the Issuer and the other Note Parties in this Agreement that refer to or are qualified by reference to the Schedules shall, from and after the Closing Date, be deemed to refer to the Updated Schedules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Evidence of Swap Agreements</u>. The Holders shall have received evidence satisfactory to them in their reasonable discretion that all Swap Agreements required to be maintained pursuant to <u>Section</u> <u>6.20</u> are in full force and effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Opinions of Counsel to Note Parties</u>. Agents and the Holders shall have received executed copies of the favorable written opinions of (i) Latham & Watkins LLP, New York and Texas special counsel for the Parent, the General Partner, the Issuer and the Note Parties,(ii) an opinion of local counsel to the Note Parties in the State of Louisiana, (iii) an opinion of local counsel to the Note Parties in the Commonwealth of Pennsylvania, (iv) an opinion of local counsel to the Note Parties in the State of West Virginia, and (v) an opinion of local counsel to the Note Parties in Oklahoma, in each case dated as of the Closing Date and in form and substance reasonably satisfactory to the Agent and Requisite Holders (and the Issuer and each Note Party hereby instructs such counsel to deliver such opinions to Agents on behalf of the Holders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>RBL Loan Documents</u>. The Agent and the Holders shall receive certified true and correct fully-executed copies of the RBL Credit Agreement and any other principal RBL Loan Documents, including for the avoidance of doubt, the Intercreditor Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Material Adverse Effect</u>. Since December 31, 2025, no event, change or condition shall have occurred that has caused or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Funds Flow</u>. Agent shall have received at least one (1) Business Day prior to the Closing Date the Flow of Funds, in form and substance reasonably satisfactory to the Requisite Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Initial Note Purchase Notice</u>. Agent shall have received a fully-executed Note Purchase Notice at least seven (7) Business Days prior to the Closing Date (or such earlier date as the Holders may agree in their sole discretion (by notice to the Agent)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Other Debt; Existing Note Purchase Agreement</u>. (i) The Requisite Holders shall be satisfied that the Note Parties and their Subsidiaries have no outstanding Debt for borrowed money except for debt permitted pursuant to <u>Section</u> <u>7.02(a)</u> and <u>Section</u> <u>7.02(j)</u> and the Note Parties shall not be in default with respect to such Debt, (ii) Parent shall repay $150,150,000 of the Existing Notes and (iii) the Requisite Holders shall have received reasonably satisfactory evidence that, on or substantially concurrently with the Closing Date, after giving effect to the prepayment set forth in <u>Section</u> <u>3.02(q)(ii)</u>, $150,150,000 of the Existing Notes of the Existing Holders shall have been repaid, together with all accrued interest thereon, accrued fees (including any Make-Whole Amount and Prepayment Fees) and other amounts payable to the Existing Holders pursuant to the Existing Note Purchase Agreement (it being understood and agreed that the principal amount of the Existing Notes of the Holders shall be rolled into the Notes to the extent appropriate to give effect to this Agreement in accordance with procedures reasonably satisfactory to the Requisite Holders) and that lien releases in form and substance reasonably satisfactory to the Requisite Holders and the Agents with respect to the collateral documents related to the Existing Notes have been executed and delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Closing Date Initial Public Offering</u>. (i) The Closing Date Initial Public Offering shall have been consummated substantially simultaneously with the Closing Date, in accordance with the Registration Statement and in compliance with applicable law, (ii) the Parent has received gross proceeds in respect of the Closing Date Initial Public Offering of at least $150,000,000 (iii) the Parent has contributed to the Issuer, and the Issuer has received from the Parent, an amount equal to $150,000,000 of such proceeds and (iv) and the Agent and the Holders shall have received evidence satisfactory to it that the Parent has consummated the Closing Date Initial Public Offering and contributed the proceeds to the Issuer as described in the foregoing clauses (ii) and (iii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Lease Operating Statements</u>. The Holders shall have received monthly production and accounting lease operating statements for each calendar month for each of the Fiscal Quarters ended after March 31, 2026 and at least forty-five (45) days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>No Default or Event of Default; Representations and Warranties</u>. On the Closing Date after giving effect to the Transactions, (i) no Default or Event of Default shall have occurred and be continuing, and (ii) all representations and warranties made by the Note Parties contained herein or in the other Note Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the Closing Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date and except that any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Know Your Customer</u>. Agents and the Holders shall have received, at least three (3) Business Days (or such shorter period as the Agents may agree) prior to the Closing Date, all documentation and other information required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act and, to the extent the Issuer qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Issuer, that has been reasonably requested by Holders in writing to the Issuer at least ten (10) Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Initial Financial Statements</u>. The Holders shall have received (i) an unaudited pro forma balance sheet of the Parent and its Consolidated Subsidiaries as of the Closing Date after giving effect to the Transactions, (ii) consolidated monthly financial projections and budgets for the Issuer and its Restricted Subsidiaries for the then-current Fiscal Year, (iii) audited consolidated balance sheet and related statements of operations, shareholders' equity and cash flows of the Issuer as of and for the Fiscal Year ended December 31, 2025 and (iv) the unaudited statements of income and cash flows of the Issuer and its Consolidated Subsidiaries as of and for the Fiscal Quarter and March 31, 2026 and the then elapsed portion of the Fiscal Year (collectively, the "<u>Initial Financial Statements</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Unrestricted Cash</u>. As of the Closing Date, the Issuer and its Restricted Subsidiaries shall have Unrestricted Cash in an amount equal to or greater than $4,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Officer's Certificate</u>. The Issuer shall have delivered to Agent and the Holders a certificate of a Financial Officer of the Issuer, substantially in the form of the Closing Date Certificate, certifying as to matters set forth in <u>Section</u> <u>3.02(c)</u>, <u>Section</u> <u>3.02(n)</u>, <u>Section</u> <u>3.02(t)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Existing Trades</u>. The Requisite Holders shall (i) be reasonably satisfied with the terms and conditions of the Citadel Permitted Existing Trades and the Citadel Permitted Existing Trade Documents, (ii) the Citadel Permitted Existing Trades and the Citadel Permitted Existing Trade Documents shall have been transferred by novation by Parent, as transferor, to the Issuer, as transferee, pursuant to documentation in form and substance reasonably satisfactory to the Requisite Holders, and (iii) the Agent and the Requisite Holders shall have received a certificate of a Responsible Officer of the Issuer certifying that attached thereto is a true, complete and correct copy of each Citadel Permitted Existing Trade Document (in each case, together with all amendments or supplements thereto, and all agreements that have the effect of amending, modifying or supplementing any Citadel Permitted Existing Trade Document through the Closing Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Agent shall have received certificates of insurance coverage of the Issuer and the Restricted Subsidiaries evidencing that Issuer and the Restricted Subsidiaries are carrying insurance in accordance with <u>Section</u> <u>4.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Lien Searches</u>. The Agents shall have received (A) the results of a recent search of all effective UCC financing statements made with respect to any personal or mixed property of the Issuer and each Note Party in the applicable jurisdictions, together with copies of all such filings disclosed by such search that will not be terminated on the Signing Date and (B) UCC termination statements for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements disclosed in such search other than those being assigned or released or to be assigned or released on or prior to the Closing Date and those that do not constitute Liens permitted under <u>Section</u> <u>7.03</u>.

Agent (at the direction of the Requisite Holders) shall notify the Issuer and the Holders of the Closing Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Holders to purchase Notes hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to <u>Section</u> <u>11.06</u>) at or prior to 6:00 p.m., Houston, Texas time, on August 8, 2026 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time).

Without limiting the generality of the provisions of <u>Section</u> <u>10.03</u>, for purposes of determining compliance with the conditions specified in this <u>Section</u> <u>3.02</u>, each Holder as of the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Holder unless the Agent shall have received written notice from such Holder prior to the Closing Date specifying its objection thereto.

**Section 3.03** <u>Specified Effective Date</u>. The effectiveness of the Specified Amendment is subject to the satisfaction, or waiver in accordance with <u>Section</u> <u>11.06</u>, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notice of Effective Date</u>. (i) The Issuer shall have delivered to the Agent and the Holders a fully-executed notice, concurrent with the delivery of the Note Purchase Notice under <u>Section</u> <u>3.02(p)</u> (and which may be incorporated and a part of such Notice Purchase Notice), setting forth the proposed date of effectiveness of the Specified Amendment (the "**Specified Effective Date**") and (ii) the Specified Effective Date shall not be (A) more than one (1) Business Day prior to the Closing Date or be (B) on any Friday of any calendar week.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Default or Event of Default; Representations and Warranties</u>. On the Specified Effective Date after giving effect to the Transactions, (i) no Default or Event of Default shall have occurred and be continuing, and (ii) all representations and warranties made by the Note Parties contained herein or in the other Note Documents shall be true and correct in all material respects with the same effect as though such representations and warranties had been made on and as of the Signing Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date and except that any representation and warranty that is qualified as to "materiality," "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Material Adverse Effect</u>. Since December 31, 2025, no event, change or condition shall have occurred that has caused or could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officer's Certificate</u>. The Issuer shall have delivered to Agent and the Holders a certificate of a Financial Officer of the Issuer, substantially in the form of the Closing Date Certificate, certifying as to matters set forth in <u>Section</u> <u>3.03(b)</u> and <u>3.03(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Conditions</u>. During the period following the Signing Date and prior to the Specified Effective Date, the Issuer, the Agent and the Requisite Holders shall use commercially reasonable efforts to mutually agree upon other conditions precedent to Specified Effective Date.

Agent (at the direction of the Requisite Holders) shall notify the Issuer and the Holders of the Specified Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, in the event the Closing Date does not occur within two (2) Business Days of the Specified Effective Date, the parties hereto agree that the Specified Amendment shall be deemed to have not occurred regardless of the occurrence of the Specified Effective Date.

Without limiting the generality of the provisions of <u>Section</u> <u>10.03</u>, for purposes of determining compliance with the conditions specified in this <u>Section</u> <u>3.03</u>, each Holder as of the Closing Date shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Holder unless the Agent shall have received written notice from such Holder prior to the Specified Effective Date specifying its objection thereto.

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**ARTICLE IV.** 

**REPRESENTATIONS AND WARRANTIES** 

In order to induce the Agents and Holders to enter into this Agreement and induce the Holders to purchase their respective Notes, the Note Parties (and each of the Parent and the General Partner solely with respect to <u>Sections</u> <u>4.01</u>, <u>4.02</u>, <u>4.03</u>, <u>4.04(b)</u>, <u>4.04(c)</u>, <u>4.05(a)</u>, <u>4.07(a)</u>, <u>4.08</u>, <u>4.09(a)</u>, <u>4.09(b</u>), <u>4.11</u>, <u>4.12</u>, <u>4.21</u>, <u>4.22</u>, <u>4.24</u>, <u>4.25</u> and <u>4.26</u>) represent and warrant to the Agents and each Holder the following (<u>provided</u> that any representation and warranty made with respect to the Closing Date shall not be deemed made until the Closing Date):

**Section 4.01** <u>Organization; Powers</u>. Each of the Parent, the General Partner, the Note Parties and their Restricted Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals necessary, to own its assets and to carry on its business as now conducted, and is qualified to do business in, and is in good standing (if applicable) in, every jurisdiction where such qualification is required by Governmental Requirement, except where failure to have such power, authority, licenses, authorizations, consents, approvals and qualifications or be in good standing could not reasonably be expected to have a Material Adverse Effect.

**Section 4.02** <u>Authority; Enforceability</u>. The Transactions are within the General Partner's, the Parent's, the Note Party's and each Restricted Subsidiary's corporate, limited liability company or partnership powers and have been duly authorized by all necessary corporate, limited liability company or partnership action, as applicable, and, if required, stockholder, member or manager action (including, without limitation, any action required to be taken by any class of directors or managers of the Parent, the General Partner, the Note Parties or any other Person, whether interested or disinterested, in order to ensure the due authorization of the Transactions). Each Note Document to which the Parent, the General Partner, each Note Party and each Restricted Subsidiary is a party that has been executed and delivered by the Parent, the General Partner, the Issuer and such Restricted Subsidiary as of the Signing Date and the Closing Date has been duly executed and delivered by the Parent, the General Partner, the Note Party and such Restricted Subsidiary and constitutes a legal, valid and binding obligation of the Parent, the General Partner, the Note Party and such Restricted Subsidiary, as applicable, each enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

**Section 4.03** <u>Approvals; No Conflicts</u>. The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third Person (including shareholders or any class of directors or managers, as applicable, whether interested or disinterested, of the Parent, the General Partner, the Note Parties or any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability of any Note Document or the consummation of the Transactions, except such as have been obtained or made and are in full force and effect other than (i) the recording and filing of the Collateral Documents as required by this Agreement and (ii) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, could not reasonably be expected to have a Material Adverse Effect or do not have an adverse effect on the enforceability of the Note Documents, (b) will not violate any applicable material provision of law or regulation or the charter, bylaws or other Organizational Documents of the Parent, the General Partner, the Note Parties or any Restricted Subsidiary or any order of any Governmental Authority, (c)(i) will not violate or result in a default under any RBL Loan Document or (ii) will not violate or result in a default under any agreement governing any Material Debt, or any agreement or other instrument binding upon the Parent, the General Partner, the Note Parties or any Restricted Subsidiary or any of their Properties, or give rise to a

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**Section 4.04** <u>Financial Condition; No Material Adverse Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Closing Date, the Issuer has furnished to the Holders the Initial Financial Statements. Such financial statements present fairly in all material respects the financial position and results of operations and cash flows of the Issuer and its Consolidated Restricted Subsidiaries as of such dates and for such periods in accordance with GAAP, and do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements contained therein not misleading at such time, subject to year-end audit adjustments and the absence of footnotes in the case of the unaudited quarterly financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since December 31, 2025, (i) there has been no event, development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect and (ii) the business of the Parent, the General Partner, the Issuer and its Restricted Subsidiaries has been conducted only in the ordinary course, in all material respects, consistent with past business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Parent, the General Partner, the Issuer nor any Restricted Subsidiary (as in existence at the time of the Closing Date) has on the Closing Date any material Debt (including Disqualified Capital Stock) or any contingent liabilities, off-balance sheet liabilities or partnerships, material liabilities for Taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except as permitted under this Agreement and adequate reserves for such items have been made in accordance with GAAP.

**Section 4.05** <u>Litigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth on <u>Schedule 4.05</u>, there are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Parent, the General Partner, the Issuer, threatened in writing against the Parent, the General Partner, the Note Parties or any Restricted Subsidiary which are not fully covered by insurance (except for customary deductibles and customary policy exclusions) that, if adversely determined, could reasonably be expected individually or in the aggregate, to result in liability in excess of $5,000,000 or a Material Adverse Effect or that involve any Note Documents or the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Signing Date and the Closing Date, there has been no change in the status of the matters disclosed in <u>Schedule 4.05</u> that, individually or in the aggregate, has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

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**Section 4.06** <u>Environmental Matters</u>. Except for such matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Note Parties and their Restricted Subsidiaries and each of their respective Properties and respective operations thereon (i) are and for the past three (3) years have been in compliance with all applicable Environmental Laws; and (ii) none of the Note Parties and their Restricted Subsidiaries has received written notice of, any conditions, events, or incidents in connection with any operation at such Properties that would reasonably be expected to interfere with or prevent such compliance or continued compliance with Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Note Parties and their Restricted Subsidiaries have obtained all Environmental Permits required for their respective operations and respective ownership of their Properties as currently owned and operated, with all such Environmental Permits being currently in full force and effect, and none of Note Parties or their Restricted Subsidiaries has received any written notice or otherwise has knowledge that any such existing Environmental Permit will be revoked or that any application for any new Environmental Permit or renewal of any existing Environmental Permit will be denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no Environmental Claims that is pending or, to the Issuer's knowledge, threatened against the Note Parties or any Subsidiary or, to the Issuer's knowledge, any of their respective Properties or as a result of any operations at such Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the knowledge of the Issuer, none of the Properties of the Note Parties or any Restricted Subsidiary contain or have contained any: (i) underground storage tanks requiring an Environmental Permits pursuant to Environmental Law; (ii) asbestos-containing materials requiring removal pursuant to Environmental Law; (iii) landfills or dumps requiring an Environmental Permit pursuant to Environmental Law; (iv) hazardous waste management units as defined pursuant to RCRA or any comparable state law or (v) sites on or nominated for the National Priority List promulgated pursuant to CERCLA or any state remedial priority list promulgated or published pursuant to any comparable state law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) There has been no Release or, to the Issuer's knowledge, threatened Release of Hazardous Materials by the Issuer or, to the Issuer's knowledge, any third party at, on, under or from the Note Parties' or any Restricted Subsidiary's Properties in violation of, or as could reasonably be expected to result in liability under, Environmental Law, (ii) there are no investigations, remediations, abatements, removals, or monitorings of Hazardous Materials required under applicable Environmental Laws at such Properties and, (iii) to the knowledge of the Issuer, none of such Properties are adversely affected by any Release of a Hazardous Material originating or emanating from any other real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the Issuer nor any Restricted Subsidiary has received any written notice asserting an alleged liability or obligation of the Note Parties or any Restricted Subsidiary under any applicable Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials at, under, or Released or threatened to be Released from the Note Parties' or any Restricted Subsidiary's Properties or any real properties offsite the Issuer's or any Restricted Subsidiary's Properties, including a letter or request for information under Section 104(e) of CERCLA (42 U.S.C. § 9604) or any comparable state law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There has been no exposure of any Person or Property to any Hazardous Materials as a result of or in connection with the operations and businesses of Note Parties or any Restricted Subsidiary, including at any of the Note Parties' or its Restricted Subsidiaries' Properties that could reasonably be expected to form the basis for a claim for damages or compensation for which the Note Parties or any Restricted Subsidiary would be liable under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Note Parties and their Restricted Subsidiaries have made available to the Holders complete and correct copies of all environmental site assessment reports, investigations, studies, analyses, and correspondence on environmental matters (including matters relating to any alleged non-compliance with or liability under Environmental Laws) requested by the Agent that are in any of the Note Parties' or the Restricted Subsidiaries' possession or control and relating to their respective Properties or operations.

**Section 4.07** <u>Compliance with Laws and Agreements; No Defaults, Event of Default or Borrowing Base Deficiency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parent, the General Partner, the Note Parties and each Restricted Subsidiary is in compliance with all Governmental Requirements applicable to it and its Property and all agreements and other instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other governmental authorizations necessary for the ownership of its Property and the conduct of its business, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default, Event of Default or Borrowing Base Deficiency has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Material Contract is in full force and effect, and is valid, binding and enforceable upon any Note Party party thereto and, to the knowledge of the Note Parties, upon each of the other parties thereto in accordance with their respective terms, in each case subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. Each Note Party party thereto is in compliance in all material respects with such agreements. The Issuer has delivered or made available to the Agent true, correct and complete copies of each Material Contract (including all amendments, supplements or other modifications thereto) in effect and not previously delivered or made available to the Agent, or has otherwise disclosed such Material Contract in connection with the Registration Statement.

**Section 4.08** <u>Investment Company Act</u>. None of the Parent, the General Partner, the Note Parties nor any Restricted Subsidiary is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended.

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**Section 4.09** <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parent, the General Partner, the Note Parties and their Restricted Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes levied or imposed upon it or its properties, income or assets otherwise due and payable, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Note Parties or such Restricted Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP or (b) to the extent that failure to do so could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The charges, accruals and reserves on the books of the Parent, the General Partner, the Issuer and its Restricted Subsidiaries in respect of Taxes and other governmental charges are, in the reasonable opinion of the Parent, the General Partner, and the Issuer, adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Tax Lien (other than Tax Liens that constitute Excepted Liens) has been filed.

**Section 4.10** <u>ERISA</u>. Except for such matters that, individually or in the aggregate, could not reasonably be expected to have Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Note Parties, Restricted Subsidiaries and ERISA Affiliates have complied in all material respects with ERISA and, where applicable, the Internal Revenue Code and other applicable laws regarding each Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Plan (other than Multiemployer Plan) is, and has been, established and maintained in substantial compliance with its terms, ERISA and, where applicable, the Internal Revenue Code and other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No act, omission or transaction has occurred with respect to a Plan which could reasonably be expected to result in imposition on the Note Parties, any Restricted Subsidiary or any ERISA Affiliate (whether directly or indirectly) of (i) either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of Section 502 of ERISA or a tax imposed pursuant to Chapter 43 of Subtitle D of the Internal Revenue Code or (ii) breach of fiduciary duty liability damages under Section 409 of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Full payment when due has been made of all amounts which the applicable the Issuer, Subsidiaries or any ERISA Affiliate is required under the terms of each Plan or applicable law to have paid as contributions to such Plan as of the Signing Date and the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the Note Parties, the Restricted Subsidiaries nor any ERISA Affiliate sponsors, maintains, or contributes to an employee welfare benefit plan, as defined in Section 3(1) of ERISA that provides benefits to former employees of such entities other than as required by applicable law and that may not be terminated by the Note Parties, a Restricted Subsidiary or any ERISA Affiliate in its sole discretion at any time without any material liability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the Note Parties, the Restricted Subsidiaries nor any ERISA Affiliate sponsors, maintains or contributes to, or has at any time during the current calendar year or the six (6) year period preceding the Signing Date and the Closing Date sponsored, maintained or contributed to, any employee pension benefit plan, as defined in Section 3(2) of ERISA, that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Note Party satisfies an exception set forth in 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of ERISA) so that its underlying assets do not constitute assets of a Benefit Plan and the Transactions are neither prohibited transactions (as defined in Section 406 of ERISA or Section 4975 of the Internal Revenue Code) nor in violation of any state statutes, applicable to a Note Party that regulate investments of, and fiduciary obligations with respect to, governmental plans, that are similar to the provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code.

**Section 4.11** <u>Disclosure; No Material Misstatements</u>. Each of the Parent, the General Partner and the Note Parties has disclosed or made available to the Holders all agreements, instruments and corporate or other restrictions to which it or any of the Restricted Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. None of the other reports, financial statements, certificates or other factual information furnished by or on behalf of the Parent, the General Partner, the Issuer or any Restricted Subsidiary in writing to the Agent or any Holder or any of their Affiliates in connection with the negotiation of this Agreement or any other Note Document or delivered hereunder or under any other Note Document (as modified or supplemented by other information so furnished), taken as a whole, contains any untrue statement of material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading as of the date made or deemed made; <u>provided</u> that, with respect to projected financial information, the Issuer represents only that such information was prepared in good faith based upon assumptions believed by the Issuer to be reasonable at the time it being understood that (i) any such projected financial information is merely a prediction as to future events and is not to be viewed as fact, (ii) such projected financial information is subject to significant uncertainties and contingencies, many of which are beyond the control of the Issuer or any of its Subsidiaries and (iii) no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ significantly from the projected results and such differences may be material and that the Issuer makes no representation that such projections will be realized. There are no statements or conclusions in any Reserve Report which are based upon or include materially misleading information or fail to take into account material information regarding the matters reported therein, it being understood that projections concerning volumes attributable to the Oil and Gas Properties of the Note Parties and their Restricted Subsidiaries and production and cost estimates contained in each Reserve Report are necessarily based upon professional opinions, estimates and projections and that the Note Parties and their Restricted Subsidiaries do not warrant that such opinions, estimates and projections will ultimately prove to have been accurate.

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**Section 4.12** <u>Insurance</u>. Each of the Parent, the General Partner and the Note Parties have, and have caused all of their Restricted Subsidiaries to have with respect to its business and properties (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements and all material agreements and (b) insurance coverage in at least amounts and against such risk (including, without limitation, public liability) that are customarily insured against by business entities similarly situated and engaged in the same or a similar business for the assets and operations of the Parent, the General Partner, the Note Parties and their Restricted Subsidiaries (as determined in the reasonable business judgment of the senior management of the Issuer. The Collateral Agent and the Holders have been named as additional insureds in respect of such liability insurance policies and the Collateral Agent has been named as lender loss payee and mortgagee with respect to Property loss insurance.

**Section 4.13** <u>Subsidiaries; Foreign Operations</u>. Except as set forth on <u>Schedule</u> <u>4.13</u> or as disclosed in writing after the Signing Date and the Closing Date to the Agent (which shall promptly furnish a copy to the Holders), which shall be a supplement to <u>Schedule</u> <u>4.13</u>, the Issuer has no Subsidiaries. <u>Schedule</u> <u>4.13</u> (as supplemented as contemplated by this <u>Section</u> <u>4.13</u>) identifies each Subsidiary as either a Restricted Subsidiary or Unrestricted Subsidiary. Each Subsidiary listed on <u>Schedule</u> <u>4.13</u> is a Wholly-Owned Subsidiary. The Note Parties have no Foreign Subsidiaries and no Restricted Subsidiary owns any Oil and Gas Properties not located within the geographic boundaries of the United States of America.

**Section 4.14** <u>Properties; Titles, Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for Immaterial Title Deficiencies, each of the Note Parties and their Restricted Subsidiaries has good and defensible title (as used herein, such term has the meaning commonly ascribed thereto in the oil and gas business) to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report (except for those Oil and Gas Properties that have been disposed of since the date of such Reserve Report in accordance with this Agreement or leases which have expired in accordance with their terms) and valid title to all its material personal Properties, in each case, free and clear of all Liens except Liens permitted by <u>Section</u> <u>7.03</u>. After giving full effect to the Excepted Liens, the Note Party or the Restricted Subsidiary specified as the owner owns the net interests in production attributable to the Hydrocarbon Interests as reflected in the most recently delivered Reserve Report (except for those Oil and Gas Properties that have been disposed of since the date of such Reserve Report in accordance with this Agreement or leases which have expired in accordance with their terms) and the ownership of such Properties shall not in the aggregate in any material respect obligate the Issuer or such Restricted Subsidiary to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset by a corresponding proportionate increase in the Issuer's or such Restricted Subsidiary's net revenue interest in such Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any real Properties or personal Properties not subject of the preceding <u>clause (a)</u>, each of the Note Parties and their Restricted Subsidiaries have in all material respects (i) good and defensible title to, or valid leasehold or other interests in, its respective real Properties and (ii) good title to all of their personal Properties, in each case, free and clear of all Liens except Liens permitted by <u>Section</u> <u>7.03</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All material leases and agreements necessary for the conduct of the business of the Note Parties and their Restricted Subsidiaries are valid and subsisting, in full force and effect, and there exists no default or event or circumstance which with the giving of notice or the passage of time or both would give rise to a default under any such lease or leases, which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights and Properties presently owned, leased or licensed by the Note Parties and their Restricted Subsidiaries including, without limitation, all easements and rights of way, if any, include all rights and Properties necessary to permit the Note Parties and their Restricted Subsidiaries to conduct their business as currently conducted, except to the extent any failure to have any such rights or Properties could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All of the Properties of the Note Parties and their Restricted Subsidiaries which are reasonably necessary for the operation of their businesses are in good working condition and are maintained in accordance with prudent business standards, except to the extent any failure to satisfy the foregoing could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Note Parties and each Restricted Subsidiary owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Note Parties and such Restricted Subsidiary does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Note Parties and their Restricted Subsidiaries either own or have valid licenses or other rights to use all databases, geological data, geophysical data, engineering data, seismic data, maps, interpretations and other technical information used in their businesses as presently conducted, subject to the limitations contained in the agreements governing the use of the same, which limitations are customary for companies engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No eminent domain proceeding or taking has been commenced or, to the knowledge of any of the Issuer or any of its Subsidiaries, is contemplated with respect to all or any portion of the Property, except to the extent that such proceeding or taking has been previously disclosed by the Issuer in writing to the Agent pursuant to <u>Section</u> <u>6.02(b).</u>

**Section 4.15** <u>Maintenance of Properties</u>. Except for such acts or failures to act as could not be reasonably expected to have a Material Adverse Effect, the Oil and Gas Properties with respect to which the Issuer and its Restricted Subsidiaries own any executive rights (and Properties unitized therewith) of each Note Parties and their Restricted Subsidiaries have been maintained, operated and developed in a good and workmanlike manner and in conformity with all Governmental Requirements and in conformity with the provisions of all leases, subleases or other contracts comprising a part of the Hydrocarbon Interests and other contracts and agreements forming a part of the Oil and Gas Properties of each Note Parties and their Restricted Subsidiaries. Specifically in connection with the foregoing, except for those as could not be reasonably expected to have a Material Adverse Effect, (a) no Oil and Gas Property of the Note Parties or any Restricted Subsidiary is subject to having allowable production reduced below the

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full and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was permissible at the time) and (b) none of the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith) of the Note Parties or any Restricted Subsidiary is deviated from the vertical more than the maximum permitted by Governmental Requirements, and such wells are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties (or in the case of wells located on Properties unitized therewith, such unitized Properties) of the Note Parties or such Restricted Subsidiary. All pipelines, wells, gas processing plants, platforms and other material improvements, fixtures and equipment with respect to which each Note Party and their Restricted Subsidiaries own any executive rights and that are necessary to conduct normal operations are being or, in the case of such pipelines, wells, gas processing plants, platforms and other material improvements, fixtures and equipment the maintenance of which is performed by a third-party operator, the Issuer is using its commercially reasonable efforts to cause such items to be, and to the Issuer's knowledge such items are maintained in a state adequate to conduct normal operations, and with respect to such of the foregoing which are operated by each Note Party or any of its Restricted Subsidiaries, in a manner consistent with each Note Parties' or their Restricted Subsidiaries' past practices (other than those the failure of which to maintain in accordance with this <u>Section</u> <u>4.15</u> could not reasonably be expected to have a Material Adverse Effect).

**Section 4.16** <u>No Operations</u>. The Note Parties and their Restricted Subsidiaries (a) do not take Hydrocarbons attributable or allocable to their Oil and Gas Properties, in kind, and (b) do not engage in any material operating activities with respect to their Oil and Gas Properties.

**Section 4.17** <u>Gas Imbalances; Prepayments</u>. To the extent the Issuer or any of its Restricted Subsidiaries take Hydrocarbons attributable or allocable to their Oil and Gas Properties in-kind, except as set forth on <u>Schedule 4.17</u>, as of the Signing Date and the Closing Date, and thereafter either disclosed in writing to the Agent and the Holders or included in the most recent Reserve Report Certificate, as of the date thereof, on a net basis there are no imbalances, take or pay or other prepayments which would require the Issuer or any of its Restricted Subsidiaries to deliver Hydrocarbons produced from their Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor other than imbalances, take-or-pay or other prepayments and balancing rights incurred in the ordinary course of business and which imbalances, take-or-pay, or other prepayments and balancing rights, in the aggregate, do not exceed $1,000,000.

**Section 4.18** <u>Marketing of Production</u>. To the extent the Issuer or any of its Restricted Subsidiaries take Hydrocarbons attributable or allocable to their Oil and Gas Properties in-kind, except for contracts listed and in effect on the date hereof on <u>Schedule</u> <u>4.18</u>, or hereafter either disclosed in writing to the Holders or included in the most recently delivered Reserve Report, as of the date thereof, (with respect to all of which contracts the Issuer represents that it or its Restricted Subsidiaries are receiving a price for all production sold thereunder which is computed substantially in accordance with the terms of the relevant contract), no material agreements exist which are not cancelable on 60 days' notice or less without penalty or detriment, for the sale of production from the Issuer's and its Restricted Subsidiaries' Hydrocarbons (including, calls on or other rights to purchase, production, whether or not the same are currently being exercised) that pertain to the sale of production at a fixed price and have a maturity or expiry date of longer than six (6) months from the date thereof or the date of delivery of such Reserve Report Certificate.

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**Section 4.19** <u>Swap Agreements and Qualified ECP Guarantor</u>. The most recently delivered report required to be delivered by the Issuer pursuant to <u>Section</u> <u>6.01(e)</u>, as of the date thereof, sets forth, a true and complete list of all Swap Agreements of the Note Parties and each Restricted Subsidiary, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied) and the counterparty to each such agreement. The Note Parties are each a Qualified ECP Guarantor.

**Section 4.20** <u>Use of Proceeds</u>. The proceeds of the Notes shall be used for the purposes set forth in <u>Section</u> <u>2.04</u>. The Note Parties and their Restricted Subsidiaries are not engaged principally, or as one of its or their important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Note will be used for any purpose which violates the provisions of Regulations T, U or X of the Board.

**Section 4.21** <u>Solvency</u>. After giving effect to the Transactions, (a) the Issuer is Solvent and (b) the Parent, the General Partner, the Issuer and the other Note Parties, on a consolidated basis, are Solvent.

**Section 4.22** <u>Anti-Corruption Laws, Sanctions and USA PATRIOT Act</u>. Each of the Parent, the General Partner, and the Issuer has implemented and maintains in effect policies and procedures reasonably designed to promote and achieve compliance by the Issuer and its directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Parent, the General Partner, the Issuer, its Subsidiaries, and their respective directors, officers, employees and, to the Issuer's knowledge, agents are in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws, and applicable Sanctions and are not in violation of any laws prohibiting transactions involving proceeds of specified unlawful activity within the meaning of 18 U.S.C. § 1956. None of (a) the Parent, the General Partner, the Note Parties or any of their respective directors, officers or employees, or (b) to the Issuer's direct knowledge, any agent of the Parent, the General Partner, or the Note Parties that will act in any capacity in connection with the credit facility established hereby, is a Sanctioned Person. No Notes, direct use of proceeds or other transaction by the Parent, the General Partner, and/or the Note Parties contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions.

**Section 4.23** <u>Affected Financial Institutions</u>. No Note Party is an Affected Financial Institution.

**Section 4.24** <u>Collateral Documents</u>. As of the Closing Date, the Collateral Documents are effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral and proceeds thereof, subject, in the case of enforceability, to applicable bankruptcy, insolvency or similar laws affecting creditors' rights generally and to general principles of equity and principles of good faith and fair dealing. The Obligations are and shall be at all times secured by legal, valid and enforceable, perfected Second Priority Liens in favor of the Collateral Agent, covering and encumbering the Collateral (<u>provided</u> that Liens permitted under <u>Section</u> <u>7.03</u> may exist).

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**Section 4.25** <u>Senior Debt</u>. The Obligations of each Note Party under this Agreement and each of the other Note Documents ranks and shall continue to rank at least senior in priority of payment to all subordinated Debt and all senior unsecured Debt of each such Person and is designated as "Senior Indebtedness" under all instruments and documents, now or in the future, relating to all subordinated Debt and all senior unsecured Debt of such Person.

**Section 4.26** <u>Beneficial Ownership</u>. As of the Signing Date and the Closing Date, the information included in the Beneficial Ownership Certification is true and correct in all material respects.

**Section 4.27** <u>Private Offering</u>. Neither the Note Parties nor anyone acting on their behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Holders, each of which has been offered the Notes at a private sale for investment. Neither the Note Parties nor anyone acting on their behalf has (a) solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Notes by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D of the Securities Act, or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, or (b) taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction.

**ARTICLE V.** 

**REPRESENTATIONS OF HOLDERS** 

In order to induce Issuer to issue and sell the Notes to the Holders, each Holder hereby represents and warrants to Issuer, on the Closing Date and acknowledges as follows:

**Section 5.01** <u>Organization and Standing</u>. Such Holder is a corporation or other entity duly incorporated or formed and validly existing under the laws of the jurisdiction of its incorporation or formation.

**Section 5.02** <u>Authorization; Enforceability</u>. Such Holder has the full power and authority to enter into this Agreement, and (assuming due execution by the other parties hereto) this Agreement constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, except to the extent the enforceability thereof may be limited by (a) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors' rights generally, (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (c) implied covenants of good faith and fair dealing.

**Section 5.03** <u>Investment</u>. Such Holder is acquiring each such Note solely for its own account, for investment purposes, with no intention of distributing or reselling such Note in any public offering or in any transaction that would be in violation of applicable securities laws of the United States or any other applicable jurisdiction or any state or province thereof, without

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prejudice, however, to such Holder's right at all times to sell or otherwise dispose of all or any part of the Notes under an effective registration statement under the Securities Act and applicable state securities or "blue sky" laws (it being understood that Issuer has no obligation or intention to undertake any such registration), or an exemption from such registration requirements and in compliance with applicable securities laws. Such Holder has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Notes by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D of the Securities Act, or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

**Section 5.04** <u>Accredited Investor</u>. Such Holder, at the time that it committed to enter into this Agreement was, and now is, an "accredited investor" as that term is defined in Rule 501 of Regulation D under the Securities Act.

**Section 5.05** <u>No Resale or Repurchase</u>. No person has made to such Holder any written or oral representations (a) that any person will resell or repurchase the Notes (except in accordance with the Organizational Documents of Issuer), (b) that any person will refund the purchase price of the Notes, or (c) as to the future price or value of the Notes.

**Section 5.06** <u>Private Placement</u>. Such Holder understands that the Notes are being offered for sale only on a "private placement" basis and that the sale and delivery of the Notes is conditional upon such sale being exempt from the requirements as to the filing of a prospectus or registration statement or delivery of an offering memorandum or upon the issuance of such orders, consents or approvals as may be required to permit such sale without the requirement of filing a prospectus or delivering an offering memorandum and, as a consequence, (a) such Holder is restricted from using most of the civil remedies available under applicable securities legislation, (b) such Holder may not receive information that would otherwise be required to be provided to it under applicable securities legislation, and (c) Issuer is relieved from certain obligations that would otherwise apply under applicable securities legislation.

**Section 5.07** <u>Knowledge and Experience</u>. Without limiting the force and effect of the representations and warranties of any party to a Note Document, such Holder (a) has such knowledge and experience in financial and business matters, as to enable it to evaluate the merits and risks of entering into this Agreement and receiving the Notes, (b) is able to bear the economic risk of the transaction, (c) is able to hold its interest indefinitely unless a subsequent disposition thereof is registered under the Securities Act or is exempt from registration and is completed in compliance with applicable securities laws, (d) has been independently advised as to restrictions with respect to trading in the Notes imposed by applicable securities laws, (e) confirms that no representation (written or oral) has been made to it (with respect to trading restrictions imposed by applicable securities laws) by or on behalf of Issuer or Agent with respect thereto, (f) has conducted its own investigation of the Issuer and the terms of the Note, (g) (i) confirms it has had access to information as it deemed necessary to make its decision to purchase the Notes, and (ii) has been offered the opportunity to ask questions of the Issuer and receive answers thereto, as it deemed necessary in connection with the decision to purchase the Notes and (h) acknowledges that it is aware of the characteristics of the Notes, and the risks relating to an investment therein.

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**Section 5.08** <u>No Materials</u>. Without limiting the representations and warranties set forth in the Note Documents, such Holder has not received or been provided with, nor has it requested, nor does it have any need to receive, any offering memorandum, any prospectus, sales or advertising literature describing or purporting to describe the business and affairs of Issuer which has been prepared for delivery to, and review by, prospective purchasers in order to assist them in making an investment decision in respect of the Notes.

**Section 5.09** <u>Transfer Restrictions</u>. Such Holder acknowledges and agrees that none of the Notes has been registered under the Securities Act or the securities laws of any country or state, and none of them may be sold or otherwise transferred in the absence of an effective registration thereunder unless an exemption from registration is available. Such Holder also acknowledges and agrees that the Notes are subject to resale restrictions in the United States, may be subject to resale restrictions in jurisdictions other than the United States under applicable securities laws, and that any sale or transfer will be completed in compliance with applicable securities laws.

**Section 5.10** <u>Offers and Sales Only in Certain Circumstances</u>. If such Holder decides to offer, sell, pledge or otherwise transfer any of the Notes, it will not offer, sell, pledge or otherwise transfer any of such Notes, directly or indirectly, unless: (a) the sale is made pursuant to registration of the Notes under the Securities Act; (b) the sale is made to the Issuer in accordance with <u>Section</u> <u>2.09(g)</u>; (c) the sale is made outside the United States in a transaction meeting the requirements of Rule 904 of Regulation S under the Securities Act and in compliance with applicable local securities laws and regulations; (d) the sale is made pursuant to the exemption from the registration requirements of the Securities Act provided by Rule 144 or Rule 144A thereunder, if available, and, in either case, in accordance with any applicable state securities or "blue sky" laws; or (e) the Notes are sold in any other transaction that does not require registration under the Securities Act or any applicable state securities or "blue sky" laws.

**Section 5.11** <u>Subsequent Purchaser Notification</u>. Such Holder will take reasonable steps to inform, and cause each of its Affiliates and Related Funds that is a U.S. person (as defined in Section 902 of Regulation S under the Securities Act) to take reasonable steps to inform, any person acquiring Notes from such Holder, Affiliate or Related Fund, as the case may be, in the United States that the Notes (a) have not been and will not be registered under the Securities Act, (b) are being sold to them without registration under the Securities Act in reliance on Rule 144A or in accordance with another exemption from registration under the Securities Act and (c) may not be offered, sold or otherwise transferred except (i) to the Issuer in accordance with <u>Section</u> <u>2.09(g)</u>, (ii) outside the United States in accordance with Regulation S and in compliance with applicable local securities laws and regulations or (iii) inside the United States in accordance with (A) Rule 144A to a person whom the seller reasonably believes is a qualified institutional buyer, as defined in Rule 144A ("**Qualified Institutional Buyer**") that is purchasing such Notes for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (B) pursuant to another available exemption from registration under the Securities Act.

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**ARTICLE VI.** 

**AFFIRMATIVE COVENANTS** 

Commencing on the Closing Date and until Payment in Full, each of the Note Parties (and (i) each of the Parent and the General Partner solely with respect to <u>Sections</u> <u>6.01(h)</u>, <u>6.01(l</u>), <u>6.01(n)</u>, <u>6.03</u>, <u>6.04</u>, <u>6.06</u>, <u>6.08</u>, <u>6.10</u>, <u>6.18</u> and <u>6.21</u> and (ii) the Parent with respect to Sections <u>6.01(a)</u>, <u>6.01(b)</u>, <u>6.01(c)</u>, <u>6.01(q)</u>, <u>6.01(v)</u> and <u>6.15</u>), covenants and agrees with the Holders and Agents that:

**Section 6.01** <u>Financial Statements; Other Information</u>. The Issuer (and the Parent, with respect to <u>Section</u> <u>6.01(a)</u>, <u>6.01(b)</u>, and <u>6.01(c)</u> will furnish to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial Statements</u>. As soon as available and in any event no later than the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (but in any event on or before the date that is ninety (90) days after the end of each Fiscal Year of the Issuer (beginning with the Fiscal Year ending December 31, 2026)), the audited consolidated balance sheet and related statements of operations, shareholders' equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous Fiscal Year (except with respect to the audited financial statements as of and for the period ending December 31, 2026), all reported on by independent public accountants of recognized national standing (without a "going concern" or like qualification or exception and without any qualification or exception as to the scope of such audit other than a "going concern" or other qualification that results solely from the Maturity Date being scheduled to occur within one year from the time such opinion is delivered) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Issuer and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied (other than changes pursuant to <u>Section</u> <u>1.03</u>). Notwithstanding the foregoing, the obligations set forth in this <u>Section</u> <u>6.01(a)</u> may be satisfied with respect to the delivery of financial statements of the Issuer and its Consolidated Subsidiaries by furnishing to the Agent and each Holder: (A) the Parent's audited consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such year, setting forth in each case, where available, in comparative form the figures for the previous Fiscal Year, all reported on by independent public accountants of recognized national standing (without a "going concern" or like qualification or exception and without any qualification or exception as to the scope of such audit other than a "going concern" or other qualification that results solely from the Maturity Date being scheduled to occur within one year from the time such opinion is delivered) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of such Person and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied (other than changes pursuant to <u>Section</u> <u>1.03</u>) and (B) concurrently with the financial information required by this <u>clause (a)</u>, consolidating information that explains in reasonable detail the differences between the information relating to Parent and its Consolidated Subsidiaries, on the one hand, and the information relating to the Issuer and its Consolidated Restricted Subsidiaries, on the other hand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. As soon as available and in any event no later than the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) with respect to each of the first three quarterly accounting periods in each Fiscal Year of the Issuer and the Parent (but in any event on or before the date that is sixty (60) days after the end of each such quarterly accounting period) (commencing with the Fiscal Quarter ending June 30, 2026) (i) the consolidated balance sheet and related statements of operations, shareholders' equity and cash flows of the Parent and (ii) the consolidated balance sheet and related statement of operations partners' equity and cash flows of the Issuer, in each case as of the end of and for such Fiscal Quarter and the then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year (except for any Fiscal Year or Fiscal Quarters ending on or prior to December 31, 2026 for which no comparisons will be delivered), in each case, all certified by one of its Financial Officers as presenting fairly in all material respects the financial position and results of operations of (A) in the case of the financial statements described in clause (i) above, the Parent and its Consolidated Subsidiaries and (b) in the case of the financial statements described in clause (ii) above, the Issuer and its Consolidated Subsidiaries, in each case, on a consolidated basis in accordance with GAAP consistently applied (other than changes pursuant to <u>Section</u> <u>1.03</u>), subject to normal year-end adjustments and the absence of footnotes. Notwithstanding the foregoing, the obligations set forth in this <u>Section</u> <u>6.01(b)</u> may be satisfied with respect to the delivery of financial statements of the Issuer and its Consolidated Restricted Subsidiaries by furnishing to the Agent and each Holder: (A) the Parent's consolidated balance sheet and related statements of operations, stockholders' equity and cash flows as of the end of and for such Fiscal Quarter and the then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Parent and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied (other than changes pursuant to <u>Section</u> <u>1.03</u>), subject to normal year-end audit adjustments and the absence of footnotes, and (B) concurrently with the financial information required by this <u>clause (b)</u>, consolidating information that explains in reasonable detail the differences between the information relating to Parent and its Consolidated Subsidiaries, on the one hand, and the information relating to the Issuer and its Consolidated Restricted Subsidiaries, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certificate of Financial Officer – Compliance</u>. Concurrently with any delivery of financial statements under <u>Sections</u> <u>6.01(a)</u> or <u>6.01(b)</u>, a certificate of a Financial Officer of each of the Issuer and the Parent in substantially the form of <u>Exhibit</u> <u>D</u> hereto (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with <u>Section</u> <u>7.01</u> (including setting forth the Issuer's reasonably detailed and certified calculations of the Consolidated Total Net Leverage Ratio and the Asset Coverage Ratio and demonstrating compliance with the applicable financial covenant requirement), (iii) stating whether any change in GAAP or in the application thereof has occurred since Closing Date and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate, and (iv) listing each Restricted Subsidiary and specifying whether such Restricted Subsidiary is or is not a Guarantor (and (A) specifying the identity of each Immaterial Subsidiary and each Material Subsidiary as of the end of such Fiscal Quarter or Fiscal Year, as applicable (and including reasonable detail, in form and substance satisfactory to the Requisite Holders, with respect thereto) and (B) if necessary, designating sufficient additional Subsidiaries as Material Subsidiaries so as to comply with the definition of "Material Subsidiary").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certificate of Financial Officer – Consolidating Information</u>. If, at any time, all of the Consolidated Subsidiaries of the Issuer are not Consolidated Restricted Subsidiaries, then concurrently with any delivery of financial statements under Section 6.01(a) or Section 6.01(b), a certificate of a Financial Officer setting forth consolidating spreadsheets that show all Consolidated Unrestricted Subsidiaries and the eliminating entries, in such form as would be presentable to the auditors of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certificate of Financial Officer – Swap Agreements</u>. Concurrently with any delivery of financial statements under <u>Sections</u> <u>6.01(a)</u> and <u>6.01(b)</u>, a certificate of a Financial Officer, in form and substance satisfactory to the Agent and the Requisite Holders, setting forth (i) as of a recent date, a true and complete list of all Swap Agreements of the Issuer and each Restricted Subsidiary, the material terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the net mark-to-market value therefor, any margin required or supplied under any credit support document, and the counterparty to each such agreement, (ii) reasonably detailed calculations of the reasonably anticipated forecasted production of crude oil and natural gas, calculated separately, from the Oil and Gas Properties of the Issuer and the Restricted Subsidiaries for each month during the immediately succeeding twelve-month period and (iii) reasonably detailed calculations setting forth the Issuer's compliance with <u>Section</u> <u>7.15(b)</u> for the most recent Rolling Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Business and Financial Plan</u>. On or before the date that is sixty (60) days after the end of each Fiscal Year of the Issuer, consolidated quarterly financial projections and budgets for the Issuer and its Restricted Subsidiaries for the then-current Fiscal Year, which shall be in form and detail reasonably satisfactory to the Requisite Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Certificate of Insurer – Insurance Coverage</u>. Concurrently with any delivery of financial statements under <u>Section</u> <u>6.01(a)</u>, a certificate of insurance coverage from each insurer with respect to the insurance required by <u>Section</u> <u>6.06</u>, in form and substance reasonably satisfactory to the Requisite Holders, and, if requested by the Agent or any Holder, all copies of the applicable policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Other Accounting Reports</u>. Promptly upon receipt thereof, a copy of each other report or letter submitted to the Parent, the General Partner, the Note Parties or any of their Subsidiaries by independent accountants (other than customary and standard correspondence) in connection with any annual, interim or special audit made by them of the books of the Note Parties or any such Subsidiary, and a copy of any response by the Parent, the General Partner, the Note Parties or any such Subsidiary, or the Board of Directors (or comparable Governing Body) of the Note Parties or any such Subsidiary, to such letter or report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>List of Operators</u>. If requested by the Requisite Holders, concurrently with the delivery of any Reserve Report to the Requisite Holders under Section 6.11(a), a list of all Persons operating the Issuer's or any Restricted Subsidiaries' Oil and Gas Properties which account for greater than 10% of the revenues resulting from the sale of all Hydrocarbons from the Issuer's or any Restricted Subsidiaries' Oil and Gas Properties during the most recently ended Fiscal Year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Notice of Sales of Oil and Gas Properties and Termination of Swap Agreements</u>. In the event the Issuer or any Restricted Subsidiary intends to dispose of any Oil and Gas Properties (other than Hydrocarbons in the ordinary course of business) or any Equity Interests in any Subsidiary in accordance with <u>Section</u> <u>7.09(d)</u>, in each case, that would constitute a Material Disposition, written notice of such disposition no later than two (2) Business Days prior to such disposition (or such later date as the Requisite Holders may agree in their sole discretion) the price thereof and any other details thereof reasonably requested by the Requisite Holders. In the event that the Note Parties or any Subsidiary receives any notice of early termination of any material Swap Agreement to which it is a party from any of its counterparties, or any material Swap Agreement to which the Note Parties or any Subsidiary is a party is terminated, prompt written notice of the receipt of such early termination notice or such termination, as the case may be, together with a reasonably detailed description thereof and any other details thereof reasonably requested by the Requisite Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Patriot Act and Beneficial Ownership</u>. Promptly following any request therefor, information and documentation reasonably requested by the Agent or any Holder for purposes of compliance with applicable "know your customer" requirements under the Patriot Act, the Beneficial Ownership Regulation or other applicable anti-money laundering laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Information Regarding the Parent, the General Partner, the Issuer and Guarantors</u>. Prompt written notice (and in any event within three (3) Business Days thereafter, or such later date as the Requisite Holders may agree in their sole discretion) of any change (i) in the Parent's, the General Partner's, the Issuer's or any Guarantor's organizational name, (ii) in the location of the Parent's, the General Partner's, the Issuer's or any Guarantor's chief executive office or principal place of business, (iii) in the Parent's, the General Partner's, the Issuer's or any Guarantor's identity or organizational structure or in the jurisdiction in which such Person is incorporated or formed, (iv) in the Parent's, the General Partner's, the Issuer's or any Guarantor's organizational identification number in such jurisdiction of organization, and (v) in the Parent's, the General Partner's, the Issuer's or any Guarantor's federal taxpayer identification number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Production Report and Lease Operating Statements</u>. Concurrently with any delivery of financial statements under Section 6.01(a) or Section 6.01(b), a report setting forth, for each month during the 12-month period ending on the last day of such Fiscal Quarter, (i) the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) from the Oil and Gas Properties and (ii) the ad valorem, severance and production taxes and lease operating expenses attributable to the Oil and Gas Properties and setting forth the operator of record for the Oil and Gas Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Notices of Certain Changes</u>. Promptly, but in any event within three (3) Business Days after the execution thereof (or such later date as the Requisite Holders may agree in their sole discretion), copies of any amendment, modification or supplement to the certificate or articles of incorporation or formation, bylaws, certificate or articles of organization, regulations or limited liability company agreement, any preferred stock designation or any other Organizational Document of the Parent, the General Partner, the Note Parties or any Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Other Requested Information</u>. Promptly following any reasonable request therefor, such other information regarding the operations, business affairs and financial condition of the Note Parties or any Subsidiary (including, without limitation, any Plan sponsored by the Issuer or a Subsidiary and any reports or other information required to be filed with respect thereto under the Internal Revenue Code or under ERISA), or compliance with the terms of this Agreement or any other Note Document, as the Agent or any Holder may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Amendments and Notices Under Material Instruments</u>. Promptly, but in any event within three (3) Business Days after the execution or actual receipt thereof (or such later date as the Requisite Holders may agree in its sole discretion), (i) copies of any amendment, modification or supplement to any of the RBL Loan Documents or any documentation governing Debt for borrowed money constituting Material Debt and (ii) copies of any financial statement, certificate, report, notice or other information furnished to or by the Parent, the General Partner, the Issuer or any Restricted Subsidiary pursuant to the terms of the RBL Loan Documents or any other Debt for borrowed money constituting Material Debt, in each case to the extent not otherwise required to be furnished to the Holders pursuant to any other provision of this <u>Section</u> <u>6.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Consolidated Total Net Leverage Ratio; Asset Coverage Ratio</u>. No later than three (3) Business Days prior to the consummation of any event or transaction that requires the calculation of, and compliance with, a Consolidated Total Net Leverage Ratio and/or an Asset Coverage Ratio (in each case, other than with respect to any calculation or compliance requirement set forth in <u>Section</u> <u>7.04</u>)<sup>1</sup> (i) a certificate of a Responsible Officer of the Issuer (A) with respect to the Consolidated Total Net Leverage Ratio, setting forth the Issuer's reasonably detailed and certified calculations of such Consolidated Total Net Leverage Ratio on a Pro Forma Basis and demonstrating compliance with the applicable Consolidated Total Net Leverage Ratio requirement and (B) with respect to the Asset Coverage Ratio, (I) setting forth the Issuer's reasonably detailed and certified calculations of such Asset Coverage Ratio on a Pro Forma Basis and demonstrating compliance with the applicable Asset Coverage Ratio requirement and (II) certifying that information set forth in the updated reserve database referenced in <u>Section</u> <u>6.01(r)(ii)</u> is true and correct, it being understood by the Agent and the Holders that projections concerning volumes and production and cost estimates contained therein are necessarily based upon opinions, estimates and projections and that neither the Issuer nor such Responsible Officer warrants that such opinions, estimates and projections will ultimately prove to have been accurate and (ii) with respect to the Asset Coverage Ratio, an updated reserve database with respect to the Oil and Gas Properties of the Issuer and its Restricted Subsidiaries giving effect to the updated Strip Price as set forth in <u>Section</u> <u>1.05(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>[Reserved].</u>

<sup>1</sup> **<u>Note to Draft</u>**: There is no 7.04(b). 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Free Cash Flow; Lease Operating Statements</u>. Concurrent with the delivery of each certificate of the Financial Officer pursuant to Section 6.01(c), deliver (i) a certificate of a Responsible Officer in substantially the form of <u>Exhibit</u> <u>K</u> setting forth reasonably detailed calculations of Cash Flow from Operating Activities and Adjusted Cash Flow from Operating Activities for the most recently ended Fiscal Quarter and (ii) lease operating statements for the most recently ended Fiscal Quarter in form and detail substantially consistent with the lease operating statements delivered to Holders pursuant to <u>Section</u> <u>3.02(s)</u> for each such Fiscal Quarter from the Oil and Gas Properties and other information reasonably requested by the Requisite Holders with reasonable advance notice (and which includes the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such fiscal quarter from the Oil and Gas Properties, and sets forth the related ad valorem, severance and production taxes (if applicable), capital expenditures and lease operating expenses attributable thereto and incurred for each such fiscal quarter), in each case for this <u>Section</u> <u>6.01(t)(ii)</u> certified by a Responsible Officer of the Issuer as presenting fairly in all material respects the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Environmental, Social and Governance Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon notice from an operator of a Material Environmental and Social Incident occurs, (A) reasonably prompt notification, but in any event within fifteen (15) Business Days, of such Material Environmental and Social Incident, (B) concurrently deliver a brief statement of the remedial plan such operator has undertaken or plans to undertake to address such Material Environmental and Social Incident and (C) reasonably prompt notification, but in any event within fifteen (15) Business Days, of the completion of such remedial plan or the abandonment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within sixty (60) days of request by the Requisite Holders, no more than once in any 12-month period, (A) a materially completed environmental, social and governance survey (an "**ESG Survey**") provided to the Issuer by the Requisite Holders in the form substantially consistent with the ESG Survey template provided by the Holders to the Issuer on August 20. 2024, but with the Issuer's previous year's responses updated by the Issuer, as applicable and (B) host a conference call or teleconference at a time mutually acceptable to the Issuer and the Requisite Holders to discuss the emissions and climate related policies and activities of the Issuer and its Restricted Subsidiaries and matters relating to the ESG Survey; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reasonably promptly following request, any additional material information related to environmental, social and governance matters of the Issuer as the Agent or the Requisite Holders may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Material Contract Information</u>. Concurrent with any delivery of financial statements under <u>Section</u> <u>6.01(a)</u> or <u>Section</u> <u>6.01(b)</u>, copies of any material amendments, modifications, consents and waivers to, and termination (including rejections) and assignment of, any Material Contracts.

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Documents required to be delivered pursuant to <u>Section</u> <u>6.01(a)</u>, <u>(b)</u>, <u>(g)</u> or <u>(h)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Issuer posts such documents, or provides a link thereto on the Parent's or the Issuer's public website; or (ii) on which such documents are posted on the Issuer's behalf on an Internet or intranet website (including the SEC's EDGAR website), if any, to which each Holder and the Agent have been provided access (whether a commercial, third-party website or otherwise); it being understood that the Agent shall have no obligation to monitor or download any such materials or otherwise be responsible for the contents thereof.

**Section 6.02** <u>Notices of Material Events</u>. Promptly (and in any event within three (3) Business Days) after a Responsible Officer of the Issuer or any Subsidiary obtains knowledge thereof, the Issuer will furnish to the Agent (which shall make such information available to the Holders) written notice of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence of any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before any arbitrator or Governmental Authority against or affecting the Note Parties or any Restricted Subsidiary not previously disclosed in writing to the Holders or any material adverse development in any action, suit, proceeding, investigation or arbitration (whether or not previously disclosed to the Holders) that, in either case, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this <u>Section</u> <u>6.02</u> shall be accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

**Section 6.03** <u>Existence; Conduct of Business</u>. Each of the Parent, the General Partner, the Note Parties will, and will cause each Restricted Subsidiary to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect (a) its legal existence in a jurisdiction of the United States and (b) the rights, licenses, permits, privileges and franchises material to the conduct of its business and maintain, if necessary, its qualification to do business in each other jurisdiction in which its Oil and Gas Properties are located or the ownership of its Properties requires such qualification, except where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect; <u>provided</u> that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under <u>Section</u> <u>7.08</u>.

**Section 6.04** <u>Payment of Taxes</u>. Each of the Parent, the General Partner and the Note Parties will, and will cause each Subsidiary to, file (or cause to be filed) all federal, state and other tax returns and reports required to be filed and shall pay (or cause to be paid) when due all Taxes levied or imposed upon them or their properties income or assets, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and the Parent, the General Partner, the Issuer or such Subsidiary has set aside on its books adequate

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reserves with respect thereto in accordance with GAAP or (b) the failure to make payment or file could not reasonably be expected to result in a Material Adverse Effect or result in the seizure or levy of any Borrowing Base Property or other material Property of the Parent, the General Partner, the Issuer or any Subsidiary.

**Section 6.05** <u>Operation and Maintenance of Properties</u>. Except, in each case, where the failure to comply could not reasonably be expected to have a Material Adverse Effect, the Issuer, at its own expense, will, and will cause each Restricted Subsidiary to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the extent the Issuer or any Restricted Subsidiary owns any executive rights with respect thereto, operate its Oil and Gas Properties and other material Properties or cause such Oil and Gas Properties and other Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance with all Governmental Requirements, including, without limitation, applicable proration requirements and Environmental Laws, and all applicable laws, rules and regulations of every other Governmental Authority from time to time constituted to regulate the development and operation of its Oil and Gas Properties and the production and sale of Hydrocarbons and other minerals therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent the Issuer or any Restricted Subsidiary owns any executive rights with respect thereto, maintain and keep in good repair, working order and efficiency (ordinary wear and tear excepted) all of its Oil and Gas Properties and other Properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent the Issuer or any Restricted Subsidiary owns any executive rights with respect thereto, to the extent the Issuer is not the operator of any Property, the Issuer shall use commercially reasonable efforts to cause the operator to comply with this Section 6.05.

**Section 6.06** <u>Insurance</u>. Each of the Parent, the General Partner and the Note Parties will, and will cause each Restricted Subsidiary to, maintain, with financially sound and reputable insurance companies (at the time the relevant coverage is placed or renewed), insurance (a) in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations and (b) in accordance with all Governmental Requirements. The loss payable clauses or provisions in said insurance policy or policies insuring any of the Collateral for the Obligations shall be endorsed in favor of and made payable to the Agents as its interests may appear and such policies shall name the Agents and the Holders as "additional insureds" and Agents as lender loss payee (and mortgagee, if applicable) and provide that the insurer will endeavor to give at least thirty (30) days' prior notice of any cancellation to the Agents.

**Section 6.07** <u>Books and Records; Inspection Rights</u>. The Note Parties will, and will cause each Restricted Subsidiary to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Issuer will, and will cause each Restricted Subsidiary to, permit any representatives designated by the Agent or any Holder, upon reasonable prior notice, to visit and inspect its Properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; <u>provided</u> that so long as no Event of Default has occurred and is continuing and no Borrowing Base Deficiency exists, the Note Parties and their Restricted Subsidiaries shall not be required to reimburse the Agent or any Holder for more than one (1) inspection during any Fiscal Year.

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**Section 6.08** <u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent, the General Partner, the Note Parties will, and will cause each Restricted Subsidiary to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its Property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent, the General Partner, the Note Parties will, and will cause each of their Subsidiaries to, maintain in effect such policies and procedures reasonably designed to promote and achieve compliance by the Parent, the General Partner, the Note Parties and their Subsidiaries and each of their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions and the USA PATRIOT Act.

**Section 6.09** <u>Environmental Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Note Parties shall: (i) comply, and shall cause its Properties and operations and each Restricted Subsidiary and each Restricted Subsidiary's Properties and operations to comply, (with respect to Oil and Gas Properties, solely to the extent such Person has executive rights therein), with all applicable Environmental Laws, except where the failure to so comply could not reasonably be expected to have a Material Adverse Effect; (ii) not Release or threaten to Release, and shall cause each Restricted Subsidiary not to Release or threaten to Release, any Hazardous Material on, under, about or from any of the Note Parties' or their Restricted Subsidiaries' Properties or any other property offsite the Property to the extent caused by the Note Parties' or any of their Restricted Subsidiaries' operations except in compliance with applicable Environmental Laws, in each case, such Release or threatened Release of which could reasonably be expected to have a Material Adverse Effect; (iii) timely obtain or file, and shall cause each Restricted Subsidiary to timely obtain or file, all Environmental Permits, if any, required under applicable Environmental Laws to be obtained or filed in connection with its operation or use of the Note Parties' or their Restricted Subsidiaries' Properties which failure to obtain or file could reasonably be expected to have a Material Adverse Effect; (iv) promptly commence and diligently prosecute to completion, and shall cause each Restricted Subsidiary to promptly commence and diligently prosecute to completion, any assessment, evaluation, investigation, monitoring, containment, cleanup, removal, repair, restoration, remediation or other remedial obligations to the extent required to be completed by the Issuer or any Restricted Subsidiaries under Environmental Law (collectively, the "**Remedial Work**") in the event any Remedial Work is required by the Issuer or any Restricted Subsidiary under applicable Environmental Laws because of or in connection with the actual or suspected past, present or future Release or threatened Release of any Hazardous Material on, under, about or from any of the Note Parties' or their Restricted Subsidiaries' Properties, which failure to commence and diligently prosecute to completion could reasonably be expected to have a Material Adverse Effect; (v) conduct, and cause its Restricted Subsidiaries to conduct, their respective operations

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and businesses in a manner that will not expose any Property or Person to Hazardous Materials in violation of Environmental Law, if such exposure could reasonably be expected to have a Material Adverse Effect; and (vi) establish and implement, and shall cause each Restricted Subsidiary to establish and implement, such procedures as may be deemed reasonably necessary by the Issuer and its Restricted Subsidiaries to regularly determine and assure that the Note Parties' and their Restricted Subsidiaries' obligations under this <u>Section</u> <u>6.09(a)</u> are timely and fully satisfied, which failure to establish and implement could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Note Parties will promptly, but in no event later than fifteen (15) days after any Note Party obtains knowledge thereof, notify the Agent and the Holders in writing of any threatened (in writing) action, investigation or inquiry by any Governmental Authority or any threatened demand (in writing) or lawsuit by any Person against the Note Parties or their Restricted Subsidiaries or their Properties of which the Note Party has knowledge in connection with any Environmental Laws if the Note Parties reasonably anticipates that such action will result in liability (whether individually or in the aggregate), if not covered by insurance, which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer will, and will cause each Restricted Subsidiary to, provide environmental assessments, audits and tests obtained by the Issuer or any Restricted Subsidiary in connection with any future acquisition of Oil and Gas Properties or other Properties to the Agent.

**Section 6.10** <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parent, the General Partner and the Note Parties at its sole expense will, and will cause each Restricted Subsidiary to, promptly execute and deliver to the Agents all documents, agreements and instruments reasonably requested by the Agents or the Requisite Holders to comply with, cure any defects or accomplish the conditions precedent, covenants and agreements of the Parent, the General Partner, the Note Parties or any Restricted Subsidiary, as the case may be, in the Note Documents, including the Notes, or to further evidence and more fully describe the Collateral intended as security for the Obligations, or to correct any omissions in this Agreement or the Collateral Documents, or to state more fully the obligations secured therein, or to perfect, protect or preserve any Liens created pursuant to this Agreement or any of the Collateral Documents or the priority thereof, or to make any recordings, file any notices or obtain any consents, all as may be reasonably necessary or appropriate, in the sole discretion of the Agent or the Requisite Holders, in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Parent, the General Partner and the Note Parties hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Mortgaged Property without the signature of the Parent, the General Partner, the Note Parties or any other Guarantor where permitted by law. A carbon, photographic or other reproduction of the Collateral Documents or any financing statement covering the Mortgaged Property or any part thereof shall be sufficient as a financing statement where permitted by law. Each of the Note Parties acknowledges and agrees that any such financing statement may describe the collateral as "all assets" of the applicable Note Party or words of similar effect as may be required by the Collateral Agent or the Requisite Holders. The grant of authority to the Collateral Agent under this <u>Section</u> <u>6.10(b)</u> shall not be construed as a duty on any Agent to make any filing or otherwise perfect or maintain the perfection of the Collateral Agent's security interest, for the benefit of the Secured Parties, in the Collateral.

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**Section 6.11** <u>Reserve Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before March 15th, May 15th, August 30th and November 15th of each year, commencing with the first such date to occur after the Closing Date, the Issuer shall furnish to the Agent and the Holders a Reserve Report evaluating, as of the immediately preceding July 1st (for each August 30th delivery), October 1st (for each November 15th delivery), January 1st (for each March 15th delivery) and April 1st (for each May 15th delivery), the Proved Reserves of the Issuer and the Restricted Subsidiaries located within the geographic boundaries of the United States of America. (i) The Reserve Report as of January 1st (for each March 15th delivery) of each year shall be prepared by one or more Approved Petroleum Engineers, (ii) the Reserve Report as of July 1st (for each August 30th delivery) of each year shall be prepared by or under the supervision of the chief engineer or qualified agent of the Issuer who shall certify such Reserve Report to be true and accurate in all material respects and to have been prepared in accordance with the procedures used in the immediately preceding January 1st Reserve Report and (iii)(A) the Reserve Report as of April 1st (for each May 15th delivery) shall be the immediately preceding delivered Reserve Report as of January 1st rolled forward with pricing (including the Strip Price) updated to April 1st and (B) the Reserve Report as of October 1st (for each November 15th delivery) shall be the immediately preceding delivered Reserve Report as of July 1st rolled forward with pricing (including the Strip Price) updated to October 1<sup>st</sup>, in the case of each of <u>clauses (iii)(A)</u> and <u>(iii)(B)</u>, prepared by or under the supervision of the chief engineer or qualified agent of the Issuer who shall certify such Reserve Report to be true and accurate in all material respects and to have been prepared in accordance with the procedures used in the immediately preceding January 1st Reserve Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With the delivery of each Reserve Report, the Issuer shall provide to the Agent and the Holders a Reserve Report Certificate from a Responsible Officer certifying that in all material respects: (i) the information contained in the Reserve Report and any other information delivered in connection therewith is true and correct, it being understood by the Agent and the Holders that projections concerning volumes and production and cost estimates contained in each Reserve Report are necessarily based upon opinions, estimates and projections and that neither the Issuer nor such Responsible Officer warrants that such opinions, estimates and projections will ultimately prove to have been accurate, (ii) the Issuer or another Note Party has good and defensible title to the Oil and Gas Properties evaluated in such Reserve Report (other than those (x) to be acquired in connection with an acquisition, (y) disposed of since the date of such Reserve Report as permitted in accordance with the terms hereof and (z) leases that have expired in accordance with their terms) and such Oil and Gas Properties are free (or will be at the time of the acquisition thereof) of all Liens except for Liens permitted by <u>Section</u> <u>7.03</u>, (iii) to the extent the Note Parties take Hydrocarbons attributable or allocable to their Oil and Gas Properties in-kind, except as set forth on an exhibit to the certificate or previously disclosed to the Agent and the Requisite Holders in writing, on a net basis there are no gas imbalances, take or pay or other prepayments, the value of which exceed the volume threshold specified in <u>Section</u> <u>4.17</u>, with respect to the Note Parties' Oil and Gas Properties evaluated in such Reserve Report which would require the Issuer or any other Note Party to deliver Hydrocarbons either generally or

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produced from such Oil and Gas Properties at some future time without then or thereafter receiving full payment therefor, (iv) none of Borrowing Base Properties have been sold since the date of the last Borrowing Base determination except (A) those Borrowing Base Properties listed on such certificate as having been disposed or (B) as previously disclosed to the Agent and the Requisite Holders in writing, (v) attached to the certificate is a list of all material marketing agreements (which are not cancellable on 120 days' notice or less without penalty or detriment) entered into subsequent to the later of the Closing Date or the most recently delivered Reserve Report which the Issuer could reasonably be expected to have been obligated to list on Schedule 4.18 had such agreement been in effect on the Closing Date and (vi) attached thereto is a schedule demonstrating compliance or noncompliance (calculated at the time of delivery of such Reserve Report) with the Required Mortgage Percentage and, in the case of noncompliance, the steps that will be taken to comply with this Section 6.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to Reserve Reports delivered pursuant to the foregoing <u>clause (a)</u>, the Issuer shall furnish to the Agent and the Holders any Reserve Report furnished to the RBL Administrative Agent (including, but not limited to, Reserve Reports delivered in connection with any Interim Redetermination) substantially simultaneously with the delivery of such Reserve Report to the RBL Administrative Agent, together with any reserve database or other supporting materials used in preparing such Reserve Report that were delivered to the RBL Administrative Agent or any RBL Lender (including any Engineering Reports (as defined in the RBL Credit Agreement)) (it being understood that such reserve database shall give effect to the items necessary to be taken into account in accordance with <u>Section</u> <u>1.05</u>, including any Specified Reserve Updates).

**Section 6.12** <u>Title Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before the delivery to the Agent and the Holders of each Reserve Report required by <u>Section</u> <u>6.11(a)</u>, the Issuer will deliver title information (in form and substance reasonably acceptable to the Requisite Holders) covering enough of the Oil and Gas Properties evaluated by such Reserve Report that were not included in the immediately preceding Reserve Report, so that the Requisite Holders shall have received together with title information previously delivered to the Requisite Holders, reasonably satisfactory title information on at least the Required Title Percentage of the PV-9 of the Proved Oil and Gas Properties evaluated by such Reserve Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Issuer has provided title information for additional Properties under <u>Section</u> <u>6.12(a)</u>, the Issuer shall, within sixty (60) days after notice from the Requisite Holders that title defects or exceptions exist with respect to such additional Properties, either (i) cure any such title defects or exceptions (including defects or exceptions as to priority) which are not permitted by <u>Section</u> <u>7.03</u> raised by such information, (ii) substitute acceptable Mortgaged Properties with no title defects or exceptions (<u>provided</u> that Excepted Liens of the type described in clauses (a) through (d) and (f) of the definition thereof may exist, but subject to the provisos at the end of such definition) having an equivalent value, or (iii) deliver title information in form and substance reasonably acceptable to the Requisite Holders so that the Requisite Holders shall have received, together with title information previously delivered to the Requisite Holders, satisfactory title information on at least the Required Title Percentage of the PV-9 of the Proved Oil and Gas Properties evaluated by such Reserve Report.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Issuer is unable to cure any title defect requested by the Requisite Holders to be cured within the sixty (60) day period or the Issuer does not comply with the requirements to provide acceptable title information covering the Required Title Percentage of the PV-9 of the Proved Oil and Gas Properties evaluated in the most recent Reserve Report, such failure shall not be a Default, but instead the Agent and/or the Requisite Holders shall have the right to exercise the following remedy in their sole discretion from time to time, and any failure to so exercise this remedy at any time shall not be a waiver as to future exercise of the remedy by the Agent or the Requisite Holders. To the extent that Agent or the Requisite Holders are not reasonably satisfied with title to any Oil and Gas Properties evaluated in such Reserve Report after the periods described in <u>Section</u> <u>6.12(b)</u> have elapsed, the Issuer shall, at the request of Agent (acting at the direction of Requisite Holders) or the Requisite Holders, (i) resubmit a revised Reserve Report to the Agent (for delivery to the Holders) removing such unacceptable Oil and Gas Property and such revised Reserve Report shall constitute the most recently delivered Reserve Report for all purposes under this Agreement and (ii) the Asset Coverage Ratio shall be recalculated and compliance with respect to such ratio shall be based upon the revised Reserve Report delivered under <u>clause (i)</u> above (and, with respect to such Oil and Gas Property that is unacceptable, the Asset Coverage Ratio shall be calculated and compliance with respect to such ratio shall be subject to the terms of <u>Section</u> <u>1.05(a)(ii)</u> for so long as title to such Oil and Gas Property continues to be unacceptable).

**Section 6.13** <u>Collateral and Guaranty Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the delivery of each Reserve Report hereunder, the Note Parties shall review the applicable Reserve Report, if any, and the list of current Mortgaged Properties (as described in <u>Section</u> <u>6.11(c)</u>) to ascertain whether the Mortgaged Properties represent at least the Required Mortgage Percentage of the PV-9 of the Proved Oil and Gas Properties evaluated in the most recently completed Reserve Report after giving effect to exploration and production activities, acquisitions, Asset Sales and production. In the event that the PV-9 of the Mortgaged Properties (calculated at the time of redetermination) does not satisfy the Required Mortgage Percentage, then the Note Parties shall, and shall cause their Restricted Subsidiaries to, grant, within thirty (30) days of delivery of the certificate required under <u>Section</u> <u>6.11(c)</u> (or such longer period as the Requisite Holders may agree in their sole discretion, but not to extend beyond a total of ninety (90) days following the delivery of such certificate), to the Collateral Agent as security for the Obligations a Second Priority Lien interest (<u>provided</u> that Liens permitted under <u>Section</u> <u>7.03 may exist</u>) on additional Oil and Gas Properties of the Issuer and the Restricted Subsidiaries not already subject to a Lien of the Collateral Documents such that after giving effect thereto, the PV-9 of the Mortgaged Properties (calculated at the time of such redetermination) meets the Required Mortgage Percentage. All such Liens will be created and perfected by and in accordance with the provisions of deeds of trust, mortgages, security agreements and financing statements or other Collateral Documents, all in form and substance reasonably satisfactory to the Requisite Holders and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes. In order to comply with the foregoing, if any Restricted Subsidiary places a Lien on its Oil and Gas Properties and such Restricted Subsidiary is not a Guarantor, then it shall become a Guarantor and comply with <u>Section</u> <u>6.13(b)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that (i) the Issuer or any Restricted Subsidiary creates or acquires any Material Subsidiary, (ii) any Immaterial Subsidiary becomes a Material Subsidiary (whether pursuant to the definition of Material Subsidiary or otherwise), (iii) the Issuer designates an Unrestricted Subsidiary to be a Restricted Subsidiary pursuant to <u>Section</u> <u>7.16</u> and such Restricted Subsidiary constitutes a Material Subsidiary, or (iv) any Restricted Subsidiary incurs or guarantees any Debt or grants any Lien on any Property to secure any Debt, the Issuer shall promptly, but in any event no later than thirty (30) days from the date of such creation, acquisition, designation, determination, incurrence, cessation, incurrence, guarantee or grant (or such longer period as the Requisite Holders may agree in its sole discretion): (A) cause such Restricted Subsidiary to become a Guarantor by executing and delivering to the Requisite Holders a duly executed supplement to the Guarantee and Collateral Agreement (or a supplement or joinder thereto, as applicable), (B) pledge, or cause any Note Party that owns any Equity Interests of the new Restricted Subsidiary to pledge, in each case, all of the Equity Interests of such new Restricted Subsidiary that are owned by any Note Party (including delivery of original certificates evidencing the Equity Interests of such Restricted Subsidiary, together with an appropriate undated stock powers for each certificate duly executed in blank by the registered owner thereof) and (C) execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Requisite Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Parent, the General Partner, the Issuer, any Subsidiary or any Guarantor intends to grant any Lien on any Property to secure any First Lien Obligations, the Issuer will provide at least five (5) Business Days' prior written notice thereof to the Agent and the Holders (or such shorter time as the Requisite Holders may agree in their sole discretion), and each of the Parent, the General Partner and the Issuer will, and will cause the Restricted Subsidiaries to, substantially simultaneously grant to the Collateral Agent to secure the Obligations a prior Lien on the same Property pursuant to Collateral Documents in form and substance satisfactory to the Requisite Holders (and for the avoidance of doubt, whether or not such Property constitutes "Excluded Property" pursuant to the terms of any Note Document) to the extent a prior Lien has not already been granted to the Collateral Agent on such Property. In connection therewith, the Issuer shall, or shall cause its Subsidiaries to, execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Requisite Holders. The Issuer will cause any Subsidiary guaranteeing any First Lien Obligations to contemporaneously guarantee the Obligations pursuant to the Guarantee and Collateral Agreement and execute a joinder to the Guarantee and Collateral Agreement to the extent such Subsidiary is not already a party to the Guarantee and Collateral Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any provision in any of the Notes Documents to the contrary, in no event is any Building (as defined in the applicable Flood Insurance Regulations) or Manufactured (Mobile) Home (as defined in the applicable Flood Insurance Regulations) owned by any Note Party included in the Mortgaged Property and no Building or Manufactured (Mobile) Home shall be encumbered by any Collateral Documents; <u>provided</u>, that (i) the applicable Note Party's interests in all lands and Hydrocarbons situated under any such Building or Manufactured (Mobile) Home shall be included in the Mortgaged Property and shall be encumbered by the Collateral Documents and (ii) the Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, permit to exist any Lien on any Building or Manufactured (Mobile) Home except Liens permitted by Section 7.03 (other than Section 7.03(a)).

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**Section 6.14** <u>ERISA Compliance</u>. The Note Parties will promptly furnish and will cause the Restricted Subsidiaries to promptly furnish to the Holders (a) if specifically requested in writing by any Holder, promptly after the filing thereof with the United States Secretary of Labor or the Internal Revenue Service, copies of each annual report (Form 5500 series) with respect to each Plan (other than a Multiemployer Plan), (b) if specifically requested by the Holder, following receipt thereof, if specifically requested by the Holder copies of any documents described in Sections 101(k) or 101(l) of ERISA that the Issuer, a Subsidiary or any ERISA Affiliate may request with respect to any Multiemployer Plan to which the Issuer, a Subsidiary or any ERISA Affiliate is obligated to contribute or has any liability; <u>provided</u> that if the Issuer, a Subsidiary or any ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon the specific request of the Holder, the Issuer, a Subsidiary or any ERISA Affiliate shall promptly make a request for such documents or notices from such administrator or sponsor and the Issuer shall provide copies of such documents and notices to the Holder promptly after receipt thereof, and (c) promptly upon becoming aware of the occurrence of any ERISA Event that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, a written notice signed by the Issuer specifying the nature thereof, what action the Issuer, a Subsidiary or any ERISA Affiliate taking or proposes to take with respect thereto, and, when known, any action taken or proposed by the Internal Revenue Service or the Department of Labor with respect thereto.

**Section 6.15** <u>Commodity Exchange Act Keepwell Provisions</u>. Each of the Note Parties hereby guarantees the payment and performance of all Obligations of each Note Party (other than the Issuer) and absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each Note Party (other than the Issuer) in order for such Note Party to honor its obligations under the Guarantee and Collateral Agreement including obligations with respect to Swap Agreements (<u>provided</u>, <u>however</u>,<u> </u>that the Issuer shall only be liable under this <u>Section</u> <u>6.15</u> for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this <u>Section</u> <u>6.15</u>, or otherwise under this Agreement or any Note Document, as it relates to such other Note Parties, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of the Note Parties under this <u>Section</u> <u>6.15</u> shall remain in full force and effect until Payment in Full. The Note Parties intend that this <u>Section</u> <u>6.15</u> constitute, and this <u>Section</u> <u>6.15</u> shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of each other Note Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.<sup>2</sup>

**Section 6.16** <u>Deposit Accounts, Commodity Accounts and Securities Accounts</u>. The Issuer shall, and shall cause each Restricted Subsidiary to: (i) deposit or cause to be deposited directly, all Cash Receipts into one or more Deposit Accounts in which the Collateral Agent has been granted a Second Priority Lien and that, in each case, is subject to a Control Agreement, (ii) deposit or credit or cause to be deposited or credited directly, all securities and financial assets held or owned by (whether directly or indirectly), credited to the account of, or otherwise reflected as an asset on the balance sheet of, the Issuer and its Restricted Subsidiaries (including, without limitation, all marketable securities, treasury bonds and bills, certificates of deposit,

<sup>2</sup> **<u>Note to Draft</u>**: See revisions to Section 6.22. 

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investments in money market funds and commercial paper) into one or more Securities Accounts in which the Collateral Agent has been granted a Second Priority Lien and that is subject to a Control Agreement and (iii) cause all commodity contracts held or owned by (whether directly or indirectly), credited to the account of, or otherwise reflected as an asset on the balance sheet of, the Issuer and its Restricted Subsidiaries, to be carried or held in one or more Commodity Accounts in which the Collateral Agent has been granted a Second Priority Lien and that is subject to a Control Agreement; <u>provided</u> that with respect to Deposit Accounts, Commodity Accounts, and Securities Accounts maintained by the Issuer and the Guarantors as of the Closing Date, the Issuer and the Guarantors shall have until the date that is sixty (60) days after the Closing Date (as such date may be extended by the RBL Administrative Agent in its sole discretion) to deliver Control Agreements covering such accounts. In no event shall the Issuer or any Restricted Subsidiary be required to obtain a Control Agreement on any Excluded Account.

**Section 6.17** <u>Marketing Activities</u>. The Issuer will not, and will not permit any of its Restricted Subsidiaries to, engage in marketing activities for any Hydrocarbons or enter into any contracts related thereto other than (a) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from their Oil and Gas Properties during the period of such contract and (b) contracts for the sale of Hydrocarbons scheduled or reasonably estimated to be produced from Oil and Gas Properties of third parties during the period of such contract associated with the Oil and Gas Properties of the Issuer and its Restricted Subsidiaries that the Issuer or one of its Restricted Subsidiaries has the right or obligation to market pursuant to joint operating agreements, unitization agreements or other similar contracts (or contracts executed in connection therewith) that are usual and customary in the oil and gas business.

**Section 6.18** <u>Use of Proceeds; Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The proceeds of the Notes will be used for the purposes set forth in <u>Section</u> <u>2.04</u>, and not, for the avoidance of doubt, any Restricted Payment, any return of capital to the Issuer's Equity Interest holders or any other distribution. No part of the proceeds of the Notes will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Note Parties shall not use, and the Note Parties shall procure that their Subsidiaries and their respective directors, officers, employees and agents shall not use, the proceeds of the Notes (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permissible for a Person required to comply with Sanctions or (iii) in any manner that would result in the violation of Sanctions, Anti-Corruption Laws, or Anti-Money Laundering Laws applicable to any party hereto.

**Section 6.19** <u>Unrestricted Subsidiaries</u>**.** The Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will cause the management, business and affairs of each of the Issuer and its Restricted Subsidiaries to be conducted in such a manner (including by keeping separate books of account, furnishing separate financial statements of the Unrestricted Subsidiaries to creditors and potential creditors thereof and by not permitting Properties of the Issuer and its Restricted Subsidiaries to be commingled) so that each Unrestricted Subsidiary that is a corporation will be treated as a corporate entity separate and distinct from the Issuer and any Restricted Subsidiary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will not, and will not permit any of the Restricted Subsidiaries to, incur, assume, guarantee or be or become liable for any Debt of any of the Unrestricted Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will not permit any Unrestricted Subsidiary to hold any Equity Interest in, or any Debt of, the Issuer or any Restricted Subsidiary.

**Section 6.20** <u>Swap Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing Date the Note Parties shall enter into and thereafter maintain at all times one or more Swap Agreements for Fair Market Value, with an Approved Counterparty in respect of commodities entered into Not for Speculative Purposes and in the form of fixed price swaps (at market prices), the notional volumes of which are at least, for each month during the thirty-six (36) calendar month period immediately following the Closing Date, seventy-five percent (75%) of the reasonably anticipated projected production from the Note Parties' Oil and Gas Properties constituting Proved Developed Producing Reserves (as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement) of crude oil and natural gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Note Parties shall prior to the end of each Fiscal Quarter enter into and thereafter maintain at all times one or more Swap Agreements for Fair Market Value, with an Approved Counterparty in respect of commodities entered into Not for Speculative Purposes and in the form of fixed price swaps (at market prices), the notional volumes of which are at least, for each month during the thirty-six (36) calendar month period immediately following the end of the applicable Fiscal Quarter, fifty percent (50%) of the reasonably anticipated projected production from the Note Parties' Oil and Gas Properties constituting Proved Developed Producing Reserves (as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement) of crude oil and natural gas.

**Section 6.21** <u>More Favorable Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, at any time, any documentation governing the RBL Loan Documents includes any representation, warranty, covenant (including financial covenants) or event of default or other term (but excluding "Applicable Margin") that is more restrictive as to the Parent, the General Partner, the Issuer or any Restricted Subsidiary than the terms of this Agreement and the other Notes Documents (each, a "**More Restrictive Term**") then (i) other than with respect to any More Restrictive Terms in the RBL Loan Documents in existence on the Closing Date, on or prior to the third Business Day following the effectiveness of any such More Restrictive Term, as applicable, the Issuer shall notify the Holders and the Agent thereof, and (ii) whether or not the Issuer provides such notice, the terms of this Agreement shall, without any further action on the part of the Issuer, any Agent or any Holder, be deemed to be amended automatically to include each More Restrictive Term in this Agreement, *mutatis mutandis* effective as of the date when such More Restrictive Term became effective under the RBL Loan Documents. The Parent, the General Partner and the Issuer shall, and shall cause each Restricted Subsidiary to, promptly

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execute and deliver, each at its sole expense, an amendment to this Agreement and/or any Note Document in form and substance reasonably satisfactory to the Requisite Holders evidencing the amendment of this Agreement and/or such other Note Document to include such More Restrictive Terms in this Agreement; <u>provided</u> that the execution and delivery of such amendment shall not be a precondition to the effectiveness of such amendment as provided for this <u>Section</u> <u>6.21(a)</u>, but shall merely be for the convenience of the parties hereto. In addition, the Parent, the General Partner and the Issuer shall, and shall cause each Restricted Subsidiary to, promptly execute and deliver, each at its sole expense, an amendment to this Agreement in form and substance reasonably satisfactory to the Requisite Holders evidencing the amendment of this Agreement to include any changes to the terms of this Agreement to correct or address any incorrect section references, descriptions of documentation, use of defined terms and other similar matters between this Agreement and the terms of the Existing Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time after this Agreement or any Note Document is amended pursuant to <u>Section</u> <u>6.21(a)</u> to include any More Restrictive Term contained in the RBL Loan Documents (each, an "**Incorporated Provision**"), such Incorporated Provision ceases to be in effect under, or is deleted from, the RBL Loan Document, or is amended or modified for the purposes of the RBL Loan Document, so as to become less restrictive with respect to the Parent, the General Partner, the Issuer or its Subsidiaries, then (i) on or prior to the third Business Day following the effectiveness of any such cessation, deletion, amendment or modification, the Issuer shall notify the Holders and the Agent thereof, and (ii) whether or not the Issuer provides such notice, so long as no Default or Event of Default in respect of such Incorporated Provision shall be in existence, the terms of this Agreement shall, without any further action on the part of the Issuer, the Agent or any Holder, be deemed to be amended automatically to delete such Incorporated Provision or incorporate the same amendments or modifications to such Incorporated Provision, as applicable, *mutatis mutandis* effective as of the date when such Incorporated Provision ceased to be in effect under, or was deleted from, or was amended or modified in the RBL Loan Documents. Upon the request of the Issuer, the Requisite Holders and the Agents will execute and deliver an amendment to this Agreement to delete or similarly amend or modify, as the case may be, such Incorporated Provision as in effect in this Agreement. Notwithstanding the foregoing, no amendment to this Agreement pursuant to this <u>Section</u> <u>6.21(b)</u> as the result of any Incorporated Provision ceasing to be in effect or being deleted, amended or otherwise modified shall cause any covenant or Event of Default in this Agreement to be less restrictive as to the Parent, the General Partner, the Issuer or any Subsidiary than such covenant or Event of Default as contained in this Agreement as in effect on the Closing Date, and as amended, supplemented or otherwise modified thereafter (other than as the result of the application of <u>Section</u> <u>6.21(a)</u>).

**Section 6.22** <u>RBL Credit Agreement.</u> Within seven (7) Business Days of the Signing Date, the Issuer shall have amended (x) Section 8.15 of the RBL Credit Agreement to replace the phrase "Each of the Parent and the Borrower" with "The Borrower" and "the Parent and the Borrower" with "the Borrower" and (y) Section 9.04(b)(i) of the RBL Credit Agreement to replace the phrase "the Borrower may voluntarily Redeem Second Lien Notes" contained therein with the phrase "the Borrower may voluntarily or mandatorily Redeem Second Lien Notes".

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**ARTICLE VII.** 

**NEGATIVE COVENANTS** 

Each Note Party (and in the case of each of <u>Sections 7.07</u>, <u>7.17</u>, <u>7.18</u> and <u>7.22</u>, each of the Parent and the General Partner) covenants and agrees with the Agents and each of the Holders that, commencing on the Closing Date and until Payment in Full, each Note Party will not, and will cause its Subsidiaries not to:

**Section 7.01** <u>Financial Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Consolidated Total Net Leverage Ratio</u>. The Issuer will not, as of the last day of any Fiscal Quarter (commencing with the Fiscal Quarter ending on June 30, 2026) permit its Consolidated Total Net Leverage Ratio for the Rolling Period then ending to be greater than 3.50 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Asset Coverage Ratio</u>. The Issuer will not permit the Asset Coverage Ratio (determined by reference to the most recently delivered Reserve Report on a Pro Forma Basis) as of the last day of any Fiscal Quarter (commencing with the Fiscal Quarter ending June 30, 2026) to be less than 1.00 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Minimum Liquidity</u>. The Issuer will not, as of the last day of any Fiscal Quarter, permit the Liquidity Percentage as of such day to be less than ten percent (10%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u> </u><u>Right to Cure</u>. In the event the Issuer fails to comply with the requirements of <u>Sections</u> <u>7.01(a)</u>, <u>7.01(b)</u> or <u>7.01(c)</u>, beginning on the first date after the last day of the Fiscal Quarter for which the financial covenants in <u>Sections</u> <u>7.01(a)</u>, <u>7.01(b)</u> or <u>7.01(c)</u> are being tested, until the expiration of the tenth Business Day subsequent to the date the compliance certificate for calculating the Consolidated Total Net Leverage Ratio and the Asset Coverage Ratio is required to be delivered pursuant to <u>Section</u> <u>6.01(c)</u> (the "**Cure Period**"), the Issuer shall be permitted to cure such failure to comply by requesting that (x) the Consolidated Total Net Leverage Ratio and/or the Asset Coverage Ratio be recalculated by reducing the Issuer's Total Net Debt as the result of a prepayment of the Notes in accordance with <u>Section</u> <u>2.09(a)</u> for the Fiscal Quarter most recently ended or (y) the Liquidity Percentage be recalculated, in each case by an amount equal to the proceeds received by the Issuer from a Specified Equity Contribution during a Cure Period (such amount, with respect to any Consolidated Total Net Leverage Ratio, Asset Coverage Ratio or Liquidity Percentage default, a "**Cure Amount**"); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer delivers written notice to the Agent (for delivery to the Holders) on or prior to the date of a timely delivered certificate required by <u>Section</u> <u>6.01(c)</u> that it has elected to cure the failure to comply and clearly setting forth such Specified Equity Contribution in the computation required by <u>Section</u> <u>6.01(c)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of the Cure Amount shall not be greater than the amount required to cause the Issuer to be in compliance with <u>Section</u> <u>7.01(a)</u>, <u>7.01(b)</u> or <u>7.01(c)</u>, as applicable, and a Cure Amount may be applied to more than one financial covenant during the same Cure Period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) any such reduction in the Issuer's Total Net Debt shall be taken into account in calculating the Consolidated Total Net Leverage Ratio for the purpose of determining compliance or noncompliance with <u>Section</u> <u>7.01(a)</u> of the last day of any Rolling Period that includes the last Fiscal Quarter of the four (4) quarter period with respect to which such cure right was exercised; and (B) any such reduction in the Issuer's Total Net Debt taken into account in calculating the Asset Coverage Ratio shall only be applied for such single quarterly testing of the Asset Coverage Ratio, in each case, pursuant to this <u>Section</u> <u>7.01(d)</u>, and in each case shall be applied solely for the purpose of determining compliance or non-compliance with <u>Section</u> <u>7.01(a)</u>, <u>7.01(b)</u> and/or <u>7.01(c)</u> as of the last day of any Rolling Period that includes such Fiscal Quarter or as of the last day of such Fiscal Quarter, as applicable, and not for any other purpose under any Note Document (including any determination of *pro forma* compliance with the Consolidated Total Net Leverage Ratio or Asset Coverage Ratio for the purposes of making any Restricted Payment or any other purpose (even if the proceeds of any Specified Equity Contribution are actually used to reduce Debt, including in connection with any Cure Amount applied to cure the Asset Coverage Ratio or the Consolidated Total Net Leverage Ratio));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Issuer may not cure any Consolidated Total Net Leverage Ratio, Asset Coverage Ratio or Liquidity Percentage default by an equity cure more than (A) two (2) times during any period of four (4) consecutive Fiscal Quarters or (B) five (5) times prior to the Maturity Date (<u>provided</u> that, if the Issuer exercises its cure right prior to the date financial statements are required to be delivered for a relevant Fiscal Quarter solely with respect to an anticipated Consolidated Total Net Leverage Ratio, Asset Coverage Ratio Liquidity Percentage default and the Cure Amount associated therewith is insufficient to cure a Consolidated Total Net Leverage Ratio, Asset Coverage Ratio Liquidity Percentage default with respect to such Fiscal Quarter, any subsequent exercise of a cure right prior to the expiration of the applicable Cure Period to "top-up" such Cure Amount shall not count as an additional exercise of the cure right); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If after giving effect to the foregoing recalculations, the Issuer would then be in compliance with <u>Sections</u> <u>7.01(a)</u>, <u>7.01(b)</u> and/or <u>7.01(c)</u>, the Issuer shall be deemed to have satisfied the requirements of <u>Sections</u> <u>7.01(a)</u>, <u>7.01(b)</u> and <u>7.01(c)</u> as of the relevant earlier required date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable Event of Default under any such covenant that had occurred shall be deemed cured for the purpose of this Agreement and the other Note Documents.

If the Issuer has certified in writing to the Agents and Holders that it will provide a Specified Equity Contribution to cure each Event of Default having occurred under <u>Sections</u> <u>7.01(a)</u>, <u>7.01(b)</u> or <u>7.01(c)</u> for such Cure Period, neither the Agents nor any Holder shall exercise the right to accelerate the Obligations or terminate the Commitments and none of Agents, any Holder or any Secured Party shall exercise any right to foreclose on or take possession of the Collateral or exercise any other remedy pursuant to <u>Section</u> <u>9.01</u>, the other Note Documents or applicable law prior to the end of the applicable Cure Period solely on the basis of an Event of Default having occurred and continuing under <u>Sections</u> <u>7.01(a)</u>, <u>7.01(b)</u> or <u>7.01(c)</u>; <u>provided</u> that, for avoidance of doubt, such an Event of Default shall be understood to have occurred and be continuing until cured in accordance with and in the time frame permitted by this <u>Section</u> <u>7.01(d)</u>.

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**Section 7.02** <u>Debt</u>. The Note Parties will not, and will not permit any Restricted Subsidiary to, incur, create, assume or suffer to exist any Debt, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Notes or other Obligations arising under the Note Documents or any guaranty of or suretyship arrangement for the Notes or other Obligations arising under the Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Debt of the Issuer and its Restricted Subsidiaries existing on the Signing Date that is reflected on <u>Schedule 7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debt under Finance Leases and Purchase Money Debt not to exceed $2,500,000 in the aggregate at any one time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Debt associated with bonds or surety obligations required by Governmental Requirements incurred in the ordinary course of business in connection with the operation of the Oil and Gas Properties and not in connection with money borrowed, or Debt associated with guarantees or surety obligations delivered by the Issuer to any provider of such bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) intercompany Debt between the Issuer and any Restricted Subsidiaries or between Restricted Subsidiaries to the extent permitted by <u>Section</u> <u>7.05(d)</u>; <u>provided</u> that such Debt is not held, assigned, transferred, negotiated or pledged to any Person other than the Issuer or one of its Wholly-Owned Subsidiaries that is a Restricted Subsidiary, and, <u>provided</u>, <u>further</u>,<u> </u>that any such Debt owed by either the Issuer or a Guarantor shall be subordinated to the Obligations on the terms set forth in the Guarantee and Collateral Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) endorsements of negotiable instruments for collection in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Debt constituting a guarantee by any Note Party of any Debt incurred by another Note Party so long as the incurrence of such Debt by such other Note Party is otherwise permitted by this <u>Section</u> <u>7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other Debt not otherwise permitted pursuant to this <u>Section</u> <u>7.02</u> in an aggregate outstanding principal amount not to exceed $10,000,000 in the aggregate at any one time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Debt incurred under the RBL Loan Documents that is subject to the terms of the Intercreditor Agreement; <u>provided</u> that (i) all such Debt shall be incurred under a single conforming commercial banking revolving borrowing base facility for oil and gas secured loan transactions with no differentiation among the RBL Lenders and all such Debt is *pari passu* in right of payment, pricing, maturity, security and liquidation thereof, (ii) the Person acting as administrative agent thereunder is Capital One, National Association or a third-party administrative agent recognized as being an established administrative agent for commercial

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banking revolving borrowing base lending facilities for oil and gas secured transactions that maintains the technical capacity to evaluate, propose and administer the Borrowing Base under the RBL Credit Agreement and that is not an Affiliate of the Issuer (any such Person then acting as such administrative agent, the "**RBL Administrative Agent**") and (iii) the Borrowing Base shall not exceed $200,000,000 unless immediately prior to and after giving effect to any increase or maintenance of the Borrowing Base, the Consolidated Total Net Leverage Ratio for the most recently ended Rolling Period is equal to or less than 2.50 to 1.00 calculated on a Pro Forma Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Debt associated with worker's compensation claims, bonds or surety obligations required by Governmental Requirements or by third parties in the ordinary course of business in connection with the operation of, or provision for the abandonment and remediation of, the Oil and Gas Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Debt of any Note Party consisting of obligations to pay insurance premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Debt in an aggregate not to exceed $1,000,000 at any time outstanding representing deferred compensation (whether such deferred compensation is to be cash or stock-based compensation) of employees or directors of the Issuer or its Affiliates incurred in the ordinary course of business.

**Section 7.03** <u>Liens</u>. The Note Parties will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on any of its Properties (now owned or hereafter acquired), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens securing the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Excepted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens securing Debt permitted by <u>Section</u> <u>7.02(c)</u>, but only on the Property under lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens securing the Loans and other RBL Obligations, in each case subject to the Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Liens on Property not constituting Collateral and not otherwise permitted by the foregoing clauses of this Section 7.03; <u>provided</u> that the aggregate principal or face amount of all Debt secured under this <u>Section</u> <u>7.03(e)</u> shall not exceed $10,000,000 at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens encumbering insurance policies and the proceeds thereof securing the financing of premiums with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Liens on cash earnest money deposits or escrowed amounts made in connection with a binding purchase agreement to acquire Oil and Gas Properties, in each case to the extent such acquisition is permitted by this Agreement; *provided* that the aggregate of cash secured by Liens pursuant to this <u>Section</u> <u>9.03(g)</u> shall not exceed $10,000,000 (or $15,000,000, as approved in writing by the RBL Administrative Agent in its sole discretion) at any time.

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Notwithstanding the foregoing, (x) none of the Liens permitted pursuant to this <u>Section</u> <u>7.03</u> (other than Liens permitted pursuant to this <u>Section</u> <u>7.03</u> which have priority by operation of law and Liens permitted under <u>Section</u> <u>7.02(d)</u>) shall be superior to the Lien of the Collateral Agent on any mineral interests and mineral royalty interests and similar holdings of the Note Parties and their Restricted Subsidiaries, (y) other than with respect to Liens permitted under <u>Section</u> <u>7.03(d)</u>, no intent to subordinate the Second Priority status afforded by the Liens granted in favor of the Collateral Agent (for the benefit of the Secured Parties, as provided in the Collateral Documents) is to be hereby implied or expressed by the permitted existence of the Liens permitted pursuant to this <u>Section</u> <u>7.03</u> and (z) none of the Liens permitted pursuant to this <u>Section</u> <u>7.03</u> (other than Excepted Liens and Liens securing the Obligations and Liens securing the RBL Obligations) may at any time attach to any Borrowing Base Properties.

**Section 7.04** <u>Dividends and Distributions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Note Parties will not, and will not permit any of their Restricted Subsidiaries to, declare or make, or agree to pay, or make, directly or indirectly, any Restricted Payment, return any capital to its Equity Interest holders, or make any distribution of its Property to its Equity Interest holders, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its Equity Interests (other than Disqualified Capital Stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Restricted Subsidiaries may declare and pay cash dividends ratably with respect to their Equity Interests and pay management, advisory or similar fees to the Issuer or to the other Note Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) so long as no Default, Event of Default or Borrowing Base Deficiency is continuing or would result therefrom, the Issuer may make Restricted Payments pursuant to and in accordance with, and may repurchase its (or such direct or indirect parent entity's) Equity Interests issued to former employees under, stock option plans or other benefit plans for management or employees of the Issuer and its Restricted Subsidiaries; <u>provided</u> that the aggregate amount of payments made pursuant to this clause (iii) do not exceed $1,000,000 in the aggregate in any Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Issuer may make Restricted Payments in cash to the direct holders of its Equity Interests so long as, both before and immediately after giving effect to any such Restricted Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Default, Event of Default or Borrowing Base Deficiency exists or results from such Restricted Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Unused Availability is at least 10% of the Loan Limit then in effect,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Issuer being in pro forma compliance with <u>Section</u> <u>7.01</u>, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Consolidated Total Net Leverage Ratio using Total Debt as of such date on a Pro Forma Basis (including any incurrence of Debt in connection with such Restricted Payment) using Total Debt as of such date for the most recently ended Rolling Period of (x) less than 2.50 to 1.00, in an aggregate amount (when combined with all other payments made in reliance of this <u>Section</u> <u>7.04(a)(iv)</u> in any Fiscal Quarter) not to exceed the Distributable Free Cash Flow and (y) less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00, in an aggregate amount (when combined with all other payments made in reliance of this <u>Section</u> <u>7.04(a)(iv)</u> in any Fiscal Quarter) not to exceed 65% of the Distributable Free Cash Flow; <u>provided</u> that, for the avoidance of doubt, if the Consolidated Total Net Leverage Ratio (as such ratio is recomputed using Total Net Debt as of such date and EBITDAX (or Annualized EBITDAX, as applicable) on a Pro Forma Basis) (including any incurrence of Debt in connection with such Restricted Payment) using Total Debt as of such date for the most recently ended Rolling Period is greater than or equal to 3.00 to 1.00, the Issuer may not make Restricted Payments pursuant to this <u>Section</u> <u>7.04(a)(iv)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) so long as no Event of Default under <u>Section</u> <u>9.01(a)</u>, Section <u>9.01(b)</u>, <u>Section</u> <u>9.01(h)</u> <u>or Section</u> <u>9.01(i)</u> is continuing or would result therefrom, the Issuer may make Permitted Tax Distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Issuer may make distributions to the Parent to pay Public Company Compliance costs, operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including, without limitation, administrative, legal, accounting, and similar expenses payable to third parties), which are reasonable and customary and incurred in the ordinary course of business, plus any reasonable and customary indemnification claims made by directors or officers of Parent, in each case to the extent such expenses and costs are directly attributable to the ownership or operations of Parent, the Issuer and their respective Subsidiaries; <u>provided</u> that the aggregate amount of distributions under this clause (vi) shall not exceed $3,000,000 in the aggregate in any Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) redemptions in whole or in part of any of its Equity Interests for Class A common stock of the Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) so long as no Default, Event of Default or Borrowing Base Deficiency is continuing or would result therefrom Restricted Payments to repurchase Equity Interests from directors or employees of the Issuer or its Affiliates (or from the estate, family members, spouse or former spouse of directors or employees of the Issuer or its Affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) so long as no Default, Event of Default or Borrowing Base Deficiency is continuing or would result therefrom, cash payments in lieu of the issuance of fractional shares of Equity Interests in connection with any dividend, option, split, warrant or combination thereof, or any transaction permitted hereunder; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Issuer may make Restricted Payments in cash to the direct holders of its Equity Interests so long as, both before and immediately after giving effect to any such Restricted Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Default, Event of Default or Borrowing Base Deficiency exists or results from such Restricted Payment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Issuer being in pro forma compliance with <u>Section</u> <u>7.01</u>, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Consolidated Total Net Leverage Ratio using Total Debt as of such date on a Pro Forma Basis (including any incurrence of Debt in connection with such Restricted Payment) is less than 2.00 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

**Section 7.05** <u>Investments, Loans and Advances</u>. The Note Parties will not, and will not permit any Restricted Subsidiary to, make or permit to remain outstanding any Investments in or to any Person, except that the foregoing restriction shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments as of the Signing Date which are disclosed to the Holders in <u>Schedule</u> <u>7.05</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) accounts receivable arising in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments constituting Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments (i) made by the Issuer in or to any Person that, prior to such Investment, is a Subsidiary Guarantor, (ii) made by any Subsidiary Guarantor in or to the Issuer or any other Subsidiary Guarantor and (iii) made by any Restricted Subsidiary in or to the Issuer or the Subsidiary Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to the limits in <u>Section</u> <u>7.06</u>, Investments of the type described in clause (c) of the definition thereof in direct ownership interests in additional Oil and Gas Properties located within the geographic boundaries of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments in stock, obligations or securities received in settlement of debts arising from Investments permitted under this <u>Section</u> <u>7.05</u> and accounts receivable owing to the Issuer or any Restricted Subsidiary as a result of a bankruptcy or other insolvency proceeding of the obligor in respect of such debts or upon the enforcement of any Lien in favor of the Issuer or any of its Restricted Subsidiaries; <u>provided</u> that the Issuer shall give the Agent and the Holders prompt written notice in the event that the aggregate amount of all Investments held at any one time under this <u>Section</u> <u>7.05(f)</u> exceeds $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) loans or advances to employees, officers or directors of the Issuer or any of its Restricted Subsidiaries, in each case only as permitted by applicable law, including Section 402 of the Sarbanes Oxley Act of 2002, but in any event not to exceed $1,000,000 in the aggregate at any time outstanding;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) guarantees of Debt permitted by <u>Section</u> <u>7.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investments consisting of non-cash consideration received in connection with Asset Sales permitted pursuant to <u>Section</u> <u>7.09</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) [Reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to the extent constituting Investments, cash earnest money deposits or escrowed amounts made in connection with a binding purchase agreement to acquire Oil and Gas Properties, in each case to the extent such acquisition is permitted by this Agreement and to the extent that such cash earnest money deposits or escrowed amounts are permitted pursuant to Section 7.03(g).

**Section 7.06** <u>Nature of Business; No Foreign Subsidiaries; No International Operations</u>. The Note Parties will not, and will not permit any Restricted Subsidiary to, (a) allow any material change to be made in the character of its business as owners of minerals interests and mineral royalty interests and, subject to the last sentence of this <u>Section</u> <u>7.06</u>, other non-operating interests in upstream Oil and Gas Properties or (b) allow any Guarantor to cease to be a Wholly-Owned Subsidiary of the Issuer other than as a result of a sale of all of the Equity Interests of such Guarantor or a merger of such Guarantor permitted under <u>Section</u> <u>7.08</u> or <u>7.09</u>. The Issuer will not, and will not permit any Restricted Subsidiary to acquire or make any other expenditure (whether such expenditure is capital, operating or otherwise) in or related to, any Oil and Gas Properties not located within the geographical boundaries of the United States of America and will not create or acquire any Subsidiaries that are Foreign Subsidiaries. The Issuer shall at all times remain organized under the laws of the United States of America or any State thereof or the District of Columbia. Notwithstanding the foregoing or anything to the contrary contained herein, the Issuer will not permit, at any time, the aggregate PV-9 attributable to the Issuer and the Restricted Subsidiaries' ownership interests in: (a) mineral interests and mineral royalty interests to be less than ninety-two and one half percent (92.5%); or (b) non-operating interests in upstream Oil and Gas Properties to be greater than seven and one half percent (7.5%), in the case of each of the foregoing clauses (a) and (b), of the total value of the Oil and Gas Properties of the Issuer and the Restricted Subsidiaries (defined, solely for purpose of this <u>Section</u> <u>7.06</u>, as the sum of the PV-9 attributable to the Proved Developed Producing Reserves of the Issuer and the Restricted Subsidiaries plus the book value of Oil and Gas Properties of the Issuer and the Restricted Subsidiaries that do not have PV-9 attributable to them). The Issuer shall not, and shall not permit any Restricted Subsidiary to, own any operating interests in, or be an operator of, any Oil and Gas Properties. So long as the Equity Interests issued by the Issuer are not pledged as Collateral for the benefit of the Collateral Agent and the other Secured Parties pursuant to a Collateral Document, the Issuer shall not directly own any Oil and Gas Properties.

**Section 7.07** <u>Proceeds of Notes</u>. The Issuer will not permit the proceeds of the Notes to be used for any purpose other than those permitted by <u>Section</u> <u>2.04</u> and <u>Section</u> <u>6.18</u>. None of the Parent, the General Partner, the Issuer or any Person acting on behalf of the Parent, the General Partner or the Issuer has taken or will take any action which might cause any of the Note Documents to violate Regulations T, U or X or any other regulation of the Board or to violate

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Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect. If requested by the Requisite Holders, the Issuer will furnish to the Agent and each Holders a statement to the foregoing effect in conformity with the requirements of FR Form U-1 or such other form referred to in Regulation U, Regulation T or Regulation X of the Board, as the case may be.

**Section 7.08** <u>Mergers, Etc.</u> The Issuer will not, and will not permit any Restricted Subsidiary to, merge into or with divide or consolidate with any other Person, or permit any other Person to merge into, divide or consolidate with it, or sell, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its Property to any other Person (whether now owned or hereafter acquired) (any such transaction, a "**consolidation**"), or liquidate or dissolve; <u>provided</u> that (a) any Restricted Subsidiary may participate in a consolidation with the Issuer or any Subsidiary Guarantor (<u>provided</u> that the Issuer shall be the continuing or surviving entity in any such transaction involving the Issuer, and a Subsidiary Guarantor shall be the continuing or surviving entity of any such transaction not involving the Issuer), (b) any Subsidiary Guarantor may participate in a consolidation with another Subsidiary Guarantor, (c) any Restricted Subsidiary may liquidate or dissolve so long as its assets (if any) are distributed to the Issuer or a Subsidiary Guarantor prior to such liquidation or dissolution and (d) any Person may merge into the Issuer or any Subsidiary Guarantor (<u>provided</u> that the Issuer shall be the continuing or surviving entity of any such transaction involving the Issuer; and the Subsidiary Guarantor shall be the continuing or surviving entity in any such transaction involving a Subsidiary Guarantor (but not the Issuer)) in connection with any Investment permitted hereunder.

**Section 7.09** <u>Sale of Properties and Termination of Swap Agreements</u>. The Note Parties will not, and will not permit any Restricted Subsidiary to, sell, assign, farm-out, convey, transfer or otherwise dispose of any Property, consummate any Asset Sale or to Liquidate any Swap Agreement except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale of Hydrocarbons and the lease of Oil and Gas Properties in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) farm-outs of undeveloped acreage to which no proved reserves are attributed in the most recently delivered Reserve Report and assignments in connection with such farmouts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the sale or transfer of equipment that is obsolete, worn-out or no longer necessary for the business of the Note Parties or such Restricted Subsidiary or is replaced by equipment of at least comparable value and use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Asset Sale of any Oil and Gas Property or any interest therein or any Restricted Subsidiary owning Oil and Gas Properties and the Liquidation of any Swap Agreement in respect of commodities; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than in the case of any Liquidation of any Swap Agreement in respect of commodities pursuant to <u>Section</u> <u>7.15(a)(ii)</u>, no Event of Default or Borrowing Base Deficiency exists or results from such Asset Sale of Property or the Liquidation of any Swap Agreement in respect of commodities (unless the net cash proceeds of such Asset Sales, together with Unrestricted Cash, are concurrently applied in accordance with <u>Section</u> <u>2.09</u>);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) in the case of any Liquidation of any Swap Agreement in respect of commodities, such Swap Agreement shall be "in the money" to the Issuer or any of the Restricted Subsidiaries, as applicable, and 100% of the consideration received in respect of such Liquidation shall be cash, and (B) in the case of any Asset Sale of Oil and Gas Properties or any interest therein or any Restricted Subsidiary owning Oil and Gas Properties, not less than 75% of the consideration received in respect of such sale or other disposition is cash; <u>provided</u> that, with respect to any Asset Sale, notwithstanding the foregoing requirement of this clause (B) (but, for the avoidance of doubt, subject to the other terms and conditions of this <u>Section</u> <u>7.09(d)</u>), the Issuer and/or its Restricted Subsidiaries may exchange Hydrocarbon Interests for other Hydrocarbon Interests with the same or better reserve classification, reserve characteristics, reserve lives and decline profiles so long as (1) the aggregate Borrowing Base value, as determined by the Requisite Holders, of all proved Oil and Gas Properties of the Issuer and the Restricted Subsidiaries exchanged for such other proved Oil and Gas Properties during any period between two successive scheduled redeterminations does not exceed two percent (2%) of the Borrowing Base then in effect, (2) to the extent that a Borrowing Base Deficiency could result from an adjustment to the Borrowing Base resulting from such Asset Sale, after the consummation of such Asset Sale(s), the Issuer shall have received net cash proceeds, or shall have cash on hand, sufficient to eliminate any such potential Borrowing Base Deficiency pursuant to <u>Section</u> <u>3.04(c)(iii)</u> of the RBL Credit Agreement and (3) substantially contemporaneously with the closing of any such exchange, the Issuer or the applicable Restricted Subsidiary shall provide title information reasonably requested by the Agent with respect to, and grant a Second Priority Lien (<u>provided</u> that Excepted Liens of the type described in clauses (a), (b), (c), (d), and (f) of the definition thereof may exist, but subject to the provisos at the end of such definition) on, any proved Oil and Gas Properties acquired in such exchange pursuant to Collateral Documents in form and substance reasonably satisfactory to the Requisite Holders and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consideration received in respect of such Asset Sale of any Borrowing Base Property or Liquidation of any Swap Agreement in respect of commodities shall be equal to or greater than the fair market value of the Borrowing Base Property, interest therein or Restricted Subsidiary subject of such Asset Sale, or Swap Agreement subject of such Liquidation (as reasonably determined by the board of directors (or equivalent body) of the Issuer and, if requested by the Requisite Holders, the Issuer shall deliver a certificate of a Responsible Officer of the Issuer certifying to that effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Net Asset Sale Proceeds in respect of such Asset Sale shall be applied in an amount and to the extent required by <u>Section</u> <u>2.09(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if any such Asset Sale is of a Restricted Subsidiary owning Oil and Gas Properties, such Asset Sale shall include all the Equity Interests of such Restricted Subsidiary; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) it is understood that <u>Section</u> <u>7.09(d)</u> shall not impair the obligation to satisfy <u>Section</u> <u>6.20</u> at all times, including the obligation to maintain the Swap Agreements entered into pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) licenses of intellectual property, none of which, in the aggregate, materially impair the operation of the business of the Note Parties or any Restricted Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Asset Sale of Properties among the Note Parties (including pursuant to a division or plan of division under Delaware law); <u>provided</u> that (i) with respect to any transfers of Equity Interests in any Restricted Subsidiaries of the Issuer, the requirements of Section 6.13(a) are satisfied (without giving effect to any grace period for compliance provided for therein) and (ii) with respect to any transfer of Proved Oil and Gas Properties, the transferee delivers mortgages or other Collateral Documents in favor of the Collateral Agent concurrently with such transfer, to the extent necessary to satisfy the requirements of Section 6.13 (without giving effect to any grace period for compliance provided for therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Liquidation of Swap Agreements required by <u>Section</u> <u>7.15(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Asset Sale of cash and Cash Equivalents in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) transfers of Property subject to a Casualty Event; <u>provided</u> that with respect to any Casualty Event involving a Borrowing Base Property, such transfer shall be considered an Asset Sale under Section 2.09(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Asset Sale of the non-cash portion of consideration (other than any Oil and Gas Properties) received for any Asset Sale permitted by this <u>Section</u> <u>7.09</u>; <u>provided</u> that the consideration received in respect of such Asset Sale shall be cash or Cash Equivalents and for fair market value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Restricted Payments permitted by <u>Section</u> <u>7.04</u> and Investments permitted by <u>Section</u> <u>7.05</u>.

Notwithstanding anything to the contrary herein or any other Note Document, the Note Parties will not, and will not permit any Restricted Subsidiary, to sell, grant, issue or otherwise enter into any volumetric production payments, dollar-denominated production payment (or any other "VPP" financing), "drillcos" and other similar synthetic financings, or otherwise dispose of or sell Hydrocarbons in place that would require the Note Parties or their Restricted Subsidiaries to deliver Hydrocarbons at some future time without then or thereafter receiving full prepayment therefor.

**Section 7.10** <u>Environmental Matters</u>. Except as could not reasonably be expected to have a Material Adverse Effect: the Issuer will not, and will not permit any Restricted Subsidiary to, cause or permit any of its Property to be in violation of, or do anything or permit anything to be done that could reasonably be expected to subject any such Property to a Release or threatened Release of Hazardous Materials or exposure to any Hazardous Materials in violation of Environmental Law, or to any Remedial Work under any Environmental Laws.

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**Section 7.11** <u>Transactions with Affiliates</u>. The Note Parties will not, and will not permit any Restricted Subsidiary to, enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property or the rendering of any service, with any Affiliate unless such transactions are not prohibited under this Agreement and are upon fair and reasonable terms no less favorable to it than it would obtain in a comparable arm's length transaction with a Person not an Affiliate, other than (a) transactions by and among the Issuer and the Guarantors, (b) any Restricted Payment permitted by Section 7.04, (c) Investments permitted under Section 7.05, (d) the performance of employment, equity award, equity option or equity appreciation agreements, plans or other similar compensation or benefit plans or arrangements (including vacation plans, health and insurance plans, deferred compensation plans and retirement or savings plans) entered into by the Issuer or any Restricted Subsidiary in the ordinary course of its business with its employees, officers and directors, (e) fees and compensation to, and indemnity provided on behalf of, officers, directors, and employees of the Issuer (or any direct or indirect parent thereof) or any Restricted Subsidiary in their capacity as such, to the extent such fees and compensation are customary, (f) the payment of fees and expenses related to the Transactions and Public Company Compliance, and (g) issuances of Equity Interests of the Issuer to the extent otherwise permitted by this Agreement.

**Section 7.12** <u>Subsidiaries</u>. No Note Party or its Subsidiaries shall (a) form or acquire any Subsidiary, except any wholly-owned Domestic Subsidiary subject to compliance with <u>Section</u> <u>6.11(c)</u>, or (b) enter into any partnership, joint venture or similar arrangement other than as set forth on <u>Schedule</u> <u>7.12</u>..

**Section 7.13** <u>ERISA Compliance</u>. Except for actions that, individually or in the aggregate, could not reasonably be expect to result in a Material Adverse Effect, the Note Parties will not, and will not permit any Subsidiary to, at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage in, or permit any ERISA Affiliate to engage in, any transaction in connection with which the Note Parties, a Restricted Subsidiary or any ERISA Affiliate could be subjected to either a civil penalty assessed pursuant to subsections (c), (i), (l) or (m) of Section 502 of ERISA or a tax imposed by Chapter 43 of Subtitle D of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fail to make, or permit any ERISA Affiliate to fail to make, full payment when due of all amounts which, under the provisions of any Plan, agreement relating thereto or applicable law, the Note Parties, a Restricted Subsidiary or any ERISA Affiliate is required to pay as contributions thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) contribute to or assume an obligation to contribute to, or permit any ERISA Affiliate to contribute to or assume an obligation to contribute to (i) any employee welfare benefit plan, as defined in Section 3(1) of ERISA that provides benefits to former employees of such entities other than as required by applicable law that may not be terminated by such entities in their sole discretion at any time without liability, or (ii) any employee pension benefit plan, as defined in Section 3(2) of ERISA, that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code.

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**Section 7.14** <u>Negative Pledge Agreements; Dividend Restrictions</u>. Issuer will not, and will not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding which in any way prohibits or restricts (or which requires the consent of or notice to other Persons in connection therewith) (a) the granting, conveying, creation or imposition of any Lien on any of its Property in favor of the Collateral Agent and the Secured Parties, (b) any Subsidiary from paying dividends or making distributions in respect of its Equity Interests to the Issuer or any Guarantor, (c) paying any Debt owed to the Issuer or any other Restricted Subsidiary, (d) making loans or advances to, or other Investments in, the Issuer or any other Restricted Subsidiary or (e) transferring any of its Property to the Issuer or any other Restricted Subsidiary, other than (i) this Agreement, the Collateral Documents, and the RBL Loan Documents, (ii) customary restrictions and conditions with respect to the sale or disposition of Property or Equity Interests permitted under <u>Section</u> <u>7.09</u> pending the consummation of such sale or disposition, (iii) customary prohibitions on assignment contained in software license agreements, (iv) agreements and understandings contained in joint venture agreements or other similar agreements entered into in the ordinary course of business in respect of the disposition or distribution of assets of such joint venture, (v) any restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary by an acquisition permitted by this Agreement (but not any modification or amendment expanding the scope of any such restriction or condition), provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Issuer or any other Restricted Subsidiary, (vi) customary provisions restricting subletting or assignment of any lease governing a leasehold interest (other than any Oil and Gas Property) of the Issuer or any Restricted Subsidiary, (vii) any restrictions set forth in any agreements with respect to Finance Leases permitted hereunder to the extent such restrictions only apply to the Property securing such Debt, (viii) restrictions on cash and other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business and (ix) restrictions that are imposed by any Governmental Requirement.

**Section 7.15** <u>Swap Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Note Parties will not, and will not permit any Restricted Subsidiary to, enter into any Swap Agreements with any Person other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Swap Agreements in the form of (x) swaps, (y) two-way collars and/or (z) costless collars with only one floor, entered into Not for Speculative Purposes by the Note Parties with an Approved Counterparty in respect of commodities (at market prices) the notional volumes for which (when aggregated with other commodity Swap Agreements then in effect, other than basis differential swaps on volumes already hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is entered into, (A) for the 24-month period (and for each month during such period) from the date such Swap Agreement is entered into, 90% of the reasonably anticipated projected production (measured on an MMBtu basis with respect to natural gas and a Bbl basis with respect to crude oil, as applicable, and not, for the avoidance of doubt, on an Mcf or volumetric basis) from the Issuer and the Restricted Subsidiaries' Oil and Gas Properties constituting Proved Reserves (as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement) for each of crude oil and natural gas, calculated separately and (B) for the 36-month period (and for each month during such period) commencing with the 25th month following the date such Swap Agreement is

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entered into, 85% of the reasonably anticipated projected production (measured on an MMBtu basis with respect to natural gas and a Bbl basis with respect to crude oil, as applicable, and not, for the avoidance of doubt, on an Mcf or volumetric basis) from the Issuer and the Restricted Subsidiaries' Oil and Gas Properties constituting Proved Reserves (as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement) for each of crude oil and natural gas, calculated separately; <u>provided</u>, <u>however</u>, that such Swap Agreements shall not, in any case, have a tenor of greater than 60 months (the "**Ongoing Hedges**"). In addition to the Ongoing Hedges, in connection with a proposed or pending acquisition permitted hereunder (a "**Proposed Acquisition**"), the Note Parties may also enter into Swap Agreements in respect of commodities with Approved Counterparties and not for speculative purposes the notional volumes for which do not exceed for each month during the period during which such Swap Agreement is in effect, 10% of the Issuer and the Restricted Subsidiaries' existing projected production from Proved Oil and Gas Properties (as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement) prior to the consummation of such Proposed Acquisition (such that the aggregate shall not be more than 100% of the reasonably anticipated projected production from the Note Parties' Proved Oil and Gas Properties prior to the consummation of such Proposed Acquisition) for a period not exceeding 36 months from the date such Swap Agreement is entered into during the period between (x) the date on which such Note Party signs a definitive acquisition agreement in connection with a Proposed Acquisition and (y) the earliest of (I) the date such Proposed Acquisition is consummated, (II) the date such Proposed Acquisition is terminated and (III) 90 days after such definitive acquisition agreement was executed (or such longer period as to which the Requisite Holders may agree in its sole discretion). If such Proposed Acquisition is terminated, all such Swap Agreements entered into with respect to a Proposed Acquisition must be terminated or unwound within 90 days following the date such Proposed Acquisition is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Swap Agreements entered into Not for Speculative Purposes, in respect of interest rates with an Approved Counterparty effectively converting interest rates from floating to fixed, the notional amounts of which (when aggregated with all other Swap Agreements of the Issuer and its Restricted Subsidiaries then in effect effectively converting interest rates from floating to fixed) do not exceed, as of the date such Swap Agreement is entered into, 75% of the then outstanding principal amount of the Issuer's Debt for borrowed money which bears interest at a floating rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer will not, and will not permit any Restricted Subsidiary to, allow the aggregate notional volumes of all Swap Agreements in respect of commodities for any Fiscal Quarter (a "**Test Quarter**") (other than basis differential swaps on volumes already hedged pursuant to other Swap Agreements) to exceed 100% of actual production of crude oil and natural gas, as applicable, for such Test Quarter; <u>provided</u>, that, if the foregoing limit is exceeded, it shall not constitute a violation of this <u>Section</u> <u>7.15(b)</u> if the Issuer shall, (i) shall promptly, but in any event no later than three days after the end of such Test Quarter, notify the Agent and the Holders of such excess and (ii) no later than thirty (30) days after the end of such Test Quarter, Liquidate existing Swap Agreements such that, at such date of Liquidation (the "**Swap Liquidation Date**"), after giving effect to any such Liquidation, hedged volumes for each calendar month succeeding such Test Quarter will comply with the requirements of

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 <u>Section</u> <u>7.15(a)</u>, and for this purpose, <u>Section</u> <u>7.15(a)</u> shall be recalculated and tested as of the Swap Liquidation Date as if all outstanding Swap Agreements in respect of commodities (after giving effect to any such Liquidation) were being entered into on such Swap Liquidation Date (or provide the Agent and the Holders other evidence satisfactory to it in its reasonable discretion demonstrating such compliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall any Swap Agreement contain any requirement, agreement or covenant for the Issuer or any Restricted Subsidiary to post collateral, credit support (including in the form of letters of credit) or margin to secure their obligations under such Swap Agreement or to cover market exposures (other than pursuant to the Collateral Documents).

**Section 7.16** <u>Designation and Conversion of Restricted and Unrestricted Subsidiaries.</u>(a) Unless designated as an Unrestricted Subsidiary on <u>Schedule</u> <u>4.13</u> as of the Closing Date or thereafter, assuming compliance with <u>Section</u> <u>7.16(b)</u>, any Person that becomes a Subsidiary of the Issuer or any of its Restricted Subsidiaries shall be classified as a Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer may designate, by written notification thereof to the Agent and the Holders, any Restricted Subsidiary, including a newly formed or newly acquired Subsidiary, as an Unrestricted Subsidiary if (i) immediately prior, and immediately after giving effect, to such designation, no Event of Default or Borrowing Base Deficiency shall have occurred and be continuing, (ii) such designation is deemed to be an Investment in an Unrestricted Subsidiary in an amount equal to the fair market value as of the date of such designation of the Issuer's direct and indirect ownership interest in such Subsidiary such Investment would be permitted to be made at the time of such designation under <u>Section</u> <u>7.05(j)</u> and (iii) such designation shall be deemed to be an Asset Sale of any Borrowing Base Properties owned by such Subsidiary pursuant to which the provisions of <u>Section</u> <u>7.09</u> shall apply. Except as provided in this <u>Section</u> <u>7.16(b)</u>, no Restricted Subsidiary may be redesignated as an Unrestricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary if after giving effect to such designation, (i) the representations and warranties of the Parent, the General Partner, the Issuer and its Restricted Subsidiaries contained in each of the Notes Documents are true and correct on and as of such date as if made on and as of the date of such redesignation (or, if stated to have been made expressly as of an earlier date, were true and correct as of such date), (ii) no Event of Default would exist, (iii) the Issuer shall be in compliance on a Pro Forma Basis with each financial covenant set forth in <u>Section</u> <u>7.01</u>, (iv) the Issuer complies with the requirements of <u>Section</u> <u>6.13</u>, (v) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Investment, Debt, or Liens of such Subsidiary existing at such time, and the Issuer shall be in compliance with <u>Article VII</u> after giving effect to such designation, (v) immediately after giving effect to such designation, the Issuer and such Subsidiary shall be in compliance with the requirements of <u>Section</u> <u>6.13</u> (without giving effect to any grace period for compliance provided for therein) and (vi) the Agent and the Holders shall have received a certificate of a Responsible Officer, in form and substance reasonably satisfactory to the Requisite Holders, certifying as to the satisfaction of the conditions and matters set forth in clauses (i)-(iv) above (and in the case of clause (ii) above, setting forth reasonably detailed calculations demonstrating compliance on a Pro Forma Basis with the covenants set forth in <u>Section</u> <u>7.01</u>). Any such designation shall be treated as a cash dividend in an amount equal to the lesser of the fair market value of the Issuer's direct and indirect ownership interest in such Subsidiary or the amount of the Issuer's cash investment previously made for purposes of the limitation on Investments under <u>Section</u> <u>7.05</u>.

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**Section 7.17** <u>Limitation on Accounting Changes or Changes in Fiscal Periods</u>. None of the Parent, the General Partner or the Issuer will make (a) any change in any of its accounting policies affecting the presentation of financial statements or reporting practices (unless required by GAAP), or (b) any change to the end of its Fiscal Year to end on a day other than December 31 or change any method of determining Fiscal Quarters.

**Section 7.18** <u>Amendments to Organizational Documents and Citadel Permitted Existing Trade Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Parent, the General Partner or the Issuer will, and the Issuer will not permit any of the other Note Parties to directly or indirectly amend, modify or otherwise change, or permit any amendment, modification or other change to (pursuant to a waiver or otherwise), any organizational or governing document of the Parent, the General Partner, the Issuer or any of its Restricted Subsidiaries (including by the filing or modification of any certificate of designation or certificate formation or articles of incorporation (including, with respect to the Parent, the Series B Preferred Shares, the Series D Preferred Shares (to the extent outstanding as of the Closing Date)), or any agreement or arrangement (including any shareholders' agreement) entered into, with respect to any of its Equity Interests), or enter into any new agreement with respect to any of its Equity Interests, except (a) (other than, with respect to the Parent, the Series B Preferred Shares and the Series D Preferred Shares (to the extent outstanding as of the Closing Date)) in the case of any such amendments, modifications or changes or any such agreements or arrangements that do not materially adversely affect any right, privilege or interest of Agent or the Holders under the Note Documents or in the Collateral or (b) with respect to the Parent in the case of the Series B Preferred Shares and the Series D Preferred Shares (to the extent outstanding as of the Closing Date), such amendments, modifications or changes or any such agreements or arrangements that do not adversely affect the Agent or the Holders (it being understood that any amendment, modification or change, or waiver or consent to (x) Section 4(b), Section 5, Section 6 and any provision relating to the assignment or termination thereof of the Amended and Restated Certificate of Designations of Preferred Stock of WhiteHawk Income Corporation and (y) Section 5, Section 6(a) and Section 6(b) of the Certificate of Designations of Series B Preferred Stock of WhiteHawk Income Corporation, in each shall adversely affect the Agent and the Holders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without the prior written consent of the Agent (at the direction of the Requisite Holders), the Issuer will not amend, modify, waive or otherwise change, any of the terms of the Citadel Permitted Existing Trades or the Citadel Permitted Existing Trade Documents in a manner adverse to the Holders, and <u>provided</u> that the Issuer promptly furnishes to the Agent a copy of such amendment, modification, supplement or agreement; <u>provided</u> that this <u>Section</u> <u>9.18(b)</u> shall not prohibit the Liquidation of any Citadel Permitted Existing Trade or the assignment or novation of any Citadel Permitted Existing Trade from Citadel to a Holder (with the Issuer being the "remaining party" for purposes of such assignment or novation), in each case to the extent such Liquidation, assignment or novation is otherwise permitted by this Agreement.

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**Section 7.19** <u>Outbound Investment Rules</u>. Each of the Parent, the General Partner, the Issuer will not, and will not permit any of its Subsidiaries to, (a) be or become a "covered foreign person", as that term is defined in the Outbound Investment Rules, or (b) engage, directly or indirectly, in (i) a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction", as each such term is defined in the Outbound Investment Rules, if the Parent, the General Partner and the Issuer were a U.S. Person or (iii) any other activity that would cause the Agent or the Holders to be in violation of the Outbound Investment Rules or cause the Agent or the Holder to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

**Section 7.20** <u>Passive Holding Company</u>. Neither the Parent nor the General Partner shall engage in any material operating or business activities; <u>provided</u> that the following and activities incidental thereto shall be permitted in any event: (a) its ownership of the Equity Interests of the Issuer and the Parent's ownership of the General Partner, (A) in the case of the Parent, the Equity Interests in the Issuer and Equity Interests in the General Partner and (B) in the case of the General Partner, general partnership interests of the Issuer, (b) the maintenance of its legal existence (including the ability to incur fees, costs and expenses related thereto), (c) the performance of its obligations with respect to the Notes Documents and the RBL Loan Documents, (d) solely in the case of the Parent, any public offering of its common stock or any other issuance or sale of its Equity Interests (e) payment of taxes and dividends and making contributions to the capital of the Note Parties, (f) participating in tax, accounting and other administrative matters or the making and filing of any reports required by any Governmental Authority, (g) holding any cash incidental to any activities permitted under this <u>Section</u> <u>7.20</u>, (h) providing indemnification to officers, managers and directors, (i) in the case of the General Partner, carrying out its obligations as the sole general partner of the Issuer and (j) managing, through its board, directors, officers and managers, the business of the Issuer and its Subsidiaries. For the avoidance of doubt, neither the Parent nor the General Partner shall (i) incur, create, assume or suffer to exist any Debt or other material liabilities or material financial obligations, except (A) nonconsensual obligations imposed by operation of law, (B) pursuant to any Loan Documents or Second Lien Note Documents to which it is a party, (C) obligations with respect to its Equity Interests, (ii) incur or suffer to exist any Liens on its Properties (now owned or hereafter acquired), except (A) Excepted Liens of the type described in clauses (a) through (d) and (f) of the definition thereof, but subject to the provisos at the end of such definition and (B) in the case of the General Partner, Liens securing the Obligations and Liens securing the Second Lien Obligations, (iii) own Equity Interests in any Person other than (A) in the case of the Parent, the Equity Interests in the Issuer and Equity Interests in the General Partner and (B) in the case of the General Partner, general partnership interests of the Issuer, or (iv) issue or permit to remain outstanding any preferred stock or series of preferred stock other than (A) preferred stock or series of preferred stock of the Parent that does not constitute Disqualified Capital Stock and provided that the proceeds of the issuance of such preferred stock or series of preferred stock are contributed to the Issuer contemporaneously with the issuance thereof and (B) with respect to the Parent, the Series B Preferred Shares and the Series D Preferred Shares, in each case, outstanding or authorized on the Closing Date. The Parent will not, and will not permit any of its

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Subsidiaries to, create, incur, assume or suffer to exist any contract, agreement or understanding which in any way prohibits or restricts (or which requires the consent of or notice to other Persons in connection therewith) the Issuer or any of its Restricted Subsidiaries from (a) granting, conveying or creating any Lien on any of their Properties, (b) paying dividends or making distributions in respect of its Equity Interests to the Issuer or any Guarantor or (c) incurring, creating, assuming or suffering to exist any Debt.

**Section 7.21** <u>Amendments to Material Contracts</u>. Neither the Issuer nor any Restricted Subsidiary shall amend, modify or change, or waive or consent to an amendment or modification of any material provision to any Material Contract, in each case in any manner materially adverse to the rights or interests of the Holders.

**Section 7.22**<u> </u><u>Amendments to RBL Loan Documents; Borrowing Base; Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner, the Parent, the Issuer and Note Parties shall not amend, waive, modify or supplement and shall not consent to any amendment, waiver, modification or supplement**** to the RBL Loan Documents or incur, create, assume or suffer to exist any First Lien Obligations (as defined in the Intercreditor Agreement) under any RBL Loan Documents, if the effect thereof would be to (i) prohibit or restrict any payment of principal, interest or otherwise with respect to the Obligations in a manner that is more restrictive than as of the Closing Date, (ii)(A) subordinate in right of payment any First Lien Obligations to any other Debt or subordinate the Liens securing First Lien Obligations to any other Lien or (B) other than by operation of law, permit any Debt (other than the First Lien Obligations) to be prior in right of payment or senior or *pari passu* in right of Lien priority to the Obligations, (iii) contravene the Intercreditor Agreement, (iv) cause the Borrowing Base to not be a Conforming Borrowing Base or not be subject to a scheduled redetermination at least twice in each twelve (12) calendar month period and (v) affect the operation of the definitions of "Commitments", "Loan Limit" or "Aggregate Elected Commitment Amounts" (each such quoted term as defined in the RBL Credit Agreement), in each case in any manner adverse to the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent, the General Partner, and the Issuer will not, and will not permit any Subsidiary, to grant a Lien on any Property to secure obligations outstanding under the RBL Loan Documents without substantially contemporaneously granting to the Collateral Agent, as security for the Obligations, a Second Priority Lien on the same property pursuant to the Collateral Documents (it being understood that if any Collateral Documents need to be executed to grant such Lien they shall be in form and substance reasonably satisfactory to the Requisite Holders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent, the General Partner, and the Issuer shall not consent (including by failing to provide an objection by written notice under a deemed consent mechanism in the RBL Loan Documents) to any assignment or participation of rights and obligations of an RBL Lender to any Person other than to a traditional commercial bank that is recognized as a lender in commercial banking borrowing base lending facilities for oil and gas secured transactions.

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**ARTICLE VIII.** 

**[RESERVED]** 

**ARTICLE IX.** 

**EVENTS OF DEFAULT; REMEDIES** 

**Section 9.01** <u>Events of Default</u>. One or more of any of the following events shall constitute an "**Event of Default**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Note Parties shall fail to pay any principal of (or associated make-whole or premium on) any Note when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Note Parties shall fail to pay any interest on any Note or any fee or any other amount (other than an amount referred to in <u>Section</u> <u>9.01(a)</u>) payable under any Note Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation or warranty made or deemed made by or on behalf of the Parent, the General Partner, the Note Parties or any Restricted Subsidiary in or in connection with any Note Document or any amendment or modification of any Note Document or waiver under such Note Document, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Note Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made (or if already qualified by materiality or Material Adverse Effect, incorrect in any respect when made or deemed made);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Parent, the General Partner, the Note Parties or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in <u>Sections 6.01(l)</u>, <u>Section</u> <u>6.02</u>, <u>Section</u> <u>6.03</u> (solely in respect of the Issuer), <u>Section</u> <u>6.13</u>, <u>Section</u> <u>6.16</u>, <u>Section</u> <u>6.20</u>, <u>Section</u> <u>6.21</u> or in <u>Article VII</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Parent, the General Partner, the Note Parties or any Restricted Subsidiary shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in <u>Section</u> <u>9.01(a)</u>, <u>Section</u> <u>9.01(b)</u> or <u>Section</u> <u>9.01(d)</u>) or any other Notes Document, and such failure shall continue unremedied for a period of thirty (30) days after the earlier to occur of (i) receipt of notice thereof by the Issuer from the Agent (which notice will be given at the request of any Holder) or (ii) a Responsible Officer of the Parent, the General Partner, the Issuer or any Restricted Subsidiary otherwise becoming aware of such default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Note Parties or any Restricted Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Debt (including any Debt under the RBL Loan Documents), when and as the same shall become due and payable and such failure continues beyond any applicable grace period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any event or condition occurs that results in any Material Debt becoming due prior to its scheduled maturity or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Debt or any trustee or agent on its or their behalf to cause any Material Debt to become due (other than by a regularly scheduled required prepayment), or to require the Redemption thereof or any offer to Redeem to be made in respect thereof, prior to its scheduled maturity or require the Note Parties or any Restricted Subsidiary to make an offer in respect thereof (other than any event requiring prepayment pursuant to customary asset sale or change of control provisions); <u>provided</u> that notwithstanding anything to the contrary contained in this Agreement, any "Event of Default" occurring under Section 9.01 of the RBL Credit Agreement (each a "**Specified First Lien Event of Default**") shall not constitute a continuing Event of Default under this <u>Section</u> <u>9.01(g)</u> unless the Obligations (as defined in the RBL Credit Agreement) under the RBL Credit Agreement have been accelerated pursuant to such Specified First Lien Event of Default; <u>provided</u> <u>further</u> that notwithstanding anything to the contrary contained in this Agreement, any "Event of Default" other than a Specified First Lien Event of Default occurring under the RBL Credit Agreement (each a "**RBL Event of Default**") shall constitute a continuing Event of Default under this S<u>ection</u> <u>9.01(g)</u> (for the avoidance of doubt, irrespective of whether such RBL Event of Default has been waived pursuant to and in accordance with the terms of the RBL Credit Agreement) unless such RBL Event of Default is waived in writing by the Requisite Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Parent, the General Partner, the Note Parties or any Restricted Subsidiary as of such date or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent, the General Partner, the Note Parties or any Restricted Subsidiary as of such date or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Parent, the General Partner, a Note Party or any Restricted Subsidiary as of such date shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in <u>Section</u> <u>9.01(h)</u>, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Parent, the General Partner, a Note Party or any Restricted Subsidiary as of such date or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) one or more judgments for the payment of money in an aggregate amount in excess of $10,000,000 (to the extent not covered by independent third-party insurance provided by insurers of the highest claims paying rating or financial strength as to which the insurer does not dispute coverage and is not subject to an insolvency proceeding) or (ii) any one or more non-monetary judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, shall be rendered against the Parent, the General Partner, the Issuer, any Restricted Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Parent, the General Partner, the Issuer or any Restricted Subsidiary to enforce any such judgment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Note Documents after delivery thereof shall for any reason, except to the extent permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with their terms against the Parent, the General Partner, the Issuer or a Guarantor party thereto or shall be repudiated by any of them in writing, or cease to create a valid and perfected Lien of the priority required thereby in favor of the Collateral Agent on any material portion of the Collateral purported to be covered thereby, except to the extent permitted by the terms of this Agreement, or the Parent, the General Partner, the Note Parties or any Restricted Subsidiary or any of their Affiliates shall so state or assert in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a Change in Control shall occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a liability of the Issuer and its Restricted Subsidiaries in an aggregate amount of $10,000,000 that is not covered by independent third party insurance provided by insurers of the highest claims paying rating or financial strength as to which the insurer does not dispute coverage and is not subject to an insolvency proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Intercreditor Agreement shall for any reason, except to the extent permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with its terms against the Parent, the General Partner, the Issuer, any Guarantor, the RBL Administrative Agent, or any other party thereto, or shall be repudiated by any of them, or cease to establish the relative Lien priorities required or purported thereby, or the Issuer, any Guarantor, the RBL Administrative Agent, or any of their respective Affiliates shall so state in writing.

In the case of an Event of Default other than one described in <u>paragraph (h)</u> or <u>paragraph (i)</u> above), at any time thereafter during the continuance of such Event of Default, the Agent may, and at the request of the Requisite Holders, by notice to the Issuer, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately and (ii) declare the Notes then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Notes so declared to be due and payable, together with accrued interest thereon, any unpaid accrued fees, any Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u>, and all other liabilities of the Issuer or any other Note Party accrued hereunder and under any other Note Document, shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by the Issuer and the other Note Parties; and in case of an Event of Default described in <u>paragraph (h)</u> or <u>(i)</u> above, the Commitments shall automatically terminate and the principal of the Notes then outstanding, together with accrued interest thereon, any unpaid accrued fees, any Make-Whole Amount (<u>plus</u> any premium payable in connection

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therewith) or Prepayment Fee, as applicable, or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u>, and all other liabilities of the Issuer or any other Note Party accrued hereunder and under any other Note Document, shall automatically become due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by the Issuer and the other Note Parties, anything contained herein or in any other Note Document to the contrary notwithstanding. In the case of the occurrence of an Event of Default, the Agents and the Holders will have all other rights and remedies available at law and equity. All proceeds realized from the liquidation or other disposition of Collateral or otherwise received after maturity of the Notes, whether by acceleration or otherwise, shall be applied in the order provided in <u>Section</u> <u>2.11(f)</u>.

**Section 9.02** <u>Treatment of Make-Whole Amount and Prepayment Fee</u>. Without limiting the terms of the last paragraph of <u>Section</u> <u>9.01</u>, it is understood and agreed that (a) if the Notes are accelerated or otherwise become due, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence of a bankruptcy or insolvency related event (including acceleration of claims by operation of law)) or (b) upon the occurrence of the Board of Directors (or similar Governing Body or any committee thereof) of any Note Party or of any Person having Control of the Issuer adopting any resolution or otherwise authorizing any action to approve any bankruptcy or insolvency related event (each of the foregoing in <u>clauses (a)</u> and <u>(b)</u> and as contemplated by the penultimate paragraph of this paragraph, a "**Specified Event**"), the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, that would have applied if, at the time the Notes are accelerated or otherwise become due, the Issuer had prepaid, repaid, redeemed, refinanced, substituted or replaced all of the Notes as contemplated in <u>Section</u> <u>2.08</u> and <u>2.11(g)</u> will also be automatically and immediately due and payable without further action or notice and the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, or shall constitute part of the Obligations, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of the Holders' damages as a result thereof. Any Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee payable hereunder shall be presumed to be the liquidated damages (and not, for avoidance of doubt, unmatured interest or a penalty) sustained by the Holders as the result of such Specified Event and the Issuer and the other Note Parties agree that the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) and Prepayment Fee, as applicable, are reasonable under the circumstances currently existing. In the event that the Obligations are reinstated in connection with or following any Specified Event, it is understood and agreed that the Obligations shall include any Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, payable in accordance with this <u>Section</u> <u>9.02</u>. The Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, shall also be payable in the event the Obligations (and/or this Agreement) are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other similar means.

THE ISSUER AND EACH OTHER NOTE PARTY EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING MAKE-WHOLE AMOUNT (<u>PLUS</u> ANY PREMIUM PAYABLE IN CONNECTION THEREWITH) OR PREPAYMENT FEE IN CONNECTION WITH ANY SUCH SPECIFIED EVENT.

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The Issuer and each other Note Party expressly agrees (to the fullest extent that it may lawfully do so) that: (i) the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) and Prepayment Fee, as applicable, are reasonable and are the product of an arm's length transaction between sophisticated business people, ably represented by counsel; (ii) the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, or shall be payable notwithstanding the then prevailing market rates at the time payment is made; (iii) there has been a course of conduct between the Holders and the Issuer and the other Note Parties giving specific consideration in this transaction for such agreement to pay the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable; and (iv) the Issuer and each other Note Party shall each be estopped hereafter from claiming differently than as agreed to in this paragraph.

The Issuer and each other Note Party expressly acknowledges that its agreement to pay the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or Prepayment Fee, as applicable, to the Holders as herein described is a material inducement to the Holders to provide the Commitments and purchase the Notes.

**Section 9.03** <u>Application of Funds</u>. All proceeds realized from the liquidation or other disposition of Collateral or otherwise received after maturity of the Notes, whether by acceleration or otherwise, shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>first</u>, to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to each of the Agent and the Collateral Agent in their capacities as such and Agent-related Indemnitee (including any costs and expenses related to foreclosure or realization upon, or protecting, Collateral);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>second</u>, pro rata to payment or reimbursement of that portion of the Obligations constituting fees, expenses and indemnities payable to the Holders and the other Indemnitees listed under <u>Section</u> <u>11.03</u> under the Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>third</u>, pro rata to payment of accrued Interest (including interest at the Default Rate, if any) on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>fourth</u>, pro rata to pay the Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u> or <u>Section</u> <u>9.02</u>, if any, on the Notes (including, for the avoidance of doubt, any Make-Whole Amount (<u>plus</u> any premium payable in connection therewith) or other amount due and payable pursuant to <u>Section</u> <u>2.11(g)</u> or <u>Section</u> <u>9.02</u> resulting from the payment of principal under <u>clause fifth</u> below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>fifth</u>, pro rata to payment of principal outstanding on the Notes which have not yet been reimbursed by or on behalf of the Note Parties at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>sixth</u>, pro rata to any other Obligations; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>seventh</u>, any excess, after all of the Obligations shall have been indefeasibly paid in full in cash, shall be paid to the Note Parties or as otherwise required by any Governmental Requirement.

**Section 9.04** <u>Credit Bidding</u>. In addition to any other rights and remedies granted to the Agents and the Holders in the Note Documents, the Collateral Agent (acting at the direction of the Requisite Holders) on behalf of the Holders may exercise all rights and remedies of a secured party under the UCC or any other applicable law. Without limiting the generality of the foregoing, the Collateral Agent (acting at the direction of the Requisite Holders), without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Note Party or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived by each of the Note Parties on behalf of itself and its Subsidiaries), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, or consent to the use by any Note Party of any cash collateral arising in respect of the Collateral on such terms as the Collateral Agent deems reasonable, and/or may forthwith sell, lease, assign give an option or options to purchase or otherwise dispose of and deliver, or acquire by credit bid on behalf of the Holders, the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales (including, without limitation, any sale conducted under the provisions of the Code, including under Sections 363, 1123 or 1129 of the Code, or any similar laws in any other jurisdictions to which a Note Party is subject), at any exchange, broker's board or office of the Collateral Agent or any Holder or elsewhere, upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery, all without assumption of any credit risk. In connection with any such credit bid and purchase, the Obligations owed to the Holders shall be entitled to be, and shall be, credit bid by the Collateral Agent at the direction of the Requisite Holders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid (i) the Collateral Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Holders' ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Collateral Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (<u>provided</u> that any actions by the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Requisite Holders or their permitted assignees under the terms of the Note Documents or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of the Note Documents and without giving effect to the limitations on the actions by the Requisite Holders contained <u>Section</u> <u>11.06</u>), (iv) the Collateral Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Holders, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or membership interests, in

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any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Holder or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Holders pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Holder or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Holder are deemed assigned to the acquisition vehicle or vehicles as set forth in <u>clause (ii)</u> above, each Holder shall execute such documents and provide such information regarding the Holder (and/or any designee of the Holder which will receive interests in or debt instruments issued by such acquisition vehicle) as the Collateral Agent acting at the direction of the Requisite Holders, may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid. The Collateral Agent or any Holder shall have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Note Party, which right or equity is hereby waived and released by each of the Note Parties on behalf of itself and its Subsidiaries. Each of the Note Parties further agrees on behalf of itself and its Subsidiaries, at the Collateral Agent's request, to assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall reasonably select, whether at the premises of the Issuer, another Note Party or elsewhere. The Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this <u>Section</u> <u>9.04</u>, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any other way relating to the Collateral or the rights of the Agents and the Holders hereunder, including reasonable attorneys' fees and disbursements, to the payment in whole or in part of the obligations of the Note Parties under the Note Documents, in such order as the Collateral Agent may elect, and only after such application and after the payment by the Collateral Agent of any other amount required by any provision of law, including Section 9-615(a)(3) of the UCC, need the Collateral Agent account for the surplus, if any, to any Note Party. To the extent permitted by applicable law, each of the Note Parties on behalf of itself and its Subsidiaries waives all claims, damages and demands it may acquire against the Agents or any Holder arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least ten (10) days before such sale or other disposition. Notwithstanding anything provided in this <u>Section</u> <u>9.04</u>, the Collateral Agent may delegate any or all of its rights to credit bid under this Section, this Agreement and the other Note Documents to EIG or the Requisite Holders or their designee, who will act as "Agent" or "Collateral Agent" for purposes of this <u>Section</u> <u>9.04</u>.

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**ARTICLE X.** 

**AGENTS** 

**Section 10.01** <u>Appointment of Agents</u>. U.S. Bank Trust Company, National Association is hereby appointed Agent and Collateral Agent hereunder and under the other Note Documents and each Holder hereby authorizes U.S. Bank Trust Company, National Association, in such capacities, to act as its agent (including as collateral agent) in accordance with the terms hereof and the other Note Documents. Each Agent hereby agrees to act upon the express conditions contained herein and the other Note Documents, as applicable. The provisions of this <u>Article</u> <u>X</u> are solely for the benefit of the Agents and the Holders and none of the General Partner, the Parent, or any Note Party shall have any rights as a primary or third party beneficiary of any of the provisions thereof, except as expressly set forth herein. In performing its functions and duties hereunder, each Agent shall act solely as an agent of the Holders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for any Note Party or any Affiliate thereof.

**Section 10.02** <u>Powers and Duties</u>. Each Holder irrevocably authorizes each Agent to take such action on such Holder's behalf and to exercise such powers, rights and remedies and perform such duties hereunder and under the other Note Documents as are specifically delegated or granted to each Agent by the terms hereof and thereof, together with such actions, powers, rights and remedies as are reasonably incidental thereto. Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Note Documents. Without limiting the generality of the foregoing, each Agent shall not have or be deemed to have, by reason hereof or any of the other Note Documents, a fiduciary relationship in respect of any Holder, the General Partner, the Parent, any Note Party or any other Person, whether before or after the occurrence of any Default or Event of Default; and nothing herein or any of the other Note Documents, expressed or implied, is intended to or shall be so construed as to impose upon either Agent any obligations in respect hereof or any of the other Note Documents except as expressly set forth herein or therein. The use of the term "agent" herein and in the other Note Documents with reference to any Agent is not intended to connote any fiduciary or the other implied (or express) obligations arising under agency doctrine of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Neither Agent is, and shall not be deemed to be, acting hereunder or under any other Note Documents, as transfer agent or registrar within the meaning of Article 8 of the UCC or Section 17A(c) of the Exchange Act.

**Section 10.03** <u>General Immunity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Responsibility for Certain Matters</u>. Neither Agent shall be responsible for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or any other Note Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by either Agent or by or on behalf of any Note Party to an Agent or any Holder in connection with the Note Documents and the transactions contemplated hereby and thereby or for the financial condition or business affairs of any Note Party or any other Person liable for the payment of any Obligations, nor shall either Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Note Documents or as to the use of the proceeds of the Notes or as to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the foregoing. Neither Agent shall be responsible for the satisfaction of any condition set forth in <u>Article</u> <u>III</u> or elsewhere in any Note Document, other than to confirm receipt of items expressly

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required to be delivered to such Agent. Neither Agent will be required to take any action that is contrary to applicable law or any provision of this Agreement or any Note Document or that may expose it to personal liability for which it is not indemnified. Anything contained herein to the contrary notwithstanding, neither Agent shall have any liability arising from confirmations of the amount of outstanding Notes or the component amounts thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exculpatory Provisions</u>. Subject to the remainder of this <u>clause (b)</u> hereof further limiting the liability of the Agents, neither Agent nor any of their officers, partners, directors, employees or agents shall be liable for any action taken or omitted by an Agent under or in connection with any of the Note Documents, except to the extent caused by such Agent's gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, nonappealable order. Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Note Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder, except powers and authority expressly contemplated hereby or thereby, unless and until such Agent shall have received written instructions in respect thereof from Requisite Holders (or such other Holders as may be required to give such instructions under <u>Section</u> <u>11.06</u>) or in accordance with the applicable Note Document, and, upon receipt of such instructions from Requisite Holders (or such other Holders, as the case may be), or in accordance with the other applicable Note Document, as the case may be, such Agent shall act or (where so instructed) refrain from acting, or to exercise or refrain from exercising such power, discretion or authority, in accordance with such instructions. The permissive rights of each Agent hereunder and under the other Note Documents shall not be construed as duties. Without prejudice to the generality of the foregoing, (i) each Agent shall be entitled to rely, and shall be fully protected in relying and free from liability in relying, upon any communication, instrument, document, judgment, order or decree believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected and free from liability in relying on opinions, advice and judgments of attorneys (who may be attorneys for the Note Parties), accountants, experts and other professional advisors selected by it; (ii) no Holder shall have any right of action whatsoever against an Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Note Documents in accordance with the instructions of Requisite Holders (or such other Holders as may be required to give such instructions under <u>Section</u> <u>11.06</u>) or in accordance with the applicable Note Document; and (iii) neither Agent shall be liable for any action taken, or errors in judgment made, in good faith by it or any of its officers, employees or agents, unless such Agent shall have been grossly negligent in ascertaining the pertinent facts. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Note Document unless such Agent shall first receive such advice or concurrence of the Requisite Holders or the Holders (as the case may be, as required by this Agreement), accompanied by, if requested, indemnity satisfactory to such Agent, and until such instructions and indemnity (if any) are received, each Agent shall have no duty to act, or refrain from acting, and shall have no liability to any Holder, any Note Party or any other Person for so doing. If an Agent so requests, it shall first be indemnified to its satisfaction by the Holders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Note Document in accordance with a request or consent of the Requisite Holders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the

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Holders. No provision of this Agreement or any other Note Document or any agreement or instrument contemplated hereby or thereby, the Transactions contemplated hereby or thereby shall require an Agent to: (i) expend or risk its own funds or provide indemnities in the performance of any of its duties hereunder or the exercise of any of its rights or power or (ii) otherwise incur any financial liability in the performance of its duties or the exercise of any of its rights or powers. Neither Agent shall be responsible for (i) perfecting, maintaining, monitoring, preserving or protecting the security interest or Lien granted under this Agreement, any other Note Document or any agreement or instrument contemplated hereby or thereby, (ii) the filing, re-filing, recording, re-recording or continuing of any document, financing statement, continuation statement, amendment, mortgage, assignment, notice, instrument of further assurance or other instrument in any public office at any time or times, or (iii) providing, maintaining, monitoring or preserving insurance on or the payment of Taxes with respect to any of the Collateral. The actions described in <u>clauses (i)</u> through <u>(iii)</u> of the immediately preceding sentence shall be the responsibility of the Holders and the Note Parties. Neither Agent shall be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as an Agent. Each Agent has accepted and is bound by the Note Documents executed by such Agent as of the date of this Agreement and, as directed in writing by the Requisite Holders, each Agent shall execute additional Note Documents delivered to it after the date of this Agreement; <u>provided</u>, <u>however</u>,<u> </u>that such additional Note Documents do not adversely affect the rights, privileges, benefits, immunities and indemnities of the Agents, in which case, the Agents may, but shall not be obligated to, enter into such Note Documents. Neither Agent will otherwise be bound by, or be held obligated by, the provisions of any loan agreement, indenture or other agreement governing the Obligations (other than this Agreement and the other Note Documents to which such Agent is a party). No written direction given to an Agent by the Requisite Holders or any Note Party that in the sole judgment of such Agent imposes, purports to impose or might reasonably be expected to impose upon such Agent any obligation or liability not set forth in or arising under this Agreement and the other Note Documents will be binding upon an Agent unless such Agent elects, at its sole option, to accept such direction. Neither Agent shall be responsible or liable for any failure or delay in the performance of its obligations under this Agreement or the other Note Documents arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; business interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. Beyond the exercise of reasonable care in the custody of the Collateral in the possession or control of the Collateral Agent or its bailee, the Collateral Agent will not have any duty as to any other Collateral or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent will be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its other corporate trust customers, and the Collateral Agent will not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Agent in good faith. Neither Agent shall be responsible for or have any duty to ascertain or inquire into (1) any statement, warranty or representation made in or in connection with this Agreement or any other Note Document, (2) the contents of any certificate, report or other document delivered hereunder or thereunder or in

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connection herewith or therewith or (3) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default. Neither Agent will be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any grantor to the Collateral, for insuring the Collateral or for the payment of Taxes or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. Each Agent hereby disclaims any representation or warranty to the present and future holders of the Obligations concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral. In the event that either Agent is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any obligation for the benefit of another, which in any Agent's sole discretion may cause such Agent to be considered an "owner or operator" under any Environmental Laws or otherwise cause such Agent to incur, or be exposed to, any Environmental Liability or any liability under any other Governmental Requirement, each Agent reserves the right, instead of taking such action, either to resign as an Agent or to arrange for the transfer of the title or control of the asset to a court appointed receiver. Neither Agent will be liable to any person for any Environmental Liability or any Environmental Claims or contribution actions under any Governmental Requirement by reason of such Agent's actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or Release or threatened discharge or Release of any Hazardous Materials into the environment at any property or facility that any Agent is required to acquire title to hereunder. Each Holder authorizes and directs each Agent to enter into this Agreement and the other Note Documents to which it is a party. Each Holder agrees that any action taken by an Agent or Requisite Holders in accordance with the terms of this Agreement or the other Note Documents and the exercise by an Agent or Requisite Holders of their respective powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Default</u>. Neither Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with respect to Events of Default in the payment of principal, interest and fees required to be paid to each Agent for the account of the Holders, unless each Agent shall have received written notice from a Holder or the Issuer in accordance with the notice requirements of <u>Section</u> <u>11.01</u> herein referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." Agent will notify the Holders of its receipt of any such notice. Neither Agent shall have any liability for any interest rate published by any publication that is the source for determining the interest rates of the Notes, including but not limited to the SOFR Administrator's Website (or any successor source), or for any rates compiled by the CME Term SOFR Administrator or any successor thereto, or for any rates published on any of the foregoing cases for any delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.

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**Section 10.04** <u>Holders</u><u>'</u> <u>Representations, Warranties and Acknowledgment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Holder represents and warrants to each Agent that it has made its own independent investigation of the financial condition and affairs of the General Partner, the Parent and each Note Party, without reliance upon either Agent or any other Holder and based on such documents and information as it has deemed appropriate, in connection with Note Purchases hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of the General Partner, the Parent and each Note Party. Neither Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of the Holders or to provide any Holder with any credit or other information with respect thereto, whether coming into its possession before the purchase of the Notes or at any time or times thereafter, and neither Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Holder, by delivering its signature page to this Agreement, an Assignment Agreement or a joinder agreement and funding its Note, shall be deemed to have acknowledged receipt of, and consented to and approved, each Note Document and each other document required to be approved by each Agent, Requisite Holders or Holders, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Holder hereby agrees that (i) if any Agent notifies such Holder that such Agent has determined in its sole discretion that any funds received by such Holder from such Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "**Payment**") were erroneously transmitted to such Holder (whether or not known to such Holder), and demands the return of such Payment (or a portion thereof), such Holder shall promptly, but in no event later than one Business Day thereafter, return to such Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, and (ii) to the extent permitted by applicable law, such Holder shall not assert, and hereby waives, as to such Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by such Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of any Agent to any Holder under this <u>Section</u> <u>10.04</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Holder hereby further agrees that if it receives a Payment from an Agent or any of its Affiliates (i) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by such Agent (or any of its Affiliates) with respect to such Payment (a "**Payment Notice**") or (ii) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment, and to the extent permitted by applicable law, such Holder shall not assert any right or claim to the Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by such Agent for the return of any Payments received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine. Each Holder agrees that, in each such case, or if it otherwise becomes aware that a Payment (or portion thereof) may have been sent in error, such Holder shall promptly notify such Agent of such occurrence and, upon demand from such Agent, it shall promptly, but in no event later than three (3) Business Days thereafter, return to such Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuer and each other Note Party hereby agrees that (i) in the event an erroneous Payment (or portion thereof) are not recovered from any Holder that has received such Payment (or portion thereof) for any reason, the Agents shall be subrogated to all the rights of such Holder with respect to such amount and (ii) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Issuer or any other Note Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section</u> <u>10.04</u> shall survive the resignation or replacement of the Agents or any transfer of rights or obligations by, or the replacement of, a Holder, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Note Document.

**Section 10.05** <u>Successor Agents</u>. Subject to the appointment and acceptance of a successor Agent as provided in this <u>Section</u> <u>10.05</u>, either Agent may resign at any time by giving thirty (30) days' prior written notice thereof to the Requisite Holders, and the Issuer. Any Agent may be removed as an Agent at the request of the Requisite Holders. Upon any such notice of resignation or removal, Requisite Holders shall have the right (with the consent of the Issuer (not to be unreasonably withheld, delayed or conditioned) unless an Event of Default shall have occurred and is continuing), to appoint a successor Agent; <u>provided</u> that such successor Agent shall be a nationally-recognized third party agent for similarly situated financings. If no successor shall have been so appointed by the Requisite Holders and shall have accepted such appointment within thirty (30) days after the retiring Agent gives notice of its resignation, then the retiring Agent's resignation shall nevertheless thereupon become effective and the Requisite Holders shall perform all of the duties of such Agent, as applicable, hereunder until such time, if any, as the Requisite Holders appoint a successor Agent as provided for above. In such case, the Requisite Holders shall appoint one Person to act as Agent for purposes of any communications with the Issuer, and until the Issuer shall have been notified in writing of such Person and such Person's notice address as provided for in <u>Section</u> <u>11.01</u>, the Issuer shall be entitled to give and receive communications to/from the resigning Agent. Upon the acceptance of any appointment as Agent hereunder by a successor Agent and the payment of the outstanding fees and expenses of the resigning or removed Agent, at the Issuer's expense, that successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent and the retiring or removed Agent shall promptly (i) transfer to such successor Agent all sums and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Agent under the Note Documents, and (ii) execute and deliver to such successor Agent such amendments to financing statements, and take such other actions, as may be reasonably requested in connection with the assignment to such successor Agent of the security interests created under the Collateral Documents (the reasonable out-of-pocket expenses of which shall be borne by the Issuer), whereupon such retiring or removed Agent shall be discharged from its duties and obligations hereunder. After any retiring Agent's resignation or any Agent's removal hereunder as Agent or Collateral Agent, the provisions of this <u>Article</u> <u>X</u> and <u>Section</u> <u>11.03</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an Agent hereunder. Any organization or other entity into which an Agent may be merged or converted or with which it may be consolidated, or any organization or other entity resulting from any merger, conversion or consolidation to which any Agent shall be a party, or any organization or other entity succeeding to all or substantially all of the corporate trust business of the Agents, shall be the successor to the Agents hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto.

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**Section 10.06** <u>Delegation of Duties</u>. Each Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Note Document by or through any one or more sub-agents appointed by such Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. Neither Agent shall be responsible for the acts or omissions of its sub-agents so long as they are appointed with due care. The exculpatory, indemnification and other provisions of <u>Article</u> <u>X</u> and <u>Section</u> <u>11.03</u> shall apply to any Affiliates of each Agent and shall apply to their respective activities in connection with the syndication of the Notes issued hereby. All of the rights, benefits and privileges (including the exculpatory and indemnification provisions) of <u>Article</u> <u>X</u> and <u>Section</u> <u>11.03</u> shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply to their respective activities as sub-agent.

**Section 10.07** <u>Collateral Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Agent under Collateral Documents</u>. Each Holder and other Indemnitee hereby further irrevocably authorizes the Collateral Agent, on behalf of and for the benefit of the Holders, to be the agent for and representative of Holders with respect to the Collateral Documents and to enter into such other agreements with respect to the Collateral (including intercreditor agreements) as it may deem necessary with the consent of the Requisite Holders. Subject to <u>Section</u> <u>11.06</u>, the Collateral Agent may execute any documents or instruments necessary to (i) release any Lien encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted hereby and with respect to which release the Requisite Holders (or such other Holders as may be required to give such consent under <u>Section</u> <u>11.06</u>) have consented or (ii) release any Guarantor from the Guarantee pursuant to the Guarantee and Collateral Agreement with respect to which release the Requisite Holders (or such other Holders as may be required to give such consent under <u>Section</u> <u>11.06</u>) have consented, in each case upon delivery by the Issuer to the Agent and Collateral Agent with a certificate of a Responsible Officer certifying that such release is authorized and permitted under by the Note Documents, and such other certifications or documents as the Agent or Collateral Agent (in each case, at the direction of the Requisite Holders) shall request. Whether or not expressly provided therein, the Agent and the Collateral Agent shall be entitled to all of the rights, privileges, immunities and indemnities provided in this Agreement in entering into and performing under the Collateral Documents and any other Note Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right to Realize on Collateral and Enforce Guarantee</u>. Anything contained in any of the Note Documents to the contrary notwithstanding, the Issuer, the Agents and each Holder hereby agree that (i) no Holder shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee or exercise any other remedy provided under the Note Documents (other than the right of set-off provided in <u>Section</u> <u>11.04</u>), it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the Collateral Agent (acting at the written direction of the Requisite Holders), on behalf of the Holders in accordance with the terms hereof and all powers, rights and remedies under this Agreement and the Collateral Documents may be exercised solely by the Collateral Agent (acting at the written direction of the Requisite Holders), and (ii) in the event of a foreclosure by the Collateral Agent

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on any of the Collateral pursuant to a public or private sale, the Collateral Agent or its nominee may be the purchaser of any or all of such Collateral at any such sale and the Collateral Agent, as agent for and representative of Holders (but not any Holder or Holders in its or their respective individual capacities unless the Requisite Holders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations arising under the Note Documents as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale.

**Section 10.08** <u>Posting of Approved Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Delivery of Communications</u>. Each Note Party hereby agrees, unless directed otherwise by an Agent or unless the electronic mail address referred to below has not been provided by an Agent to such Person, that it will provide to each Agent all information, documents and other materials that it is obligated to furnish to such Agent or to the Holders pursuant to the Note Documents, including all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) is or relates to a Note Purchase Notice, (ii) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement or any other Note Document, or (iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any Note or other Note Purchase hereunder (all such non-excluded communications being referred to herein collectively as "**Communications**"), by transmitting the Communications in an electronic/soft medium that is properly identified in a format acceptable to the Issuer and each Agent to an electronic mail address as directed by each Agent. In addition, each Note Party agrees to continue to provide the Communications to each Agent or the Holders, as the case may be, in the manner specified in the Note Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Prejudice to Notice Rights</u>. Nothing herein shall prejudice the right of any Agent or any Holder to give any notice or other communication pursuant to any Note Document in any other manner specified in such Note Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Platform</u>. Each Note Party acknowledges that Agent will make available to Holders materials and/or information by posting such materials and/or information on IntraLinks/IntraAgency, Syndtrack or another similar electronic system (the "<u>Platform</u>"). THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." AGENT DOES NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE NOTE PARTIES' COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE NOTE PARTIES' COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. In no event shall Agent have any liability to the Note Parties, any Holder or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Note Parties' or the Agent's transmission of materials through the Internet, except to the

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extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of Agent. In no event shall Agent have any liability for any damages arising from the use by others of any information or other materials obtained through the Platform.

**Section 10.09** <u>Proofs of Claim</u>. The Holders and each Note Party hereby agree that after the occurrence of an Event of Default pursuant to <u>Section</u> <u>9.01(h)</u> or <u>9.01(i)</u>, in case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Note Party, Agent (acting at the direction of Requisite Holders) (irrespective of whether the principal of any Note shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall have made any demand on any Note Party) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Notes and any other Obligations that are owing and unpaid and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Holders, the Agents and other agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Holders, the Agents and other agents and their agents and counsel and all other amounts due Holders, the Agents and other agents hereunder) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, interim trustee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly to the Holders, to pay to Agent and Collateral Agent, as applicable, any amount due for the compensation, expenses, disbursements and advances of each Agent, Collateral Agent and their agents and counsel, and any other amounts due Agents and other agents hereunder. Nothing herein contained shall be deemed to authorize any Agent to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Holders or to authorize any Agent to vote in respect of the claim of any Holder in any such proceeding. Further, nothing contained in this <u>Section</u> <u>10.09</u> shall affect or preclude the ability of any Holder to (i) file and prove such a claim in the event that an Agent has not acted within ten (10) days prior to any applicable bar date and (ii) require an amendment of the proof of claim to accurately reflect such Holder's outstanding Obligations.

**Section 10.10** <u>Intercreditor Agreement</u>. Each Holder (and each Person that becomes a Holder hereunder pursuant to <u>Section</u> <u>11.07</u>) hereby authorizes the Agent to enter into, join or otherwise become party to the Intercreditor Agreement on behalf of such Holder, in each case, as needed to effectuate the transactions permitted by this Agreement and agrees that the Agent may take such actions on its behalf as is contemplated by the terms of Intercreditor Agreement. Without limiting the provisions of <u>Section</u> <u>10.02</u>, <u>11.02</u> and <u>11.03</u>, each Holder hereby consents

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to each of the Agent and any successor serving in such capacities and agrees not to assert any claim (including as a result of any conflict of interest) against the any Agent, or any such successor, arising from the role of any Agent or such successor under the Note Documents or any such intercreditor agreement so long as it is either acting in accordance with the terms of such documents and otherwise has not engaged in gross negligence or willful misconduct (as determined in a final and non-appealable judgment by a court of competent jurisdiction). In addition, the Agent and Collateral Agent, or any such successors, shall be authorized, with the consent of the Requisite Holders, to execute or to enter into amendments of, and amendments and restatements of, the Collateral Documents, the Intercreditor Agreement and any additional and replacement intercreditor agreements, as is contemplated by the terms of the Intercreditor Agreement.

**Section 10.11** <u>Indemnification</u>. To the extent that the Agents are not promptly reimbursed and indemnified by any Note Party, and after the Agents have made demand on any Note Party for the same, the Holders will, within five (5) days of written demand by the Agents, reimburse the Agents for, and indemnify and hold harmless the Agents from and against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including client charges and expenses of counsel or any other advisor to Agents), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Agents in any way relating to or arising out of this Agreement or any of the other Note Documents or any action taken or omitted by the Agents under this Agreement or any of the other Note Documents, in proportion to each Holder's Pro Rata Share; <u>provided</u>, <u>however</u>,<u> </u>that no Holder shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances or disbursements for which there has been a final non-appealable judicial determination that such liability resulted from such applicable Agent's gross negligence or willful misconduct. The obligations of the Holders under this Section 10.11 shall survive the Payment in Full of the Obligations, the discharge of any Liens granted under the Note Documents, the termination of this Agreement and the resignation or removal of any Agent.

**ARTICLE XI.** 

**MISCELLANEOUS** 

**Section 11.01** <u>Notices</u>. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to a Note Party or the Agents, shall be sent to such Person's address as set forth on <u>Appendix B</u> or in the other relevant Note Document, and in the case of any Holder, the address as indicated on <u>Appendix B</u> or otherwise indicated to Agents in writing. Each notice hereunder shall be in writing and may be personally served, sent by telefacsimile, electronic transmission or United States certified or registered mail or courier service and shall be deemed to have been given when delivered and signed for against receipt thereof, or upon confirmed receipt of telefacsimile or electronic transmission (which confirmation shall be made by telephone call by the sender to the Agents; confirmation by electronic messaging shall not be deemed to be confirmation of receipt).

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**Section 11.02** <u>Expenses</u>. Each Note Party shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Agents, the Holders and their Affiliates (including, without limitation, the reasonable fees, charges and disbursements of (A) one primary firm of counsel to the Holders, (B) one primary firm of counsel to the Agent and Collateral Agent, (C) one local counsel and one regulatory counsel in each relevant jurisdiction, if any and (D) reasonable travel, photocopy, mailing, courier, telephone and other similar expenses, in connection with the issuance of the Notes provided for herein, the preparation, negotiation, execution, delivery and administration (both before and after the execution hereof and including advice of counsel to the Agents and the Holders as to the rights and duties of any Agent and the Holders with respect thereto) of this Agreement and the other Note Documents and any amendments, modifications or waivers of or consents related to the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all costs, expenses, Taxes, assessments and other charges incurred by the Agents or any Holder in connection with any filing, registration, recording or perfection of any security interest contemplated by this Agreement or any Collateral Document or any other document referred to therein and (iii) all out-of-pocket expenses incurred by the Agents or any Holder, including the fees, charges and disbursements of counsel and other experts, in connection with the enforcement or protection of its rights in connection with this Agreement or any other Note Document, including its rights under this <u>Section</u> <u>11.02</u>, or in connection with the Notes issued hereunder, including, without limitation, all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Notes. All amounts due under this <u>Section</u> <u>11.02</u> shall be paid within thirty (30) days of receipt by the Issuer of an invoice. The agreements in this Section 11.02 shall survive the Payment in Full, the discharge of any Liens granted under the Note Documents, the termination of this Agreement and the resignation or removal of any Agent.

**Section 11.03** <u>Indemnity; Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the payment of expenses pursuant to <u>Section</u> <u>11.02</u>, whether or not any or all of the Transactions shall be consummated, each Note Party agrees to defend (subject to Indemnitees' selection of counsel), indemnify, pay and hold harmless, EIG, the Agents and each Holder, their Affiliates and its and their respective officers, members, shareholders, partners, directors, trustees, employees, advisors (including attorneys, accountants and experts), representatives and agents and each of their respective successors and assigns and each Person who controls any of the foregoing (each, an "**Indemnitee**"), from and against any and all Indemnified Liabilities, **IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE**; <u>provided</u> that, no Note Party shall have any obligation to an Indemnitee hereunder with respect to any Indemnified Liabilities if such Indemnified Liabilities arise from the gross negligence or willful misconduct of that Indemnitee as determined by a court of competent jurisdiction in a final, nonappealable order, <u>provided</u> that no Note Party shall indemnify any Holder or its related Indemnitee for claims solely among the Holders (or any combination thereof) to the extent not related to a breach of an obligation of a Note Party as determined by a court of competent jurisdiction by final and nonappealable judgement. To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this <u>Section</u> <u>11.03</u> may be unenforceable in whole or in part because they are violative of any law or public policy, the applicable Note Party shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. The indemnities and waivers set forth in this <u>Section</u> <u>11.03(a)</u> shall survive the Payment in Full, the discharge of any Liens granted under the Note Documents, the termination of this Agreement and the resignation or removal of any Agent. All amounts due under this <u>Section</u> <u>11.03(a)</u> shall be paid within thirty (30) days of receipt by the Issuer of an invoice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent permitted by applicable law, no Note Party shall assert (and no Note Party shall permit is Affiliates to assert), and each Note Party hereby waives, releases and agrees not to sue upon any claim against EIG, the Agents and each Holder, their Affiliates and its and their respective officers, members, shareholders, partners, directors, trustees, employees, advisors (including attorneys, accountants and experts), representatives and agents and each of their respective successors and assigns and each Person who controls any of the foregoing (each such Person, a "**Holder-Related Party**") (and agrees to cause its Affiliates to do the same), on any theory of liability, for special, indirect, exemplary, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement, any Note Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the Transactions, any documentation related to any Note or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and each Note Party hereby waives, releases and agrees not to sue any Holder-Related Party upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. The waivers set forth in this Section 11.03(b) shall survive the Payment in Full, the discharge of any Liens granted under the Note Documents, the termination of this Agreement and the resignation or removal of any Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent permissible under applicable law, none of the Agents, any Note Party or any Subsidiary shall have any liability for any special, indirect, exemplary, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement, any Note Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the Transactions, any documentation related to any Note or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, in respect of any such damages incurred or paid by an Indemnitee to a third party and for any out-of-pocket expenses in each case subject to the indemnification provisions of this <u>Section</u> <u>11.03</u>; it being agreed that this sentence shall not limit the obligations of the Note Parties under <u>Section</u> <u>11.03(a)</u>. The waivers set forth in this <u>Section</u> <u>11.03(b)</u> shall survive the Payment in Full, the discharge of any Liens granted under the Note Documents, the termination of this Agreement and the resignation or removal of any Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Note Party hereby acknowledges and agrees that an Indemnitee may now or in the future have certain rights to indemnification provided by other sources ("**Other Sources**"). Each Note Party hereby agrees that (i) it is the indemnitor of first resort (i.e., its obligations to the Indemnitees are primary and any obligation of the Other Sources to provide indemnification

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for the same Indemnified Liabilities are secondary to any such obligation of the Note Party), (ii) that it shall be liable for the full amount of all Indemnified Liabilities, without regard to any rights the Indemnitees may have against the Other Sources, and (iii) it irrevocably waives, relinquishes and releases the Other Sources and the Indemnitees from any and all claims (A) against the Other Sources for contribution, indemnification, subrogation or any other recovery of any kind in respect thereof and (B) that an Indemnitee must seek expense advancement or reimbursement, or indemnification, from the Other Sources before the Note Party must perform its obligations hereunder. No advancement or payment by the Other Sources on behalf of an Indemnitee with respect to any claim for which such Indemnitee has sought indemnification from a Note Party shall affect the foregoing. The Other Sources shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery which the Indemnitee would have had against a Note Party if the Other Sources had not advanced or paid any amount to or on behalf of the Indemnitee.

**Section 11.04** <u>Set Off</u>. In addition to any rights now or hereafter granted under applicable law or Governmental Requirement and not by way of limitation of any such rights, upon the occurrence and during the continuance of any Event of Default each Holder and its/their respective Affiliates is hereby authorized by each Note Party at any time or from time to time subject to the consent of Agent (such consent to be given or withheld at the written direction of the Requisite Holders), without notice to any Note Party or to any other Person (other than Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including Debt evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts (in whatever currency)) and any other Debt at any time held or owing by such Holder to or for the credit or the account of any Note Party (in whatever currency) against and on account of the obligations and liabilities of any Note Party to such Holder hereunder, and under the other Note Documents, including all claims of any nature or description arising out of or connected hereto or any other Note Document, irrespective of whether or not (a) such Holder shall have made any demand hereunder, (b) the principal of or the interest on the Notes or any other amounts due hereunder shall have become due and payable pursuant to <u>Article</u> <u>II</u> and although such obligations and liabilities, or any of them, may be contingent or unmatured, or (c) such obligation or liability is owed to a branch or office of such Holder different from the branch or office holding such deposit or obligation or such Debt.

**Section 11.05** <u>[Reserved]</u>.

**Section 11.06** <u>Amendments and Waivers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Requisite Holders' Consent</u>. Subject to <u>Sections</u> <u>11.06(b)</u> and <u>11.06(c)</u>, no amendment, modification, termination or waiver of any provision of the Note Documents, or consent to any departure by any Note Party therefrom, shall in any event be effective without the written concurrence of (i) in the case of this Agreement, the Issuer, the Agents and the Requisite Holders or (ii) in the case of any other Note Document (other than the Agent Fee Letter), the Note Parties party thereto and (A) Agents with the consent of the Requisite Holders or (B) the Requisite Holders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Affected Holders' Consent</u>. Without the written consent of each Holder that would be directly affected thereby, no amendment, modification, or consent shall be effective if the effect thereof would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reduce the principal of the Notes or waive or postpone scheduled final maturity of the Notes or waive, postpone or reduce any fixed and scheduled repayment of the Notes (it being understood that the waiver of (or amendment to the terms of) any mandatory prepayment of the Notes shall not constitute a postponement of any date scheduled for the payment of principal or interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to <u>Section</u> <u>2.15(b)</u>, (A) reduce the rate of interest on any Note of, or the amounts of fees payable to, such Holder, (B) extend the time for payment of any such interest or fees to such Holder or (C) waive any interest or fee payable hereunder to such Holder (<u>provided</u> that the application of the Default Rate pursuant to <u>Section</u> <u>2.06(c)</u> may be reduced, extended or waived by the Requisite Holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) extend or increase the Commitment of such Holder (it being understood that a waiver of any condition precedent or of any Default or Event of Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute an extension or increase of any Commitment of any Holder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) release all or substantially all the Guarantors from the Guarantee or release the Liens securing all or substantially all of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) amend, modify, terminate or waive any provision of Sections <u>2.10</u>, <u>2.11(g)</u>, <u>2.12</u>, <u>Section</u> <u>9.03</u> or this <u>Section</u> <u>11.06(b)</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) amend the definition of "Requisite Holders" or "Pro Rata Share".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Consents</u>. No amendment, modification, termination, or waiver of any provision of the Note Documents, or consent to any departure by any Note Party therefrom, shall materially and adversely amend, modify, terminate or waive any provision of <u>Article</u> <u>IX</u> as the same applies to any Agent or any Indemnitee Agent Party, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of such Agent or such Indemnitee Agent Party. With limiting the foregoing, neither Agent shall be bound to follow or agree to any amendment or supplement to this Agreement that would increase or materially change or affect the duties, obligations or liabilities of such Agent (including without limitation the imposition or expansion of discretionary authority with respect to the benchmark), or reduce, eliminate, limit or otherwise change any right, privilege or protection of such Agent, or would otherwise change any right, privilege or protection of such Agent, or would otherwise materially and adversely affect such Agent, in each case in its reasonable judgment, without such party's express written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Execution of</u> <u>Amendments</u><u>, etc</u>. Agent and Collateral Agent, if applicable, shall at the direction of the applicable Holders, execute amendments, modifications, waivers or consents on behalf of such Holders. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. No notice to or demand on any Note Party shall entitle any Note Party to any other or further notice or demand in similar or other

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circumstances. Any amendment, modification, termination, waiver or consent effected in accordance with this <u>Section</u> <u>11.06(d)</u> shall be binding upon each Holder at the time outstanding, each future Holder and, if signed by a Note Party, on such Note Party. Agent will deliver executed or true and correct copies of each amendment, modification, waiver, or consent effected pursuant to this <u>Section</u> <u>11.06</u> to each Holder promptly following the date on which it is executed and delivered, or receives the consent or approval of the requisite percentage of Holders applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Note Parties and Affiliates</u>. No Note Party will, and the Issuer will not permit any of its Subsidiaries, any of the Note Parties or any of their respective Affiliates, to, directly or indirectly, offer to purchase, prepay, Redeem or otherwise acquire any outstanding Notes, except as otherwise expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Amendment Consideration</u>. None of Issuer or any of its Affiliates or any other party to any Note Documents, directly or indirectly, will pay or cause to be paid any consent fees, or grant any security as an inducement for, any proposed amendment or waiver of any of the provisions of this Agreement or any of the other Note Documents unless each Holder of the Notes (irrespective of the kind and amount of Notes then owned by it) shall be informed thereof by Issuer and, if such Holder is entitled to the benefit of any such provision proposed to be amended or waived, shall be afforded the opportunity of considering the same, shall be supplied by Issuer and any other party hereto with sufficient information to enable it to make an informed decision with respect thereto and, to the extent such amendment or waiver is consented to by such Holder, shall be paid such remuneration and granted such security on the same terms. For the avoidance of doubt, nothing in this <u>Section</u> <u>11.06(f)</u> is intended to restrict or limit the amendment requirements otherwise set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Consent in Contemplation of Transfer</u>. Any consent given pursuant to this <u>Section</u> <u>11.06</u> or any other Note Document by a Holder that has transferred or has agreed to transfer its Note to any Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Issuer, any Note Party and/or any of their Affiliates, shall be void and of no force or effect except solely as to such Holder, and any amendments, modifications or terminations effected or waivers or consents granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other Holders that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such Holder.

**Section 11.07** <u>Successors and Assigns; Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns</u>. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of Holders. No Note Party's rights or obligations hereunder nor any interest therein may be assigned or delegated by any such Person without the prior written consent of all Holders (and any attempted assignment or transfer by any such Person without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates of each of Agent and Holders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignments</u>. Subject to compliance with applicable securities laws, if any, any Holder may at any time sell, assign or otherwise transfer to one or more Eligible Assignees any Notes and all or any portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitments and the Notes held by it).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Mechanics</u>. The assigning Holder and the assignee thereof shall execute and deliver to Agent an Assignment Agreement, a processing and recordation fee of $3,500 (other than in the case of an assignment from a Holder to its Affiliate or a Related Fund), all "know your customer" and anti-money laundering rules and regulations, including the USA PATRIOT Act, documents as reasonably requested by the Agent, together with such forms, certificates or other evidence, if any, with respect to United States federal Tax withholding matters as the assignee under such Assignment Agreement may be required to deliver to Agent and Issuer pursuant to <u>Section</u> <u>2.14(e)</u> and <u>2.14(f)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Assignment</u>. Upon its receipt and acceptance of a duly executed and completed Assignment Agreement, the processing and recordation fee of $3,500 (which, for the avoidance of doubt, is not required in the case of an assignment from a Holder to its Affiliate or to a Related Fund), any "know your customer" documents reasonably requested by the Agent, and any other forms, certificates or other evidence required by this Agreement in connection therewith, Agent shall record the information contained in such Assignment Agreement in the Register, shall give prompt notice thereof to the Issuer and shall maintain a copy of such Assignment Agreement. The Agent is not, and shall not be deemed to be, acting hereunder or under any other Note Documents, as transfer agent or registrar within the meaning of Article 8 of the UCC or Section 17A(c) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Representations and Warranties of Assignee</u>. Each Holder upon executing and delivering an Assignment Agreement, represents and warrants as of the applicable Effective Date (as defined in the applicable Assignment Agreement) that (i) it has experience and expertise in the making of or investing in notes; and (ii) it will make or invest in, as the case may be, its Notes for its own account in the ordinary course of its business and without a view to distribution of such Notes within the meaning of the Securities Act or the Exchange Act or other applicable securities laws (it being understood that, subject to the provisions of this <u>Section</u> <u>11.07(e)</u>, the disposition of Notes or any interests therein shall at all times remain within its exclusive control). In addition, each Holder becoming party hereto after the Closing Date, upon executing and delivering an Assignment Agreement, shall be deemed to have made the representations and warranties contained in <u>Article</u> <u>V</u> as of the applicable Effective Date (as defined in the applicable Assignment Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Effect of Assignment</u>. Subject to the terms and conditions of this <u>Section</u> <u>11.07(f)</u>, as of the "Effective Date" specified in the applicable Assignment Agreement and recordation in the Register: (i) the assignee thereunder shall have the rights and obligations of a "Holder" hereunder to the extent such rights and obligations hereunder have been assigned to it pursuant to such Assignment Agreement and shall thereafter be a party hereto and a "Holder" for all purposes hereof; (ii) the assigning Holder thereunder shall, to the extent that rights and

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obligations hereunder have been assigned thereby pursuant to such Assignment Agreement, relinquish its rights (other than any rights which survive the termination hereof under <u>Section</u> <u>11.08</u>) and be released from its obligations hereunder (and, in the case of an Assignment Agreement covering all or the remaining portion of an assigning Holder's rights and obligations hereunder, such Holder shall cease to be a party hereto; <u>provided</u> that such assigning Holder shall continue to be entitled to the benefit of all indemnities and expense reimbursement rights hereunder as specified herein with respect to matters arising prior to such assignment); and (iii) if any such assignment occurs after the issuance of any Note hereunder, the assigning Holder shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Note to the Issuer for cancellation, and thereupon the Issuer shall issue and deliver a new Note, if so requested by the assignee and/or assigning Holder, to such assignee and/or to such assigning Holder, with appropriate insertions, to reflect the outstanding principal balance under the Notes of the assignee and/or the assigning Holder. Notes shall not be transferred in denominations of less than $100,000 (unless transferred by any Holder to an Affiliate and/or a Related Fund of such Holder), <u>provided</u>,<u> </u>that if necessary to enable the registration of transfer by a Holder of its entire holding of Notes, a Note may be in a denomination of less than $100,000; <u>provided further</u>,<u> </u>that transfers by a Holder, its Affiliates and its Related Funds shall be aggregated for purposes of determining whether or not such $100,000 threshold has been reached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Participations</u>. Subject to compliance with applicable securities laws, if any, each Holder shall have the right at any time to sell one or more participations to any Person (other than a natural Person, any Note Party or any of their respective Affiliates) (each, a "**Participant**") in all or any part of such Holder's rights and/or obligations under this Agreement (including all or a portion of its Notes or any other Obligation); <u>provided</u> that (i) such Holder's obligations under this Agreement shall remain unchanged, (ii) such Holder shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Issuer, Agents, and the Holders shall continue to deal solely and directly with such Holder in connection with such Holder's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Holder sells such a participation shall provide that such Holder shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement or instrument may provide that such Holder will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>Section</u> <u>11.06(b)</u> that affects such Participant. The Issuer agrees that each Participant shall be entitled to the benefits of <u>Sections</u> <u>2.13</u> and <u>2.14</u> (subject to the requirements and limitations therein, including the requirements and limitations under <u>Section</u> <u>2.14(e)</u> and <u>Section</u> <u>2.14(f)</u>) (it being understood that the documentation required under <u>Section</u> <u>2.14(e)</u> and <u>Section</u> <u>2.14(f)</u> shall be delivered by the Participant to the applicable Holder) to the same extent as if it were a Holder and had acquired its interest by assignment pursuant to <u>paragraph (c)</u> of this <u>Section</u> <u>11.07</u>; <u>provided</u> that such Participant shall not be entitled to receive any greater payment under <u>Section</u> <u>2.11(h)</u> than the applicable Holder would have been entitled to receive with respect to the participation sold to such Participant, unless such greater payment results from a change in a Governmental Requirement that occurs after the Participant acquired the applicable participation, or is made with the Issuer's prior written consent. To the extent permitted by law, each Participant shall be entitled to the benefits of <u>Section</u> <u>11.04</u> as though it were a Holder; <u>provided</u> that such Participant agrees to be subject to <u>Section</u> <u>2.14</u> as though it were a Holder. Each Holder that sells a participation shall, acting solely

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for this purpose as a non-fiduciary agent of the Issuer, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Notes or other Obligations under the Note Documents (the "**Participant Register**"); <u>provided</u> that no Holder shall have any obligation to disclose all or a portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Note Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Treasury Regulation Section 5f.103-1(c), proposed Treasury Regulation Section 1.163-5 or any applicable temporary, final or other successor regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Holder shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register, and the Agent shall be entitled to treat the Holder, and not any Participant, as the Holder all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Independence of Covenants</u>. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

**Section 11.08** <u>Survival of Representations, Warranties and Agreements</u>. All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Note Purchase. Notwithstanding anything herein or implied by law to the contrary, the agreements of each Note Party set forth in <u>Sections</u> <u>2.14</u>, <u>11.02</u>, <u>11.03</u> and <u>11.04</u> and the agreements of Holders set forth in <u>Sections</u> <u>2.12</u>, <u>2.14</u>, <u>10.11</u> and <u>11.03(b)</u> shall survive the payment of the Notes, the termination hereof and the resignation or removal of any Agent.

**Section 11.09** <u>No Waiver; Remedies Cumulative</u>. No failure or delay on the part of any Agent or any Holder in the exercise of any power, right or privilege (including with respect to any financial covenant calculation or evaluation of the calculation or components thereof) hereunder or under any other Note Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein (including with respect to any future covenant calculation or evaluation of the calculation or components thereof), nor shall any single or partial exercise of any such power, right or privilege preclude further or future exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to Agents and each Holder hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Note Documents. Any forbearance or failure to exercise, and any delay in exercising, any right or privilege, power or remedy hereunder (including with respect to any financial covenant calculation or evaluation of the calculation or components thereof) shall not impair any such right or privilege, power or remedy or be construed to be a waiver thereof, nor shall it preclude other, further or future exercise of any such right or privilege, power or remedy.

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**Section 11.10** <u>Marshalling; Payments Set Aside</u>. Neither Agent nor any Holder shall be under any obligation to marshal any assets in favor of any Note Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Note Party makes a payment or payments to any Agent or the Holders (or to any Agent, on behalf of the Holders), or any Agent or the Holders enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.

**Section 11.11** <u>Severability</u>. In case any provision in or obligation hereunder or any Note or other Note Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

**Section 11.12** <u>Obligations Several; Independent Nature of Holders</u><u>'</u> <u>Rights</u>. The obligations of the Holders hereunder are several and no Holder shall be responsible for the obligations or Commitment of any other Holder hereunder. Nothing contained herein or in any other Note Document, and no action taken by the Holders pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Holder shall be a separate and independent debt, and each Holder shall be entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.

**Section 11.13** <u>Tax Treatment</u>. The Issuer, the Agent and each Holder intend that the Notes shall be treated as indebtedness for Tax purposes and agree to report the Notes as indebtedness on all Tax returns.

**Section 11.14** <u>Headings</u>. Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

**Section 11.15** <u>APPLICABLE LAW</u>. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

**Section 11.16** <u>CONSENT TO JURISDICTION</u>. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY HERETO ARISING OUT OF OR RELATING HERETO OR ANY OTHER NOTE DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS

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PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE NOTE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH <u>SECTION 11.01</u> IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE NOTE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (D) AGREES THAT AGENTS AND THE HOLDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY NOTE PARTY IN THE COURTS OF ANY OTHER JURISDICTION.

**Section 11.17** <u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER NOTE DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE HOLDER/ISSUER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS <u>SECTION 11.17</u> AND EXECUTED BY EACH OF THE PARTIES HERETO THAT IS PARTY TO SUCH JUDICIAL PROCEEDING), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER NOTE DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE NOTES PURCHASED HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

**Section 11.18** <u>Confidentiality</u>. If the Issuer reasonably believes that any information being furnished by it or any other Note Party to Agent or a Holder ("**Recipient**") relating to it or its business is confidential, the Issuer may so indicate by notice in writing to the Recipient, identifying such information with specificity (such identified information, the "**Confidential**

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 **Information**"), in which event the Recipient will use reasonable efforts to maintain the confidentiality thereof; <u>provided</u>, <u>however</u>,<u> </u>that a Recipient may disclose such information (a) to its Affiliates, partners, prospective partners, members and prospective members and its and their respective directors, managers, officers, employees, attorneys, accountants, advisors, auditors, consultants, agents or representatives with a need to know such Confidential Information (collectively "**Permitted Recipients**"); (b) to any potential assignee, participant, pledgee or transferee of any of its rights or obligations hereunder (including without limitation, in connection with a sale or participation of any or all of the Notes) or any of their related parties, agents and advisors (<u>provided</u> that such potential assignee, participant or transferee agree to be bound by provisions that are substantially similar to the restrictions set forth in this <u>Section</u> <u>11.18</u>); (c) if such information (i) becomes publicly available other than as a result of a breach of this <u>Section</u> <u>11.18</u>, (ii) becomes available to a Recipient or any of its Permitted Recipients on a non-confidential basis from a source other than the Note Parties or (iii) is independently developed by the Recipient or any of its Permitted Recipients without the use of or reliance on such information; (d) to enable it to enforce or otherwise exercise any of its rights and remedies under any Note Document; or (e) as consented to in writing by the Issuer. Notwithstanding anything to the contrary set forth in this <u>Section</u> <u>11.18</u> or otherwise, nothing herein shall prevent a Recipient or its Permitted Recipients from complying with any legal requirements (including, without limitation, pursuant to any rule, regulation, stock exchange requirement, self-regulatory body, supervisory authority, other applicable judicial or governmental order, legal process, fiduciary or similar duties or otherwise) to disclose any Confidential Information. In addition, the Recipient and its Permitted Recipients may disclose Confidential Information if so requested by a governmental, self-regulatory or supervisory authority or examiner (including the National Association of Insurance Commissioners). Each Note Party hereby acknowledges and agrees that, subject to the restrictions on disclosure of Confidential Information as provided in this <u>Section</u> <u>11.18</u>, the Recipient and their respective Affiliates are in the business of making investments in and otherwise engaging in businesses which may or may not be in competition with the Note Parties or otherwise related to their and their Affiliates' respective business and that nothing herein shall, or shall be construed to, limit the Holders' or their Affiliates' ability to make such investments or engage in such businesses. Notwithstanding any other provision of this <u>Section</u> <u>11.18</u>, the parties (and each employee, representative, or other agent of the parties) may disclose to any and all Persons, without limitation of any kind, the Tax treatment and any facts that may be relevant to the Tax structure of the transactions contemplated by this Agreement and the other Note Documents; <u>provided</u>, <u>however</u>, that no party (and no employee, representative, or other agent thereof) shall disclose any other information that is not relevant to an understanding of the Tax treatment and Tax structure of the transaction (including the identity of any party and any information that could lead another to determine the identity of any party), or any other information to the extent that such disclosure could reasonably result in a violation of any applicable securities law. Issuer understands and acknowledges that in the regular course of a Holder's business, such Holder may invest in companies that have issued securities that are publicly traded (each, a "**Public Company**"). Accordingly, Issuer covenants and agrees that before providing material non-public information about a Public Company ("**Public Company Information**"), Issuer will provide prior written notice to the applicable compliance personnel indicated in <u>Schedule</u> <u>11.18</u>. Issuer shall not disclose Public Company Information to such Holder without written authorization from such compliance personnel. Any Holder and Holder-Related Party may disclose the

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existence of this Agreement, the Transactions and the form of the financing, and place customary advertisements in financial and other news sources or on a home page or similar place and circulate similar promotional materials, in each case, after the effectiveness of this Agreement, including in the form of a "tombstone", which may include the size of the deal, the form of the financing, the Issuer's name, logo and a link to the Issuer's or an Affiliate's website.

**Section 11.19** <u>Usury Savings Clause</u>. Notwithstanding any other provision herein, the aggregate interest rate charged or agreed to be paid with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Notes purchased hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Notes purchased hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, the Issuer shall pay to Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect. Notwithstanding the foregoing, it is the intention of Holders and the Issuer to conform strictly to any applicable usury laws. Accordingly, if any Holder contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Holder's option be applied to the outstanding amount of the Notes purchased hereunder or be refunded to the Issuer. In determining whether the interest contracted for, charged, or received by Agent or a Holder exceeds the Highest Lawful Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest, throughout the contemplated term of the Obligations hereunder.

**Section 11.20** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

**Section 11.21** <u>USA PATRIOT Act</u>. Each Holder and each Agent (for itself and not on behalf of any Holder) hereby notifies each Note Party that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such Note Party, which information includes the name and address of such Note Party and other information that will allow such Holder or such Agent, as applicable, to identify such Note Party in accordance with the USA PATRIOT Act.

**Section 11.22** <u>Disclosure</u>. Each Note Party and each Holder hereby acknowledge and agree that the Agents and/or their Affiliates and their respective Related Funds from time to time may hold investments in, and make loans to, or have other relationships with any of the Note Parties and their respective Affiliates, including the ownership, purchase and sale of Equity Interests in any Note Party and their respective Affiliates and each Holder hereby expressly consents to such relationships.

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**Section 11.23** <u>Appointment for Perfection</u>. Each Holder hereby appoints each other Holder as its agent for the purpose of perfecting Liens, for the benefit of the Agents and the Holders, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by possession. Should any Holder obtain possession of any such Collateral, such Holder shall notify the Collateral Agent thereof, and, promptly upon Collateral Agent's request therefor shall deliver such Collateral to Collateral Agent or otherwise deal with such Collateral in accordance with Collateral Agent's instructions.

**Section 11.24** <u>Advertising and Publicity</u>. No Note Party shall issue or disseminate to the public (by advertisement, including without limitation any "tombstone" advertisement, press release or otherwise), submit for publication or otherwise cause or seek to publish any information describing the credit or other financial accommodations made available by Holders pursuant to this Agreement and the other Note Documents without the prior written consent of the Requisite Holders. Nothing in the foregoing shall be construed to prohibit any Note Party from making any submission or filing which it is required to make by applicable Governmental Requirement (including securities laws, rules and regulations), stock exchange rules or pursuant to judicial process.

**Section 11.25** <u>Acknowledgments and Admissions</u>. The Issuer hereby acknowledges and admits that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by counsel in the negotiation, execution and delivery of the Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has made an independent decision to enter into this Agreement and the other Note Documents to which it is a party, without reliance on any representation, warranty, covenant or undertaking by any Agent or any Holder, whether written, oral or implicit, other than as expressly set out in this Agreement or in another Note Document delivered on or after the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there are no representations, warranties, covenants, undertakings or agreements by the Agents or any Holder as to the Note Documents except as expressly set out in this Agreement and the other Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) none of the Agents or any Holder has any fiduciary obligation toward it with respect to any Note Document or the Transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no partnership or joint venture exists with respect to the Note Documents between any Note Party, on the one hand, and the Agents or any Holder, on the other;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agents are not any Note Party's agent except as otherwise provided herein in <u>Section</u> <u>2.06</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither Simpson Thacher & Bartlett LLP nor Shipman & Goodwin LLP is counsel for any Note Party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) should an Event of Default or Default occur or exist, each Holder will determine in its discretion and for its own reasons what remedies and actions it will or will not direct the Agents to exercise or take at that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without limiting any of the foregoing, no Note Party is relying upon any representation or covenant by the Agents or any Holder, or any representative thereof, and no such representation or covenant has been made, that any of the Agents or any Holder will, at the time of an Event of Default or Default, or at any other time, waive, negotiate, discuss, or take or refrain from taking any action permitted under the Note Documents with respect to any such Event of Default or Default or any other provision of the Note Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Agents and the Holders have all relied upon the truthfulness of the acknowledgments in this <u>Section</u> <u>11.25</u> in deciding to execute and deliver this Agreement and to become obligated hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) each Note Document was drafted with the joint participation of the respective parties thereto and shall be construed neither against nor in favor of any party, but rather in accordance with the fair meaning thereof.

**Section 11.26** <u>Third Party Beneficiaries</u>. There are no third party beneficiaries to this Agreement other than Participants to the extent set forth in <u>Section</u> <u>11.07(g)</u> and, to the extent set forth herein, the Indemnitees.

**Section 11.27** <u>Entire Agreement</u>. This Agreement, and the other Note Documents represent the final agreement among the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements among the parties.

**Section 11.28** <u>Transferability of Securities; Restrictive Legend</u>. Each note, certificate or other instrument evidencing the Notes issued by Issuer shall be stamped or otherwise imprinted with a legend in substantially the following forms:

"THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION."

Notwithstanding the foregoing, the restrictive legend set forth above shall not be required after the date on which the securities evidenced by such note, certificate or other instrument bearing such restrictive legend no longer constitute "restricted securities" (as defined in Rule 144 promulgated under the Securities Act), and upon the request of the Holder of such Notes, Issuer, without expense to such Holder, shall issue a new note, certificate or other instrument as applicable not bearing the restrictive legend otherwise required to be borne thereby. Agent shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on assignment imposed under this Agreement or under applicable law with respect to any assignment of any interest in any Note and Agent shall have no duty or responsibility to determine whether and when the restricted legend may be removed from the Notes.

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**Section 11.29** <u>Replacement of Notes</u>. Upon receipt by Issuer of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note, and (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (<u>provided</u> that if the Holder of such Note is, or is a nominee for, another Holder with a minimum net worth of at least $5,000,000, such Person's own unsecured agreement of indemnity shall be deemed to be satisfactory), or (b) in the case of mutilation, upon surrender and cancellation thereof, Issuer at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and, in the case of a Note, bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

**Section 11.30** <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Note Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Note Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder that may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Note Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

**Section 11.31** <u>Intercreditor Agreement</u>. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Collateral Agent, for the benefit of the Secured Parties, pursuant to this Agreement and the exercise of any right or remedy by the Collateral Agent and the other Secured Parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the provisions of the Intercreditor Agreement and this Agreement, other than with respect to the Agent's or the Collateral Agent's own rights, privileges and immunities, the provisions of the Intercreditor Agreement shall control.

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**Section 11.32** <u>Amendment and Restatement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective upon satisfaction of the conditions set forth in <u>Section</u> <u>3.02</u> on the Closing Date, this Agreement amends, restates, supersedes and replaces the Existing Note Purchase Agreement in its entirety. This Agreement constitutes an amendment and restatement of the Existing Note Purchase Agreement and is not, and is not intended by the parties to be, a novation of the Existing Note Purchase Agreement. All rights and obligations of the parties shall continue in effect, except as otherwise expressly set forth herein. All references in the other Note Documents to the Existing Note Purchase Agreement shall be deemed to refer to and mean this Agreement, as the same may be further amended, supplemented, and restated from time to time. In addition to the foregoing, each Collateral Document, as amended or amended and restated as contemplated herein, shall remain in full force and effect and shall continue to secure the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Holder ratifies and confirms the terms of the Note Documents executed prior to the Closing Date, and its obligations hereunder and thereunder, after giving effect to the amendment and restatement of this Agreement and the modifications contemplated hereby. Each Note Party hereby confirms in favor of the Secured Parties that each Collateral Document continues in full force and effect and is continuing security for, and extends to, the liabilities and obligations of the Issuer and the other Note Parties to the Secured Parties under, pursuant to or in connection with this Agreement. Each Note Party further acknowledges that, as of the Closing Date and after giving effect to the transactions contemplated by this Agreement, the security interests and liens granted to the Collateral Agent and the Secured Parties under the Note Documents are in full force and effect, are properly perfected and are enforceable in accordance with the terms of this Agreement and the other Note Documents.

[*Signature Pages Follow*.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Note Purchase Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

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| | | |
|:---|:---|:---|
| ISSUER: | **WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.** | **WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.** |
|  | By: | /s/ Jeffrey Slotterback |
|  | Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
|  | Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |
| PARENT: | **WHITEHAWK INCOME CORPORATION** | **WHITEHAWK INCOME CORPORATION** |
|  | By: | /s/ Jeffrey Slotterback |
|  | Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
|  | Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |
| GENERAL PARTNER: | **WHITEHAWK INCOME OP GP LLC** | **WHITEHAWK INCOME OP GP LLC** |
|  | By: | /s/ Jeffrey Slotterback |
|  | Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
|  | Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |
| GUARANTORS: | **WHITEHAWK INCOME MARCELLUS LLC** | **WHITEHAWK INCOME MARCELLUS LLC** |
|  | By: | /s/ Jeffrey Slotterback |
|  | Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
|  | Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |
|  | **WHITEHAWK INCOME HAYNESVILLE LLC** | **WHITEHAWK INCOME HAYNESVILLE LLC** |
|  | By: | /s/ Jeffrey Slotterback |
|  | Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
|  | Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |
|  | **WHITEHAWK VF LLC** | **WHITEHAWK VF LLC** |
|  | By: | /s/ Jeffrey Slotterback |
|  | Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
|  | Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |

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[*WhiteHawk – Signature Page to A&R Note Purchase Agreement*]

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| | |
|:---|:---|
| **WHITEHAWK ACQUISITION LLC** | **WHITEHAWK ACQUISITION LLC** |
| By: | /s/ Jeffrey Slotterback |
| Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
| Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |
| **PHX MINERALS LLC** | **PHX MINERALS LLC** |
| By: | /s/ Jeffrey Slotterback |
| Name: Jeffrey Slotterback | Name: Jeffrey Slotterback |
| Title: Chief Financial Officer and Secretary | Title: Chief Financial Officer and Secretary |

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| | | |
|:---|:---|:---|
| AGENT AND COLLATERAL AGENT: | U.S. Bank Trust Company, National Association, as Agent and as Collateral Agent | U.S. Bank Trust Company, National Association, as Agent and as Collateral Agent |
|  | By: | /s/ Fernando Moreyra |
|  | Name: Fernando Moreyra | Name: Fernando Moreyra |
|  | Title: Vice President | Title: Vice President |

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[*WhiteHawk – Signature Page to A&R Note Purchase Agreement*]

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HOLDERS:

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| | |
|:---|:---|
| **EIG CUMBERLAND PARTNERS, L.P.,** as a Holder | **EIG CUMBERLAND PARTNERS, L.P.,** as a Holder |
| By: | EIG Credit Management Company, LLC, its manager |
| By: | /s/ Kristin Kelly |
| Name: Kristin Kelly | Name: Kristin Kelly |
| Title: Managing Director | Title: Managing Director |
| By: | /s/ Kamyar Daneshvar |
| Name: Kamyar Daneshvar | Name: Kamyar Daneshvar |
| Title: Associate General Counsel | Title: Associate General Counsel |
| **ART ELECTRO, S.C.SP.,** as a Holder | **ART ELECTRO, S.C.SP.,** as a Holder |
| By: | ART Electro GP S.à r.l., its general partner |
| By: |  |
| Name: | Name: |
| Title: | Title: |
| By: |  |
| Name: | Name: |
| Title: | Title: |
| **EIG UPSTREAM PARTNERS, L.P.,** as a Holder | **EIG UPSTREAM PARTNERS, L.P.,** as a Holder |
| By: | EIG Credit Management Company, LLC, its manager |
| By: | /s/ Kristin Kelly |
| Name: Kristin Kelly | Name: Kristin Kelly |
| Title: Managing Director | Title: Managing Director |
| By: | /s/ Kamyar Daneshvar |
| Name: Kamyar Daneshvar | Name: Kamyar Daneshvar |
| Title: Associate General Counsel | Title: Associate General Counsel |

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[*WhiteHawk – Signature Page to A&R Note Purchase Agreement*]

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| | |
|:---|:---|
| **EIG CUMBERLAND PARTNERS, L.P.,** as a Holder | **EIG CUMBERLAND PARTNERS, L.P.,** as a Holder |
| By: | EIG Credit Management Company, LLC, its manager |
| By: |  |
| Name: Kristin Kelly | Name: Kristin Kelly |
| Title: Managing Director | Title: Managing Director |
| By: |  |
| Name: Kamyar Daneshvar | Name: Kamyar Daneshvar |
| Title: Associate General Counsel | Title: Associate General Counsel |
| **ART ELECTRO, S.C.SP.,** as a Holder | **ART ELECTRO, S.C.SP.,** as a Holder |
| By: | ART Electro GP S.à r.l., its general partner |
| By: | /s/ Jean-Yves Corneau |
| Name: Jean-Yves Corneau | Name: Jean-Yves Corneau |
| Title: Manager | Title: Manager |
| By: | /s/ Julie Harnett |
| Name: Julie Harnett | Name: Julie Harnett |
| Title: Manager | Title: Manager |
| **EIG UPSTREAM PARTNERS, L.P.,** as a Holder | **EIG UPSTREAM PARTNERS, L.P.,** as a Holder |
| By: | EIG Credit Management Company, LLC, its manager |
| By: |  |
| Name: Kristin Kelly | Name: Kristin Kelly |
| Title: Managing Director | Title: Managing Director |
| By: |  |
| Name: Kamyar Daneshvar | Name: Kamyar Daneshvar |
| Title: Associate General Counsel | Title: Associate General Counsel |

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[*WhiteHawk – Signature Page to A&R Note Purchase Agreement*]

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| | |
|:---|:---|
| **PACIFIC INDEMNITY COMPANY,** as a Holder | **PACIFIC INDEMNITY COMPANY,** as a Holder |
| By: | EIG Credit Management Company, LLC, its manager |
| By: | /s/ Kristin Kelly |
| Name: Kristin Kelly | Name: Kristin Kelly |
| Title: Managing Director | Title: Managing Director |
| By: | /s/ Kamyar Daneshvar |
| Name: Kamyar Daneshvar | Name: Kamyar Daneshvar |
| Title: Associate General Counsel | Title: Associate General Counsel |
| **CARDINAL ENERGY LP,** as a Holder | **CARDINAL ENERGY LP,** as a Holder |
| By: | EIG Credit Management Company, LLC, its manager |
| By: | /s/ Kristin Kelly |
| Name: Kristin Kelly | Name: Kristin Kelly |
| Title: Managing Director | Title: Managing Director |
| By: | /s/ Kamyar Daneshvar |
| Name: Kamyar Daneshvar | Name: Kamyar Daneshvar |
| Title: Associate General Counsel | Title: Associate General Counsel |
| **EIG RIVER ENERGY PARTNERS L.P.,** as a Holder | **EIG RIVER ENERGY PARTNERS L.P.,** as a Holder |
| By: | EIG Credit Management Company, LLC, its manager |
| By: | /s/ Kristin Kelly |
| Name: Kristin Kelly | Name: Kristin Kelly |
| Title: Managing Director | Title: Managing Director |
| By: | /s/ Kamyar Daneshvar |
| Name: Kamyar Daneshvar | Name: Kamyar Daneshvar |
| Title: Associate General Counsel | Title: Associate General Counsel |

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[*WhiteHawk – Signature Page to A&R Note Purchase Agreement*]

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| | |
|:---|:---|
| **EIG BANDELIER PARTNERS L.P.**, as a<br> Holder | **EIG BANDELIER PARTNERS L.P.**, as a<br> Holder |
| By: EIG Credit Management Company, LLC, its<br> manager | By: EIG Credit Management Company, LLC, its<br> manager |
| By: | /s/ Kristin Kelly |
| Name: | Kristin Kelly |
| Title: | Managing Director |
| By: | /s/ Kamyar Daneshvar |
| Name: | Kamyar Daneshvar |
| Title: | Associate General Counsel |

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*[WhiteHawk – Signature Page to A&R Note Purchase Agreement]*

## Exhibit 10.5

**Exhibit 10.5** 

**FORM OF REGISTRATION RIGHTS AGREEMENT** 

This **REGISTRATION RIGHTS AGREEMENT** (this "***Agreement***") is made as of [•], 2026 by and among WhiteHawk Minerals Corp., a Delaware corporation (the "***Company***"), and the Holders (as defined herein) who are or become parties hereto.

**RECITALS** 

**WHEREAS**, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

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

**ARTICLE I.** 

**DEFINITIONS** 

**Section 1.01 Definitions**. The terms defined in this <u>Article</u> <u>I</u> shall, for all purposes of this Agreement, have the respective meanings set forth below:

"***Adverse Disclosure***" shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

"***Agreement***" shall have the meaning given in the Preamble.

"***Blackout Period***" shall have the meaning given in <u>Section</u> <u>3.04(b)</u>.

"***Business Day***" shall mean any day of the year on which national banking institutions in New York are open to the public for conducting business and are not required or authorized to close.

"***Class A Common Stock***" shall mean the Class A common stock, par value $0.0001 per share, of the Company.

"***Class B Common Stock***" shall mean the Class B common stock, par value $0.0001 per share, of the Company.

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"***Commission***" shall mean the Securities and Exchange Commission.

"***Common Units***" shall mean common units representing limited partner interests in the Partnership.

"***Company***" shall have the meaning given in the Preamble.

"***Closing***" shall mean the closing of the initial public offering of the Company's Class A Common Stock.

"***Demanding Holder***" and "***Demanding Holders***" shall have the meaning given in <u>Section</u> <u>2.02(a)</u>.

"***Effectiveness Deadline***" shall have the meaning given in <u>Section</u> <u>2.01</u>.

"***Exchange Act***" shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

"***Form S-3***" shall have the meaning given in <u>Section</u> <u>2.04</u>.

"***Holders***" shall mean the undersigned holders party hereto.

"***LP Agreement***" shall mean the amended and restated limited partnership agreement of the Partnership.

"***Maximum Number of Securities***" shall have the meaning given in <u>Section</u> <u>2.02(b)</u>.

"***Minimum Amount***" shall have the meaning given in <u>Section</u> <u>2.02(a)</u>.

"***Misstatement***" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which they were made not misleading.

"***Partnership***" shall mean WhiteHawk Income Operating Partnership L.P.

"***Piggyback Registration***" shall have the meaning given in <u>Section</u> <u>2.03</u>.

"***Prospectus***" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

"***Registrable Security***" shall mean (a) shares of Class A Common Stock held by the Holders immediately following Closing, (b) shares of Class A Common Stock issued or issuable by the Company in a Share Settlement (as defined in the LP Agreement) in connection with (x) the redemption by the Partnership of Common Units owned by any Holder or (y) at the election of the Company, a direct exchange for Common Units owned by any Holder, in each case in accordance with the terms of the LP Agreement, and (c) any other equity security of the

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Company issued or issuable with respect to any such share of Class A Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; <u>provided</u>, <u>however</u>, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

"***Registration***" shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

"***Registration Expenses***" shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all registration and filing fees (including fees with respect to filings required to be made with the Financial
Industry Regulatory Authority, Inc.) and any securities exchange on which the Class A Common Stock is then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements
of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) printing, messenger, telephone and delivery expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) reasonable fees and disbursements of counsel for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) reasonable fees and disbursements of all independent registered public accountants of the Company incurred
specifically in connection with such Registration (including the expenses of any special audit and "comfort letters" required by or incident to such performance); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) reasonable fees and expenses of one (1) legal counsel selected by the Demanding Holders in connection with
an Underwritten Offering.

"***Registration Statement***" shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

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"***Securities Act***" shall mean the Securities Act of 1933, as amended from time to time.

"***Suspension Period***" shall have the meaning given in <u>Section</u> <u>3.04(a)</u>.

"***Underwriter***" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer's market-making activities.

"***Underwritten Offering***" shall mean an offering in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

**ARTICLE II.** 

**REGISTRATIONS** 

**Section 2.01 Registration Statement**. The Company shall, as soon as practicable after the Closing, but in any event within one hundred eighty (180) days after the Closing, confidentially submit or file a Registration Statement under the Securities Act to permit the public resale of all the Registrable Securities held by the Holders from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) on the terms and conditions specified in this <u>Section</u> <u>2.01</u> and shall use its commercially reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable after the filing thereof, but in any event no later than the earlier of (i) two hundred seventy (270) days after the Closing and (ii) the tenth (10th) Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "***Effectiveness Deadline***"). The Registration Statement filed with the Commission pursuant to this <u>Section</u> <u>2.01</u> shall be on Form S-1 or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration Statement. A Registration Statement filed pursuant to this <u>Section</u> <u>2.01</u> shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders. The Company shall use its <u>commercially</u> reasonable efforts to cause a Registration Statement filed pursuant to this <u>Section</u> <u>2.01</u> to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another registration statement is available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities have ceased to be Registrable Securities. As soon as practicable following the effective date of a Registration Statement filed pursuant to this <u>Section</u> <u>2.01</u>, but in any event within five (5) Business Days of such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration Statement filed pursuant to this <u>Section</u> <u>2.01</u> (including any documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the circumstances under which such statement is made).

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**Section 2.02 Underwritten Offering**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Holder or Holders elect to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten Offering of all or part of such Registrable Securities that are registered by such Registration Statement and reasonably expect aggregate gross proceeds in excess of $30,000,000 (the "***Minimum Amount***") from such Underwritten Offering, then the Company shall, upon the written demand of such Holder or Holders, as the case may be (any such Holder, a "***Demanding Holder***" and, collectively, the "***Demanding Holders***"), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of equity securities with the managing Underwriter or Underwriters selected by the majority-in-interest of the Demanding Holders and reasonably acceptable to the Company, and shall take all such other reasonable actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition of such Registrable Securities; provided, however, that (x) the Company shall not be obligated to effect more than two (2) Underwritten Offerings in any twelve (12) month period pursuant to this Section 2.02 and (y) any demand made pursuant to this <u>Section</u> <u>2.02(a)</u> must be made in good faith with a bona fide intention to consummate the applicable Underwritten Offering. In addition, the Company shall give prompt written notice to each other Holder regarding such proposed Underwritten Offering, and such notice shall offer such Holders the opportunity to include in the Underwritten Offering such number of Registrable Securities as each such Holder may request. Each such Holder shall make such request in writing to the Company within five (5) Business Days after the receipt of any such notice from the Company, which request shall specify the number of Registrable Securities intended to be disposed of by such Holder. In connection with any Underwritten Offering contemplated by this <u>Section</u> <u>2.02</u>, the underwriting agreement into which each Demanding Holder and the Company shall enter shall contain such representations, covenants, indemnities (subject to <u>Article</u> <u>IV</u>) and other rights and obligations as are customary in underwritten offerings of equity securities. No Demanding Holder shall be required to make any representations or warranties to or agreements with the Company or the Underwriters other than representations, warranties or agreements regarding such Demanding Holder's authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other representation required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the managing Underwriter or Underwriters in an Underwritten Offering, in good faith, advises the Company and the Demanding Holders that the dollar amount or number of Registrable Securities that the Demanding Holders desire to sell, taken together with all other shares of Class A Common Stock or other equity securities that the Company or any other Holder desires to sell and the shares of Class A Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the "***Maximum Number of Securities***"), then the Company shall include in such Underwritten Offering, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, the Registrable Securities of the Demanding Holders pro rata based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities that the Demanding Holders have requested be included in such Underwritten Offering that can be sold without exceeding the Maximum Number of Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the extent that the Maximum Number of Securities has not been reached under the foregoing <u>clause (i)</u>, shares of Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, to the extent that the Maximum Number of Securities has not been reached under the foregoing <u>clause (i)</u> and <u>clause (ii)</u>, shares of Class A Common Stock or other equity securities of (x) other Holders who have elected to participate in the Underwritten Offering pursuant to <u>Section</u> <u>2.02(a)</u> or (y) persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such persons, pro rata, which can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Demanding Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an Underwritten Offering pursuant to this <u>Section</u> <u>2.02</u> for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters of its intention to withdraw from such Underwritten Offering prior to the pricing of such Underwritten Offering and such withdrawn amount shall no longer be considered an Underwritten Offering; <u>provided</u>, <u>however</u>, that upon the withdrawal of an amount of Registrable Securities that results in the remaining amount of Registrable Securities included by the Holders, as the case may be, in such Underwritten Offering being less than the Minimum Amount, the Company shall cease all efforts to complete the Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten Offering prior to its withdrawal under this <u>Section</u> <u>2.02(c)</u>.

**Section 2.03 Piggyback Registration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time the Company proposes to file a Registration Statement under the Securities Act with respect to an Underwritten Offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of the Company including, without limitation, pursuant to <u>Section</u> <u>2.02</u> hereof) on a form that would permit registration of Registrable Securities, other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company's existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment

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plan or (v) on Form S-4, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than five (5) Business Days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within three (3) Business Days after receipt of such written notice (in the case of an "overnight" or "bought" offering, such requests must be made by the Holders within one (1) Business Day after the delivery of any such notice by the Company) (such Registration a "***Piggyback Registration***"); <u>provided</u>, <u>however</u>, that (x) no Holder shall be entitled to include any Registrable Securities in a Piggyback Registration to the extent such Registrable Securities are then registered for resale on an effective Registration Statement and may be sold thereunder without restriction, and (y) if the Company has been advised by the managing Underwriter(s) that the inclusion of Registrable Securities for sale for the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Class A Common Stock in the Underwritten Offering, then (A) if no Registrable Securities can be included in the Underwritten Offering in the opinion of the managing Underwriter(s), the Company shall not be required to offer such opportunity to the Holders or (B) if any Registrable Securities can be included in the Underwritten Offering in the opinion of the managing Underwriter(s), then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of <u>Section</u> <u>2.03(b)</u>. Subject to <u>Section</u> <u>2.03(b)</u>, the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this <u>Section</u> <u>2.03</u> to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. If no written request for inclusion from a Holder is received within the specified time, each such Holder shall have no further right to participate in such Underwritten Offering. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this <u>Section</u> <u>2.03</u> shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration that the dollar amount or number of shares of Class A Common Stock that the Company desires to sell, taken together with (i) the shares of Class A Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested pursuant to <u>Sections</u> <u>2.02</u> and <u>2.03</u>, and (iii) the shares of Class A Common Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Registration is undertaken for the Company's account, the Company shall include in any such Registration (A) *first*, shares of Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) *second*, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to <u>Sections</u> <u>2.02</u> and <u>2.03</u> hereof, pro rata based on the number of Registrable Securities each such Holder has requested to be included in such Registration, which can be sold without exceeding the Maximum Number of Securities; and (C) *third*, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), shares of Class A Common Stock, if any, as to which Registration has been requested pursuant to written contractual piggyback registration rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) *first*, shares of Class A Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) *second*, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to <u>Sections</u> <u>2.02</u> and <u>2.03</u> hereof, pro rata based on the number of Registrable Securities each such Holder has requested to be included in such Registration, which can be sold without exceeding the Maximum Number of Securities; (C) *third*, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), shares of Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) *fourth*, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), shares of Class A Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback Registration prior to the pricing of such Underwritten Offering. The Company (whether on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this <u>Section</u> <u>2.03</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of clarity, any Registration effected pursuant to <u>Section</u> <u>2.03</u> hereof shall not be counted as a Registration effected under <u>Section</u> <u>2.02</u> hereof.

**Section 2.04 Registrations on Form S-3**. The Holders of Registrable Securities may at any time, and from time to time, request in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register the resale of any or all of their Registrable Securities on Form S-3 or similar short form registration statement that may be available at such time ("***Form S-3***"); <u>provided</u>, <u>however</u>, that the Company shall not be obligated to effect such request through an Underwritten Offering. Within ten (10) days of the Company's receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder's Registrable Securities in such Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder of the notice from the Company. As soon as practicable thereafter, but not more than twenty (20) days after the Company's initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of such Holder's Registrable Securities as are specified in such written request, together with all or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder or Holders; <u>provided</u>, <u>however</u>, that the Company shall not be obligated to effect any such Registration pursuant to this <u>Section</u> <u>2.04</u> if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities, together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $30,000,000.

**ARTICLE III.** 

**COMPANY PROCEDURES** 

**Section 3.01 General Procedures**. The Company shall use its commercially reasonable efforts to effect the Registration of Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as practicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to <u>Section</u> <u>2.01</u>, prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective pursuant to the terms of this Agreement until all of such Registrable Securities have been disposed of (if earlier);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all of such Registrable Securities have been disposed of (if earlier) in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and to one legal counsel selected by the Holders, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel selected by such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) prior to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; <u>provided</u>, <u>however</u>, that the Company shall not be required to qualify generally to do business or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide a transfer agent and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) at least three (3) Business Days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus (other than any document that is incorporated by reference into such Registration Statement or Prospectus), furnish a copy thereof to each seller of such Registrable Securities or its counsel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in <u>Section</u> <u>3.04</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such person's own expense, in the preparation of the Registration Statement, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; <u>provided</u>, <u>however</u>, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) obtain a "cold comfort" letter and, to the extent applicable, a reserve engineer letter from the Company's independent registered public accountants or, with respect to reserve reports, independent reserve engineers in the event of an Underwritten Offering, in customary form and covering such matters of the type customarily covered by "cold comfort" letters as the managing Underwriter may reasonably request, including, if required pursuant to Regulation S-X, with respect to financial statements of businesses acquired or to be acquired by the Company that are required to be included in the Registration Statement pursuant to Rule 3-05 of Regulation S-X;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated as of such date, of counsel representing the Company for the purposes of such Registration, addressed to the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as are customarily included in such opinions and negative assurance letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, on terms agreed to by the Company with the managing Underwriter of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) make available to its security holders, as soon as reasonably practicable, an earnings statement (which need not be audited) covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) if any Underwritten Offering involves the disposition of Registrable Securities involving gross proceeds in excess of the Minimum Amount, use its reasonable efforts to make available senior executives of the Company to participate in customary "road show" presentations that may be reasonably requested by the Underwriter in such Underwritten Offering; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) otherwise, in good faith, take such customary actions necessary to effect the registration of such Registrable Securities contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) in connection with any Underwritten Offering, use its commercially reasonable efforts to procure customary lock-up agreements from each of the Company's directors and officers who are not Holders hereunder (or who are otherwise not subject to lock-up restrictions in connection with such Underwritten Offering), in form and substance reasonably satisfactory to the managing Underwriter or Underwriters.

**Section 3.02 Registration Expenses**. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders and the Company that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters' commissions and discounts, brokerage fees, stamp duty and stock transfer taxes and, other than as set forth in the definition of "Registration Expenses," all reasonable fees and expenses of any legal counsel representing the Holders.

**Section 3.03 Requirements for Participation in Underwritten Offerings**. No person may participate in any Underwritten Offering for equity securities of the Company hereunder unless such person (i) agrees to sell such person's securities on the basis provided in the underwriting agreement for such Underwritten Offering and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting agreement.

**Section 3.04 Suspension of Sales; Adverse Disclosure**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the use of the Prospectus may be resumed (any such period, a "***Suspension Period***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration (including in connection with an Underwritten Offering) at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company's control, then the Company may, upon giving prompt written notice to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement (including in connection with an Underwritten Offering) for the shortest period of time, but in no event more than sixty (60) days, determined in good faith by the Company to be necessary for such purpose (any such period, a "***Blackout Period***"). In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this <u>Section</u> <u>3.04</u>. Notwithstanding anything to the contrary in this <u>Section</u> <u>3.04</u>, in no event shall any Suspension Period or any Blackout Period continue for more than one hundred twenty (120) days in the aggregate during any 365-day period.

**Section 3.05 Reporting Obligations.** As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell shares of Class A Common Stock held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

**ARTICLE IV.** 

**INDEMNIFICATION AND CONTRIBUTION** 

**Section 4.01 Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys' fees) caused by (i) in the case of any Registration Statement or any amendment thereof or supplement thereto, any untrue or alleged untrue statement of material fact or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) in the case of any Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto, any untrue or alleged untrue statement of material fact or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and

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expenses (including without limitation reasonable attorneys' fees) resulting from (i) in the case of any Registration Statement or any amendment thereof or supplement thereto, any untrue statement of material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) in the case of any Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto, any untrue statement of material fact or any omission of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; <u>provided</u>, <u>however</u>, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Holder's indemnification is unavailable for any reason.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the indemnification provided under this <u>Section</u> <u>4.01</u> from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action; <u>provided</u>, <u>however</u>, that the liability of any Holder under this <u>Section</u> <u>4.01(e)</u> shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in <u>Section</u> <u>4.01(a)</u>, <u>Section</u> <u>4.01(b)</u> and <u>Section</u> <u>4.01(c)</u> above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>Section</u> <u>4.01(e)</u> were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this <u>Section</u> <u>4.01(e)</u>. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this <u>Section</u> <u>4.01(e)</u> from any person who was not guilty of such fraudulent misrepresentation.

**ARTICLE V.** 

**MISCELLANEOUS** 

**Section 5.01 Notices**. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, or telegram. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third Business Day following the date on which it is mailed, in the case of notices delivered by courier service, telegram and hand delivery, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) and in the case of electronic mail and telecopy, when sent. Any notice or communication under this Agreement must be addressed, if to the Company, to: 2000 Market Street, Suite 910, Philadelphia, PA 19103, Attention: Jeffrey Slotterback, and, if to any Holder, at such Holder's address as set forth on the signature pages hereto. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective upon receipt of such notice as provided in this <u>Section</u> <u>5.01</u>.

------

**Section 5.02 Assignment; No Third Party Beneficiaries**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement and the rights, duties and obligations of the Holders of Registrable Securities hereunder may be freely assigned or delegated by such Holder of Registrable Securities in conjunction with and to the extent of any transfer of Registrable Securities by any such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement and this <u>Section</u> <u>5.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No assignment by any party hereto of such party's rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in <u>Section</u> <u>5.01</u> and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this <u>Section</u> <u>5.02</u> shall be null and void.

**Section 5.03 Counterparts**. This Agreement may be executed in multiple counterparts (including electronic PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

**Section 5.04 Governing Law**. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS AMONG DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

**Section 5.05 Amendments and Modifications**. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

------

**Section 5.06 Other Registration Rights**. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions among the parties and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

**Section 5.07 Term**. This Agreement shall terminate upon the date as of which no Holders (or permitted assignees under <u>Section</u> <u>5.02</u>) hold any Registrable Securities. The provisions of <u>Section</u> <u>3.05</u> and <u>Article</u> <u>IV</u> shall survive any termination.

[SIGNATURE PAGES FOLLOW]

------

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **WHITEHAWK MINERALS CORP.** | **WHITEHAWK MINERALS CORP.** |
| **By:** | |
|  | Name: [•] |
|  | Title: [•] |
| **HOLDERS:** | **HOLDERS:** |
| **[HOLDER 1]** | **[HOLDER 1]** |
| **By:** |  |
|  | Name: [•] |
|  | Title: [•] |
| **Address: [•]** | **Address: [•]** |
| **[HOLDER 2]** | **[HOLDER 2]** |
| **By:** |  |
|  | Name: [•] |
|  | Title: [•] |
| **Address: [•]** | **Address: [•]** |

---

[*Signature Page to Registration Rights Agreement*]

## Exhibit 10.8

**Exhibit 10.8** 

**FORM OF** 

**AMENDED AND RESTATED** 

**AGREEMENT OF LIMITED PARTNERSHIP** 

**OF** 

**WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.** 

Dated as of [•], 2026

THE UNITS REPRESENTED BY THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

------

**Table of Contents** 

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| | | |
|:---|:---|:---|
|  ARTICLE I. DEFINITIONS | ARTICLE I. DEFINITIONS | 2 |
|  ARTICLE II. ORGANIZATIONAL MATTERS | ARTICLE II. ORGANIZATIONAL MATTERS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01 | Formation of Partnership | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02 | Amended and Restated Limited Partnership Agreement | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03 | Name | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.04 | Purpose | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.05 | Principal Office; Registered Office | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.06 | Term | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.07 | No Joint Venture | 17 |
|  ARTICLE III. PARTNERS; UNITS; CAPITALIZATION | ARTICLE III. PARTNERS; UNITS; CAPITALIZATION | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01 | Partners | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02 | Units | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03 | Corporation Contribution and Management Contribution | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.04 | Authorization and Issuance of Additional Units | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.05 | Repurchases or Redemptions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.06 | Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.07 | Negative Capital Accounts | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.08 | No Withdrawal | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.09 | Loans From Partners | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Equity Plans | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan | 23 |
|  ARTICLE IV. DISTRIBUTIONS | ARTICLE IV. DISTRIBUTIONS | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01 | Distributions | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02 | Restricted Distributions | 27 |
|  ARTICLE V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS | ARTICLE V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01 | Capital Accounts | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02 | Book Allocations | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03 | Regulatory and Special Allocations | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04 | Tax Allocations | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05 | Withholding; Indemnification and Reimbursement for Payments on Behalf of a Partner | 33 |

---

i

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---

| | | |
|:---|:---|:---|
|  ARTICLE VI. MANAGEMENT | ARTICLE VI. MANAGEMENT | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01 | Authority of General Partner | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.02 | Actions of the General Partner | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.03 | Transfer and Withdrawal of General Partner | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.04 | Transactions Between Partnership and General Partner | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.05 | Reimbursement for Expenses | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.06 | Delegation of Authority | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.07 | Limitation of Liability of the General Partner | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.08 | Investment Company Act | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.09 | Outside Activities of the Corporation and the General Partner | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10 | Standard of Care | 39 |
|  ARTICLE VII. RIGHTS AND OBLIGATIONS OF PARTNERS | ARTICLE VII. RIGHTS AND OBLIGATIONS OF PARTNERS | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01 | Limitation of Liability and Duties of Partners; Investment Opportunities | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.02 | Lack of Authority | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.03 | No Right of Partition | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.04 | Indemnification | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.05 | Limited Partners' Right to Act | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.06 | Inspection Rights | 42 |
|  ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS | ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01 | Records and Accounting | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02 | Fiscal Year | 43 |
|  ARTICLE IX. TAX MATTERS | ARTICLE IX. TAX MATTERS | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.01 | Preparation of Tax Returns | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.02 | Tax Elections | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.03 | Tax Controversies | 44 |
|  ARTICLE X. RESTRICTIONS ON TRANSFER OF UNITS | ARTICLE X. RESTRICTIONS ON TRANSFER OF UNITS | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.01 | Transfers by Partners | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.02 | Permitted Transfers | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.03 | Restricted Units Legend | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.04 | Transfer | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.05 | Assignee's Rights | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.06 | Assignor's Rights and Obligations | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.07 | Overriding Provisions | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.08 | Lock-Up Restrictions | 48 |
|  ARTICLE XI. REDEMPTION AND EXCHANGE RIGHTS | ARTICLE XI. REDEMPTION AND EXCHANGE RIGHTS | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.01 | Redemption Right of a Limited Partner | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.02 | Contribution of the Corporation | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.03 | Exchange Right of the Corporation | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.04 | Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation | 55 |

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ii

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.05 | Effect of Exercise of Redemption or Exchange Right | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.06 | Tax Treatment | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.07 | Series B Preferred Units | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.08 | Series D Preferred Units | 55 |
|  ARTICLE XII. ADMISSION OF LIMITED PARTNERS | ARTICLE XII. ADMISSION OF LIMITED PARTNERS | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.01 | Substituted Limited Partners | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.02 | Additional Limited Partners | 57 |
|  ARTICLE XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS | ARTICLE XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.01 | Withdrawal and Resignation of Limited Partners | 57 |
|  ARTICLE XIV. DISSOLUTION AND LIQUIDATION | ARTICLE XIV. DISSOLUTION AND LIQUIDATION | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.01 | Dissolution | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.02 | Liquidation and Termination | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.03 | Deferment; Distribution in Kind | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.04 | Cancellation of Certificate | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.05 | Reasonable Time for Winding Up | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 14.06 | Return of Capital | 60 |
|  ARTICLE XV. VALUATION | ARTICLE XV. VALUATION | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.01 | Determination | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 15.02 | Dispute Resolution | 60 |
|  ARTICLE XVI. GENERAL PROVISIONS | ARTICLE XVI. GENERAL PROVISIONS | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.01 | Power of Attorney | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.02 | Confidentiality | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.03 | Amendments | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.04 | Title to Partnership Assets | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.05 | Addresses and Notices | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.06 | Binding Effect; Intended Beneficiaries | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.07 | Creditors | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.08 | Waiver | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.09 | Counterparts | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.10 | Applicable Law | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.11 | Severability | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.12 | Further Action | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.13 | Delivery by Electronic Transmission | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.14 | Right of Offset | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.15 | Effectiveness | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.16 | Entire Agreement | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.17 | Remedies | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 16.18 | Descriptive Headings; Interpretation | 65 |

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iii

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<u>Exhibits</u> 

Exhibit A – Initial Schedule of Limited Partners

Exhibit B – Form of Joinder Agreement

Exhibit C – Policy Regarding Certain Equity Issuances

iv

------

**AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP** 

**WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.** 

This AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this "***Agreement***") of WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership (the "***Partnership***"), dated as of [•], 2026, is adopted, executed and agreed to by and among WhiteHawk Income OP GP LLC, a Delaware limited liability company, as the sole general partner of the Partnership (the "***General Partner***"), and each of the Limited Partners (as defined herein) set forth on the signature pages hereto.

WHEREAS, the Partnership was formed as a limited partnership pursuant to and in accordance with the Delaware Act (as defined herein) by filing a Certificate of Limited Partnership of the Partnership (the "***Certificate***") with the Secretary of State of the State of Delaware on November 24, 2025; and

WHEREAS, the General Partner, as the sole general partner of the Partnership, entered into an Agreement of Limited Partnership of the Partnership, dated as of January 27, 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time to but excluding the date hereof, together with all schedules, exhibits and annexes thereto, the "***Initial Limited Partnership Agreement***")***,*** with WhiteHawk Minerals Corp., a Delaware corporation, formerly known as WhiteHawk Income Corporation (the "***Corporation***"), as the sole limited partner of the Partnership;

WHEREAS, the Corporation entered into a Contribution Agreement (the "***Contribution Agreement***"), by and among the Partnership, WhiteHawk Management, LLC, a Delaware limited liability company ("***ManagementCo***") and WhiteHawk Minerals LLC, a Delaware limited liability company (the "***Management Contributor***");

WHEREAS, at the Closing, the Corporation shall contribute to the Partnership, as a capital contribution, cash in exchange for the issuance by the Partnership to the Corporation of a number of Common Units (as defined below) equal to the number of shares of Class A Common Stock (as defined below) outstanding at the Closing after the consummation of the Transactions (as defined below) (such contribution, the "***Corporation Contribution***");

WHEREAS, the Contribution Agreement further provides that (i) on the Contribution Date (as defined in the Contribution Agreement), the Management Contributor will contribute to the Partnership 100% of the outstanding equity interests in ManagementCo in exchange for Common Units, and (ii) at the Closing, the Management Contributor will subscribe for a corresponding number of shares of Class B Common Stock, in each case, as set forth in the Contribution Agreement (such contribution and subscription, the "***Management Contribution***" and, together with the Corporation Contribution, the "***Contributions***"); as a result of the Management Contribution, ManagementCo will become a wholly owned subsidiary of the Partnership and the Corporation will become internally managed (the "***Internalization***");

------

WHEREAS, the parties are entering into this Agreement to amend and restate the Initial Limited Partnership Agreement effective as of the Effective Time to reflect (a) the Corporation Contribution and the Management Contribution and the admission of the Management Contributor as a Limited Partner and Continuing Equity Owner (as defined herein) and (b) the rights and obligations of the Partners that are enumerated and agreed upon in the terms of this Agreement effective as of the Effective Time, at which time the Initial Limited Partnership Agreement shall be superseded entirely by this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants, rights and obligations set forth herein and other good and valuable consideration, the receipt and sufficiency of which each Partner (as defined herein) hereby acknowledges and confesses, the parties hereto hereby agree as follows:

ARTICLE I.

DEFINITIONS

The following definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary.

"***Additional Limited Partner***" has the meaning set forth in <u>Section</u> <u>12.02</u>.

"***Adjusted Capital Account Deficit***" means, with respect to the Capital Account of any Partner as of the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Partner's Capital Account balance shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) reduced for any items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increased for any amount such Partner is obligated to contribute or is treated as being obligated to contribute
to the Partnership pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i)(5) (relating to minimum gain).

"***Adjusted Taxable Income***" means, with respect to any Partner, the estimated or actual cumulative taxable income or gain of the Partnership, as determined for U.S. federal and applicable state and local income tax purposes, allocated to such Partner with respect to Common Units for full or partial Fiscal Years commencing on or after the Effective Date *less* prior losses of the Partnership allocated to such Partner with respect to Common Units for full or partial Fiscal Years commencing on or after the Effective Date to the extent such prior losses are available to reduce such income or gain and have not previously been taken into account in the calculation of Adjusted Taxable Income for any prior period, in each case, as determined by the General Partner; *provided*, that, for the avoidance of doubt, such taxable income shall be computed by taking into account (i) any special basis adjustment under Sections 734 or 743 of the Code resulting from an election by the Partnership under Section 754 of the Code, (ii) any income, gain, loss or deduction under Section 704(c) of the Code and (iii) as determined by the General Partner in its sole discretion, any other items (including limitations thereon) that affect a Partner's actual or deemed tax liability attributable to its allocable share of Partnership income (e.g, net operating loss and excess interest expense limitations and tax credits) with respect to Common Units for the relevant full or partial Fiscal Year.

"***Admission Date***" has the meaning set forth in <u>Section</u> <u>10.06</u>.

------

"***Affiliate***" (and, with a correlative meaning, "***Affiliated***") means, with respect to a specified Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition, "control" (including with correlative meanings, "controlled by" and "under common control with") means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of voting securities or by contract or other agreement).

"***Agreement***" has the meaning set forth in the preamble to this Agreement.

"***Appraisers***" has the meaning set forth in <u>Section</u> <u>15.02</u>.

"***Assignee***" means a Person to whom a Limited Partner Interest has been transferred but who has not become a Limited Partner pursuant to <u>Article</u> <u>XII</u>.

"***Assumed Tax Liability***" means, with respect to any Partner, for each Fiscal Year or Fiscal Quarter of the Partnership, an amount equal to the product of (i) Adjusted Taxable Income *multiplied by* (ii) the Tax Rate.

"***Base Rate***" means, on any date, a variable 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.

"***Black-Out Period***" means any "black-out" or similar period under the Corporation's policies covering trading in the Corporation's securities to which the applicable Redeemed Partner is subject, which period restricts the ability of such Redeemed Partner to immediately resell shares of Class A Common Stock to be delivered to such Redeemed Partner in connection with a Share Settlement.

"***Book Value***" means, with respect to any Partnership property, the Partnership's adjusted basis for U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulations Sections 1.704-1(b)(2)(iv)(d)-(g) and 1.704-1(b)(2)(iv)(s); *provided*, that if any noncompensatory options are outstanding upon the occurrence of any adjustment described herein, the Partnership shall adjust the Book 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); *provided further*, that the Partnership shall adjust the Book Value of its properties upon the issuance of any Management Contribution Earn Out Units in accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s).

"***Business Day***" means any day other than a Saturday or a Sunday or a day on which banks located in New York City, New York generally are authorized or required by Law to close.

"***Cash Amount***" means, immediately available funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent; provided, that such funds are (i) in the case of a Redemption occurring in connection with the closing of the IPO, funds that are received from the IPO and (ii) in any other case, funds that are received from a Qualifying Offering; for the avoidance of doubt, such funds shall be equal to the net proceeds received by the Corporation from the IPO or Qualifying Offering, as applicable, determined after deduction of the Discount.

------

"***Capital Account***" means the capital account maintained for a Partner in accordance with <u>Section</u> <u>5.01</u>.

"***Capital Contribution***" means, with respect to any Partner, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Partner contributes (or is deemed to contribute) to the Partnership pursuant to <u>Article</u> <u>III</u> hereof.

"***Certificate***" has the meaning set forth in the recitals to this Agreement.

"***Change of Control Transaction***" means (a) a sale of all or substantially all of the Partnership's assets determined on a consolidated basis, (b) a sale of a majority of the Partnership's outstanding Units (other than (i) to the Corporation or (ii) in connection with a Redemption or Direct Exchange in accordance with <u>Article</u> <u>XI</u>) or (c) a sale of a majority of the outstanding voting securities of any Material Subsidiary of the Partnership; in any such case, whether by merger, recapitalization, consolidation, reorganization, combination or otherwise; *provided*, *however*, that neither (w) a transaction solely between the Partnership or any of its wholly owned Subsidiaries, on the one hand, and the Partnership or any of its wholly owned Subsidiaries, on the other hand, nor (x) a transaction solely for the purpose of changing the jurisdiction of domicile of the Partnership, nor (y) a transaction solely for the purpose of changing the form of entity of the Partnership, nor (z) a sale of a majority of the outstanding shares of Class A Common Stock, whether by merger, recapitalization, consolidation, reorganization, combination or otherwise, shall in each case of clauses (w), (x), (y) and (z) constitute a Change of Control Transaction.

"***Class A Common Stock***" means the Class A Common Stock, par value $0.0001 per share, of the Corporation.

"***Class B Common Stock***" means the Class B Common Stock, par value $0.0001 per share, of the Corporation.

"***Closing***" means the closing of the initial public offering of the Corporation's Class A Common Stock.

"***Code***" means the United States Internal Revenue Code of 1986, as amended.

"***Common Stock***" means all classes and series of common stock of the Corporation, including the Class A Common Stock and the Class B Common Stock.

"***Corresponding Rights***" means any rights issued with respect to a share of Class A Common Stock, Class B Common Stock or any other Equity Securities of the Corporation pursuant to a "poison pill" or similar stockholder rights plan approved by the Corporate Board.

"***Common Unit***" means a Unit representing a fractional part of the Limited Partner Interests of the Limited Partners and having the rights and obligations specified with respect to the Common Units in this Agreement.

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"***Common Unit Percentage Interest***" means, with respect to a Partner at a particular time, such Partner's percentage interest in the Common Units of the Partnership determined by dividing such Partner's Common Units by the total Common Units of all Partners at such time. The Percentage Interest of each Partner shall be calculated to the 4th decimal place, and the Percentage Interest with respect to the General Partner Interest shall at all times be zero.

"***Common Unit Redemption Price***" means the price per share for which shares of Class A Common Stock are sold by the Corporation in the IPO or applicable Qualifying Offering, as applicable, after taking into account any Discount.

"***Continuing Equity Owners***" means the holders of Common Units identified on Table I of Exhibit A hereto (which term has a corresponding meaning under the Corporate Charter).

"***Contribution Agreement***" has the meaning set forth in the recitals to this Agreement.

"***Contributions***" has the meaning set forth in the recitals to this Agreement.

"***Corporate Board***" means the Board of Directors of the Corporation.

"***Corporate Charter***" means the Amended and Restated Certificate of Incorporation of the Corporation, which is effective substantially concurrently with the effectiveness of this Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.

"***Corporation***" has the meaning set forth in the recitals to this Agreement, together with its successors and assigns.

"***Credit Agreement***" means any senior credit facility or obligation of the Partnership or any of its Subsidiaries, as borrower, as may be subsequently 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).

"***Delaware Act***" means the Delaware Revised Uniform Limited Partnership Act, 6 Del.L. § 17-101, *et seq.*, as it may be amended from time to time, and any successor thereto.

"***Depletable Property***" means each separate oil and gas property as defined in Code Section 614.

"***Direct Exchange***" has the meaning set forth in <u>Section</u> <u>11.03(a)</u>.

"***Discount***" has the meaning set forth in <u>Section</u> <u>6.05</u>.

"***Distributable Cash***" shall mean, as of any relevant date on which a determination is being made by the General Partner regarding a potential distribution pursuant to <u>Section</u> <u>4.01(a)</u> and <u>Section</u> <u>4.01(b)</u>, the amount of cash that could be distributed by the Partnership for such purposes in accordance with the Credit Agreement (and without otherwise violating any applicable provisions of the Credit Agreement or any other debt financing of the Partnership or its Subsidiaries).

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"***Equity Plan***" means any stock or equity purchase plan, restricted stock, option, stock unit, restricted stock unit, dividend equivalent, appreciation right, phantom equity or other incentive equity or equity-based plan or program now or hereafter adopted by the Partnership or the Corporation, including without limitation the WhiteHawk Minerals Corp. 2026 Equity Incentive Plan (as amended and restated).

"***Equity Securities***" means (i) with respect to the Partnership or any of its Subsidiaries, (a) Units or other equity interests in the Partnership or any Subsidiary of the Partnership (including other classes or groups thereof having such relative rights, powers and duties as may from time to time be established by the General Partner pursuant to the provisions of this Agreement, including rights, powers and/or duties senior to existing classes and groups of Units and other equity interests in the Partnership or any Subsidiary of the Partnership), (b) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into Units or other equity interests in the Partnership or any Subsidiary of the Partnership, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity interests in the Partnership or any Subsidiary of the Partnership and (ii) with respect to the 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.

"***Event of Withdrawal***" means the expulsion, bankruptcy or dissolution of a Partner or the occurrence of any other event that terminates the continued partnership of a Partner in the Partnership. "Event of Withdrawal" shall not include an event that does not terminate the existence of such Partner under applicable state law (or, in the case of a trust that is a Partner, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Limited Partner Interests of such trust that is a Limited Partner).

"***Excess Assets***" has the meaning set forth in <u>Section</u> <u>3.04(c).</u>

"***Excess Cash***" has the meaning set forth in <u>Section</u> <u>3.04(c).</u>

"***Excess Loan Receivables***" has the meaning set forth in <u>Section</u> <u>3.04(c)</u>.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended.

"***Exchange Election Notice***" has the meaning set forth in <u>Section</u> <u>11.03(b)</u>.

"***Fair Market Value***" means, with respect to any asset, its fair market value determined according to <u>Article</u> <u>XV</u>.

"***Fiscal Period***" means any interim accounting period within a Taxable Year established by the Partnership and which is permitted or required by Section 706 of the Code.

"***Fiscal Quarter***" shall mean (i) the period commencing on the date of this Agreement and ending on quarter end, (ii) any subsequent three-month period commencing on each of January 1, April 1, July 1, and October 1 and ending on the last date before the next such date and (iii) the period commencing on the immediately preceding January 1, April 1, July 1, or October 1, as the case may be, and ending on the date on which all property is distributed to the Partners pursuant to Article XIV hereof.

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"***Fiscal Year***" means the Partnership's annual accounting period established pursuant to <u>Section</u> <u>8.02</u>.

"***General Partner***" means WhiteHawk Income OP GP LLC, a Delaware limited liability company, and its successors and permitted assigns as general partner of the Partnership. The General Partner, in its capacity as such, has no obligation to make Capital Contributions or right to receive Distributions under this Agreement.

"***General Partner Change of Control***" shall be deemed to have occurred if or upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) both the stockholders of the Corporation and the Corporate Board approve, in accordance with the
Corporation's certificate of incorporation and applicable law, the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the Corporation's assets (determined on a consolidated basis),
including a sale of all of the equity interests in the Partnership, to any Person or group (as such term is used in Section 13(d)(3) of the Exchange Act), other than to any directly or indirectly wholly owned Subsidiary of the Corporation, and
such sale, lease or transfer is consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) both the stockholders of the Corporation and the Corporate Board approve, in accordance with the
Corporation's certificate of incorporation and applicable law, a merger or consolidation of the Corporation with any other Person, other than a merger or consolidation which would result in the Voting Securities of the Corporation outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 50.01% of the total voting power represented by the Voting Securities of the
Corporation or such surviving entity outstanding immediately after such merger or consolidation, and such merger or consolidation is consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition, directly or indirectly, by any Person or group (as such term is used in Section 13(d)(3)
of the Exchange Act) (other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation, or (b) a corporation or other entity owned, directly or indirectly, by all of the stockholders of the
Corporation in substantially the same proportions as their ownership of stock of the Corporation) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of at least 50.01% of the aggregate
voting power of the Voting Securities of the Corporation; *provided*, that the Corporate Board recommends or otherwise approves or determines that such acquisition is in the best interests of the Corporation and its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation ceases to beneficially own, directly or indirectly, one hundred percent (100%) of the
outstanding equity interests in the General Partner (other than any transfer or assignment permitted under Section 6.03(a));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the General Partner is dissolved, liquidated, or otherwise ceases to exist (other than in connection with a
reconstitution, conversion, merger, consolidation or transfer permitted under Section 6.03(a)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Corporation or the General Partner otherwise no longer has voting control over the Partnership (other than
in connection with a reconstitution, conversion, merger, consolidation or transfer permitted under Section 6.03(a)).

"***General Partner Interest***" means the non-economic management interest of the General Partner in the Partnership (in its capacity as a general partner without reference to any Limited Partner Interest held by it) and includes any and all rights, powers and benefits to which the General Partner is entitled as provided in this Agreement, together with all obligations of the General Partner to comply with the terms and provisions of this Agreement. The General Partner Interest does not include any rights to Profits or Losses or any rights to receive Distributions from operations or upon the liquidation or winding-up of the Partnership.

"***Governmental Entity***" means (a) the United States of America, (b) any other sovereign nation, (c) any state, province, district, territory or other political subdivision of (a) or (b) of this definition, including any county, municipal or other local subdivision of the foregoing, or (d) any entity exercising executive, legislative, judicial, regulatory or administrative functions of government on behalf of (a), (b) or (c) of this definition.

"***Indemnified Person***" has the meaning set forth in <u>Section</u> <u>7.04(a)</u>.

"***Independent Directors***" means the members of the Corporate Board who qualify as an independent director pursuant to applicable SEC Guidance and the rules of the stock exchange on which the Common Stock is traded. For purposes of any election to be made by the Corporation between a Cash Amount and a Share Settlement upon a Redemption of Common Units, the Independent Directors shall exclude any director who is (i) the beneficial owner of such Common Units; (ii) Affiliated with the beneficial owner of such Common Units; or (iii) serving on the Corporate Board as a nominee of the beneficial owner of such Common Units or its Affiliates.

"***Initial Limited Partnership Agreement***" has the meaning set forth in the recitals to this Agreement.

"***Internalization***" has the meaning set forth in the recitals to this Agreement.

"***Investment Company Act***" means the U.S. Investment Company Act of 1940, as amended from time to time.

"***IPO***" means the initial underwritten public offering of shares of the Corporation's Class A Common Stock.

"***Joinder***" means a joinder to this Agreement, in form and substance substantially similar to <u>Exhibit</u> <u>B</u> to this Agreement.

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"***Law***" means all laws, statutes, ordinances, rules and regulations of any Governmental Entity, any foreign country and each state, commonwealth, city, county, municipality, regulatory body, agency or other political subdivision thereof.

"***Limited Partner***" means, as of any date of determination, (a) each of the partners named on the Schedule of Limited Partners included as <u>Exhibit A</u> hereto and (b) any Person admitted to the Partnership as a Substituted Limited Partner or Additional Limited Partner in accordance with <u>Article</u> <u>XII</u>, but in each case only so long as such Person is shown on the Partnership's books and records as the owner of one or more Units.

"***Limited Partner Interest***" means the interest of a Partner in Profits, Losses and Distributions.

"***Losses***" means items of Partnership loss or deduction determined according to <u>Section</u> <u>5.01(b)</u>.

"***Market Price***" means, with respect to a share of Class A Common Stock as of a specified date, the last sale price per share of Class A Common Stock, regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of Class A Common Stock, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the Stock Exchange or, if the Class A Common Stock is not listed or admitted to trading on the Stock Exchange, as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Class A Common Stock is listed or admitted to trading or, if the Class A Common Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if the Class A Common Stock is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available for the shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good faith by the Corporate Board.

"***Material Subsidiary***" means any direct or indirect Subsidiary of the Partnership that, as of any date of determination, represents more than (a) 50% of the consolidated net tangible assets of the Partnership or (b) 50% of the consolidated net income of the Partnership before interest, taxes, depreciation and amortization.

"***Management Contribution Earn Out Units***" has the meaning set forth in <u>Section</u> <u>3.03(b)</u>.

"***Management Contributor***" has the meaning set forth in the recitals to this Agreement.

"***ManagementCo***" has the meaning set forth in the recitals to this Agreement.

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"***Minimum Redemption Number***" means, with respect to any Redemption by any Limited Partner, the lesser of (i) [•] Common Units and (ii) all of the Common Units held by such Limited Partner.

"***Officer***" has the meaning set forth in <u>Section</u> <u>6.01(b)</u>.

"***One-to-One Ratios***" has the meaning set forth in <u>Section</u> <u>3.04(a)(i)</u>.

"***Other Agreements***" has the meaning set forth in <u>Section</u> <u>10.04</u>.

"***Partner***" means the General Partner or any Limited Partner.

"***Partner Minimum Gain***" means "partner nonrecourse debt minimum gain" as defined in Treasury Regulations Section 1.704-2(i)(3).

"***Partnership***" has the meaning set forth in the preamble to this Agreement.

"***Partnership Employee***" means an employee of, or other service provider to, the Partnership or any Subsidiary, in each case acting in such capacity.

"***Partnership Minimum Gain***" means "partnership minimum gain" determined pursuant to Treasury Regulations Section 1.704-2(d).

"***Partnership Representative***" has the meaning set forth in <u>Section</u> <u>9.03</u>.

"***Permitted Transfer***" has the meaning set forth in <u>Section</u> <u>10.02</u>.

"***Permitted Transferee***" has the meaning set forth in <u>Section</u> <u>10.02</u>.

"***Person***" means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity.

"***Pro rata***," "***proportional***," "***in proportion to***," and other similar terms, means, with respect to the holder of Units, pro rata based upon the number of such Units held by such holder as compared to the total number of Units outstanding.

"***Profits***" means items of Partnership income and gain determined according to <u>Section</u> <u>5.01(b)</u>.

"***Qualifying Offering***" means a private or public offering of shares of Class A Common Stock by the Corporation following the IPO.

"***Reclassification Event***" means any of the following: (i) any reclassification or recapitalization of 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 <u>Section</u> <u>3.04</u>), (ii) any merger, consolidation or other combination involving the Corporation, or (iii) any sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of the Corporation to any other Person, in each of clauses (i), (ii) or (iii), as a result of which holders of Common Stock shall be entitled to receive cash, securities or other property for their shares of Common Stock.

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"***Redeemed Partner***" has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

"***Redeemed Units***" has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

"***Redeemed Units Equivalent***" means the product of (a) the applicable number of Redeemed Units, *multiplied by* (b) the Common Unit Redemption Price.

"***Redeeming Persons***" has the meaning set forth in <u>Section</u> <u>11.01(h)</u>.

"***Redemption***" has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

"***Redemption Date***" has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

"***Redemption Notice***" has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

"***Redemption Notice Date***" has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

"***Redemption Right***" has the meaning set forth in <u>Section</u> <u>11.01(a)</u>.

"***Registration Rights Agreement***" means that certain Registration Rights Agreement, dated as of the date hereof, by and among the Corporation and the parties thereto.

"***Regulatory Allocations***" has the meaning set forth in <u>Section</u> <u>5.03(h)</u>.

"***Related Person***" has the meaning set forth in <u>Section</u> <u>7.01(c)</u>.

"***Relative***" means, with respect to any natural person: (a) such natural person's spouse; (b) any lineal descendant, parent, grandparent, great grandparent or sibling or any lineal descendant of such sibling (in each case whether by blood or legal adoption); and (c) the spouse of a natural person described in clause (b) of this definition.

"***Retraction Notice***" has the meaning set forth in <u>Section</u> <u>11.01(c)</u>.

"***Partnership Audit Provisions***" shall mean Section 1101 of Title XI (Revenue Provisions Related to Tax Compliance) of the Bipartisan Budget Act of 2015, H.R. 1314, Public Law Number 114-74, as amended. Unless the context requires otherwise, any reference herein to a specific section of the Partnership Audit Provisions shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period.

"***Schedule of Limited Partners***" has the meaning set forth in <u>Section</u> <u>3.01(b)</u>.

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

"***SEC Guidance***" means (a) any publicly available written or oral interpretations, questions and answers, guidance and forms of the SEC, (b) any oral or written comments, requirements or requests of the SEC or its staff, (c) the Securities Act and the Exchange Act and (d) any other rules, bulletins, releases, manuals and regulations of the SEC.

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"***Securities Act***" means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law.

"***Settlement Method Notice***" has the meaning set forth in <u>Section</u> <u>11.01(b)</u>.

"***Series B Accrued Distributions***" has the meaning set forth in <u>Section</u> <u>4.01(c)</u>.

"***Series B Annual Rate***" means ten percent (10%) per annum of the Series B Stated Value, as such rate may be adjusted from time to time to correspond to the dividend rate applicable to the Series B Preferred Stock under the Corporate Charter.

"***Series B Liquidation Preference***" means, with respect to each Series B Preferred Unit as of any date of determination, an amount equal to the Series B Stated Value *plus* all accrued and unpaid Series B Accrued Distributions thereon to (but excluding) such date.

"***Series B Preferred Contribution Amount***" means, with respect to each Series B Preferred Unit issued to the Corporation, an amount equal to the Series B Stated Value, as adjusted to reflect any subsequent contributions to capital by the Corporation in respect of such Series B Preferred Unit.

"***Series B Preferred Stock***" means the Series B Preferred Stock, par value $0.0001 per share, of the Corporation, having the rights, preferences and privileges set forth in the Corporate Charter (including the certificate of designations applicable thereto).

"***Series B Preferred Unit***" means a Unit designated as a "Series B Preferred Unit" and having the rights and obligations specified with respect to the Series B Preferred Units in this Agreement.

"***Series B Stated Value***" means $1,000 per Series B Preferred Unit, subject to appropriate adjustment in the event of any unit distribution, unit split, combination or other similar recapitalization with respect to the Series B Preferred Units.

"***Series D Accrued Distributions***" has the meaning set forth in <u>Section</u> <u>4.01(d)</u>.

"***Series D Annual Rate***" means (i) from and including the date of issuance to (and including) December 31, 2027, fourteen percent (14%) per annum, and (ii) after December 31, 2027, eighteen percent (18%) per annum, in each case of the Series D Stated Value, as such rates may be adjusted from time to time to correspond to the Dividend Rate applicable to the Series D Preferred Stock under the Corporate Charter.

"***Series D Dividend Cutoff Date***" means December 31, 2028.

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"***Series D Liquidation Preference***" means, with respect to each Series D Preferred Unit as of any date of determination, an amount equal to the Series D Stated Value *plus* all accrued and unpaid Series D Accrued Distributions thereon to (but excluding) such date, *plus* the Series D Minimum Return Payment, if applicable.

"***Series D Minimum Return***" means a return of eight percent (8%) per Series D Preferred Unit upon the payment of all Distributions thereon and all liquidation, redemption and other cash payments, as applicable, made by the Partnership to the Corporation, as the holder of such Series D Preferred Unit, with respect to such Series D Preferred Unit, in each case to correspond to the "Minimum Return" payable on the corresponding share of Series D Preferred Stock under the Corporate Charter.

"***Series D Minimum Return Payment***" means an additional Distribution required to be made to the Corporation, as the holder of the Series D Preferred Units, in connection with a redemption, repurchase or acquisition of, or liquidating distribution in respect of, the Series D Preferred Units, in an amount such that, together with the Series D Stated Value, all Series D Accrued Distributions and all other Distributions made by the Partnership to the Corporation in respect of such Series D Preferred Units, the Corporation shall have received the Series D Minimum Return.

"***Series D Preferred Contribution Amount***" means, with respect to each Series D Preferred Unit issued to the Corporation, an amount equal to the Series D Stated Value, as adjusted to reflect any subsequent contributions to capital by the Corporation in respect of such Series D Preferred Unit.

"***Series D Preferred Stock***" means the Series D Preferred Stock, par value $0.0001 per share, of the Corporation, having the rights, preferences and privileges set forth in the Corporate Charter (including the certificate of designations applicable thereto).

"***Series D Preferred Unit***" means a Unit designated as a "Series D Preferred Unit" and having the rights and obligations specified with respect to the Series D Preferred Units in this Agreement.

"***Series D Stated Value***" means $1,000 per Series D Preferred Unit, subject to appropriate adjustment in the event of any unit distribution, unit split, combination or other similar recapitalization with respect to the Series D Preferred Units.

"***Share Settlement***" means, with respect to any Redeemed Units, a number of shares of Class A Common Stock equal to the number of such Redeemed Units (together with any Corresponding Rights).

"***Simulated Basis***" means, with respect to each Depletable Property, the Book Value of such property. For purposes of such computation, the Simulated Basis of each Depletable Property (including any additions to such Simulated Basis resulting from expenditures required to be capitalized in such Simulated Basis) shall be allocated to each Partner in accordance with such Partner's relative Common Unit Percentage Interest as of the time such Depletable Property (or such addition to such Simulated Basis resulting from expenditures required to be capitalized in such Simulated Basis) is acquired (or expended) by the Partnership, and shall be reallocated

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among the Partners in accordance with the Partners' Common Unit Percentage Interests as determined immediately following the occurrence of an event giving rise to an adjustment to the Book Value of the Partnership's Depletable Properties pursuant to the definition of Book Value. Upon a transfer by a Partner of any Units, a portion of the Simulated Basis allocated to such Partner shall be reallocated to the transferee in accordance with the relative Common Unit Percentage Interest transferred.

"***Simulated Depletion***" means, with respect to each Depletable Property, a depletion allowance computed in accordance with U.S. federal income tax principles and in a manner specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2), using the depletion method selected by the General Partner. For purposes of computing Simulated Depletion with respect to any Depletable Property, in no event shall such allowance, in the aggregate, exceed the Simulated Basis of such Depletable Property. If the Book Value of a Depletable Property is adjusted pursuant to the definition of Book Value during a Taxable Year or other Fiscal Period, following such adjustment Simulated Depletion shall thereafter be calculated under the foregoing provisions based upon such adjusted Book Value.

"***Simulated Gain***" means the excess, if any, of the amount realized from the sale or other disposition of a Depletable Property over the Book Value of such Depletable Property and determined pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2).

"***Simulated Loss***" means the excess, if any, of the Book Value of a Depletable Property over the amount realized from the sale or other disposition of such Depletable Property and determined pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2).

"***Stock Exchange***" means the New York Stock Exchange.

"***Subsidiary***" means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, references to a "Subsidiary" of the Partnership shall be given effect only at such times that the Partnership has one or more Subsidiaries, and, unless otherwise indicated, the term "Subsidiary" refers to a Subsidiary of the Partnership.

"***Substituted Limited Partner***" means a Person that is admitted as a Limited Partner to the Partnership pursuant to <u>Section</u> <u>12.01</u> with all of the rights of a Limited Partner and who is shown as a Limited Partner on the books and records of the Partnership.

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"***Tax Rate***" means a rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate applicable to a corporate or individual taxpayer (whichever is higher) for a Fiscal Year applicable to any Partner, determined by taking into account the character of the relevant tax items (*e.g.*, ordinary or capital), the deductibility of state and local income taxes for federal income tax purposes, to the extent applicable and the deduction under Section 199A of the Code, to the extent applicable, in each case, as reasonably determined by the General Partner; *provided that*, (i) there shall be a single used Tax Rate for all Partners, (ii) if the General Partner is unable to reasonably estimate the highest tax rate applicable to any Partner in accordance with the foregoing, the highest rate shall be such highest rate applicable to a corporation or individual (whichever is higher) residing or otherwise doing business in New York, New York and (iii) if such highest tax rate applies only to a Partner that is or Partners that are receiving an immaterial portion of the aggregate Tax Distributions paid to all Partners pursuant to Section 4.01(b), the General Partner shall be permitted, in its sole discretion, to adjust the Tax Rate to minimize the amount of Tax Distributions in excess of each Partner's Tax Distribution Amount. For the avoidance of doubt, there shall be a single Distribution Tax Rate for all Partners.

"***Tax Distributions***" has the meaning set forth in <u>Section</u> <u>4.01(b)</u>.

"***Tax Distribution Amount***" means, with respect to any Partner, for each Fiscal Year or Fiscal Quarter of the Partnership, an amount equal to the excess of (i) the Assumed Tax Liability with respect to such Partner's Common Units *over* (ii) the cumulative Distributions made to such Partner with respect to such Partner's Common Units after the Effective Date pursuant to <u>Section</u> <u>4.01(a)</u> and <u>4.01(b)</u>; *provided*, that notwithstanding anything to the contrary, the Corporation's Tax Distribution Amount with respect to its Common Units shall in no event be less than the amount of cash the Corporation needs to satisfy its tax liabilities with respect to its Common Units (after taking into account any cash held by the Corporation and available to be used to pay the Corporation's tax liabilities at the relevant time), as determined in the sole discretion of the General Partner.

"***Taxable Year***" means the Partnership's accounting period for U.S. federal income tax purposes determined pursuant to <u>Section</u> <u>9.02</u>.

"***Trading Day***" means a day on which the 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).

"***Transactions***" means the Corporation Contribution, the Management Contribution, the Internalization and the other transactions contemplated by the Contribution Agreement.

"***Transfer***" (and, with a correlative meaning, "***Transferring***") means any sale, transfer, assignment, pledge, encumbrance or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of Law) (a) any interest (legal or beneficial) in any Equity Securities of the Partnership or (b) any equity or other interest (legal or beneficial) in any Partner if substantially all of the assets of such Partner consist solely of Units.

"***Treasury Regulations***" means the regulations promulgated under the Code and any corresponding provisions of succeeding regulations.

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"***Unit***" means a Limited Partner Interest of a Limited Partner or a permitted Assignee in the Partnership and shall include Common Units, Series B Preferred Units and Series D Preferred Units, but shall not include the General Partner Interest.

"***Unvested Corporate Shares***" means shares of Class A Common Stock issued pursuant to an Equity Plan that are not vested pursuant to the terms thereof or any award or similar agreement relating thereto.

"***Value***" means (a) for any Stock Option Plan, the Market Price for the Trading Day immediately preceding the date of exercise of a stock option under such Stock Option Plan and (b) for any Equity Plan other than a Stock Option Plan, the Market Price for the Trading Day immediately preceding the Vesting Date.

"***Vesting Date***" has the meaning set forth in <u>Section</u> <u>3.10(c)</u>.

"***Voting Securities***" means any Equity Securities of the Corporation that are entitled to vote generally in matters submitted for a vote of the Corporation's stockholders or generally in the election of the Corporate Board.

ARTICLE II.

ORGANIZATIONAL MATTERS

Section 2.01 <u>Formation of Partnership</u>. The Partnership was formed on November 24, 2025 pursuant to the provisions of the Delaware Act.

Section 2.02 <u>Amended and Restated Limited Partnership Agreement</u>. The Partners hereby execute this Agreement for the purpose of continuing the affairs of the Partnership and the conduct of its business in accordance with the provisions of the Delaware Act. The Partners hereby agree that during the term of the Partnership set forth in <u>Section</u> <u>2.06</u>, the rights and obligations of the Partners with respect to the Partnership will be determined in accordance with the terms and conditions of this Agreement and the Delaware Act. On any matter upon which this Agreement is silent, the Delaware Act shall control. No provision of this Agreement shall be in violation of the Delaware Act and, to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void and of no effect to the extent of such violation without affecting the validity of the other provisions of this Agreement; *provided*, *however*, that where the Delaware Act provides that a provision of the Delaware Act shall apply "unless otherwise provided in a limited partnership agreement" or words of similar effect, the relevant provisions of this Agreement shall in each instance control; *provided further*, that notwithstanding the foregoing, Section 15-120 of the Delaware Act shall not apply or be incorporated into this Agreement.

Section 2.03 <u>Name</u>. The name of the Partnership shall be "WhiteHawk Income Operating Partnership, L.P." The General Partner in its sole discretion may change the name of the Partnership at any time and from time to time. Notification of any such change shall be given to all of the Partners and, to the extent practicable, to all of the holders of any Equity Securities then outstanding. The Partnership's business may be conducted under its name and/or any other name or names deemed advisable by the General Partner.

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Section 2.04 <u>Purpose</u>. The primary business and purpose of the Partnership shall be to engage in such activities as are permitted under the Delaware Act and determined from time to time by the General Partner in accordance with the terms and conditions of this Agreement.

Section 2.05 <u>Principal Office; Registered Office</u>. The principal office of the Partnership shall be at 2000 Market Street, Suite 910, Philadelphia, Pennsylvania 19103, or such other place as the General Partner may from time to time designate. The address of the registered office of the Partnership in the State of Delaware shall be 1521 Concord Pike, Suite 201, Wilmington, Delaware 19803, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be United Agent Group Inc. The General Partner may from time to time change the Partnership's registered agent and registered office in the State of Delaware.

Section 2.06 <u>Term</u>. The term of the Partnership commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue in existence until termination and dissolution of the Partnership in accordance with the provisions of <u>Article</u> <u>XIV</u>.

Section 2.07 <u>No Joint Venture</u>. The Partners intend that the Partnership not be a joint venture, and that no Partner be a joint venturer of any other Partner by virtue of this Agreement, and neither this Agreement nor any other document entered into by the Partnership or any Partner relating to the subject matter hereof shall be construed to suggest otherwise.

ARTICLE III.

PARTNERS; UNITS; CAPITALIZATION

Section 3.01 <u>Partners</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation previously was admitted as a Limited Partner and shall remain a Limited Partner of the Partnership, and the General Partner previously was admitted as the sole general partner of the Partnership and shall remain the sole general partner of the Partnership, in each case, upon the Effective Time. At the Effective Time, the Management Contributor shall be admitted to the Partnership as a Limited Partner and a Continuing Equity Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Partnership shall maintain a schedule setting forth: (i) the name and address of each Limited Partner; (ii) the aggregate number of outstanding Units and the number and class of Units held by each Limited Partner; (iii) the aggregate amount of cash Capital Contributions that have been made by the Limited Partners with respect to their Units; and (iv) the Fair Market Value of any property other than cash contributed by the Limited Partners with respect to their Units (including, if applicable, a description and the amount of any liability assumed by the Partnership or to which contributed property is subject) (such schedule, the "***Schedule of Limited Partners***"). The applicable Schedule of Limited Partners in effect as of the Effective Time (after giving effect to the Corporation Contribution and the Management Contribution) is set forth as <u>Exhibit A</u> to this Agreement. The Schedule of Limited Partners shall be the definitive record of ownership of each Unit of the Partnership and all relevant information with respect to each Limited Partner. The Partnership shall be entitled to recognize the exclusive right of a Person registered on its records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Delaware Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Limited Partner shall be required or, except as approved by the General Partner pursuant to <u>Section</u> <u>6.01</u> and in accordance with the other provisions of this Agreement, permitted to loan any money or property to the Partnership or borrow any money or property from the Partnership.

Section 3.02 <u>Units</u>. Interests in the Partnership shall be represented by Units, or such other securities of the Partnership, in each case as the General Partner may establish in its discretion in accordance with the terms and subject to the restrictions hereof. Immediately after the Effective Time, the Units will be comprised of three authorized classes: (i) a single class of Common Units; (ii) a single class of Series B Preferred Units; and (iii) a single class of Series D Preferred Units. All Common Units shall have identical rights and privileges in all respects, all Series B Preferred Units shall have identical rights and privileges in all respects, and all Series D Preferred Units shall have identical rights and privileges in all respects. Without limiting the foregoing, to the extent required pursuant to <u>Section</u> <u>3.04(a)</u>, the General Partner may create one or more additional classes or series of Common Units, Series B Preferred Units, Series D Preferred Units or other preferred Units solely to the extent they are in the aggregate substantially equivalent to a class of common stock of the Corporation or class or series of preferred stock of the Corporation.

Section 3.03 <u>Corporation Contribution and Management Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Corporation Contribution*. At the Closing and prior to giving effect to Section 3.04, the Corporation shall be deemed to have contributed, assigned, transferred, conveyed and delivered to the Partnership, in connection with the Management Contribution (as defined below), all of the assets and liabilities of the Partnership that existed prior to the Management Contribution, in exchange for the issuance by the Partnership to the Corporation of the number of Common Units, Series B Preferred Units and Series D Preferred Units set forth opposite the Corporation's name on <u>Exhibit A</u> hereto (such contribution, the "***Corporation Contribution***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Management Contribution*. Pursuant to the Contribution Agreement, at the Closing and prior to giving effect to <u>Section</u> <u>3.04</u>, the Management Contributor (i) contributed, assigned, transferred, conveyed and delivered to the Partnership, free and clear of all liens (other than transfer restrictions under applicable securities Laws), 100% of the outstanding equity interests in ManagementCo in exchange for a number of Common Units equal to the quotient of the Internalization Price (as defined in the Contribution Agreement) divided by the Common Unit Redemption Price and (ii) subscribed for a corresponding number of shares of Class B Common Stock, in each case, as set forth in the Contribution Agreement (the "***Management Contribution***"). As additional consideration for the Management Contribution, subject to and in accordance with the terms and conditions of the Contribution Agreement, the Partnership may be required to issue to Management Contributor up to an aggregate number of Common Units equal to 25% of the quotient of the Internalization Price divided by the Common Unit Redemption Price (the "***Management Contribution Earn Out Units***"), and the Management Contributor shall subscribe for a corresponding number of shares of Class B Common Stock, in each case, as set forth in the Contribution Agreement.

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Section 3.04 <u>Authorization and Issuance of Additional Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise determined by the General Partner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Partnership and the Corporation shall, notwithstanding any other provision of this Agreement, undertake all actions, including, without limitation, an issuance, reclassification, distribution, division, repurchase, redemption, cancellation or recapitalization, with respect to the Common Units, the Series B Preferred Units, the Series D Preferred Units and the Class A Common Stock, Class B Common Stock, Series B Preferred Stock, Series D Preferred Stock or any other equity interests issued by the Partnership and/or Corporation, as applicable, to maintain at all times (i) a one-to-one ratio between the number of Common Units owned by the Corporation, directly or indirectly, and the number of outstanding shares of Class A Common Stock, (ii) unless otherwise determined by the General Partnership in its sole discretion, a one-to-one ratio between the number of Common Units owned by the Partners and their Permitted Transferees (other than the Corporation and its Subsidiaries), directly or indirectly, and the number of outstanding shares of Class B Common Stock owned by such Partners and Permitted Transferees, directly or indirectly, (iii) a one-to-one ratio between the number of Series B Preferred Units owned by the Corporation, directly or indirectly, and the number of outstanding shares of Series B Preferred Stock, (iv) a one-to-one ratio between the number of Series D Preferred Units owned by the Corporation, directly or indirectly, and the number of outstanding shares of Series D Preferred Stock, and (v) a one-to-one ratio between the number of other equity interests in the Partnership owned by the Corporation, directly or indirectly, and the number of outstanding equity interests issued by the Corporation that are substantially economically equivalent to such other equity interests of the Partnership that are owned by the Corporation, in each case, disregarding, for purposes of maintaining the one-to-one ratio, (A) Unvested Corporate Shares (other than any Unvested Corporate Shares as to which an election has been made under Section 83(b) of the Code), (B) treasury stock, (C) preferred stock or other debt or equity securities (including, without limitation, warrants, options or rights) issued by the Corporation that are convertible into or exercisable or exchangeable for Class A Common Stock (except to the extent the net proceeds from such other securities, including any exercise or purchase price payable upon issuance, conversion, exercise or exchange thereof, has been contributed by the Corporation to the equity capital of the Partnership) (clauses (i) to (iv), the "***One-to-One Ratios***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems Class A Common Stock in a transaction not contemplated in this Agreement, the General Partner and the Corporation shall, notwithstanding any other provision of this Agreement to the contrary, take, or cause to be taken, all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the number of outstanding Common Units owned, directly or indirectly, by the Corporation shall equal on a one-for-one basis the number of outstanding shares of Class A Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems the Corporation's preferred stock or other equity interests in a transaction not contemplated in this Agreement, the General Partner, the Partnership and the Corporation shall, notwithstanding any other provision of this Agreement to the contrary, take or cause to be taken all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation, directly or indirectly, holds (in the case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase or redemption) equity interests in the Partnership which (in the good faith determination by the General Partner) are in the aggregate substantially economically equivalent to the outstanding preferred stock or other equity interests of the Corporation so issued, transferred, delivered, repurchased or redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Partnership and the Corporation shall not undertake any subdivision (by any Common Unit split, stock split, Common Unit distribution, stock distribution, reclassification, division, recapitalization or similar event) or combination (by reverse Common Unit split, reverse stock split, reclassification, division, recapitalization or similar event) of the Common Units, Class A Common Stock or Class B Common Stock or other equity interests in the Partnership or the Corporation, as applicable, that is not accompanied by an identical subdivision or combination of the Common Units, Class A Common Stock, or Class B Common Stock or other equity interests in the Partnership or Corporation, respectively, to maintain at all times the One-to-One Ratios, in each case, unless such action is necessary to maintain at all times the One-to-One Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Partnership shall only be permitted to issue additional Common Units, and/or establish other classes or series of Units or other Equity Securities in the Partnership to the Persons and on the terms and conditions provided for in <u>Section</u> <u>3.02</u>, <u>Section</u> <u>3.03</u>, this <u>Section</u> <u>3.04</u>, <u>Section</u> <u>3.10</u> and <u>Section</u> <u>3.11</u>. Subject to the foregoing, the General Partner may cause the Partnership to issue additional Common Units authorized under this Agreement and/or establish other classes or series of Units or other Equity Securities in the Partnership at such times and upon such terms as the General Partner shall determine and the General Partner shall amend this Agreement as necessary in connection with the issuance of additional Common Units and admission of additional Partners under this <u>Section</u> <u>3.04</u>, in each case, without the requirement of any consent or acknowledgement of any other Partner or any other Person and notwithstanding anything to the contrary herein, including <u>Section</u> <u>16.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement (including <u>Section</u> <u>3.04(a)</u>), if the Corporation acquires or holds any material amount of cash (or any obligations of the Partnership or a Subsidiary thereof in respect of any loans made by the Corporation to the Partnership or such Subsidiary) in excess of any monetary obligations it reasonably anticipates (such cash, "***Excess Cash***", and such loan obligations, "***Excess Loan Receivables***" and, collectively, "***Excess Assets***"), the Corporation may, in its sole discretion, take, or cause to be taken, any actions with respect to any such Excess Assets and make, or cause to be made, any corresponding adjustments to the capitalization of the Corporation and/or the Partnership as the Corporation in good faith determines to be fair and reasonable to the equityholders of the Corporation and to the Partners to preserve the One-to-One Ratios and the intended economic effect of this <u>Section</u> <u>3.04</u>, <u>Section</u> <u>11.01</u> and the other provisions hereof (including, but not limited to, contributing (or causing to be contributed) or loaning (or causing to be loaned) any such Excess Assets to the Partnership and causing the Partnership to recapitalize its Common Units to reflect such contribution and maintain such One-to-One Ratios).

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Section 3.05 <u>Repurchases or Redemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise determined by the General Partner, if at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the Corporation for cash, then the General Partner shall cause the Partnership, immediately prior to such repurchase or redemption of Class A Common Stock, to redeem a corresponding number of Common Units held (directly or indirectly) by the Corporation, at an aggregate redemption price equal to the aggregate purchase or redemption price of the shares of Class A Common Stock being repurchased or redeemed by the Corporation (plus any expenses related thereto) and upon such other terms as are the same for the shares of Class A Common Stock being repurchased or redeemed by the Corporation; *provided*, if the Corporation uses funds received from distributions from the Partnership or the net proceeds from an issuance of Class A Common Stock to fund such repurchase or redemption, then the Partnership shall cancel a corresponding number of Common Units held (directly or indirectly) by the Corporation for no consideration. Notwithstanding any provision to the contrary contained in this Agreement, neither the Partnership nor the Corporation shall make any repurchase, redemption or other acquisition if such repurchase, redemption or other acquisition or the corresponding repurchase, redemption or other acquisition at the other of the Partnership or the Corporation would violate any applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, the Corporation may repurchase shares of Class A Common Stock using any portion of the proceeds received by the Corporation from any Tax Distribution, in which case the related Tax Distributions made to each Partner shall be in redemption of Common Units, *pro rata* according to the number of Common Units held by each Partner, such that the number of Common Units redeemed from the Corporation is equal to the number of shares of Class A Common Stock to be repurchased, and at the price per Common Unit equal to the price that is actually paid per share of Class A Common Stock in such repurchase(s). In such event, the Corporation shall, in addition, take such other action as is necessary to preserve the One-to-One Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting <u>Section</u> <u>3.04(a)</u> or <u>Section</u> <u>3.05(a)</u>, immediately prior to the time that any share of Series B Preferred Stock is to be redeemed, repurchased or otherwise acquired by the Corporation (whether pursuant to a WhiteHawk Redemption, a Holder Optional Redemption, a redemption due to death or disability, a Triggered Redemption or any other redemption, repurchase or acquisition under the Corporate Charter (as such terms are defined in the Corporate Charter)), the General Partner shall cause the Partnership to redeem, repurchase or acquire from the Corporation a corresponding number of Series B Preferred Units, in exchange for an amount of cash (or other consideration) equal to the aggregate consideration to be paid by the Corporation to the holders of the corresponding shares of Series B Preferred Stock (including the Settlement Amount (as defined in the Corporate Charter) and any applicable redemption fees, premiums and reductions) plus any related expenses of the Corporation. Notwithstanding the foregoing, no such redemption, repurchase or acquisition shall be effected to the extent it would render the Partnership insolvent or violate the Delaware Act, applicable Law or the Credit Agreement (or any other debt financing of the Partnership or any of its Subsidiaries).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting <u>Section</u> <u>3.04(a)</u> or <u>Section</u> <u>3.05(a)</u>, but subject to Section 11.07(d) and Section 11.08(d), immediately prior to the time that any share of Series D Preferred Stock is to be redeemed, repurchased or otherwise acquired by the Corporation (whether pursuant to an Optional Redemption or any other redemption, repurchase or acquisition under the Corporate Charter (as such terms are defined in the Corporate Charter)), the General Partner shall cause the Partnership to redeem, repurchase or acquire from the Corporation a corresponding number of Series D Preferred Units, in exchange for an amount of cash (or other consideration) equal to the aggregate consideration to be paid by the Corporation to the holders of the corresponding shares of Series D Preferred Stock (including the Redemption Price and the Minimum Return Payment, if applicable, in each case as defined in the Corporate Charter) plus any related expenses of the Corporation. Notwithstanding the foregoing, no such redemption, repurchase or acquisition shall be effected to the extent it would render the Partnership insolvent or violate the Delaware Act, applicable Law or the Credit Agreement (or any other debt financing of the Partnership or any of its Subsidiaries).

Section 3.06 <u>Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Units shall not be certificated unless otherwise determined by the General Partner. If the General Partner determines that one or more Units shall be certificated, each such certificate shall be signed by or in the name of the Partnership, by the Chief Executive Officer and any other officer designated by the General Partner, representing the number of Units held by such holder. Such certificate shall be in such form (and shall contain such legends) as the General Partner may determine. Any or all of such signatures on any certificate representing one or more Units may be a facsimile, engraved or printed, to the extent permitted by applicable Law. The General Partner agrees that it shall not elect to treat any Unit as a "security" within the meaning of Article 8 of the Uniform Commercial Code unless thereafter all Units then outstanding are represented by one or more certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Units are certificated, the General Partner may direct that a new certificate representing one or more Units be issued in place of any certificate theretofore issued by the Partnership alleged to have been lost, stolen or destroyed, upon delivery to the General Partner of an affidavit of the owner or owners of such certificate, setting forth such allegation. The General Partner may require the owner of such lost, stolen or destroyed certificate, or such owner's legal representative, to give the Partnership a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon surrender to the Partnership or the transfer agent of the Partnership, if any, of a certificate for one or more Units, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof, the Partnership shall issue a new certificate representing one or more Units to the Person entitled thereto, cancel the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the General Partner may prescribe such additional rules and regulations as it may deem appropriate relating to the issue, Transfer and registration of Units.

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Section 3.07 <u>Negative Capital Accounts</u>. No Partner shall be required to pay to any other Partner or the Partnership any deficit or negative balance which may exist from time to time in such Partner's Capital Account (including upon and after dissolution of the Partnership).

Section 3.08 <u>No Withdrawal</u>. No Person shall be entitled to withdraw any part of such Person's Capital Contribution or Capital Account or to receive any Distribution from the Partnership, except as expressly provided in this Agreement.

Section 3.09 <u>Loans From Partners</u>. Loans by Partners to the Partnership shall not be considered Capital Contributions. Subject to the provisions of <u>Section</u> <u>3.01(c)</u>, the amount of any such advances shall be a debt of the Partnership to such Partner and shall be payable or collectible in accordance with the terms and conditions upon which such advances are made.

Section 3.10 <u>Equity Plans</u>. Nothing in this Agreement shall be construed or applied to preclude or restrain the General Partner or the Corporation from adopting, modifying or terminating an Equity Plan for the benefit of employees, directors or other business associates of the Corporation, the Partnership or any of their respective Affiliates or from issuing shares of Class A Common Stock pursuant to any such plans. The Corporation may implement such Equity Plans and any actions taken under such Equity Plans (such as the grant or exercise of options to acquire shares of Class A Common Stock, or the issuance of Unvested Corporate Shares), whether taken with respect to or by an employee or other service provider of the Corporation, the Partnership or its Subsidiaries, in a manner determined by the Corporation, in accordance with the Policy Regarding Certain Equity Issuances attached to this Agreement as <u>Exhibit C</u>, which may be amended by the Corporation from time to time without the consent or approval of any Partner or any other Person. The Partners acknowledge and agree that, in the event that any such plan is adopted, modified or terminated by the Corporation or the General Partner, amendments to this Agreement (including <u>Exhibit C</u>) may become necessary or advisable and that any approval or consent to any such amendments shall be deemed granted by the General Partner without the requirement of any further consent or acknowledgement of any other Partner or other Person. In the event of such an amendment by the General Partner, the Partnership shall provide notice of such amendment to the Partners. The Partnership is expressly authorized to issue Units (i) in accordance with the terms of any such Equity Plan, or (ii) in an amount equal to the number of shares of Class A Common Stock issued pursuant to any such Equity Plan, without any further act, approval or vote of any Partner or any other Persons. For the avoidance of doubt, cash payments made by the Partnership or the Corporation in respect of dividend equivalent rights or similar rights granted under any Equity Plan or pursuant to the Contribution Agreement shall not be treated as Distributions for purposes of this Agreement.

Section 3.11 <u>Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan</u>. Except as may otherwise be provided in this <u>Article</u> <u>III</u>, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, Equity Plan or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Partnership in exchange for additional Common Units. Upon such contribution, the Partnership will issue to the Corporation a number of Common Units equal to the number of new shares of Class A Common Stock so issued.

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ARTICLE IV.

DISTRIBUTIONS

Section 4.01 <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Distributable Cash; Other Distributions*. To the extent permitted by applicable Law and hereunder, and subject to the prior payment of all Series D Accrued Distributions pursuant to <u>Section</u> <u>4.01(d)</u>, all Series B Accrued Distributions pursuant to <u>Section</u> <u>4.01(c)</u> and any then-required redemption, repurchase or acquisition payments in respect of the Series D Preferred Units and the Series B Preferred Units pursuant to <u>Section</u> <u>3.05</u>, Distributions to Limited Partners may be declared by the General Partner out of Distributable Cash or other funds or property legally available therefor in such amounts and on such terms (including the payment dates of such Distributions) as the General Partner shall determine using such record date as the General Partner may designate; such Distributions shall be made to the Limited Partners (other than the Corporation in respect of any Series B Preferred Units or Series D Preferred Units) as of the close of business on such record date on a pro rata basis in accordance with each Limited Partner's Common Unit Percentage Interest as of the close of business on such record date; *provided*, *however*, that the General Partner shall have the obligation to make Distributions as set forth in <u>Section</u> <u>4.01(b)</u>, <u>Section</u> <u>4.01(c)</u>, <u>Section</u> <u>4.01(d)</u> and <u>Section</u> <u>14.02</u>; and *provided further* that, notwithstanding any other provision herein to the contrary, no Distributions shall be made to any Limited Partner to the extent such Distribution would violate Section 15309 of the Delaware Act. Notwithstanding anything to the contrary in this <u>Section</u> <u>4.01</u>, the Partnership may make cash payments in respect of dividend equivalent rights or similar rights granted under any Equity Plan or pursuant to the Contribution Agreement at any time and from time to time, and such payments shall not be treated as Distributions for purposes of this <u>Section</u> <u>4.01</u> and shall not be subject to the priority or other requirements set forth in this <u>Section</u> <u>4.01</u>. Promptly following the designation of a record date and the declaration of a Distribution pursuant to this <u>Section</u> <u>4.01(a)</u>, the General Partner shall give notice to each Limited Partner of the record date, the amount and the terms of the Distribution and the payment date thereof. Notwithstanding anything to the contrary in this Section 4.01(a), (i) the Partnership shall not make a distribution (other than Tax Distributions under Section 4.01(b)) to any Partner in respect of any Common Units which remain subject to vesting conditions in accordance with any applicable Equity Plan or individual award agreement and (ii) with respect to any amounts that would otherwise have been distributed to a Partner but for the preceding clause (i), such amount shall be held in trust by the Partnership for the benefit of such Partner unless and until such time as such Common Units have vested in accordance with the applicable Equity Plan or individual award agreement, and within five (5) Business Days of such time, the Partnership shall distribute such amounts to such Partner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Tax Distributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each Fiscal Year, the Partnership shall, to the extent it has Distributable Cash and is permitted by applicable Law or current or future debt agreements, make cash distributions ("***Tax Distributions***") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to the Corporation at such times and in such amounts as the General Partner reasonably determines is necessary to enable the Corporation to timely satisfy all of its U.S. federal, state and local tax liabilities with respect to any items of income and gain allocated to the Corporation with respect to the Series B Preferred Units and Series D Preferred Units for any Fiscal Year or Fiscal Quarter; *provided*, that (I) in no circumstance shall the amounts distributed pursuant to this Section 4.01(b)(i)(A) exceed the Corporation's actual tax liabilities and (II) the amounts distributable to the Corporation pursuant to this Section 4.01(b)(i)(A) shall be reduced, in the sole discretion of the General Partner, to the extent the amount distributable to the Corporation pursuant to Section 4.01(b)(i)(B) exceeds the Corporation's actual tax obligations with respect to income and gain allocated to the Corporation with respect to the Series B Preferred Units, Series D Preferred Units and Common Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to each Partner in an amount equal to such Partner's Tax Distribution Amount; *provided*, that to the extent a Partner otherwise would be entitled to receive less than its Common Unit Percentage Interest of the aggregate Tax Distributions to be paid to all Partners pursuant to this Section 4.01(b)(i)(B), the Tax Distributions to be distributed to such Partner pursuant to this Section 4.01(b)(i)(B) shall be increased to ensure that all Tax Distributions made pursuant to this Section 4.01(b)(i)(B) are made pro rata in accordance with the Partners' respective Common Unit Percentage Interests; *provided* further that, notwithstanding anything to the contrary, to the extent an immaterial portion of any Tax Distribution to any Partner determined in accordance with this Section 4.01(b)(i)(B) would have the effect of resulting in a material amount of excess Tax Distributions to the Corporation pursuant to this Section 4.01(b)(i)(B), in each case, as determined by the General Partner in its sole discretion, the Partnership shall be permitted to adjust Tax Distributions pursuant to this Section 4.01(b)(i)(B) to minimize such excess Tax Distributions to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Tax Distributions pursuant to <u>Section</u> <u>4.01(b)</u> shall be estimated by the Partnership on a quarterly basis and, to the extent feasible, shall be distributed to the Partners (together with a statement showing the calculation of such Tax Distribution and an estimate of the Partnership's net taxable income allocable to each Partner for such period) on a quarterly basis on April 15<sup>th</sup>, June 15<sup>th</sup>, September 15<sup>th</sup> and December 15<sup>th</sup> (or such other dates for which corporations or individuals are required to make quarterly estimated tax payments for U.S. federal income tax purposes, whichever is earlier) (each, a "***Quarterly Tax Distribution***"); *provided*, that the foregoing shall not restrict the Partnership from making a Tax Distribution on any other date as the Partnership determines is necessary to enable the Partners to timely make estimated income tax payments. Quarterly Tax Distributions shall take into account the estimated taxable income or loss of the Partnership for the Fiscal Year through the end of the relevant quarterly period. A final accounting for Tax Distributions shall be made for each Fiscal Year after the allocation of the Partnership's actual net taxable income or loss has been determined and any shortfall in the amount of Tax Distributions a Partner received for such Fiscal Year based on such final accounting shall promptly be distributed to such Partner. Notwithstanding anything to the contrary in this Agreement, (A) any excess Tax Distributions a Partner receives with respect to any Fiscal Year shall reduce future Tax Distributions otherwise required to be made to such Partner with respect to any

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subsequent Fiscal Year, (B) Tax Distributions shall not be treated as an advance on any Distributions pursuant to Section 4.01(a), (C) subject to and in accordance with the definition of Tax Distribution Amount, each Partner shall be entitled to Tax Distributions pursuant to Section 4.01(b)(i)(B) only to the extent such Partner's Assumed Tax Liability exceeds the cumulative Distributions made to such Partner with respect to Common Units after the Effective Date pursuant to Section 4.01(a) and 4.01(b) and (D) the General Partner shall make, in its reasonable discretion, equitable adjustments (downward (but not below zero) or upward) to the Partners' Tax Distributions to take into account increases or decreases in the number of Common Units held by each Partner during the relevant taxable period or portion thereof; *provided that*, any such equitable adjustments with respect to Tax Distribution described in Section 4.01(b)(i)(B) are made in a manner that results in such Tax Distributions being made *pro rata* in proportion to the Partners' respective Common Unit Percentage Interests for any relevant taxable period or portion thereof in accordance with Section 4.01(b)(i)(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If, on the date of a Tax Distribution, there is insufficient Distributable Cash on hand to distribute to the Partners the full amount of the Tax Distributions to which such Partners are otherwise entitled, Tax Distributions pursuant to this <u>Section</u> <u>4.01(b)</u> shall be made to the extent of available funds, (A) first to the Corporation pursuant to Section 4.01(b)(i)(A), (B) second to the Corporation to satisfy its actual tax liabilities with respect to its Common Units to the extent the Corporation does not have sufficient cash to fund such tax liabilities and (C) thereafter to the Partners pursuant to Section 4.01(b)(i)(B) in accordance with their Common Unit Percentage Interests; *provided*, that the Corporation's share of Tax Distributions pursuant to this clause (C) shall be reduced by the amount of Tax Distributions the Corporation received pursuant to the immediately preceding clause (B) for the relevant period. As soon as the Partnership has sufficient Distributable Cash, the Partnership shall make Tax Distributions in accordance with <u>Section</u> <u>4.01(b)(</u><u>i</u><u>)</u> to pay the remaining portion of the Tax Distributions to which such Partners are otherwise entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of any audit by, or similar event with, a taxing authority that affects the calculation of any Partner's Tax Distribution for any Taxable Year (other than an audit conducted pursuant to the Partnership Audit Provisions for which no election is made pursuant to Section 6226 thereof and the Treasury Regulations promulgated thereunder), or in the event the Partnership files an amended tax return or administrative adjustment requests, each Partner's Tax Distribution with respect to such year shall be recalculated by giving effect to such event (for the avoidance of doubt, taking into account interest or penalties). Any shortfall in the amount of Tax Distributions the Partners and former Partners received for the relevant Taxable Years based on such recalculated Tax Distribution promptly shall be distributed to such Partners and the successors of such former Partners in accordance with the applicable Partners' and former Partners' Percentage Interests at the time of such shortfalls, except, for the avoidance of doubt, to the extent Distributions were made to such Partners and former Partners pursuant to <u>Section</u> <u>4.01(a)</u> and this <u>Section</u> <u>4.01(b)</u> in the relevant Taxable Years sufficient to cover such shortfall.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Series B Preferred Distributions*. Notwithstanding any other provision of this <u>Section</u> <u>4.01</u>, but subject to <u>Section</u> <u>4.02</u> and prior to making any Distributions to the Limited Partners pursuant to <u>Section</u> <u>4.01(a)</u> (other than Tax Distributions under <u>Section</u> <u>4.01(b)</u>), with respect to each outstanding Series B Preferred Unit, Distributions shall accrue on the Series B Stated Value at the Series B Annual Rate and shall be cumulative and accrue daily from and after the date of issuance of such Series B Preferred Unit, whether or not the Partnership has Distributable Cash legally available to make payment thereof (such accrued and accumulated Distributions, the "***Series B Accrued Distributions***"). The Series B Accrued Distributions shall be payable in cash to the Corporation, as the holder of the Series B Preferred Units, only to the extent that, and immediately prior to the time at which, an equivalent amount of cash dividends is declared and paid by the Corporation with respect to the corresponding shares of Series B Preferred Stock pursuant to the Corporate Charter. Once a Distribution has been made under this <u>Section</u> <u>4.01(c)</u> in respect of a Series B Accrued Distribution, the amount of Series B Accrued Distributions shall be reduced by the amount of such Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Series D Preferred Distributions*. Notwithstanding any other provision of this <u>Section</u> <u>4.01</u>, but subject to <u>Section</u> <u>4.02</u> and prior to making any Distributions to the Limited Partners pursuant to <u>Section</u> <u>4.01(a)</u> or <u>Section</u> <u>4.01(c)</u> (in each case other than Tax Distributions under <u>Section</u> <u>4.01(b)</u>), with respect to each outstanding Series D Preferred Unit, Distributions shall accrue on the Series D Stated Value at the Series D Annual Rate and shall be cumulative and accrue daily from and after the date of issuance of such Series D Preferred Unit, whether or not the Partnership has Distributable Cash legally available to make payment thereof (such accrued and accumulated Distributions, the "***Series D Accrued Distributions***"). The Series D Accrued Distributions shall be payable in cash to the Corporation, as the holder of the Series D Preferred Units, only to the extent that, and immediately prior to the time at which, an equivalent amount of cash dividends is declared and paid by the Corporation with respect to the corresponding shares of Series D Preferred Stock pursuant to the Corporate Charter. Once a Distribution has been made under this <u>Section</u> <u>4.01(d)</u> in respect of a Series D Accrued Distribution, the amount of Series D Accrued Distributions shall be reduced by the amount of such Distribution. Notwithstanding any other provision of this Agreement, if the Partnership has not redeemed all of the outstanding Series D Preferred Units prior to the Series D Dividend Cutoff Date, the Partnership shall not declare, pay or set aside any Distributions with respect to any Common Units or Series B Preferred Units (other than Tax Distributions under <u>Section</u> <u>4.01(b)</u>) until all of the outstanding Series D Preferred Units have been redeemed and the Corporation has received the Series D Minimum Return with respect thereto.

Section 4.02 <u>Restricted Distributions</u>. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not make any Distribution to any Partner on account of any Limited Partner Interest if such Distribution would violate any applicable Law or the terms of the Credit Agreement or other debt financing of the Partnership or its Subsidiaries.

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ARTICLE V.

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS

Section 5.01 <u>Capital Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Partnership shall maintain a separate Capital Account for each Partner according to the rules of Treasury Regulations Section 1.704-1(b)(2)(iv). For this purpose, the Partnership may (in the discretion of the General Partner), upon the occurrence of the events specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and Treasury Regulations Section 1.704-1(b)(2)(iv)(g), increase or decrease the Capital Accounts in accordance with the rules of such Treasury Regulations to reflect a revaluation of Partnership property. The Capital Account balance of each of the Partners as of the date hereof, as adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f), is its respective "Contribution Closing Capital Account Balance" set forth in the books and records of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Capital Account of each Partner shall be increased by (i) the amount of any cash and the fair market value of any property contributed to the Partnership by such Partner (net of any liability secured by such contributed property that the Partnership is considered to assume or take subject to); and (ii) the amounts of Profit allocated to such Partner pursuant to <u>Section</u> <u>5.02</u> and any items in the nature of income or gain that are specially allocated to such Partner pursuant to <u>Section</u> <u>5.03</u>. The Capital Account of each Partner shall be reduced by (i) the amount of any cash and the fair market value of any property distributed to such Partner by the Partnership (net of liabilities secured by such distributed property that such Partner is considered to assume or take subject to); and (ii) the amounts of Loss allocated to such Partner pursuant to <u>Section</u> <u>5.02</u> and any items in the nature of loss or deduction that are specially allocated to such Partner pursuant to <u>Section</u> <u>5.03</u>. The Capital Account of each Partner shall otherwise be adjusted in accordance with the rules set forth in Treasury Regulations Section 1.704-1(b)(2)(iv). If any property other than cash is distributed to a Partner, the Capital Account of such Partner shall be adjusted as if the property had instead been sold by the Partnership for a price equal to its fair market value, and the proceeds thereafter distributed to such Partner. Upon the issuance of any Management Contribution Earn Out Units, the parties intend that the allocations and capital maintenance rules shall be governed under Treasury Regulations Section 1.704-3 with adjustments being made in accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s) and consistent with the principles of Section 704(c) of the Code and the Treasury Regulations thereunder in order to effectuate the Partners' agreed upon economic sharing of items within the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of computing the amount of any item of Profit or Loss, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); *provided*, *however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the computation of all items of income, gain, loss and deduction shall include those items described in Code Section 705(a)(l)(B) or Code Section 705(a)(2)(B) and Treasury Regulations Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not deductible for U.S. federal income tax purposes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Book Value of any Partnership property is adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) items of income, gain, loss or deduction attributable to the disposition of Partnership property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in lieu of depreciation, amortization and other cost recovery deductions (excluding depletion with respect to a Depletable Property), there shall be taken into account depreciation for such Taxable Year or other Fiscal Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Simulated Gains with respect to Depletable Properties shall be taken into account in lieu of actual gains on such Depletable Properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) items specifically allocated under <u>Section</u> <u>5.03</u> shall be excluded.

Section 5.02 <u>Book Allocations</u>. After giving effect to the allocations in Section 5.03, Profits and Losses (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) of the Partnership for each Taxable Year (or portion thereof) shall be allocated among the Partners in a manner such that the Capital Account of each Partner, immediately after making such allocation, is, as nearly as possible, equal to (i) the distributions that would be made to such Partner pursuant to Section 14.02(d) if the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Book Value, all Partnership liabilities were satisfied (limited with respect to each nonrecourse liability to the Book Value of the assets securing such liability), and the net assets of the Partnership were distributed, in accordance with Section 14.02(d), to the Partnership immediately after making such allocation, minus (ii) such Partner's share of Partnership Minimum Gain and Partner Minimum Gain, computed immediately prior to the hypothetical sale of assets. Notwithstanding the foregoing, the General Partner may make allocations it (acting reasonably and in good faith) deems necessary to give economic effect to the provisions in this Agreement and to properly reflect each Partner's "interest in the partnership" within the meaning of Treasury Regulations Section 1.704-1(b)(3).

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Section 5.03 <u>Regulatory and Special Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Partner nonrecourse deductions (as defined in Treasury Regulations Section 1.704-2(i)(2)) attributable to partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulations Section 1.704-2(i). If there is a net decrease during a Taxable Year in Partner Minimum Gain, Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Partners in the amounts and of such character as determined according to Treasury Regulations Section 1.704-2(i)(4). This <u>Section</u> <u>5.03(a)</u> is intended to comply with the minimum gain chargeback requirements set forth in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nonrecourse deductions (as determined according to Treasury Regulations Section 1.704-2(b)(1)) for any Taxable Year shall be allocated pro rata among the Partners in accordance with their Percentage Interests. Except as otherwise provided in Treasury Regulations Section 1.704-2(f), if there is a net decrease in the Partnership Minimum Gain during any Taxable Year, each Partner shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulations Section 1.704-2(g). This <u>Section</u> <u>5.03(b)</u> is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulations Section 1.704-2(f), and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Partner that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of <u>Section</u> <u>5.03(a)</u> and <u>5.03(b)</u> but before the application of any other provision of this <u>Article</u> <u>V</u>, then Profits for such Taxable Year shall be allocated to such Partner in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This <u>Section</u> <u>5.03(c)</u> is intended to be a qualified income offset provision as described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner is obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this provision shall be made only if and to the extent that such Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Agreement have been made as if Section 5.03(c) and this Section 5.03(d) were not in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the allocation of Losses to a Partner as provided in <u>Section</u> <u>5.02</u> would create or increase an Adjusted Capital Account Deficit, there shall be allocated to such Partner only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Losses that would, absent the application of the preceding sentence, otherwise be allocated to such Partner shall be allocated to the other Partners in accordance with their relative Percentage Interests, subject to this <u>Section</u> <u>5.03(e).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Profits and Losses described in <u>Section</u> <u>5.01(b)</u> shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(j) and (m).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Simulated Depletion for each Depletable Property and Simulated Loss upon the disposition of a Depletable Property shall be allocated among the Partners in proportion to their shares of the Simulated Basis in such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The allocations set forth in <u>Section</u> <u>5.03(a)</u> through and including <u>Section</u> <u>5.03(e)</u> (the "***Regulatory Allocations***") are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the Partners intend to allocate Profits and Losses of the Partnership or make Distributions. Accordingly, notwithstanding the other provisions of this <u>Article</u> <u>V</u>, but subject to the Regulatory Allocations, income, gain, deduction and loss shall be reallocated among the Partners so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Partners to be in the amounts (or as close thereto as possible) they would have been if Profits and Losses (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. If in any Taxable Year or other Fiscal Period there is a decrease in Partnership Minimum Gain, or in Partner Minimum Gain, and application of the minimum gain chargeback requirements set forth in <u>Section</u> <u>5.03(a)</u> or <u>Section</u> <u>5.03(b)</u> would cause a distortion in the economic arrangement among the Partners, the Partners may, if they do not expect that the Partnership will have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If such request is granted, this Agreement shall be applied in such instance as if it did not contain such minimum gain chargeback requirement.

Section 5.04 <u>Tax Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The income, gains, losses, deductions and credits of the Partnership will be allocated, for U.S. federal (and applicable state and local) income tax purposes, among the Partners in accordance with the allocation of such income, gains, losses, deductions and credits among the Partners for computing their Capital Accounts; *provided*, that if any such allocation is not permitted by the Code or other applicable Law, the Partnership's subsequent income, gains, losses, deductions and credits will be allocated among the Partners so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cost and percentage depletion deductions with respect to each Depletable Property shall be computed separately by the Partners rather than the Partnership. For purposes of such computations, the U.S. federal income tax basis of each Depletable Property shall be allocated to each Partner in accordance with such Partner's Percentage Interest as of the time such Depletable Property is acquired by the Partnership, and shall be reallocated among the Partners in accordance with such Partner's Percentage Interest as determined immediately following the occurrence of an event giving rise to an adjustment to the Book Values of the Partnership's Depletable Properties pursuant to the definition of Book Value (or at the time of any material additions to the U.S. federal income tax basis of such Depletable Property). Such allocations are intended to be applied in accordance with the "partners' interests in partnership capital" under Section 613A(c)(7)(D) of the Code; *provided* that the Partners understand and agree that the General Partner may authorize special allocations of tax basis, income, gain, deduction or loss, as computed for U.S. federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted U.S. federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with the principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) that apply the principles of Section 704(c), using the "remedial method", as described in Treasury Regulations Section 1.704-3(d).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of the separate computation of gain or loss by each Partner on a taxable Disposition of Depletable Property, the amount realized from such Disposition shall be allocated (i) first, to the Partners in an amount equal to the Simulated Basis in such Depletable Property and in the same proportion as their shares thereof were allocated and (ii) second, any remaining amount realized shall be allocated consistent with the allocation of Simulated Gains; *provided*, *however*, that the Partners understand and agree that the General Partner may authorize special allocations of tax basis, income, gain, deduction or loss, as computed for U.S. federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted U.S. federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with the principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) that apply the principles of Section 704(c), using the "remedial method", as described in Treasury Regulations Section 1.704-3(d). The provisions of this <u>Section</u> <u>5.04(c)</u> and the other provisions of this Agreement relating to allocations under Section 613A(c)(7)(D) of the Code are intended to comply with Treasury Regulations Section 1.704-1(b)(4)(v) and shall be interpreted and applied in a manner consistent with such Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Partner shall, in a manner consistent with this <u>Article</u> <u>V</u>, separately keep records of its share of the adjusted tax basis in each Depletable Property, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property and use such adjusted tax basis in the computation of its cost depletion or in the computation of its gain or loss on the disposition of such property by the Partnership. Upon the request of the Partnership, each Partner may advise the Partnership of its adjusted tax basis in each Depletable Property and any depletion computed with respect thereto, both as computed in accordance with the provisions of this subsection. The Partnership may rely on such information and, if it is not provided by the Partner, may make such reasonable assumptions as it shall determine with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Items of Partnership taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership shall be allocated among the Partners in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Partnership for U.S. federal income tax purposes and its Book Value using any method permitted under applicable Law with such choice of method to be determined in the discretion of the Partnership; provided that, with respect to any assets contributed or deemed contributed to the Partnership by Whitehawk Minerals LLC on or prior to the Effective Date, the Partnership shall utilize the traditional method with curative allocations limited to gain from the sale of such assets as described in Treasury Regulations Section 1.704-3(c)(3)(iii)(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Book Value of any Partnership asset is adjusted pursuant to <u>Section</u> <u>5.01(b)</u>, subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for U.S. federal income tax purposes and its Book Value using any method permitted under applicable Law with such choice of method to be determined in the discretion of the Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If, as a result of an exercise of a noncompensatory option to acquire an interest in the Partnership, a Capital Account reallocation is required under or, with respect to the issuance of Management Contribution Earn Out Units, is necessary in accordance with principles similar to those under, Treasury Regulations Section 1.704-1(b)(2)(iv)(*s*)(3), the Partnership shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x), in each case, as reasonably determined by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Partners pro rata as determined by the General Partner taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise determined by the General Partner pursuant to this Section 5.04(i), for purposes of determining a Partner's pro rata share of the Partnership's "excess nonrecourse liabilities" within the meaning of Treasury Regulations Section 1.752-3(a)(3), each Partner's interest in income and gain shall be in proportion to its Common Unit Percentage Interests; *provided* that, notwithstanding the foregoing, the General Partner may determine, in its reasonable discretion, an alternative methodology for determining the allocation of "excess nonrecourse liabilities" of the Partnership (within the meaning of Regulations Section 1.752-3(a)(3)) among the Partners for purposes of Treasury Regulations Section 1.752-3(b); *provided*, *however*, that in exercising its discretion, the General Partner shall (A) treat each Partner equitably and (B) use commercially reasonable efforts to minimize, to the extent possible, (1) the amount of any gain, including any gain under Section 731(a) of the Code recognized by a Partner due to deemed distributions under Section 752(b) of the Code, and (2) any limitation on the allowance of Partnership losses under Section 704(d) of the Code due to a Partner having insufficient basis in its Units to claim its distributive share of losses of the Partnership, provided that such efforts shall not require the Partnership to incur additional liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Allocations pursuant to this <u>Section</u> <u>5.04</u> are solely for purposes of U.S. federal (and applicable state and local) income taxes and shall not affect, or in any way be taken into account in computing, any Partner's Capital Account or share of Profits, Losses, Distributions or other Partnership items pursuant to any provision of this Agreement.

Section 5.05 <u>Withholding; Indemnification and Reimbursement for Payments on Behalf of a Partner</u>. The Partnership and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable Law, and each Partner hereby authorizes the Partnership and its Subsidiaries to withhold or pay on behalf of or with respect to such Partner any amount of U.S. federal, state, or local or non-U.S. taxes that the General Partner determines, in good faith, that the Partnership or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Partner pursuant to this Agreement. In addition, if the Partnership is obligated to pay any other amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Partner (including U.S. federal income taxes, additions to tax, interest and penalties as a result of Partnership obligations pursuant to the Partnership Audit Provisions with respect to items of income, gain, loss deduction or credit allocable or attributable

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to such Partner, federal withholding taxes, state personal property taxes and state unincorporated business taxes, but excluding payments such as professional association fees and the like made voluntarily by the Partnership on behalf of any Partner based upon such Partner's status as an employee of the Partnership), then such tax shall be treated as an amount of taxes withheld or paid with respect to such Partner pursuant to this <u>Section</u> <u>5.05</u>. For all purposes under this Agreement, any amounts withheld or paid with respect to a Partner pursuant to this <u>Section</u> <u>5.05</u> shall be treated as having been distributed to such Partner 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 Partner is entitled for such period, such Partner shall indemnify the Partnership in full for the amount of such excess. The General Partner may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person's obligation to indemnify the Partnership under this <u>Section</u> <u>5.05</u>. A Partner's obligation to indemnify the Partnership under this <u>Section</u> <u>5.05</u> shall survive the termination, dissolution, liquidation and winding up of the Partnership, and for purposes of this <u>Section</u> <u>5.05</u>, the Partnership shall be treated as continuing in existence. The Partnership may pursue and enforce all rights and remedies it may have against each Partner under this <u>Section</u> <u>5.05</u>, including instituting a lawsuit to collect amounts owed under such indemnity with interest accruing from the date such withholding or payment is made by the Partnership at a rate per annum equal to the sum of the Base Rate (but not in excess of the highest rate per annum permitted by Law). Any income from such indemnity (and interest) shall not be allocated to or distributed to the Partner paying such indemnity (and interest). Each Partner hereby agrees to furnish to the Partnership such information and forms as required or reasonably requested in order to comply with any laws and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to which the Partner is legally entitled.

ARTICLE VI.

MANAGEMENT

Section 6.01 <u>Authority of General Partner</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for situations in which the approval of any Limited Partner(s) is specifically required by this Agreement, (i) all management powers over the business and affairs of the Partnership shall be exclusively vested in the General Partner and (ii) the General Partner shall conduct, direct and exercise full control over all activities of the Partnership. Except as otherwise expressly provided for herein and subject to the other provisions of this Agreement, no Limited Partner has the right or power to participate in the management or affairs of the Partnership, nor does any Limited Partner have the power to sign for or bind the Partnership or deal with third parties on behalf of the Partnership without the consent of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The day-to-day business and operations of the Partnership shall be overseen and implemented by officers of the Partnership (each, an "***Officer***" and collectively, the "***Officers***"), subject to the limitations imposed by the General Partner. An Officer may, but need not, be a Partner or an officer of the Corporation. Each Officer shall be appointed by the General Partner and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death or until he shall resign or shall have been removed in the manner hereinafter provided. Any one Person may hold more than one office. Subject to the other provisions in this Agreement (including in <u>Section</u> <u>6.06</u> below), the salaries or other compensation, if any, of the

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Officers of the Partnership shall be fixed from time to time by the General Partner. The authority and responsibility of the Officers shall include, but not be limited to, such duties as the General Partner may, from time to time, delegate to them and the carrying out of the Partnership's business and affairs on a day-to-day basis. An Officer may also perform one or more roles as an officer of the General Partner. Subject to any agreement between the Corporation or the Partnership and an Officer regarding such Officer's service or employment, the General Partner may remove any such Officer from office at any time, with or without cause. If any vacancy shall occur in any office, for any reason whatsoever, then the General Partner shall have the right to appoint a new Officer to fill the vacancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to law applicable to the Corporation and the Partnership, the General Partner shall have the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Partnership (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Partnership) or the merger, consolidation, reorganization or other combination of the Partnership with or into another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, neither the General Partner nor any Officer authorized by the General Partner shall have the authority, on behalf of the Partnership, either directly or indirectly, without the prior approval of each Partner, to take any action that would result in the failure of the Partnership to be taxable as a partnership for purposes of federal income tax, or take any position inconsistent with treating the Partnership as a partnership for purposes of federal income tax, except as required by Law.

Section 6.02 <u>Actions of the General Partner</u><u>.</u> The General Partner may act through any Officer or through any other Person or Persons to whom authority and duties have been delegated pursuant to <u>Section</u> <u>6.06</u>.

Section 6.03 <u>Transfer and Withdrawal of General Partner</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except in connection with a General Partner Change of Control, the General Partner shall not have the right to transfer or assign the General Partner Interest, and the General Partner shall not have the right to withdraw from the Partnership; *provided*, that, without the consent of any of the Limited Partners, the General Partner may be reconstituted as or converted into a corporation, partnership or other form of entity (any such reconstituted or converted entity being deemed to be the General Partner for all purposes hereof) by merger, consolidation, conversion or otherwise, or transfer or assign the General Partner Interest (in whole or in part) to one of its Affiliates that is a wholly owned Subsidiary of the Corporation so long as such other entity or Affiliate shall have assumed in writing the obligations of the General Partner under this Agreement. In the event of an assignment or other transfer of all of the General Partner Interest in accordance with this <u>Section</u> <u>6.03</u>, such assignee or transferee shall be substituted in the General Partner's place as general partner of the Partnership in all respects under this Agreement and immediately thereafter the General Partner shall withdraw as a general partner of the Partnership (but shall remain entitled to exculpation and indemnification pursuant to <u>Section</u> <u>6.07</u> and <u>Section</u> <u>7.04</u> with respect to events occurring on or prior to such date). The Corporation covenants that it shall not, directly or indirectly, sell, transfer, assign or otherwise dispose of any equity interests in the General Partner to any Person other than a wholly owned

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Subsidiary of the Corporation, unless such sale, transfer, assignment or disposition is made in connection with a General Partner Change of Control. The Corporation covenants that the General Partner shall at all times be a direct or indirect wholly owned Subsidiary of the Corporation; any breach of this covenant shall constitute a General Partner Change of Control for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise contemplated by <u>Section</u> <u>6.03(a)</u>, no assignee or transferee shall become the general partner of the Partnership by virtue of such assignee's or transferee's receiving all or a portion of any interest in the Partnership from the General Partner or another assignee or transferee from the General Partner without the written consent of all of the Partners to such substitution, which consent may be given or withheld, or made subject to such conditions as each Partner deems appropriate in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Vacancies in the position of general partner of the Partnership occurring for any reason shall be filled by the Corporation (or, if the Corporation has ceased to exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the Corporation immediately prior to such cessation). For the avoidance of doubt, the Limited Partners (other than the Corporation in its capacity as a Limited Partner) have no right under this Agreement to fill any vacancy in the position of general partner of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation covenants that it shall not, directly or indirectly, sell, transfer, assign or otherwise dispose of any equity interests in the General Partner to any Person other than a wholly owned Subsidiary of the Corporation, unless such sale, transfer, assignment or disposition is made in connection with a General Partner Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Corporation covenants that the General Partner shall at all times be a direct or indirect wholly owned Subsidiary of the Corporation; any breach of this covenant shall constitute a General Partner Change of Control for purposes of this Agreement.

Section 6.04 <u>Transactions Between Partnership and General Partner</u>. The General Partner may cause the Partnership to contract and deal with the General Partner, or any Affiliate of the General Partner, *provided* such contracts and dealings are on terms comparable to and competitive with those available to the Partnership from others dealing at arm's length and are approved by (a) the Partners holding a majority of the Units (excluding Units held by the General Partner and its controlled Affiliates) then outstanding and (b) a majority of the Independent Directors, and, in each case, otherwise are permitted by the Credit Agreement.

Section 6.05 <u>Reimbursement for Expenses</u>. The Limited Partners acknowledge and agree that the General Partner is and will continue to be a wholly owned Subsidiary of the Corporation, whose Class A Common Stock is and will continue to be publicly traded, and therefore the General Partner and the Corporation will have access to the public capital markets and that such status and the services performed by the General Partner and the Corporation, if any, will inure to the benefit of the Partnership and all Limited Partners; therefore, the Partnership shall pay for and reimburse, without duplication, the General Partner and the Corporation amounts with respect to any fees, expenses and costs incurred by the General Partner or the Corporation on behalf of the Partnership, including all fees, expenses and costs of the Corporation being a public company (including without limitation public reporting

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obligations, proxy statements, stockholder meetings, stock exchange fees, transfer agent fees, legal fees, SEC and FINRA filing fees and offering expenses and any excise taxes imposed pursuant to Section 4501 of the Code) and maintaining its corporate existence, it being acknowledged and agreed that such payments and reimbursements shall not be treated as Distributions. In the event that shares of Class A Common Stock are sold to underwriters in the IPO (or in any Qualifying Offering) at a price per share that is lower than the price per share for which such shares of Class A Common Stock are sold to the public in the IPO (or in such subsequent Qualifying Offering, as applicable) after taking into account underwriters' discounts or commissions and brokers' fees or commissions (such difference, the "***Discount***") (i) the General Partner shall be deemed to have contributed to the Partnership in exchange for newly issued Common Units the full amount for which such shares of Class A Common Stock were sold to the public and (ii) the Partnership shall be deemed to have paid the Discount as an expense. To the extent practicable, expenses incurred by the General Partner or the Corporation on behalf of or for the benefit of the Partnership shall be billed directly to and paid by the Partnership. If and to the extent any advances or reimbursements to the General Partner or the Corporation or any of their respective Affiliates by the Partnership pursuant to this <u>Section</u> <u>6.05</u> constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Partnership), such amounts shall be treated as "guaranteed payments" within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Limited Partners' Capital Accounts.

Section 6.06 <u>Delegation of Authority</u>. The General Partner (a) may, from time to time, delegate to one or more Persons such authority and duties as the General Partner may deem advisable, and (b) may assign titles (including chief executive officer, president, chief financial officer, chief operating officer, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate certain authority and duties to such Persons as the same may be amended, restated or otherwise modified from time to time, in each case subject to the terms of this Agreement. Any number of titles may be held by the same individual. The salaries or other compensation, if any, of such agents of the Partnership shall be fixed from time to time by the General Partner, subject to the other provisions in this Agreement.

Section 6.07 <u>Limitation of Liability of the General Partner</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided herein or in an agreement entered into by such Person and the Partnership, neither the General Partner nor any of the General Partner's Affiliates shall be liable to the Partnership or to any Partner that is not the General Partner, in such Partner's capacity as a partner of the Partnership, for any act or omission performed or omitted by the General Partner in its capacity as the general partner of the Partnership pursuant to authority granted to the General Partner by this Agreement; *provided*, *however*, that, except as otherwise provided herein, such limitation of liability shall not apply to the extent the act or omission was attributable to the General Partner's bad faith, willful misconduct or violation of Law in which the General Partner acted with knowledge that its conduct was unlawful. The General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents, and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as such agent was selected in good faith and with reasonable care). The General Partner shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts, including financial advisors, and any act of or failure to act by the General Partner in good faith reliance on such advice shall in no event subject the General Partner to liability to the Partnership or any Partner that is not the General Partner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever this Agreement or any other agreement contemplated herein provides that the General Partner shall act in a manner which is, or provide terms which are, "fair and reasonable" to the Partnership or any Partner that is not the General Partner, the General Partner shall determine such appropriate action or provide such terms considering, in each case, the relative interests of each party to such agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable United States generally accepted accounting practices or principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever in this Agreement or any other agreement contemplated herein, the General Partner is permitted or required to take any action or to make a decision in its "sole discretion" with "complete discretion" or under a grant of similar authority or latitude, the General Partner shall be entitled to consider such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give any consideration to any interest of or factors affecting the Partnership or other Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever in this Agreement the General Partner is permitted or required to take any action or to make a decision in its "reasonable discretion," "good faith" or under another express standard, the General Partner shall act under such express standard and, to the fullest extent permitted by applicable Law, shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein, and, notwithstanding anything contained herein to the contrary, so long as the General Partner acts in good faith, the resolution, action or terms so made, taken or provided by the General Partner shall not constitute a breach of this Agreement or any other agreement contemplated herein or impose liability upon the General Partner or any of the General Partner's Affiliates.

Section 6.08 <u>Investment Company Act</u>. The General Partner shall use its best efforts to ensure that the Partnership shall not be subject to registration as an investment company pursuant to the Investment Company Act.

Section 6.09 <u>Outside Activities of the Corporation and the General Partner</u>. The Corporation shall not, and shall not cause or permit the General Partner to, directly or indirectly, enter into or conduct any business or operations, other than, as applicable, in connection with (a) the ownership, acquisition and disposition of Common Units, (b) the management of the business and affairs of the Partnership and its Subsidiaries, (c) the operation of the Corporation 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, (e) financing or refinancing of any type related to the Partnership, its Subsidiaries or their assets or activities, and (f) such activities as are incidental to the foregoing; *provided*, *however*, that, except as otherwise provided herein, the net proceeds of any sale of Equity Securities of the Corporation pursuant to the preceding clauses (d) and (e) shall be made available to the Partnership as Capital Contributions and the proceeds of any other financing raised by the Corporation pursuant to the

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preceding clauses (d) and (e) shall be made available to the Partnership as loans or otherwise as appropriate and, *provided further*, that the Corporation 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 Partnership and its Subsidiaries so long as the Corporation takes all necessary measures to ensure that the economic benefits and burdens of such assets are otherwise vested in the Partnership or its Subsidiaries, through assignment, mortgage loan or otherwise. Nothing contained herein shall be deemed to prohibit the General Partner from executing any guarantee of indebtedness of the Partnership or its Subsidiaries.

Section 6.10 <u>Standard of Care</u>. Except to the extent otherwise expressly set forth in this Agreement, the General Partner shall, in connection with the performance of its duties in its capacity as the General Partner, have the same fiduciary duties to the Partnership and the Partners as would be owed to a Delaware corporation and its stockholders by its directors, and shall be entitled to the benefit of the same presumptions in carrying out such duties as would be afforded to a director of a Delaware corporation (as such duties and presumptions are defined, described and explained under the Laws of the State of Delaware as in effect from time to time). The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of the General Partner otherwise existing at law or in equity, are agreed by the Partners to replace, to the fullest extent permitted by applicable Law, such other duties and liabilities of the General Partner.

ARTICLE VII.

RIGHTS AND OBLIGATIONS OF PARTNERS

Section 7.01 <u>Limitation of Liability and Duties of Partners; Investment Opportunities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in this Agreement or in the Delaware Act, no Partner (including the General Partner) shall be obligated personally for any debt, obligation or liability solely by reason of being a Partner or acting as the General Partner of the Partnership; *provided* that, in the case of the General Partner, this sentence shall not in any manner limit the liability of any Partner to the Partnership or any other Partner attributable to a breach by the such Partner of any terms of this Agreement. Notwithstanding anything contained herein to the contrary, the failure of the Partnership to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Partners for liabilities of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with the Delaware Act and the laws of the State of Delaware, a Partner may, under certain circumstances, be required to return amounts previously distributed to such Partner. It is the intent of the Partners that no Distribution to any Partner pursuant to <u>Article</u> <u>IV</u> shall be deemed a return of money or other property paid or distributed in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Partner shall be deemed to be a compromise within the meaning of Section 17-502(b) of the Delaware Act, and, to the fullest extent permitted by Law, any Partner receiving any such money or property shall not be required to return any such money or property to the Partnership or any other Person. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Partner is obligated to make any such payment, such obligation shall be the obligation of such Partner and not of any other Partner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement (subject to <u>Section</u> <u>6.07</u> and except as set forth in <u>Section</u> <u>6.10</u>, in each case with respect to the General Partner), to the extent that, at law or in equity, any Partner (or such Partner's Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary or trustee of such Partner or of any Affiliate of such Partner (each Person described in this parenthetical, a "***Related Person***")) has duties (including fiduciary duties) to the Partnership, to another Partner (including the General Partner), to any Person who acquires an interest in a Limited Partner Interest or to any other Person bound by this Agreement, but in each case other than any duties (including fiduciary duties) owed the Corporation and its stockholders, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by law, and replaced with the duties or standards expressly set forth herein, if any. Such elimination of duties (including fiduciary duties) to the Partnership, each of the Partners (including the General Partner), each other Person who acquires an interest in a Limited Partner Interest and each other Person bound by this Agreement and replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Partnership, each of the Partners (including the General Partner), each other Person who acquires an interest in a Limited Partner Interest and each other Person bound by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any duty (including any fiduciary duty) otherwise applicable at law or in equity, the doctrine of corporate opportunity, or any analogous doctrine, will not apply to any Partner (including the General Partner) or to any Related Person of such Partner, and no Partner (or any Related Person of such Partner) that acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Partnership or the Partners will have any duty to communicate or offer such opportunity to the Partnership or the Partners, or to develop any particular investment, and such Person will not be liable to the Partnership or the Partners for breach of any fiduciary or other duty by reason of the fact that such Person pursues or acquires for, or directs such opportunity to, another Person or does not communicate such investment opportunity to the Partners. Notwithstanding any duty (including any fiduciary duty) otherwise applicable at law or in equity, neither the Partnership nor any Partner has any rights or obligations by virtue of this Agreement or the relationships created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of any such ventures outside the Partnership, even if competitive with the activities of the Partnership or the Partners, will not be deemed wrongful or improper.

Section 7.02 <u>Lack of Authority</u>. No Partner, other than the General Partner or a duly appointed Officer, in each case in its capacity as such, has the authority or power to act for or on behalf of the Partnership, to do any act that would be binding on the Partnership or to make any expenditure on behalf of the Partnership. The Partners hereby consent to the exercise by the General Partner of the powers conferred on them by Law and this Agreement.

Section 7.03 <u>No Right of Partition</u>. No Partner, other than the General Partner, shall have the right to seek or obtain partition by court decree or operation of Law of any Partnership property, or the right to own or use particular or individual assets of the Partnership.

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Section 7.04 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section</u> <u>5.05</u>, the Partnership hereby agrees to indemnify and hold harmless any Person (each an "***Indemnified Person***") to the fullest extent permitted under the Delaware Act, as the same now 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 Partnership to provide broader indemnification rights than the Partnership is providing immediately prior to such amendment), against all expenses, liabilities and losses (including attorneys' fees, judgments, fines, excise taxes or penalties) reasonably incurred or suffered by such Person (or one or more of such Person's Affiliates) by reason of the fact that such Person is or was a Partner or is or was serving as the General Partner, Officer, employee or other agent of the Partnership or is or was serving at the request of the Partnership as a manager, officer, director, principal, member, employee or agent of another corporation, partnership, joint venture, limited liability company, trust or other enterprise; *provided*, *however*, that no Indemnified Person shall be indemnified for any expenses, liabilities and losses suffered that are attributable to such Indemnified Person's or its Affiliates' bad faith, willful misconduct or violation of Law in which such Indemnified Person acted with knowledge that its conduct was unlawful, or for any present or future breaches of any representations, warranties, covenants or obligations by such Indemnified Person or its Affiliates contained herein or in the other agreements with the Partnership. Expenses, including attorneys' fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by the Partnership in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The right to indemnification and the advancement of expenses conferred in this <u>Section</u> <u>7.04</u> shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the General Partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Partnership shall maintain directors' and officers' liability insurance, or substantially equivalent insurance, at its expense, to protect any Indemnified Person against any expense, liability or loss described in <u>Section</u> <u>7.04(a)</u> whether or not the Partnership would have the power to indemnify such Indemnified Person against such expense, liability or loss under the provisions of this <u>Section</u> <u>7.04</u>. The Partnership shall use its commercially reasonable efforts to purchase and maintain property, casualty and liability insurance in types and at levels customary for companies of similar size engaged in similar lines of business, as determined in good faith by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this <u>Section</u> <u>7.04</u> or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Partnership shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this <u>Section</u> <u>7.04</u> to the fullest extent permitted by any applicable portion of this <u>Section</u> <u>7.04</u> that shall not have been invalidated and to the fullest extent permitted by applicable Law.

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Section 7.05 <u>Limited Partners</u><u>'</u> <u>Right to Act</u>. For matters that require the approval of the Limited Partners, the Limited Partners shall act through meetings and written consents as described in paragraphs (a), (b) and (c) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided by this Agreement, acts by the Limited Partners holding a majority of the outstanding Units, voting together as a single class, shall be the acts of the Limited Partners. Any Limited Partner entitled to vote at a meeting of Limited Partners may authorize another person or persons to act for it by proxy. An electronic mail, telegram, telex, cablegram or similar transmission by the Limited Partner, or a photographic, photostatic, facsimile or similar reproduction of a writing executed by the Limited Partner shall (if stated thereon) be treated as a proxy executed in writing for purposes of this <u>Section</u> <u>7.05(a)</u>. No proxy shall be voted or acted upon after eleven months from the date thereof, unless the proxy provides for a longer period. A proxy shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled with an interest. Should a proxy designate two or more Persons to act as proxies, unless that instrument shall provide to the contrary, a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving consents thereby conferred, or, if only one be present, then such powers may be exercised by that one; or, if an even number attend and a majority do not agree on any particular issue, the Partnership shall not be required to recognize such proxy with respect to such issue if such proxy does not specify how the votes that are the subject of such proxy are to be voted with respect to such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The actions by the Limited Partners permitted hereunder may be taken at a meeting called by the General Partner or by the Limited Partners holding a majority of the Units entitled to vote on such matter on at least 48 hours' prior written notice to the other Limited Partners entitled to vote, which notice shall state the purpose or purposes for which such meeting is being called. The actions taken by the Limited Partners entitled to vote or consent at any meeting (as opposed to by written consent), however called and noticed, shall be as valid as though taken at a meeting duly held after regular call and notice if (but not until), either before, at or after the meeting, the Limited Partners entitled to vote or consent as to whom it was improperly held signs a written waiver of notice or a consent to the holding of such meeting or an approval of the minutes thereof. The actions by the Limited Partners entitled to vote or consent may be taken by vote of the Limited Partners entitled to vote or consent at a meeting or by written consent, so long as such consent is signed by Limited Partners having not less than the minimum number of Units that would be necessary to authorize or take such action at a meeting at which all Limited Partners entitled to vote thereon were present and voted. Prompt notice of the action so taken, which shall state the purpose or purposes for which such consent is required and may be delivered via email, without a meeting shall be given to those Limited Partners entitled to vote or consent who have not consented in writing; *provided*, *however*, that the failure to give any such notice shall not affect the validity of the action taken by such written consent. Any action taken pursuant to such written consent of the Limited Partners shall have the same force and effect as if taken by the Limited Partners at a meeting thereof.

Section 7.06 <u>Inspection Rights</u>. The Partnership shall permit each Partner and each of its designated representatives to visit and inspect (i) the books and records of the Partnership, including its partner ledger and a list of its Partners and (ii) the books and records of its Subsidiaries. The Partners have no other inspection rights.

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ARTICLE VIII.

BOOKS, RECORDS, ACCOUNTING AND REPORTS

Section 8.01 <u>Records and Accounting</u>. The Partnership shall keep, or cause to be kept, appropriate books and records with respect to the Partnership's business, including all books and records necessary to provide any information, lists and copies of documents required to be provided pursuant to <u>Section</u> <u>8.03</u> or pursuant to applicable Laws. All matters concerning (a) the determination of the relative amount of allocations and Distributions among the Limited Partners pursuant to <u>Articles</u> <u>III</u> and <u>IV</u> and (b) accounting procedures and determinations, and other determinations not specifically and expressly provided for by the terms of this Agreement, shall be determined by the General Partner, whose determination shall be final and conclusive as to all of the Limited Partners absent manifest clerical error.

Section 8.02 <u>Fiscal Year</u>. The Fiscal Year of the Partnership shall end on December 31 of each year or such other date as may be established by the General Partner; *provided* that the Partnership shall have the same Fiscal Year for accounting purposes as its Taxable Year for U.S. federal income tax purposes.

ARTICLE IX.

TAX MATTERS

Section 9.01 <u>Preparation of Tax Returns</u>. The General Partner shall arrange, at the Partnership's expense, for the preparation and timely filing of all tax returns required to be filed by the Partnership. The General Partner shall use commercially reasonable efforts to furnish, within two hundred and forty (240) days of the close of each Taxable Year, to each Partner a completed IRS Schedule K-1 (and any comparable state income tax form) and such other information as is reasonably requested by such Partner relating to the Partnership that is necessary for such Partner to comply with its tax reporting obligations. Subject to the terms and conditions of this Agreement and except as otherwise provided in this Agreement, in its capacity as Partnership Representative (as applicable), the General Partner shall have the authority to prepare the tax returns of the Partnership using the elections set forth in <u>Section</u> <u>9.02</u> and such other permissible methods and elections as it determines in its reasonable discretion.

Section 9.02 <u>Tax Elections</u>. The Partnership shall and the General Partner shall use commercially reasonable efforts to cause each eligible Subsidiary shall make an election pursuant to Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) and shall not thereafter revoke (or cause to revoke) such election. In addition, the Partnership shall and the General Partner shall use commercially reasonable efforts to cause each eligible Subsidiary to make the following elections on the appropriate forms or tax returns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to adopt the calendar year as the Partnership's Taxable Year, unless otherwise required by Section 706 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to adopt the accrual method of accounting for U.S. federal income tax purposes; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to elect to amortize the organizational expenses of the Partnership as permitted by Code Section 709(b).

Each Partner will upon request supply any information reasonably necessary to give proper effect to any such elections.

Section 9.03 <u>Tax Controversies</u>. The General Partner shall cause the Partnership to take all necessary actions required by Law to designate the Corporation as the "tax matters partner" of the Partnership within the meaning of Section 6231 of the Code (as in effect prior to repeal of such section pursuant to the Partnership Audit Provisions) with respect any Taxable Year. The General Partner shall further cause the Partnership to take all necessary actions required by Law to designate the Corporation as the "partnership representative" of the Partnership as provided in Section 6223(a) of the Code with respect to any Taxable Year of the Partnership, and the Corporation is hereby authorized to designate an individual to be the sole individual through which such entity "partnership representative" shall act (in such capacities, including in similar capacities under analogous provisions of state or local Law, collectively, the "***Partnership Representative***"). The Partnership and the Partners shall cooperate fully with each other and shall use reasonable best efforts to cause the Corporation (or its designated individual, as applicable) to become the Partnership Representative with respect to any taxable period of the Partnership with respect to which the statute of limitations has not yet expired (and causing any tax matters partner, partnership representative or designated individual designated prior to the Effective Date to resign, be revoked or replaced, as applicable), including (as applicable) by filing certifications pursuant to Treasury Regulation Section 301.6231(a)(7)-1(d) and completing IRS Form 8979 or any other form or certificate required pursuant to Treasury Regulation Section 301.6223-1(e)(1). The Partnership Representative shall have the right and obligation to take all actions authorized and required, by the Code and Treasury Regulations (and analogous provisions of state or local law) for the Partnership Representative and is authorized and required to represent the Partnership (at the Partnership's expense) in connection with all examinations of the Partnership's affairs by tax authorities, including any resulting administrative and judicial proceedings, and to expend Partnership funds for professional services reasonably incurred in connection therewith. Each Partner agrees to cooperate with the Partnership and the Partnership Representative and to do or refrain from doing any or all things reasonably requested by the Partnership or the Partnership Representative with respect to the conduct of such proceedings. Without limiting the generality of the foregoing, with respect to any audit or other proceeding, the Partnership Representative shall be entitled to cause the Partnership (and any of its Subsidiaries) to make any available elections pursuant to Section 6226 of the Code (and similar provisions of state, local and other Law), and the Partners shall cooperate to the extent reasonably requested by the Partnership in connection therewith. The Partnership shall reimburse the Partnership Representative for all reasonable out-of-pocket expenses incurred by the Partnership Representative, including reasonable fees of any professional attorneys, in carrying out its duties as the Partnership Representative. The provisions of this <u>Section</u> <u>9.03</u> shall survive the transfer or termination of any Partner's interest in any Units of the Partnership, the termination of this Agreement and the termination of the Partnership, and shall remain binding on each Partner for the period of time necessary to resolve all tax matters relating to the Partnership.

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ARTICLE X.

RESTRICTIONS ON TRANSFER OF UNITS

Section 10.01 <u>Transfers by Partners</u>. No holder of Units may Transfer any interest in any Units, except Transfers (a) pursuant to and in accordance with <u>Section</u> <u>10.02</u> or (b) approved in writing by the General Partner. Notwithstanding the foregoing, this <u>Article</u> <u>X</u> shall not apply to any Redemption pursuant to <u>Section</u> <u>11.01</u> or exchange pursuant to <u>Section</u> <u>11.03.</u>

Section 10.02 <u>Permitted Transfers</u>The restrictions contained in <u>Section</u> <u>10.01</u> shall not apply to any Transfer (each, a "***Permitted Transfer***" and each such transferee, a "***Permitted Transferee***") (i) by a Limited Partner to a controlled Affiliate of such Limited Partner, (ii) by a Continuing Equity Owner to the direct holders of equity interests in such Continuing Equity Owner, and if any such holder as of the date hereof is an Affiliate of a Continuing Equity Owner, to the direct holders of equity interests in such Affiliate as of the date hereof, (iii) to an Affiliate of, or a direct holder of equity interests in, any Continuing Equity Owner, (iv) by any individual transferee pursuant to clause (ii) or (iii) of this sentence to any controlled Affiliate of such transferee or any trust, family partnership or family limited liability company, the sole beneficiaries, partners or members of which are such transferee or Relatives of such transferee for bona fide estate planning purposes, (v) to an Affiliate of any Continuing Equity Owner, (vi) in the case of an individual Partner, upon death or incapacity to such Partner's estate, executors, trustees, administrators and personal representatives, and then to such Partner's legal representatives, heirs, beneficiaries or legatees (whether or not such recipients are a spouse, children, spouses of children, grandchildren, spouses of grandchildren, parents or siblings of such Partner) or (vii) pursuant to a Redemption or Direct Exchange in accordance with <u>Article</u> <u>XI</u> hereof; *provided*, *however*, that (A) the restrictions contained in this Agreement will continue to apply to Units after any Permitted Transfer of such Units and (B) in the case of the foregoing clauses (i) through (vi) the transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement, and the transferor will deliver a written notice to the Partnership and the Partners, which notice will disclose in reasonable detail the identity of the proposed transferee. In the case of a Permitted Transfer (other than a Redemption or Direct Exchange) by any Limited Partner (other than the Corporation) of Common Units to a transferee in accordance with this <u>Section</u> <u>10.02</u>, such Limited Partner (or any subsequent transferee of such Limited Partner) shall be required to also transfer a number of shares of Class B Common Stock corresponding to the number of such Limited Partner's (or subsequent transferee's) Common Units that were transferred in the transaction to such transferee; and, in the case of a Redemption or Direct Exchange, a number of shares of Class B Common Stock owned by such Limited Partner corresponding to the number of such Limited Partner's Common Units that were transferred in such Redemption or Direct Exchange shall automatically and without further action on the part of the Corporation or such Limited Partner be cancelled for no consideration and retired by the Corporation. All Permitted Transfers are subject to the additional limitations set forth in <u>Section</u> <u>10.07(b)</u>.

Section 10.03 <u>Restricted Units Legend</u>. The Units have not been registered under the Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is then available. To the extent such Units have been certificated, each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units (if such securities remain Units as defined herein after such Transfer) shall be stamped or otherwise imprinted with a legend in substantially the following form:

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"THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON [•], 2026, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>ACT</u>"), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF WHITEHAWK INCOME OPERATING PARTNERSHIP, L.P., AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME, AND WHITEHAWK INCOME OPERATING PARTNERSHIP, L.P. RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY WHITEHAWK INCOME OPERATING PARTNERSHIP, L.P. TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE."

The Partnership shall imprint such legend on certificates (if any) evidencing Units.

Section 10.04 <u>Transfer</u>. Prior to Transferring any Units (other than (i) in connection with a Redemption or Direct Exchange in accordance with <u>Article</u> <u>XI</u> or (ii) pursuant to a Change of Control Transaction), the Transferring holder of Units shall cause the prospective transferee to be bound by this Agreement and any other agreements executed by the holders of Units and relating to such Units in the aggregate (collectively, the "***Other Agreements***"), and shall cause the prospective transferee to execute and deliver to the Partnership and the other holders of Units a Joinder (or other counterpart to this Agreement acceptable to the General Partner) and counterparts of any applicable Other Agreements. Any Transfer or attempted Transfer of any Units in violation of any provision of this Agreement (including any prohibited indirect Transfers) (a) shall be void, and (b) the Partnership shall not record such Transfer on its books or treat any purported transferee of such Units as the owner of such securities for any purpose.

Section 10.05 <u>Assignee</u><u>'</u><u>s Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transfer of a Limited Partner Interest in accordance with this Agreement shall be effective as of the date of its assignment (assuming compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Partnership. Profits, Losses and other Partnership items shall be allocated between the transferor and the Assignee according to Code Section 706, using any permissible method as determined in the reasonable discretion of the General Partner. Distributions made before the effective date of such Transfer shall be paid to the transferor, and Distributions made after such date shall be paid to the Assignee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless and until an Assignee becomes a Limited Partner pursuant to <u>Article</u> <u>XII</u>, the Assignee shall not be entitled to any of the rights granted to a Limited Partner hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; *provided*, *however*, that, without relieving the transferring Limited Partner from any such limitations or obligations as more fully described in <u>Section</u> <u>10.06</u>, such Assignee shall be bound by any limitations and obligations of a Limited Partner contained herein that a Limited Partner would be bound on account of the Assignee's Limited Partner Interest (including the obligation to make Capital Contributions on account of such Limited Partner Interest).

Section 10.06 <u>Assignor</u><u>'</u><u>s Rights and Obligations</u>. Any Limited Partner who shall Transfer any Limited Partner Interest in a manner in accordance with this Agreement shall cease to be a Limited Partner with respect to such Units or other interest and shall no longer have any rights or privileges, or, except as set forth in this <u>Section</u> <u>10.06</u>, duties, liabilities or obligations, of a Limited Partner with respect to such Units or other interest (it being understood, however, that the applicable provisions of <u>Section</u> <u>6.07</u>, <u>Section</u> <u>7.01</u> and <u>Section</u> <u>7.04</u> shall continue to inure to such Person's benefit), except that unless and until the Assignee (if not already a Limited Partner) is admitted as a Substituted Limited Partner in accordance with the provisions of <u>Article</u> <u>XII</u> (the "***Admission Date***"), (i) such assigning Limited Partner shall retain all of the duties, liabilities and obligations of a Limited Partner with respect to such Units or other interest, and (ii) the General Partner may, in its sole discretion, reinstate all or any portion of the rights and privileges of such Limited Partner with respect to such Units or other interest for any period of time prior to the Admission Date. Nothing contained herein shall relieve any Limited Partner who Transfers any Units or other interest in the Partnership from any liability of such Limited Partner to the Partnership with respect to such Limited Partner Interest that may exist on the Admission Date or that is otherwise specified in the Delaware Act and incorporated into this Agreement or for any liability to the Partnership or any other Person for any materially false statement made by such Limited Partner (in its capacity as such) or for any present or future breaches of any representations, warranties or covenants by such Limited Partner (in its capacity as such) contained herein or in the other agreements with the Partnership.

Section 10.07 <u>Overriding Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Transfer of any Limited Partner Interest in violation of this <u>Article</u> <u>X</u> shall be null and void ab initio, and the provisions of <u>Section</u> <u>10.05</u> and <u>10.06</u> shall not apply to any such Transfers. Any Person to whom a Transfer of such Limited Partner Interest is made or attempted in violation of this <u>Article</u> <u>X</u> shall not become a Limited Partner with respect to such Limited Partner Interest, shall not be entitled to vote such Limited Partner Interest on any matters coming before the Limited Partners and shall not have any other rights in or with respect to such Limited Partner Interest. The General Partner shall promptly amend the Schedule of Limited Partners to reflect any Permitted Transfer pursuant to this <u>Article</u> <u>X</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained herein to the contrary (including the provisions of <u>Section</u> <u>10.01</u> and <u>Article</u> <u>XI</u> and <u>Article</u> <u>XII</u>), in no event shall any Limited Partner Transfer any Units to the extent such Transfer would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) result in the violation of the Securities Act, or any other applicable U.S. federal or state or non-U.S. Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject the Partnership to registration as an investment company under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the reasonable determination of the General Partner, be a violation of or a default (or an event that, with notice or the lapse of time or both, would constitute a default) under, or result in an acceleration of any indebtedness under, any promissory note, mortgage, loan agreement, indenture or similar instrument or agreement to which the Partnership or the General Partner is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cause the Partnership to lose its status as a partnership for U.S. federal income tax purposes or, without limiting the generality of the foregoing, cause the Partnership to be treated as a "publicly traded partnership" or to be taxed as a corporation pursuant to Section 7704 of the Code and any applicable Treasury Regulations issued thereunder, or any successor provision of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be a Transfer to a Person who is not legally competent or who has not achieved his or her majority under applicable Law (excluding trusts for the benefit of minors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) result in the Partnership having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)).

Section 10.08 <u>Lock-Up Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the foregoing, no Continuing Equity Owner shall be permitted to, directly or indirectly, (i) offer, sell, contract to sell, pledge, grant any option to purchase or otherwise dispose of (collectively, a "***Disposition***") any Units, or any securities convertible into or exercisable or exchangeable for, or any rights to purchase or otherwise acquire, which includes engaging in any hedging, collar (whether or not for any consideration) or other transaction that is designed to or reasonably expected to lead or result in a Disposition, any Units held by such Continuing Equity Owner or acquired by such Continuing Equity Owner immediately after the consummation of the Corporation's initial public offering, or that may be deemed to be beneficially owned by such Continuing Equity Owner (collectively, the "***Lock-Up***"), for a period of 365 days following the consummation of the Corporation's initial public offering, or such shorter period as determined by the Corporate Board with respect to all Continuing Equity Owners or any Continuing Equity Owner, and with respect to all or any portion of the Units held by any such Continuing Equity Owner (the "***Lock-Up Period***"); provided that the Lock-Up Period shall not be less than 180 days without the prior written consent of the managing underwriter of such initial public offering, or (ii) exercise or seek to exercise or effectuate in any manner any rights of any nature that the Continuing Equity Owner has or may have hereafter to require the Corporation to register under the Securities Act the Disposition of any of the Units, or any Class A Common Stock issuable upon the redemption of such Units pursuant to the Redemption Right, subject to the Lock-Up held by the Continuing Equity Owner, or to otherwise participate as a selling securityholder in any manner in any registration effected by the Corporation or the Partnership under the Securities Act during the Lock-Up Period. Each Continuing Equity Owner agrees to execute such agreement as may be

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reasonably requested by the managing underwriter of the Corporation's initial public offering that is necessary to give further effect hereto; provided that in the event of any conflict or inconsistency between the terms of such separate agreement and this Section 10.08, the terms of such separate agreement shall control. Following the expiration of the Lock-Up Period, the Continuing Equity Owners may effect a Disposition of all or any portion of their Units, subject to compliance with applicable securities laws, policies of the Corporation and the Partnership, the Amended and Restated Certificate of Incorporation of the Corporation, the Amended and Restated Bylaws of the Corporation, this Agreement, the Certificate and any other requirements imposed by the Corporation, the Partnership or the transfer agent and registrar with respect to the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 10.08(a), the Lock-Up shall not apply to bona fide gifts, sales or other dispositions of any class of the Partnership's equity interests, in each case, that are made exclusively between and among the Continuing Equity Owner or members of the Continuing Equity Owner's family, or affiliates of the Continuing Equity Owner, including its partners (if a partnership) or members (if a limited liability company); provided that it shall be a condition to any transfer pursuant to this Section 10.08(b) that (A) the transferee/donee agrees to be bound by the restrictions set forth in Section 10.08(a) to the same extent as the transferor/donor, (B) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act and the Exchange Act) to make, and shall agree to not voluntarily make, any filing or public announcement of the transfer or disposition prior to the expiration of the Lock-Up Period, and (C) the Continuing Equity Owner notifies the managing underwriter of the Corporation's initial public offering at least two Business Days prior to the proposed transfer or disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the written approval of the managing underwriter of the Corporation's initial public offering is obtained with respect to a Disposition after the consummation of such initial public offering until the expiration of the Lock-Up Period, such purported Disposition shall not be effective to transfer record, beneficial, legal or any other ownership of such Units, and the transferee shall not be entitled to any rights as a holder of Units with respect to the Units purported to be purchased, acquired or transferred in the Disposition (including, without limitation, the right to vote or to receive dividends with respect thereto). Each such Unit subject to the Lock-Up shall bear the following legend (or any substantially similar legend):

THE UNITS REPRESENTED HEREBY ARE SUBJECT TO A LOCK-UP PERIOD AS SET FORTH IN THE AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.

ARTICLE XI.

REDEMPTION AND EXCHANGE RIGHTS

Section 11.01 <u>Redemption Right of a Limited Partner</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the expiration of the Lock-Up Period, each Limited Partner (other than the Corporation) shall be entitled to cause the Partnership to redeem (a "***Redemption***") all or any portion of its Common Units (the "***Redemption Right***") on the terms and conditions set forth in

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this Article XI; *provided, however*, that (x) such Redemption is for at least the Minimum Redemption Number and (y) a Limited Partner may only exercise a Redemption Right three times per each calendar quarter. A Limited Partner desiring to exercise its Redemption Right (the "***Redeemed Partner***") shall exercise such right by giving written notice (the "***Redemption Notice***") to the Partnership with a copy to the Corporation (the date of the delivery of such Redemption Notice, the "***Redemption Notice Date***"). The Redemption Notice shall specify the number of Common Units (the "***Redeemed Units***") that the Redeemed Partner intends to have the Partnership redeem. The Redemption shall be completed on the date that is three (3) Business Days following the delivery of the applicable Redemption Notice (the date of such completion, the "***Redemption Date***"); *provided* that the Partnership, the Corporation and the Redeemed Partner may change the number of Redeemed Units and/or the Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; *provided further* that (a) a 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) if the record date for any Distribution for any period would occur prior to any Redemption, then the Redemption Date for such Redemption shall in no event be earlier than the Business Day immediately following such record date. Unless the Corporation has elected to effect a Direct Exchange as provided in <u>Section</u> <u>11.03</u>, on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (1) the Redeemed Partner shall transfer and surrender the Redeemed Units to the Partnership and, if applicable, a corresponding number of shares of Class B Common Stock to the Corporation, in each case free and clear of all liens and encumbrances, (2) the Partnership shall (A) cancel the Redeemed Units, (B) transfer to the Redeemed Partner the consideration to which the Redeemed Partner is entitled under <u>Section</u> <u>11.01(b)</u>, and (C) if the Units are certificated, issue to the Redeemed Partner a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeemed Partner pursuant to clause (1) of this <u>Section</u> <u>11.01(a)</u> and the Redeemed Units and (3) the Corporation shall cancel any such shares of Class B Common Stock so surrendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In exchange for its Redeemed Units, a Redeemed Partner shall be entitled to receive, at the election of the Corporation (such election to be made by a majority of the Independent Directors who are disinterested with respect to such Redemption), (i) the Share Settlement or (ii) the Cash Amount; *provided*, for the avoidance of doubt, that the Corporation may elect to have the Redeemed Units be redeemed in consideration for a Cash Amount only to the extent that the Corporation has cash available in an amount equal to at least the Redeemed Units Equivalent, which cash was received from a substantially contemporaneous Qualifying Offering or, in the case of a Redemption occurring in connection with the closing of the IPO, the IPO. The Corporation shall provide written notice (the "***Settlement Method Notice***") to the Redeemed Partner and the Partnership of the Corporation's election of the settlement method on or before the date that is two (2) Business Days after the Redemption Notice Date. If the Corporation does not timely deliver a Settlement Method Notice, the Corporation shall be deemed to have elected to pay the Share Settlement. If the Corporation elects (or is deemed to have elected) to settle by delivery of the Share Settlement and the Corporation has not elected to effect a Direct Exchange pursuant to Section 11.03, the Corporation shall contribute to the Partnership the Share Settlement and the Partnership shall deliver such Share Settlement to the Redeemed Partner. Notwithstanding anything to the contrary in this Agreement, neither the

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Corporation (acting through the majority of the Independent Directors who are disinterested with respect to such Redemption) nor the Partnership shall effectuate a Cash Amount unless the Corporation has authorized and consummated a Qualifying Offering by no later than the Redemption Date for the purpose of satisfying such Cash Amount . If for any reason the Corporation is unable to complete such Qualifying Offering by the Redemption Date, then the applicable Redeemed Units shall instead be redeemed by Share Settlement, notwithstanding that the Corporation may have initially elected a Cash Amount of such Redeemed Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Corporation elects the Cash Amount in connection with a Redemption, the Redeemed Partner may retract its Redemption Notice with respect to such Redemption by giving written notice (the "***Retraction Notice***") to the Partnership (with a copy to the Corporation) within two (2) Business Days of delivery of the Settlement Method Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeemed Partner's, the Partnership's and the Corporation's rights and obligations under this <u>Section</u> <u>11.01</u> arising from the related Redemption Notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event the Corporation elects a Share Settlement in connection with a Redemption, a Redeemed Partner shall be entitled, at any time prior to the consummation of a Redemption, to revoke its Redemption Notice or delay the Redemption Date if any of the following conditions exists:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeemed Partner at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeemed Partner to have the resale of its Class A Common Stock registered at or immediately following the consummation of the Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Corporation shall have disclosed to such Redeemed Partner any material nonpublic information concerning the Corporation, the receipt of which results in such Redeemed Partner being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and the Corporation does not permit disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such Redeemed Partner at or immediately following the Redemption shall have been issued by the SEC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Corporation 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 Redeemed Partner to consummate the resale of Class A Common Stock to be received upon such Redemption pursuant to an effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Corporation has elected to settle the Redemption by paying the Cash Amount; *provided further*, that in no event shall the Redeemed Partner seeking to delay the consummation of such Redemption and relying on any of the matters contemplated in clauses (i) through (ix) above have controlled or intentionally materially influenced any facts, circumstances, or Persons in connection therewith (except in the good faith performance of his or her duties as an officer or director of the Corporation) in order to provide such Redeemed Partner with a basis for such delay or revocation. If a Redeemed Partner delays the consummation of a Redemption pursuant to this <u>Section</u> <u>11.01(d)</u>, the Redemption Date shall occur on the third (3rd) Business Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the Corporation, the Partnership and such Redeemed Partner may agree in writing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The amount of the Share Settlement (together with any Corresponding Rights) or the Cash Amount, as applicable, that a Redeemed Partner is entitled to receive under <u>Section</u> <u>11.01(b)</u> shall not be adjusted on account of any Distributions previously made with respect to the Redeemed Units or dividends or other distributions previously paid with respect to Class A Common Stock; *provided*, *however*, that if a Redeemed Partner causes the Partnership to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with respect to the Redeemed Units but prior to payment of such Distribution, the Redeemed Partner shall be entitled to receive such Distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeemed Partner transferred and surrendered the Redeemed Units to the Partnership prior to such date; *provided*, *further*, that a Redeemed Partner shall be entitled to receive any and all Tax Distributions that such Redeemed Partner otherwise would have been entitled to pursuant to Section 4.01(b) in respect of income allocated to such Partner for the portion of any Fiscal Year preceding the Redemption Date irrespective of whether such Tax Distribution(s) are declared or made after the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a Reclassification Event occurs, the General Partner or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with <u>Section</u> <u>16.03</u>, and enter into any necessary supplementary or additional agreements, to ensure that, following the effective date of the Reclassification Event: (i) the rights of holders of Common Units (other than the Corporation) set forth in this <u>Section</u> <u>11.01</u> provide that each

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Common Unit 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 (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 record date or effective time for such Reclassification Event) and (ii) the Corporation or the successor to the Corporation, as applicable, is obligated to deliver such property, securities or cash upon such redemption. The Corporation shall not consummate or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations of the Corporation (in whatever capacity) under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the case of a Share Settlement, in the event a reclassification or other similar transaction occurs following delivery of a Redemption Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another security, then a Redeemed Partner shall be entitled to receive the amount of such other security (and, if applicable, any Corresponding Rights) that the Redeemed Partner would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with a General Partner Change of Control, the Corporation shall have the right to require each Limited Partner (other than the Corporation) to effect a Redemption of some or all of such Limited Partner's Common Units and, if applicable, a corresponding number of shares of Class B Common Stock. Any Redemption pursuant to this <u>Section</u> <u>11.01(h)</u> shall be effective immediately prior to the consummation of the General Partner Change of Control (and shall not be effective if such General Partner Change of Control is not consummated) (the "***Change of Control Redemption Date***"). From and after the Change of Control Redemption Date, (i) the Common Units and any shares of Class B Common Stock subject to such Redemption shall be deemed to be transferred to the Corporation on the Change of Control Redemption Date and (ii) such Limited Partner shall cease to have any rights with respect to the Common Units and any 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). The Corporation shall provide written notice of an expected General Partner Change of Control to all Partners within the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such General Partner Change of Control and (y) ten (10) Business Days before the proposed date upon which the contemplated General Partner Change of Control is to be effected, indicating in such notice such information as may reasonably describe the General Partner 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 General Partner 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 General Partner Change of Control, and the number of Common Units and any shares of Class B Common Stock held by such Limited Partner that the Corporation 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 Limited Partners shall take all actions reasonably requested by the Corporation to effect such Redemption, including taking any action and

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delivering any document required pursuant to <u>Section</u> <u>11.01(a)</u> to effect a Redemption; provided that (A) no Limited Partner shall be required to make any representations or warranties in connection with such Redemption other than representations and warranties as to (1) such Limited Partner's ownership of its Common Units and any corresponding shares of Class B Common Stock to be redeemed free and clear of liens, (2) such Limited Partner's power and authority to effect such Redemption, and (3) such matters pertaining to compliance with securities laws as the Corporation may reasonably require; and (B) any indemnification or other obligations assumed or incurred in connection with a Redemption shall be several and not joint and shall be allocated among all Limited Partners participating in such Redemption (collectively, the "***Redeeming Persons***") in the same proportion as the consideration payable to each such Redeeming Person in each case other than with respect to representations made individually by the indemnifying Limited Partner (*e.g.*, representations as to title or authority of such Limited Partner).

Section 11.02 <u>Contribution of the Corporation</u>. Subject to <u>Section</u> <u>11.03</u>, in connection with the exercise of a Redeemed Partner's Redemption Rights under <u>Section</u> <u>11.01(a)</u>, if the Corporation has elected (or is deemed to have elected) to deliver the Share Settlement, the Corporation shall contribute to the Partnership the Share Settlement. Unless the Corporation has elected to effect a Direct Exchange as provided in <u>Section</u> <u>11.03</u>, on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Corporation shall make its Capital Contribution to the Partnership (in the form of the Share Settlement) required under this <u>Section</u> <u>11.02</u>, and (ii) the Partnership shall issue to the Corporation a number of Common Units equal to the number of Redeemed Units surrendered by the Redeemed Partner. If the Corporation has elected to pay the Cash Amount, the Corporation shall pay (or cause to be paid) the Cash Amount directly to the Redeemed Partner on the Redemption Date in exchange for the Redeemed Units and the Partnership shall not issue any additional Common Units to the Corporation in connection therewith.

Section 11.03 <u>Exchange Right of the Corporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in this <u>Article</u> <u>XI</u>, the Corporation may, in its sole and absolute discretion, elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or the Cash Amount, as applicable, at the Corporation's option, through a direct exchange of such Redeemed Units and the Share Settlement or Cash Amount, as applicable, between the Redeemed Partner and the Corporation (a "***Direct Exchange***"). Upon such Direct Exchange pursuant to this <u>Section</u> <u>11.03</u>, the Corporation shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, at any time prior to a Redemption Date, deliver written notice (an "***Exchange Election Notice***") to the Partnership and the Redeemed Partner setting forth its election to exercise its right to consummate a Direct Exchange; *provided* that such election does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation 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 Direct Exchange in all events shall be exercisable for all the Redeemed Units that would have otherwise been subject to a Redemption. Except as otherwise provided by this <u>Section</u> <u>11.03</u>, a Direct Exchange shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice.

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Section 11.04 <u>Reservation of Shares of Class</u> <u>A Common Stock; Listing; Certificate of the Corporation</u>. At all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Redemption or Direct Exchange (each such transaction, for purposes of this Section 11.04, an "***Exchange***"), such number of shares of Class A Common Stock as shall be issuable upon any such Exchange pursuant to Share Settlements; *provided* that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Exchange by (i) delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the Corporation) or (ii) payment of the Cash Amount. The Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Exchange to the extent a registration statement is effective and available for such shares. The Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon any such Exchange prior to such delivery upon each national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation covenants that all Class A Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and nonassessable.

Section 11.05 <u>Effect of Exercise of Redemption or Exchange Right</u>. This Agreement shall continue notwithstanding the consummation of a Redemption or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Partners and the Redeemed Partner (to the extent of such Redeemed Partner's remaining interest in the Partnership). No Redemption or Direct Exchange shall relieve such Redeemed Partner of any prior breach of this Agreement.

Section 11.06 <u>Tax Treatment</u>. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a Redemption or a Direct Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeemed Partner for U.S. federal (and applicable state and local) income tax purposes. The issuance of shares of Class A Common Stock or other securities upon a Redemption or Direct Exchange shall be made without charge to the Redeemed Partner for any stamp or other similar tax in respect of such issuance.

Section 11.07 <u>Series B Preferred Units.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Distributions and Liquidation Rights*. The Corporation, as the holder of the Series B Preferred Units, shall be entitled to receive Distributions in respect of the Series B Preferred Units in the manner set forth in <u>Section</u> <u>4.01(b)(i)(A)</u> and <u>Section</u> <u>4.01(c)</u>, and liquidating distributions in respect of the Series B Preferred Units in the manner set forth in <u>Section</u> <u>14.02(d)(ii)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voting*. Except as required by applicable Law, the Series B Preferred Units shall have no voting rights and shall not be entitled to vote on any matter requiring approval of the Partners hereunder; *provided*, that the Partnership shall not amend, modify or waive any provision of this Agreement setting forth the terms of the Series B Preferred Units without the consent of the Corporation as the holder of the Series B Preferred Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Conversion or Exchange*. Notwithstanding anything to the contrary in <u>Article XI</u>, the Series B Preferred Units shall not be convertible into, or exchangeable or redeemable for, Common Units, Class A Common Stock or any other Equity Securities of the Partnership or the Corporation, and the Redemption Right and Direct Exchange provisions of <u>Article XI</u> shall not apply to the Series B Preferred Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Conversion upon IPO- or Qualifying Offering-Funded Redemption*. Notwithstanding clause (c) above, <u>Section</u> <u>3.05(c)</u> or any other provision of this Agreement to the contrary, to the extent the Corporation redeems, repurchases or otherwise acquires any shares of Series B Preferred Stock and pays the cash consideration therefor with proceeds received by the Corporation from the IPO or any Qualifying Offering, then, in lieu of the Partnership redeeming, repurchasing or acquiring a corresponding number of Series B Preferred Units from the Corporation pursuant to <u>Section</u> <u>3.05(c)</u>, a corresponding number of Series B Preferred Units held by the Corporation shall automatically convert into Common Units, in each case, in such number and at such ratio as is necessary to preserve the One-to-One Ratios. The General Partner shall make such adjustments to the books and records of the Partnership and to <u>Exhibit A</u> as are necessary to reflect such contribution and conversion.

Section 11.08 <u>Series D Preferred Units.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Distributions and Liquidation Rights*. The Corporation, as the holder of the Series D Preferred Units, shall be entitled to receive Distributions in respect of the Series D Preferred Units in the manner set forth in <u>Section</u> <u>4.01(b)(i)(C)</u> and <u>Section</u> <u>4.01(d)</u>, and liquidating distributions in respect of the Series D Preferred Units in the manner set forth in <u>Section</u> <u>14.02(d)(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voting*. Except as required by applicable Law and except for the protective consent rights of the holders of Series D Preferred Stock under the Corporate Charter (which shall apply on a pass-through basis to the holder of the Series D Preferred Units), the Series D Preferred Units shall have no voting rights and shall not be entitled to vote on any matter requiring approval of the Partners hereunder; *provided*, that the Partnership shall not amend, modify or waive any provision of this Agreement setting forth the terms of the Series D Preferred Units without the consent of the Corporation as the holder of the Series D Preferred Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Conversion or Exchange*. Notwithstanding anything to the contrary in <u>Article XI</u>, the Series D Preferred Units shall not be convertible into, or exchangeable or redeemable for, Common Units, Class A Common Stock or any other Equity Securities of the Partnership or the Corporation, and the Redemption Right and Direct Exchange provisions of <u>Article XI</u> shall not apply to the Series D Preferred Units.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) *Conversion upon IPO- or Qualifying Offering-Funded Redemption*. Notwithstanding clause (c) above, <u>Section</u> <u>3.05(d)</u> or any other provision of this Agreement to the contrary, to the extent the Corporation redeems, repurchases or otherwise acquires any shares of Series D Preferred Stock and pays the cash consideration therefor with proceeds received by the Corporation from the IPO or any Qualifying Offering, then, in lieu of the Partnership redeeming, repurchasing or acquiring a corresponding number of Series D Preferred Units from the Corporation pursuant to <u>Section</u> <u>3.05(d)</u>, a corresponding number of Series D Preferred Units held by the Corporation shall automatically convert into Common Units, in each case, in such number and at such ratio as is necessary to preserve the One-to-One Ratios. The General Partner shall make such adjustments to the books and records of the Partnership and to <u>Exhibit A</u> as are necessary to reflect such contribution and conversion.

ARTICLE XII.

ADMISSION OF LIMITED PARTNERS

Section 12.01 <u>Substituted Limited Partners</u>. Subject to the provisions of <u>Article</u> <u>X</u>, in connection with the Permitted Transfer of a Limited Partner Interest hereunder, the transferee shall become a substituted Limited Partner ("***Substituted Limited Partner***") on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance with the conditions to such Transfer, and such admission shall be shown on the books and records of the Partnership.

Section 12.02 <u>Additional Limited Partners</u>. Subject to the provisions of <u>Article</u> <u>III</u> and <u>Article</u> <u>X</u>, any Person may be admitted to the Partnership as an additional Limited Partner (any such Person, an "***Additional Limited Partner***") only upon furnishing to the General Partner (a) a Joinder (or other counterpart to this Agreement acceptable to the General Partner) and counterparts of any applicable Other Agreements and (b) such other documents or instruments as may be reasonably necessary or appropriate to effect such Person's admission as a Limited Partner (including entering into such documents as the General Partner may deem appropriate in its reasonable discretion). Such admission shall become effective on the date on which the General Partner determines in its reasonable discretion that such conditions have been satisfied and when any such admission is shown on the books and records of the Partnership.

ARTICLE XIII.

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

Section 13.01 <u>Withdrawal and Resignation of Limited Partners</u>. No Limited Partner shall have the power or right to withdraw or otherwise resign as a Limited Partner from the Partnership prior to the dissolution and winding up of the Partnership pursuant to <u>Article</u> <u>XIV</u>. Any Limited Partner, however, that attempts to withdraw or otherwise resign as a Limited Partner from the Partnership without the prior written consent of the General Partner upon or following the dissolution and winding up of the Partnership pursuant to <u>Article</u> <u>XIV</u>, but prior to such Limited Partner receiving the full amount of Distributions from the Partnership to which such Limited Partner is entitled pursuant to <u>Article</u> <u>XIV</u>, shall be liable to the Partnership for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such Partner. Upon a Transfer of all of a Limited Partner's Units in a Transfer permitted by this Agreement, subject to the provisions of <u>Section</u> <u>10.06</u>, such Limited Partner shall cease to be a Partner.

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ARTICLE XIV.

DISSOLUTION AND LIQUIDATION

Section 14.01 <u>Dissolution</u>. The Partnership shall not be dissolved by the admission of Additional Limited Partners or Substituted Limited Partners or the attempted withdrawal or resignation of a Partner. The Partnership shall dissolve, and its affairs shall be wound up, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the unanimous decision of the General Partner together with all the Limited Partners holding a majority of the outstanding Units to dissolve the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Change of Control Transaction that is not approved by the Majority Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a dissolution of the Partnership under Section 17-801(4) of the Delaware Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Delaware Act.

Except as otherwise set forth in this <u>Article</u> <u>XIV</u>, the Partnership is intended to have perpetual existence. An Event of Withdrawal shall not cause a dissolution of the Partnership and the Partnership shall continue in existence subject to the terms and conditions of this Agreement.

Section 14.02 <u>Liquidation and Termination</u>. On dissolution of the Partnership, the General Partner shall act as liquidator or may appoint one or more Persons as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Partnership and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall be borne as a Partnership expense. Until final distribution, the liquidators shall continue to operate the Partnership properties with all of the power and authority of the General Partner. The steps to be accomplished by the liquidators are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as promptly as possible after dissolution and again after final liquidation, the liquidators shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Partnership's assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the liquidators shall cause notice of liquidation to be mailed to each known creditor of and claimant against the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the liquidators shall pay, satisfy or discharge from Partnership funds, or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidators may reasonably determine): first, all expenses incurred in liquidation; and second, all of the debts, liabilities and obligations of the Partnership; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all remaining assets of the Partnership shall be distributed: (i) *first*, to the Corporation, in respect of the Series D Preferred Units, in an amount equal to the aggregate Series D Liquidation Preference for all then outstanding Series D Preferred Units; (ii) *second*, to the Corporation, in respect of the Series B Preferred Units, in an amount equal to the aggregate Series B Liquidation Preference for all then outstanding Series B Preferred Units; and (iii) *thereafter*, to the Partners in respect of their Common Units in accordance with <u>Article</u> <u>IV</u>, in each case by the end of the Taxable Year during which the liquidation of the Partnership occurs (or, if later, by ninety (90) days after the date of the liquidation). The distribution of cash and/or property to the Partners in accordance with the provisions of this <u>Section</u> <u>14.02</u> and <u>Section</u> <u>14.03</u> below constitutes a complete return to the Partners of their Capital Contributions, a complete distribution to the Partners of their interest in the Partnership and all the Partnership's property and constitutes a compromise to which all Partners have consented within the meaning of the Delaware Act. To the extent that a Partner returns funds to the Partnership, it has no claim against any other Partner for those funds. In no event shall a Limited Partner be entitled to exercise any Redemption Rights, and no Redemptions shall be effected, on or after the earlier of the record date for and the effective date of the distribution of cash and/or property to the Partners in accordance with the provisions of this <u>Section</u> <u>14.02</u> and <u>Section</u> <u>14.03</u>.

Section 14.03 <u>Deferment; Distribution in Kind</u>. Notwithstanding the provisions of <u>Section</u> <u>14.02</u>, but subject to the order of priorities set forth therein, if upon dissolution of the Partnership the liquidators determine that an immediate sale of part or all of the Partnership's assets would be impractical or would cause undue loss (or would otherwise not be beneficial) to the Partners, the liquidators may, in their sole discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy Partnership liabilities (other than loans to the Partnership by Partners) and reserves. Subject to the order of priorities set forth in <u>Section</u> <u>14.02</u>, the liquidators may, in their sole discretion, distribute to the Partners, in lieu of cash, either (a) all or any portion of such remaining Partnership assets in-kind in accordance with the provisions of <u>Section</u> <u>14.02(d)</u>, (b) as tenants in common and in accordance with the provisions of <u>Section</u> <u>14.02(d)</u>, undivided interests in all or any portion of such Partnership assets or (c) a combination of the foregoing. Any such Distributions in kind shall be subject to (x) such conditions relating to the disposition and management of such assets as the liquidators deem reasonable and equitable and (y) the terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time. Any Partnership assets distributed in kind will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with <u>Article</u> <u>V</u>. The liquidators shall determine the Fair Market Value of any property distributed in accordance with the valuation procedures set forth in <u>Article</u> <u>XV</u>.

Section 14.04 <u>Cancellation of Certificate</u>. On completion of the distribution of Partnership assets as provided herein, the Partnership is terminated (and the Partnership shall not be terminated prior to such time), and the General Partner (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary of State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be necessary to terminate the Partnership. The Partnership shall be deemed to continue in existence for all purposes of this Agreement until it is terminated pursuant to this <u>Section</u> <u>14.04</u>.

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Section 14.05 <u>Reasonable Time for Winding Up</u>. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Partnership and the liquidation of its assets pursuant to <u>Sections</u> <u>14.02</u> and <u>14.03</u> in order to minimize any losses otherwise attendant upon such winding up.

Section 14.06 <u>Return of Capital</u>. The liquidators shall not be personally liable for the return of Capital Contributions or any portion thereof to the Partners (it being understood that any such return shall be made solely from Partnership assets).

ARTICLE XV.

VALUATION

Section 15.01 <u>Determination</u>"***Fair Market Value***" of a specific Partnership asset will mean the amount which the Partnership would receive in an all-cash sale of such asset in an arm's-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), as such amount is determined by the General Partner (or, if pursuant to <u>Section</u> <u>14.02</u>, the liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent.

Section 15.02 <u>Dispute Resolution</u>. If any Limited Partner or Limited Partners dispute the accuracy of any determination of Fair Market Value in accordance with <u>Section</u> <u>15.01</u>, and the General Partner and such Limited Partner(s) are unable to agree on the determination of the Fair Market Value of any asset of the Partnership, the General Partner and such Limited Partner(s) shall each select a nationally recognized investment banking firm experienced in valuing securities of closely-held companies such as the Partnership in the Partnership's industry (the "***Appraisers***"), who shall each determine the Fair Market Value of the asset or the Partnership (as applicable) in accordance with the provisions of <u>Section</u> <u>15.01</u>. The Appraisers shall be instructed to give written notice of their determination of the Fair Market Value of the asset or the Partnership (as applicable) within thirty (30) days of their appointment as Appraisers. If Fair Market Value as determined by an Appraiser is higher than Fair Market Value as determined by the other Appraiser by 10% or more, and the General Partner and such Limited Partner(s) do not otherwise agree on a Fair Market Value, the original Appraisers shall designate a third Appraiser meeting the same criteria used to select the original two, and the Fair Market Value shall be the average of the Fair Market Values determined by all three Appraisers, unless the General Partner and such Limited Partner(s) otherwise agree on a Fair Market Value. If Fair Market Value as determined by an Appraiser is within 10% of the Fair Market Value as determined by the other Appraiser (but not identical), and the General Partner and such Limited Partner(s) do not otherwise agree on a Fair Market Value, the General Partner shall select the Fair Market Value of one of the Appraisers. The fees and expenses of the Appraisers shall be borne by the Partnership.

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ARTICLE XVI.

GENERAL PROVISIONS

Section 16.01 <u>Power of Attorney</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Limited Partner who is an individual hereby constitutes and appoints the General Partner (or the liquidator, if applicable) with full power of substitution, as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all certificates and other instruments and all amendments thereof which the General Partner deems appropriate or necessary to form, qualify, or continue the qualification of, the Partnership as a limited partnership in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (B) all instruments which the General Partner deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (C) all conveyances and other instruments or documents which the General Partner deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including a certificate of cancellation; and (D) all instruments relating to the admission, withdrawal or substitution of any Partner pursuant to <u>Article</u> <u>XII</u> or <u>Article</u> <u>XIII</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign, execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the reasonable judgment of the General Partner, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement, in the reasonable judgment of the General Partner, to effectuate the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Limited Partner who is an individual and the transfer of all or any portion of his, her or its Limited Partner Interest and shall extend to such Limited Partner's heirs, successors, assigns and personal representatives.

Section 16.02 <u>Confidentiality</u>. Each of the Partners agree**s** to hold the Partnership's Confidential Information in confidence and may not use such information except in furtherance of the business of the Partnership or as otherwise authorized separately in writing by the General Partner. "***Confidential Information***" as used herein includes, but is not limited to, ideas, financial product structuring, business strategies, innovations and materials, all aspects of the Partnership's business plan, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners, software code and system and product designs, employees and their identities, equity ownership, the methods and means by which the Partnership plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Partnership's business, in each case obtained by a

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Partner from the Partnership or any of its Affiliates or representatives. With respect to any Partner, Confidential Information does not include information or material that: (a) is rightfully in the possession of such Partner at the time of disclosure by the Partnership; (b) before or after it has been disclosed to such Partner by the Partnership, becomes part of public knowledge, not as a result of any action or inaction of such Partner in violation of this Agreement; (c) is approved for release by written authorization of the Chief Executive Officer of the Partnership or of the Corporation; (d) is disclosed to such Partner or its representatives by a third party not, to the knowledge of such Partner, in violation of any obligation of confidentiality owed to the Partnership with respect to such information; or (e) is or becomes independently developed by such Partner or its representatives without use of or reference to the Confidential Information.

Section 16.03 <u>Amendments</u>. This Agreement may be amended or modified solely by the General Partner. Notwithstanding the foregoing, no amendment or modification (a) to this <u>Section</u> <u>16.03</u> may be made without the prior written consent of each of the Partners, (b) that modifies the limited liability of any Partner, or increases the liabilities or obligations of any Partner, in each case, may be made without the consent of each such affected Partner, (c) that materially alters or changes any rights, preferences or privileges of any Limited Partner Interests in a manner that is different or prejudicial relative to any other Limited Partner Interests, may be made without the approval of a majority in interest of the Partners holding the Limited Partner Interests affected in such a different or prejudicial manner (excluding any such Limited Partner Interests held by the General Partner or any Affiliates controlled by the General Partner), (d) that materially alters or changes any rights, preferences or privileges of a holder of any class of Limited Partner Interests in a manner that is different or prejudicial relative to any other holder of the same class of Limited Partner Interests, may be made without the approval of the holder of Limited Partner Interests affected in such a different or prejudicial manner, (e) that materially and adversely alters or changes any rights, preferences or privileges of a holder of the General Partner or the Corporation, may be made without the approval of a majority of the Independent Directors, and (f) to any of the terms and conditions of this Agreement which terms and conditions expressly require the approval or action of certain Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve or take action on such matter; *provided*, that the General Partner, acting alone, may amend this Agreement to reflect the issuance of additional Units or Equity Securities in accordance with <u>Section</u> <u>3.04</u>.

Section 16.04 <u>Title to Partnership Assets</u>. Partnership assets shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. The Partnership shall hold title to all of its property in the name of the Partnership and not in the name of any Partner. All Partnership assets shall be recorded as the property of the Partnership on its books and records, irrespective of the name in which legal title to such Partnership assets is held. The Partnership's credit and assets shall be used solely for the benefit of the Partnership, and no asset of the Partnership shall be transferred or encumbered for, or in payment of, any individual obligation of any Partner.

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Section 16.05 <u>Addresses and Notices</u>. Any notice provided for in this Agreement will be in writing and will be either personally delivered, or received by certified mail, return receipt requested, or sent by reputable overnight courier service (charges prepaid) to the Partnership at the address set forth below and to any other recipient and to any Partner at such address as indicated by the Partnership's records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder when delivered personally or sent by telecopier (*provided* confirmation of transmission is received), three (3) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service. The Partnership's address is:

WhiteHawk Income Operating Partnership L.P.

c/o WhiteHawk Minerals Corp.

2000 Market Street, Suite 910

Philadelphia, PA 19103

Attention: [•]

Facsimile: [•]

Section 16.06 <u>Binding Effect; Intended Beneficiaries</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

Section 16.07 <u>Creditors</u>. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Partnership or any of its Affiliates, and no creditor who makes a loan to the Partnership or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Partnership in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Partnership Profits, Losses, Distributions, capital or property other than as a secured creditor.

Section 16.08 <u>Waiver</u>. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition.

Section 16.09 <u>Counterparts</u>. This Agreement may be executed in separate counterparts, each of which will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto.

Section 16.10 <u>Applicable Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any dispute relating hereto shall be heard in the state or federal courts of the State of Delaware, and the parties agree to jurisdiction and venue therein.

Section 16.11 <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

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Section 16.12 <u>Further Action</u>. The parties shall execute and deliver all documents, provide all information and take or refrain from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement.

Section 16.13 <u>Delivery by Electronic Transmission</u>. This Agreement and any signed agreement or instrument entered into in connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a contract and each such party forever waives any such defense.

Section 16.14 <u>Right of Offset</u>. Whenever the Partnership is to pay any sum (other than pursuant to <u>Article</u> <u>IV</u>) to any Partner, any amounts that such Partner owes to the Partnership which are not the subject of a good faith dispute may be deducted from that sum before payment. The distribution of Units to the Corporation shall not be subject to this <u>Section</u> <u>16.14</u>.

Section 16.15 <u>Effectiveness</u>. This Agreement shall be effective immediately upon the contribution to the Partnership of 100% of the outstanding equity interests in ManagementCo on the Contribution Date (the "***Effective Time***"). The Initial Limited Partnership Agreement shall govern the rights and obligations of the Partnership and the other parties to this Agreement in their capacity as Partners prior to the Effective Time.

Section 16.16 <u>Entire Agreement</u>. This Agreement and those documents expressly referred to herein (including the Registration Rights Agreement and the Contribution Agreement) embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. For the avoidance of doubt, the Initial Limited Partnership Agreement is superseded by this Agreement as of the Effective Time and shall be of no further force and effect thereafter.

Section 16.17 <u>Remedies</u>. Each Partner shall have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by Law.

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Section 16.18 <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word "including" in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words "or," "either" and "any" shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict.

[*Signature Pages Follow*]

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IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Amended and Restated Agreement of Limited Partnership as of the date first written above.

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| | |
|:---|:---|
| **<u>GENERAL PARTNER</u>:** | **<u>GENERAL PARTNER</u>:** |
| **WHITEHAWK INCOME OP GP LLC** | **WHITEHAWK INCOME OP GP LLC** |
| **By**:<u> </u> | |
| Name: | [•] |
| Title: | [•] |

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[*Signature Page to Amended and Restated Agreement of Limited Partnership*]

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| | |
|:---|:---|
| **<u>MANAGEMENT CONTRIBUTOR AND CONTINUING EQUITY OWNER</u>:** | **<u>MANAGEMENT CONTRIBUTOR AND CONTINUING EQUITY OWNER</u>:** |
| **WHITEHAWK MINERALS LLC** | **WHITEHAWK MINERALS LLC** |
| By: |  |
| Name: | [•] |
| Title: | [•] |

---

---

| | |
|:---|:---|
| **<u>LIMITED PARTNERS</u>:** | **<u>LIMITED PARTNERS</u>:** |
| **WHITEHAWK MINERALS CORP.** | **WHITEHAWK MINERALS CORP.** |
| By:<u> </u> |  |
| Name: | [•] |
| Title: | [•] |

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[*Signature Page to Amended and Restated Agreement of Limited Partnership*

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**EXHIBIT A**\*

**SCHEDULE OF LIMITED PARTNERS** 

**TABLE I: CONTINUING EQUITY OWNER(S)** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Partner** | **Common<br>Units** | **Common<br>Units** |  | **Percentage<br>Interest** | **Percentage<br>Interest** |  | **Closing<br>Capital<br>Account<br>Balance\*\*** | **Additional<br>Cash Capital<br>Contributions** | **Additional<br>Non-Cash<br>Capital<br>Contributions** | **Capital<br>Accounts** |
|  WhiteHawk Minerals LLC |  | [ | •] |  | [ | •] |  |  |  |  |

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**TABLE II: HOLDERS OF COMMON UNITS\*\*\*** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Partner** | **Common<br>Units** | **Common<br>Units** |  | **Percentage<br>Interest** | **Percentage<br>Interest** |  | **Closing<br>Capital<br>Account<br>Balance\*\*** | **Additional<br>Cash Capital<br>Contributions** | **Additional<br>Non-Cash<br>Capital<br>Contributions** | **Capital<br>Accounts** |
|  WhiteHawk Minerals Corp. |  | [ | •] |  | [ | •] |  |  |  |  |
|  [•] |  | [ | •] |  | [ | •] |  |  |  |  |
|  [•] |  | [ | •] |  | [ | •] |  |  |  |  |
|  [•] |  | [ | •] |  | [ | •] |  |  |  |  |

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**TABLE III: HOLDERS OF SERIES B PREFERRED UNITS\*\*\*** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Partner** | **Series B<br>Preferred<br>Units** | **Series B<br>Preferred<br>Units** |  | **Percentage<br>Interest** | **Percentage<br>Interest** |  | **Closing<br>Capital<br>Account<br>Balance\*\*** | **Additional<br>Cash Capital<br>Contributions** | **Additional<br>Non-Cash<br>Capital<br>Contributions** | **Capital<br>Accounts** |
|  WhiteHawk Minerals Corp. |  | [ | •] |  | [ | •] |  |  |  |  |

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**TABLE IV: HOLDERS OF SERIES D PREFERRED UNITS\*\*\*** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Partner** | **Series D<br>Preferred<br>Units** | **Series D<br>Preferred<br>Units** |  | **Percentage<br>Interest** | **Percentage<br>Interest** |  | **Closing<br>Capital<br>Account<br>Balance\*\*** | **Additional<br>Cash Capital<br>Contributions** | **Additional<br>Non-Cash<br>Capital<br>Contributions** | **Capital<br>Accounts** |
|  WhiteHawk Minerals Corp. |  | [ | •] |  | [ | •] |  |  |  |  |

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\* This Schedule of Limited Partners shall be updated from time to time to reflect any adjustment with respect to any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Common Units, or to reflect any additional issuances of Common Units pursuant to this Agreement. 

\*\* Closing Capital Account Balances to be determined at a later date as necessary.

\*\*\* Holders in Table II, Table III and Table IV are not considered Continuing Equity Owners by virtue of their holdings listed in Table II, Table III and Table IV.

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**EXHIBIT B** 

**FORM OF JOINDER AGREEMENT** 

This JOINDER AGREEMENT, dated as of [ ], 20[ ] (this "<u>Joinder</u>"), is delivered pursuant to that certain Amended and Restated Agreement of Limited Partnership of WhiteHawk Income Operating Partnership, L.P. (the "<u>Partnership</u>"), dated as of [•], 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Partnership Agreement</u>"). Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joinder to the Partnership Agreement</u>. Upon the execution of this Joinder by the undersigned and delivery
hereof to the General Partner, the undersigned hereby is and hereafter will be a Limited Partner under the Partnership Agreement and a party thereto, with all the rights, privileges and responsibilities of a Limited Partner thereunder. The
undersigned hereby agrees that it shall comply with and be fully bound by the terms of the Partnership Agreement as if it had been a signatory thereto as of the date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Incorporation by Reference</u>. All terms and conditions of the Partnership Agreement are hereby
incorporated by reference in this Joinder as if set forth herein in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Address</u>. All notices under the Partnership Agreement to the undersigned shall be direct to:

[Name]

[Address]

[City, State, Zip Code]

Attn:

Facsimile:

E-mail:

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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written.

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| |
|:---|
| [NAME OF NEW PARTNER] |
| By: |
| Name: |
| Title: |

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Acknowledged and agreed

as of the date first set forth above:

---

| |
|:---|
| **WHITEHAWK INCOME OP GP LLC** |
| By: |
| Name: |
| Title: |

---

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**EXHIBIT C** 

**<u>POLICY REGARDING CERTAIN EQUITY ISSUANCES</u>**

**WHITEHAWK MINERALS CORP.** 

**2026 EQUITY INCENTIVE PLAN** 

All capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Whitehawk 2026 Equity Incentive Plan (as amended and restated, the "***Plan***").

Pursuant to Sections 4(b) and 15(aa) of the Plan, this Policy Regarding Certain Equity Issuances (this "***Policy***"), effective as of [ • ], 2026, is established to provide for the method by which shares of Common Stock or other securities and/or payment therefor may be exchanged or contributed between WhiteHawk Minerals Corp. (the "***Corporation***") and WhiteHawk Income Operating Partnership, L.P. (the "***Operating Company***"), or any of their respective Subsidiaries, or may be returned to the Corporation upon any forfeiture of such shares of Common Stock or other securities by the Participant, for the purpose of (i) ensuring that the relationship between the Corporation, the Operating Company and their respective Subsidiaries remains at arm's-length, and (ii) maintaining economic parity between one share of Class A Common Stock and one Common Unit (as defined in the Operating Agreement) by preserving the one-to-one ratio between (x) the aggregate number of outstanding shares of Class A Common Stock and Class B Common Stock and (y) the number of Common Units held by the Corporation.

In the event of any conflict between the Amended and Restated Agreement of Limited Partnership of WhiteHawk Income Operating Partnership, L.P., dated as of [ • ], 2026 (the "***Operating Agreement***") or the Plan and this Policy, the Operating Agreement or the Plan, as applicable, will control. In the event of any conflict between the Operating Agreement and the Plan, unless explicitly stated otherwise, the Operating Agreement will control. This Policy may be modified, supplemented or terminated at any time and from time to time in the Corporation's discretion.

For purposes of this Policy, where this Policy refers to an Eligible Person who is an Operating Company Service Provider (as defined below) or is an employee or service provider to a Subsidiary of the Operating Company, all such references shall be deemed to include a former employee of or service provider to the Operating Company or any of its Subsidiaries, as applicable, who at the time of grant of the relevant award was then an employee or service provider of such entity.

1. <u>Restricted Stock Awards</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Transfers of Restricted Stock to Corporation Employees, Corporation Consultants or Corporation Directors</u>. The following shall apply to Restricted Stock granted under the Plan to Employees and Consultants of the Corporation and Directors (collectively, "  ***Corporation Service Providers***") in consideration for services
performed by such Corporation Service Providers for the Corporation (but not for the Operating Company or its Subsidiaries):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Issuance of Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Corporation shall issue such number of shares of Restricted Stock as are to be issued to the Corporation
Service Provider in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Concurrently with or prior to such issuance, a Corporation Service Provider shall pay the purchase price (if
any) of the Restricted Stock to the Corporation in exchange for the issuance of the Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Prior to the Vesting Date (as defined below), the Corporation shall pay dividends to the holder of the
Restricted Stock and make any other payments to the Corporation Service Provider (less any applicable withholding and other payroll taxes) as the terms of the Restricted Stock Award Agreement provide for. The Corporation and the Operating Company
shall treat such payments as having been made by the Corporation, and the Corporation shall report such payments as compensation to the Corporation Service Provider for all purposes. Prior to the Vesting Date (as defined below), the Operating
Company shall pay to, or with respect to, the Corporation the amount of any such payments that the Corporation is required to pay to or with respect to the Corporation Service Provider as a reimbursement of Corporation expenses pursuant to
Section 6.05 of the Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Vesting of Restricted Stock</u> *.* On the date when the value of any share of Restricted Stock is
includible in the taxable income (with respect to each such share, the "  ***Vesting Date***") of the Corporation Service Provider, the following events shall occur or be deemed to have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If required by Section 6.05 of the Operating Agreement, the Operating Company shall be deemed to or
actually reimburse the Corporation for the compensation expense equal to, or with respect to, the amount includible in the taxable income of the Corporation Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Operating Company shall issue to the Corporation on the Vesting Date a number of Common Units (as defined
in the Operating Agreement) equal to the number of such shares of Restricted Stock (or portion thereof) that are includible in the taxable income of the Corporation Service Provider as of the applicable Vesting Date and any Restricted Stock (or
portion thereof) purchased by the Corporation Service Provider in consideration for a deemed or actual Capital Contribution (as defined in the Operating Agreement) from the Corporation in an amount equal to the number of Common Units issued in
accordance with this section, multiplied by the per-Common Unit Fair Market Value (as defined in the Operating Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Transfers of Restricted Stock to Employees and other Service Providers of the Operating Company</u>. The
following shall apply to Restricted Stock granted under the Plan to Employees and other service providers of the Operating Company or its Subsidiaries (each, "  ***Operating Company Service Providers***") in consideration for
services performed by such Operating Company Service Providers for the Operating Company or its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Is</u> <u>suance of Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Corporation shall issue such number of shares of Restricted Stock as are to be issued to the Operating
Company Service Provider in accordance with the terms of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Concurrently with or prior to such issuance, an Operating Company Service Provider shall pay the purchase price
(if any) of the Restricted Stock to the Corporation in exchange for the issuance of the Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Corporation shall transfer any such purchase price to the Operating Company (and, if the Operating Company
Service Provider is an Employee or other service provider of a Subsidiary of the Operating Company, the Operating Company shall transfer such purchase price to such Subsidiary of the Operating Company). For tax purposes, any such purchase price
shall be treated as paid by the Operating Company Service Provider to the Operating Company (or an applicable Subsidiary) as the employer of the Employee or the recipient of the Consultant's services (*i.e.*, not a capital contribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Prior to the Vesting Date, the Corporation shall pay dividends to the holder of the Restricted Stock and make
any other payments to the Operating Company Service Provider (less any applicable withholding and other payroll taxes) as provided by the terms of the Restricted Stock Award Agreement, provided that the Operating Company (or, if the Operating
Company Service Provider is an Employee or other service providers of a Subsidiary of the Operating Company, the Subsidiary of the Operating Company) shall reimburse the Corporation for such amounts, handle any applicable withholding and deduct such
amounts as compensation. In order to effectuate the foregoing, in addition to the Operating Company's distributions to the Corporation with respect to the Common Units held by the Corporation, the Operating Company (or the applicable
Subsidiary) shall make an additional payment to the Corporation in the amount of this reimbursement, which shall not be treated as a partnership distribution. Such dividend or other payments shall be treated as having been made by the Operating
Company (or the applicable Subsidiary), and not by the Corporation, to such Operating Company Service Provider, and the Operating Company (or the applicable Subsidiary) shall report such payments as compensation to the Operating Company Service
Provider for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Vesting of Restricted Stock</u> *.* On the Vesting Date of any shares of Restricted Stock of the
Operating Company Service Provider, the following events shall occur or be deemed to have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Corporation shall be deemed to sell to the Operating Company (or, if the Operating Company Service Provider
is an Employee or other service provider of a Subsidiary of the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating Company) shall be deemed to purchase from the
Corporation, such shares of

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Restricted Stock (or portion thereof) that are includible in the taxable income of the Operating Company Service Provider on such Vesting Date (the "***Operating Company Purchased Restricted Stock***"), which shall not include any Restricted Stock (or portion thereof) purchased by the Operating Company Service Provider. The deemed price paid by the Operating Company (or a Subsidiary of the Operating Company) to the Corporation for Operating Company Purchased Restricted Stock shall be an amount equal to the product of (x) the number of shares of Operating Company Purchased Restricted Stock and (y) the Fair Market Value of a share of Common Stock on the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Operating Company (or any Subsidiary of the Operating Company) shall be deemed to transfer Operating
Company Purchased Restricted Stock to the Participant at no additional cost, as additional compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Operating Company shall issue to the Corporation on the Vesting Date a number of Common Units equal to
(i) the number of shares of Operating Company Purchased Restricted Stock in consideration for a deemed Capital Contribution from the Corporation in an amount equal to the number of Common Units issued in accordance with this section, multiplied
by the per-Common Unit Fair Market Value and (ii) the number of shares of Restricted Stock (or portion thereof) purchased by the Operating Company Service Provider in consideration for the Capital
Contribution from the Corporation of any purchase price paid by the Operating Company Service Provider for the applicable Restricted Stock (or portion thereof) to the Corporation. In the case where an Operating Company Service Provider is an
employee or service provider to a Subsidiary of the Operating Company, then the Operating Company shall be deemed to have contributed such amount to the capital of such Subsidiary of the Operating Company.

2. <u>Restricted Stock Unit, or Other Equity-Based Awards</u>. The following shall apply to all Restricted Stock
Units and Other Stock granted under the Plan and settled in shares of Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Transfers of Common Stock to Corporation Service Providers</u>. The Corporation shall issue such number of
shares of Common Stock as are to be issued to the Corporation Service Provider in accordance with the terms of the Plan and any Restricted Stock Unit or Other Equity-Based Awards to a Corporation Service Provider in accordance with [Sections 9 or
10] of the Plan. As soon as reasonably practicable after such Award is settled, with respect to each such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If required by Section 6.05 of the Operating Agreement, the Operating Company shall be deemed to or
actually reimburse the Corporation for the compensation expense equal to, or with respect to, the amount includible in the taxable income of the Corporation Service Provider with respect to such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Operating Company shall issue to the Corporation on the date of settlement a number of Common Units equal
to the number of shares of Common Stock issued in settlement of the Restricted Stock Unit or Other Equity-Based Awards in consideration for a deemed Capital Contribution from the Corporation in an amount equal to the number of Common Units issued in
accordance with this section, multiplied by the per-Common Unit Fair Market Value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Transfer of Common Stock to Operating Company Service Providers</u>. The Corporation shall issue such number
of shares of Common Stock as are to be issued to an Operating Company Service Provider in accordance with the terms of the Plan and any Restricted Stock Unit or Other Equity-Based Awards to an Operating Company Service Provider in accordance with
[Sections 9 and 10] of the Plan. As soon as reasonably practicable after such Award is settled, with respect to each such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Corporation shall be deemed to sell to the Operating Company (or, if the Operating Company Service Provider
is an Employee or other service provider of a Subsidiary of the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating Company) shall be deemed to purchase from the
Corporation, the number of shares of Common Stock (the "  ***Operating Company Purchased RSU/Other Award Shares***") equal to the number issued in settlement of the Restricted Stock Units or Other Equity-Based Awards. The deemed
price paid by the Operating Company (or Subsidiary of the Operating Company) to the Corporation for Operating Company Purchased RSU/Other Award Shares shall be an amount equal to the product of (x) the number of Operating Company Purchased
RSU/Other Award Shares and (y) the Fair Market Value of a share of Common Stock at the time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Operating Company (or Subsidiary of the Operating Company) shall be deemed to transfer such shares of
Common Stock to the Participant at no additional cost, as additional compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Operating Company shall issue to the Corporation on the date of settlement a number of Common Units equal
to the number of Operating Company Purchased RSU/Other Award Shares in consideration for a deemed Capital Contribution from the Corporation in an amount equal to the number of Common Units issued in accordance with this section, multiplied by the per-Common Unit Fair Market Value. In the case where an Operating Company Service Provider is an employee or service provider to a Subsidiary of the Operating Company, the Operating Company shall be deemed to have
contributed such amount to the capital of such Subsidiary of the Operating Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Other Full-Value Awards</u>. To the extent the Corporation grants full-value Awards (other than Restricted
Stock, Restricted Stock Units and Other Equity-Based Awards), the provisions of this Section 2 shall apply *mutatis mutandis* with respect to such full-value Awards, to the extent applicable (as determined by the Administrator).

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3. <u>Stock Options</u>. The following shall apply to Options granted under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Transfer of Common Stock to Corporation Service Providers</u>. As soon as reasonably practicable after
receipt by the Corporation, pursuant to Section 7(d) of the Plan, of payment for the shares of Common Stock with respect to which an Option (which in the case of a Corporation Service Provider was issued to and is held by such Participant in
such capacity), or portion thereof, is exercised by a Participant who is a Corporation Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Corporation shall transfer to the holder of such Option the number of shares of Common Stock equal to the
number of shares of Common Stock subject to the Option (or portion thereof) that is exercised subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Corporation, shall, as soon as practicable after such exercise, make a Capital Contribution to the
Operating Company in an amount equal to the exercise price paid to the Corporation by such Participant in connection with the exercise of the Option. If required by Section 6.05 of the Operating Agreement, the Operating Company shall reimburse
the Corporation for the compensation expense equal to the Fair Market Value of a share of Common Stock as of the date of exercise multiplied by the number of shares of Common Stock then being issued in connection with the exercise of such Option,
less the exercise price paid to the Corporation by such Participant in connection with the exercise of the Option. Notwithstanding the amount of the Capital Contribution actually made pursuant to this Section 3(a)(ii), the Corporation shall be
deemed to have contributed in the aggregate to the Operating Company as a Capital Contribution, inclusive of any Capital Contribution actually made, an amount equal to the Fair Market Value of a share of Common Stock as of the date of exercise
multiplied by the number of shares of Common Stock then being issued in connection with the exercise of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Operating Company shall issue to the Corporation, on the date of the issuance of any Common Stock described
in Section 3(a)(i) hereof, a number of Common Units equal to the number of issued shares of Common Stock pursuant to Section 3(a)(i) hereof, in consideration for the Capital Contributions described in Section 3(a)(ii) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Transfer of Common Stock to Operating Company Service Providers</u>. As soon as reasonably practicable after
receipt by the Corporation, pursuant to Section 7(d) of the Plan, of payment for the shares of Common Stock with respect to which an Option (which was issued to and is held by an Operating Company Service Provider in such capacity), or portion
thereof, is exercised by a Participant who is an Operating Company Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Corporation shall transfer to the Participant the total number of shares of Common Stock with respect to
which the Option was exercised subject to the terms of the Plan (the "  ***Total Purchased Shares*** "). Of the Total Purchased Shares, the number of shares of Common Stock that shall be deemed to be transferred directly to the
Participant shall be equal to (A) the amount of the exercise price paid by the Participant to the Corporation pursuant to Section 7(d) of the Plan (the "  ***Exercise Price Paid***") divided by (B) the Fair Market
Value of a share of Common Stock at the time of exercise (the "  ***Operating Company Holder Purchased Shares*** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Corporation shall be deemed to sell to the Operating Company (or, if the Operating Company Service Provider
is an Employee or other service provider of a Subsidiary of the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating Company) shall be deemed to purchase from the
Corporation, the number of shares of Common Stock (the "  ***Operating Company Purchased Option Shares***") equal to the excess of (A) the number of Total Purchased Shares, over (B) the number of Operating Company Holder
Purchased Shares. The deemed price paid by the Operating Company (or a Subsidiary of the Operating Company) to the Corporation for Operating Company Purchased Option Shares shall be an amount equal to the product of (x) the number of Operating
Company Purchased Option Shares and (y) the Fair Market Value of a share of Common Stock at the time of the exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Operating Company (or a Subsidiary of the Operating Company) shall be deemed to transfer the Operating
Company Purchased Option Shares to the Participant at no additional cost, as additional compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Operating Company shall issue to the Corporation on the date of exercise a number of Common Units equal to
the sum of the number of Total Purchased Shares in consideration for (i) a deemed Capital Contribution from the Corporation in an amount equal to the number of Operating Company Purchased Option Shares, multiplied by the per-Common Unit Fair Market Value and (ii) a Capital Contribution from the Corporation in amount equal to the Exercise Price Paid. In the case where an Operating Company Service Provider is an Employee or other
service provider to a Subsidiary of the Operating Company, the Operating Company shall be deemed to have contributed such amount to the capital of such Subsidiary of the Operating Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Stock Appreciation Rights</u>. To the extent the Corporation grants any Stock Appreciation Rights, the
provisions of this Section 3 shall apply *mutatis mutandis* with respect to such Stock Appreciation Rights, to the extent applicable (as determined by the Administrator).

4. <u>Dividend Equivalent Awards</u>. The following shall apply to Dividend Equivalents granted under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Corporation shall make any payments to a Corporation Service Provider under the terms of the Dividend
Equivalent award, provided that the Corporation and the Operating Company shall treat such payments as having been made by the Corporation, and the Corporation shall report such payments as compensation to the Corporation Service Provider for all
purposes. The Operating Company shall pay to the Corporation the amount of any such payments that the Corporation is required to pay to, or with respect to, the Corporation Service Provider as a reimbursement of Corporation expenses pursuant to
Section 6.05 of the Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Corporation shall make any payments to an Operating Company Service Provider (less

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any applicable withholding and other payroll taxes) under the terms of the Dividend Equivalent award, provided that the Operating Company (or, if the Operating Company Service Provider is an Employee or other service provider of a Subsidiary of the Operating Company, such Subsidiary of the Operating Company) shall reimburse the Corporation for such amounts, handle any applicable withholding and deduct such amounts as compensation. In order to effectuate the foregoing, in addition to the Operating Company's (or the applicable Subsidiary's) distributions to the Corporation with respect to Common Units held by the Corporation, the Operating Company (or the applicable Subsidiary) shall make an additional payment to the Corporation in the amount of this reimbursement, which shall not be treated as a partnership distribution. Such payments shall be treated as having been made by the Operating Company (or the applicable Subsidiary), and not by the Corporation, to such Operating Company Service Provider, and the Operating Company (or the applicable Subsidiary) shall report such payments as compensation to such Operating Company Service Provider for all purposes.

5. <u>Forfeiture, Surrender or Repurchase of Common Stock</u> *.* If any shares of Common Stock granted under
the Plan are (a) forfeited or surrendered by any Eligible Person eligible to participate in the Plan (an "  ***Eligible Service Provider***") or (b) repurchased from any Eligible Service Provider by the Corporation, the
Operating Company or a Subsidiary, (i) the shares of Common Stock forfeited, surrendered or repurchased shall be returned to the Corporation, (ii) the Corporation (or, if the Eligible Service Provider is an Operating Company Service
Provider, the Operating Company or a Subsidiary of the Operating Company, as applicable) shall pay the repurchase price (if any) of the repurchased shares of Common Stock to such Eligible Service Provider, and (iii) if corresponding Common
Units had theretofore been issued in respect of the shares of Common Stock that were so forfeited, surrendered or repurchased, the Operating Company shall, contemporaneously with such forfeiture, surrender or repurchase of shares of Common Stock,
redeem or repurchase a number of the Common Units held by the Corporation equal to the number of forfeited, surrendered or repurchased shares of Common Stock, such redemption or repurchase to be upon the same terms and for the same price per Common
Unit as such shares of Common Stock are forfeited, surrendered or repurchased.

## Exhibit 10.9

**Exhibit 10.9** 

**CONTRIBUTION AGREEMENT** 

by and among

**WhiteHawk Income Corporation**, a Delaware corporation,

**WhiteHawk Income Operating Partnership L.P.**, a Delaware limited partnership,

**WhiteHawk Management LLC**, a Delaware limited liability company,

and

**WhiteHawk Minerals LLC**, a Delaware limited liability company,

dated as of

**[•], 2026** 

**THIS DOCUMENT IS INTENDED SOLELY TO FACILITATE DISCUSSIONS AMONG THE PARTIES IDENTIFIED HEREIN. IT IS NOT INTENDED TO CREATE AND SHALL NOT BE DEEMED TO CREATE A LEGALLY BINDING OR ENFORCEABLE OFFER OR AGREEMENT OF ANY TYPE OR NATURE PRIOR TO THE DULY AUTHORIZED AND APPROVED EXECUTION OF THIS DOCUMENT BY ALL SUCH PARTIES AND THE DELIVERY OF AN EXECUTED COPY HEREOF BY ALL SUCH PARTIES TO ALL OTHER PARTIES.** 

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  Article I CONTRIBUTION OF THE INTERESTS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.01 CONTRIBUTION OF THE INTERESTS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.02 SUBSCRIPTION TO WHIC SHARES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.03 MISDIRECTED ASSETS, LIABILITIES AND PAYMENTS | 2 |
|  Article II CONTRIBUTION CONSIDERATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.01 CONTRIBUTION AND SUBSCRIPTION CONSIDERATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.02 EARNOUT CONSIDERATION | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.03 INTENDED TAX TREATMENT | 6 |
|  Article III CLOSING | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.01 CLOSING AND PLACE | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.02 CONDITIONS PRECEDENT | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.03 COSTS | 9 |
|  Article IV REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTOR | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.01 DUE EXECUTION; DUE AUTHORIZATION; APPROVALS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.02 NO CONFLICT | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.03 LITIGATION | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.04 INSOLVENCY | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.05 FINANCIAL STATEMENTS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.06 OWNERSHIP OF EQUITY INTERESTS; TITLE | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.07 ISSUANCE OF WHIC SHARES AND WHITEHAWK OP UNITS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.08 ORGANIZATION AND QUALIFICATION | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.09 CONTRACTS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.10 COMPLIANCE WITH LAWS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.11 FOREIGN ASSET CONTROL | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.12 TAX MATTERS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.13 ABSENCE OF CERTAIN CHANGES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.14 EMPLOYEES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.15 BENEFIT PLANS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.16 LOANS TO THE COMPANY OR SERVICES | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.17 LICENSES AND PERMITS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.18 ABSENCE OF UNDISCLOSED LIABILITIES | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.19 REAL PROPERTY | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.20 INTELLECTUAL PROPERTY; IT SYSTEMS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.21 ENVIRONMENTAL LIABILITY | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.22 POWERS OF ATTORNEY | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.23 TRANSACTIONS WITH RELATED PARTIES | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.24 IMPROPER PAYMENTS | 22 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.25 NO OTHER OPERATIONS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.26 SUFFICIENCY OF ASSETS | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.27 INVESTMENT COMPANY ACT | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.28 BROKERS, FINDERS AND ADVISORS | 24 |
|  Article V REPRESENTATIONS AND WARRANTIES OF WHITEHAWK OP and WHIC | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.01 ORGANIZATION AND QUALIFICATION | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.02 DUE AUTHORIZATION; APPROVALS | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.03 BROKERS, FINDERS AND ADVISORS | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.04 COMMON UNITS | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.05 CLASS B COMMON STOCK | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.06 TAX MATTERS | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.07 NO CONFLICT | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.08 NO OTHER REPRESENTATIONS AND WARRANTIES | 26 |
|  Article VI COVENANTS | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.01 CONDUCT OF BUSINESS PRIOR TO CLOSING | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.02 ACCESS TO INFORMATION | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.03 CONSENTS AND APPROVALS | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.04 TAX MATTERS | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.05 SUPPLEMENTAL DISCLOSURE | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.06 CONFIDENTIALITY; PUBLICITY | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.07 TERMINATION AND ASSIGNMENT OF AGREEMENTS | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.08 EXPENSES AND INDEBTEDNESS | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.09 RESTRICTIVE COVENANTS | 35 |
|  Article VII INDEMNIFICATION AND CLAIMS | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.01 SURVIVAL OF REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.02 INDEMNIFICATION OF WHITEHAWK OP | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.03 INDEMNIFICATION OF CONTRIBUTOR | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.04 LIMITATIONS | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.05 INDEMNIFICATION PROCEDURES | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.06 CHARACTER OF INDEMNITY PAYMENTS | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.07 REMEDIES | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.08 SUBROGATION/INSURANCE | 40 |
|  Article VIII TERMINATION | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.01 TERMINATION | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.02 EFFECT OF TERMINATION | 41 |
|  Article IX GENERAL PROVISIONS | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.01 NOTICES | 42 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.02 ENTIRE AGREEMENT; AMENDMENTS | 42.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.03 SUCCESSORS AND ASSIGNS | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.04 FURTHER DOCUMENTS | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.05 GOVERNING LAW; JURISDICTION; WAIVER OF JURY | 43.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.06 COUNTERPARTS | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.07 CONSTRUCTION OF AGREEMENT | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.08 NO WAIVER | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.09 SEVERABILITY | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.10 HEADINGS | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.11 INTERPRETATION | 44.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.12 RELEASE | 45.0 |

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| | |
|:---|:---|
| <u>Exhibits</u> |  |
| Exhibit A | Defined Terms |
| Exhibit B | Form of A&R OP LPA |
| Exhibit C | Form of Management Employment Agreements |
| Exhibit D | Form of A&R WHIC Charter |
| Exhibit E | Form of Registration Rights Agreement |

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iii

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**CONTRIBUTION AGREEMENT** 

**THIS CONTRIBUTION AGREEMENT** (this "<u>Agreement</u>") is entered into as of [•], 2026 by and among WhiteHawk Income Corporation, a Delaware corporation ("<u>WHIC</u>"), WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership ("<u>WhiteHawk OP</u>"), WhiteHawk Management LLC, a Delaware limited liability company (the "<u>Company</u>") and WhiteHawk Minerals LLC, a Delaware limited liability company (the "<u>Contributor</u>"). Capitalized terms used but not defined herein shall have the respective meanings set forth on <u>Exhibit A</u>.

**<u>RECITALS</u>**

**WHEREAS**, the Contributor owns 100% of the total issued and outstanding membership interests of the Company (the "<u>Interests</u>");

**WHEREAS**, WhiteHawk Energy Services LLC, a Delaware limited liability company ("<u>Services</u>"), a wholly owned subsidiary of the Company, employs all the employees that provide services to WhiteHawk OP and its Affiliates as of the date hereof;

**WHEREAS**, (i) effective as of the Contribution Date, the Contributor will contribute and assign to WhiteHawk OP all of its right, title and interest in and to the Interests, and the Contributor will receive from WhiteHawk OP the WhiteHawk OP Units and (ii) effective as of the Closing, the Contributor will subscribe for the WHIC Shares for $0.0001 per share, in accordance with the terms and subject to the conditions set forth herein;

**WHEREAS**, in connection with the issuance by WhiteHawk OP to the Contributor of the WhiteHawk OP Units at the Closing, WhiteHawk OP, WHIC, the Contributor and others shall enter into an amendment and restatement of the WH OP Partnership Agreement substantially in the form of <u>Exhibit B</u> attached hereto (the "<u>A&R OP LPA</u>") in order to set forth certain rights, responsibilities and restrictions with respect to, among other things, such WhiteHawk OP Units;

**WHEREAS**, contemporaneously with closing, WHIC will consummate an initial public offering (the "<u>IPO</u>") of its Class A common stock, with a par value of $0.0001 per share ("<u>Class</u> <u>A Common Stock</u>"), and in connection with the IPO and the issuance by WHIC to the Contributor of the WHIC Shares at the Closing, amend and restate its certificate of incorporation substantially in the form of <u>Exhibit E</u> attached hereto (the "<u>A&R WHIC Charter</u>") in order to set forth certain rights, responsibilities and restrictions with respect to, among other things, such WHIC Shares; and

**WHEREAS**, [the Board of Directors of WHIC, on behalf of both WHIC and WhiteHawk Income OP GP LLC, a Delaware limited liability company wholly owned by WHIC and the general partner of WhiteHawk OP (the "<u>WH OP GP</u>")]<sup>1</sup>, has reviewed and evaluated this Agreement and the Transactions and, based on the recommendation of a duly authorized and fully empowered special committee of independent members of Board of Directors, who have [unanimously] determined that this Agreement, the Transactions, and the entering into by WHIC and WhiteHawk OP of this Agreement and the Transaction Documents, are in the best interests of WHIC and its stockholders and WhiteHawk OP and its limited partners.

<sup>1</sup> <u>Note to Draft</u>: To be confirmed.

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**NOW, THEREFORE**, in consideration of the foregoing and the representations, warranties, covenants and other terms contained in this Agreement, the parties hereto, intending to be legally bound hereby, agree as follows:

**ARTICLE I** 

**<u>CONTRIBUTION OF THE INTERESTS</u>**

**Section 1.01 CONTRIBUTION OF THE INTERESTS**. On the terms and subject to the conditions contained in this Agreement, on the Contribution Date, the Contributor shall contribute to WhiteHawk OP all of the Contributor's right, title, and interest in and to the Interests, free and clear of any Encumbrances (other than transfer restrictions imposed under applicable securities Laws) (the "<u>Contribution</u>").

**Section 1.02 SUBSCRIPTION TO WHIC SHARES**. On the terms and subject to the conditions contained in this Agreement, at the Closing, the Contributor agrees to pay, at the time or times as determined by the Board of Directors of WHIC, cash in the amount that equals $0.0001 per share of the WHIC Shares.

**Section 1.03** MISDIRECTED ASSETS, LIABILITIES AND PAYMENTS. At any time after the Closing, the Contributor shall, or shall cause its Affiliates to, take all actions reasonably requested by WhiteHawk OP or WHIC to effect the provisions of this <u>Article</u> <u>I</u>, including the transfer of any Misdirected Assets to WhiteHawk OP or WHIC (or its designated Affiliate) and the assumption or discharge by the Contributor of any Misdirected Liabilities. Further, the Contributor agrees to pay or otherwise discharge the Misdirected Liabilities or, to the extent that any Misdirected Liabilities are required to be discharged by WhiteHawk OP, WHIC or any of its Affiliates, to provide WhiteHawk OP, WHIC or its applicable Affiliate with the funds for such purpose. Any action taken pursuant to this <u>Section</u> <u>1.02</u> after the Closing shall be deemed to have occurred as of the Effective Time.

**ARTICLE II** 

**<u>CONTRIBUTION CONSIDERATION</u>**

**Section 2.01 CONTRIBUTION AND SUBSCRIPTION CONSIDERATION**. In exchange for the Contribution, on the Contribution Date, WhiteHawk OP shall issue to the Contributor a number of Common Units equal to 75% of the quotient of the Internalization Price divided by the IPO Price (the "<u>WhiteHawk OP Units</u>"). In exchange for the Contributor subscribing to a corresponding number of shares of Class B Common Stock of WHIC for $0.0001 per share (the "<u>WHIC Shares</u>" and, together with the WhiteHawk OP Units, the "<u>Contribution and Subscription Closing Consideration</u>"), WHIC shall issue to the Contributor a corresponding number of shares of Class B Common Stock.

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**Section 2.02 EARNOUT CONSIDERATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Determination of Earnout OP Units and Earnout WHIC Shares</u>. As additional consideration for the Contribution, subject to and in accordance with the terms and conditions of this <u>Section</u> <u>2.02</u>, Contributor may be entitled to receive from WhiteHawk OP up to an aggregate number of Common Units equal to 25% of the quotient of the Internalization Price divided by the IPO Price (the "<u>Earnout OP Units</u>") and from WHIC a corresponding number of shares of Class B Common Stock (the "<u>Earnout WHIC Shares</u>" and collectively, the "<u>Earnout Consideration</u>"), based on WhiteHawk OP's financial performance during each of the three 12-month periods from July 1, 2026 to June 30, 2029 (each, an "<u>Earnout Year</u>"), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the twelve (12)-month period beginning on July 1, 2026, and ending on June 30, 2027 ("<u>Earnout Year One</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the twelve (12)-month period beginning on July 1, 2027, and ending on June 30, 2028 ("<u>Earnout Year Two</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the twelve (12)-month period beginning on July 1, 2028, and ending on June 30, 2029 ("<u>Earnout Year Three</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Calculation of Earnout OP Units and Earnout WHIC Shares</u>. The Earnout OP Units and corresponding Earnout WHIC Shares to be issued to the Contributor for each Earnout Year shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Earnout Year One</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If Earnout EBITDA is less than or equal to $80,200,000, no Earnout OP Units and corresponding Earnout WHIC Shares shall be issued to the Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If Earnout EBITDA is greater than $80,200,000 but less than $106,600,000, WhiteHawk OP shall issue to the Contributor a number of Earnout OP Units equal to: (1) Earnout EBITDA *less* $80,200,000, *divided by* (2) $26,400,000 *multiplied by* (3) the Earnout Year One Amount and WHIC shall issue to the Contributor a corresponding number of Earnout WHIC Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If Earnout EBITDA is greater than or equal to $106,600,000, WhiteHawk OP will issue to the Contributor a number of Earnout OP Units equal to the Earnout Year One Amount and WHIC shall issue to the Contributor a corresponding number of Earnout WHIC Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Earnout Year Two</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If Earnout EBITDA is less than or equal to $97,000,000, no Earnout OP Units and corresponding Earnout WHIC Shares shall be issued to the Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If Earnout EBITDA is greater than $97,000,000 but less than $129,000,000, WhiteHawk OP will issue to the Contributor a number of Earnout OP Units equal to: (1)(x) Earnout EBITDA *less* $97,000,000, *divided by* (y) $32,000,000, *multiplied by* (z) the Earnout Year Two Amount, *minus* (2) the number of Earnout OP Units, if any, that were issued pursuant to <u>Section</u> <u>2.02(b)(i)</u> and WHIC shall issue to the Contributor a corresponding number of Earnout WHIC Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If Earnout EBITDA is greater than or equal to $129,000,000, WhiteHawk OP will issue to the Contributor a number of Earnout OP Units equal to (1) the Earnout Year Two Amount *minus* (2) the number of Earnout OP Units, if any, that were issued pursuant to <u>Section</u> <u>2.02(b)(i)</u> and WHIC shall issue to the Contributor a corresponding number of Earnout WHIC Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) <u>Earnout Year Three</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If Earnout EBITDA is less than or equal to $94,800,000, no Earnout OP Units and corresponding Earnout WHIC Shares shall be issued to the Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If Earnout EBITDA is greater than $94,800,000 but less than $126,000,000, WhiteHawk OP will issue to the Contributor a number of Earnout OP Units equal to: (1)(x) Earnout EBITDA *less* $94,800,000, *divided by* (y) $31,200,000, *multiplied by* (z) the Earnout Year Three Amount *minus* (2) the number of Earnout OP Units, if any, that were issued pursuant to <u>Section</u> <u>2.02(b)(i)</u> and/or <u>Section</u> <u>2.02(b)(ii)</u> and WHIC shall issue to the Contributor a corresponding number of Earnout WHIC Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If Earnout EBITDA is greater than or equal to $126,000,000, WhiteHawk OP will issue to the Contributor a number of Earnout OP Units equal to the Earnout Year Three Amount *minus* (2) the number of Earnout OP Units, if any, that were issued pursuant to <u>Section</u> <u>2.02(b)(i)</u> and/or <u>Section</u> <u>2.02(b)(ii)</u> and WHIC shall issue to the Contributor a corresponding number of Earnout WHIC Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Financial Statements</u>. All components of the Earnout EBITDA for each Earnout Year shall be determined based on the results of WhiteHawk OP's consolidated financial statements for the applicable Earnout Period, which shall be completed in accordance with WhiteHawk OP's customary processes (the "<u>Financial Statements</u>"). No Earnout OP Units or Earnout WHIC Shares shall be issued with respect to any Earnout Year unless and until the Financial Statements have been completed and delivered to the Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Earnout Statement</u>. Within thirty (30) days after receipt of the Financial Statements by the Contributor, the Contributor shall prepare and deliver to the Audit Committee of the Board of Directors of WHIC (the "<u>Audit Committee</u>") a written statement (the "<u>Earnout Statement</u>") setting forth (i) the Earnout EBITDA for the applicable Earnout Period, and (ii) the number of Earnout OP Units and corresponding Earnout WHIC Shares due, if any, together with reasonable supporting calculations. During such time and until the applicable Earnout Statement becomes final and binding, WhiteHawk OP shall provide the Contributor and its advisors with reasonable access to the financial books and records of WhiteHawk OP that pertain to the Earnout EBITDA, in each case, as necessary for them to prepare the Earnout Statement. The Earnout EBITDA and the components thereof shall be calculated in the same manner as "EBTIDAX" and the components thereof are calculated by WHIC or WhiteHawk OP under the Credit Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Disputes</u>. The Audit Committee, on behalf of WHIC and WhiteHawk OP, shall have ten (10) days to review the Earnout Statement after its receipt (the "<u>Review Period</u>"). During such time, WhiteHawk OP shall provide the Audit Committee and its advisors with reasonable access to the financial books and records of WhiteHawk OP that pertain to the Earnout EBITDA, in each case, as necessary for them to evaluate the Earnout Statement. If the Audit Committee disputes any portion of the Earnout Statement, then the Audit Committee may provide the Contributor with a written notice identifying the disputed items within the Review Period (an "<u>Earnout Dispute Notice</u>"). If the Audit Committee does not provide the Contributor with such notice during the Review Period, then the Earnout Statement shall be final and binding upon the parties hereto. If an Earnout Dispute Notice is timely delivered pursuant to this <u>Section</u> <u>2.02(e)</u>, then the Audit Committee and the Contributor shall, during the thirty (30) day period following such delivery, attempt in good faith to resolve such dispute. If during such thirty (30) day period, the Audit Committee and the Contributor are unable to resolve such dispute, then the amount of the Earnout EBITDA in dispute shall be submitted by the Audit Committee and the Contributor to Ernst & Young LLP (the "<u>Accounting Firm</u>") for resolution of any matters based upon the terms of this Agreement that remain in dispute and which were included in the Earnout Dispute Notice. The Accounting Firm shall be instructed to deliver within thirty (30) days a written statement setting forth its determination of the Earnout EBITDA, which shall be final, conclusive and binding on the parties hereto. All costs and expenses of the Accounting Firm incurred by WHIC, the Contributor or their respective Affiliates in connection with resolution of a dispute by an Accounting Firm under this <u>Section</u> <u>2.02(e)</u> shall be allocated between WHIC, on the one hand, and Contributor, on the other hand, based upon the percentage that the amount not awarded to WHIC or Contributor pursuant to this <u>Section</u> <u>2.02(e)</u> bears to the amount actually contested by WHIC or Contributor, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Issuance of Earnout OP Units and Earnout WHIC Shares</u>. As soon as reasonable practicable, and in any event within three (3) Business Days after the Earnout Statement becomes final and binding upon the parties hereto, WhiteHawk OP shall issue to the Contributor the Earnout OP Units, if any, due to the Contributor and WHIC shall issue to the Contributor a corresponding number of Earnout WHIC Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Distribution and Dividend Equivalents</u>. Notwithstanding anything to the contrary herein or in the Transaction Documents, from and after the Closing Date and until the earlier of (i) the time when an Earnout OP Unit is issued in accordance with <u>Section</u> <u>2.02(f)</u> hereof or (ii) the time when the Contributor's right to receive an Earnout OP Unit is forfeited pursuant to <u>Section</u> <u>7.04(d)(i)</u> or as a result of the Earnout Statement for Earnout Year Three becoming final and binding, on the date that WhiteHawk OP pays a cash Distribution (if any) to Limited Partners (other than to WHIC in respect of any Series B Preferred Units or Series D Preferred Units), the Earnout OP Units shall be considered outstanding Common Units held by the Contributor as of the close of business on such record date such that the amount of the pro rata Distribution received by the Contributor reflects a Common Unit Percentage Interest inclusive of Earnout OP Units that the Contributor may be entitled to receive from WhiteHawk OP. For the avoidance of doubt, (x) no Earnout WHIC Shares shall be issued or deemed issued unless and until the corresponding Earnout OP Units are actually issued pursuant to <u>Section</u> <u>2.02(f)</u> and (y) no Distributions paid pursuant to this <u>Section</u> <u>2.02(g)</u> shall be forfeited or otherwise subject to claw back in the event that the Earnout OP Units included as outstanding Common Units for purposes of the Distribution are not earned and issued pursuant to <u>Section</u> <u>2.02</u>.

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**Section 2.03 INTENDED TAX TREATMENT**. For all applicable Tax purposes, the parties intend that the Contribution in exchange for the Contribution and Subscription Closing Consideration and the Earnout Consideration shall be treated as an exchange described in Section 721(a) of the Code and Revenue Ruling 99-5, Situation 2, 1999-1 C.B. 434 (the "<u>Intended Tax Treatment</u>"). Unless otherwise required by a final determination within the meaning of Section 1313(a) of the Code (or a similar determination under applicable state or local Law), WhiteHawk OP, WHIC, the Company, Services and the Contributor shall file all United States federal, state and local Tax Returns, to the extent applicable, in a manner consistent with such Intended Tax Treatment and shall take no position inconsistent with such treatment.

**ARTICLE III** 

**<u>CLOSING</u>**

**Section 3.01 CLOSING AND PLACE**. Subject to the satisfaction or waiver of the applicable conditions set forth in <u>Section</u> <u>3.02(c)</u>, the contribution of the Interests (the "<u>Contribution Date</u>") will take place remotely via the electronic exchange of documents and signatures on the date that is no more than two (2) Business Days prior to the IPO Date (or, if no such prior date is selected by WhiteHawk OP, then on the IPO Date). Subject to the satisfaction or waiver of the conditions set forth in <u>Section</u> <u>3.02(c)</u>, the closing of the Transactions (the "<u>Closing</u>") will take place remotely via the electronic exchange of documents and signatures on the IPO Date (the "<u>Closing Date</u>") effective contemporaneously with the consummation of the IPO.

**Section 3.02 CONDITIONS PRECEDENT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Closing Actions and Documents</u> <u>of the Contributor</u>. At the earlier of the Contribution Date or the Closing, the following closing documents shall be executed and delivered (or caused to be executed and delivered) by the Contributor and the Company to WhiteHawk OP and WHIC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the A&R OP LPA in the form attached as <u>Exhibit B</u>, duly executed and delivered by the Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an assignment of the Interests, in form and substance reasonably acceptable to WhiteHawk OP, duly executed by the Contributor, in favor of WhiteHawk OP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) duly executed employment agreements for each of the individuals listed on <u>Schedule 3.02(a)(iii)</u> in the form attached as <u>Exhibit C</u> (the "<u>Management Employment Agreements</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Registration Rights Agreement, duly executed by the Contributor in the form attached as <u>Exhibit E</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) duly executed resignations of each applicable director, officer or manager of the Company and Services, as applicable, in form and substance reasonably acceptable to WhiteHawk OP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) resolutions of the Company and the Contributor authorizing the execution, delivery and performance of this Agreement and any other Transaction Document to which the Company and the Contributor are a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the written consent to the transactions contemplated by this Agreement from the Persons listed on <u>Schedule 3.02(a)(vii)</u>, in form and substance reasonably acceptable to WhiteHawk OP, duly executed by such Persons (the "<u>Required Consents</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) evidence reasonably satisfactory to WhiteHawk OP that all of the issued and outstanding equity interests of Services have been contributed to and are wholly owned by the Company as of prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a validly executed Internal Revenue Service ("<u>IRS</u>") Form W-9 from the Contributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Closing Actions and Documents of WhiteHawk OP</u>: At the earlier of the Contribution Date or the Closing (except as otherwise indicated below), the following closing documents shall be executed and delivered (or caused to be executed and delivered) by WhiteHawk OP or WHIC, as applicable, to the Contributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the A&R OP LPA, duly executed and delivered by WhiteHawk OP and such limited partners party thereto as are required for the valid amendment and restatement of the WH OP Partnership Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the Closing, evidence reasonably satisfactory to the Contributor that the A&R WHIC Charter in the form attached as <u>Exhibit D</u> has been duly executed and filed and has become or will become effective contemporaneously with the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) evidence of issuance of the WHIC Shares at the Closing and the WhiteHawk OP Units on the Contribution Date comprising the Contribution and Subscription Closing Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) duly executed employment agreements for each of the individuals listed on <u>Schedule 3.02(a)(iii)</u> in the form attached as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Registration Rights Agreement, duly executed by WHIC in the form attached as <u>Exhibit E</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) resolutions of WhiteHawk OP and WHIC, authorizing the execution, delivery and performance of this Agreement and any other Transaction Document to which WhiteHawk OP or WHIC is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Closing Conditions</u>. The respective obligations of each party to effect the Contribution and Closing are subject to the satisfaction or waiver at or prior to each of the Contribution Date and the Closing (except as otherwise indicated below) of each of the following conditions that run in the favor of such party:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For the benefit of the Contributor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) With only such exceptions as would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of WhiteHawk OP or WHIC to consummate the IPO or the Transactions, each of the representations and warranties of WhiteHawk OP and WHIC set forth in <u>Article</u> <u>V</u> shall be true and correct as of the Contribution Date and Closing Date as though made on and as of the Contribution Date and Closing Date (except any representations and warranties that expressly speak as of a specified date or time need only be true and correct as of such specified date or time) and (2) all of the covenants and agreements of WhiteHawk OP and WHIC set forth herein and required to have been performed as of the Contribution Date or Closing Date shall have been performed in all material respects as of the Contribution Date or Closing Date (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Contributor shall have received a certificate, in form and substance reasonably satisfactory to the Contributor, executed by the Secretary (or other officer) or manager, as applicable, of WHIC and the WH OP GP on behalf of WhiteHawk OP, to the effect of <u>clause (A)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The execution and delivery of Transaction Documents required to be executed and delivered by each signatory thereto pursuant to <u>Section</u> <u>3.02(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the benefit of WHIC and WhiteHawk OP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) (1) The Fundamental Representations shall be true and correct in all respects as of the Contribution Date and Closing Date, (2) with only such exceptions as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, each of the other representations and warranties of the Contributor set forth in <u>Article</u> <u>IV</u> shall be true and correct as of the Contribution Date and Closing Date as though made on and as of the Contribution Date and Closing Date (except any representations and warranties that expressly speak as of a specified date or time need only be true and correct as of such specified date or time); provided that any exceptions and qualifications with regard to materiality or Material Adverse Effect contained therein shall be disregarded for purposes of this <u>Section</u> <u>3.02(c)(ii)(A)(2)</u>, and (3) all of the covenants and agreements of the Contributor and the Company set forth herein and required to have been performed as of the Contribution Date or Closing Date shall have been performed in all material respects as of the Contribution Date or Closing Date (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) There shall not have occurred a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) WhiteHawk OP shall have received a certificate, in form and substance reasonably satisfactory to WhiteHawk OP, executed by the Secretary (or other officer) or manager, as applicable, of the Contributor, to the effect of <u>clause (A)</u> and <u>clause</u> <u>(B)</u> above; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The execution and delivery of the Transaction Documents required to be executed and delivered (or caused to be executed and delivered) by the Contributor and Services pursuant to <u>Section</u> <u>3.02(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the benefit of all Parties hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no statute, rule, regulation, order, decree or injunction shall have been enacted, entered, promulgated or enforced by a Governmental Authority that prohibits the consummation of the IPO or the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at the Closing, the substantially contemporaneous consummation of the IPO.

**Section 3.03 COSTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Contributor Costs</u>. WhiteHawk OP and WHIC shall directly pay for all out of pocket costs and expenses incurred by the Company, Services or the Contributor in connection with the Transactions, including any legal fees or fees of any financial, accounting and other advisors incurred by the Company, Services or the Contributor in connection with the Transactions, in the aggregate up and including an amount equal to the Transaction Expenses Cap. Contributor shall pay for all such costs and expenses in excess of the Transaction Expenses Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>WhiteHawk OP Costs</u>. WhiteHawk OP and WHIC shall directly pay for all of their respective costs and expenses incurred in connection with the Transactions, including any legal fees or fees of any financial, accounting and other advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Survival</u>. The provisions of this <u>Section</u> <u>3.03</u> shall survive the Closing.

**ARTICLE IV** 

**<u>REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTOR</u>**

With respect to any Section of this Article IV, except as set forth in the disclosure schedules delivered by the Contributor to WhiteHawk OP and WHIC on the date of this Agreement, the Contributor hereby represents and warrants to WhiteHawk OP and WHIC as follows as of the date hereof and as of the Contribution Date and Closing Date (except as to any representations and warranties that expressly speak as of a specified date or time, in which case only as of such specified date or time):

**Section 4.01 DUE EXECUTION; DUE AUTHORIZATION; APPROVALS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement has been duly executed and delivered by the Contributor and the Company and constitutes the legal, valid and binding agreement of the Contributor and the Company enforceable against each such Person in accordance with its terms, subject to applicable bankruptcy, insolvency or other similar Laws affecting enforcement of creditors' rights and to general principles of equity (the "<u>Enforceability Exceptions</u>"). Each of the Contributor and the Company has all requisite company power and authority to execute and deliver this Agreement and each Transaction Document to which it is a party and to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution and delivery of this Agreement and the Transaction Documents to which any of the Contributor and the Company is a party, and the performance by the Contributor and the Company of each of the Transactions contemplated to be performed by it, have been approved by all necessary company action or other proceedings on the part of each.

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**Section 4.02 NO CONFLICT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the execution, delivery, nor performance of this Agreement or any other Transaction Document to which it is a party by the Contributor or the Company, nor any action or omission on the part of the Contributor or the Company required pursuant hereto or thereto, nor the consummation of the Transactions by the Contributor or the Company will (i) violate or conflict with, or result in a breach or default of, any provision of any resolution adopted by the board of managers (or equivalent governing body), members or other equityholders, the certificate of formation, operating agreement or equivalent governing documents of the Contributor or the Company, (ii) result in a breach or violation of, or constitute a default under, any Legal Requirement applicable to the Contributor or the Company, or (iii) constitute a default or result in the cancellation, termination, acceleration, breach or violation of any Contract or other material document to which the Contributor or the Company is a party or by which any of their properties are bound, or give any Person the right to challenge any such transaction, to declare any such default, cancellation, termination, acceleration, breach or violation or to exercise any remedy or obtain any other relief under any such agreement, instrument, indenture or other material document or under any Legal Requirement; and (b) neither the Contributor nor the Company is or will be required to give any notice to, make any filing with, or obtain any consent from any Person in connection with the execution and delivery of this Agreement or any other Transaction Document to which it is a party.

**Section 4.03 LITIGATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There are no Actions pending or, to the Knowledge of the Contributor, threatened against the Contributor, and there are no outstanding, pending or threatened orders, writs, judgments, decrees, decisions, injunctions or settlements against the Contributor that would impair the ability of the Contributor to perform its obligations under this Agreement or any other Transaction Document to which it is a party or prevent the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no Actions pending or, to the Knowledge of the Company, threatened against the Company, and there are no outstanding, pending or threatened orders, writs, judgments, decrees, decisions, injunctions or settlements against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no Actions pending or, to the Knowledge of Services, threatened against Services, and there are no outstanding, pending or threatened orders, writs, judgments, decrees, decisions, injunctions or settlements against Services.

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**Section 4.04 INSOLVENCY**. Neither the Contributor, the Company nor Services is subject to: (i) a general assignment for the benefit of creditors; (ii) a voluntary petition in bankruptcy or the filing of an involuntary petition by its creditors; (iii) the appointment of a receiver to take possession of all, or substantially all, of its assets; (iv) the attachment or other judicial seizure of all, or substantially all, of its assets; (v) an admission in writing of its inability to pay its debts as they come due; or (vi) an offer of settlement, extension or composition to its creditors generally.

**Section 4.05 FINANCIAL STATEMENTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributor has made available to WhiteHawk OP (i) the consolidated audited balance sheets of the Contributor and the Company as of the calendar years ended December 31, 2025, December 31, 2024 and December 31, 2023, (ii) the related consolidated audited statements of income, changes in members' equity, and cash flows of the Contributor and the Company for the calendar years then ended, and (iii) the consolidated unaudited balance sheet of the Contributor and the Company as of March 31, 2026 and the consolidated unaudited statement of income, changes in members' equity and cash flows of the Contributor and the Company for the three (3) month period then ended (collectively, the "<u>Company Financial Statements</u>"). The Company Financial Statements and the notes thereto, if any, fairly present in all material respects the financial position of the Company and results of its operations and cash flows, in each case, as of the dates or for the periods then ended and were prepared in accordance with GAAP except as otherwise stated therein or, in the case of unaudited financial statements, for the omission of footnotes and subject to year-end adjustments in the ordinary course of business, none of which are material, individually or in the aggregate.

**Section 4.06 OWNERSHIP OF EQUITY INTERESTS; TITLE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All the issued and outstanding Equity Interests of the Company have been duly authorized and are validly issued, fully paid and not subject to any unsatisfied capital commitments. The Contributor owns (beneficially and of record) all the issued and outstanding Equity Interests of the Company, free and clear of Encumbrances (other than transfer restrictions arising under applicable securities Laws). Other than the Interests, which are owned beneficially and of record by the Contributor, there are no issued or outstanding Equity Interests of the Company. Other than the Company's ownership of Services, the Company does not directly or indirectly own or otherwise hold any Equity Interests of any other Person, and the Company does not have any right or obligation (including a contingent right or obligation) to acquire such an interest. There are no outstanding or authorized subscriptions, options, warrants, calls, rights or convertible or exchangeable securities or any other agreements or other instruments giving any Person the right to acquire any Equity Interests in the Company, or giving any Person any right or privilege (whether pre-emptive or contractual) capable of becoming an agreement or option to acquire any such Equity Interests. There are no outstanding or authorized share appreciation, phantom share, profit participation or similar rights for which the Company has any liability. There are no voting trusts, proxies or other agreements or understandings to which the Company or the Contributor is a party with respect to the acquisition, disposition or voting of any Equity Interests of the Company. There are no issued or outstanding bonds, indentures, notes or other Indebtedness having the right to vote (or convertible into securities that have the right to vote) on any matters on which the members of the Company may vote. Immediately following the Closing, WhiteHawk OP shall own all of the Interests, free and clear of all Encumbrances, other than those imposed by applicable securities Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company owns (beneficially and of record) all the issued and outstanding Equity Interests of Services, free and clear of Encumbrances (other than transfer restrictions arising under applicable securities Laws). Services does not directly or indirectly own or otherwise hold any Equity Interests of any other Person, and Services does not have any right or obligation (including a contingent right or obligation) to acquire such an interest. There are no outstanding or authorized subscriptions, options, warrants, calls, rights or convertible or exchangeable securities or any other agreements or other instruments giving any Person the right to acquire any Equity Interests in Services, or giving any Person any right or privilege (whether pre-emptive or contractual) capable of becoming an agreement or option to acquire any such Equity Interests. There are no outstanding or authorized share appreciation, phantom share, profit participation or similar rights for which Services has any liability. There are no voting trusts, proxies or other agreements or understandings to which Services or the Company is a party with respect to the acquisition, disposition or voting of any Equity Interests of Services, other than the contribution agreement pursuant to which the Company acquired all of the Equity Interests of Services. There are no issued or outstanding bonds, indentures, notes or other Indebtedness having the right to vote (or convertible into securities that have the right to vote) on any matters on which the members of Services may vote.

**Section 4.07 ISSUANCE OF WHIC SHARES AND WHITEHAWK OP UNITS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Contributor understands that the WHIC Shares and the WhiteHawk OP Units being issued hereunder have not been and will not be registered under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or under applicable state securities Laws ("<u>Blue Sky Laws</u>"), in reliance upon exemptions contained in the Securities Act and Blue Sky Laws and any applicable regulations promulgated thereunder or interpretations thereof, and cannot be offered for sale, sold or otherwise transferred unless, among other things (including for estate planning purposes), such units subsequently are so registered or qualify for exemption from registration under the Securities Act (including, without limitation, the exemption provided by Rule 144 thereunder, if available) and applicable Blue Sky Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The WHIC Shares and WhiteHawk OP Units are being acquired under this Agreement by the Contributor in good faith solely for its own account for investment and not with a view toward resale or other distribution in violation of the Securities Act, and such units shall not be disposed of by the Contributor in contravention of the Securities Act or any applicable Blue Sky Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of its investment in the WHIC Shares and WhiteHawk OP Units and understands and is able to bear any economic risks associated with such investment (including the inherent risk of losing all or part of its investment in such units).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Contributor is directly familiar with the business that is conducted and is intended to be conducted by WhiteHawk OP and WHIC, including financial matters related to such business, has been given the opportunity to ask questions of, and receive answers from the officers and directors of WHIC and WhiteHawk OP concerning the business and financial affairs of WHIC and WhiteHawk OP, and the terms and conditions of its acquisition of such units, and has had further opportunity to obtain any additional information desired (including information necessary to verify the accuracy of the foregoing).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Contributor has had an opportunity, to the full extent it deemed necessary or desirable, to inform its legal and financial advisers of the terms, nature and risks of investing in the WHIC Shares and WhiteHawk OP Units at this time, and to consult with them as appropriate about the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Contributor is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act.

**Section 4.08 ORGANIZATION AND QUALIFICATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company (i) is a duly formed limited liability company validly existing and in good standing under the Laws of the State of Delaware, and is duly qualified to do business and in good standing in all jurisdictions in which it is required to be qualified; and (ii) has the requisite power and authority to carry on its business as now being conducted. The Company is not in default under any provision of its certificate of formation, operating agreement or other organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Services (i) is a duly formed limited liability company validly existing and in good standing under the Laws of the State of Delaware, and is duly qualified to do business and in good standing in all jurisdictions in which it is required to be qualified; and (b) has the requisite power and authority to carry on its business as now being conducted. Services is not in default under any provision of its certificate of formation, operating agreement or other organizational documents

**Section 4.09 CONTRACTS**. Other than the IMA and the ASA and the Transaction Documents entered into at the Closing, neither the Company nor Services is a party to or otherwise bound by any Contract.

**Section 4.10 COMPLIANCE WITH LAWS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since the time of the Company's formation, the Company has not received written notice of any violation of any Laws. The Company is not, and since its date of formation, has not been, in material default under or in material violation of, nor has it been charged with any material violation of, any Law. The Business has at all times since the time of the Company's formation been operated in all material respects in accordance with applicable Laws and Governmental Licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the time of Services' formation, Services has not received written notice of any violation of any Laws. Services is not, and since its date of formation, has not been, in material default under or in material violation of, nor has it been charged with any material violation of, any Law. The Business has at all times since the time of Services' formation been operated in all material respects in accordance with applicable Laws and Governmental Licenses.

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**Section 4.11 FOREIGN ASSET CONTROL**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Company or any of its directors, officers, employee, Affiliates, or any other Person acting for or on behalf of the Company (a) is a Person with whom transactions are prohibited or limited under any economic sanctions laws, rules, or regulations, including those administered by the U.S. government (including, without limitation, the Department of the Treasury's Office of Foreign Assets Control, the Department of State, or the Department of Commerce), the United Nations Security Council, the European Union, or His Majesty's Treasury, or (b) has violated any Anti-Terrorism Laws or any Laws relating to economic sanctions, export controls, import, customs, or antiboycott Laws within the last five (5) years. The Company is, and for the past five (5) years has been, in possession of and in compliance with any and all licenses, registrations, and permits that may be required for its lawful conduct under any Anti-Terrorism Laws and any economic sanctions, import, and export control Laws, including without limitation the Export Administration Regulations. Within the past five (5) years, the Company has not made any voluntary disclosure to any Governmental Authority relating to Anti-Terrorism Laws or any sanctions, import, customs, export control or antiboycott Laws, has not been the subject of any investigation or inquiry regarding compliance with such Laws, and has not been assessed any fine or penalty under such Laws. None of the Company or any of its Affiliates or constituents engages, or will engage in, any dealings or transactions, or is or will be otherwise associated, with any Designated Person. The Company has taken commercially reasonable measures to ensure compliance with the Anti-Terrorism Laws, including the requirement that: (y) no Person who owns any direct or indirect interest in the Company is a Designated Person; and (z) funds invested directly or indirectly in the Company are derived from legal sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of Services or any of its directors, officers, employee, Affiliates, or any other Person acting for or on behalf of Services (a) is a Person with whom transactions are prohibited or limited under any economic sanctions laws, rules, or regulations, including those administered by the U.S. government (including, without limitation, the Department of the Treasury's Office of Foreign Assets Control, the Department of State, or the Department of Commerce), the United Nations Security Council, the European Union, or His Majesty's Treasury, or (b) has violated any Anti-Terrorism Laws or any Laws relating to economic sanctions, export controls, import, customs, or antiboycott Laws within the last five (5) years. Services is, and for the past five (5) years has been, in possession of and in compliance with any and all licenses, registrations, and permits that may be required for its lawful conduct under any Anti-Terrorism Laws and any economic sanctions, import, and export control Laws, including without limitation the Export Administration Regulations. Within the past five (5) years, Services has not made any voluntary disclosure to any Governmental Authority relating to Anti-Terrorism Laws or any sanctions, import, customs, export control or antiboycott Laws, has not been the subject of any investigation or inquiry regarding compliance with such Laws, and has not been assessed any fine or penalty under such Laws. None of Services or any of its Affiliates or constituents engages, or will engage in, any dealings or transactions, or is or will be otherwise associated, with any Designated Person. Services has taken commercially reasonable measures to ensure compliance with the Anti-Terrorism Laws, including the requirement that: (y) no Person who owns any direct or indirect interest in Services is a Designated Person; and (z) funds invested directly or indirectly in Services are derived from legal sources.

**Section 4.12 TAX MATTERS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is, and has been since its formation, an entity disregarded as separate from a "United States person" for U.S. federal Tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Services is, and has been since its formation, an entity disregarded as separate from a "United States person" for U.S. federal Tax purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has timely filed all material federal, state, local and foreign Tax Returns required to be filed by it with the appropriate Governmental Authorities (after giving effect to any filing extension properly granted by any such Governmental Authority having authority to do so). All such Tax Returns are true, correct, and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Services has timely filed all material federal, state, local and foreign Tax Returns required to be filed by it with the appropriate Governmental Authorities (after giving effect to any filing extension properly granted by any such Governmental Authority having authority to do so). All such Tax Returns are true, correct, and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company has timely paid (or had timely paid on its behalf) all Taxes due and payable, including any Taxes levied on any of the Company's properties, assets, income or franchises, whether or not shown as owing on such Tax Returns. Except to the extent that a failure to do so would not individually or in the aggregate be material, all amounts of Taxes that the Company was required by Law to withhold or collect in connection with amounts owing to any employee, independent contractor, creditor or other third party have been duly withheld or collected and, to the extent required, have been timely remitted to the appropriate Governmental Authority, and the Company has complied in all material respects with all information reporting and back-up withholding provisions of applicable Law. No deficiencies for any Taxes, other than deficiencies that would not individually or in the aggregate be material, have been proposed, asserted or assessed in writing against the Company, and no waivers or extensions of the time to assess or collect any such Taxes are currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Services has timely paid (or had timely paid on its behalf) all Taxes due and payable, including any Taxes levied on any of Services' properties, assets, income or franchises, whether or not shown as owing on such Tax Returns. Except to the extent that a failure to do so would not individually or in the aggregate be material, all amounts of Taxes that Services was required by Law to withhold or collect in connection with amounts owing to any employee, independent contractor, creditor or other third party have been duly withheld or collected and, to the extent required, have been timely remitted to the appropriate Governmental Authority, and Services has complied in all material respects with all information reporting and back-up withholding provisions of applicable Law. No deficiencies for any Taxes, other than deficiencies that would not individually or in the aggregate be material, have been proposed, asserted or assessed in writing against Services, and no waivers or extensions of the time to assess or collect any such Taxes are currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no liens for Taxes (other than statutory liens for Taxes not yet due and payable) upon any of the assets of the Company or the Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There are no liens for Taxes (other than statutory liens for Taxes not yet due and payable) upon any of the assets of Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) There are no pending or threatened in writing audits, assessments, claims, proceedings, or other actions with respect to Taxes or Tax Returns of, or with respect to, the Company. No power of attorney has been granted to any Person with respect to any Tax matter of the Company that will remain in force after the Closing. No claim has been made by any Governmental Authority in writing in a jurisdiction where the Company does not file Tax Returns that such entity is or may be subject to taxation by that jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) There are no pending or threatened in writing audits, assessments, claims, proceedings, or other actions with respect to Taxes or Tax Returns of, or with respect to, Services. No power of attorney has been granted to any Person with respect to any Tax matter of Services that will remain in force after the Closing. No claim has been made by any Governmental Authority in writing in a jurisdiction where Services does not file Tax Returns that such entity is or may be subject to taxation by that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither WhiteHawk OP nor any of its subsidiaries (solely in their capacities as owners of the Interests upon Closing) will be required to include any item of income in, or exclude any item of deduction from, taxable income for any period (or any portion thereof) ending after the Closing Date as a result of any (i) adjustments under Section 481 of the Code (or any similar adjustments under any provision of the Code or the corresponding foreign, state or local Tax Law) in respect of a Pre-Closing Tax Period, (ii) closing agreement as described in Section 7121 of the Code (or any corresponding or similar provision of state, local or foreign Tax Law) executed on or prior to the Closing Date, (iii) installment sale or other open transaction disposition made on or prior to the Closing Date outside of the ordinary course of business of either the Company or Services, as applicable, (iv) prepaid amount received on or prior to the Closing Date, or (v) any election made pursuant to Section 108(i) of the Code on or prior to the Closing Date.

**Section 4.13 ABSENCE OF CERTAIN CHANGES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Since December 31, 2025, (a) there has not been a Material Adverse Effect with respect to the Company, (b) the Company has operated and the Business has been conducted in the ordinary course of business in all material respects, and (c) there has not been, with respect to the Company or the Business, any action that would have been prohibited by <u>Section</u> <u>6.01</u> had this Agreement been in effect for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since December 31, 2025, (a) there has not been a Material Adverse Effect with respect to Services, (b) Services has operated and the Business has been conducted in the ordinary course of business in all material respects, and (c) there has not been, with respect to Services or the Business, any action that would have been prohibited by <u>Section</u> <u>6.01</u> had this Agreement been in effect for such period.

**Section 4.14 EMPLOYEES**. Services represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 4.14(a)</u> sets forth a list of the employees of, or individuals providing services to, Services as of the date hereof (each such employee or individual, together with any new or replacement employees or individuals who will be employees of, or individuals providing services to, Services as of the Contribution Date, being referred to herein as a "<u>Business Employee</u>"), showing each Business Employee's date of hire, current hourly rate or salary or other basis of compensation, including annual bonus target for 2026, full-time or part-time status, location, exempt or non-exempt status, leave status, immigration status and job function. Other than the Business Employees set forth on <u>Schedule 4.14(a)</u> and any employees employed by any entity that is as of the date hereof a direct or indirect subsidiary of WHIC, there are no employees who are providing services to the Business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of this Agreement, no Business Employee has given written notice of intent to terminate his or her employment relationship with Services, or, to Knowledge of Services, intends to terminate his or her employment relationship with Services within the twelve (12) month period following the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Services is not, and has not been in the past five (5) years, a party to any collective bargaining agreement or other Contract with any labor union, labor organization or works council, and no such Contract is being negotiated, and Services is not the subject of any proceeding or organizing activity that seeks to compel Services to bargain with any labor organization or that seeks to represent any Business Employees. No labor organization or group of employees of Services has made a demand for recognition or certification within the last five (5) years, and there are no representation or certification proceedings or petitions seeking a representation proceeding presently pending or, to the Knowledge of Services, threatened in writing to be brought or filed, with the National Labor Relations Board or any other labor relations tribunal or authority. There is no strike, lockout, slowdown, or work stoppage against Services currently pending or, to the Knowledge of Services, threatened, that may interfere in any respect with the conduct of the Business. In the past five (5) years, there has been no grievance or other labor dispute against or involving Services or involving any Business Employee in respect of such Business Employee's employment with Services. There are no unfair labor practice charges, grievances or complaints pending or threatened by or on behalf of any Business Employee or former Business Employee in respect of such current or former Business Employee's employment with Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Services is, and for the past five (5) years has been, in compliance in all material respects with all laws regarding employment and employment practices including, without limitation, all Laws respecting terms and conditions of employment, equal employment opportunity, discrimination, harassment, disability rights or benefits, wages and hours (including classification of employees, minimum wage, overtime, and equitable pay practices), hours of work, child labor, civil rights, withholdings and deductions, classification and payment of employees, temporary employees, independent contractors, and consultants, restrictive covenant obligations, employment and compensation equity, the Worker Adjustment and Retraining Notification Act of 1988 and any similar state or local "mass layoff" or "plant closing" Laws (collectively, "<u>WARN</u>"), collective bargaining, occupational health and safety, workers' compensation, immigration, employee trainings and notices, whistleblowing, affirmative action, automated employment decision tools (including artificial intelligence), unemployment insurance, and other laws in respect of any reduction in force (including notice, information and consultation requirements). No claims relating to non-compliance with the foregoing are pending or threatened. Services is not a party to, and not otherwise bound by, any consent decree, judgment, or arbitration award with, or citation by, any Governmental Authority relating to employees or employment practices, and no judgment, consent decree, or arbitration award imposes continuing remedial obligations or otherwise limits or affects Services' ability to manage its employees, service providers, or job applicants. There has been no "mass layoff" or "plant closing" (as defined by WARN) with respect to Services within the one (1) year prior to Closing. Services has not, within the one (1) year prior to Closing, incurred, and no circumstances exist under which Services would reasonably be expected to incur, any liability arising from (i) the failure to pay wages (including overtime wages), (ii) the misclassification of employees as independent contractors and/or (iii) the misclassification of employees as exempt from the requirements of the Fair Labor Standards Act or similar state Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as set forth in <u>Schedule 4.14(e)</u>, there are no actions, suits, complaints, claims, charges, governmental investigations or other legal proceedings against Services pending or, to the Knowledge of Services, threatened to be brought or filed, by or with any Governmental Authority or arbitrator concerning the employment or termination of employment or failure to employ by Services of any current or former Business Employee of Services, including but not limited to any claim relating to the Laws outlined in <u>Section</u> <u>4.14(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Business Employees who work in the United States have appropriate documentation to work in the United States. Services has not been notified in the past three (3) years of any pending or threatened investigation by any branch or department of U.S. Immigration and Customs Enforcement ("<u>ICE</u>"), or other federal agency charged with administration and enforcement of federal immigration laws concerning Services, and Services has never received any "no match" notices from ICE, the Social Security Administration, or the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the past five (5) years, no allegations of sexual harassment or sexual misconduct have been made by any Business Employee or current or former director or officer of Services against any other Business Employee or current or former director or officer of Services, and Services has not entered into any settlement agreements related to allegations of sexual harassment or sexual misconduct by any current or former director, officer, or Business Employee. For the past five (5) years, Services has promptly, thoroughly and impartially investigated all employment discrimination and sexual harassment allegations by, or against, any Business Employee. Services has taken prompt corrective action that is reasonably calculated to prevent further discrimination and harassment with respect to each such allegation with potential merit. Services has not incurred, and, to the Knowledge of Services, no circumstances exist under which Services would reasonably be expected to incur, any liability arising from such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the Knowledge of Services, no Business Employee is in any respect in violation of any term of any employment agreement, nondisclosure agreement, common law nondisclosure obligation, fiduciary duty, restrictive covenant agreement, or any other written obligation related to his or her engagement with Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Services is not and has not been: (i) a "contractor" or "subcontractor" (as defined by Executive Order 11246), (ii) required to comply with Executive Order 11246, (iii) required to maintain an affirmative action plan, or (iv) party to or bound by any contract requiring the payment of prevailing wage rates and/or benefits to workers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Business Employees are sufficient in number and skill to allow WhiteHawk OP to operate the Business in substantially the same manner as it was conducted immediately prior to the Contribution Date.

**Section 4.15 BENEFIT PLANS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 4.15(a)</u> sets forth a correct and complete list of each material Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Plan has been established, maintained, administered and funded, in all material respects, in accordance with its terms and in compliance with all applicable Laws, including ERISA and the Code. Each Plan that is intended to be qualified within the meaning of Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service on which Services is entitled to rely, and, to the Knowledge of Services, nothing has occurred with respect to the operation of such Plan that could reasonably be expected to cause the loss of such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Services has made available to WhiteHawk OP correct and complete copies of each Plan, and to the extent applicable: (i) all plan documents currently in effect, including any related trust documents, insurance contracts or other funding arrangements, and all amendments thereto, (ii) for the most recent plan year, (A) the IRS Form 5500 and all schedules thereto, (B) audited financial statements and (C) actuarial or other valuation reports; (iii) the most recent Internal Revenue Service determination letter or opinion letter, as applicable, (iv) the most recent summary plan descriptions and summary of material modifications, and (v) written summaries of all non-written Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Plan is, and neither Services nor any of its ERISA Affiliates maintains, sponsors, contributes to, participates in, has any obligation to contribute to, or has within the past six (6) years sponsored, maintained, contributed to, participated in or had any obligation to contribute to, or has or has ever had any current or potential obligation or liability under or with respect to any (i) "employee pension benefit plan" (as defined in Section 3(2) of ERISA), subject to Title IV of ERISA, Section 302 of ERISA, or Section 412 or Section 430 of the Code, including a "multiemployer plan" (within the meaning of Section 3(37) or Section 4001(a)(3) of ERISA), (ii) multiple employer plan (as described in Section 413(c) of the Code or 29 C.F.R. § 4001.2), (iii) "multiple employer welfare arrangement" (within the meaning of Section 3(40) of ERISA), or (iv) plan or arrangement providing for, post-employment health or life insurance benefits or coverage, or other post-employment welfare benefits, to any Person (other than as required under Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Code, or any similar state laws, and at the sole expense of such Person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to the Plans, all required contributions, benefits, premiums, payments or other liabilities or expenses have been timely made, provided or paid or properly accrued in accordance with GAAP in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to any Plan, (i) no actions, suits, claims (other than routine claims for benefits in the ordinary course), audits, inquiries, proceedings or lawsuits are pending, or, to the Knowledge of Services, threatened against any Plan, the assets of any of the trusts under such plans or the plan sponsor or administrator, or against any fiduciary of any Plan with respect to the operation thereof, and (ii) to the Knowledge of Services, no facts or circumstances exist that could reasonably be expected to give rise to any such actions, suits, claims, audits, inquiries, proceedings or lawsuits. No event has occurred, and to the Knowledge of Services, no condition exists that would, including by reason of Services' affiliation with any of its ERISA Affiliates, subject Services to any material Tax, fine, lien, penalty or other liability imposed by ERISA, the Code or other Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby, whether alone or in connection with any other event, could reasonably be expected to (i) result in any payment or benefit becoming due to any current or former employee or other service provider of Services or under any Plan, (ii) increase any amount of compensation or benefits otherwise payable to any current or former employee or other service provider of Services or under any Plan, or (iii) result in the acceleration of the time of payment, funding or vesting of any benefits to any current or former employee or other service provider of Services or under any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Services does not maintain any obligation to gross-up or reimburse any individual for any Tax or related interest or penalties incurred by such individual under any Plan, including under Section 409A of the Code or otherwise, other than as may be provided under an expense reimbursmenet policy of Services made available to WHIC or WhiteHawk OP prior to the date hereof.

**Section 4.16 LOANS TO THE COMPANY OR SERVICES**. There are no outstanding loans to, or other Indebtedness incurred by, the Company or Services.

**Section 4.17 LICENSES AND PERMITS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) The Company holds all material licenses, permits and other regulatory and governmental authorizations ("<u>Governmental Licenses</u>") that are required to be maintained by it in connection with the conduct of the Business, (ii) each such Governmental License is valid and in full force and effect in all material respects and will not be invalidated by consummation of the Transactions, and (iii) the Company is and has been in compliance in all material respects with all of the terms and requirements of each Governmental License, and there are no disputes, oral agreements or forbearance programs in effect as to any Governmental License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Services holds all Governmental Licenses that are required to be maintained by it in connection with the conduct of the Business, (ii) each such Governmental License is valid and in full force and effect in all material respects and will not be invalidated by consummation of the Transactions, and (iii) Services is and has been in compliance in all material respects with all of the terms and requirements of each Governmental License, and there are no disputes, oral agreements or forbearance programs in effect as to any Governmental License.

**Section 4.18 ABSENCE OF UNDISCLOSED LIABILITIES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There are no liabilities or obligations relating to the Company or Business of any nature, whether accrued, contingent or otherwise, and, to the Knowledge of the Contributor, there is no existing condition, situation or set of circumstances that reasonably could be expected to result in such a liability or obligation, except for liabilities or obligations reflected in the Company Financial Statements previously provided to WhiteHawk OP (to the extent such liabilities or obligations reflected in the Company Financial Statements are reasonably apparent on their face to be specific liabilities or obligations of the Company) or that were incurred since January 1, 2026 in the ordinary course of business (none of which relates to any breach of Contract, Action or violation of Law).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no liabilities or obligations relating to Services or Business of any nature, whether accrued, contingent or otherwise, and, to the Knowledge of the Company, there is no existing condition, situation or set of circumstances that reasonably could be expected to result in such a liability or obligation, except for existing payroll liabilities or obligations incurred in the ordinary course of business and not yet due or payable.

**Section 4.19 REAL PROPERTY**. Neither the Company nor Services owns or leases any real property, has ever owned or leased any real property, and will not as of the Contribution Date own or lease any real property.

**Section 4.20 INTELLECTUAL PROPERTY; IT SYSTEMS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Company nor Services owns or purports to own or license any Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Company nor Services owns or purports to own, lease or license any IT Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company and the conduct and operation of the Business, as currently conducted and as currently proposed to be conducted, have not infringed, misappropriated, or otherwise violated, and do not currently infringe, misappropriate, or otherwise violate any Intellectual Property of any Person. The Company is not the subject of any pending or threatened legal proceedings alleging or involving any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Services and the conduct and operation of the Business, as currently conducted and as currently proposed to be conducted, have not infringed, misappropriated, or otherwise violated, and do not currently infringe, misappropriate, or otherwise violate any Intellectual Property of any Person. Services is not the subject of any pending or threatened legal proceedings alleging or involving any of the foregoing.

**Section 4.21 ENVIRONMENTAL LIABILITY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has not been subject to, and there are no currently pending legal, administrative, arbitral or other proceedings, or claims, actions, causes of action, private environmental investigations or remediation activities or governmental investigations of any nature seeking to impose, or that are reasonably likely to result in the imposition, on the Company of any material liability or obligation arising under common law or under any local, state or federal environmental statute, regulation or ordinance, pending or threatened against the Company, and the Company is and has been in material compliance with all such laws, statutes, regulations and ordinances. The Company is not subject to any agreement, order, judgment, decree, letter or memorandum by or with any Governmental Authority or third party imposing any material liability or obligation on the Company with respect to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Services has not been subject to, and there are no currently pending legal, administrative, arbitral or other proceedings, or claims, actions, causes of action, private environmental investigations or remediation activities or governmental investigations of any nature seeking to impose, or that are reasonably likely to result in the imposition, on Services of any material liability or obligation arising under common law or under any local, state or federal

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environmental statute, regulation or ordinance, pending or threatened against Services, and Services is and has been in material compliance with all such laws, statutes, regulations and ordinances. Services is not subject to any agreement, order, judgment, decree, letter or memorandum by or with any Governmental Authority or third party imposing any material liability or obligation on Services with respect to the foregoing.

**Section 4.22 POWERS OF ATTORNEY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There are no outstanding powers of attorney executed on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no outstanding powers of attorney executed on behalf of Services.

**Section 4.23 TRANSACTIONS WITH RELATED PARTIES**. Except as set forth on <u>Schedule 4.23</u>, there are no outstanding loans, receivables or payables from or to the Contributor and its Affiliates, on the one hand, and any Business Employee, Services or the Company, on the other hand. Except as set forth on <u>Schedule 4.23</u>, there is no: (i) agreement between the Company or Services, on the one hand, and (A) the Contributor, (B) any current or former officer, employee, director, manager, partner, beneficiary or executor of the Contributor or the Company or (C) any Affiliate of the Persons identified in clauses (A) and (B), excluding the Company and Services, on the other hand; or (ii) agreements requiring payments to be made by the Company or Services to any Person on a change of control or otherwise as a result of the consummation of the Transactions.

**Section 4.24 IMPROPER PAYMENTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Company nor any director, officer, employee, Affiliate, representative, or any other Person acting for or on behalf of the Company has (a) made, offered, or promised to make or offer any payment, loan, or transfer of anything of value, including any reward, advantage, or benefit of any kind, to or for the benefit of any Government Official, candidate for public office, political party, or political campaign, for the purpose of (i) influencing any act or decision of such Government Official, candidate, party or campaign, (ii) inducing such Government Official, candidate, party or campaign to do or omit to do any act in violation of a lawful duty, (iii) obtaining or retaining business for or with any Person, (iv) expediting or securing the performance of official acts of a routine nature, or (v) otherwise securing any improper advantage; (b) paid, offered, or promised to pay or offer any bribe, payoff, influence payment, kickback, unlawful rebate, or other similar unlawful payment of any nature; (c) made, offered or promised to make or offer any unlawful contributions, gifts, entertainment, or other unlawful expenditures; (d) established or maintained any unlawful fund of corporate monies or other properties; (e) created or caused the creation of any false or inaccurate books and records of the Company; or (f) otherwise violated any Anti-Corruption Law. The Company has not received any written communication that alleges that the Company, or any of its representatives, is, or may be, in violation of, or has, or may have, any liability under, any Anti-Corruption Law, has not made any voluntary disclosure to any Governmental Authority relating to any Anti-Corruption Law, has not been the subject of any investigation or inquiry regarding compliance with any Anti-Corruption Law, and has not been assessed any fine or penalty under any Anti-Corruption Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither Services nor any director, officer, employee, Affiliate, representative, or any other Person acting for or on behalf of Services has (a) made, offered, or promised to make or offer any payment, loan, or transfer of anything of value, including any reward, advantage, or benefit of any kind, to or for the benefit of any Government Official, candidate for public office, political party, or political campaign, for the purpose of (i) influencing any act or decision of such Government Official, candidate, party or campaign, (ii) inducing such Government Official, candidate, party or campaign to do or omit to do any act in violation of a lawful duty, (iii) obtaining or retaining business for or with any Person, (iv) expediting or securing the performance of official acts of a routine nature, or (v) otherwise securing any improper advantage; (b) paid, offered, or promised to pay or offer any bribe, payoff, influence payment, kickback, unlawful rebate, or other similar unlawful payment of any nature; (c) made, offered or promised to make or offer any unlawful contributions, gifts, entertainment, or other unlawful expenditures; (d) established or maintained any unlawful fund of corporate monies or other properties; (e) created or caused the creation of any false or inaccurate books and records of Services; or (f) otherwise violated any Anti-Corruption Law. Services has not received any written communication that alleges that Services, or any of its representatives, is, or may be, in violation of, or has, or may have, any liability under, any Anti-Corruption Law, has not made any voluntary disclosure to any Governmental Authority relating to any Anti-Corruption Law, has not been the subject of any investigation or inquiry regarding compliance with any Anti-Corruption Law, and has not been assessed any fine or penalty under any Anti-Corruption Law.

**Section 4.25 NO OTHER OPERATIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Schedule 4.25(a)</u> and except for activities such as opening and maintaining bank accounts and filing Tax Returns and matters contemplated by this Agreement, since its formation, the Company has not engaged in, and is not currently engaged in, any trade, business, or activity other than providing management services to WhiteHawk OP and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>Schedule 4.25(b)</u> and except for activities such as opening and maintaining bank accounts and filing Tax Returns and matters contemplated by this Agreement, since its formation, Services has not engaged in, and is not currently engaged in, any trade, business, or activity other than providing employment services to WhiteHawk OP and its Affiliates.

**Section 4.26 SUFFICIENCY OF ASSETS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, (i) the properties, assets, and rights owned, leased, or licensed by WHIC and its Affiliates will collectively constitute all of the properties, assets, and rights, necessary to conduct the Business, and (ii) the Contributor and its Affiliates will not own, lease or license any properties, assets, or rights used in or relating to the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than at-will employment arrangements between Services and the Business Employees, Services has no assets or operations or is a party to any Contract.

**Section 4.27 INVESTMENT COMPANY ACT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is not required to be registered as an investment company under the Investment Company Act of 1940, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Services is not required to be registered as an investment company under the Investment Company Act of 1940, as amended.

**Section 4.28 BROKERS, FINDERS AND ADVISORS**. Except as set forth in <u>Schedule</u> <u>4.28</u>, neither the Company, Services nor the Contributor has entered into any agreement resulting in, or which will result in, the Company, WhiteHawk OP, or any Affiliate thereof having any obligation or liability as a result of the execution and delivery of this Agreement and the consummation of the Transactions for any brokerage, finder or advisory fees or charges of any kind whatsoever.

**ARTICLE V** 

**<u>REPRESENTATIONS AND WARRANTIES OF WHITEHAWK OP AND WHIC</u>**

Each of WhiteHawk OP and WHIC hereby represent and warrant, jointly and severally, to the Contributor as follows, as of the date hereof and as of the Contribution Date and Closing Date (except as to any representations and warranties that expressly speak as of a specified date or time, in which case only as of such specified date or time):

**Section 5.01 ORGANIZATION AND QUALIFICATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) WhiteHawk OP is a duly formed limited partnership validly existing and in good standing under the Laws of the State of Delaware and is qualified to do business in each of the states in which it is required to be qualified, except where the failure to be so qualified would not reasonably be expected to prevent or materially delay the ability of WhiteHawk OP to perform its obligations under the Agreement and the Transaction Documents or consummate the IPO. WhiteHawk OP is not in material default under any provision of its certificate of limited partnership, partnership agreement or other organizational document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) WHIC is a duly formed corporation validly existing and in good standing under the Laws of the State of Delaware and is qualified to do business in each of the states in which it is required to be qualified, except where the failure to be so qualified would not reasonably be expected to prevent or materially delay the ability of WHIC to perform its obligations under the Agreement and the Transaction Documents or consummate the IPO. WHIC is not in material default under any provision of its certificate of incorporation, bylaws or other organizational document.

**Section 5.02 DUE AUTHORIZATION; APPROVALS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) WhiteHawk OP has all necessary limited partnership power and authority to execute and deliver this Agreement and the Transaction Documents to which it is a party, to perform its obligations hereunder and to consummate the Transactions and the IPO. The execution and delivery of this Agreement and the Transaction Documents to which it is a party constitutes the legal, valid and binding agreement of WhiteHawk OP enforceable against WhiteHawk OP in accordance with its terms, subject to the Enforceability Exceptions. The execution and delivery of this Agreement and the Transaction Documents to which WhiteHawk OP is a party and the performance by WhiteHawk OP of its obligations hereunder and thereunder has been approved by the WH OP GP and no other limited partnership or other proceedings on the part of WhiteHawk OP is necessary to authorize the execution and delivery by WhiteHawk OP of this Agreement or the Transaction Documents to which WhiteHawk OP is a party or the performance by WhiteHawk OP of its obligations hereunder or thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) WHIC has all necessary corporate power and authority to execute and deliver this Agreement and the Transaction Documents to which it is a party, to perform its obligations hereunder and to consummate the Transactions and the IPO. The execution and delivery of this Agreement and the Transaction Documents to which it is a party constitutes the legal, valid and binding agreement of WHIC enforceable against WHIC in accordance with its terms, subject to the Enforceability Exceptions. The execution and delivery of this Agreement and the Transaction Documents to which WHIC is a party and the performance by WHIC of its obligations hereunder and thereunder has been approved by all necessary corporate action and no other proceedings on the part of WHIC is necessary to authorize the execution and delivery by WHIC of this Agreement or the Transaction Documents to which WHIC is a party or the performance by WHIC of its obligations hereunder or thereunder.

**Section 5.03 BROKERS, FINDERS AND ADVISORS**. Neither WHIC nor WhiteHawk OP has entered into any agreement resulting in, or which will result in, the Contributor or any Affiliate thereof having any obligation or liability as a result of the execution and delivery of this Agreement and the consummation of the Transactions for any brokerage, finder or advisory fees or charges of any kind whatsoever.

**Section 5.04 COMMON UNITS**. All of the WhiteHawk OP Units and Earnout OP Units have been duly authorized and, solely in the case of the WhiteHawk OP Units, are validly issued, fully paid and non-assessable. The Earnout OP Units will be validly issued, fully paid and non-assessable at the time of their issuance pursuant to <u>Section</u> <u>2.02(f)</u>. The Contributor will acquire the WhiteHawk OP Units and the Earnout OP Units, if any, in accordance with <u>Section</u> <u>2.01</u> and <u>Section</u> <u>2.02</u>, as applicable, free and clear of all Encumbrances (other than those imposed by <u>Section</u> <u>7.04(d)</u> or applicable securities Laws and any transfer restrictions set forth in the A&R OP LPA). There are no restrictions on transfer of the WhiteHawk OP Units and Earnout OP Units except as referenced in this Agreement, the Management Employment Agreements and in the A&R OP LPA.

**Section 5.05 CLASS B COMMON STOCK**. As of the Closing, all of the WHIC Shares and the Earnout WHIC Shares have been duly authorized and, solely in the case of the WHIC Shares that are not Earnout WHIC Shares, are validly issued, fully paid and non-assessable. The Earnout WHIC Shares will be validly issued, fully paid and non-assessable at the time of their issuance pursuant to <u>Section</u> <u>2.02(f)</u>. The Contributor will acquire the WHIC Shares and the Earnout WHIC Shares, if any, in accordance with <u>Section</u> <u>2.01</u> and <u>Section</u> <u>2.02</u>, as applicable, free and clear of all Encumbrances (other than those imposed by <u>Section</u> <u>7.04(d)</u> or applicable securities Laws). There are no restrictions on transfer of the WHIC Shares and the Earnout WHIC Shares except as referenced in this Agreement and in the A&R WHIC Charter.

**Section 5.06 TAX MATTERS**. For all periods from its formation through the Contribution, WhiteHawk OP has been property classified as an entity disregarded as separate from its owner for U.S. federal income Tax purposes pursuant to Treasury Regulations Section 301.7701-3(b)(ii) and no election has been made or is pending to change such classification.

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**Section 5.07 NO CONFLICT**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the execution, delivery, nor performance of this Agreement or any other Transaction Document to which it is a party by WhiteHawk OP or WHIC, nor any action or omission on the part of WhiteHawk OP or WHIC required pursuant hereto or thereto, nor the consummation of the Transactions by WhiteHawk OP or WHIC will (i) violate or conflict with, or result in a breach or default of, any provision of any resolution adopted by the board of managers (or equivalent governing body), members or other equityholders, the certificate of formation, operating agreement or equivalent governing documents of WhiteHawk OP or WHIC, (ii) result in a breach or violation of, or constitute a default under, any Legal Requirement applicable to the WhiteHawk OP or WHIC, or (iii) constitute a default or result in the cancellation, termination, acceleration, breach or violation of any Contract or other material document to which the WhiteHawk OP or WHIC is a party or by which any of their properties are bound, or give any Person the right to challenge any such transaction, to declare any such default, cancellation, termination, acceleration, breach or violation or to exercise any remedy or obtain any other relief under any such agreement, instrument, indenture or other material document or under any Legal Requirement; and (b) neither WhiteHawk OP nor WHIC is or will be required to give any notice to, make any filing with, or obtain any consent from any Person in connection with the execution and delivery of this Agreement or any other Transaction Document to which it is a party.

**Section 5.08 NO OTHER REPRESENTATIONS AND WARRANTIES**. Neither the Contributor nor any of its Affiliates or representatives has made any representation or warranty, express or implied, as to the Company, the Business, the Interests, or any information provided to WhiteHawk OP or WHIC in connection with the Transactions, except as expressly set forth in Article IV (including the related portions of the Schedules) or any other Transaction Document. The Contributor shall not have or be subject to any liability to WhiteHawk OP or WHIC resulting from the distribution to WhiteHawk OP or WhiteHawk OP's use of, any such information, including any information, documents, projections, forecasts or other materials made available to WhiteHawk OP in expectation of the Transactions, unless such information is expressly included in a representation or warranty contained in Article IV (including the related portions of the Schedules) or any other Transaction Document. Neither WhiteHawk OP nor WHIC has relied and neither is relying on any statement, representation or warranty, oral or written, express or implied, made by the Company or any of their respective Affiliates or representatives as to the Company, the Business, or the Interests, except as expressly set forth in Article IV (including the related portions of the Schedules) or any other Transaction Document.

**ARTICLE VI** 

**<u>COVENANTS</u>**

**Section 6.01 CONDUCT OF BUSINESS PRIOR TO CLOSING**. From the date hereof until the Closing or earlier termination of this Agreement, except as otherwise expressly provided in this Agreement or <u>Schedule</u> <u>6.01</u>, the Company and Services shall, and the Contributor shall cause the Company and/or Services to: (i) conduct the Business in the ordinary course, consistent with past practice; (ii) use commercially reasonable efforts to preserve intact its present organization; (iii) use commercially reasonable efforts to keep available the services of its current employees and of all other Persons who provide services to WhiteHawk OP and its respective Affiliates; and (iv) use commercially reasonable efforts to preserve its relationships with others having business dealings with it relating to the Business. Without limiting the generality of the foregoing, except as otherwise contemplated by this Agreement, from the date hereof to the Closing, without the prior written consent of WhiteHawk OP, the Contributor (with respect to the Business) shall not, and shall cause the Company and/or Services not to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter into any Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fail to timely pay any account payable relating to the Business in the ordinary course of business, other than amounts that are subject to dispute in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into any commitment or transaction relating to the Business except in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter into any new line of business or discontinue an existing line of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) incur, create, assume or guarantee any Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make any loans, advances or capital contributions to, or investments in, any other Person (including to any of its officers, directors, affiliates, agents or consultants), make any change in its existing borrowing or lending arrangements for or on behalf of such Persons, or enter into any "keep well" or similar agreement to maintain the financial condition of another entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) allow the lapse or termination of material policies of insurance unless contemporaneously replaced with comparable policies, other than changes in terms, deductibles and coverage limits of any such material policies of insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) make or permit to be made any Tax election inconsistent with past practice or change or revoke any Tax election, (2) change any method of accounting (including for Tax purposes), (3) file any amended Tax Return or file any Tax Return in a manner inconsistent with past practice, (4) settle or compromise any Proceeding relating to Taxes, (5) agree to an extension or waiver of the statute of limitations with respect to any claim or assessment with respect to Taxes (other than such extension that arises solely as a result of an extension of time to file a Tax Return obtained in the ordinary course of business), (6) enter into any "closing agreement" within the meaning of Section 7121 of the Code (or any similar provision of applicable Tax Law), (7) enter into any Tax allocation agreement or Tax sharing agreement (other than (A) any commercial agreement entered into in the ordinary course of business that does not relate primarily to Taxes or (B) to the extent relating to the transactions contemplated by this Agreement) (8) change the Tax classification of the Company or Services, or (9) fail to pay any Taxes when due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) increase the compensation or benefits of any current or former employee or other service provider of the Business, other than (1) in the ordinary course of business consistent with past practices, (2) to the extent required by Law or (3) as required by the terms of any existing Plan set forth on <u>Schedule 4.15(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) establish, adopt, enter into, amend or terminate any Plan or any plan, agreement, program, policy, practice, trust, fund or other arrangement that would be a Plan if it were in existence as of the date hereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) commit to any single or aggregate capital expenditure or commitment that would impose any obligations on WhiteHawk OP or its Affiliates after the Closing (including the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) acquire, by merger, consolidation, acquisition of stock or assets, or otherwise, any business or Person or division thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) cancel any debts or waive any claims or rights relating to the Business, the Company or Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) enter into any lease for real property or assign its rights under, amend or terminate any lease with respect to real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) issue, sell or grant any Equity Interests of the Company or Services, or any securities or rights convertible into, exchangeable for, or evidencing the right to subscribe for any Equity Interests of the Company or Services, or any rights, warrants, options, calls, commitments or any other agreements of any character to purchase or acquire any Equity Interests of the Company or Services or any securities or rights convertible into, exchangeable for, or evidencing the right to subscribe for, any Equity Interests of the Company or Services or any other securities in respect of, in lieu of, or in substitution for, the Equity Interests of the Company or Services that are outstanding on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) initiate any claim, action, suit or proceeding or settle or compromise any claim, action, suit or proceeding pending or threatened against it or relating to the Business, other than any such settlement or compromise that involves solely payment of money damages that is paid on or prior to Closing; *provided*, *however*, for the avoidance of doubt, that neither the Company nor Services shall agree to, or shall, settle any claim, action, suit or proceeding if the settlement involves a conduct remedy or injunctive or similar relief or has a restrictive impact on the Business as conducted as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) other than in the ordinary course of business consistent with past practice, hire or terminate, or enter into any employment contract with, any individual, engage the services of any individual service provider, or promote or appoint any Person to any position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) make or authorize any change in its organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) take, or agree or otherwise commit to take, any action that would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the consummation of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) take or authorize any action that constitutes Leakage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) take, or agree or otherwise commit to take, any of the foregoing actions or any other action that if taken would reasonably be expected to prevent the satisfaction of any condition set forth in <u>Section</u> <u>3.02(c)</u>.

**Section 6.02 ACCESS TO INFORMATION**. During the period from the date hereof to the Closing or earlier termination of this Agreement, the Contributor shall furnish WhiteHawk OP and its representatives with any information and data (including copies of contracts, plans and other books and records) concerning the Business, the Company, Services and operations of the Business as WhiteHawk OP or any of its representatives reasonably may request.

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**Section 6.03 CONSENTS AND APPROVALS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the terms and subject to the conditions set forth in this Agreement, WhiteHawk OP, WHIC, the Company, Services and the Contributor shall, and shall cause their respective Affiliates to, use reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties hereto, all things necessary, proper and advisable under applicable Law or pursuant to any Contract to consummate and make effective, as promptly as practicable, the Transactions, including (i) taking all actions necessary to cause the conditions to Closing set forth in <u>Section</u> <u>3.02(c)</u> hereof to be satisfied, (ii) preparation and filing of all documentation to effect all required filings, notices, petitions, statements, registrations, submissions and applications and obtaining all necessary actions or nonactions, waivers, consents, authorizations and approvals from Governmental Authorities or other Persons necessary in connection with the consummation of the Transactions and making all necessary registrations and filings (including filings with Governmental Authorities, if any) and taking all reasonable steps as may be necessary to obtain an approval or waiver from, or to avoid legal proceeding by, any Governmental Authority or other Persons necessary in connection with the consummation of the Transactions, (iii) reasonably defending any legal proceedings, whether judicial or administrative, challenging this Agreement or the consummation of the Transactions, and (iv) execution and delivery of any additional instruments necessary to consummate the Transactions and to fully carry out the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with, and without limiting the foregoing, each of WhiteHawk OP, WHIC, the Company, Services and the Contributor shall give (or shall cause to be given) any notices to any Person, and each shall use, and cause each of their respective Affiliates to use, reasonable efforts to obtain any consents from any Person not covered by <u>Section</u> <u>6.03(a)</u> that are necessary, proper and advisable to consummate the Transactions. Each of WhiteHawk OP, WHIC, the Company, Services and the Contributor will furnish to the others such necessary information and reasonable assistance as the others may request in connection with the preparation of any required governmental filings or submissions and will cooperate in responding to any inquiry from a Governmental Authority, including promptly informing the other parties of such inquiry, consulting in advance before making any presentations or submissions to a Governmental Authority, and supplying each other with copies of all material correspondence, filings or communications between any party and any Governmental Authority with respect to this Agreement. To the extent reasonably practicable, WhiteHawk OP, WHIC, the Company, Services and the Contributor or their respective representatives shall have the right to review in advance and each of the parties will consult the others on, all the information relating to the other and each of their Affiliates that appears in any filing made with, or written materials submitted to, any Governmental Authority in connection with the Transactions, except that confidential competitively sensitive business information may be redacted from such exchanges. To the extent reasonably practicable, neither WhiteHawk OP, WHIC, the Company, Services or the Contributor shall, nor shall they permit their respective representatives to, participate independently in any meeting or engage in any substantive conversation with any Governmental Authority in respect of any filing, investigation or other inquiry without giving the other parties prior notice of such

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meeting or conversation and, to the extent permitted by applicable Law, without giving the other parties the opportunity to attend or participate (whether by telephone or in person) in any such meeting with such Governmental Authority. Notwithstanding the foregoing, obtaining any approval or consent from any Person solely pursuant to this <u>Section</u> <u>6.03(b)</u> shall not be a condition to the obligations of the parties to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, in connection with obtaining any approval or consent from any Person (other than any Governmental Authority) with respect to the Transactions, none of WhiteHawk OP, WHIC, the Company, Services or the Contributor or any of their respective Affiliates or representatives shall be obligated to pay or commit to pay to such Person whose approval or consent is being solicited any cash or other consideration, make any accommodation or commitment or incur any liability or other obligation to such Person, in each case that is not conditioned upon the occurrence of the Closing. Subject to the immediately foregoing sentence, the parties shall cooperate with respect to reasonable accommodations that may be requested or appropriate to obtain such consents. WhiteHawk OP, WHIC, the Company, Services and the Contributor acknowledge and agree that no approval or consent of any such Person solely pursuant to this <u>Section</u> <u>6.03(c)</u> is a condition to the obligations of any party to effect the Transactions.

**Section 6.04 TAX MATTERS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Filing of Tax Returns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall timely prepare and file, or cause to be timely prepared and filed, in each case at its sole expense, all Tax Returns that are required to be filed by the Company and Services for Pre-Closing Tax Periods that are due on or before the Closing Date. Such Tax Returns shall be prepared in a manner consistent with the past practices applicable to the preparation of such Tax Returns including all elections, accounting methods and conventions, except as required by applicable Tax Law. The Company shall provide any such Tax Return that is an income Tax Return to WhiteHawk OP for its review, comment, and consent, which consent shall not be unreasonably withheld, conditioned or delayed, no less than 30 days prior to the due date for filing such Tax Return (including extensions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) From and after the Closing Date and subject to the consent right noted below, WhiteHawk OP shall have the exclusive obligation and authority, at its sole cost and expense, to prepare and file, or cause to be prepared and filed, all Tax Returns of the Company and Services for all Pre-Closing Tax Periods (including, for the avoidance of doubt, Tax Returns relating to the Saddle Periods) that are required to be filed after the Closing Date, including for those jurisdictions and Governmental Authorities that permit or require a short period Tax Return for the period ending on the Closing Date, and shall timely pay Taxes shown as due and owning on such Tax Returns; *provided*, that the Contributor shall be responsible for any such Taxes (excluding any such Taxes attributable to the portion of any Straddle Period beginning after the Closing Date) and shall pay to WhiteHawk OP the amount of any such Taxes at least five (5) days prior to the due date for such Taxes (excluding any such Taxes attributable to the portion of any Straddle Period beginning after the Closing Date). The Contributor shall cooperate fully and promptly in

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connection with the preparation and filing of such Tax Returns. All such Tax Returns shall be prepared in accordance with the past practice of the Company or Services, as applicable, except as required by applicable Tax Law. WhiteHawk OP shall provide any such Tax Return to the Contributor for its review, comment, and consent, which consent shall not be unreasonably withheld, conditioned or delayed, no less than 30 days prior to the due date for filing such Tax Return (including extensions). WhiteHawk OP shall make, or cause to be made, such revisions to such Tax Returns as a reasonably requested by the Contributor prior to the filing thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent permissible under applicable Law, the parties agree to elect (and have the Company and Services elect) to have each Tax year of the Company and Services to end on the Closing Date. If such election is not permitted or required in a jurisdiction with respect to a specific Tax such that the Company or Services is required to file a Tax Return for a Straddle Period, the Taxes for such Straddle Period (A) shall be allocable to the Contributor to the extent such Taxes are allocated to the portion of the Straddle Period ending at the end of the Closing Date pursuant to this <u>Section</u> <u>6.04(a)(iii)</u> and (B) shall be allocable to WhiteHawk OP to the extent such Taxes are allocated to the portion of the Straddle Period beginning on the day after the Closing Date pursuant to this <u>Section</u> <u>6.04(a)(iii)</u>. For any Straddle Period, the Taxes of the Company or Services shall be allocated between the portion of the Straddle Period ending on the Closing Date and the portion of the Straddle Period beginning on the day after the Closing Date: (1) in the case of Taxes based on income, gross or net sales payments, receipts or payroll, on the basis of a deemed closing of the books and records of the Company or Services, as applicable, as of the end of the Closing Date and (2) in the case of any other Taxes, pro rata on a per diem basis based on a fraction, the numerator of which is the number of calendar days in the portion of the period ending on the Closing Date and the denominator of which is the number of calendar days in the entire Straddle Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Cooperation on Tax Matters</u>. WhiteHawk OP, the Company and the Contributor shall cooperate fully, as and to the extent reasonably requested by the other parties, in connection with the preparation and filing of any Tax Returns, the conduct of any Tax audit, litigation or other proceeding with respect to Taxes or the Intended Tax Treatment, or in connection with determining any liability for Taxes of, or with respect to, the Company or Services. Such cooperation shall include (i) the retention and (upon another party's reasonable written request) the provision of records and information that are reasonably relevant to any such Tax Return or such Tax audit, litigation or other proceeding and (ii) making employees reasonably available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder; *provided* that the party requesting assistance shall pay the reasonable out-of-pocket expenses incurred by the party providing such assistance; *provided*, *further*, that no party shall be required to provide assistance at times or in amounts that would interfere unreasonably with the business and operations of such party. The parties agree: (i) to retain all books and records with respect to Tax matters pertinent to the Company relating to any Pre-Closing Tax Period and to abide by all record retention agreements entered into with any Governmental Authority and (ii) to give the other parties reasonable written notice prior to destroying or discarding any such books and records and, if the other party so requests, WhiteHawk OP, the Company and the Contributor, as the case may be, shall allow the other party to take possession of such books and records; provided, however, that if WhiteHawk OP reasonably determines that any records, information or material are protected by attorney-client privilege and that the disclosure of such records, information or material would reasonably be expected to jeopardize such privilege, such records, information or material are not required to be provided pursuant to this <u>Section</u> <u>6.04(b)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Refunds</u>. Any refunds or credits of Taxes of the Company or Services for any Pre-Closing Tax Period that are received or realized by WhiteHawk OP, the Company or their Affiliates, shall be for the account of the Contributor, and WhiteHawk OP or the Company shall pay over to the Contributor any such refund or the amount of any such credit within fifteen (15) Business Days after receipt or entitlement thereto; *provided* that any such refund payable pursuant to this <u>Section</u> <u>6.04(c</u>) shall be net of any Taxes or reasonable out-of-pocket costs or expenses incurred by WhiteHawk OP or the Company in connection with obtaining such refund; *provided further*, that if such refund is subsequently disallowed or required to be returned to the applicable Governmental Authority, the Contributor agrees to repay promptly to WhiteHawk OP (or the Company) the amount of such refund, together with any interest, penalties or other additional amounts imposed by such Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amended Tax Returns</u>. WhiteHawk OP shall not, and shall not cause or permit the Company or Services to, (i) amend any Tax Returns of the Company or Services filed with respect to any Tax year ending on or before the Closing Date or any Straddle Period, (ii) make or revoke any Tax election for the Company or Services that has retroactive effect to any Tax year ending on or before the Closing Date and adversely affects the Taxes or Tax Returns of the Company or Services for any Pre-Closing Tax Period or Straddle Period, (iii) extend or waive the applicable statute of limitations with respect to a Tax of the Company or Services for any Pre-Closing Tax Period or Straddle Period, (iv) file any ruling request with any Governmental Authority that relates to Taxes or Tax Returns of the Company or Services for a Pre-Closing Tax Period or Straddle Period, or (v) enter into or pursue a voluntary disclosure agreement with a Governmental Authority with respect to filing Tax Returns or paying Taxes for a Pre-Closing Tax Period or Straddle Period, in each such case without the prior written consent of the Contributor, which consent shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer Taxes</u>. All transfer, documentary, sales, use, stamp, registration and other similar Taxes and fees (including any penalties and interest) incurred in connection with this Agreement ("<u>Transfer Taxes</u>") will be split evenly between the Contributor, on the one hand, and WhiteHawk OP, on the other hand, and all necessary Tax Returns and other documentation with respect to Transfer Taxes will be prepared and filed by the party required to file such Tax Returns under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Withholding</u>. Any and all payments by or on account of any obligation under this Agreement shall be made without deduction or withholding for any Taxes, except as required by applicable Law. To the extent any party determines it is required to deduct or withhold any amounts payable pursuant to this Agreement, such party shall provide prompt written notice to the party in respect of which such deduction or withholding is required and shall cooperate therewith to reduce or eliminate such deduction or withholding to the maximum extent permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Tax Contests</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Governmental Authority issues to any party hereto a notice of proposed adjustment, or a notice of its intent to audit or conduct another Action with respect to a Tax Return or Taxes of the Company or Services for any Pre-Closing Tax Period or Straddle Period that could reasonably be expected to require the Contributor to indemnify any WhiteHawk OP Indemnified Party pursuant to this Agreement (each, a "<u>Tax Contest</u>"), then the recipient of such notice shall notify the other parties of its receipt of such notice from the Governmental Authority within five (5) days of receipt and provide the other parties with copies of all material correspondence and other material documents received from the Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) WhiteHawk OP shall control any Tax Contest; *provided*, *however*, that (i) the Contributor may (at its sole cost and expense) participate in (but not control) any Tax Contest, including through the retention of its own legal counsel, and (ii) WhiteHawk OP shall (A) keep the Contributor reasonably and timely informed of all material developments and events relating to such Tax Contest, (B) consult with the Contributor in connection with the conduct of any such Tax Contest and (C) not settle or compromise any Tax Contest without the prior written consent of the Contributor (such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Allocation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within sixty (60) days of the final determination of the Contribution and Subscription Closing Consideration, WhiteHawk OP shall provide to the Contributor a schedule allocating the Contribution and Subscription Closing Consideration (and any other items properly treated as consideration for U.S. federal income Tax purposes) among the assets of the Company and Services (the "<u>Allocation Schedule</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If within thirty (30) days of receiving the Allocation Schedule, the Contributor has not objected, the Allocation Schedule shall be final and binding. If within thirty (30) days the Contributor objects to the Allocation Schedule, WhiteHawk OP and the Contributor shall cooperate in good faith to resolve their differences. If after thirty (30) days, WhiteHawk OP and the Contributor are unable to agree, the parties shall retain the Accounting Firm pursuant to the provisions of <u>Section</u> <u>2.02(e)</u>, *mutatis mutandis*, to resolve any remaining disputes. The determination of the Accounting Firm shall be final and binding on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The parties hereto shall make appropriate adjustments to the Allocation Schedule to reflect changes in the Contribution and Subscription Closing Consideration. The parties hereto agree for all Tax reporting purposes to report the transactions in accordance with the agreements herein and the Allocation Schedule, as adjusted pursuant to the preceding sentence, and to not take any position during the course of any audit or other proceeding inconsistent with the agreements as to Tax treatment herein or with such schedule unless required by a determination of the applicable Governmental Authority within the meaning of Section 1313(a) of the Code.

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**Section 6.05 SUPPLEMENTAL DISCLOSURE**. Subject to applicable Law, WhiteHawk OP, on the one hand, and the Contributor and the Company, on the other hand, shall promptly, upon having or gaining actual knowledge of any event, condition or fact that would reasonably be expected to cause any of the conditions to the other party's obligation to consummate the Transactions not to be fulfilled, notify the other party hereto, and furnish the other party hereto any information it may reasonably request with respect thereto.

**Section 6.06 CONFIDENTIALITY; PUBLICITY**. From and after the date hereof until the Closing, WhiteHawk OP shall, and shall cause their respective Affiliates and representatives to, keep confidential and not disclose to any Person documents and information concerning the Contributor or the Company disclosed to WhiteHawk OP or its Affiliates or representatives in connection with the Transactions. This <u>Section</u> <u>6.06</u> shall not apply to disclosure of information (a) to the extent that it is generally known to the public through no fault of WhiteHawk OP or any of its Affiliates or representatives or (b) to the extent that it is required to be disclosed by applicable Law; the rules and regulations of, or pursuant to any agreement of, a stock exchange or trading system; order by a Governmental Authority; or subpoena, summons or legal process; *provided* that any such disclosure shall to the extent permissible by applicable Law be made after (i) consultation with the Contributor and (ii) allowing the Contributor the reasonable opportunity to contest such disclosure. If this Agreement is, for any reason, terminated prior to the Closing, the provisions of this <u>Section</u> <u>6.06</u> shall nonetheless continue in full force and effect. So long as this Agreement is in effect, the Contributor, the Company and WhiteHawk OP shall consult with each other and give each other a reasonable opportunity to review and comment on, any press release or other public statement with respect to the Transactions and shall not issue any such press release or make any such public statement prior to obtaining the consent of the other parties, except as may be required by applicable Law or duties under applicable Law. Notwithstanding this <u>Section</u> <u>6.06</u>, no party shall be required to consult or obtain the consent of the other parties prior to making statements that are consistent with any previous press releases, public disclosures or public statements made by the Contributor, the Company, Services or WhiteHawk OP in compliance with this <u>Section</u> <u>6.06</u>.

**Section 6.07 TERMINATION AND ASSIGNMENT OF AGREEMENTS**. Effective upon the Closing, unless WhiteHawk OP otherwise agrees, the Contributor shall cause the agreements set forth on <u>Schedule 4.23</u> or required to be set forth on <u>Schedule 4.23</u> (other than the agreements set forth on <u>Schedule 6.07</u>, if any), to terminate, in each case, with no liability following the Closing to the Company. Immediately prior to the Closing, the Company will assign to the Contributor the right of the Company under the IMA to receive (i) the Liquidity Incentive Fee and (ii) unrestricted 2025 Shares (as defined therein) on the Vesting Date (as defined therein), in each case notwithstanding anything to the contrary in the IMA or the termination thereof, which rights shall survive termination or amendment thereof unless consent is obtained from the Contributor.

**Section 6.08 EXPENSES AND INDEBTEDNESS.** At or prior to the Closing, the Contributor shall cause all Transaction Expenses in excess of the Transaction Expenses Cap and all Indebtedness of the Company and Services to be repaid and discharged in full (including any and all prepayment premiums, penalties, breakage costs, and other amounts due in connection therewith).

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**Section 6.09 RESTRICTIVE COVENANTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise permitted by the Management Employment Agreements, for a period of five (5) years following the Closing Date (the "<u>Restricted Period</u>"), the Contributor and each of its Affiliates (other than the Company and Services following the Closing) shall not, and shall cause its respective Representatives not to, directly or indirectly, anywhere in the United States (or any other jurisdiction in which the Business is conducted or proposed to be conducted as of the Closing Date): (i) engage in, manage, operate, control, or participate in the ownership, management, operation or control of any business or Person that competes with the Business as conducted by WhiteHawk OP and its Affiliates (including the services provided by the Company and Services) as of the Closing Date (a "<u>Competing Business</u>"); or (ii) own any interest in any Competing Business (other than passive ownership of less than five percent (5%) of the outstanding securities of any publicly traded company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise permitted by the Management Employment Agreements, during the Restricted Period, the Contributor and each of its Affiliates shall not, and shall cause its Representatives not to, directly or indirectly: (i) solicit, hire, or attempt to solicit or hire any Business Employee (or any Person who was a Business Employee within the twelve (12) months prior to such solicitation) or induce any such Person to leave the employ of WhiteHawk OP, the Company, Services or any of their Affiliates; or (ii) solicit or attempt to solicit any customer, client, supplier, licensee, or other business relation of WhiteHawk OP, the Company, Services or any of their Affiliates with whom the Contributor or its Affiliates had material contact during the twelve (12) months prior to the Closing Date, for the purpose of providing products or services that are competitive with the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Contributor acknowledges that the restrictions contained in this <u>Section</u> <u>6.09</u> are reasonable in scope, duration and geographic area in light of the nature of the Business, the consideration received by the Contributor, and the protection of the goodwill and value of the Interests and the Business being contributed to WhiteHawk OP. If any provision of this <u>Section</u> <u>6.09</u> is held to be invalid or unenforceable, the provision shall be reformed to the extent necessary to make it valid and enforceable, or if it cannot be reformed, it shall be severed and the remainder of this <u>Section</u> <u>6.09</u> shall remain in full force and effect. The Contributor agrees that any breach of this <u>Section</u> <u>6.09</u> would cause irreparable injury to WhiteHawk OP and its Affiliates and that WhiteHawk OP shall be entitled to specific performance and injunctive relief (without the need to post any bond) in addition to any other remedies available at law or in equity.

The covenants in this <u>Section</u> <u>6.09</u> shall survive the Closing and shall be binding on the Contributor and its Affiliates.

**ARTICLE VII** 

**<u>INDEMNIFICATION AND CLAIMS</u>**

**Section 7.01 SURVIVAL OF REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS**. The representations and warranties of the Contributor contained in this Agreement will survive until 12 months after the later of the Contribution Date or Closing Date; provided that the Fundamental Representations shall survive until three (3) years after the later of the Contribution Date or Closing Date. The representations and warranties of

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WhiteHawk OP and WHIC shall survive until three (3) years after the later of the Contribution Date or Closing Date. Notwithstanding the foregoing, a claim given in good faith in accordance with this <u>Article</u> <u>VII</u> in respect of a representation or warranty on or prior to the date on which the representation or warranty ceases to survive shall not thereafter be barred by the expiration of the survival period, and may be pursued thereafter without regard to such expiration. None of the covenants or other agreements contained in this Agreement shall survive the Closing Date other than those which by their terms contemplate performance after the Closing Date, and each such surviving covenant and agreement shall survive each of the Contribution Date and Closing for the period contemplated by its terms. Nothing in this Section 7.01 shall limit any claim for Fraud.

**Section 7.02 INDEMNIFICATION OF WHITEHAWK OP**. From and after the earlier of the Contribution Date or Closing, the Contributor shall indemnify and hold harmless WhiteHawk OP and its Affiliates, successors and the respective stockholders, members, managers, partners, officers, directors, employees and agents of each such indemnified Person (collectively, the "<u>WhiteHawk OP Indemnified Parties</u>") from and against any and all Losses that may be asserted against, or paid, suffered or incurred by any WhiteHawk OP Indemnified Party arising out of, resulting from, based upon or relating to, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any material breach of or inaccuracy in any representation or warranty made by the Contributor in <u>Article</u> <u>IV</u> (other than any Fundamental Representations) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of or inaccuracy in any of the Fundamental Representations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure to repay or discharge in full, at or prior to the Contribution Date, all Indebtedness of the Company and/or Services (including any prepayment premiums, penalties, breakage costs, make-whole payments, or other amounts due in connection therewith) and any Transaction Expenses in excess of the Transaction Expenses Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any breach of or failure by the Contributor or, prior to the Contribution Date, the Company or Services, to duly and timely to perform or fulfill any of its covenants or agreements required to be performed by it under this Agreement or any of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any (i) Taxes (or the non-payment thereof) imposed on or with respect to the Company or Services for any Pre-Closing Tax Period or (ii) any Taxes of the Contributor or any Affiliate thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any amounts that constitute Leakage.

**Section 7.03 INDEMNIFICATION OF CONTRIBUTOR**. From and after the earlier of the Contribution Date or Closing, WhiteHawk OP and WHIC shall jointly and severally indemnify and hold harmless the Contributor and its successors, stockholders, members, managers, partners, officers, directors, employees and agents of each such indemnified Person (collectively, the "<u>Contributor Indemnified Parties</u>") from and against any and all Losses that may be asserted against, or paid, suffered or incurred by any Contributor Indemnified Party arising out of, resulting from, based upon or relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any breach of or inaccuracy in any representation or warranty made by WhiteHawk OP and WHIC in <u>Article</u> <u>V</u> of this Agreement; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach of or failure by WHIC or WhiteHawk OP to duly and timely perform or fulfill any of its covenants or agreements required to be performed by it under this Agreement or any of the Transaction Documents.

**Section 7.04 LIMITATIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary in this Agreement, no indemnity payments shall be payable by the Contributor as a result of any claim (other than a claim for Fraud) arising under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Section</u> <u>7.02(a)</u> unless and until the Losses claimed thereunder, when aggregated, are in excess of an amount equal to one percent (1%) of the aggregate value of the Earned Consideration on the date a claim made in good faith in accordance with this <u>Article</u> <u>VII</u> is finally resolved (the "<u>Deductible</u>"), in which case the WhiteHawk OP Indemnified Parties may recover the aggregate amount of all Losses payable thereunder in excess of the Deductible, subject to the remaining provisions of this <u>Section</u> <u>7.04</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Section</u> <u>7.02(a)</u> in excess of an amount equal to ten percent (10%) of the aggregate value of the Earned Consideration on the date a claim made in good faith in accordance with this <u>Article</u> <u>VII</u> is finally resolved; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Section</u> <u>7.02</u> in excess of an amount equal to the aggregate value of the Earned Consideration on the date a claim made in good faith in accordance with this <u>Article</u> <u>VII</u> is finally resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No party will be entitled to duplication of recovery for a Loss under any provision of this Agreement to the extent such party has actually received proceeds for the same Loss by reason of the state of facts giving rise to such Loss constituting a breach of more than one representation, warranty, covenant or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Indemnified Party shall take, and cause its Affiliates to take, all commercially reasonable steps to mitigate any Loss upon becoming aware of any event or circumstance of Loss that would be reasonably expected to, or does, give rise to an indemnification obligation hereunder, including incurring costs only to the minimum extent necessary, in such Indemnified Party's reasonable discretion, to remedy the breach that gives rise to such Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Until the later of (x) the three (3) year anniversary of the Contribution Date or Closing Date and (y) the date on which any claim for indemnification made in good faith in accordance with this <u>Article</u> <u>VII</u> is finally resolved, the Contributor will satisfy any indemnification liability for which the Contributor is liable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, by offsetting the amount of such indemnification liability against any Earnout Consideration otherwise payable or paid to the Contributor (or its Affiliates or designees) under this Agreement (or any equity interests exchanged therefor); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, to the extent the Earnout Consideration is insufficient or unavailable to satisfy the full amount of such indemnification liability, by clawing back (i.e., requiring repayment of) a portion of the Contribution and Subscription Closing Consideration previously paid to the Contributor (or its Affiliates or designees), or any equity interests exchanged therefor, equal to the remaining unpaid balance of the indemnification liability.

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For purposes of this <u>Section</u> <u>7.04(d)</u>, Earnout Consideration and Contribution and Subscription Closing Consideration (in each case, or any equity interests exchanged therefor) shall be valued at the VWAP for the thirty (30) days prior to the Trading Day immediately preceding the payment date. For the avoidance of doubt, any clawback, set off or other forfeiture of the Earnout Consideration or Contribution and Subscription Closing Consideration pursuant to this <u>Section</u> <u>7.04</u> shall include any corresponding WHIC Shares and Earnout WHIC Shares issued in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Until the later of (x) the twelve (12)-month anniversary of the Contribution Date or Closing Date (the "<u>Release Date</u>") and (y) the date on which any claim for indemnification made on or prior to the Release Date in good faith in accordance with this <u>Article</u> <u>VII</u> is finally resolved, the Contributor shall retain and not distribute, encumber, transfer or otherwise dispose of any portion of the Contribution and Subscription Closing Consideration (other than pursuant to Section 7.04(d)(ii)); *provided*, *however*, that to the extent there are any unresolved indemnification claims as of the Release Date, the Contributor shall be permitted to distribute, transfer and otherwise dispose of any portion of the Contribution and Subscription Closing Consideration then held by Contributor with a value in excess of one hundred ten percent (110%) of the Losses estimated by WHIC or WhiteHawk OP in good faith in respect of such unresolved indemnification claims.

**Section 7.05 INDEMNIFICATION PROCEDURES**. All claims for indemnification by any Indemnified Party shall be asserted and resolved as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Indemnified Party intends to seek indemnification under this <u>Article</u> <u>VII</u>, it shall promptly notify the Indemnifying Party in writing of such claim, indicating with reasonable particularity the nature of such claim and provide the Indemnifying Party with such additional relevant information in the Indemnified Party's possession that the Indemnifying Party may reasonably request. The failure to provide such notice will not affect any rights hereunder except to the extent the Indemnifying Party is actually and materially prejudiced thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If such claim involves a Third Party Claim against the Indemnified Party, the Indemnifying Party may, within thirty (30) days after receipt of such notice and information, and upon notice to the Indemnified Party, at the sole cost and expense of the Indemnifying Party, assume the settlement or defense thereof, with counsel reasonably satisfactory to the Indemnified Party; *provided*, that the Indemnifying Party shall have acknowledged in writing its obligation to indemnify the Indemnified Party for such claim in accordance with the terms of this Agreement; *provided*, *further*, that the Indemnified Party may participate in such settlement or defense through counsel chosen by it at the sole cost and expense of the Indemnified Party. The Indemnifying Party shall not be entitled to control the defense of (i) any action seeking an injunction or other equitable relief that, if granted, would reasonably be expected to have a material impact on the Indemnified Party's business, (ii) any criminal proceeding, action, indictment, allegation or investigation by a Governmental Authority or (iii) any action pursuant to which Losses would reasonably be expected to exceed the maximum Liability of the Indemnifying Party hereunder. If the Indemnifying Party assumes the settlement or defense of such claim and the Indemnified Party

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determines reasonably and in good faith that representation by the Indemnifying Party's counsel of both the Indemnifying Party and the Indemnified Party would present such counsel with a conflict of interest or that there are legal defenses available to the Indemnified Party that are different from or additional to those available to the Indemnifying Party, then the Indemnifying Party shall pay the reasonable fees and expenses of the Indemnified Party's counsel. So long as the Indemnifying Party is contesting any such claim in good faith in accordance with the first sentence of this <u>Section</u> <u>7.05(b)</u>, the Indemnifying Party shall have the right to settle any claim for which indemnification has been sought and is available hereunder that imposes solely monetary obligations that are paid by the Indemnifying Party, does not contain a finding or admission of any violation of Law or any violation of the rights of any Person and contains an unconditional release of the Indemnified Party from all liability thereunder; *provided*, that to the extent that such settlement requires the Indemnified Party to take, or prohibits the Indemnified Party from taking, any action or purports to obligate the Indemnified Party, then the Indemnifying Party shall not settle such claim without the prior written consent of the Indemnified Party, such consent not to be unreasonably withheld, conditioned or delayed. So long as the Indemnifying Party is contesting any such claim in good faith in accordance with the first sentence of this <u>Section</u> <u>7.05(b)</u>, the Indemnified Party shall: (i) not pay or settle any such claim without the Indemnifying Party's consent, such consent not to be unreasonably withheld, conditioned or delayed; and (ii) cooperate with the Indemnifying Party and its counsel in the settlement and defense of such claim. If the Indemnifying Party is not entitled to join in or assume the defense of the claim pursuant to the foregoing provisions or is entitled but does not contest such claim in good faith (including if it does not notify the Indemnified Party of the assumption of the defense of such claim within the thirty (30) day period set forth above), then the Indemnified Party may conduct and control, through counsel of its own choosing and at the expense of the Indemnifying Party, the settlement or defense thereof and the Indemnifying Party shall cooperate reasonably with it in connection therewith. Except as otherwise expressly *provided* in this <u>Section</u> <u>7.05</u>, the failure of the Indemnified Party to participate in, conduct or control such defense shall not relieve the Indemnifying Party of any obligation it may have hereunder. Any costs and expenses incurred by such Indemnified Party in connection with the investigation and defense of such claim (including, without limitation, reasonable out of pocket attorneys' fees, other professionals' and experts' fees and court or arbitration costs) required to be paid by the Indemnifying Party on behalf of the Indemnified Party shall be paid as incurred, promptly against delivery of reasonably detailed invoices therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Indemnifying Party chooses to defend any Third Party Claim, the Indemnifying Party shall not, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed) cause, or agree to, the waiver of the attorney-client privilege, attorney work-product immunity or any other privilege or protection in respect of confidential legal memoranda and other privileged materials drafted by, or otherwise reflecting the legal advice of, internal or outside counsel of an Indemnified Party (the "<u>Subject Materials</u>") relating to such Third Party Claim. Each party hereto mutually acknowledges and agrees, on behalf of itself and its Affiliates, that (i) each shares a common legal interest in preparing for the defense of legal proceedings, or potential legal proceedings, arising out of, relating to or in respect of any actual or threatened Third Party Claim or any related claim or counterclaim, (ii) the sharing of Subject Materials will further such common legal interest and (iii) by disclosing any Subject Materials to and/or sharing any Subject Materials with the Indemnifying Party, the Indemnified Party shall not waive the attorney-client privilege, attorney work-product immunity or any other privilege or protection. The Indemnified Party shall not be required to make available to the Indemnifying Party any information that is subject to an attorney-client or other applicable legal privilege that based on the advice of outside counsel would be impaired by such disclosure or any confidentiality restriction under applicable Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In any action or proceeding between, on the one hand, the Contributor or any Contributor Indemnified Party and, on the other hand, WhiteHawk OP or any WhiteHawk OP Indemnified Party, arising out of or relating to this Agreement or any other Transaction Document, the prevailing party shall be entitled to recover its reasonable attorneys' fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event of a conflict between this <u>Section</u> <u>7.05</u> and <u>Section</u> <u>6.04(g)</u>, <u>Section</u> <u>6.04(g)</u> shall control.

**Section 7.06 CHARACTER OF INDEMNITY PAYMENTS**. The parties agree that any indemnification payments made with respect to this Agreement shall be treated for all Tax purposes as an adjustment to the Aggregate Contribution and Subscription Consideration, unless otherwise required by Law (including by a determination of a Governmental Authority that, under applicable Law, is not subject to further review or appeal).

**Section 7.07 REMEDIES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the parties hereto shall be entitled to injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement and the obligations of each other party hereto in the event that (i) all conditions set forth in <u>Section</u> <u>3.02(c)(i)</u> or <u>Section</u> <u>3.02(c)(ii)</u>, as applicable, and <u>Section</u> <u>3.02(c)(iii)</u>, have been satisfied or waived by the party seeking injunctive or other equitable relief hereunder (other than those conditions that by their terms or their nature are to be satisfied at the Closing, but subject to such conditions being satisfied or waived assuming a Closing would occur), and (ii) any party fails to complete the Closing by the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for claims based on Fraud, following the Closing, the rights of the Indemnified Parties for indemnification relating to breaches of this Agreement shall be limited to those contained in this <u>Article</u> <u>VII</u> and such indemnification rights shall be the exclusive remedies of the Indemnified Parties with respect to breaches of this Agreement.

**Section 7.08 SUBROGATION/INSURANCE**. If an Indemnified Party recovers Losses from an Indemnifying Party, the Indemnifying Party shall be subrogated, to the extent of such recovery, to the Indemnified Party's rights against any third party (including any employees) with respect to such recovered Losses, subject to the subrogation rights of any insurer providing insurance coverage under one of the Indemnified Party's policies and except to the extent that the grant of subrogation rights to the Indemnifying Party is prohibited by the terms of the applicable insurance policy. With respect to any rights of any Indemnifying Party (including any employees) against a third party to which an Indemnified Party is entitled pursuant to the preceding sentence, such Indemnified Party shall use commercially reasonable efforts to preserve any rights that such Indemnifying Parties may have to make claims against such third parties (including under applicable insurance policies) and the Indemnified Parties and the Indemnifying Parties shall

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cooperate with and assist the other in issuing notices of claims to such third parties, presenting claims for payment and collecting proceeds related thereto. Notwithstanding anything in this Agreement to the contrary, the amount of any Losses of any Person under this <u>Article</u> <u>VII</u> shall be net of the amount, if any, actually received by the Indemnified Party (after deducting all costs and expenses associated with recovering such amount) from any third party (including any insurance company or other insurance provider).

**ARTICLE VIII** 

**<u>TERMINATION</u>**

**Section 8.01 TERMINATION**. This Agreement may be terminated and the Transactions may be abandoned at any time prior to the Closing by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the mutual written agreement of WhiteHawk OP and the Contributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) either WhiteHawk OP or the Contributor, if any court of competent jurisdiction or other competent Governmental Authority shall have enacted a statute or issued a rule, regulation, order, decree or injunction or taken any other action, in each case, permanently restraining, enjoining or otherwise prohibiting all or any portion of the Transactions and such statute, rule, regulation, order, decree or injunction or other action shall have become final and nonappealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) either WhiteHawk OP or the Contributor, in the event: (i) of a material breach of this Agreement by the non-terminating party if such non-terminating party fails to cure such breach prior to the earlier of the Outside Date and the date that is thirty (30) days following written notification thereof by the terminating party; or (ii) that the satisfaction of any condition to the terminating party's obligations under this Agreement becomes impossible, but only if the failure of such condition to be satisfied does not result from a breach of this Agreement by the terminating party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) either WhiteHawk OP or the Contributor, in the event that the Closing shall not have occurred on or before December 31, 2026 (the "<u>Outside Date</u>"), unless the failure of the Closing to occur on or before the Outside Date is a result of a breach of this Agreement by the terminating party; *provided*, *however*, that the provisions of this <u>Section</u> <u>8.01(d)</u> shall not be available, as applicable, to (A) the Contributor, in the event that all conditions set forth in <u>Section</u> <u>3.02(c)(i)</u> and <u>Section</u> <u>3.02(c)(iii)</u> or (B) WhiteHawk OP, in the event that all conditions set forth in <u>Section</u> <u>3.02(c)(ii)</u> and <u>Section</u> <u>3.02(c)(iii)</u> have been satisfied or waived (other than those conditions that by their terms or their nature are to be satisfied at the Closing, but subject to such conditions being satisfied or waived assuming a Closing would occur).

**Section 8.02 EFFECT OF TERMINATION**. If this Agreement is validly terminated pursuant to <u>Section</u> <u>8.01</u>, this Agreement will forthwith become null and void, and have no further effect, without any liability on the part of any party hereto or its Affiliates, directors, managers, officers, stockholders, partners or members, other than the provisions of <u>Section</u> <u>6.06</u>, this <u>Section</u> <u>8.02</u> and <u>Article</u> <u>IX</u> hereof. Nothing contained in this <u>Section</u> <u>8.02</u> shall relieve any party from liability for Fraud occurring prior to termination.

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**ARTICLE IX** 

**<u>GENERAL PROVISIONS</u>**

**Section 9.01 NOTICES**. All notices, demands and requests hereunder shall be in writing and shall be deemed to have been properly given if: (a) hand delivered; (b) sent by reputable overnight courier service; (c) emailed (provided such transmission does not generate an error message or notice of non-delivery); or (d) sent by United States registered or certified mail, postage prepaid, addressed to the parties at the respective addresses set forth below, or at such other address as any of the parties may from time to time designate by written notice given as herein required. Service of any such notice or other communications so made shall be deemed effective on the day of actual delivery (whether accepted or refused) as shown by the addressee's return receipt if by certified mail, and as confirmed by the courier service if by courier; *provided*, *however*, that if such actual delivery occurs after 5:00 p.m. (local time where received) or on a non-Business Day, then such notice or communication so made shall be deemed effective on the first Business Day after the day of actual delivery. All such notices shall be addressed as follows:

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| | |
|:---|:---|
| If to WHIC or WhiteHawk OP: | 2000 Market Street, Suite 910 |
|  | Philadelphia, PA 19103 |
|  | Attention: Barrie Hananel |
|  | Email: bhananel@whitehawkenergy.com |
| With a copy to (not constituting notice): | Greenberg Traurig, LLP |
|  | One Vanderbilt Avenue |
|  | New York, New York 10017 |
|  | Attention: Joseph Herz |
|  | Email: HerzJ@gtlaw.com |
| If to the Contributor or, prior to the |  |
| Closing, the Company or Services: | 2000 Market Street, Suite 910 |
|  | Philadelphia, PA 19103 |
|  | Attention: Daniel Herz |
|  | Email: dherz@whitehawkenergy.com |
| With a copy to (not constituting notice): | Winston & Strawn LLP |
|  | 2121 N. Pearl Street, |
|  | Dallas, Texas 75201 |
|  | Attention: Charles Haag |
|  | Email: CHaag@winston.com |

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**Section 9.02 ENTIRE AGREEMENT; AMENDMENTS**. This Agreement (together with any exhibits and the other Transaction Documents) contains the entire agreement among the parties with respect to the Transactions, and shall supersede all previous oral and written agreements and all contemporaneous oral negotiations, commitments and understandings between the parties. This Agreement may be amended, changed, terminated or modified only by agreement in writing duly authorized (which authorization shall include approval of a majority of the independent directors of the Board of Directors of WHIC) and executed by all of the parties.

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**Section 9.03 SUCCESSORS AND ASSIGNS**. The covenants, agreements, rights and obligations contained in this Agreement shall be binding upon and shall inure to the benefit of the respective heirs, executors, successors and assigns of the parties hereto and all Persons or entities claiming by, through or under any of them.

**Section 9.04 FURTHER DOCUMENTS**. Each party hereto agrees to execute any and all further documents and writings and perform such other reasonable actions that may be or become necessary or expedient to effectuate and carry out the Transactions, whether before or after the Closing.

**Section 9.05 GOVERNING LAW; JURISDICTION; WAIVER OF JURY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, and all claims or causes of actions (whether at law, in equity, in contract or in tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement, shall be governed by, and construed in accordance with, the internal Laws of the State of Delaware without giving effect to conflicts of Laws principles (whether of the State of Delaware or any other jurisdiction that would cause the application of the Laws of any jurisdiction other than the State of Delaware).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All legal proceedings arising out of or relating to this Agreement shall be heard and determined exclusively in the Court of Chancery of the State of Delaware sitting in Wilmington, Delaware (or if such court declines to exercise such jurisdiction in any appropriate state or federal court in the State of Delaware sitting in Wilmington, Delaware). Each of the parties hereby irrevocably and unconditionally: (i) submits to the exclusive jurisdiction of such courts, for the purpose of any legal proceeding arising out of or relating to this Agreement and the Transactions brought by any party; (ii) agrees not to commence any such legal proceeding except in such courts; (iii) agrees that any claim in respect of any such legal proceedings may be heard and determined in such courts; (iv) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such legal proceeding; and (v) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such legal proceeding. Each of the parties agrees that a final judgment in any such legal proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each party hereto irrevocably consents to service of process in the manner provided for notices in <u>Section</u> <u>9.01</u>. Nothing in this Agreement will affect the right of any party to serve process in any other manner permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EACH PARTY HERETO ACKNOWLEDGES THAT ANY ACTION OR LEGAL PROCEEDING, DIRECTLY OR INDIRECTLY, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUCH ACTION OR LEGAL PROCEEDING. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (III) IT MAKES THIS WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION</u> <u>9.05(C)</u>.

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**Section 9.06 COUNTERPARTS**. This Agreement may be executed in a number of identical counterparts, each of which shall be deemed an original and all of which, collectively, shall constitute one (1) agreement.

**Section 9.07 CONSTRUCTION OF AGREEMENT**. No party, or its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against any party.

**Section 9.08 NO WAIVER**. A waiver by any party hereto of a breach of or failure to perform any of the covenants or agreements in this Agreement to be performed by any other party shall not be construed as a waiver of any succeeding breach of or failure to perform the same or other covenants, agreements, restrictions or conditions of this Agreement. No waiver shall be effective unless duly authorized (which authorization, relating to WhiteHawk OP, shall include approval of a majority of the independent directors of the Board of Directors of WHIC) and memorialized in a writing signed by the party against whom such waiver is to be effective.

**Section 9.09 SEVERABILITY**. In the event that any phrase, clause, sentence, paragraph, section, article or other portion of this Agreement shall become illegal, null or void or against public policy, for any reason, or shall be held by any court of competent jurisdiction to be illegal, null or void or against public policy, the remaining portions of this Agreement shall not be affected thereby and shall remain in force and effect to the full extent permissible by Law.

**Section 9.10 HEADINGS**. The headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. All references in this Agreement to sections and exhibits are to sections and exhibits of this Agreement, unless otherwise indicated.

**Section 9.11 INTERPRETATION**. For purposes of this Agreement, the words "herein," "hereof," "hereby," "hereto" and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to articles, sections, exhibits and schedules mean the articles and sections of, and the exhibits and schedules attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement, as applicable; and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. All references to "dollars" or "$" shall mean United States Dollars.

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**Section 9.12 RELEASE**. Effective as of the later of the Contribution Date or the Closing Date, except for any rights or obligations under this Agreement or the other Transaction Documents, the Contributor, on behalf of itself and each of its Affiliates (other than the Company and Services) and each of its current, former and future officers, directors, employees, partners, members, advisors, successors and assigns (collectively, the "<u>Releasing Parties</u>"), hereby irrevocably and unconditionally releases and forever discharges WhiteHawk OP and its Affiliates (including, after the Contribution Date, the Company and Services) and each of their respective current, former and future officers, directors, managers, employees, partners, members, advisors, successors and assigns (collectively, the "<u>Released Parties</u>") of and from any and all actions, causes of action, suits, proceedings, executions, judgments, duties, debts, dues, accounts, bonds, contracts and covenants (whether express or implied), and claims and demands whatsoever whether in law or in equity which the Releasing Parties may have against each of the Released Parties, now has or in the future may have, in respect of any cause, matter or thing relating to WhiteHawk OP and its Subsidiaries (including, after the Contribution Date, the Company and Services), in each case, occurring or arising on or prior to the date of the later of the Contribution Date or the Closing Date, but, to the extent applicable, only to the extent that such cause, matter or thing does not otherwise constitute Fraud. The Contributor, on behalf of itself and each Releasing Party, covenants and agrees that no Releasing Party shall assert any such claim against the Released Parties. Notwithstanding anything to the contrary herein, nothing contained in this <u>Section</u> <u>9.12</u> shall operate to release any Releasing Party's (a) rights under any Plan, in such Releasing Party's capacity as an employee, officer, manager or director of the Company or Services, (b) rights or remedies under any Transaction Document, (c) amounts due to the Contributor under the IMA or ASA prior to termination of such agreements or otherwise related to the Liquidity Incentive Fee or the 2025 Shares, and (d) rights to indemnification, exculpation or liability or advancement of expenses under the Company's or Services' organizational documents or any applicable benefits under any directors and officers insurance policy maintained by the Company or Services.

[*Signature Pages Follow*]

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**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the date hereof.

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| |
|:---|
| **COMPANY**: |
|  **WHITEHAWK MANAGEMENT LLC** |
|  By: |
|  Name: |
|  Title: |
| **SERVICES**: |
|  **WHITEHAWK ENERGY SERVICES LLC** |
|  By: |
|  Name: |
|  Title: |

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[Signature Page to Contribution Agreement]

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| |
|:---|
|  **CONTRIBUTOR**: |
|  **WHITEHAWK MINERALS LLC** |
|  By: |
|  Name: |
|  Title: |

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[Signature Page to Contribution Agreement]

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| |
|:---|
| **WHITEHAWK OP**: |
| **WHITEHAWK INCOME OPERATING PARTNERSHIP L.P.** |
| By: |
| Name: |
| Title: |
| **WHIC**: |
| **WHITEHAWK INCOME CORPORATION** |
| By: |
| Name: |
| Title: |

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[Signature Page to Contribution Agreement]

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**EXHIBIT A** 

**<u>DEFINED TERMS</u>**

"<u>2025 Shares</u>" has the meaning given such term in the IMA.

"<u>2025 Restricted Stock</u>" has the meaning given such term in the IMA.

"<u>A&R OP LPA</u>" is defined in the Recitals.

"<u>A&R WHIC Charter</u>" is defined in the Recitals.

"<u>Accounting Firm</u>" is defined in <u>Section</u> <u>2.02(f)</u>.

"<u>Acquired EBITDAX</u>" means, with respect to any Acquired Entity or Business with an acquisition price in excess of $1,000,000, the amount for such period of EBITDAX of such Acquired Entity or Business (determined as if references to WhiteHawk OP and its subsidiaries in the definition of Earnout EBITDA (and in the component definitions used therein) were references to such Acquired Entity or Business and its subsidiaries), all as determined on a consolidated basis for such Acquired Entity or Business; *provided* that if the acquisition consideration of the Acquired Entity or Business exceeds $30,000,000 (each, a "<u>Material Acquisition</u>"), (i) for the fiscal quarter in which such Acquired Entity or Business was acquired, Acquired EBITDAX shall be calculated by multiplying Earnout EBITDA of such Acquired Entity or Business for the most recent fiscal quarter by 4, (ii) for the fiscal quarter in which such Acquired Entity or Business was acquired and the immediately following fiscal quarter, Acquired EBITDAX shall be calculated by multiplying Earnout EBITDA of such Acquired Entity or Business for the two most recent fiscal quarters by 2, (iii) for the fiscal quarter in which such Acquired Entity or Business was acquired and the two immediately following fiscal quarters, Acquired EBITDAX shall be calculated by multiplying Earnout EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for the three most recent fiscal quarters by 4/3 and (iv) thereafter, Acquired EBITDAX of such Acquired Entity or Business was acquired shall be Earnout EBITDA for the four most recent fiscal quarters.

"<u>Action</u>" means any action, suit, complaint, petition, arbitration, proceeding, demand, claim, hearing, audit, litigation, citation, summons, investigation or other legal proceeding by or before any Governmental Authority, mediator or arbitrator, whether at law or in equity, civil or criminal.

"<u>Affiliate</u>" means, with respect to any Person, any other Person that directly, or indirectly through one (1) or more intermediaries, controls or is controlled by or is under common control with the Person specified. The term "control" (including the terms "controlling", "controlled by" and "under common control with") means possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; <u>provided</u>, <u>however</u>, that in no event shall (i) any of the Company or Services (prior to the Closing) or the Contributor be deemed to be an "Affiliate" of WHIC or WhiteHawk OP, and (ii) WHIC or WhiteHawk OP be deemed to be an "Affiliate" of the Company or Services (prior to the Closing) or the Contributor.

Exhibit A-1

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"<u>Aggregate Contribution and Subscription Consideration</u>" means the sum of the Contribution and Subscription Closing Consideration and the Earnout Payment.

"<u>Agreement</u>" is defined in the preamble.

"<u>Allocation Schedule</u>" is defined in <u>Section</u> <u>6.04(h)</u>.

"<u>Anti-Corruption Laws</u>" means (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended and (b) any anti-bribery, anti-corruption or similar applicable Law of any other jurisdiction.

"<u>Anti-Terrorism Law</u>" means each of: (a) the Money Laundering Control Act of 1986, 18 U.S.C. Sect. 1956; and (b) any other Law now or hereafter enacted to monitor, deter or otherwise prevent terrorism or the funding or support of terrorism or otherwise related to money laundering.

"<u>ASA</u>" means that certain Administration Services Agreement dated March 1, 2025, by and between WhiteHawk OP and the Company.

"<u>Audit Committee</u>" is defined in <u>Section</u> <u>2.02(d)</u>

"<u>Blue Sky Laws</u>" is defined in <u>Section</u> <u>4.07(a)</u>.

"<u>Business</u>" means the business currently conducted or proposed to be conducted by WhiteHawk OP and its Affiliates as of the date hereof and the business of the Company and Services as of the date hereof.

"<u>Business Day(s)</u>" means any day except Saturday, Sunday or any other day on which commercial banks located in New York, New York are authorized or required by Law to be closed for business.

"<u>Business Employee</u>" is defined in <u>Section</u> <u>4.14(a)</u>.

"<u>Class</u> <u>A Common Stock</u>" is defined in the Recitals.

"<u>Class</u> <u>B Common Stock</u>" means shares of Class B common stock, with a par value of $0.0001 per share, of WHIC having the voting and non-economic rights and other privileges set forth in the A&R WHIC Charter for such class of shares.

"<u>Closing</u>" is defined in <u>Section</u> <u>3.01</u>.

"<u>Closing Date</u>" is defined in <u>Section</u> <u>3.01</u>.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Common Unit Percentage Interest</u>" has the meaning given such term in the A&R OP LPA.

"<u>Common Units</u>" has the meaning given such term in the A&R OP LPA.

"<u>Company</u>" is defined in the Preamble.

Exhibit A-2

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"<u>Company Financial Statements</u>" is defined in <u>Section</u> <u>4.05(a)</u>.

"<u>Competing Business</u>" is defined in <u>Section</u> <u>6.09(a)</u>.

"<u>Consideration Adjustment</u>" means (i) if the IPO Price is less than or equal to $22.00 per share, negative $15,000,000, (ii) if the IPO Price is greater than or equal to $28.00 per share, $15,000,000 and (iii) if the IPO Price is between $22.00 per share and $28.00 per share, (x) the IPO Price *less* $25.00, *multiplied by* (y) $5,000,000.

"<u>Consolidated Net Income</u>" means, with respect to WhiteHawk OP and its consolidated subsidiaries, for any period, the aggregate of the net income (or loss) of WhiteHawk OP and its consolidated subsidiaries after allowances for Taxes for such period determined on a consolidated basis in accordance with GAAP; *provided* that there shall be excluded, without duplication, from such net income (to the extent otherwise included therein) the following: (a) the net income of any Person in which WhiteHawk OP or any of its consolidated subsidiaries has an interest (which interest does not cause the net income of such other Person to be consolidated with the net income of WhiteHawk OP and its consolidated subsidiaries in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such other Person to WhiteHawk OP or to one of its consolidated subsidiaries, as the case may be; (b) the net income (but not loss) during such period of any consolidated subsidiary of WhiteHawk OP to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by that consolidated subsidiary is not at the time permitted by operation of the terms of its charter or any agreement, instrument or Governmental Requirement applicable to such consolidated subsidiary or is otherwise restricted or prohibited, in each case determined in accordance with GAAP, but in each case only to the extent of such prohibition or restriction; (c) the net income (or loss) of any Person accrued prior to the date it becomes a consolidated subsidiary of WhiteHawk OP or is merged into or consolidated with WhiteHawk OP or any of its consolidated subsidiaries; (d) any extraordinary or non-recurring gains or losses during such period, (e) any gains or losses attributable to writeups or writedowns of assets, (f) any gain or loss from the sale of assets other than in the ordinary course of business, (g) any income attributable to the early extinguishment of any Indebtedness of WhiteHawk OP or any of its consolidated subsidiaries; and (h) the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period whether effected through a cumulative effect adjustment or a retroactive application, in each case, in accordance with GAAP.

"<u>Contracts</u>" means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures and all other agreements, commitments and legally binding arrangements, whether written or oral (and all amendments or modifications thereto).

"<u>Contribution</u>" is defined in <u>Section</u> <u>1.01</u>.

"<u>Contribution and Subscription Closing Consideration</u>" is defined in <u>Section</u> <u>2.01</u>.

"<u>Contribution Date</u>" is defined in <u>Section</u> <u>3.01</u>.

"<u>Contributor</u>" is defined in the Preamble.

Exhibit A-3

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"<u>Contributor Indemnified Parties</u>" is defined in <u>Section</u> <u>7.03</u>.

"<u>Credit Agreement</u>" means that certain Credit Agreement dated May 10, 2026, by and among WHIC, WhiteHawk OP, Capital One, N.A., and the lenders party thereto, as may be amended from time to time.

"<u>Credit Agreement Transactions</u>" has the meaning given such term in the Credit Agreement.

"<u>Credit Agreement Transaction Expenses</u>" has the meaning given such term in the Credit Agreement.

"<u>Deductible</u>" is defined in <u>Section</u> <u>7.04(a)(i)</u>.

"<u>Designated Person</u>" means any Person who: (a) is named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control or any other similar lists maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control pursuant to authorizing statute, executive order or regulation; or (b) (i) is an agency of the government of a country, (ii) is an organization controlled by a country or (iii) is a Person resident in a country that is subject to a sanctions program identified on the list maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control, or as otherwise published from time to time, as such program may be applicable to such agency, organization or Person.

"<u>Disposed EBITDAX</u>" means, with respect to any Sold Entity or Business with a sale price in excess of $1,000,000, the amount for such period of Earnout EBITDA of such Sold Entity or Business (determined as if references to WhiteHawk OP and its subsidiaries in the definition of Earnout EBITDA (and in the component definitions used therein) were references to such Sold Entity or Business and its subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business.

"<u>Disposition</u>" means any conveyance, sale, lease, sale and leaseback, assignment, farm-out, transfer or other disposition of any Property and includes, for the avoidance of doubt, (a) any damage to, destruction of, or other casualty or loss involving, any property or asset or (b) any seizure, condemnation, confiscation or taking under the power of eminent domain of, or any requisition of title or use of, or relating to, or any similar event in respect of, any property or asset. "<u>Dispose</u>" has a correlative meaning thereto.

"<u>Distribution</u>" has the meaning given such term in the A&R OP LPA.

"<u>Earned Consideration</u>" means, as of any date of determination, the sum of (i) Contribution and Subscription Closing Consideration and (ii) Earnout Consideration actually issued or due under a final and binding Earnout Statement as of such date of determination.

"<u>Earnout Consideration</u>" is defined in <u>Section</u> <u>2.02(a)</u>.

"<u>Earnout Dispute Notice</u>" is defined in <u>Section</u> <u>2.02(e)</u>.

Exhibit A-4

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"<u>Earnout EBITDA</u>" means, for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Consolidated Net Income for such period

*plus* (without duplication) (b) the following expenses or charges to the extent deducted from Consolidated Net Income in such period: (i) interest expense, (ii) income Tax expense, (iii) depreciation, depletion, amortization, and exploration expenses and other similar non-cash charges, (iv) any other non-cash charges, including any write-offs or write-downs, reducing Consolidated Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (1) WhiteHawk OP may determine not add back such non-cash charge in the current period and (2) to the extent WhiteHawk OP does decide to add back such non-cash charge in the current period, the cash payment in respect thereof in such future period shall be subtracted from Earnout EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period), (v) losses on asset Dispositions, disposals and abandonments, (vi) (x) Credit Agreement Transaction Expenses incurred prior to or on or about the Closing Date in connection with the Credit Agreement Transactions, and (y) any Credit Agreement Transaction Expenses after the Closing Date and any costs and expenses incurred in connection with any Investments, acquisitions (or purchases of assets), incurrence of Indebtedness or expenses incurred in connection with Public Company Compliance after the Closing Date; provided that the aggregate amount of add backs under this clause (y) and clause (vii) below shall not exceed 10% of Earnout EBITDA (calculated prior to giving effect to such add-backs) for such period, and (vii) the amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, retention charges (including charges or expenses in respect of incentive plans), severance costs, costs relating to initiatives aimed at profitability improvement, costs or reserves associated with improvements to information technology and accounting functions and integration and facilities opening costs or any one-time costs incurred in connection with acquisitions and investments provided that the aggregate amount of add backs under this (vii) and clause (vi)(y) above shall not exceed 10% of Earnout EBITDA (calculated prior to giving effect to such add-backs) for such period;

*minus* (without duplication) (c) to the extent included in the statement of Consolidated Net Income for such period, the sum of (i) interest income, (ii) income Tax credits (to the extent not netted from income Tax expense), (iii) all non-cash gains increasing Consolidated Net Income for such period, excluding any non-cash gains that represent the reversal of an accrual or reserve for any anticipated cash charges in any prior period (other than any such accrual or reserve that has been added back to Consolidated Net Income in calculating Earnout EBITDA in accordance with this definition) and (iv) gains on asset Dispositions, disposals and abandonments (other than the sale of Hydrocarbons in the ordinary course of business, but including any gain from the Liquidation of any Swap Agreement).

There may, at WhiteHawk OP's option, be included in determining Earnout EBITDA for any period of four consecutive fiscal quarters (each a "<u>Reference Period</u>"), without duplication, the positive amount of Acquired EBITDAX of any Person, property, business or asset acquired by WhiteHawk OP or its subsidiaries during such Reference Period (but not the Acquired EBITDAX of any related Person, property, business or assets to the extent not so acquired), to the extent not

Exhibit A-5

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subsequently sold, transferred or otherwise disposed of by WhiteHawk OP or its subsidiaries during such Reference Period (each such Person, property, business or asset acquired and not subsequently so disposed of, an "<u>Acquired Entity or Business</u>") based on the actual Acquired EBITDAX of such Acquired Entity or Business for such Reference Period (including the portion thereof occurring prior to such acquisition). There shall be excluded in determining Earnout EBITDA for any Reference Period (a) the negative amount of Acquired EBITDAX of any Acquired Entity or Business during such Reference Period and (b) the Disposed EBITDAX of any Person, property, business or asset sold, transferred or otherwise disposed of or, closed or classified as discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) by WhiteHawk OP or any of its subsidiaries during such Reference Period (each such Person, property, business or asset so sold or disposed of, a "<u>Sold Entity or Business</u>") based on the actual Disposed EBITDAX of such Sold Entity or Business for such Reference Period (including the portion thereof occurring prior to such sale, transfer or disposition). For the avoidance of doubt, Acquired EBITDAX (in the case of any Acquired Entity or Business) and Disposed EBITDAX (in the case of any Disposed Entity or Business) shall be included in the calculation of Earnout EBITDA for such Reference Period, as though Acquired EBITDAX were acquired and Disposed EBITDAX were disposed, as applicable, in each case, on the first day of such Reference Period. For the avoidance of doubt, and notwithstanding anything to the contrary contained herein, this paragraph shall not apply to any Acquired EBITDAX with respect to any Material Acquisition that is being annualized pursuant to the proviso to the definition of "Acquired EBITDAX".

"<u>Earnout OP Units</u>" is defined in <u>Section</u> <u>2.02(a)</u>.

<u>"Earnout Statement</u>" is defined in <u>Section</u> <u>2.02(d)</u>.

"<u>Earnout WHIC Shares</u>" is defined in <u>Section</u> <u>2.02(a)</u>.

"<u>Earnout Year</u>" is defined in <u>Section</u> <u>2.02(a)</u>.

"<u>Earnout Year One</u>" is defined in <u>Section</u> <u>2.02(a)(i)</u>.

"<u>Earnout Year One Amount</u>" means one-third of the aggregate number of Earnout OP Units that may be earned hereunder.

"<u>Earnout Year Three</u>" is defined in <u>Section</u> <u>2.02(a)(iii)</u>.

"<u>Earnout Year Three Amount</u>" means 100% of the aggregate number of Earnout OP Units that may be earned hereunder.

"<u>Earnout Year Two</u>" is defined in <u>Section</u> <u>2.02(a)(ii)</u>.

"<u>Earnout Year Two Amount</u>" means two-thirds of the aggregate number of Earnout OP Units that may be earned hereunder.

"<u>Effect</u>" means any change, effect, development, circumstance, condition, state of facts, event or occurrence.

Exhibit A-6

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"<u>Encumbrances</u>" means any and all liens, charges, security interests, easements, encroachments, servitudes, community or other marital property interests, licenses, title defects, mortgages, pledges, options, preemptive rights, rights of first refusal or first offer, proxies, levies, voting trusts or agreements or other adverse claims or restrictions on use, title or transfer of any nature whatsoever.

"<u>Enforceability Exceptions</u>" is defined in <u>Section</u> <u>4.01</u>.

"<u>Equity Interests</u>" means: (a) with respect to a corporation, as determined under the Laws of the jurisdiction of organization of such entity, shares of capital stock (whether common, preferred or treasury); (b) with respect to a partnership, limited liability company, limited liability partnership or similar Person, as determined under the Laws of the jurisdiction of organization of such entity, units, interests or other partnership or limited liability company interests; or (c) any other equity ownership.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that, at the relevant time, together with the Company is treated as a single employer or under common control under Section 414 of the Code or Section 4001 of ERISA.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Financial Statements</u>" is defined in <u>Section</u> <u>2.02(c)</u>.

"<u>Fraud</u>" means, with respect to a party, an actual and intentional misrepresentation of a material existing fact with respect to the making of any representation or warranty in <u>Article</u> <u>IV</u> or <u>Article</u> <u>V</u>, made by such party, to such party's actual knowledge, of its falsity and made for the purpose of inducing the other party to act, and upon which the other party justifiably relies with resulting Losses. For the avoidance of doubt, Fraud shall not include any claim for constructive fraud, promissory fraud or unfair dealings fraud.

"<u>Fundamental Representations</u>" means the representations set forth in <u>Section</u> <u>4.01</u> (Due Execution by the Contributor; Due Authorization; Approvals), <u>Section</u> <u>4.06</u> (Ownership of Equity Interests; Title), <u>Section</u> <u>4.08</u> (Organization and Qualification), (Due Authorization; Approvals), and <u>Section</u> <u>4.28</u> (Brokers, Finders and Advisors).

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America as in effect from time to time.

"<u>Governmental Authority(ies)</u>" means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision (including, for the avoidance of doubt, any taxing authority), or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority, or any arbitrator, court or tribunal of competent jurisdiction.

"<u>Governmental Licenses</u>" is defined in <u>Section</u> <u>4.17</u>.

Exhibit A-7

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"<u>Government Official</u>" means any officer or employee of a Governmental Authority or any department, agency, or instrumentality thereof, including any political subdivision thereof or any corporation or other Person owned or controlled in whole or in part by any Governmental Authority or any sovereign wealth fund, or of a public international organization, or any Person acting in an official capacity for or on behalf of any such government or department, agency, or instrumentality, or for or on behalf of any such public international organization, or any political party, party official, or candidate thereof.

"<u>Governmental Requirement</u>" means any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree, injunction, rules of common law, authorization or other legally binding directive or requirement, whether now or hereinafter in effect, of any Governmental Authority.

"<u>Hydrocarbons</u>" means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all products refined or separated therefrom.

"<u>ICE</u>" is defined in <u>Section</u> <u>4.14(f)</u>.

"<u>IMA</u>" means that certain Investment Management Agreement dated October 3, 2025, by and between WhiteHawk OP and the Company.

"<u>Indemnified Parties</u>" means any Person asserting a claim for indemnification under any provision of <u>Article</u> <u>VII</u>.

"<u>Indemnifying Party</u>" means any Person against whom a claim for indemnification is being asserted under any provision of <u>Article</u> <u>VII</u>.

"<u>Indebtedness</u>" means, as to any Person: (a) all obligations of such Person for borrowed money (including reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers' acceptances, whether or not matured); (b) all obligations of such Person evidenced by notes, bonds, debentures or similar instruments; (c) all obligations of such Person to pay the deferred purchase price of property or services; (d) all interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such Person, whether periodically or upon the happening of a contingency; (e) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person; (f) all obligations of such Person under leases which have been or should be, in accordance with United States generally accepted accounting principles, recorded as capital leases; (g) all indebtedness secured by any lien on any property or asset owned or held by such Person regardless of whether the indebtedness secured thereby shall have been assumed by such Person or is non-recourse to the credit of such Person; and (h) all guarantees by such Person of the Indebtedness of any other Person.

"<u>Intellectual Property</u>" means any and all of the following arising pursuant to the Laws of any jurisdiction throughout the world: (a) trademarks, service marks, trade names, and similar indicia of source of origin, all registrations and applications for registration thereof, and the goodwill connected with the use of and symbolized by the foregoing ("<u>Marks</u>"); (b) copyrights and all registrations and applications for registration thereof ("<u>Copyrights</u>"); (c) trade secrets and

Exhibit A-8

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corresponding rights in confidential information and other non-public or proprietary information (whether or not patentable or copyrightable), including ideas, know-how, inventions, technology,. software, discoveries, improvements, methods, procedures, processes, techniques, formulae, drawings, designs, models and plans ("<u>Trade Secrets</u>"); (d) patents and patent applications, together with all reissuance, divisionals, continuations, continuations-in-part, revisions, substitutions, provisionals, renewals, extensions and re-examinations thereof, and all rights to claim priority from any of the foregoing ("<u>Patents</u>"); (e) internet domain name registrations; (f) intellectual property rights arising from software and technology, and (f) all other intellectual property and related proprietary rights.

"<u>Intended Tax Treatment</u>" is defined in <u>Section</u> <u>2.03</u>.

"<u>Internalization Price</u>" means one hundred and twenty-five million dollars ($125,000,000) plus the Consideration Adjustment.

"<u>Interests</u>" is defined in the Recitals.

"<u>Investment</u>" means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or otherwise) of Equity Interests of any other Person or any agreement to make any such acquisition (including, without limitation, any "short sale" or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the making of any deposit with, or advance, loan or capital contribution to, assumption of Indebtedness of, purchase or other acquisition of any other Indebtedness or equity participation or interest in, or other extension of credit to, any other Person (including the purchase of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person) and made in the ordinary course of business and consistent with past practice); (c) the purchase or acquisition (in one or a series of transactions) of Property (other than Equity Interests) of another Person that constitutes a business unit; or (d) the entering into of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be sold) with respect to, Indebtedness or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person.

"<u>IPO</u>" is defined in the Recitals.

"<u>IPO Date</u>" means the date on which the IPO is consummated.

"<u>IPO Price</u>" means the price to the public of the Class A Common Stock in the IPO.

"<u>IRS</u>" is defined in <u>Section</u> <u>3.02(a)(ix)</u>.

"<u>IT Systems</u>" means all information technology, computer systems and communications systems, computers, hardware, software, databases, websites, and other equipment used to process, store, maintain, or operate data, information or functions used in connection with or in the operation of the Business.

"<u>Knowledge</u>" of the Contributor, Company or Services, means the actual knowledge of Daniel Herz and Jeffrey Slotterback, after reasonable inquiry of such person's direct reports.

Exhibit A-9

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"<u>Law(s)</u>" means all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directives, decrees, policies, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law, rule, regulation, ordinance, order, code interpretation, judgment, decree, directive, guideline, policy or similar form of decision of any Governmental Authority.

"<u>Leakage</u>" means any of the following, without duplication, which occurs on or after December 31, 2025 and before the Closing: (a) any payment by the Company or Services to the Contributor or any of its Affiliates for the purchase, redemption or repayment of any capital or loan contribution, or other securities the Company or Services; (b) any waiver, deferral or release in favor of the Contributor or any of its Affiliates of any sum or obligation owed by the Contributor or any of its Affiliates to the Company or Services, or of any claim or right of the Company or Services against the Contributor or any of its Affiliates; (c) any liabilities guaranteed, assumed, secured, incurred or indemnified for the benefit of the Contributor or any of its Affiliates by the Company or Services; (d) any increase to compensation payments, retirement, health or welfare benefits, or expense reimbursements, in each case, other than in the ordinary course of business, and the employer portion of any payroll, employment, social security, unemployment and other applicable Taxes with respect thereto; (e) any bonuses paid outside of the ordinary course of business and the employer portion of any payroll, employment, social security, unemployment and other applicable Taxes with respect thereto; (f) any liabilities in respect of accrued and unpaid and/or deferred payroll, compensation, severance, bonuses, commissions and benefits (including paid sick/leave/vacation/paid time off), and the employer portion of any payroll, employment, social security, unemployment and other applicable Taxes with respect thereto, (g) the transfer or surrender of any asset to, or for the benefit of, the Contributor or any of its Affiliates by the Company or Services; (h) the sale or purchase of any asset by the Company or Services to the extent that the amount received is less than, or amount paid materially exceeds, respectively, the fair market value thereof; and (i) without duplication, any Tax payable (whether or not yet due) or incurred by the Company or Services as a result of any of the items listed in clauses (a) through (h) above. Notwithstanding the foregoing, the term "Leakage" will exclude payments to the Contributor in respect of consideration payable pursuant to <u>Section</u> <u>2.01</u>.

"<u>Legal Requirement(s)</u>" means any and all judicial decisions, orders, injunctions, writs, statutes, laws, rulings, rules, regulations, permits, certificates or ordinances of any Governmental Authority.

"<u>Liability</u>" means any debt, liability, commitment, or obligation of any nature, whether pecuniary or not, whether asserted or unasserted, accrued or unaccrued, absolute or contingent, matured or unmatured, liquidated or unliquidated, determined or determinable, known or unknown, and whether due or to become due, including those arising under any Contract, Law, or order.

"<u>Liquidate</u>" means, with respect to any Swap Agreement, the sale, assignment, novation, unwind, monetization or early termination of all or any part of such Swap Agreement or the creation of an offsetting position against all or any part of such Swap Agreement. The terms "<u>Liquidating</u>", "<u>Liquidated</u>" and "<u>Liquidation</u>" have a correlative meaning thereto.

Exhibit A-10

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"<u>Liquidity Incentive Fee</u>" means 12.5% of the proceeds from a WHIC liquidity event, including the IPO, after shareholders have received 100% of their initial invested capital plus a 7.5% annualized non-compounded return.

"<u>Losses</u>" means any and all damages, fines, fees, penalties, liabilities, losses and costs and expenses (including interest, court costs and fees, reasonable costs of attorneys, accountants and other experts or other reasonable expenses of litigation or other proceedings or of any claim, default or assessment, including the investigation thereof); *provided*, that Losses shall not include any (a) indirect, incidental or consequential damages that are not reasonably foreseeable and (b) special or punitive damages unless, in either case, such damages are asserted in a claim by a third party.

"<u>made available</u>" means posted at least two (2) Business Days prior to the date hereof in the electronic data room established for purposes of the Transactions and made available to WhiteHawk OP in such data room on a continuous basis.

"<u>Management Employment Agreements</u>" is defined in <u>Section</u> <u>3.02(a)(iii)</u>.

"<u>Material Adverse Effect</u>" means any Effect that, individually or in the aggregate, has had, or would reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), business, properties, assets, liabilities or results of operations of the Business, or (ii) prevent, materially impede or materially delay the ability of the Contributor, Services or the Company to consummate the Transactions; *provided*, *however*, that in the case of the immediately preceding clause (i), none of the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or would be, a Material Adverse Effect: any Effect arising out of or resulting from (a) changes in conditions in the U.S. or global economy or capital or financial markets generally, including changes in interest or exchange rates, (b) changes in general legal, regulatory, political, economic or business conditions or changes in generally accepted accounting principles after the date of this Agreement, (c) acts of war, sabotage or terrorism, or any escalation or worsening of any such acts of war, sabotage or terrorism threatened or underway as of the date of this Agreement, (d) earthquakes, hurricanes or other natural disasters, or (e) any epidemic, pandemic or outbreak of disease (including, for the avoidance of doubt, COVID-19), or any escalation or worsening of such conditions; *provided*, *further*, *however*, that any Effect arising out of or resulting from the matters described in clauses (a) through (e) shall not be excluded if, but only to the extent, that such Effect materially and disproportionately affects the Company and Services as compared to similarly situated companies engaged in the businesses in which the Company and Services are engaged.

"<u>Misdirected Assets</u>" means any asset, right, or property (whether tangible or intangible, real or personal) that (a) was intended by the parties to be contributed to WhiteHawk OP (or its designated Affiliate) as part of the Contribution of the Interests and the Business, (b) relates to or arises out of the Business or the operations of the Company or Services, or (c) would otherwise have been transferred to WhiteHawk OP had it been properly identified or documented prior to Closing, but that, for any reason, remained in the possession, ownership, or control of the Contributor or any of its Affiliates after the Closing.

Exhibit A-11

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"<u>Misdirected Liabilities</u>" means any liability, obligation, claim, or indebtedness (whether accrued, contingent, known or unknown, matured or unmatured) that (a) was not intended by the parties to be assumed by WhiteHawk OP (or its designated Affiliate) as part of the Contribution and the transfer of the Business, (b) does not relates to or arise out of the Business, the Interests, the Company, or Services, or (c) would not otherwise have been assumed by WhiteHawk OP had it been properly identified or documented prior to Closing, but that, for any reason, remains the responsibility of, or is asserted against, WhiteHawk OP, the Company, or Services, or any of their respective Affiliates after the Closing.

"<u>Outside Date</u>" is defined in <u>Section</u> <u>8.01(d)</u>.

"<u>Person(s)</u>" means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity.

"<u>Plan</u>" means each employment, individual consulting, bonus, incentive compensation, deferred compensation, pension, profit sharing, retirement, stock purchase, stock option, stock ownership, stock appreciation rights, phantom stock, equity (or equity-based), leave of absence, layoff, vacation, day or dependent care, legal services, cafeteria, life, health, medical, dental, vision, welfare, accident, disability, workmen's compensation or other insurance, retention, severance, separation, termination, change of control, collective bargaining or other compensation or benefit plan, agreement, practice, policy, program or arrangement of any kind, whether written or oral, and whether or not subject to ERISA, including any "<u>employee benefit plan</u>" within the meaning of Section 3(3) of ERISA (a) which is sponsored, maintained or contributed to (or required to be contributed to) by the Company or Services and under or with respect to which any current or former employee or other service provider of the Company or Services or any of their respective spouses, dependents or beneficiaries has any present or future rights to benefits or (b) with respect to which the Company or Services has, or could reasonably be expected to have, any current or potential liability with respect to any current or former Business Employee or other service provider (including any indirect or successor liability on account of any ERISA Affiliates).

"<u>Pre-Closing Tax Period</u>" means any Tax period ending on or before the Closing Date and any period through the Closing Date in the case of a Straddle Period.

"<u>Property</u>" means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without limitation, cash, securities, accounts and contract rights.

"<u>Public Company Compliance</u>" means compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, the provisions of the Securities Act and the Exchange Act, and the rules of national securities exchange listed companies (in each case, as applicable to companies with equity or debt securities held by the public), including procuring directors' and officers' insurance, legal and other professional fees, and listing fees.

"<u>Release Date</u>" is defined in <u>Section</u> <u>7.04(e)</u>.

Exhibit A-12

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"<u>Released Parties</u>" is defined in <u>Section</u> <u>9.12</u>.

"<u>Releasing Parties</u>" is defined in <u>Section</u> <u>9.12</u>.

"<u>Required Consents</u>" is defined in <u>Section</u> <u>3.02(a)(vii)</u>.

"<u>Restricted Period</u>" is defined in <u>Section</u> <u>6.09(a)</u>.

"<u>Review Period</u>" is defined in <u>Section</u> <u>2.02(e)</u>.

"<u>SEC</u>" is defined in <u>Section</u> <u>3.02(c)(iii)(B)</u>.

"<u>Securities Act</u>" is defined in <u>Section</u> <u>4.07(a)</u>.

"<u>Series B Preferred Units</u>" has the meaning given such term in the A&R OP LPA.

"<u>Series D Preferred Units</u>" has the meaning given such term in the A&R OP LPA.

"<u>Services</u>" is defined in the Recitals.

"<u>Straddle Period</u>" means any taxable period that includes, but does not end on, the Closing Date.

"<u>Subject Materials</u>" is defined in <u>Section</u> <u>7.05(b)</u>.

"<u>Swap Agreement</u>" means any agreement with respect to any swap, forward, collar, future or derivative transaction or option or similar agreement, whether exchange traded, "over-the-counter" or otherwise (for the avoidance of doubt, including on a prepaid basis), involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions (including any agreement, contract or transaction that constitutes a "swap" within the meaning of section 1a(47) of the Commodity Exchange Act (7 U.S.C. § 1 *et seq.*), as amended from time to time, and any successor statute, and any regulations promulgated thereunder); *provided* that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of WhiteHawk OP or its subsidiaries shall be a Swap Agreement.

"<u>Tax</u>" means any and all taxes, governmental fees, imposts, levies or other like assessments or charges of any kind whatsoever (including all net income, gross receipts, capital, sales, use, ad valorem, value added, goods and services, transfer, franchise, profits, alternative, environmental, inventory, license, withholding, payroll, employment, social security, unemployment, excise, severance, stamp, occupation, property (real or personal) and estimated taxes and customs duties), whether federal, state, local, foreign or other, together with any interest, penalty, addition to tax or additional amount imposed by any Governmental Authority and any liability for any of the foregoing as transferee or successor.

"<u>Tax Contest</u>" is defined in <u>Section</u> <u>6.04(g)</u>.

Exhibit A-13

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"<u>Tax Law</u>" means any Law relating to Taxes.

"<u>Tax Return</u>" means any return, declaration, report, claim for refund or information return or statement relating to Taxes, including any schedule or attachment thereto, and any amendment thereof.

"<u>Third Party Claim</u>" means a third party action which constitutes a matter: (a) for which an Indemnified Party is entitled to indemnification under <u>Article</u> <u>VII</u>; or (b) which if determined adversely to the applicable Indemnified Party, would provide a basis for a claim for indemnification under <u>Article</u> <u>VII</u>.

"<u>Trading Day</u>" means a day on which the Class A Common Stock is traded on a Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Class A Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transaction Documents</u>" means this Agreement, the A&R OP LPA, the A&R WHIC Charter, the Management Employment Agreements, the Registration Rights Agreement and any agreements, documents, certificates or instruments prepared or executed pursuant to the transactions contemplated by such agreements, any exhibits or attachments to any of the foregoing and any other agreement signed by the parties in connection therewith or in furtherance thereof, in each case, as the same may be amended from time to time.

"<u>Transactions</u>" means the transactions contemplated by the Transaction Documents.

"<u>Transaction Expenses</u>" means all fees, costs, charges, and expenses incurred or payable by the Company, Services, or the Contributor in connection with the negotiation, preparation, execution, and consummation of this Agreement and the transactions contemplated hereby, including, without limitation: (a) fees and expenses of legal counsel, accountants, investment bankers, financial advisors, brokers, and other advisors, (b) any sale bonuses, change-of-control payments, retention bonuses, severance, or similar compensatory amounts payable as a result of the Transactions (including the employer portion of any related Taxes), and (c) any costs or expenses related to the payoff or discharge of Indebtedness (including prepayment premiums and related fees). For the avoidance of doubt, Transaction Expenses shall not include any fees or expenses incurred by WHIC, WhiteHawk OP, or their Affiliates.

"<u>Transaction Expenses Cap</u>" means $500,000 in the aggregate.

"<u>Treasury Regulations</u>" means the Treasury Regulations (including temporary regulations) promulgated by the United States Department of Treasury with respect to the Code.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Class A Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Class A Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Class A Common Stock is then listed or

Exhibit A-14

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quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Class A Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Class A Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Class A Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Class A Common Stock so reported, or (d) in all other cases, the fair market value of a share of Class A Common Stock as determined by an independent appraiser selected in good faith by the Contributor and reasonably acceptable to WHIC, the fees and expenses of which shall be paid by the Contributor.

"<u>WARN</u>" is defined in <u>Section</u> <u>4.14(d)</u>.

"<u>WH OP GP</u>" is defined in the Recitals.

"<u>WH OP Partnership Agreement</u>" means that certain Agreement of Limited Partnership of WhiteHawk OP, dated as of January 27, 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time until immediately prior to the Contribution Date, together with all schedules, exhibits and annexes thereto).

"<u>WHIC</u>" is defined in the Recitals.

"<u>WHIC Shares</u>" is defined in <u>Section</u> <u>2.01</u>.

"<u>WhiteHawk OP</u>" is defined in the Preamble.

"<u>WhiteHawk OP Indemnified Parties</u>" is defined in <u>Section</u> <u>7.02</u>.

"<u>WhiteHawk OP Units</u>" is defined in <u>Section</u> <u>2.01</u>.

Exhibit A-15

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**EXHIBIT B** 

**<u>FORM OF A&R OP LPA</u>**

Exhibit B-1

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**EXHIBIT C** 

**<u>FORM OF MANAGEMENT EMPLOYMENT AGREEMENT</u>**

Exhibit C-1

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**EXHIBIT D** 

**<u>FORM OF A&R WHIC CHARTER</u>**

Exhibit D-1

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**EXHIBIT E** 

**<u>FORM OF REGISTRATION RIGHTS AGREEMENT</u>**

Exhibit E-1

## Exhibit 10.13

**Exhibit 10.13** 

**WHITEHAWK EQUITY INCENTIVE PLAN** 

**2026 EQUITY INCENTIVE PLAN** 

(Amended and Restated effective [ ⚫ ], 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Purpose**. The purpose of this WhiteHawk 2026 Equity Incentive Plan, as amended and restated, is to provide a means through which WhiteHawk Minerals Corp. (the "Company") and the other members of the Company Group may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants and advisors of the Company and the other members of the Company Group can acquire and maintain an equity interest in the Company, or be paid incentive compensation, including incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company Group and aligning their interests with those of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Definitions**. The following definitions shall be applicable throughout the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Adjustment Event**" has the meaning given to such term in Section 13(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Affiliate**" means, as to any specified Person, (i) any Person directly or indirectly
owning, controlling or holding, with power to vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting securities are directly or indirectly owned,
controlled or held, with power to vote, by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee or general
partner of such Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. An indirect relationship shall include circumstances in which a Person's spouse, children, parents,
siblings or mother, father, sister- or brother-in-law is or has been associated with a Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Applicable Laws**" means any applicable law, including without limitation:
(a) provisions of the Code, the Securities Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether U.S. or non-U.S. federal, state or local; and (c) rules of any securities exchange or automated quotation system on which the shares of Common Stock are listed, quoted or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Award**" means, individually or collectively, any Incentive Stock Option, Nonqualified Stock
Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Other Equity-Based Award and Cash-Based Incentive Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Award Agreement**" means the document or documents by which each Award (other than a
Cash-Based Incentive Award) is evidenced.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Beneficial Owner**" has the meaning ascribed to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Board**" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Cash-Based Incentive Award**" means an Award denominated in cash that is granted under
Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Cause**" means, as to any Participant, unless the applicable Award Agreement states
otherwise, (i) "Cause," as defined in any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of the Participant's Termination; or (ii) in the absence of any such
employment or consulting agreement (or the absence of any definition of "Cause" contained therein), the Participant's (A) willful neglect in the performance of the Participant's duties for the Service Recipient or
willful or repeated failure or refusal to perform such duties; (B) engagement in conduct in connection with the Participant's employment or service with the Service Recipient, which results in, or could reasonably be expected to result
in, material harm to the business or reputation of the Company or any other member of the Company Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony; or (II) any other crime that results in, or could
reasonably be expected to result in, material harm to the business or reputation of the Company or any other member of the Company Group; (D) material violation of the written policies of the Service Recipient, including, but not limited to,
those relating to sexual harassment or the disclosure or misuse of confidential information, or those set forth in the manuals or statements of policy of the Service Recipient; (E) fraud or misappropriation, embezzlement or misuse of funds or
property belonging to the Company or any other member of the Company Group; (F) act of personal dishonesty that involves personal profit in connection with the Participant's employment or service to the Service Recipient or engaging in
any act of material self-dealing without prior notice to and consent by the Board; (G) material breach of fiduciary duty or material breach of this Plan or any Award Agreement, after written notice of such breach has been given to the
Participant with 30 days to cure such breach, to the extent such breach is curable; or (H) taking any action which is intended to harm or disparage the Company or any other member of the Company Group, or their reputations, or which would
reasonably be expected to lead to unwanted or unfavorable publicity to the Company or any other member of the Company Group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Change in Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person (other than the Company, any trustee or other fiduciary holding securities under any employee
benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of Common Stock), becomes the Beneficial Owner, directly or indirectly,
of securities of the Company representing 50% or more of the combined voting power of the Company's then outstanding securities; provided, however, that an offering of shares of Common Stock to the general public through a registration
statement filed with the Securities and Exchange Commission shall not constitute a Change in Control of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period of two consecutive years (the "**Board Measurement Period**") individuals who
at the beginning of such period constitute the Board and any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in paragraph (a), (c), or (d) of this <u>Section</u> <u>11.3</u>, or a director initially elected or nominated as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on
behalf of any Person other than the Board) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still
in office, who either were directors at the beginning of the Board Measurement Period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in any of the holders of voting securities of the Company immediately prior thereto continuing to hold (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no Person (other than those covered by the exceptions in (i) below) acquires more than 50% of the combined voting power of the Company's then outstanding securities shall not constitute a
Change in Control of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the consummation of the sale or disposition by the Company of all or substantially all of the Company's
assets other than (i) the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting
securities of the Company at the time of the sale or disposition or (ii) pursuant to a spinoff type transaction, directly or indirectly, of such assets to the stockholders of the Company.

Notwithstanding the foregoing, to the extent necessary to comply with Section 409A of the Code with respect to the payment of "nonqualified deferred compensation," "Change in Control" shall be limited to a "change in control event" as defined under Section 409A of the Code.

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The Committee shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a "change in control event" as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Code**" means the Internal Revenue Code of 1986, as amended, and any successor thereto.
Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Committee**" means the Compensation Committee of the Board or any properly delegated
subcommittee thereof or, if no such Compensation Committee or subcommittee thereof exists, the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Common Stock**" means the Class A common stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Company**" means WhiteHawk Minerals Corp., a Delaware incorporated company, or any successor,
and (n) "**Company Group**" means, collectively, the Company and its Subsidiaries."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Continuous Service**" means that the Participant's service with the Company or an
Affiliate, whether as an employee, consultant or director, is not interrupted or terminated. The Participant's Continuous Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant
renders service to the Company or an Affiliate as an employee, consultant or director or a change in the entity for which the Participant renders such service, *provided that* there is no interruption or termination of the
Participant's Continuous Service; *provided further that* if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. For
example, a change in status from an employee of the Company to a director of an Affiliate will not constitute an interruption of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service
shall be considered interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or family leave of absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Date of Grant**" means the date on which the granting of an Award is authorized, or such
other date as may be specified in such authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Designated Foreign Subsidiaries**" means all members of the Company Group that are organized
under the laws of any jurisdiction or country other than the United States of America that may be designated by the Board or the Committee from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Disability**" means, as to any Participant, unless the applicable Award Agreement states
otherwise, (i) "Disability," as defined in any employment or consulting agreement between the Participant and the Service Recipient in effect at the time of the Participant's Termination; or (ii) in the absence of any such
employment or consulting agreement (or the absence of any definition of "Disability" contained therein), a condition entitling the Participant to receive benefits under a long-term disability plan of the Service Recipient or other member
of the Company Group in which such Participant is eligible to participate, or, (iii) in the absence of such a plan, the Participant's becoming disabled within the meaning of Section 22(e)(3) of the Code. Any determination of whether
Disability exists in the absence of a long-term disability plan shall be made by the Company (or its designee) in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Effective Date**" means the day prior to the first date upon which the shares of Common Stock
are listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system. The original effective date
of the Plan was January 23, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Eligible Person**" means any (i) individual employed by any member of the Company Group; **provided**, **that** no such employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or
instrument relating thereto; (ii) director or officer of any member of the Company Group; or (iii) consultant or advisor to any member of the Company Group who may be offered securities registrable pursuant to a registration statement on
Form S-8 under the Securities Act, who, in the case of each of clauses (i) through (iii) above has entered into an Award Agreement or who has received written notification from the Committee or its
designee that they have been selected to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and any successor
thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions
to such section, rules, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Exercise Price**" has the meaning given to such term in Section 7(b) of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Fair Market Value**" means, on a given date, (i) if the Common Stock is listed on a
national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the last preceding date on
which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between the closing bid price and ask price reported
on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on
a last sale basis, the amount determined by the Committee in good faith to be the fair market value of the Common Stock; **provided**, **that**, as to any Awards granted on or with a Date of Grant of the date of the pricing an initial public
offering of the Company's Common Stock, "Fair Market Value" shall be equal to the per share price at which the Common Stock is offered to the public in connection with such initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**GAAP**" has the meaning given to such term in Section 7(d) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Immediate Family Members**" has the meaning given to such term in Section 15(b) of the
Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Incentive Stock Option**" means an Option which is designated by the Committee as an
incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Indemnifiable Person**" has the meaning given to such term in Section 4(e) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Initial Public Offering**" means the initial declaration of effectiveness by the Securities
and Exchange Commission of a registration statement relating to the Company's Common Stock and the Common Stock being listed for trading on a National Securities Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Liquidity Event**" means: (i) a Change in Control or (ii) such other event as
determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**National Securities Exchange**" means the New York Stock Exchange, the NYSE American, the
Nasdaq Stock Market or any similar national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Nonqualified Stock Option**" means an Option which is not designated by the Committee as an
Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Non-Employee Director**" means a member of the Board
who is not an employee of any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Option**" means an Award granted under Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Option Period**" has the meaning given to such term in Section 7(c) of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Organizational Documents**" shall mean, collectively, (a) the Company's articles
of incorporation, certificate of incorporation, bylaws or other similar organizational documents relating to the creation and governance of the Company, and (b) the Committee's charter or other similar organizational documentation
relating to the creation and governance of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Other Equity-Based Award**" means an Award that is not an Option, Stock Appreciation Right,
Restricted Stock or Restricted Stock Unit that is granted under Section 10 of the Plan and is (i) payable by delivery of Common Stock, (ii) measured by reference to the value of Common Stock or (iii) is payable as dividends on
Common Stock or is paid as dividend equivalents in respect of dividends paid on Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Overall Share Limit**" means the sum of (a) a number of shares of Common Stock equal to
[___]; and (b) an annual increase on the first day of each calendar year, beginning on January 1, [___]<sup></sup>and ending on and including January 1, [___] equal to the lesser of
(i) five percent (5%) of the aggregate number of shares of the Class A common stock and Class B common stock outstanding on an as-converted basis on the last day of the immediately preceding
calendar year and (ii) such smaller number of shares of Class A common stock as is determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Participant**" means an Eligible Person who has been selected by the Committee to participate
in the Plan and to receive an Award pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Performance Criteria**" means specific levels of performance of the Company (and/or one or
more of the Company's Affiliates, divisions or operational and/or business units, business segments, administrative departments, or any combination of the foregoing) or any Participant, which may be determined in accordance with GAAP or on a non-GAAP basis including, but not limited to, one or more of the following measures: (i) terms relative to a peer group or index; (ii) basic, diluted, or adjusted earnings per share; (iii) sales or
revenue; (iv) earnings before interest, taxes, and other adjustments (in total or on a per share basis); (v) cash available for distribution; (vi) basic or adjusted net income; (vii) returns on equity, assets, capital, revenue or
similar measure; (viii) level and growth of dividends; (ix) the price or increase in price of Common Stock; (x) total shareholder return; (xi) total assets; (xii) growth in assets, new originations of assets, or financing of
assets; (xiii) equity market capitalization; (xiv) reduction or other quantifiable goal with respect to general and/or specific expenses; (xv) equity capital raised; (xvi) mergers, acquisitions, increase in enterprise value of
Affiliates, Subsidiaries, divisions or business units or sales of assets of Affiliates, Subsidiaries, divisions or business units or sales of assets; and (xvii) any combination of the foregoing. Any one or more of the Performance Criteria may
be stated as a percentage of another Performance Criteria, or used on an absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any divisions or operational and/or business units, business
segments, administrative departments of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Criteria may be compared to the performance of a selected group of
comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Permitted Transferee**" has the meaning given to such term in Section 15(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Person**" means any individual, partnership, corporation, limited liability company, trust,
unincorporated organization, government or agency or political subdivision thereof, or any other legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Plan**" means this WhiteHawk 2026 Equity Incentive Plan, as it may be amended and/or restated
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Qualifying Director**" means a person who is, with respect to actions intended to obtain an
exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Restricted Period**" means the period of time determined by the Committee during which an
Award is subject to restrictions, including vesting conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Restricted Stock**" means Common Stock, subject to certain specified restrictions (which may
include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Restricted Stock Unit**" means an unfunded and unsecured promise to deliver shares of Common
Stock, cash, other securities or other property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time),
granted under Section 9 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**SAR Period**" has the meaning given to such term in Section 8(c) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Securities Act**" means the Securities Act of 1933, as amended, and any successor thereto.
Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such
section, rules, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Service Recipient**" means, with respect to a Participant holding a given Award, the member
of the Company Group by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such original recipient provides, or following a Termination was most recently providing, services,
as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Stock Appreciation Right**" or "**SAR**" means an Award granted under
Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Strike Price**" has the meaning given to such term in Section 8(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Subsidiary**" means, with respect to any specified Person, and unless otherwise set forth in
an Award Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any corporation, association or other business entity of which more than fifty percent (50%) of the total
voting power of shares of such entity's voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders' agreement that effectively transfers voting power) is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent
thereof) or the managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Substitute Awards**" has the meaning given to such term in Section 5(e) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Sub-Plans**" means any sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting the offering of Awards to employees of certain Designated Foreign Subsidiaries or otherwise outside the
United States of America, with each such sub-plan designed to comply with local laws applicable to offerings in such foreign jurisdictions. Although any Sub-Plan may be
designated a separate and independent plan from the Plan in order to comply with applicable local laws, the Overall Share Limit and the other limits specified in Section 5(b) shall apply in the aggregate to the Plan and any Sub-Plan adopted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Termination**" means the termination of a Participant's employment or service, as
applicable, with the Service Recipient for any reason (including death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Effective Date; Duration**. The Plan shall be effective as of the Effective Date and will remain in effect until terminated by the Committee. Notwithstanding anything to the contrary in the Plan, an Incentive Stock Option may not be granted under the Plan after ten (10) years from the earlier of (i) the date the Board adopted the Plan or (ii) the date the Company's stockholders approved the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Administration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the fact that a Committee member shall fail to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Committee Authority**. Subject to the provisions of the Plan and Applicable Law, the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled in, or exercised for, cash, shares of Common Stock, other securities, other Awards or other property, or cancelled, forfeited, suspended or accelerated and the method or methods by which Awards may be settled, exercised, cancelled, forfeited, suspended or accelerated; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock, other securities, other Awards or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) adopt Sub-Plans; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Delegation**. Except to the extent prohibited by Applicable Law or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any Person or Persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers of any member of the Company Group, the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee herein, and which may be so delegated as a matter of law, except with respect to grants of Awards to persons (i) who are Non-Employee Directors, or (ii) who are subject to Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Finality of Decisions**. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons, including, without limitation, any member of the Company Group, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Indemnification**. No member of the Board, the Committee or any employee or agent of any member of the Company Group (each such Person, an "**Indemnifiable Person**") shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder (unless constituting bad faith, fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys' fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination made with respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable Person with the Company's approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified); **provided**, **that** the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts, omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person's bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by Applicable Laws or by the Company's Organizational Documents. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the organizational documents of any member of the Company Group, as a matter of law, under an individual indemnification agreement or contract or otherwise, or any other power that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable Persons harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Board Authority**. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to any Awards. Any such actions by the Board shall be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Acceleration</u>**. The Committee may at any time provide that any Award will become immediately vested and fully or partially exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Grant of Awards; Shares Subject to the Plan; Limitations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Grants**. The Committee may, from time to time, grant Awards to one or more Eligible Persons. All Awards granted under the Plan shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, attainment of Performance Criteria. Awards may be granted in respect of shares of Common Stock, as well as shares issued by any of the Company, its Subsidiaries and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Share Reserve and Limits**. Awards granted under the Plan shall be subject to the following limitations: (i) subject to Section 13 of the Plan, the maximum number of shares of Common Stock that may be issued or transferred pursuant to Awards under the Plan shall be equal to the Overall Share Limit; (ii) subject to Section 13 of the Plan, no more than [___] shares of Common Stock may be issued in the aggregate pursuant to the exercise of Incentive Stock Options granted under the Plan; and (iii) the maximum value of Awards (determined as of the grant date in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) granted during a single fiscal year to any Non-Employee Director, for services rendered as a Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during the fiscal year, shall not exceed $750,000 in total value in respect of any fiscal year of the Non-Employee Director's service on the Board (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes). The Committee may make exceptions to such annual Non-Employee Director compensation limit in extraordinary circumstances, as the Committee may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving Non-Employee Directors. For purposes of the preceding sentence, any Awards granted to and any cash fees paid to a Non-Employee Director shall be taken into account in the fiscal year in which such Awards and/or fees are granted and/or are earned, rather than settled or paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Share Counting**. If any shares of Common Stock subject to an Award are forfeited, repurchased or surrendered, an Award expires or otherwise terminates without issuance in full of shares of Common Stock, or an Award is settled for cash (in whole or in part), in any case, in a manner that results in the Company acquiring shares of Common Stock covered by the Award at a price not greater than the price (as adjusted to reflect any Adjustment Event) paid by the Participant for such shares of Common Stock or otherwise does not result in the issuance of all or a portion of the shares of Common Stock subject to such Award (including on payment in shares of Common Stock on exercise of a Stock Appreciation Right), such shares of Common Stock shall, to the extent of such forfeiture, repurchase, surrender expiration, termination, cash settlement or non-issuance, be added to the shares of Common Stock available for grant under the Plan on a one-for-one basis. In the event that (i) any Option or other Award granted hereunder is exercised through the tendering of shares of Common Stock (either actually or by attestation) or by the withholding of shares of Common Stock by the Company, or (ii) withholding tax liabilities arising from such Option or other Award are satisfied by the tendering of shares of Common Stock (either actually or by attestation) or by the withholding of Shares by the Company, then in each such case the shares of Common Stock so tendered or withheld shall be added to the shares of Common Stock available for grant under the Plan on a one-for-one basis. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not count against the Overall Share Limit. Notwithstanding anything to the contrary

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contained herein, the following shares of Common Stock shall not be added to the shares of Common Stock authorized for grant under Section 5(b) and shall not be available for future grants of Awards: (i) shares of Common Stock subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation Right on exercise thereof; and (ii) shares of Common Stock purchased on the open market by the Company with the cash proceeds from the exercise of Options. No shares shall be deemed to have been issued in settlement of a SAR or Restricted Stock Unit that provides for settlement only in cash and settles only in cash or in respect of any Cash-Based Incentive Award. Notwithstanding anything to the contrary contained herein, no shares of Common Stock shall again be available for future grants of Awards under the Plan to the extent that such return of shares of Common Stock would cause the Plan to be a "formula" plan or constitute a "material revision" or "material amendment" subject to stockholder approval under the requirements of the established stock exchange on which the Company's securities are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Source of Shares**. Shares of Common Stock issued by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase or a combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Substitute Awards**. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines ("**Substitute Awards**"). Substitute Awards shall not be counted against the Overall Share Limit; **provided**, **that** Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as "incentive stock options" within the meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Common Stock available for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements, available shares under a stockholder-approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Eligibility**. Participation in the Plan shall be limited to Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Options**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible Persons who are employees of a member of the Company Group, and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of

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the Code; **provided**, **that** any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to, and comply with, such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Exercise Price**. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price ("**Exercise Price**") per share of Common Stock for each Option shall not be less than one hundred percent (100%) of the Fair Market Value of such share (determined as of the Date of Grant); **provided**, **that**, in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than ten percent (10%) of the voting power of all classes of stock of any member of the Company Group, the Exercise Price per share shall be no less than one hundred ten percent (110%) of the Fair Market Value per share on the Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Vesting and Expiration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Options shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Options shall expire upon a date determined by the Committee, not to exceed ten (10) years from the Date of Grant (the "**Option Period**"); **provided**, **that**, if the Option Period (other than in the case of an Incentive Stock Option) would expire at a time when trading in the shares of Common Stock is prohibited by Applicable Laws, the Company's insider trading policy (or Company-imposed" "blackout period") or a "lock-up" agreement undertaken in connection with an issuance of securities by the Company, then the Option Period shall be automatically extended until the thirtieth (30th) day following the expiration of such prohibition; **provided, further, that** in no event shall the extension last beyond a ten-year term of the applicable Option. Notwithstanding the foregoing, in no event shall the Option Period exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock representing more than ten percent (10%) of the voting power of all classes of stock of any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Method of Exercise and Form of Payment**. No shares of Common Stock shall be issued pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state, local and non-U.S. income, employment and any other applicable taxes required to be withheld. Options which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company (or telephonic instructions to the extent provided by the Committee) in accordance with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable: (i) in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual

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issuance of such shares to the Company); **provided**, **that** such shares of Common Stock are not subject to any pledge or other security interest and have been held by the Participant for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles ("**GAAP**")); or (ii) by such other method as the Committee may permit, in its sole discretion, including, without limitation (A) in other property having a fair market value on the date of exercise equal to the Exercise Price; (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted "cashless exercise" pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise issuable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price; or (C) a "net exercise" procedure effected by withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed to pay the Exercise Price. Any fractional shares of Common Stock shall be settled in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Notification upon Disqualifying Disposition of an Incentive Stock Option**. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date the Participant makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock before the later of (i) the date that is two (2) years after the Date of Grant of the Incentive Stock Option, or (ii) the date that is one (1) year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Compliance With Laws, etc**. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner which the Committee determines would violate Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Stock Appreciation Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. Each SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award SARs to Eligible Persons independent of any Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Strike Price**. Except as otherwise provided by the Committee in the case of Substitute Awards, the strike price ("**Strike Price**") per share of Common Stock for each SAR shall not be less than one hundred percent (100%) of the Fair Market Value of such share (determined as of the Date of Grant). Notwithstanding the foregoing, a SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Vesting and Expiration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SARs shall expire upon a date determined by the Committee, not to exceed ten (10) years from the Date of Grant (the "**SAR Period**"); **provided**, **that**, if the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by the Company's insider trading policy (or a Company-imposed "blackout period") or a "lock-up" agreement undertaken in connection with an issuance of securities by the Company, then the SAR Period shall be automatically extended until the thirtieth (30th) day following the expiration of such prohibition; **provided, further, that** in no event shall the extension last beyond a ten-year term of the applicable SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Method of Exercise**. SARs which have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Payment**. Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that is being exercised multiplied by the excess of the Fair Market Value of one (1) share of Common Stock on the exercise date over the Strike Price, less an amount equal to any Federal, state, local and non-U.S. income, employment and any other applicable taxes required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as determined by the Committee. Any fractional shares of Common Stock shall be settled in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Restricted Stock and Restricted Stock Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each Restricted Stock and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Rights as Stockholders**. The Committee shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however, that if a purchase price is charged, such purchase price shall be no less than the par value, if any, of the shares of Common Stock to be purchased, unless otherwise permitted by Applicable Laws. In all cases, legal consideration shall be required for each issuance of Restricted Stock to the extent required by Applicable Laws. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock certificates issued in respect of Restricted Stock, together with a stock power endorsed in blank. Subject to the restrictions set forth in this Section 9, Section 15(c) of the Plan and the applicable Award Agreement, a Participant generally shall have the rights and privileges

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of a stockholder as to shares of Restricted Stock, including, without limitation, the right to vote such Restricted Stock. To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company. A Participant shall have no rights or privileges as a stockholder as to Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Vesting**. Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner and on such date or dates or upon such event or events as determined by the Committee and noted in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance of Restricted Stock and Settlement of Restricted Stock Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock shall be distributed to the Participant in cash or, in the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have no right to such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise provided by the Committee in an Award Agreement or otherwise, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant's beneficiary, without charge, one (1) share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit; **provided***,* **that** the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part shares of Common Stock in lieu of issuing only shares of Common Stock in respect of such Restricted Stock Units; or (B) defer the issuance of shares of Common Stock (or cash or part cash and part shares of Common Stock, as the case may be) beyond the expiration of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Common Stock in respect of such Restricted Stock Units, the amount of such payment shall be equal to the Fair Market Value per share of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units. Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Common Stock underlying a Restricted Stock Unit shall be distributed to the Participant in cash or, in the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the settlement of such Restricted Stock Unit and, if such Restricted Stock Unit is forfeited, the Participant shall have no right to such dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Legends**. The Company may place legends on stock certificates issued under the Plan that the Committee deems necessary or appropriate to comply with Applicable Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Other Equity-Based Awards**. The Committee may grant Other Equity-Based Awards under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine. Each Other Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **[Reserved.]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Cash-Based Incentive Awards**. The Committee may grant Cash-Based Incentive Awards under the Plan to any Eligible Person. Each Cash-Based Incentive Award granted under the Plan shall be evidenced in such form as the Committee may determine from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Changes in Capital Structure and Similar Events**. Notwithstanding any other provision in the Plan to the contrary, the following provisions shall apply to all Awards granted hereunder (other than Cash-Based Incentive Awards):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of common stock of the Company, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of common stock or other securities of the Company, issuance of warrants or other rights to acquire shares of common stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of common stock (including a Change in Control); or (ii) unusual or nonrecurring events affecting the Company or its financial statements, including changes in Applicable Laws or accounting principles, regulations or other requirements, that the Committee determines, in its sole discretion, could result in substantial dilution or enlargement of the rights intended to be granted to, or available for, Participants (any event in (i) or (ii), an "**Adjustment Event**"), the Committee shall, in respect of any such Adjustment Event, make such proportionate substitution or adjustment, if any, as it deems equitable, to any or all of (A) the Overall Share Limit, or any other limit applicable under the Plan with respect to the number of Awards which may be granted hereunder; (B) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) which may be issued in respect of Awards or with respect to which Awards may be granted under the Plan or any Sub-Plan; and (C) the terms of any outstanding Award, including, without limitation, (I) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate; (II) the Exercise Price or Strike Price with respect to any Award; or (III) any applicable performance measures (including, without limitation, Performance Criteria); **provided**, **that**, in the case of any "equity restructuring" (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Change in Control**. Without limiting the foregoing, and unless provided otherwise in an Award Agreement, in connection with any Change in Control or Adjustment Event, the Committee is hereby authorized and may, in its sole discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the occurrence of such transaction or event, to take any one or more of the following actions whenever the Committee determines that such action is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in Applicable Laws or accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) substitute or assume Awards, or to the extent that the surviving entity (or Affiliate thereof) of such Change in Control does not substitute or assume the Awards, fully accelerate the vesting of, exercisability of, or lapse of restrictions on, as applicable, any Awards; **provided**, **that**, with respect to any performance-vested Awards, any such acceleration of vesting, exercisability, or lapse of restrictions shall be based on the greater of target performance and actual performance through the date of such Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cancel any one or more outstanding Awards and pay to the holders of such Awards that are vested as of such cancellation (including, without limitation, any Awards that would vest as a result of the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee in connection with such event pursuant to clause (i) above), the value in the form of cash or other property of such Awards, if any, as determined by the Committee (which value, if applicable, may be based upon the price per share of common stock received or to be received by other stockholders of the Company in such event), including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR; **provided that**, if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant's rights under such Award, in any case, is equal to or less than zero, then the Award may be terminated without payment; provided, further, that Awards held by members of the Board will be deemed settled in shares of Common Stock on or immediately prior to the applicable event if the Committee takes action under this clause (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide that such Award shall vest and, to the extent applicable, be exercisable as to all shares of Common Stock covered thereby, notwithstanding anything to the contrary in the Plan or the provisions of such Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make adjustments in the number and type of shares of Common Stock (or other securities or property) subject to outstanding Awards and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments described in Section 13(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) replace such Award with other rights or property selected by the Committee; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

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For purposes of clause (i) above, an award will be considered granted in substitution of an Award if it has an equivalent value (as determined consistent with clause (ii) above) with the original Award, whether designated in securities of the acquiror in such Change in Control transaction (or an Affiliate thereof), or in cash or other property (including in the same consideration that other stockholders of the Company receive in connection with such Change in Control transaction), and retains the vesting schedule applicable to the original Award.

Payments to holders pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any applicable Exercise Price or Strike Price).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Other Requirements**. Prior to any payment or adjustment contemplated under this Section 13, the Committee may require a Participant to (i) represent and warrant as to the unencumbered title to the Participant's Awards; (ii) bear such Participant's pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the share price of Common Stock, including any "equity restructuring" or any securities offering or other similar transaction, for administrative convenience, the Committee may refuse to permit the exercise of any Award for up to 60 days before or after such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Fractional Shares**. Any adjustment provided under this Section 13 may provide for the elimination of any fractional share that might otherwise become subject to an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Binding Effect**. Any adjustment, substitution, determination of value or other action taken by the Committee under this Section 13 shall be conclusive and binding for all purposes. Except as expressly provided in the Plan or the Committee's action under the Plan, no Participant will have any rights due to any subdivision or consolidation of Company shares of any class, dividend payment, increase or decrease in the number of shares of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with respect to an "equity restructuring" under Section 13(a) or the Committee's action under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, will affect, and no adjustment will be made regarding, the number of shares subject to an Award or the Award's grant or exercise price. The existence of the Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way the Company's right or power to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, (b) any merger, consolidation dissolution or liquidation of the Company or sale of Company assets or (c) any sale or issuance of securities, including securities with rights superior to those of the shares of Common Stock or securities convertible into or exchangeable for shares of Common Stock. The Committee may in its discretion treat Participants and Awards (or portions thereof) differently under this Section 13.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Amendments and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Amendment and Termination of the Plan**. The Board or Committee may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; **provided**, **that** no such amendment, alteration, suspension, discontinuance or termination shall be made without stockholder approval if such approval is necessary to comply with any regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or quoted) or for changes in GAAP to new accounting standards; **provided***,* **further**, **that** any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Amendment of Award Agreements**. The Committee may, to the extent consistent with the terms of the Plan and any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively (including after a Participant's Termination); **provided**, **that**, other than pursuant to Section 13, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Repricing**. Except as otherwise permitted under Section 13 of the Plan, the Committee may not, without stockholder approval (i) reduce the Exercise Price of any Option or the Strike Price of any SAR; (ii) cancel any outstanding Option or SAR and replace it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value (if any) of the cancelled Option or SAR; and (iii) take any other action which is considered a "repricing" for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **General**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Award Agreements**. Each Award (other than a Cash-Based Incentive Award) under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of the Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability or Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an Award Agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment agreement, a notice, a certificate or a letter) evidencing the Award. The Committee need not require an Award Agreement to be signed by the Participant or a duly authorized representative of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Nontransferability**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Award shall be exercisable only by such Participant to whom such Award was granted during the Participant's lifetime, or, if permissible under Applicable Law, by the Participant's legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant (unless such transfer is specifically required pursuant to a domestic relations order or by Applicable Law) other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against any member of the Company Group; **provided**, **that** the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to (A) any person who is a "family member" of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the Securities and Exchange Commission (collectively, the "**Immediate Family Members**"); (B) a trust solely for the benefit of the Participant and the Participant's Immediate Family Members; (C) a partnership or limited liability company whose only partners or stockholders are the Participant and the Participant's Immediate Family Members; or (D) a beneficiary to whom donations are eligible to be treated as "charitable contributions" for federal income tax purposes or (E) as the Committee may otherwise approve (each transferee described in clauses (A), (B), (C) and (D) and (E) above is hereinafter referred to as a "**Permitted Transferee**"); **provided**, **that** the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The terms of any Award transferred in accordance with clause (ii) above shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) neither the Committee nor the Company shall be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of a Participant's Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Dividends and Dividend Equivalents**. The Committee may, in its sole discretion, provide a Participant as part of an Award (other than an Option or SAR) with dividends, dividend equivalents, or similar payments in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property, on such terms and conditions as may be determined by the Committee in its sole discretion, including, without limitation, payment at the same time such dividend is otherwise paid to a holder of Common Stock, payment to the Participant when an Award vests and withholding of such amounts by the Company subject to vesting of the Award, or reinvestment in additional shares of Common Stock, Restricted Stock or other Awards. Any dividend or dividend equivalent otherwise payable in respect of any share of Restricted Stock or other Award that remains subject to vesting conditions at the time of payment of such dividend or dividend equivalent may be retained by the Company and remain subject to the same vesting conditions and risks of forfeiture as the underlying Award to which the dividend or dividend equivalent relates, at the discretion of the Committee. Except as otherwise set forth in the applicable Award Agreement, all such dividend payments will be made no later than March 15 of the calendar year following the calendar year in which the right to the dividend payment becomes nonforfeitable. Except as otherwise set forth in the applicable Award Agreement, any such Dividend Equivalent payments will be made no later than March 15 of the calendar year following the calendar year in which the right to the Dividend Equivalent payment becomes nonforfeitable, unless otherwise determined by the Committee or unless deferred in a manner to comply with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Tax Withholding**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in cash (by check or wire transfer) equal to the aggregate amount of any income, employment and/or other applicable taxes that are statutorily required to be withheld in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect, in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the foregoing, the Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy, all or any portion of the income, employment and/or other applicable taxes that are statutorily required to be withheld with respect to an Award by (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or portion thereof); (B) having the Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, a number of shares of Common Stock with an aggregate Fair Market Value equal to an amount, subject to clause (iii) below, not in excess of such minimum statutorily required withholding liability (or portion thereof); (C) if there is a public market for shares of Common Stock at the time the applicable tax obligations are satisfied, unless the Company otherwise determines (i) delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the applicable tax obligations, or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided that such amount is paid to the Company at such time as may be required by the Committee; or (D) to the extent permitted by the Company, any combination of the foregoing payment forms approved by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee has full discretion to allow Participants to satisfy, in whole or in part, any additional income, employment and/or other applicable taxes payable by them with respect to an Award by electing to have the Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, shares of Common Stock having an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum statutory withholding amount(s) in a Participant's relevant tax jurisdictions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Data Protection**. By participating in the Plan or accepting any rights granted under it, each Participant consents to the collection and processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise their rights under the Plan and generally administer and manage the Plan. This data will include, but may not be limited to, data about participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to time and other appropriate financial and other data (such as the date on which the Awards were granted) about the Participant and the Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **No Claim to Awards; No Rights to Continued Employment; Waiver**. No employee of any member of the Company Group, or other Person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee's determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Service Recipient or any other member of the Company Group, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Service Recipient or any other member of the Company Group may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, except to the extent of any provision to the contrary in any written employment contract or other agreement between the Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on or after the Date of Grant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **International Participants**. With respect to Participants who reside or work outside of the United States of America, the Committee may, in its sole discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding Awards with respect to such Participants in order to conform such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant or any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Designation and Change of Beneficiary**. Each Participant may file with the Committee a written designation of one or more Persons as the beneficiary or beneficiaries, as applicable, who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon the Participant's death. A Participant may, from time to time, revoke or change the Participant's beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; **provided**, **that** no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant's death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be the Participant's spouse or, if the Participant is unmarried at the time of death, the Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Termination**. Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee at any point following such event: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service with one Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination; and (ii) if a Participant undergoes a Termination of employment, but such Participant continues to provide services to the Company Group in a non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise determined by the Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale, divestiture, spin-off or other similar transaction), unless a Participant's employment or service is transferred to another entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation of such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **No Rights as a Stockholder**. Except as otherwise specifically provided in the Plan or any Award Agreement, no Person shall be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been issued or delivered to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Government and Other Regulations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by governmental agencies as may be required. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities of any member of the Company Group issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, the Federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any

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securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted and any other applicable Federal, state, local or non-U.S. laws, rules, regulations and other requirements, and the Committee may cause a legend or legends to be put on certificates representing shares of Common Stock or other securities of any member of the Company Group issued under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities of any member of the Company Group issued under the Plan in book-entry form to be held subject to the Company's instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to, at any time, add any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company's acquisition of shares of Common Stock from the public markets, the Company's issuance of Common Stock to the Participant, the Participant's acquisition of Common Stock from the Company and/or the Participant's sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, (A) pay to the Participant an amount equal to the excess of (I) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof cancelled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable); over (II) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof, or (B) in the case of Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, or the underlying shares in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **No Section 83(b) Elections Without Consent of Company**. No election under Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Company in writing prior to the making of such election. If a Participant, in connection with the acquisition of shares of Common Stock, under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election within ten (10) days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Payments to Persons Other Than Participants**. If the Committee shall find that any Person to whom any amount is payable under the Plan is unable to care for the Participant's affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person or the Participant's estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to the Participant's spouse, child, relative, an institution maintaining or having custody of such Person, or any other Person deemed by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Nonexclusivity of the Plan**. Neither the adoption of the Plan by the Committee nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Committee or Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of equity-based awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **No Trust or Fund Created**. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be obligated to maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service providers under general law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Reliance on Reports**. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of any member of the Company Group and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **Relationship to Other Benefits**. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan or as required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **Governing Law**. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT'S RIGHTS OR OBLIGATIONS HEREUNDER.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Severability**. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the Applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **Obligations Binding on Successors**. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **Section 409A of the Code**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of the Plan be structured to be exempt from or comply with Section 409A of the Code, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties under Section 409A of the Code), and neither the Service Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered "nonqualified deferred compensation" subject to Section 409A of the Code, references in the Plan to "termination of employment" (and substantially similar phrases) shall mean "separation from service" within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan subject to Section 409A is designated as a separate and distinct payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in the Plan to the contrary, if a Participant is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, to the extent necessary to avoid the imposition of additional taxes thereunder, no payments in respect of any Awards that are "deferred compensation" subject to Section 409A of the Code and which would otherwise be payable upon the Participant's "separation from service" (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of such Participant's "separation from service" or, if earlier, the date of the Participant's death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) Notwithstanding the foregoing, to the extent that any Award constitutes a deferral of compensation subject to Section 409A of the Code, and if that Award provides for payment or a change in the time or form of payment based upon a Change in Control, then, solely for purposes of applying such payment or a change in the time or form of payment provision (and, for the avoidance of doubt, not for purposes of determining whether the Award shall benefit from the vesting acceleration resulting from a Change In Control), a Change in Control shall not be deemed to have occurred upon an event described in this definition unless the event would also constitute a change in ownership or effective control of, or a change in ownership of a substantial portion of the assets of, the Company under Section 409A of the Code, and if the Award is not payable upon or by reference to a Change in Control, the Award shall instead be paid based on the general distribution date or event provided for in the Award Agreement, and in any event in compliance with Section 409A of the Code; and (B) unless otherwise provided by the Committee in an Award Agreement or otherwise, in the event that the timing of payments in respect of any Award (that would otherwise be considered "deferred compensation" subject to Section 409A of the Code) would be accelerated upon the occurrence of a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of "Disability" pursuant to Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Clawback/Repayment**. All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively received by Participant upon any receipt or exercise of any Award or upon the receipt or sale of any Shares underlying the Award) shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time; and (ii) Applicable Law. Further, to the extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Right of Offset**. The Company will have the right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award is "deferred compensation" subject to Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of an outstanding Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Expenses; Titles and Headings**. The expenses of administering the Plan shall be borne by the Company Group. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **Cash Settlement**. Without limiting the generality of any other provision of the Plan, the Committee may provide, in an Award Agreement or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, shares of Common Stock or a combination thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **Broker-Assisted Sales**. In the event of a broker-assisted sale of shares of Common Stock in connection with the payment of amounts owed by a Participant under or with respect to the Plan or Awards: (a) any Shares to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable; (b) such shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive an average price; (c) the applicable Participant will be responsible for all broker's fees and other costs of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant's applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash sufficient to satisfy any remaining portion of the Participant's obligation. If any tax withholding obligation will be satisfied under Section 15(d) above by the Company's retention of shares of Common Stock from the Award creating the tax obligation and there is a public market for shares of Common Stock at the time the tax obligation is satisfied, the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on the applicable Participant's behalf some or all of the shares of Common Stock retained and to remit the proceeds of the sale to the Company or its designee, and each Participant's acceptance of an Award under the Plan will constitute the Participant's authorization to the Company and instruction and authorization to such brokerage firm to complete the transactions described in this sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **Grant of Awards to Certain Eligible Persons**. The Company may provide through the establishment of a formal written policy (which shall be deemed a part of this Plan) or otherwise for the method by which Common Stock or other securities of the Company may be issued and by which such Common Stock or other securities and/or payment therefor may be exchanged or contributed among the Company, its Subsidiaries, or any of its Affiliates, or may be returned to the Company upon any forfeiture of Common Stock or other securities by the Eligible Person.

## Exhibit 10.14

**Exhibit 10.14** 

**WHITEHAWK EQUITY INCENTIVE PLAN** 

**AMENDED AND RESTATED 2026 EQUITY INCENTIVE PLAN** 

**OPTION GRANT NOTICE** 

Capitalized terms not specifically defined in this Option Grant Notice (the "<u>Grant Notice</u>") have the meanings given to them in the Amended and Restated 2026 Equity Incentive Plan (as amended from time to time, the "<u>Plan</u>") of WhiteHawk Minerals Corp. (the "<u>Company</u>"). The Company hereby grants to the participant listed below ("<u>Participant</u>") the stock option described in this Grant Notice (the "<u>Option</u>"), subject to the terms and conditions of the Plan and the Stock Option Agreement attached hereto as <u>Exhibit</u> <u>A</u> (the "<u>Agreement</u>"), each of which are incorporated into this Grant Notice by reference.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Participant:** | *[Insert Participant Name]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Grant Date:** | *[Insert Grant Date]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Exercise Price per Share:** | *[Insert Exercise Price]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shares Subject to the Option:** | *[Insert Number of Options]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Final Expiration Date:** | *[Insert Expiration Date]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vesting Commencement Date:** | *[Insert Vesting Commencement Date]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vesting Schedule:** | *[To be specified in individual agreements]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Type of Option** | ☐ Incentive Stock Option ☐ Nonqualified Stock Option |

---

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By Participant's signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement, as applicable. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or relating to the Option.

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| | |
|:---|:---|
| **WHITEHAWK MINERALS CORP.** | **PARTICIPANT** |
| By: | By: |
| Print Name: | Print Name: |
| Title: |  |

---

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**<u>EXHIBIT A</u>**

**<u>STOCK OPTION AGREEMENT</u>**

**ARTICLE I.** 

**GENERAL** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Incorporation of Terms of Plan</u>. The Option is subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Defined Terms</u>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Cessation Date</u>" shall mean the date of Participant's Termination (regardless of the reason for such termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Participating Company</u>" shall mean the Company or any of its parents or Subsidiaries.

**ARTICLE II.** 

**GRANT OF OPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Grant of Option</u>. In consideration of Participant's past and/or continued employment with or service to a Participating Company and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the "<u>Grant Date</u>"), the Company has granted to the Participant the Option to purchase any part or all of an aggregate number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Section 13 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Exercise Price</u>. The exercise price per Share of the Shares subject to the Option (the "<u>Exercise Price</u>") shall be as set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Consideration to the Company</u>. In consideration of the grant of the Option by the Company, Participant agrees to render faithful and efficient services to any Participating Company.

**ARTICLE III.** 

**PERIOD OF EXERCISABILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Commencement of Exercisability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Participant's continued employment with or service to a Participating Company on each applicable vesting date and subject to <u>Sections</u> <u>3.1(c), 3.1(d), 3.2</u>, <u>3.3</u>, <u>5.9</u> and <u>5.14</u> hereof, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise determined by the Committee or as set forth in a written agreement between Participant and the Company, any portion of the Option that has not become vested and exercisable on or prior to the Cessation Date (including, without limitation, pursuant to any employment or similar agreement by and between Participant and the Company) shall be forfeited on the Cessation Date and shall not thereafter become vested or exercisable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of Participant's Termination by the Participating Companies other than for Cause and other than as a result of such Participant's death or Disability on or within 12 months following the occurrence of a Change in Control, such Participant's remaining unvested Option shall accelerate and vest and become exercisable in full on the date of such Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of Participant's Termination due to Participant's death or Disability , any unvested Options will become fully vested and exercisable as of the date of such Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Duration of Exercisability</u>. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment that becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under <u>Section</u> <u>3.3</u> hereof. Once the Option becomes unexercisable, it shall be forfeited immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Expiration of Option</u>. The Option may not be exercised to any extent by anyone after the first to occur of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The expiration date set forth in the Grant Notice; provided that such expiration date shall not be later than the tenth (10th) anniversary of the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as the Committee may otherwise approve, the ninetieth (90th) day following the Cessation Date by reason of Participant's Termination for any reason other than due to death, Disability or by a Participating Company for Cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as the Committee may otherwise approve, immediately upon the Cessation Date by reason of Participant's Termination by a Participating Company for Cause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The expiration of twelve (12) months from the Cessation Date by reason of Participant's Termination due to death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As set forth in Section 15(d) of the Plan, the Participating Companies shall have the authority to deduct or withhold, or require Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement. The Participating Companies may withhold or Participant may make such payment in one or more of the forms specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by cash or check made payable to the Participating Company with respect to which the withholding obligation arises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the deduction of such amount from other compensation payable to Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any withholding taxes arising in connection with the exercise of the Option, with the consent of the Committee, by requesting that the Participating Companies withhold a net number of vested Shares otherwise issuable upon the exercise of the Option having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on up to the maximum statutory

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withholding rates in Participant's applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to any withholding taxes arising in connection with the exercise of the Option, with the consent of the Committee, by tendering to the Company vested Shares held for such period of time as may be required by the Committee in order to avoid adverse accounting consequences and having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on up to the maximum statutory withholding rates in Participant's applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to any withholding taxes arising in connection with the exercise of the Option, through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to Shares then issuable to Participant pursuant to the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Participating Company with respect to which the withholding obligation arises in satisfaction of such withholding taxes; provided that payment of such proceeds is then made to the applicable Participating Company at such time as may be required by the Committee, but in any event not later than the settlement of such sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the exercise of the Option to, or to cause any such Shares to be held in book-entry form by, Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Participant resulting from the exercise of the Option or any other taxable event related to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the Option. No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the Option to reduce or eliminate Participant's tax liability.

**ARTICLE IV.** 

**EXERCISE OF OPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Person Eligible to Exercise</u>. During the lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under <u>Section</u> <u>3.3</u> hereof, be exercised by Participant's personal representative or by any Person empowered to do so under the deceased Participant's will or under the then Applicable Laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Partial Exercise</u>. Subject to <u>Section</u> <u>5.2</u>, any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under <u>Section</u> <u>3.3</u> hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Manner of Exercise</u>. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third party administrator or other Person designated by the Company), during regular business hours, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under <u>Section</u> <u>3.3</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An exercise notice in a form specified by the Committee, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The receipt by the Company of full payment for the Shares with respect to which the Option or portion thereof is exercised, in such form of consideration permitted under <u>Section</u> <u>4.4</u> that is acceptable to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The payment of any applicable withholding tax in accordance with <u>Section</u> <u>3.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any other written representations or documents as may be required in the Committee's sole discretion to effect compliance with Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event the Option or portion thereof shall be exercised pursuant to <u>Section</u> <u>4.1</u> by any Person or Persons other than Participant, appropriate proof of the right of such Person or Persons to exercise the Option.

Notwithstanding any of the foregoing, the Committee shall have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Method of Payment</u>. Payment of the Exercise Price shall be by any of the following, or a combination thereof, at the election of Participant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash or check;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With the consent of the Committee, surrender of vested Shares (including, without limitation, Shares otherwise issuable upon exercise of the Option) held for such period of time as may be required by the Committee in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate Exercise Price of the Option or exercised portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Exercise Price; *provided* that payment of such proceeds is then made to the Company at such time as may be required by the Committee, but in any event not later than the settlement of such sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any other form of legal consideration acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Conditions to Issuance of Shares</u>. The Company shall not be required to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange

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Commission or other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Committee shall, in its absolute discretion, determine to be necessary or advisable, (d) the receipt by the Company of full payment for such Shares, which may be in one or more of the forms of consideration permitted under <u>Section</u> <u>4.4</u>, and (e) the receipt of full payment of any applicable withholding tax in accordance with <u>Section</u> <u>3.4</u> by the Participating Company with respect to which the applicable withholding obligation arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Rights as Shareholder</u>. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares purchasable upon the exercise of any part of the Option unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). No adjustment will be made for a dividend or other right for which the record date is prior to the date of such issuance, recordation and delivery, except as provided in Section 13 of the Plan. Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

**ARTICLE V.** 

**OTHER PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Administration</u>. The Committee shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Whole Shares</u>. The Option may only be exercised for whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Option Not Transferable</u>. The Option shall be subject to the restrictions on transferability set forth in Section 15(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Adjustments</u>. The Committee may accelerate the vesting of all or a portion of the Option in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Section 13 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company's principal office, and any notice to be given to Participant shall be addressed to Participant at Participant's last email or physical address reflected on the Company's records. By a notice given pursuant to this <u>Section</u> <u>5.5</u>, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email (to Participant only) or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Governing Law</u>. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice and this Agreement are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable Law, the Plan, the Grant Notice and this Agreement shall be deemed amended to the extent necessary to conform to Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Amendment, Suspension and Termination</u>. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board, provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material respect without the prior written consent of Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in <u>Section</u> <u>5.3</u> and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Limitations Applicable to Section</u> <u>16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Option, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Not a Contract of Service Relationship</u>. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any Participating Company, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (i) expressly provided otherwise in a written agreement between a Participating Company and Participant or (ii) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 <u>Section</u> <u>409A</u>. This Option is not intended to constitute "nonqualified deferred compensation" within the meaning of Section 409A. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Committee determines that this Option (or any portion thereof) may be subject to Section 409A, the Committee shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to

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adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate for this Option either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 <u>Agreement Severable</u>. In the event that any provision of the Grant Notice or this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 <u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the right to receive Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 <u>Counterparts</u>. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 <u>Electronic Delivery</u>. By accepting this Award, whether electronically or otherwise, Participant hereby (i) consents to receive such documents by electronic means, (ii) consents to the use of electronic signatures, and (iii) agrees to participate in the Plan and/or receive any such documents through an online or electronic system established and maintained by the Company or a third party designated by the Company, including but not limited to the use of electronic signatures or click through electronic acceptance of terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 <u>Clawback</u>. The Option (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of the Option or upon the receipt or resale of any Shares underlying the Option) will be subject to any Company clawback policy as in effect from time to time, including any clawback policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 <u>Incentive Stock Options</u>. Participant acknowledges that to the extent the aggregate Fair Market Value of Shares (determined as of the time the option with respect to the Shares is granted) with respect to which Incentive Stock Options, including this Option (if applicable), are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for any other reason such Incentive Stock Options do not qualify or cease to qualify for treatment as "incentive stock options" under Section 422 of the Code, such Incentive Stock Options shall be treated as Nonqualified Stock Options. Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other stock options into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. Participant also acknowledges that an Incentive Stock Option exercised more than three (3) months after Participant's Termination, other than by reason of death or disability, will be taxed as a Nonqualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 <u>Notification of Disposition</u>. If this Option is designated as an Incentive Stock Option, Participant shall give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

**\* \* \* \* \***

## Exhibit 10.15

**Exhibit 10.15** 

**WHITEHAWK EQUITY INCENTIVE PLAN** 

**AMENDED AND RESTATED 2026 EQUITY INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT GRANT NOTICE** 

Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the "<u>Grant Notice</u>") have the meanings given to them in the Amended and Restated 2026 Equity Incentive Plan (as amended from time to time, the "<u>Plan</u>") of WhiteHawk Minerals Corp. (the "<u>Company</u>").

The Company hereby grants to the participant listed below ("<u>Participant</u>") the Restricted Stock Units described in this Grant Notice (the "<u>RSUs</u>"), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached hereto as <u>Exhibit</u> <u>A</u> (the "<u>Agreement</u>"), each of which are incorporated into this Grant Notice by reference. Each vested RSU represents the right to receive, in accordance with the Agreement, one share of Class A common stock ("<u>Share</u>"). Each RSU is hereby granted in tandem with a corresponding dividend equivalent, as further described in Article II of the Agreement (the "<u>Dividend Equivalents</u>").

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Participant:** | *[Insert Participant Name]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Grant Date:** | *[Insert Grant Date]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of RSUs:** | *[Insert Number of RSUs]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vesting Commencement Date:** | *[Insert Vesting Commencement Date]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vesting Schedule:** | *[To be specified in individual agreements]* |

---

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By Participant's signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the Grant Notice and the Agreement.

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| | |
|:---|:---|
| **WHITEHAWK MINERALS CORP.** | **PARTICIPANT** |
| By: | By: |
| Print Name: | Print Name: |
| Title: |  |

---

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**<u>EXHIBIT A</u>**

**<u>TO RESTRICTED STOCK UNIT GRANT NOTICE</u>**

**RESTRICTED STOCK UNIT AWARD AGREEMENT** 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the Grant Notice.

**ARTICLE I.** 

**GENERAL** 

<u>Section</u> <u>1.1</u> <u>Defined Terms</u>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Cessation Date</u>" shall mean the date of Participant's Termination (regardless of the reason for such Termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Participating Company</u>" shall mean the Company or any of its parents or Subsidiaries.

<u>Section</u> <u>1.2</u> <u>Incorporation of Terms of Plan</u>. The RSUs and the shares of Common Stock issued to Participant hereunder ("<u>Shares</u>") are subject to the terms and conditions set forth in this Agreement and the Plan (including, without limitation, Section 15(u) thereof), which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

**ARTICLE II.** 

**AWARD OF RESTRICTED STOCK UNITS** 

<u>Section</u> <u>2.1</u> <u>Award of RSUs and Dividend Equivalents</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of Participant's past and/or continued employment with or service to a Participating Company and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the "<u>Grant Date</u>"), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Section 13 of the Plan. Each RSU represents the right to receive one Share at the times and subject to the conditions set forth herein. However, unless and until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto. Prior to the actual delivery of any Shares, the RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby grants to Participant an Award of Dividend Equivalents with respect to each RSU granted pursuant to the Grant Notice for all ordinary cash dividends that are paid to all or substantially all holders of the outstanding Shares between the Grant Date and the date when the applicable RSU is distributed or paid to Participant or is forfeited or expires (and excluding dividends or distributions of securities of the Company which may be issued with respect to its Shares by virtue of any stock split, combination, stock dividend or recapitalization). Each Dividend Equivalent entitles Participant to receive the equivalent value of any such ordinary cash dividends paid on a single Share.

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<u>Section</u> <u>2.2</u> <u>Vesting of RSUs and Dividend Equivalents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Participant's continued employment with or service to a Participating Company on each applicable vesting date and subject to the terms of this Agreement (including Section 2.2(c)), the RSUs shall vest in such amounts and at such times as are set forth in the Grant Notice. In the event Participant incurs a Termination for any reason other than due to Participant's death or Disability, except as may be otherwise provided by the Committee or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs and Dividend Equivalents granted under this Agreement that have not vested or do not vest on or prior to the Cessation Date, and Participant's rights in any such RSUs and Dividend Equivalents that are not so vested shall lapse and expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of Participant's Termination by the Participating Companies other than for Cause and other than as a result of such Participant's death or Disability on or within 12 months following the occurrence of a Change in Control, such Participant's remaining unvested RSUs shall accelerate and vest in full on the date of such Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of Participant's Termination due to Participant's death or Disability, any unvested RSUs will become fully vested as of the date of such Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dividend Equivalents will vest or be forfeited, as applicable, upon the vesting or forfeiture of the RSU with respect to which the Dividend Equivalent relates, unless otherwise determined by the Committee. Participant shall not be entitled to any payment under a Dividend Equivalent with respect to any dividend with a record date that occurs prior to the Grant Date or after the termination of such RSU for any reason, whether due to payment, forfeiture or otherwise.

<u>Section</u> <u>2.3</u> <u>Distribution or Payment of RSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The RSUs will, to the extent vested, be paid in Shares, and Dividend Equivalents will be paid in cash as soon as administratively practicable after the applicable vesting date of the applicable RSU, but in no event later than March 15 of the year following the year in which the RSU's vesting date occurs. Notwithstanding the foregoing, the Company may delay any payment under this Agreement that the Company reasonably determines would violate Applicable Laws until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with Treasury Regulation Section 1.409A-2(b)(7)(ii)), provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A.

Notwithstanding anything to the contrary, the exact payment date of this Award shall be determined by the Company in its sole discretion (and Participant shall not have a right to designate the time of payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All distributions in respect of the RSUs shall be made by the Company in the form of whole Shares.

<u>Section</u> <u>2.4</u> <u>Conditions to Issuance of Certificates</u>. The Company shall not be required to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Committee shall, in its absolute discretion, determine to

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be necessary or advisable, and (d) the receipt of full payment of any applicable withholding tax in accordance with <u>Section</u> <u>2.5</u> by the Participating Company with respect to which the applicable withholding obligation arises.

<u>Section</u> <u>2.5</u> <u>Tax Withholding</u>. <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As set forth in Section 15(d) of the Plan, the Participating Companies shall have the authority to deduct or withhold, or require Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement. The Participating Companies may withhold or Participant may make such payment in one or more of the forms specified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by cash or check made payable to the Participating Company with respect to which the withholding obligation arises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the deduction of such amount from other compensation payable to Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs, with the consent of the Committee, by requesting that the Company withhold a net number of vested shares of Common Stock otherwise issuable pursuant to the RSUs having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on the maximum statutory withholding rates in Participant's applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs, with the consent of the Committee, by tendering to the Company vested shares of Common Stock having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on the maximum statutory withholding rates in Participant's applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs, through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to shares of Common Stock then issuable to Participant pursuant to the RSUs, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Participating Company with respect to which the withholding obligation arises in satisfaction of such withholding taxes; *provided* that payment of such proceeds is then made to the applicable Participating Company at such time as may be required by the Committee, but in any event not later than the settlement of such sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in any combination of the foregoing.

<sup>1</sup> **Note to Company:** Shortly after the IPO we should put some time on the calendar to discuss withholding approaches. Daniel mentioned sell to cover as the likely approach so we should just discuss the best way to paper and effectuate that. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the RSUs to Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Participant resulting from the vesting or settlement of the RSUs or any other taxable event related to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs and Dividend Equivalents, regardless of any action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the RSUs or Dividend Equivalents. No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the Dividend Equivalents or RSUs or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the Dividend Equivalents or RSUs to reduce or eliminate Participant's tax liability.

<u>Section</u> <u>2.6</u> <u>Rights as Stockholder</u>. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

**ARTICLE III.** 

**OTHER PROVISIONS** 

<u>Section</u> <u>3.1</u> <u>Administration</u>. The Committee shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Laws, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

<u>Section</u> <u>3.2</u> <u>Award Not Transferable</u>. The Award may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. Neither the Award nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

<u>Section</u> <u>3.3</u> <u>Adjustments</u>. The Committee may accelerate the vesting of all or a portion of the Award in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the Dividend Equivalents, RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Section 13 of the Plan.

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<u>Section</u> <u>3.4</u> <u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company's principal office, and any notice to be given to Participant shall be addressed to Participant at Participant's last email or physical address reflected on the Company's records. By a notice given pursuant to this <u>Section</u> <u>3.4</u>, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

<u>Section</u> <u>3.5</u> <u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

<u>Section</u> <u>3.6</u> <u>Governing Law</u>. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

<u>Section</u> <u>3.7</u> <u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice and this Agreement, as applicable, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to Applicable Laws. To the extent permitted by Applicable Laws, the Plan, the Grant Notice and this Agreement, as applicable, shall be deemed amended to the extent necessary to conform to Applicable Laws.

<u>Section</u> <u>3.8</u> <u>Amendment, Suspension and Termination</u>. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board*, provided* that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of Participant, unless such action is necessary to ensure or facilitate compliance with Applicable Law, as determined by the Committee.

<u>Section</u> <u>3.9</u> <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in <u>Section</u> <u>3.2</u> and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

<u>Section</u> <u>3.10</u> <u>Limitations Applicable to Section</u> <u>16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs, the Dividend Equivalents, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Laws, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

<u>Section</u> <u>3.11</u> <u>Not a Contract of Service Relationship</u>. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any Participating Company, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time

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for any reason whatsoever, with or without cause, except to the extent (a) expressly provided otherwise in a written agreement between a Participating Company and Participant or (b) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.

<u>Section</u> <u>3.12</u> <u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

<u>Section</u> <u>3.13</u> <u>Section</u> <u>409A</u>. This Award is not intended to constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code and any treasury regulations promulgated thereunder. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Committee determines that this Award (or any portion thereof) may be subject to Section 409A of the Code, the Committee shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate for this Award either to be exempt from the application of Section 409A of the Code or to comply with the requirements of Section 409A of the Code. Neither the Company nor any of its Affiliates shall have any liability in the event the Award fails to qualify for an exemption from or comply with the requirements of Section 409A of the Code. For purposes of Section 409A of the Code, each payment that Participant may be eligible to receive under this Agreement shall be treated as a separate and distinct payment.

<u>Section</u> <u>3.14</u> <u>Agreement Severable</u>. In the event that any provision of the Grant Notice and this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

<u>Section</u> <u>3.15</u> <u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend Equivalents.

<u>Section</u> <u>3.16</u> <u>Clawback</u>. The Award (including any proceeds, gains or other economic benefit the Participant actually or constructively receives upon receipt or settlement of the Award or the receipt or resale of any Shares underlying the RSUs) will be subject to any Company clawback policy as in effect from time to time, including any clawback policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder).

<u>Section</u> <u>3.17</u> <u>Counterparts</u>. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

<u>Section</u> <u>3.18</u> <u>Electronic Delivery</u>. By accepting this Award, whether electronically or otherwise, Participant hereby (i) consents to receive such documents by electronic means, (ii) consents to the use of electronic signatures, and (iii) agrees to participate in the Plan and/or receive any such documents through an online or electronic system established and maintained by the Company or a third party designated by the Company, including but not limited to the use of electronic signatures or click through electronic acceptance of terms and conditions.

\* \* \* \* \*

## Exhibit 10.16

**Exhibit 10.16** 

**WHITEHAWK EQUITY INCENTIVE PLAN** 

**AMENDED AND RESTATED 2026 EQUITY INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT GRANT NOTICE** 

Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the "<u>Grant Notice</u>") have the meanings given to them in the Amended and Restated 2026 Equity Incentive Plan (as amended from time to time, the "<u>Plan</u>") of WhiteHawk Minerals Corp. (the "<u>Company</u>").

The Company hereby grants to the participant listed below ("<u>Participant</u>") the Restricted Stock Units described in this Grant Notice (the "<u>RSUs</u>"), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached hereto as <u>Exhibit</u> <u>A</u> (the "<u>Agreement</u>"), each of which are incorporated into this Grant Notice by reference. Each vested RSU represents the right to receive, in accordance with the Agreement, one share of Class A common stock ("<u>Share</u>"). Each RSU is hereby granted in tandem with a corresponding dividend equivalent, as further described in Article II of the Agreement (the "<u>Dividend Equivalents</u>").

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Participant:** | *[Insert Participant Name]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Grant Date:** | *[Insert Grant Date]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of RSUs:** | *[Insert Number of RSUs]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vesting Commencement Date:** | *[Insert Vesting Commencement Date]* |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vesting Schedule:** | *[To be specified in individual agreements]* |

---

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By Participant's signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be bound by the terms of this Grant Notice, the Plan and the Agreement. Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan, the Grant Notice and the Agreement.

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| | |
|:---|:---|
| **WHITEHAWK MINERALS CORP.** | **PARTICIPANT** |
| By: | By: |
| Print Name: | Print Name: |
| Title: |  |

---

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**<u>EXHIBIT A</u>**

**<u>TO RESTRICTED STOCK UNIT GRANT NOTICE</u>**

**RESTRICTED STOCK UNIT AWARD AGREEMENT** 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the Grant Notice.

**ARTICLE I.** 

**GENERAL** 

<u>Section</u> <u>1.1</u> <u>Defined Terms</u>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Cessation Date</u>" shall mean the date of Participant's Termination (regardless of the reason for such Termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Participating Company</u>" shall mean the Company or any of its parents or Subsidiaries.

<u>Section</u> <u>1.2</u> <u>Incorporation of Terms of Plan</u>. The RSUs and the shares of Common Stock issued to Participant hereunder ("<u>Shares</u>") are subject to the terms and conditions set forth in this Agreement and the Plan (including, without limitation, Section 15(u) thereof), which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

**ARTICLE II.** 

**AWARD OF RESTRICTED STOCK UNITS** 

<u>Section</u> <u>2.1</u> <u>Award of RSUs and Dividend Equivalents</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of Participant's past and/or continued employment with or service to a Participating Company and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the "<u>Grant Date</u>"), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Section 13 of the Plan. Each RSU represents the right to receive one Share at the times and subject to the conditions set forth herein. However, unless and until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto. Prior to the actual delivery of any Shares, the RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby grants to Participant an Award of Dividend Equivalents with respect to each RSU granted pursuant to the Grant Notice for all ordinary cash dividends that are paid to all or substantially all holders of the outstanding Shares between the Grant Date and the date when the applicable RSU is distributed or paid to Participant or is forfeited or expires (and excluding dividends or distributions of securities of the Company which may be issued with respect to its Shares by virtue of any stock split, combination, stock dividend or recapitalization). Each Dividend Equivalent entitles Participant to receive the equivalent value of any such ordinary cash dividends paid on a single Share.

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<u>Section</u> <u>2.2</u> <u>Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Participant's continued employment with or service to a Participating Company on each applicable vesting date and subject to the terms of this Agreement (including <u>Section</u> <u>2.2(c)</u>), the RSUs shall vest in such amounts and at such times as are set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Participant incurs a Termination for any reason other than due to Participant's death or Disability, except as may be otherwise provided by the Committee or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs granted under this Agreement that have not vested or do not vest on or prior to the Cessation Date, and Participant's rights in any such RSUs that are not so vested shall lapse and expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of Participant's Termination due to Participant's death or Disability, any unvested RSUs will become fully vested as of the date of such Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Dividend Equivalents hereunder shall remain outstanding from the Grant Date through the earlier to occur of (i) the termination or forfeiture for any reason of the RSU to which such Dividend Equivalent corresponds (including as a result of Participant's Termination as described above), or (ii) the delivery to Participant of the shares of Common Stock underlying the RSU to which such Dividend Equivalent corresponds. Participant shall not be entitled to any payment under a Dividend Equivalent with respect to any dividend with a record date that occurs prior to the Grant Date or after the termination of such RSU for any reason, whether due to payment, forfeiture or otherwise. If any RSU linked to a Dividend Equivalent fails to vest and is forfeited for any reason, then (x) the linked Dividend Equivalent shall be forfeited as well, (y) any amounts otherwise payable in respect of such Dividend Equivalent shall be forfeited without payment, and (z) the Company shall have no further obligations in respect of such Dividend Equivalent.

<u>Section</u> <u>2.3</u> <u>Distribution or Payment of RSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Participant's RSUs shall be distributed in Shares (either in book-entry form or otherwise) within sixty (60) days of the applicable vesting date of any RSUs pursuant to the Grant Notice and <u>Section</u> <u>2.2</u> hereof. The Dividend Equivalents shall be paid in cash at the same time as dividends in respect of which such Dividend Equivalent payments arise without regard to the vested status of the underlying RSU, but in no event shall such Dividend Equivalents be paid later than March 15 of the calendar year following the year in which the related dividend or distribution is declared. Notwithstanding the foregoing, the Company may delay a distribution or payment in settlement of RSUs if it reasonably determines that such payment or distribution will violate federal securities laws or any other Applicable Law, *provided* that such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and *provided further* that no payment or distribution shall be delayed under this <u>Section</u> <u>2.3(a)</u> if such delay will result in a violation of Section 409A. Notwithstanding anything to the contrary, the exact payment date of this Award shall be determined by the Company in its sole discretion (and Participant shall not have a right to designate the time of payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All distributions shall be made by the Company in the form of whole Shares.

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<u>Section</u> <u>2.4</u> <u>Conditions to Issuance of Certificates</u>. The Company shall not be required to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Committee shall, in its absolute discretion, determine to be necessary or advisable, and (d) the receipt of full payment of any applicable withholding tax in accordance with <u>Section</u> <u>2.5</u> by the Participating Company with respect to which the applicable withholding obligation arises.

<u>Section</u> <u>2.5</u> <u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As set forth in Section 15(d) of the Plan, the Participating Companies shall have the authority to deduct or withhold, or require Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement. The Participating Companies may withhold or Participant may make such payment in one or more of the forms specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by cash or check made payable to the Participating Company with respect to which the withholding obligation arises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the deduction of such amount from other compensation payable to Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs, with the consent of the Committee, by requesting that the Company withhold a net number of vested shares of Common Stock otherwise issuable pursuant to the RSUs having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on the maximum statutory withholding rates in Participant's applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs, with the consent of the Committee, by tendering to the Company vested shares of Common Stock having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Participating Companies based on the maximum statutory withholding rates in Participant's applicable jurisdictions for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such taxable income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to any withholding taxes arising in connection with the vesting or settlement of the RSUs, through the delivery of a notice that Participant has placed a market sell order with a broker acceptable to the Company with respect to shares of Common Stock then issuable to Participant pursuant to the RSUs, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Participating Company with respect to which the withholding obligation arises in satisfaction of such withholding taxes; *provided* that payment of such proceeds is then made to the applicable Participating Company at such time as may be required by the Committee, but in any event not later than the settlement of such sale; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in any combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the RSUs to Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Participant resulting from the vesting or settlement of the RSUs or any other taxable event related to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs and Dividend Equivalents, regardless of any action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the RSUs or Dividend Equivalents. No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the Dividend Equivalents or RSUs or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the Dividend Equivalents or RSUs to reduce or eliminate Participant's tax liability.

<u>Section</u> <u>2.6</u> <u>Rights as Stockholder</u>. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

**ARTICLE III.** 

**OTHER PROVISIONS** 

<u>Section</u> <u>3.1</u> <u>Administration</u>. The Committee shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Laws, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

<u>Section</u> <u>3.2</u> <u>Award Not Transferable</u>. The Award may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. Neither the Award nor any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

<u>Section</u> <u>3.3</u> <u>Adjustments</u>. The Committee may accelerate the vesting of all or a portion of the Award in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the Dividend Equivalents, RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Section 13 of the Plan.

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<u>Section</u> <u>3.4</u> <u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company's principal office, and any notice to be given to Participant shall be addressed to Participant at Participant's last email or physical address reflected on the Company's records. By a notice given pursuant to this <u>Section</u> <u>3.4</u>, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

<u>Section</u> <u>3.5</u> <u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

<u>Section</u> <u>3.6</u> <u>Governing Law</u>. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

<u>Section</u> <u>3.7</u> <u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice and this Agreement, as applicable, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Award is granted, only in such a manner as to conform to Applicable Laws. To the extent permitted by Applicable Laws, the Plan, the Grant Notice and this Agreement, as applicable, shall be deemed amended to the extent necessary to conform to Applicable Laws.

<u>Section</u> <u>3.8</u> <u>Amendment, Suspension and Termination</u>. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board*, provided* that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Award in any material way without the prior written consent of Participant, unless such action is necessary to ensure or facilitate compliance with Applicable Law, as determined by the Committee.

<u>Section</u> <u>3.9</u> <u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in <u>Section</u> <u>3.2</u> and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

<u>Section</u> <u>3.10</u> <u>Limitations Applicable to Section</u> <u>16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs, the Dividend Equivalents, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Laws, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

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<u>Section</u> <u>3.11</u> <u>Not a Contract of Service Relationship</u>. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any Participating Company, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (a) expressly provided otherwise in a written agreement between a Participating Company and Participant or (b) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.

<u>Section</u> <u>3.12</u> <u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

<u>Section</u> <u>3.13</u> <u>Section</u> <u>409A</u>. This Award is not intended to constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code and any treasury regulations promulgated thereunder. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Committee determines that this Award (or any portion thereof) may be subject to Section 409A of the Code, the Committee shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate for this Award either to be exempt from the application of Section 409A of the Code or to comply with the requirements of Section 409A of the Code. Neither the Company nor any of its Affiliates shall have any liability in the event the Award fails to qualify for an exemption from or comply with the requirements of Section 409A of the Code. For purposes of Section 409A of the Code, each payment that Participant may be eligible to receive under this Agreement shall be treated as a separate and distinct payment.

<u>Section</u> <u>3.14</u> <u>Agreement Severable</u>. In the event that any provision of the Grant Notice and this Agreement is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement.

<u>Section</u> <u>3.15</u> <u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend Equivalents.

<u>Section</u> <u>3.16</u> <u>Clawback</u>. The Award (including any proceeds, gains or other economic benefit the Participant actually or constructively receives upon receipt or settlement of the Award or the receipt or resale of any Shares underlying the RSUs) will be subject to any Company clawback policy as in effect from time to time, including any clawback policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder).

<u>Section</u> <u>3.17</u> <u>Counterparts</u>. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

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<u>Section</u> <u>3.18</u> <u>Electronic Delivery</u>. By accepting this Award, whether electronically or otherwise, Participant hereby (i) consents to receive such documents by electronic means, (ii) consents to the use of electronic signatures, and (iii) agrees to participate in the Plan and/or receive any such documents through an online or electronic system established and maintained by the Company or a third party designated by the Company, including but not limited to the use of electronic signatures or click through electronic acceptance of terms and conditions.

\* \* \* \* \*

## Exhibit 10.17

**Exhibit 10.17** 

**WHITEHAWK MINERALS CORP.** 

**NON-EMPLOYEE DIRECTOR COMPENSATION POLICY** 

Non-employee members of the board of directors (the "***Board***") of WhiteHawk Minerals Corp. (the "***Company***") shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this "***Policy***"). The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a "***Non-Employee Director***") who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy shall become effective after the effectiveness of the Company's initial public offering (the "***IPO***") and shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion and if such IPO does not occur on or prior to December 31, 2026, this Policy shall be void *ab initio*. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Cash Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Retainers</u>. Each Non-Employee Director shall receive an annual retainer of $75,000 for service on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Annual Retainers</u>. In addition, a Non-Employee Director shall receive the following annual retainers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Audit Committee</u>. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $20,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Compensation Committee</u>. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $15,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Nominating and Corporate Governance Committee</u>. A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $15,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment of Retainers</u>. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Equity Compensation</u>. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company's Amended and Restated 2026 Equity Incentive Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the "***Equity Plan***") and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>IPO Awards</u>. Each Non-Employee Director who (i) serves on the Board as of the date the IPO price of the shares of the Company's common stock is established in connection with the Company's IPO (the "***Pricing Date***") and (ii) will continue to serve as a Non-Employee Director immediately following the Pricing Date shall be automatically granted, on the Pricing Date, an award of restricted stock units that has an aggregate fair value on the date of grant of $250,000 (as determined in accordance with FASB Accounting Codification Topic 718 ("***ASC 718***") and subject to adjustment as provided in the Equity Plan in each case).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Awards</u>. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company's stockholders (an "***Annual Meeting***") after the Pricing Date and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, an award of restricted stock units that has an aggregate fair value on the date of such Annual Meeting of $150,000 (as determined in accordance with ASC 718 and with the number of shares of common stock underlying such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(b) shall be referred to as the "***Annual Awards***." For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual Meeting shall receive only an Annual Award in connection with such election, and shall not receive any Initial Award on the date of such Annual Meeting as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Initial Awards</u>. Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed to the Board after the Pricing Date on any date other than the date of an Annual Meeting shall be automatically granted, on the date of such Non-Employee Director's initial election or appointment (such Non-Employee Director's "***Start Date***"), an award of restricted stock units that has an aggregate fair value on such Non-Employee Director's Start Date equal to the product of (i) $150,000 (as determined in accordance with ASC 718) and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director's Start Date (or, if no such Annual Meeting has occurred, the effective date of the Company's IPO) and ending on such Non-Employee Director's Start Date and the denominator of which is 365 (with the number of shares of common stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(c) shall be referred to as "***Initial Awards****.*" For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination of Employment of Employee Directors</u>. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(c) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Vesting of Awards Granted to Non-Employee Directors</u>. Each IPO Award shall vest and become exercisable on the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date, and each Annual Award and Initial Award shall vest and become exercisable on the earlier of (i) the day immediately preceding the date of the first Annual Meeting following the date of grant and (ii) the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date. No portion of an IPO Award or Annual Award or Initial Award that is unvested or unexercisable at the time of a Non-Employee Director's termination of service on the Board shall become vested and exercisable thereafter. All of a Non-Employee Director's IPO Awards, Annual Awards and Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.

## Exhibit 10.18

**Exhibit 10.18** 

**<u>EMPLOYMENT AGREEMENT</u>**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of [ ⚫ ], 2026, between WhiteHawk Minerals Corp., a Delaware incorporated company ("<u>PubCo</u>"), WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership ("<u>OpCo</u>" and together with PubCo and any subsidiaries or affiliates as may employ Executive from time to time, the "<u>Company</u>"), and Daniel Herz (the "<u>Executive</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>

**WHEREAS**, the Company desires to continue to employ the Executive as Chief Executive Officer of the Company; and

**WHEREAS**, the Company and the Executive desire to enter into this Agreement as to the terms of the Executive's employment with the Company.

**NOW, THEREFORE**, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. POSITION AND DUTIES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section</u> <u>2</u> hereof), the Executive shall serve as the Chief Executive Officer of the Company. In this capacity, the Executive shall have the duties, authorities and functions commensurate with the duties, authorities and functions of persons holding such titles in similarly-sized companies. The Executive's principal place of employment with the Company shall be in New York, New York, <u>provided</u> that the Executive understands and agrees that the Executive may be required to travel from time to time for business purposes. The Executive shall report directly to the Board of Directors (the "<u>Board</u>") of PubCo. The Executive shall continue to serve on the Board as of the Effective Date and the Company shall use its reasonable best efforts to nominate the Executive for election to the Board at each annual meeting of PubCo's stockholders during the Employment Term; provided that the foregoing shall not be required to the extent prohibited by legal or regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Executive shall devote such necessary business time, energy, business judgment, knowledge and skill and the Executive's best efforts to the performance of the Executive's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Executive from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry activities, (iii) managing the Executive's personal investments, (iv) pursuing, investing in, acquiring, or otherwise participating in any Declined Opportunity or Outside Opportunity in accordance with <u>Section</u> <u>26</u> of this Agreement and (v) providing services or investments as set forth on Exhibit A (collectively, the "<u>Permitted Activities</u>") so long as such activities in the aggregate do not materially interfere with the Executive's duties hereunder or, other than for a Declined Opportunity, create a business or fiduciary conflict.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. EMPLOYMENT TERM**. The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so employed, for a term commencing as of the date hereof (the "<u>Effective Date</u>") and ending on the fifth anniversary of the Effective Date (the "<u>Initial Term</u>"). On the fifth anniversary of the Effective Date and each one-year anniversary of such date thereafter, the term of this Agreement shall be automatically extended for successive one-year periods, <u>provided</u>, <u>however</u>, that either party hereto may elect not to extend this Agreement by giving written notice to the other party at least sixty (60) days prior to any such anniversary date. Notwithstanding the foregoing, the Executive's employment hereunder may be earlier terminated in accordance with <u>Section</u> <u>6</u> hereof, subject to <u>Section</u> <u>7</u> hereof. The period of time between the Effective Date and the termination of the Executive's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. BASE SALARY**. The Company agrees to pay the Executive a base salary at an annual rate of not less than $500,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Executive's Base Salary shall be subject to annual review by the Board (or a committee thereof), and may be increased, but not decreased (unless such decrease is part of a company-wide or management-wide reduction, from time to time by the Board. The base salary as determined herein and as may be increased from time to time shall constitute "<u>Base Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. ANNUAL BONUS**. For each fiscal year of the Company during the Employment Term the Executive shall be eligible to receive an annual bonus (the "<u>Annual Bonus</u>") with a target amount of no less than one hundred percent (100%) of Executive's Base Salary (the "<u>Target Annual Bonus</u>"), payable in a combination of cash and/or equity awards, as determined by the Board (or authorized committee thereof) in its sole discretion. The value of any equity awards shall be calculated based on the grant date fair value of such awards. The Board (or such authorized committee) shall determine in its sole discretion the amount, form(s) and mix, and such other terms and conditions (including vesting, exercise and settlement) applicable to any such equity award, taking into account the Executive's and the Company's performance; provided, however, that the form(s), mix, terms and conditions shall be reasonably consistent in all material respects as those provided to other senior executives of the Company unless otherwise agreed to by the Executive. Any Annual Bonus for a fiscal year of the Company shall be paid in the next succeeding fiscal year on or before March 15 of such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. EMPLOYEE BENEFITS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **BENEFIT PLANS**. During the Employment Term, the Executive shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided hereunder. The Executive's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies in effect from time to time. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **VACATIONS**. During the Employment Term, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its similarly situated senior executives, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BUSINESS EXPENSES**. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Company shall pay or the Executive shall be reimbursed in accordance with the Company's expense reimbursement policy in effect from time to time, for all reasonable out-of-pocket business expenses incurred by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder. In addition, the Company shall pay or reimburse the Executive for the Executive's documented out-of-pocket legal fees incurred in connection with the negotiation and drafting of this Agreement up to a maximum amount of $15,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. TERMINATION**. The Executive's employment and the Employment Term shall terminate on the first of the following to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DISABILITY**. Upon ten (10) days' prior written notice by the Company to the Executive of termination due to Disability. For purposes of this Agreement, "<u>Disability</u>" means, a condition entitling the Executive to receive benefits under a long-term disability plan of the Company or an Affiliate in which such Executive is eligible to participate, or, in the absence of such a plan, a permanent and total disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). A Disability shall only be deemed to occur if the Executive has been unable to perform the Executive's principal duties and responsibilities hereunder for ninety (90) consecutive days or one hundred and twenty (120) days during any period of three hundred and sixty-five (365) consecutive calendar days. Notwithstanding the foregoing, for payments that are subject to Code Section 409A (as defined in <u>Section</u> <u>24</u> hereof), Disability shall mean that the Executive is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DEATH**. Automatically upon the date of death of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **CAUSE**. Immediately upon written notice by the Company to the Executive of a termination for Cause. "<u>Cause</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's continued and willful failure to substantially perform his duties (other than as a result of Disability), which continues beyond fifteen (15) days after a written demand for substantial performance is delivered by the Board that specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) grossly negligent or illegal conduct, or gross misconduct, by the Executive that is reasonably likely to result in material damage to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's conviction of, or the plea of guilty or nolo contendere or the equivalent in respect to, any felony or a misdemeanor involving an act of dishonesty, moral turpitude, deceit or fraud; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's material breach of any non-competition, non-solicitation, confidentiality, non-disparagement or other restrictive covenant provision relating to the Company, which breach is not cured (if capable of cure) within fifteen (15) days following notice of such breach provided by the Company that specifically identifies the manner in which the Company believes that the Executive breached any such provisions.

In order to terminate the Executive's employment for Cause, the Company must provide the Executive with written notice of its intention to terminate the Executive's employment for Cause setting forth in reasonable detail the specific conduct allegedly constituting Cause and the specific provisions of this Agreement on which such claim is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **WITHOUT CAUSE**. Upon thirty (30) days advance written notice by the Company to the Executive of an involuntary termination without Cause (other than for death or Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **GOOD REASON**. Upon written notice by the Executive to the Company of a termination for Good Reason. "<u>Good Reason</u>" shall mean the occurrence of any of the following events, without the express written consent of the Executive, unless such events are fully corrected in all material respects by the Company within thirty (30) days following written notification by the Executive to the Company of the occurrence of one of the reasons set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in the Executive's titles, duties or authorities, including (A) a change in the Executive's reporting such that he no longer reports directly to the Board and (B) any material diminution in duties and/or authorities such that the Executive no longer has such duties and/or authorities typically associated with the Chief Executive Officer of a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material diminution in the Executive's Base Salary (unless such diminution is part of a company-wide or management-wide reduction) or a material diminution in the Executive's Target Annual Bonus opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a material breach of this Agreement by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a relocation of the Executive's primary office location by more than thirty (30) miles if such relocation materially increases the Executive's commute.

The Executive shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within forty-five (45) days after the Executive first has notice of the first occurrence of such circumstances, and, to the extent uncured, actually terminate employment within thirty (30) days following the expiration of the Company's thirty (30)-day cure period described above. Otherwise, any claim of such circumstances as "Good Reason" shall be deemed irrevocably waived with respect to such circumstance by the Executive and no such termination for Good Reason shall be deemed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **WITHOUT GOOD REASON**. Upon thirty (30) days' prior written notice by the Executive to the Company of the Executive's voluntary termination of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **EXPIRATION OF EMPLOYMENT TERM; NON-EXTENSION OF AGREEMENT**. Upon the expiration of the Employment Term due to the delivery of a non-extension notice by the Company or the Executive in accordance with <u>Section</u> <u>2</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. CONSEQUENCES OF TERMINATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DEATH**. In the event that the Executive's employment and the Employment Term end on account of the Executive's death, the Executive or the Executive's estate, as the case may be, shall be entitled to the following (with the amounts due under <u>Sections 7(a)(i)</u> through <u>7(a)(iii)</u> and <u>7(a)(v)</u> hereof to be paid within sixty (60) days following termination of employment, or such earlier date as may be required by applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any unpaid Base Salary through the date of termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimbursement for any unreimbursed business expenses incurred through the date of termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any accrued but unused vacation time in accordance with Company policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all other payments, benefits or fringe benefits to which the Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement, payable in accordance with the terms of each such plan, program, or grant or as provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a pro-rata portion of the Executive's Target Annual Bonus for the fiscal year in which the Executive's termination occurs (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the number of days during the fiscal year of termination that the Executive is employed by the Company and the denominator of which is 365), payable within thirty (30) days of the Executive's termination of employment in cash (the "<u>Pro Rata Bonus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the earned Annual Bonus for any completed fiscal year ending prior to the date of termination, to the extent not previously paid payable in cash or fully-vested and freely tradeable shares of the Company's common stock, as determined by the Board in its sole discretion as and when such Annual Bonus would have been paid had the Executive's employment not terminated (the "<u>Prior Year Bonus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to (A) the Executive's (or his covered dependents') timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("<u>COBRA</u>") and (B) the Executive's (or, if applicable, his estate's) continued compliance with the obligations in <u>Sections 8</u>, <u>9</u> and <u>10</u> hereof, reimbursement of the Executive's COBRA premiums at the same level (including coverage for dependents, if applicable) and cost as if the Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee's ability to pay premiums with pre-tax dollars) participating in the Company's

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group health plan for eighteen (18) months; <u>provided</u> that the Company may modify the continuation coverage contemplated by this <u>Section</u> <u>7(a)(vii)</u> to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable) or to the extent necessary to comply with Code Section 409A under Treasury Regulation Section 1.409A-1(a)(5), in each case, in a manner with the least economic impact to the Executive (or their covered dependents); and <u>provided</u>, <u>further</u>, that in the event that the Executive obtains other employment that offers comparable group health benefits, such reimbursements by the Company under this <u>Section</u> <u>7(a)(vii)</u> shall immediately cease (the benefits described in this <u>Section</u> <u>7(a)(vii)</u>, the "<u>COBRA Reimbursement</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provided that the Executive 's estate or beneficiaries shall have executed and delivered to the Company a general release pursuant to <u>Section</u> <u>8</u> and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, any unvested equity award granted under the PubCo 2026 Equity Incentive Plan (as may be amended and restated from time to time, the "**2026 Plan**") or any successor equity incentive plan thereto (1) that is subject solely to a time-based vesting condition will accelerate and vest in full on the Executive's termination of employment and (2) that is subject to subsequent performance-based vesting conditions shall remain outstanding and continue to be eligible to vest in accordance with the performance metrics set forth in the applicable award agreement (the "<u>Equity Acceleration</u>").

Collectively, <u>Sections 7(a)(i)</u> through <u>7(a)(iv)</u> hereof shall be hereafter referred to as the "<u>Accrued Benefits</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DISABILITY**. In the event that the Executive's employment and/or the Employment Term ends on account of the Executive's Disability, the Company shall pay or provide the Executive with the Accrued Benefits, the Pro Rata Bonus, the Prior Year Bonus and the COBRA Reimbursement and, provided that the Executive shall have executed and delivered to the Company a general release pursuant to <u>Section</u> <u>8</u> and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, the Equity Acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **TERMINATION FOR CAUSE OR WITHOUT GOOD REASON OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE EXECUTIVE OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE COMPANY AND WAIVER OF SECTION 9(b) BY THE COMPANY**. If the Executive's employment is terminated (I) by the Company for Cause, (II) by the Executive without Good Reason, (III) as a result of the Executive's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof, or (IV) as a result of the Company's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof and in the notice provided in accordance with <u>Section</u> <u>2</u> the Company states that it is waiving enforcement of, and the Executive shall have no obligation under, <u>Section</u> <u>9(b)</u> hereof, the Company shall pay to the Executive the Accrued Benefits. In addition to the Accrued Benefits, in the event of a termination as a result of Company's non-extension of the Employment Term pursuant to Section 7(c)(IV), the Executive shall be entitled to be paid a Pro Rata Bonus, the Prior Year Bonus, and the COBRA Reimbursement, as well as the Equity Acceleration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **TERMINATION WITHOUT CAUSE OR FOR GOOD REASON OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE COMPANY WITH NO WAIVER OF SECTION 9(b)**. If the Executive's employment by the Company is terminated (I) by the Company other than for Cause, (II) by the Executive for Good Reason, or (III) as a result of the Company's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof and the Company does not state in the notice provided in accordance with <u>Section</u> <u>2</u> that it is waiving enforcement of, and the Executive shall have no obligation under, <u>Section</u> <u>9(b)</u> hereof, subject to the provisions of <u>Section</u> <u>24</u> hereof, the Company shall pay to the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Accrued Benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the Executive's continued compliance with the obligations in Sections 8, 9 and 10 hereof, the Pro Rata Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to the Executive's continued compliance with the obligations in Sections 8, 9 and 10 hereof, an amount equal to the product of (A) the Severance Multiple and (B) the sum of (I) the Executive's Base Salary and (II) the average Annual Bonus earned with respect to each of the last three consecutive completed calendar years immediately preceding the date of termination (or during such shorter actual time of employment, as applicable, with such amount payable (or, to the extent applicable, deliverable) in a single lump sum within ten (10) business days following the Release Effective Date (as defined in Section 8 hereof); provided that each payment made pursuant to this Section is intended to qualify as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) or as a separation pay plan payment within the meaning of Treasury Regulation Section 1.409A-1(b)(9), and shall be interpreted and administered accordingly; provided, further, that to the extent that the payment of any amount constitutes "nonqualified deferred compensation" for purposes of Code Section 409A (as defined in <u>Section</u> <u>24</u> hereof), any such payment scheduled to occur during the first sixty (60) days following the termination of employment shall not be paid until the first regularly scheduled pay period following the sixtieth (60<sup>th</sup>) day following such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Prior Year Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the COBRA Reimbursement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any unvested equity award granted under the 2026 Plan or any successor equity incentive plan thereto (1) that is subject solely to a time-based vesting condition, a prorated portion of such award that would have become vested as of the next vesting date immediately following the date of Executive's termination of employment shall become vested upon such date of termination, calculated based on multiplying the number of shares which would have become vested as of such next vesting date pursuant to such award by a fraction, the numerator of which is (i) the number of completed months for which Executive was employed during the period beginning on the prior vesting date (or grant date if no vesting date has occurred) and ending on the date of termination, and the denominator of which is (ii) the

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number of months in the applicable vesting period, and (2) that is subject to subsequent performance-based vesting conditions shall remain outstanding and eligible to vest based on actual performance achievement in accordance with the performance metrics set forth in the applicable award agreement; provided that the number of shares subject to such award that vest and are paid/settled on such date(s) shall be pro-rated by a fraction, the numerator of which is the number of days elapsed from the beginning of the performance period applicable to such award through and including the date of Executive's termination of employment and the denominator of which is the total number of days comprising the full performance period applicable to such award.

Payments and benefits provided in this <u>Section</u> <u>7(d)</u> shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any of the plans, policies or programs of the Company or under the Worker Adjustment Retraining Notification Act of 1988 or any similar state statute or regulation.

For the purposes of this Agreement, the "<u>Severance Multiple</u>" shall mean three (3) in the event the Executive's termination of employment occurs during the Initial Term and two (2) if the Executive's termination of employment occurs after the expiration of the Initial Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **TERMINATION IN CONNECTION WITH A CHANGE IN CONTROL**. Notwithstanding the foregoing, if the Executive's employment is terminated pursuant to <u>Section</u> <u>7(d)</u> on or within twenty-four (24) months following a Change in Control, and provided that the Executive shall have executed and delivered to the Company a general release pursuant to <u>Section</u> <u>8</u> and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, in addition to the payments or benefits pursuant to <u>Section</u> <u>7(d)</u>, any unvested equity award (i) that is subject solely to a time-based vesting condition will accelerate and vest in full and (ii) that is subject to subsequent performance-based vesting conditions shall vest and be settled at the greater of target and actual performance, each as of the Executive's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **OTHER OBLIGATIONS**. Upon any termination of the Executive's employment with the Company, the Executive shall be deemed to have resigned from any position as an officer, director or fiduciary of any Company-related entity, and shall execute any documentation as requested by the Company to effectuate the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **EXCLUSIVE REMEDY**. The amounts payable to the Executive following termination of employment and the Employment Term hereunder pursuant to <u>Sections 6</u> and <u>7</u> hereof shall be in full and complete satisfaction of the Executive's rights under this Agreement and any other claims that the Executive may have in respect of the Executive's employment with the Company or any of its Affiliates, and the Executive acknowledges that such amounts are fair and reasonable, and are the Executive's sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of the Executive's employment hereunder or any breach of this Agreement. Notwithstanding the foregoing, any equity awards subject to performance-based vesting conditions shall continue to be treated in accordance with the terms of the applicable grant agreements, to the extent applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RELEASE; NO MITIGATION; NO SET-OFF**. Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits and any Prior Year Bonus shall only be payable if the Executive (or, if applicable, Executive's estate or beneficiary) delivers to the Company and does not revoke a general release of claims in favor of the Company in substantially the form attached on <u>Exhibit B</u> hereto. Such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination (the "<u>Release Effective Date</u>"). In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Executive as a result of employment by a subsequent employer, except as provided in <u>Section</u> <u>7(a)(vii)</u> hereof. The Company's obligations to pay the Executive amounts hereunder shall not be subject to set-off, counterclaim or recoupment of amounts owed by the Executive to the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. RESTRICTIVE COVENANTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **CONFIDENTIALITY**. During the course of the Executive's employment with the Company, the Executive will have access to Confidential Information. For purposes of this Agreement, "<u>Confidential Information</u>" means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know- how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company or any of its Affiliates, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. The Executive agrees that, except as provided in <u>Section</u> <u>11</u> hereof, the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive's assigned duties and for the benefit of the Company and its subsidiaries and Affiliates, either during the period of the Executive's employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company's and its subsidiaries' and Affiliates' part to maintain the confidentiality of such information, and to use such information only for certain limited purposes, in each case, which shall have been obtained by the Executive during the Executive's employment by the Company (or any predecessor). The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or, to the knowledge of the Executive, any third party; (iii) is independently developed by Executive, or comes into possession of the Executive, other than in connection with his employment hereunder; or (iv) the Executive is required to disclose by applicable law or regulation, or a valid order or subpoena or request issued by a court of competent jurisdiction or an authorized governmental or regulatory agency, provided that the Executive, unless such notice is prohibited, provides the Company with prior notice of the contemplated disclosure promptly upon learning of such requirement, and reasonably in advance of such disclosure, (A) discloses

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only that portion of the Confidential Information that is legally required to be disclosed, (B) uses reasonable efforts to ensure that such disclosure is afforded confidential treatment, and (C) cooperates with the Company at the Company's expense in seeking a protective order or other appropriate protection of such information. For purposes of this Agreement, "<u>Affiliate</u>" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by, or is under common control with such entity, whether existing on the date hereof or hereafter acquired or formed; provided, however, that no portfolio company or investment of any direct or indirect equityholder of the Company shall be deemed an Affiliate of the Company solely by virtue of sharing a common investor. For purposes of this definition, "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies, whether through ownership of voting securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **NONCOMPETITION**. The Executive acknowledges that (i) the Executive performs services of a unique nature for the Company that are irreplaceable, and that the Executive's performance of such services to a competing business would result in irreparable harm to the Company, (ii) the Executive has had and will continue to have access to Confidential Information which, if disclosed, would unfairly and inappropriately assist in competition against the Company or any of its Affiliates, (iii) in the course of the Executive's employment by a competitor, the Executive would inevitably use or disclose Confidential Information, (iv) the Company and its Affiliates have substantial relationships with their customers and the Executive has had and will continue to have access to these customers, (v) the Executive has received and will receive specialized training from the Company and its Affiliates, (vi) the Executive has generated and will continue to generate goodwill for the Company and its Affiliates in the course of the Executive's employment, and (vii) the restrictive covenants set forth herein are supported by adequate consideration, including the Company's agreement to provide the compensation, benefits, and severance payments set forth in this Agreement. Accordingly, during the Employment Term and the Restricted Period (as defined below), the Executive agrees that the Executive will not engage in any Competitive Activities (as defined below), except to the extent permissible pursuant to <u>Section</u> <u>26</u> or a Permitted Activity, in any basin or location in which the Company or any of its subsidiaries operates and owns any Hydrocarbon Interests (as defined below). Notwithstanding the foregoing, nothing herein shall prohibit the Executive from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with the Company or any of its subsidiaries or Affiliates, so long as the Executive has no active participation in the business of such corporation, or owning a passive investment in any mutual, private equity or hedge fund or similar pooled investment vehicle. For the purposes of this Agreement, (A) "<u>Competitive Activities</u>" shall mean owning any interest in, participating in (whether as a director, officer, employee, member, or partner), consulting with, rendering services for (including as an employee or independent contractor), or in any manner engaging in any business or enterprise involving or related to the acquisition, ownership, or operation of Hydrocarbon Interests, in each case, except to the extent permissible pursuant to <u>Section</u> <u>26</u>; (B) "<u>Hydrocarbon Interests</u>" shall mean mineral and royalty assets and interests; and (C) "<u>Restricted Period</u>" means the period beginning on the Executive's last day of employment with the Company and ending (I) on the second anniversary thereof, if such termination of employment occurs prior to the expiration of the Initial Term and (II) on the first anniversary thereof, if such termination occurs upon or after the expiration of the Initial Term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **NONSOLICITATION; NONINTERFERENCE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During the Employment Term and the Restricted Period, the Executive agrees that the Executive shall not, except in the furtherance of the Executive's duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any customer of the Company or any of its subsidiaries or Affiliates to cease or reduce doing business with the Company or any of its subsidiaries or Affiliates, or to purchase goods or services then sold by the Company or any of its subsidiaries or Affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer or interfere in any way with the business relationship between any customer of the Company and the Company or any of its subsidiaries or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the Employment Term and the Restricted Period, the Executive agrees that the Executive shall not, except in the furtherance of the Executive's duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent of the Company or any of its subsidiaries or Affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent, or (B) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company or any of its subsidiaries or Affiliates and any of their respective vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered by this <u>Section</u> <u>9(c)(ii)</u> while so employed or retained and for a period of six (6) months thereafter. Notwithstanding the foregoing, a general solicitation that is not targeted at employees, representatives, or agents of the Company shall not constitute a breach of this <u>Section</u> <u>9(c)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **NONDISPARAGEMENT**. Except as provided in <u>Section</u> <u>11</u> hereof, the Executive agrees not to make negative comments or otherwise disparage the Company or its officers, directors, employees, or products other than to the extent necessary in the good faith performance of the Executive's duties to the Company while the Executive is employed by the Company. The Company agrees to instruct its officers and directors at the time of the Executive's termination and, to the extent the Executive is terminated in connection with a Change in Control (as defined in the 2026 Plan), its officers and directors in the ninety (90)-day period following such Change in Control, not to make negative or defamatory comments about or otherwise disparage the Executive other than in the good faith performance of duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **INVENTIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, works of authorship and other work product, whether patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to and/or within the scope of the Executive's work with the Company or that relate to the business, operations or actual or demonstrably anticipated research or development of the

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Company, and that are made or conceived by the Executive, solely or jointly with others, during the Employment Term and that are not made or conceived by the Executive, solely or jointly with others, in performance of any Permitted Activities or in connection with businesses acquired or invested in connection with <u>Section</u> <u>26</u> hereof, or (B) suggested by any work that the Executive performs in connection with the Company while performing the Executive's duties with the Company shall belong exclusively to the Company (or its designee), whether or not patent or other applications for intellectual property protection are filed thereon (the "<u>Inventions</u>"). The Executive will keep full and complete written records (the "<u>Records</u>"), in the manner prescribed by the Company, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property of the Company, and the Executive will surrender them upon the termination of the Employment Term, or upon the Company's request. The Executive irrevocably conveys, transfers and assigns to the Company the Inventions and all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to the Employment Term, together with the right to file, in the Executive's name or in the name of the Company (or its designee), applications for patents and equivalent rights (the "<u>Applications</u>"). The Executive will, at any time during and subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths, and perform all other acts as may be requested from time to time by the Company to perfect, record, enforce, protect, patent or register the Company's rights in the Inventions, all without additional compensation to the Executive from the Company but at the Company's sole expense. The Executive will also execute assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company's benefit, all without additional compensation to the Executive from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on behalf of the Company and the Executive agrees that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to the Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, or the rights in such Inventions do not otherwise automatically vest in the Company, the Executive hereby irrevocably conveys, transfers and assigns to the Company, all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of the Executive's right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, the Executive hereby waives any so-called "moral rights" with respect to the Inventions. To the extent that the Executive has any rights in the results and proceeds of the Executive's service to the Company that cannot be assigned in the manner described herein, the Executive agrees to unconditionally waive the enforcement of such rights. The Executive hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon including, without limitation, any rights that would otherwise accrue to the Executive's benefit by virtue of the Executive being an employee of or other service provider to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **RETURN OF COMPANY PROPERTY**. Promptly following the Executive's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Executive shall return all property belonging to the Company or its Affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company). The Executive may retain the Executive's Outlook contacts and calendar (or similar items) provided that such items only include contact and calendar information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **REASONABLENESS OF COVENANTS**. In signing this Agreement, the Executive gives the Company assurance that the Executive has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this <u>Section</u> <u>9</u> hereof. The Executive agrees that these restraints are necessary for the reasonable and proper protection of the Company and its Affiliates and their Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the restraints. The Executive agrees that, before providing services, whether as an employee or consultant, to any entity during the period of time that the Executive is subject to the constraints in <u>Section</u> <u>9(a)</u> hereof, the Executive will provide a copy of <u>Section</u> <u>9</u> of this Agreement to such entity. The Executive acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company and its Affiliates and that the Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants that the Executive will not challenge the reasonableness or enforceability of any of the covenants set forth in this <u>Section</u> <u>9</u>, and that the Executive will reimburse the Company and its Affiliates for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this <u>Section</u> <u>9</u> if either the Company and/or its Affiliates prevails on any material issue involved in such dispute or if the Executive challenges the reasonableness or enforceability of any of the provisions of this <u>Section</u> <u>9</u>. It is also agreed that each of the Company's Affiliates will have the right to enforce all of the Executive's obligations to that Affiliate under this Agreement, including without limitation pursuant to this <u>Section</u> <u>9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **REFORMATION**. If it is determined by a court of competent jurisdiction in any state that any restriction in this <u>Section</u> <u>9</u> is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **TOLLING**. In the event of any violation of the provisions of this <u>Section</u> <u>9</u>, the Executive acknowledges and agrees that the post-termination restrictions contained in this <u>Section</u> <u>9</u> shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **SURVIVAL OF PROVISIONS**. The obligations contained in <u>Sections 9</u> and <u>10</u> hereof shall survive the termination or expiration of the Employment Term and the Executive's employment with the Company and shall be fully enforceable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **RESTRICTIONS ON RESALE**. In addition to any restrictions on transfer set forth in the Amended and Restated Agreement of Limited Partnership of OpCo (the "<u>Operating Agreement</u>"), without the prior written consent of a majority of independent directors of PubCo, the Executive shall not offer, sell, contract to sell or otherwise transfer or dispose of any of the Common Units (as defined in the Operating Agreement) or shares of Class A Common Stock (as defined in the Operating Agreement) received in exchange therefor, or securities convertible or exchangeable or exercisable for any of the Common Units or shares of Class A Common Stock, or enter into any swap, hedge, or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Units or shares of Class A Common Stock for a period of twelve (12) months commencing on the date of consummation of PubCo's initial public offering of shares of Class A Common Stock (the "<u>IPO Date</u>") (such period, the "<u>Lockup Period</u>"); <u>provided</u>, <u>however</u>, that nothing in this paragraph shall prohibit the Executive from (i) distributing Common Units to the Executive's Relatives (as defined in the Operating Agreement) received as consideration in connection with this Agreement or any other arrangement, provided such Relatives agree in writing to the restrictions of this <u>Section</u> <u>9(k)</u>, or (ii) pledging such Common Units or shares of Class A Common Stock, provided such pledgee agrees in writing to the restrictions of this <u>Section</u> <u>9(k)</u>. The foregoing restrictions shall not apply to transfers by the Executive to the Executive's Affiliates, successors or any trust, family partnership or family limited liability company established for the benefit of the Executive or the Executive's Relatives, so long as such transferee agrees in writing to be bound by the terms of this <u>Section</u> <u>9(k)</u>. Notwithstanding the foregoing or any other provision in this Agreement to the contrary, (i) the provisions of this <u>Section</u> <u>9(k)</u> shall cease to be in effect upon the closing of a General Partner Change of Control (as defined in the Operating Agreement), and (ii) following the Lockup Period, in the event the Executive shall die while holding Common Units or shares of Class A Common Stock, such Common Units or shares of Class A Common Stock shall be immediately and freely transferable, subject to applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. COOPERATION**. Upon the receipt of reasonable notice from the Company or its outside counsel, the Executive agrees that while employed by the Company and thereafter, the Executive will respond and provide information with regard to matters in which the Executive has knowledge as a result of the Executive's employment with the Company, and will provide reasonable assistance to the Company, its Affiliates and their respective representatives in defense of any claims that may be made against the Company or its Affiliates (other than any claims asserted by the Executive), and will assist the Company and its Affiliates in the prosecution of any claims that may be made by the Company or its Affiliates (other than any claims that may be asserted against the Executive), to the extent that such claims may relate to the period of the Executive's employment with the Company (collectively, the "<u>Claims</u>"). The Executive agrees to promptly inform the Company if the Executive becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its Affiliates. The Executive also agrees to promptly inform the Company (to the extent that the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Company or its Affiliates (or their actions) or another party attempts to obtain information or documents from the Executive (other than in connection with any litigation or other proceeding in which the

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Executive is a party-in-opposition) and the Executive shall not provide such information or documents except with the prior written consent of the Company or its counsel or as required by applicable law, regulation or legal process. If the Executive is required by law, regulation, or legal process to provide information or testimony, the Executive shall, unless prohibited by law, provide prompt written notice to the Company so that the Company may seek a protective order or other appropriate remedy. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Executive for all reasonable out-of-pocket travel, duplicating or telephonic expenses and all reasonable legal expenses incurred by the Executive in complying with this <u>Section</u> <u>10</u>. To the extent such cooperation occurs subsequent to the termination of the Executive's employment (and, if the Executive received payment pursuant to <u>Section</u> <u>7(d)(iii)</u>, hereof, subsequent to the expiration of a number of years thereafter equal to the Severance Multiple), the Company shall compensate the Executive for such cooperation at a daily rate equal to (i) the sum of the Executive's final Base Salary divided by (ii) 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. PROTECTED ACTIVITY**. Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Executive from (i) reporting possible violations of federal, state or local law or regulation (including, without limitation, laws relating to fraud, securities, harassment, discrimination, or retaliation) to, or discussing any possible violations with, any governmental agency or entity or self-regulatory organization, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, any agency Inspector General, and FINRA, or making other disclosures under the whistleblower provisions of federal law or regulation, without the prior authorization of the Company to make any such reports or disclosures and the Executive shall not be required to notify the Company that such reports or disclosures have been made; (ii) making truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), (iii) any disclosure or communication made by the Executive in connection with any report or complaint to a federal, state or local governmental or law enforcement agency or body (including, but not limited to, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the Department of Justice), (iv) any disclosure or communication protected under whistleblower provisions of applicable federal, state or local law, or (v) any other disclosure or communication that is required by law. 18 U.S.C. § 1833(b) provides: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal." Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. EQUITABLE RELIEF AND OTHER REMEDIES**. The Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of <u>Section</u> <u>9</u> or <u>Section</u> <u>10</u> hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages. In the event of a violation by the Executive of <u>Section</u> <u>9</u> or <u>Section</u> <u>10</u> hereof, any severance being paid to the Executive pursuant to this Agreement or otherwise shall immediately cease, and any severance previously paid to the Executive shall be immediately repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. NO ASSIGNMENTS**. This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section</u> <u>13</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Executive:

At the address (or to the e-mail address or facsimile number) shown in the books and records of the Company.

If to the Company:

2000 Market Street, Suite 910

Philadelphia, PA 19103

Attention: General Counsel

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. SECTION HEADINGS; INCONSISTENCY**. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection

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with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. SEVERABILITY**. The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. COUNTERPARTS**. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. ARBITRATION**. Any dispute or controversy arising under or in connection with this Agreement or the Executive's employment with the Company shall be settled exclusively by confidential arbitration, conducted before a single arbitrator (as an individual, and not a class or collection action) in New York, New York in accordance with the American Arbitration Association Employment Arbitration Rules and Mediation Procedures (the "<u>Rules</u>") then in effect; provided, however, that the following claims are excluded from mandatory arbitration: (i) claims for injunctive or equitable relief under Section 12 hereof; (ii) claims of sexual assault, sexual harassment, or whistleblower retaliation under the Sarbanes-Oxley Act or the Dodd-Frank Act; and (iii) any other claim that cannot be subject to mandatory arbitration as a matter of law. A copy of the current version of the Rules is available at: https://www.adr.org/media/0vrpbnm0/2025_employment_arbitration_rules.pdf. To the fullest extent of the law, the arbitrator shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, formation, or enforceability of this Agreement, including but not limited to the arbitrability of any dispute between the parties. The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator's award in any court having jurisdiction. The parties acknowledge and agree that in connection with any such arbitration, (a) the arbitration costs shall be borne entirely by the Company, (b) each party shall pay all of its own costs and expenses, except as otherwise required by applicable law, including, without limitation, its own legal fees and expenses, provided that the Company will reimburse the Executive for all costs (including reasonable attorneys' fees) incurred in a dispute if the Executive prevails on any material issue involved in such dispute, and (c) the arbitrator shall have no power to award punitive damages to either party, except where an applicable statute allows for punitive damage. The parties further agree that this arbitration provision is intended to be mutually binding and enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. INDEMNIFICATION**. The Company hereby agrees to indemnify the Executive and hold the Executive harmless to the greatest extent permitted by law or provided under the By-Laws of the Company against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Executive's good faith performance of the Executive's duties and obligations with the Company, and shall provide advancement of expenses to the greatest extent permitted under applicable law. This obligation shall survive the termination of the Executive's employment with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. LIABILITY INSURANCE**. The Company shall purchase and maintain, at its own expense, directors; and officers' liability insurance and cover the Executive under such directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement which shall not be less favorable than the coverage provided to other senior executive officers and directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. GOVERNING LAW; WAIVER OF JURY TRIAL.** This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of New York (without regard to its choice of law provisions). **As a specifically bargained for inducement for each of the parties hereto to enter into this Agreement (after having the opportunity to consult with counsel), each party hereto expressly waives the right to trial by jury in any lawsuit or proceeding relating to or arising in any way from this Agreement or the matters contemplated hereby.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. MISCELLANEOUS**. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or director as may be designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Executive and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. REPRESENTATIONS**. The Executive represents and warrants to the Company that (a) the Executive has the legal right to enter into this Agreement and to perform all of the obligations on the Executive's part to be performed hereunder in accordance with its terms, and (b) the Executive is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Executive from entering into this Agreement or impair in any way the performance of the Executive's duties and obligations hereunder. In addition, the Executive acknowledges that the Executive is aware of Section 304 (Forfeiture of Certain Bonuses and Profits) of the Sarbanes-Oxley Act of 2002 and the right of the Company to be reimbursed for certain payments to the Executive in compliance therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. TAX MATTERS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **WITHHOLDING**. The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DELIVERY OF SHARES ON NET BASIS**. In the event the Executive is to be issued shares of Class A common stock in accordance with any equity awards granted pursuant to this Agreement and the Executive is not able to sell a sufficient number of shares of Class A common stock to satisfy the Executive's applicable tax withholding obligations through a broker-assisted sale or other "sell-to-cover" mechanism, the Company shall, upon the Executive's election, retain a sufficient number of such shares to satisfy the Executive's tax withholding obligations and deliver the remaining shares on a net share settlement basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **SECTION 409A COMPLIANCE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement be exempt from or otherwise comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section</u> <u>409A</u>"), and any ambiguity shall be interpreted in accordance with the foregoing to the maximum extent permitted. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Executive, and (B) the date of the Executive's death, to the extent required under Code Section 409A to avoid imposition of any additional taxes or interest. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section</u> <u>24(c)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Any payments subject to Code Section 409A that are subject to

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execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall not commence payment prior to the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to avoid additional taxes, penalties or interest under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Executive's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **EXCESS PARACHUTE PAYMENTS; LIMITATIONS ON PAYMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision of this Agreement, if any payment or benefit received or to be received by the Executive (including any payment or benefit received in connection with a termination of the Executive's employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits, including the payments and benefits under <u>Section</u> <u>7</u>, being hereinafter referred to as the "<u>Total Payments</u>") would, but for this <u>Section</u> <u>24(d)</u>, be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the "<u>Excise Tax</u>"), then, the Total Payments shall be reduced (but not below zero), to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). If the Total Payments are so reduced, the Company shall reduce or eliminate the Total Payments (A) by first reducing or eliminating the portion of the

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Total Payments which are not payable in cash (other than that portion of the Total Payments subject to clause (C)), (B) then by reducing or eliminating cash payments (other than that portion of the Total Payments subject to clause (C)) and (C) then by reducing or eliminating the portion of the Total Payments (whether payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a "payment" within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of an independent, nationally recognized accounting firm (the "<u>Independent Advisors</u>") selected by the Company, does not constitute a "parachute payment" within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the "base amount" (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any determination required under this <u>Section</u> <u>24(d)</u>, including whether any payments or benefits are parachute payments, shall be made at the Company's expense by an independent public accounting firm that is mutually agreed by the Company and the Executive (the "<u>Accounting Firm</u>"), based upon reasonable, good faith assumptions and interpretations of Section 280G of the Code. The Executive and the Company shall provide the Accounting Firm with such information and documents as the Accounting Firm may reasonably request in order to make a determination under this <u>Section</u> <u>24(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. SARBANES-OXLEY ACT OF 2002**. Notwithstanding anything herein to the contrary, if the Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "<u>Exchange Act</u>"), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. CORPORATE OPPORTUNITES.** During the Employment Term, the Executive shall submit to the Board (or an authorized subcommittee thereof) in writing all business, commercial and investment opportunities or offers presented to the Executive which reasonably relate to, and are within the scope of, the business of the Company and its Affiliates ("<u>Business Opportunities</u>") before pursuing any such Business Opportunities for his own personal benefit. If the Board (or authorized subcommittee thereof) either formally declines the opportunity (or pursuit thereof) or fails to authorize the Company's pursuit of such opportunity within 45 days of the Executive submitting to the Board (or an authorized subcommittee thereof)

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(the "<u>Declined Opportunities</u>"), the Executive shall be permitted to pursue, invest in, acquire, or otherwise participate in, such Declined Opportunity; so long as such Business Opportunities do not interfere in any material respect with Executive's performance of his duties hereunder or violate Executive's obligations under <u>Section</u> <u>9</u> of this Agreement. Any Business Opportunity that the Company exercises its right to pursue and then later renounces or elects to discontinue pursuit, shall, at such time, be considered a Business Opportunity eligible for submission to the Board by Executive. In addition, the Executive shall be permitted to pursue, invest in, acquire, or otherwise participate in business, investment, and commercial opportunities that are not related to the current or reasonably anticipated business activities of the Company and its Affiliates ("<u>Outside Opportunity</u>"), provided that such Outside Opportunity does not constitute a breach of Executive's obligations under <u>Section</u> <u>9</u> and so long as Executive's involvement in such Outside Opportunities, together with the Executive's involvement in any Business Opportunities, do not interfere with the Executive's performance of his duties hereunder in any material respect. The Company acknowledges and agrees that the Executive's pursuit, involvement and/or direct or indirect investment or other participation in such Declined Opportunities and Outside Opportunities shall not be a breach of this Agreement (including, without limitation, the restrictive covenants set forth herein, subject to the requirements of this Section 26); provided, that, notwithstanding anything to the contrary in this <u>Section</u> <u>26</u> or otherwise, in the event the Board reasonably determines in good faith that any such Declined Opportunities or Outside Opportunities constitute a breach of Executive's fiduciary duties to Pubco and the Company or otherwise would result in material harm to Pubco, the Company or their respective subsidiaries, Executive shall not be permitted to pursue, invest in, acquire, or otherwise participate in such Declined Opportunities or Outside Opportunities. For the avoidance of doubt, nothing in this Section 26 shall modify or constitute a waiver of the Executive's fiduciary duties to PubCo, the Company, or their respective subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27. CLAWBACK**. Notwithstanding any other provisions in this Agreement, any payments made pursuant to this Agreement shall be subject to recovery or clawback by the Company under any applicable clawback policy adopted by the Company in accordance with the Securities and Exchange Commission regulations or other applicable law, and the Executive agrees to execute appropriate acknowledgements or other documentation as may be required pursuant to such policies from time to time.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

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| |
|:---|
| **COMPANY** |
| By: |
| Name: |
| Title: |
| <br> **EXECUTIVE** |

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**EXHIBIT B** 

**<u>GENERAL RELEASE</u>**

I, [___________], in consideration of and subject to the performance by WhiteHawk Minerals Corp., a Delaware incorporated company ("<u>PubCo</u>") , WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership ("<u>OpCo</u>" and together with PubCo and any subsidiaries or Affiliates as may employ Executive from time to time, the "<u>Company</u>"), of its obligations under the Employment Agreement dated as of [ ⚫ ], 2026 (the "Agreement") do hereby release and forever discharge as of the date hereof the Company and its respective Affiliates and all present, former and future managers, directors, officers, employees, agents, successors and assigns of the Company and its Affiliates and direct or indirect owners (collectively, the "<u>Released Parties</u>") to the extent provided below (this "<u>General Release</u>"). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.

1. My employment or service with the Company and its Affiliates terminated as of [ ⚫ ], 20[ ⚫ ], and I hereby resign from any position as an officer, member of the board of managers or directors (as applicable) or fiduciary of the
Company or its Affiliates (or reaffirm any such resignation that may have already occurred). I understand certain payments to me under <u>Section</u> <u>7</u> of the Agreement represent, in part, consideration for signing this General
Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive certain of the payments and benefits specified in <u>Section</u> <u>7</u> of the Agreement unless I execute
this General Release and do not revoke this General Release within the time period permitted hereafter. I understand and agree that such payments and benefits are subject to <u>Sections 9</u> and <u>10</u> of the Agreement, which (as noted below)
expressly survive my termination of employment and the execution of this General Release. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or
hereafter established by the Company or its Affiliates.

2. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly
survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims,
suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages,
other damages, claims for costs and attorneys' fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or
unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have against the Company or any of the Released Parties that arise out of or are
connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil

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Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys' fees incurred in these matters) (all of the foregoing collectively referred to herein as the "<u>Claims</u>").

3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other
matter covered by paragraph 2 above.

4. I agree that this General Release does not waive or release any rights or claims that I may have under the Age
Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the
basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all
Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not
being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; <u>provided</u>, <u>however</u>, that I disclaim and waive any
right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving any claims or rights (i) to the Accrued Benefits or any severance benefits to which
I am entitled under the Agreement, (ii) relating to directors' and officers' liability insurance coverage or any right of indemnification or advancement of expenses under the Company's organizational documents, the Agreement
or otherwise, (iii) as an equity or security holder in the Company or its Affiliates, (iv) arising under <u>Section</u> <u>9(d)</u> of the Agreement, or (v) with respect to vested benefits under any of the Company's
benefit plans.

6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every
one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected
Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or
implied. I

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acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.

7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release,
shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

8. I agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay
all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys' fees.

9. I agree that this General Release and the Agreement are confidential and agree not to disclose any information
regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing
not to disclose the same to anyone.

10. Any non-disclosure provision in this General Release does not prohibit
or restrict me (or my attorney) from discussing any issue with the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self- regulatory organization or any
governmental entity.

11. I hereby acknowledge that <u>Sections</u> <u>7</u> through <u>14</u>, <u>19</u> through <u>22</u> and <u>24</u> through <u>27</u> of the Agreement shall survive my execution of this General Release.

12. I represent that I am not aware of any claim by me other than the claims that are released by this General
Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or
suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it.

13. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

14. Whenever possible, each provision of this General Release shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein.

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BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I HAVE READ IT CAREFULLY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I HAVE HAD AT LEAST **[21][45]** DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE
CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

SIGNED: DATED:

## Exhibit 10.19

**Exhibit 10.19** 

**<u>EMPLOYMENT AGREEMENT</u>**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of , 2026, between WhiteHawk Minerals Corp., a Delaware incorporated company ("<u>PubCo</u>"), WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership ("<u>OpCo</u>" and together with PubCo and any subsidiaries or affiliates as may employ Executive from time to time, the "<u>Company</u>"), and Jeffrey Slotterback (the "<u>Executive</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>

**WHEREAS**, the Company desires to employ the Executive as Chief Financial Officer, Treasurer and Secretary of the Company; and

**WHEREAS**, the Company and the Executive desire to enter into this Agreement as to the terms of the Executive's employment with the Company.

**NOW, THEREFORE**, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. POSITION AND DUTIES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section</u> <u>2</u> hereof), the Executive shall serve as the Chief Financial Officer, Treasurer and Secretary of the Company. In this capacity, the Executive shall have the duties, authorities and functions commensurate with the duties, authorities and functions of persons holding such titles in similarly-sized companies. The Executive's principal place of employment with the Company shall be in Philadelphia, Pennsylvania, <u>provided</u> that the Executive understands and agrees that the Executive may be required to travel from time to time for business purposes. The Executive shall report directly to the Chief Executive Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Executive shall devote substantially all business time, energy, business judgment, knowledge and skill and the Executive's best efforts to the performance of the Executive's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Executive from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board of Directors (the "Board") of PubCo, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry activities, (iii) managing the Executive's personal investments and (iv) pursuing, investing in, acquiring, or otherwise participating in any Declined Opportunity or Outside Opportunity in accordance with <u>Section</u> <u>26</u> of this Agreement (collectively, the "<u>Permitted Activities</u>") so long as such activities in the aggregate do not materially interfere with the Executive's duties hereunder or create a business or fiduciary conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. EMPLOYMENT TERM**. The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so employed, for a term commencing as of the date hereof (the "<u>Effective Date</u>") and ending on the third anniversary of the Effective Date (the "<u>Initial Term</u>"). On the third anniversary of the Effective Date and each one-year anniversary of such date thereafter, the term of this Agreement shall be automatically

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extended for successive one-year periods, <u>provided</u>, <u>however</u>, that either party hereto may elect not to extend this Agreement by giving written notice to the other party at least sixty (60) days prior to any such anniversary date. Notwithstanding the foregoing, the Executive's employment hereunder may be earlier terminated in accordance with <u>Section</u> <u>6</u> hereof, subject to <u>Section</u> <u>7</u> hereof. The period of time between the Effective Date and the termination of the Executive's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. BASE SALARY**. The Company agrees to pay the Executive a base salary at an annual rate of not less than $400,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Executive's Base Salary shall be subject to annual review by the Board (or a committee thereof), and may be increased, but not decreased (unless such decrease is part of a company-wide or management-wide reduction), from time to time by the Board. The base salary as determined herein and as may be increased from time to time shall constitute "<u>Base Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. ANNUAL BONUS**. For each fiscal year of the Company during the Employment Term the Executive shall be eligible to receive an annual bonus (the "<u>Annual Bonus</u>") with a target amount of no less than one hundred percent (100%) of the Executive's Base Salary (the "<u>Target Annual Bonus</u>"), payable in a combination of cash and/or equity awards, as determined by the Board (or authorized committee thereof) in its sole discretion. The value of any equity awards shall be calculated based on the grant date fair value of such awards. The Board (or such authorized committee) shall determine in its sole discretion the amount, form(s) and mix, and such other terms and conditions (including vesting, exercise and settlement) applicable to any such equity award, taking into account the Executive's and the Company's performance; provided, however, that the form(s), mix, terms and conditions shall be reasonably consistent in all material respects as those provided to other senior executives of the Company unless otherwise agreed to by the Executive. Any Annual Bonus for a fiscal year of the Company shall be paid in the next succeeding fiscal year on or before March 15 of such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. EMPLOYEE BENEFITS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **BENEFIT PLANS**. During the Employment Term, the Executive shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided hereunder. The Executive's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies in effect from time to time. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **VACATIONS**. During the Employment Term, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its similarly situated senior executives, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BUSINESS EXPENSES**. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Company shall pay or the Executive shall be reimbursed in accordance with the Company's expense reimbursement policy in effect from time to time, for all reasonable out-of-pocket business expenses incurred by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. TERMINATION**. The Executive's employment and the Employment Term shall terminate on the first of the following to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DISABILITY**. Upon ten (10) days' prior written notice by the Company to the Executive of termination due to Disability. For purposes of this Agreement, "<u>Disability</u>" means, a condition entitling the Executive to receive benefits under a long-term disability plan of the Company or an Affiliate in which such Executive is eligible to participate, or, in the absence of such a plan, a permanent and total disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). A Disability shall only be deemed to occur if the Executive has been unable to perform the Executive's principal duties and responsibilities hereunder for ninety (90) consecutive days or one hundred and twenty (120) days during any period of three hundred and sixty-five (365) consecutive calendar days. Notwithstanding the foregoing, for payments that are subject to Code Section 409A (as defined in <u>Section</u> <u>24</u> hereof), Disability shall mean that the Executive is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DEATH**. Automatically upon the date of death of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **CAUSE**. Immediately upon written notice by the Company to the Executive of a termination for Cause. "<u>Cause</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's continued and willful failure to substantially perform his duties (other than as a result of Disability), which continues beyond fifteen (15) days after a written demand for substantial performance is delivered by the Board that specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) grossly negligent or illegal conduct, or gross misconduct, by the Executive that is reasonably likely to result in material damage to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's conviction of, or the plea of guilty or nolo contendere or the equivalent in respect to, any felony or a misdemeanor involving an act of dishonesty, moral turpitude, deceit or fraud; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's material breach of any non-competition, non-solicitation, confidentiality, non-disparagement or other restrictive covenant provision relating to the Company, which breach is not cured (if capable of cure) within fifteen (15) days following notice of such breach provided by the Company that specifically identifies the manner in which the Company believes that the Executive breached any such provisions.

In order to terminate the Executive's employment for Cause, the Company must provide the Executive with written notice of its intention to terminate the Executive's employment for Cause setting forth in reasonable detail the specific conduct allegedly constituting Cause and the specific provisions of this Agreement on which such claim is based.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **WITHOUT CAUSE**. Upon thirty (30) days advance written notice by the Company to the Executive of an involuntary termination without Cause (other than for death or Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **GOOD REASON**. Upon written notice by the Executive to the Company of a termination for Good Reason. "<u>Good Reason</u>" shall mean the occurrence of any of the following events, without the express written consent of the Executive, unless such events are fully corrected in all material respects by the Company within thirty (30) days following written notification by the Executive to the Company of the occurrence of one of the reasons set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in the Executive's titles, duties or authorities, including (A) a change in the Executive's reporting such that he no longer reports directly to the Chief Executive Officer of the Company and (B) any material diminution in duties and/or authorities such that the Executive no longer has such duties and/or authorities typically associated with the Chief Financial Officer, Treasurer and Secretary of a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material diminution in the Executive's Base Salary (unless such diminution is part of a company-wide or management-wide reduction) or a material diminution in the Executive's Target Annual Bonus opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a material breach of this Agreement by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a relocation of the Executive's primary office location by more than thirty (30) miles if such relocation materially increases the Executive's commute.

The Executive shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within forty-five (45) days after the Executive first has notice of the first occurrence of such circumstances, and, to the extent uncured, actually terminate employment within thirty (30) days following the expiration of the Company's thirty (30)-day cure period described above. Otherwise, any claim of such circumstances as "Good Reason" shall be deemed irrevocably waived with respect to such circumstance by the Executive and no such termination for Good Reason shall be deemed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **WITHOUT GOOD REASON**. Upon thirty (30) days' prior written notice by the Executive to the Company of the Executive's voluntary termination of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **EXPIRATION OF EMPLOYMENT TERM; NON-EXTENSION OF AGREEMENT**. Upon the expiration of the Employment Term due to the delivery of a non-extension notice by the Company or the Executive in accordance with <u>Section</u> <u>2</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. CONSEQUENCES OF TERMINATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DEATH**. In the event that the Executive's employment and the Employment Term end on account of the Executive's death, the Executive or the Executive's estate, as the case may be, shall be entitled to the following (with the amounts due under <u>Sections 7(a)(i)</u> through <u>7(a)(iii)</u> and <u>7(a)(v)</u> hereof to be paid within sixty (60) days following termination of employment, or such earlier date as may be required by applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any unpaid Base Salary through the date of termination;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimbursement for any unreimbursed business expenses incurred through the date of termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any accrued but unused vacation time in accordance with Company policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all other payments, benefits or fringe benefits to which the Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement, payable in accordance with the terms of each such plan, program, or grant or as provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a pro-rata portion of the Executive's Target Annual Bonus for the fiscal year in which the Executive's termination occurs (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the number of days during the fiscal year of termination that the Executive is employed by the Company and the denominator of which is 365), payable within thirty (30) days of the Executive's termination of employment in cash (the "<u>Pro Rata Bonus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the earned Annual Bonus for any completed fiscal year ending prior to the date of termination, to the extent not previously paid payable in cash or fully-vested and freely tradeable shares of the Company's common stock, as determined by the Board in its sole discretion as and when such Annual Bonus would have been paid had the Executive's employment not terminated (the "<u>Prior Year Bonus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to (A) the Executive's (or his covered dependents') timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("<u>COBRA</u>") and (B) the Executive's (or, if applicable, his estate's) continued compliance with the obligations in <u>Sections 8</u>, <u>9</u> and <u>10</u> hereof, reimbursement of the Executive's COBRA premiums at the same level (including coverage for dependents, if applicable) and cost as if the Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee's ability to pay premiums with pre-tax dollars) participating in the Company's group health plan for eighteen (18) months; <u>provided</u> that the Company may modify the continuation coverage contemplated by this <u>Section</u> <u>7(a)(vii)</u> to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable) or to the extent necessary to comply with Code Section 409A under Treasury Regulation Section 1.409A-1(a)(5), in each case, in a manner with the least economic impact to the Executive (or their covered dependents); and <u>provided</u>, <u>further</u>, that in the event that the Executive obtains other employment that offers comparable group health benefits, such reimbursements by the Company under this <u>Section</u> <u>7(a)(vii)</u> shall immediately cease (the benefits described in this <u>Section</u> <u>7(a)(vii)</u>, the "<u>COBRA Reimbursement</u>"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provided that the Executive 's estate or beneficiaries shall have executed and delivered to the Company a general release pursuant to Section 8 and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, any unvested equity award granted under the PubCo 2026 Equity Incentive Plan (as may be amended and restated from time to time, the "<u>2026 Plan</u>") or any successor equity incentive plan thereto (1) that is subject solely to a time-based vesting condition will accelerate and vest in full on the Executive's termination of employment and (2) that is subject to subsequent performance-based vesting conditions shall remain outstanding and continue to be eligible to vest in accordance with the performance metrics set forth in the applicable award agreement (the "<u>Equity Acceleration</u>").

Collectively, <u>Sections 7(a)(i)</u> through <u>7(a)(iv)</u> hereof shall be hereafter referred to as the "<u>Accrued Benefits</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DISABILITY**. In the event that the Executive's employment and/or the Employment Term ends on account of the Executive's Disability, the Company shall pay or provide the Executive with the Accrued Benefits, the Pro Rata Bonus, the Prior Year Bonus and the COBRA Reimbursement and, provided that the Executive shall have executed and delivered to the Company a general release pursuant to Section 8 and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, the Equity Acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **TERMINATION FOR CAUSE OR WITHOUT GOOD REASON OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE EXECUTIVE OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE COMPANY AND WAIVER OF SECTION 9(b) BY THE COMPANY**. If the Executive's employment is terminated (I) by the Company for Cause, (II) by the Executive without Good Reason, (III) as a result of the Executive's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof, or (IV) as a result of the Company's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof and in the notice provided in accordance with <u>Section</u> <u>2</u> the Company states that it is waiving enforcement of, and the Executive shall have no obligation under, <u>Section</u> <u>9(b)</u> hereof, the Company shall pay to the Executive the Accrued Benefits. In addition to the Accrued Benefits, in the event of a termination as a result of Company's non-extension of the Employment Term pursuant to Section 7(c)(IV), the Executive shall be entitled to be paid a Pro Rata Bonus, the Prior Year Bonus, and the COBRA Reimbursement, as well as the Equity Acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **TERMINATION WITHOUT CAUSE OR FOR GOOD REASON OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE COMPANY WITH NO WAIVER OF SECTION 9(b)**. If the Executive's employment by the Company is terminated (I) by the Company other than for Cause, (II) by the Executive for Good Reason, or (III) as a result of the Company's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof and the Company does not state in the notice provided in accordance with <u>Section</u> <u>2</u> that it is waiving enforcement of, and the Executive shall have no obligation under, <u>Section</u> <u>9(b)</u> hereof, subject to the provisions of <u>Section</u> <u>24</u> hereof, the Company shall pay to the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Accrued Benefits;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the Executive's continued compliance with the obligations in Sections 8, 9 and 10 hereof, the Pro Rata Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to the Executive's continued compliance with the obligations in Sections 8, 9 and 10 hereof, an amount equal to the product of (A) the Severance Multiple and (B) the sum of (I) the Executive's Base Salary and (II) the average Annual Bonus earned with respect to each of the last three consecutive completed calendar years immediately preceding the date of termination (or during such shorter actual time of employment, as applicable, with such amount payable (or, to the extent applicable, deliverable) in a single lump sum within ten (10) business days following the Release Effective Date (as defined in Section 8 hereof); provided that each payment made pursuant to this Section is intended to qualify as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) or as a separation pay plan payment within the meaning of Treasury Regulation Section 1.409A-1(b)(9), and shall be interpreted and administered accordingly; provided, further, that to the extent that the payment of any amount constitutes "nonqualified deferred compensation" for purposes of Code Section 409A (as defined in <u>Section</u> <u>24</u> hereof), any such payment scheduled to occur during the first sixty (60) days following the termination of employment shall not be paid until the first regularly scheduled pay period following the sixtieth (60<sup>th</sup>) day following such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Prior Year Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the COBRA Reimbursement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any unvested equity award granted under the 2026 Plan or any successor equity incentive plan thereto (1) that is subject solely to a time-based vesting condition, a prorated portion of such award that would have become vested as of the next vesting date immediately following the date of Executive's termination of employment shall become vested upon such date of termination, calculated based on multiplying the number of shares which would have become vested as of such next vesting date pursuant to such award by a fraction, the numerator of which is (x) the number of completed months for which Executive was employed during the period beginning on the prior vesting date (or grant date if no vesting date has occurred) and ending on the date of termination, and the denominator of which is (y) the number of months in the applicable vesting period, and (2) that is subject to subsequent performance-based vesting conditions shall remain outstanding and eligible to vest based on actual performance achievement in accordance with the performance metrics set forth in the applicable award agreement; provided that the number of shares subject to such award that vest and are paid/settled on such date(s) shall be pro-rated by a fraction, the numerator of which is the number of days elapsed from the beginning of the performance period applicable to such award through and including the date of Executive's termination of employment and the denominator of which is the total number of days comprising the full performance period applicable to such award.

Payments and benefits provided in this <u>Section</u> <u>7(d)</u> shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any of the plans, policies or programs of the Company or under the Worker Adjustment Retraining Notification Act of 1988 or any similar state statute or regulation.

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For the purposes of this Agreement, the "<u>Severance Multiple</u>" shall mean two (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **TERMINATION IN CONNECTION WITH A CHANGE IN CONTROL**. Notwithstanding the foregoing, if the Executive's employment is terminated pursuant to Section 7(d) on or within twenty-four (24) months following a Change in Control, and provided that the Executive shall have executed and delivered to the Company a general release pursuant to Section 8 and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, in addition to the payments or benefits pursuant to Section 7(d), any unvested equity award (i) that is subject solely to a time-based vesting condition will accelerate and vest in full and (ii) that is subject to subsequent performance-based vesting conditions shall vest and be settled at the greater of target and actual performance, each as of the Executive's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **OTHER OBLIGATIONS**. Upon any termination of the Executive's employment with the Company, the Executive shall be deemed to have resigned from any position as an officer, director or fiduciary of any Company-related entity, and shall execute any documentation as requested by the Company to effectuate the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **EXCLUSIVE REMEDY**. The amounts payable to the Executive following termination of employment and the Employment Term hereunder pursuant to <u>Sections 6</u> and <u>7</u> hereof shall be in full and complete satisfaction of the Executive's rights under this Agreement and any other claims that the Executive may have in respect of the Executive's employment with the Company or any of its Affiliates, and the Executive acknowledges that such amounts are fair and reasonable, and are the Executive's sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of the Executive's employment hereunder or any breach of this Agreement. Notwithstanding the foregoing, any equity awards subject to performance-based vesting conditions shall continue to be treated in accordance with the terms of the applicable grant agreements, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RELEASE; NO MITIGATION; NO SET-OFF**. Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits and any Prior Year Bonus shall only be payable if the Executive (or, if applicable, Executive's estate or beneficiary) delivers to the Company and does not revoke a general release of claims in favor of the Company in substantially the form attached on <u>Exhibit A</u> hereto. Such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination (the "<u>Release Effective Date</u>"). In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Executive as a result of employment by a subsequent employer, except as provided in <u>Section</u> <u>7(a)(vii)</u> hereof. The Company's obligations to pay the Executive amounts hereunder shall not be subject to set-off, counterclaim or recoupment of amounts owed by the Executive to the Company or any of its Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. RESTRICTIVE COVENANTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **CONFIDENTIALITY**. During the course of the Executive's employment with the Company, the Executive will have access to Confidential Information. For purposes of this Agreement, "<u>Confidential Information</u>" means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know- how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company or any of its Affiliates, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. The Executive agrees that, except as provided in <u>Section</u> <u>11</u> hereof, the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive's assigned duties and for the benefit of the Company and its subsidiaries and Affiliates, either during the period of the Executive's employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company's and its subsidiaries' and Affiliates' part to maintain the confidentiality of such information, and to use such information only for certain limited purposes, in each case, which shall have been obtained by the Executive during the Executive's employment by the Company (or any predecessor). The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or, to the knowledge of the Executive, any third party; (iii) is independently developed by Executive, or comes into possession of the Executive, other than in connection with his employment hereunder; or (iv) the Executive is required to disclose by applicable law or regulation, or a valid order or subpoena or request issued by a court of competent jurisdiction or an authorized governmental or regulatory agency, provided that the Executive, unless such notice is prohibited, provides the Company with prior notice of the contemplated disclosure promptly upon learning of such requirement, and reasonably in advance of such disclosure, (A) discloses only that portion of the Confidential Information that is legally required to be disclosed, (B) uses reasonable efforts to ensure that such disclosure is afforded confidential treatment, and (C) cooperates with the Company at the Company's expense in seeking a protective order or other appropriate protection of such information. For purposes of this Agreement, "<u>Affiliate</u>" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by, or is under common control with such entity, whether existing on the date hereof or hereafter acquired or formed; provided, however, that no portfolio company or investment of any direct or indirect equityholder of the Company shall be deemed an Affiliate of the Company solely by virtue of sharing a common investor. For purposes of this definition, "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies, whether through ownership of voting securities, by contract or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **NONCOMPETITION**. The Executive acknowledges that (i) the Executive performs services of a unique nature for the Company that are irreplaceable, and that the Executive's performance of such services to a competing business would result in irreparable harm to the Company, (ii) the Executive has had and will continue to have access to Confidential Information which, if disclosed, would unfairly and inappropriately assist in competition against the Company or any of its Affiliates, (iii) in the course of the Executive's employment by a competitor, the Executive would inevitably use or disclose Confidential Information, (iv) the Company and its Affiliates have substantial relationships with their customers and the Executive has had and will continue to have access to these customers, (v) the Executive has received and will receive specialized training from the Company and its Affiliates, (vi) the Executive has generated and will continue to generate goodwill for the Company and its Affiliates in the course of the Executive's employment, and (vii) the restrictive covenants set forth herein are supported by adequate consideration, including the Company's agreement to provide the compensation, benefits, and severance payments set forth in this Agreement. Accordingly, during the Employment Term and the Restricted Period (as defined below), the Executive agrees that the Executive will not engage in any Competitive Activities (as defined below), except to the extent permissible pursuant to <u>Section</u> <u>26</u> or a Permitted Activity, in any basin or location in which the Company or any of its subsidiaries operates and owns any Hydrocarbon Interests (as defined below). Notwithstanding the foregoing, nothing herein shall prohibit the Executive from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with the Company or any of its subsidiaries or Affiliates, so long as the Executive has no active participation in the business of such corporation, or owning a passive investment in any mutual, private equity or hedge fund or similar pooled investment vehicle. For the purposes of this Agreement, (A) "<u>Competitive Activities</u>" shall mean owning any interest in, participating in (whether as a director, officer, employee, member, or partner), consulting with, rendering services for (including as an employee or independent contractor), or in any manner engaging in any business or enterprise involving or related to the acquisition, ownership, or operation of Hydrocarbon Interests, in each case, except to the extent permissible pursuant to <u>Section</u> <u>26</u>; (B) "<u>Hydrocarbon Interests</u>" shall mean mineral and royalty assets and interests; and (C) "<u>Restricted Period</u>" means the period beginning on the Executive's last day of employment with the Company and ending (I) on the second anniversary thereof, if such termination of employment occurs prior to the expiration of the Initial Term and (II) on the first anniversary thereof, if such termination occurs upon or after the expiration of the Initial Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **NONSOLICITATION; NONINTERFERENCE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During the Employment Term and the Restricted Period, the Executive agrees that the Executive shall not, except in the furtherance of the Executive's duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any customer of the Company or any of its subsidiaries or Affiliates to cease or reduce doing business with the Company or any of its subsidiaries or Affiliates, or to purchase goods or services then sold by the Company or any of its subsidiaries or Affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer or interfere in any way with the business relationship between any customer of the Company and the Company or any of its subsidiaries or Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the Employment Term and the Restricted Period, the Executive agrees that the Executive shall not, except in the furtherance of the Executive's duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent of the Company or any of its subsidiaries or Affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent, or (B) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company or any of its subsidiaries or Affiliates and any of their respective vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered by this <u>Section</u> <u>9(c)(ii)</u> while so employed or retained and for a period of six (6) months thereafter. Notwithstanding the foregoing, a general solicitation that is not targeted at employees, representatives, or agents of the Company shall not constitute a breach of this <u>Section</u> <u>9(c)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **NONDISPARAGEMENT**. Except as provided in <u>Section</u> <u>11</u> hereof, the Executive agrees not to make negative comments or otherwise disparage the Company or its officers, directors, employees, or products other than to the extent necessary in the good faith performance of the Executive's duties to the Company while the Executive is employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **INVENTIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, works of authorship and other work product, whether patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to and/or within the scope of the Executive's work with the Company or that relate to the business, operations or actual or demonstrably anticipated research or development of the Company, and that are made or conceived by the Executive, solely or jointly with others, during the Employment Term and that are not made or conceived by the Executive, solely or jointly with others, in performance of any Permitted Activities or in connection with businesses acquired or invested in connection with <u>Section</u> <u>26</u> hereof, or (B) suggested by any work that the Executive performs in connection with the Company while performing the Executive's duties with the Company shall belong exclusively to the Company (or its designee), whether or not patent or other applications for intellectual property protection are filed thereon (the "<u>Inventions</u>"). The Executive will keep full and complete written records (the "<u>Records</u>"), in the manner prescribed by the Company, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property of the Company, and the Executive will surrender them upon the termination of the Employment Term, or upon the Company's request. The Executive irrevocably conveys, transfers and assigns to the Company the Inventions and all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to the Employment Term, together with the right to file, in the Executive's name or in the name of the Company (or its designee), applications for patents and equivalent rights (the "<u>Applications</u>"). The Executive will, at any time during and subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths, and perform all other acts as may be requested from time to time by the Company to perfect, record, enforce, protect, patent or register the Company's rights in the Inventions, all without additional compensation to the Executive from the Company but at the Company's sole expense. The Executive will also execute assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company's benefit, all without additional compensation to the Executive from the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on behalf of the Company and the Executive agrees that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to the Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, or the rights in such Inventions do not otherwise automatically vest in the Company, the Executive hereby irrevocably conveys, transfers and assigns to the Company, all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of the Executive's right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, the Executive hereby waives any so-called "moral rights" with respect to the Inventions. To the extent that the Executive has any rights in the results and proceeds of the Executive's service to the Company that cannot be assigned in the manner described herein, the Executive agrees to unconditionally waive the enforcement of such rights. The Executive hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon including, without limitation, any rights that would otherwise accrue to the Executive's benefit by virtue of the Executive being an employee of or other service provider to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **RETURN OF COMPANY PROPERTY**. Promptly following the Executive's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Executive shall return all property belonging to the Company or its Affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company). The Executive may retain the Executive's Outlook contacts and calendar (or similar items) provided that such items only include contact and calendar information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **REASONABLENESS OF COVENANTS**. In signing this Agreement, the Executive gives the Company assurance that the Executive has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this <u>Section</u> <u>9</u> hereof. The Executive agrees that these restraints are necessary for the reasonable and proper protection of the Company and its Affiliates and their Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the restraints. The Executive agrees that, before providing services, whether as an employee or consultant, to any entity during the period of time that the Executive is subject to

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the constraints in <u>Section</u> <u>9(a)</u> hereof, the Executive will provide a copy of <u>Section</u> <u>9</u> of this Agreement to such entity. The Executive acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company and its Affiliates and that the Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants that the Executive will not challenge the reasonableness or enforceability of any of the covenants set forth in this <u>Section</u> <u>9</u>, and that the Executive will reimburse the Company and its Affiliates for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this <u>Section</u> <u>9</u> if either the Company and/or its Affiliates prevails on any material issue involved in such dispute or if the Executive challenges the reasonableness or enforceability of any of the provisions of this <u>Section</u> <u>9</u>. It is also agreed that each of the Company's Affiliates will have the right to enforce all of the Executive's obligations to that Affiliate under this Agreement, including without limitation pursuant to this <u>Section</u> <u>9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **REFORMATION**. If it is determined by a court of competent jurisdiction in any state that any restriction in this <u>Section</u> <u>9</u> is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **TOLLING**. In the event of any violation of the provisions of this <u>Section</u> <u>9</u>, the Executive acknowledges and agrees that the post-termination restrictions contained in this <u>Section</u> <u>9</u> shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **SURVIVAL OF PROVISIONS**. The obligations contained in <u>Sections 9</u> and <u>10</u> hereof shall survive the termination or expiration of the Employment Term and the Executive's employment with the Company and shall be fully enforceable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **RESTRICTIONS ON RESALE**. In addition to any restrictions on transfer set forth in the Amended and Restated Agreement of Limited Partnership of OpCo (the "<u>Operating Agreement</u>"), without the prior written consent of a majority of independent directors of PubCo, the Executive shall not offer, sell, contract to sell or otherwise transfer or dispose of any of the Common Units (as defined in the Operating Agreement) or shares of Class A Common Stock (as defined in the Operating Agreement) received in exchange therefor, or securities convertible or exchangeable or exercisable for any of the Common Units or shares of Class A Common Stock, or enter into any swap, hedge, or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Units or shares of Class A Common Stock for a period of twelve (12) months commencing on the date of consummation of PubCo's initial public offering of shares of Class A Common Stock (the "<u>IPO Date</u>") (such period, the "<u>Lockup Period</u>"); <u>provided</u>, <u>however</u>, that nothing in this paragraph shall prohibit the Executive from (i) distributing Common Units to the Executive's Relatives (as defined in the Operating Agreement) received as consideration in connection with this Agreement or any other arrangement, provided such Relatives agree in writing to the restrictions of this <u>Section</u> <u>9(k)</u>, or (ii) pledging such Common Units or shares of Class A Common Stock, provided such pledgee agrees in writing to the restrictions of this <u>Section</u> <u>9(k)</u>. The foregoing restrictions shall not apply to transfers by the

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Executive to the Executive's Affiliates, successors or any trust, family partnership or family limited liability company established for the benefit of the Executive or the Executive's Relatives, so long as such transferee agrees in writing to be bound by the terms of this <u>Section</u> <u>9(k)</u>. Notwithstanding the foregoing or any other provision in this Agreement to the contrary, (i) the provisions of this <u>Section</u> <u>9(k)</u> shall cease to be in effect upon the closing of a General Partner Change of Control (as defined in the Operating Agreement), and (ii) following the Lockup Period, in the event the Executive shall die while holding Common Units or shares of Class A Common Stock, such Common Units or shares of Class A Common Stock shall be immediately and freely transferable, subject to applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. COOPERATION**. Upon the receipt of reasonable notice from the Company or its outside counsel, the Executive agrees that while employed by the Company and thereafter, the Executive will respond and provide information with regard to matters in which the Executive has knowledge as a result of the Executive's employment with the Company, and will provide reasonable assistance to the Company, its Affiliates and their respective representatives in defense of any claims that may be made against the Company or its Affiliates (other than any claims asserted by the Executive), and will assist the Company and its Affiliates in the prosecution of any claims that may be made by the Company or its Affiliates (other than any claims that may be asserted against the Executive), to the extent that such claims may relate to the period of the Executive's employment with the Company (collectively, the "<u>Claims</u>"). The Executive agrees to promptly inform the Company if the Executive becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its Affiliates. The Executive also agrees to promptly inform the Company (to the extent that the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Company or its Affiliates (or their actions) or another party attempts to obtain information or documents from the Executive (other than in connection with any litigation or other proceeding in which the Executive is a party-in-opposition) and the Executive shall not provide such information or documents except with the prior written consent of the Company or its counsel or as required by applicable law, regulation or legal process. If the Executive is required by law, regulation, or legal process to provide information or testimony, the Executive shall, unless prohibited by law, provide prompt written notice to the Company so that the Company may seek a protective order or other appropriate remedy. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Executive for all reasonable out-of-pocket travel, duplicating or telephonic expenses and all reasonable legal expenses incurred by the Executive in complying with this <u>Section</u> <u>10</u>. To the extent such cooperation occurs subsequent to the termination of the Executive's employment (and, if the Executive received payment pursuant to <u>Section</u> <u>7(d)(iii)</u>, hereof, subsequent to the expiration of a number of years thereafter equal to the Severance Multiple), the Company shall compensate the Executive for such cooperation at a daily rate equal to (i) the sum of the Executive's final Base Salary divided by (ii) 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. PROTECTED ACTIVITY**. Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Executive from (i) reporting possible violations of federal, state or local law or regulation (including, without limitation, laws relating to fraud, securities, harassment, discrimination, or retaliation) to, or discussing any possible violations with, any governmental agency or entity or self-regulatory organization, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, any agency Inspector General, and FINRA, or making other

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disclosures under the whistleblower provisions of federal law or regulation, without the prior authorization of the Company to make any such reports or disclosures and the Executive shall not be required to notify the Company that such reports or disclosures have been made; (ii) making truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), (iii) any disclosure or communication made by the Executive in connection with any report or complaint to a federal, state or local governmental or law enforcement agency or body (including, but not limited to, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the Department of Justice), (iv) any disclosure or communication protected under whistleblower provisions of applicable federal, state or local law, or (v) any other disclosure or communication that is required by law. 18 U.S.C. § 1833(b) provides: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal." Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. EQUITABLE RELIEF AND OTHER REMEDIES**. The Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of <u>Section</u> <u>9</u> or <u>Section</u> <u>10</u> hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages. In the event of a violation by the Executive of <u>Section</u> <u>9</u> or <u>Section</u> <u>10</u> hereof, any severance being paid to the Executive pursuant to this Agreement or otherwise shall immediately cease, and any severance previously paid to the Executive shall be immediately repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. NO ASSIGNMENTS**. This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section</u> <u>13</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Executive:

At the address (or to the e-mail address or facsimile

number) shown in the books and records of the

Company.

If to the Company:

2000 Market Street, Suite 910

Philadelphia, PA 19103

Attention: General Counsel

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. SECTION HEADINGS; INCONSISTENCY**. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. SEVERABILITY**. The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. COUNTERPARTS**. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. ARBITRATION**. Any dispute or controversy arising under or in connection with this Agreement or the Executive's employment with the Company shall be settled exclusively by confidential arbitration, conducted before a single arbitrator (as an individual, and not a class or collection action) in New York, New York in accordance with the American Arbitration Association Employment Arbitration Rules and Mediation Procedures (the "<u>Rules</u>") then in effect; provided, however, that the following claims are excluded from mandatory arbitration: (i) claims for injunctive or equitable relief under Section 12 hereof; (ii) claims of sexual assault, sexual harassment, or whistleblower retaliation under the Sarbanes-Oxley Act or the Dodd-Frank

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Act; and (iii) any other claim that cannot be subject to mandatory arbitration as a matter of law. A copy of the current version of the Rules is available at: https://www.adr.org/media/0vrpbnm0/2025_employment_arbitration_rules.pdf. To the fullest extent of the law, the arbitrator shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, formation, or enforceability of this Agreement, including but not limited to the arbitrability of any dispute between the parties. The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator's award in any court having jurisdiction. The parties acknowledge and agree that in connection with any such arbitration, (a) the arbitration costs shall be borne entirely by the Company, (b) each party shall pay all of its own costs and expenses, except as otherwise required by applicable law, including, without limitation, its own legal fees and expenses, provided that the Company will reimburse the Executive for all costs (including reasonable attorneys' fees) incurred in a dispute if the Executive prevails on any material issue involved in such dispute, and (c) the arbitrator shall have no power to award punitive damages to either party, except where an applicable statute allows for punitive damage. The parties further agree that this arbitration provision is intended to be mutually binding and enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. INDEMNIFICATION**. The Company hereby agrees to indemnify the Executive and hold the Executive harmless to the greatest extent permitted by law or provided under the By-Laws of the Company against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Executive's good faith performance of the Executive's duties and obligations with the Company, and shall provide advancement of expenses to the greatest extent permitted under applicable law. This obligation shall survive the termination of the Executive's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. LIABILITY INSURANCE**. The Company shall purchase and maintain, at its own expense, directors; and officers' liability insurance and cover the Executive under such directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement which shall not be less favorable than the coverage provided to other senior executive officers and directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. GOVERNING LAW; WAIVER OF JURY TRIAL**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania (without regard to its choice of law provisions). **As a specifically bargained for inducement for each of the parties hereto to enter into this Agreement (after having the opportunity to consult with counsel), each party hereto expressly waives the right to trial by jury in any lawsuit or proceeding relating to or arising in any way from this Agreement or the matters contemplated hereby.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. MISCELLANEOUS**. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or director as may be designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or

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subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Executive and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. REPRESENTATIONS**. The Executive represents and warrants to the Company that (a) the Executive has the legal right to enter into this Agreement and to perform all of the obligations on the Executive's part to be performed hereunder in accordance with its terms, and (b) the Executive is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Executive from entering into this Agreement or impair in any way the performance of the Executive's duties and obligations hereunder. In addition, the Executive acknowledges that the Executive is aware of Section 304 (Forfeiture of Certain Bonuses and Profits) of the Sarbanes-Oxley Act of 2002 and the right of the Company to be reimbursed for certain payments to the Executive in compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. TAX MATTERS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **WITHHOLDING**. The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DELIVERY OF SHARES ON NET BASIS**. In the event the Executive is to be issued shares of Class A common stock in accordance with any equity awards granted pursuant to this Agreement and the Executive is not able to sell a sufficient number of shares of Class A common stock to satisfy the Executive's applicable tax withholding obligations through a broker-assisted sale or other "sell-to-cover" mechanism, the Company shall, upon the Executive's election, retain a sufficient number of such shares to satisfy the Executive's tax withholding obligations and deliver the remaining shares on a net share settlement basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **SECTION 409A COMPLIANCE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement be exempt from or otherwise comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section</u> <u>409A</u>"), and any ambiguity shall be interpreted in accordance with the foregoing to the maximum extent permitted. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Executive, and (B) the date of the Executive's death, to the extent required under Code Section 409A to avoid imposition of any additional taxes or interest. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section</u> <u>24(c)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Any payments subject to Code Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall not commence payment prior to the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to avoid additional taxes, penalties or interest under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Executive's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **EXCESS PARACHUTE PAYMENTS; LIMITATIONS ON PAYMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision of this Agreement, if any payment or benefit received or to be received by the Executive (including any payment or benefit received in connection with a termination of the Executive's employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits, including the payments and benefits under <u>Section</u> <u>7</u>, being hereinafter referred to as the "<u>Total Payments</u>") would, but for this <u>Section</u> <u>24(d)</u>, be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the "<u>Excise Tax</u>"), then, the Total Payments shall be reduced (but not below zero), to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). If the Total Payments are so reduced, the Company shall reduce or eliminate the Total Payments (A) by first reducing or eliminating the portion of the Total Payments which are not payable in cash (other than that portion of the Total Payments subject to clause (C)), (B) then by reducing or eliminating cash payments (other than that portion of the Total Payments subject to clause (C)) and (C) then by reducing or eliminating the portion of the Total Payments (whether payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a "payment" within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of an independent, nationally recognized accounting firm (the "<u>Independent Advisors</u>") selected by the Company, does not constitute a "parachute payment" within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the "base amount" (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any determination required under this <u>Section</u> <u>24(d)</u>, including whether any payments or benefits are parachute payments, shall be made at the Company's expense by an independent public accounting firm that is mutually agreed by the Company and the Executive (the "<u>Accounting Firm</u>"), based upon reasonable, good faith assumptions and interpretations of Section 280G of the Code. The Executive and the Company shall provide the Accounting Firm with such information and documents as the Accounting Firm may reasonably request in order to make a determination under this <u>Section</u> <u>24(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. SARBANES-OXLEY ACT OF 2002**. Notwithstanding anything herein to the contrary, if the Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "<u>Exchange Act</u>"), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. CORPORATE OPPORTUNITIES.** During the Employment Term, the Executive shall submit to the Board (or an authorized subcommittee thereof) in writing all business, commercial and investment opportunities or offers presented to the Executive which reasonably relate to, and are within the scope of, the business of the Company and its Affiliates ("<u>Business Opportunities</u>") before pursuing any such Business Opportunities for his own personal benefit. If the Board (or authorized subcommittee thereof) either formally declines the opportunity (or pursuit thereof) or fails to authorize the Company's pursuit of such opportunity within 45 days of the Executive submitting to the Board (or an authorized subcommittee thereof) (the "<u>Declined Opportunities</u>"), the Executive shall be permitted to pursue, invest in, acquire, or otherwise participate in, such Declined Opportunity; so long as such Business Opportunities do not interfere in any material respect with Executive's performance of his duties hereunder or violate Executive's obligations under <u>Section</u> <u>9</u> of this Agreement. Any Business Opportunity that the Company exercises its right to pursue and then later renounces or elects to discontinue pursuit, shall, at such time, be considered a Business Opportunity eligible for submission to the Board by Executive. In addition, the Executive shall be permitted to pursue, invest in, acquire, or otherwise participate in business, investment, and commercial opportunities that are not related to the current or reasonably anticipated business activities of the Company and its Affiliates ("<u>Outside Opportunity</u>"), provided that such Outside Opportunity does not constitute a breach of Executive's obligations under <u>Section</u> <u>9</u> and so long as Executive's involvement in such Outside Opportunities, together with the Executive's involvement in any Business Opportunities, do not interfere with the Executive's performance of his duties hereunder in any material respect. The Company acknowledges and agrees that the Executive's pursuit, involvement and/or direct or indirect investment or other participation in such Declined Opportunities and Outside Opportunities shall not be a breach of this Agreement (including, without limitation, the restrictive covenants set forth herein, subject to the requirements of this Section 26); provided, that, notwithstanding anything to the contrary in this <u>Section</u> <u>26</u> or otherwise, in the event the Board reasonably determines in good faith that any such Declined Opportunities or Outside Opportunities constitute a breach of Executive's fiduciary duties to PubCo and the Company or otherwise would result in material harm to PubCo the Company or their respective subsidiaries, Executive shall not be permitted to pursue, invest in, acquire, or otherwise participate in such Declined Opportunities or Outside Opportunities. For the avoidance of doubt, nothing in Section 26 shall modify or constitute a waiver of the Executive's fiduciary duties to PubCo, the Company, or their respective subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27. CLAWBACK**. Notwithstanding any other provisions in this Agreement, any payments made pursuant to this Agreement shall be subject to recovery or clawback by the Company under any applicable clawback policy adopted by the Company in accordance with the Securities and Exchange Commission regulations or other applicable law, and the Executive agrees to execute appropriate acknowledgements or other documentation as may be required pursuant to such policies from time to time.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

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| |
|:---|
| **COMPANY** |
| By: |
| Name: |
| Title: |
| **EXECUTIVE** |

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**EXHIBIT A** 

**<u>GENERAL RELEASE</u>**

I, [___________], in consideration of and subject to the performance by WhiteHawk Minerals Corp., a Delaware incorporated company ("<u>PubCo</u>"), WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership ("<u>OpCo</u>" and together with PubCo and any subsidiaries or Affiliates as may employ Executive from time to time, the "<u>Company</u>"), of its obligations under the Employment Agreement dated as of [•], 2026 (the "Agreement") do hereby release and forever discharge as of the date hereof the Company and its respective Affiliates and all present, former and future managers, directors, officers, employees, agents, successors and assigns of the Company and its Affiliates and direct or indirect owners (collectively, the "<u>Released Parties</u>") to the extent provided below (this "<u>General Release</u>"). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.

1. My employment or service with the Company and its Affiliates terminated as of [•], 20[•], and I
hereby resign from any position as an officer, member of the board of managers or directors (as applicable) or fiduciary of the Company or its Affiliates (or reaffirm any such resignation that may have already occurred). I understand certain
payments to me under <u>Section</u> <u>7</u> of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will
not receive certain of the payments and benefits specified in <u>Section</u> <u>7</u> of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter. I understand
and agree that such payments and benefits are subject to <u>Sections 9</u> and <u>10</u> of the Agreement, which (as noted below) expressly survive my termination of employment and the execution of this General Release. Such payments and benefits
will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its Affiliates.

2. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly
survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims,
suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages,
other damages, claims for costs and attorneys' fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or
unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have against the Company or any of the Released Parties that arise out of or are
connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil

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Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys' fees incurred in these matters) (all of the foregoing collectively referred to herein as the "<u>Claims</u>").

3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other
matter covered by paragraph 2 above.

4. I agree that this General Release does not waive or release any rights or claims that I may have under the Age
Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the
basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all
Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not
being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; <u>provided</u>, <u>however</u>, that I disclaim and waive any
right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving any claims or rights (i) to the Accrued Benefits or any severance benefits to which
I am entitled under the Agreement, (ii) relating to directors' and officers' liability insurance coverage or any right of indemnification or advancement of expenses under the Company's organizational documents, the Agreement
or otherwise, (iii) as an equity or security holder in the Company or its Affiliates, (iv) arising under <u>Section</u> <u>9(d)</u> of the Agreement, or (v) with respect to vested benefits under any of the Company's
benefit plans.

6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every
one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected
Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or
implied. I

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acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.

7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release,
shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

8. I agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay
all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys' fees.

9. I agree that this General Release and the Agreement are confidential and agree not to disclose any information
regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing
not to disclose the same to anyone.

10. Any non-disclosure provision in this General Release does not prohibit
or restrict me (or my attorney) from discussing any issue with the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self- regulatory organization or any
governmental entity.

11. I hereby acknowledge that <u>Sections</u> <u>7</u> through <u>14</u>, <u>19</u> through <u>22</u> and <u>24</u> through <u>27</u> of the Agreement shall survive my execution of this General Release.

12. I represent that I am not aware of any claim by me other than the claims that are released by this General
Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or
suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it.

13. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

14. Whenever possible, each provision of this General Release shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein.

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BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I HAVE READ IT CAREFULLY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I HAVE HAD AT LEAST **[21][45]** DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE
CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

SIGNED:<u> </u> DATED:<u> </u>

A- 4

## Exhibit 10.20

**Exhibit 10.20** 

**<u>EMPLOYMENT AGREEMENT</u>**

**EMPLOYMENT AGREEMENT** (this "<u>Agreement</u>") dated as of , 2026, between WhiteHawk Minerals Corp., a Delaware incorporated company ("<u>PubCo</u>"), WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership ("<u>OpCo</u>" and together with PubCo and any subsidiaries or affiliates as may employ Executive from time to time, the "<u>Company</u>"), and Stephen Pilatzke (the "<u>Executive</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>

**WHEREAS**, the Company desires to employ the Executive as Chief Accounting Officer of the Company; and

**WHEREAS**, the Company and the Executive desire to enter into this Agreement as to the terms of the Executive's employment with the Company.

**NOW, THEREFORE**, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. POSITION AND DUTIES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Employment Term (as defined in <u>Section</u> <u>2</u> hereof), the Executive shall serve as the Chief Accounting Officer of the Company. In this capacity, the Executive shall have the duties, authorities and functions commensurate with the duties, authorities and functions of persons holding such titles in similarly-sized companies. The Executive's principal place of employment with the Company shall be his residence in in New York, New York where he shall be permitted to work remotely, <u>provided</u> that the Executive understands and agrees that the Executive may be required to travel from time to time for business purposes. The Executive shall report directly to the Chief Financial Officer, Treasurer and Secretary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Employment Term, the Executive shall devote substantially all business time, energy, business judgment, knowledge and skill and the Executive's best efforts to the performance of the Executive's duties with the Company, <u>provided</u> that the foregoing shall not prevent the Executive from (i) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board of Directors (the "Board") of PubCo, other for profit companies, (ii) participating in charitable, civic, educational, professional, community or industry activities and (iii) managing the Executive's personal investments (collectively, the "<u>Permitted Activities</u>") so long as such activities in the aggregate do not materially interfere with the Executive's duties hereunder or create a business or fiduciary conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. EMPLOYMENT TERM**. The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so employed, for a term commencing as of the date hereof (the "<u>Effective Date</u>") and ending on the third anniversary of the Effective Date (the "<u>Initial Term</u>"). On the third anniversary of the Effective Date and each one-year anniversary of such date thereafter, the term of this Agreement shall be automatically extended for successive one-year periods, <u>provided</u>, <u>however</u>, that either party hereto may elect not to extend this Agreement by giving written notice to the other party at least sixty (60) days

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prior to any such anniversary date. Notwithstanding the foregoing, the Executive's employment hereunder may be earlier terminated in accordance with <u>Section</u> <u>6</u> hereof, subject to <u>Section</u> <u>7</u> hereof. The period of time between the Effective Date and the termination of the Executive's employment hereunder shall be referred to herein as the "<u>Employment Term</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. BASE SALARY**. The Company agrees to pay the Executive a base salary at an annual rate of not less than $350,000, payable in accordance with the regular payroll practices of the Company, but not less frequently than monthly. The Executive's Base Salary shall be subject to annual review by the Board (or a committee thereof), and may be increased, but not decreased (unless such decrease is part of a company-wide or management-wide reduction, from time to time by the Board. The base salary as determined herein and as may be increased from time to time shall constitute "<u>Base Salary</u>" for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. ANNUAL BONUS.** For each fiscal year of the Company during the Employment Term the Executive shall be eligible to receive an annual bonus (the "<u>Annual Bonus</u>") with a target amount of no less than one hundred percent (100%) of the Executive's Base Salary (the "<u>Target Annual Bonus</u>"), payable in a combination of cash and/or equity awards, as determined by the Board (or authorized committee thereof) in its sole discretion. The value of any equity awards shall be calculated based on the grant date fair value of such awards. The Board (or such authorized committee) shall determine in its sole discretion the amount, form(s) and mix, and such other terms and conditions (including vesting, exercise and settlement) applicable to any such equity award, taking into account the Executive's and the Company's performance; provided, however, that the form(s), mix, terms and conditions shall be reasonably consistent in all material respects as those provided to other senior executives of the Company unless otherwise agreed to by the Executive. Any Annual Bonus for a fiscal year of the Company shall be paid in the next succeeding fiscal year on or before March 15 of such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. EMPLOYEE BENEFITS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **BENEFIT PLANS**. During the Employment Term, the Executive shall be eligible to participate in any employee benefit plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees generally, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided hereunder. The Executive's participation will be subject to the terms of the applicable plan documents and generally applicable Company policies in effect from time to time. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **VACATIONS**. During the Employment Term, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its similarly situated senior executives, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **BUSINESS EXPENSES**. Upon presentation of reasonable substantiation and documentation as the Company may specify from time to time, the Company shall pay or the Executive shall be reimbursed in accordance with the Company's expense reimbursement policy in effect from time to time, for all reasonable out-of-pocket business expenses incurred by the Executive during the Employment Term and in connection with the performance of the Executive's duties hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. TERMINATION**. The Executive's employment and the Employment Term shall terminate on the first of the following to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DISABILITY**. Upon ten (10) days' prior written notice by the Company to the Executive of termination due to Disability. For purposes of this Agreement, "<u>Disability</u>" means, a condition entitling the Executive to receive benefits under a long-term disability plan of the Company or an Affiliate in which such Executive is eligible to participate, or, in the absence of such a plan, a permanent and total disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). A Disability shall only be deemed to occur if the Executive has been unable to perform the Executive's principal duties and responsibilities hereunder for ninety (90) consecutive days or one hundred and twenty (120) days during any period of three hundred and sixty-five (365) consecutive calendar days. Notwithstanding the foregoing, for payments that are subject to Code Section 409A (as defined in <u>Section</u> <u>24</u> hereof), Disability shall mean that the Executive is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DEATH**. Automatically upon the date of death of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **CAUSE**. Immediately upon written notice by the Company to the Executive of a termination for Cause. "<u>Cause</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's continued and willful failure to substantially perform his duties (other than as a result of Disability), which continues beyond fifteen (15) days after a written demand for substantial performance is delivered by the Board that specifically identifies the manner in which the Board believes that the Executive has not substantially performed his duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) grossly negligent or illegal conduct, or gross misconduct, by the Executive that is reasonably likely to result in material damage to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's conviction of, or the plea of guilty or nolo contendere or the equivalent in respect to, any felony or a misdemeanor involving an act of dishonesty, moral turpitude, deceit or fraud; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's material breach of any non-competition, non-solicitation, confidentiality, non-disparagement or other restrictive covenant provision relating to the Company, which breach is not cured (if capable of cure) within fifteen (15) days following notice of such breach provided by the Company that specifically identifies the manner in which the Company believes that the Executive breached any such provisions.

In order to terminate the Executive's employment for Cause, the Company must provide the Executive with written notice of its intention to terminate the Executive's employment for Cause setting forth in reasonable detail the specific conduct allegedly constituting Cause and the specific provisions of this Agreement on which such claim is based.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **WITHOUT CAUSE**. Upon thirty (30) days advance written notice by the Company to the Executive of an involuntary termination without Cause (other than for death or Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **GOOD REASON**. Upon written notice by the Executive to the Company of a termination for Good Reason. "<u>Good Reason</u>" shall mean the occurrence of any of the following events, without the express written consent of the Executive, unless such events are fully corrected in all material respects by the Company within thirty (30) days following written notification by the Executive to the Company of the occurrence of one of the reasons set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in the Executive's titles, duties or authorities, including (A) a change in the Executive's reporting such that he no longer reports directly to the Chief Financial Officer, Treasurer and Secretary of the Company and (B) any material diminution in duties and/or authorities such that the Executive no longer has such duties and/or authorities typically associated with the Chief Accounting Officer of a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a material diminution in the Executive's Base Salary (unless such diminution is part of a company-wide or management-wide reduction) or a material diminution in the Executive's Target Annual Bonus opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a material breach of this Agreement by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a relocation of the Executive's primary office location by more than thirty (30) miles if such relocation materially increases the Executive's commute.

The Executive shall provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within forty-five (45) days after the Executive first has notice of the first occurrence of such circumstances, and, to the extent uncured, actually terminate employment within thirty (30) days following the expiration of the Company's thirty (30)-day cure period described above. Otherwise, any claim of such circumstances as "Good Reason" shall be deemed irrevocably waived with respect to such circumstance by the Executive and no such termination for Good Reason shall be deemed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **WITHOUT GOOD REASON**. Upon thirty (30) days' prior written notice by the Executive to the Company of the Executive's voluntary termination of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier than any notice date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **EXPIRATION OF EMPLOYMENT TERM; NON-EXTENSION OF AGREEMENT**. Upon the expiration of the Employment Term due to the delivery of a non-extension notice by the Company or the Executive in accordance with <u>Section</u> <u>2</u> hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. CONSEQUENCES OF TERMINATION**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DEATH**. In the event that the Executive's employment and the Employment Term end on account of the Executive's death, the Executive or the Executive's estate, as the case may be, shall be entitled to the following (with the amounts due under <u>Sections 7(a)(i)</u> through <u>7(a)(iii)</u> and <u>7(a)(v)</u> hereof to be paid within sixty (60) days following termination of employment, or such earlier date as may be required by applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any unpaid Base Salary through the date of termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimbursement for any unreimbursed business expenses incurred through the date of termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any accrued but unused vacation time in accordance with Company policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all other payments, benefits or fringe benefits to which the Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement, payable in accordance with the terms of each such plan, program, or grant or as provided in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a pro-rata portion of the Executive's Target Annual Bonus for the fiscal year in which the Executive's termination occurs (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the number of days during the fiscal year of termination that the Executive is employed by the Company and the denominator of which is 365), payable within thirty (30) days of the Executive's termination of employment in cash (the "<u>Pro Rata Bonus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the earned Annual Bonus for any completed fiscal year ending prior to the date of termination, to the extent not previously paid payable in cash or fully-vested and freely tradeable shares of the Company's common stock, as determined by the Board in its sole discretion as and when such Annual Bonus would have been paid had the Executive's employment not terminated (the "<u>Prior Year Bonus</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to (A) the Executive's (or his covered dependents') timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("<u>COBRA</u>") and (B) the Executive's (or, if applicable, his estate's) continued compliance with the obligations in <u>Sections 8</u>, <u>9</u> and <u>10</u> hereof, reimbursement of the Executive's COBRA premiums at the same level (including coverage for dependents, if applicable) and cost as if the Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee's ability to pay premiums with pre-tax dollars) participating in the Company's group health plan for eighteen (18) months; <u>provided</u> that the Company may modify the continuation coverage contemplated by this <u>Section</u> <u>7(a)(vii)</u> to the extent reasonably necessary to avoid the imposition of any excise taxes on the Company for failure to comply with the nondiscrimination requirements of the Patient Protection and Affordable Care Act of 2010, as amended, and/or the Health Care and Education Reconciliation Act of 2010, as amended (to the extent applicable) or to the extent necessary to comply with Code Section 409A under Treasury Regulation Section 1.409A-1(a)(5), in each case, in a manner with the least economic impact to the Executive (or their covered dependents); and <u>provided</u>, <u>further</u>, that in the event that the Executive obtains other employment that offers comparable group health benefits, such reimbursements by the Company under this <u>Section</u> <u>7(a)(vii)</u> shall immediately cease (the benefits described in this <u>Section</u> <u>7(a)(vii)</u>, the "<u>COBRA Reimbursement</u>"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provided that the Executive 's estate or beneficiaries shall have executed and delivered to the Company a general release pursuant to Section 8 and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, any unvested equity award granted under the PubCo 2026 Equity Incentive Plan (as may be amended and restated from time to time, the "<u>2026 Plan</u>") or any successor equity incentive plan thereto (1) that is subject solely to a time-based vesting condition will accelerate and vest in full on the Executive's termination of employment and (2) that is subject to subsequent performance-based vesting conditions shall remain outstanding and continue to be eligible to vest in accordance with the performance metrics set forth in the applicable award agreement (the "<u>Equity Acceleration</u>").

Collectively, <u>Sections 7(a)(i)</u> through <u>7(a)(iv)</u> hereof shall be hereafter referred to as the "<u>Accrued Benefits</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DISABILITY**. In the event that the Executive's employment and/or the Employment Term ends on account of the Executive's Disability, the Company shall pay or provide the Executive with the Accrued Benefits, the Pro Rata Bonus, the Prior Year Bonus and the COBRA Reimbursement and, provided that the Executive shall have executed and delivered to the Company a general release pursuant to Section 8 and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, the Equity Acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **TERMINATION FOR CAUSE OR WITHOUT GOOD REASON OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE EXECUTIVE OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE COMPANY AND WAIVER OF SECTION 9(b) BY THE COMPANY**. If the Executive's employment is terminated (I) by the Company for Cause, (II) by the Executive without Good Reason, (III) as a result of the Executive's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof, or (IV) as a result of the Company's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof and in the notice provided in accordance with <u>Section</u> <u>2</u> the Company states that it is waiving enforcement of, and the Executive shall have no obligation under, <u>Section</u> <u>9(b)</u> hereof, the Company shall pay to the Executive the Accrued Benefits. In addition to the Accrued Benefits, in the event of a termination as a result of Company's non-extension of the Employment Term pursuant to Section 7(c)(IV), the Executive shall be entitled to be paid a Pro Rata Bonus, the Prior Year Bonus, and the COBRA Reimbursement, as well as the Equity Acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **TERMINATION WITHOUT CAUSE OR FOR GOOD REASON OR AS A RESULT OF A NON-EXTENSION OF THIS AGREEMENT BY THE COMPANY WITH NO WAIVER OF SECTION 9(b)**. If the Executive's employment by the Company is terminated (I) by the Company other than for Cause, (II) by the Executive for Good Reason, or (III) as a result of the Company's non-extension of the Employment Term as provided in <u>Section</u> <u>2</u> hereof and the Company does not state in the notice provided in accordance with <u>Section</u> <u>2</u> that it is waiving enforcement of, and the Executive shall have no obligation under, <u>Section</u> <u>9(b)</u> hereof, subject to the provisions of <u>Section</u> <u>24</u> hereof, the Company shall pay to the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Accrued Benefits;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the Executive's continued compliance with the obligations in Sections 8, 9 and 10 hereof, the Pro Rata Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) subject to the Executive's continued compliance with the obligations in Sections 8, 9 and 10 hereof, an amount equal to the product of (A) the Severance Multiple and (B) the sum of (I) the Executive's Base Salary and (II) the average Annual Bonus earned with respect to each of the last three consecutive completed calendar years immediately preceding the date of termination (or during such shorter actual time of employment, as applicable, with such amount payable (or, to the extent applicable, deliverable) in a single lump sum within ten (10) business days following the Release Effective Date (as defined in Section 8 hereof); provided that each payment made pursuant to this Section is intended to qualify as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) or as a separation pay plan payment within the meaning of Treasury Regulation Section 1.409A-1(b)(9), and shall be interpreted and administered accordingly; provided, further, that to the extent that the payment of any amount constitutes "nonqualified deferred compensation" for purposes of Code Section 409A (as defined in <u>Section</u> <u>24</u> hereof), any such payment scheduled to occur during the first sixty (60) days following the termination of employment shall not be paid until the first regularly scheduled pay period following the sixtieth (60<sup>th</sup>) day following such termination and shall include payment of any amount that was otherwise scheduled to be paid prior thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Prior Year Bonus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the COBRA Reimbursement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any unvested equity award granted under the 2026 Plan or any successor equity incentive plan thereto (1) that is subject solely to a time-based vesting condition, a prorated portion of such award that would have become vested as of the next vesting date immediately following the date of Executive's termination of employment shall become vested upon such date of termination, calculated based on multiplying the number of shares which would have become vested as of such next vesting date pursuant to such award by a fraction, the numerator of which is (x) the number of completed months for which Executive was employed during the period beginning on the prior vesting date (or grant date if no vesting date has occurred) and ending on the date of termination, and the denominator of which is (y) the number of months in the applicable vesting period, and (2) that is subject to subsequent performance-based vesting conditions shall remain outstanding and eligible to vest based on actual performance achievement in accordance with the performance metrics set forth in the applicable award agreement; provided that the number of shares subject to such award that vest and are paid/settled on such date(s) shall be pro-rated by a fraction, the numerator of which is the number of days elapsed from the beginning of the performance period applicable to such award through and including the date of Executive's termination of employment and the denominator of which is the total number of days comprising the full performance period applicable to such award.

Payments and benefits provided in this <u>Section</u> <u>7(d)</u> shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any of the plans, policies or programs of the Company or under the Worker Adjustment Retraining Notification Act of 1988 or any similar state statute or regulation.

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For the purposes of this Agreement, the "<u>Severance Multiple</u>" shall mean two (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **TERMINATION IN CONNECTION WITH A CHANGE IN CONTROL**. Notwithstanding the foregoing, if the Executive's employment is terminated pursuant to Section 7(d) on or within twenty-four (24) months following a Change in Control, and provided that the Executive shall have executed and delivered to the Company a general release pursuant to Section 8 and any period for rescission of such general release shall have expired without the Executive having rescinded such general release, in addition to the payments or benefits pursuant to Section 7(d), any unvested equity award (i) that is subject solely to a time-based vesting condition will accelerate and vest in full and (ii) that is subject to subsequent performance-based vesting conditions shall vest and be settled at the greater of target and actual performance, each as of the Executive's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **OTHER OBLIGATIONS**. Upon any termination of the Executive's employment with the Company, the Executive shall be deemed to have resigned from any position as an officer, director or fiduciary of any Company-related entity, and shall execute any documentation as requested by the Company to effectuate the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **EXCLUSIVE REMEDY**. The amounts payable to the Executive following termination of employment and the Employment Term hereunder pursuant to <u>Sections 6</u> and <u>7</u> hereof shall be in full and complete satisfaction of the Executive's rights under this Agreement and any other claims that the Executive may have in respect of the Executive's employment with the Company or any of its Affiliates, and the Executive acknowledges that such amounts are fair and reasonable, and are the Executive's sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of the Executive's employment hereunder or any breach of this Agreement. Notwithstanding the foregoing, any equity awards subject to performance-based vesting conditions shall continue to be treated in accordance with the terms of the applicable grant agreements, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. RELEASE; NO MITIGATION; NO SET-OFF**. Any and all amounts payable and benefits or additional rights provided pursuant to this Agreement beyond the Accrued Benefits and any Prior Year Bonus shall only be payable if the Executive (or, if applicable, Executive's estate or beneficiary) delivers to the Company and does not revoke a general release of claims in favor of the Company in substantially the form attached on <u>Exhibit A</u> hereto. Such release shall be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination (the "<u>Release Effective Date</u>"). In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Executive as a result of employment by a subsequent employer, except as provided in <u>Section</u> <u>7(a)(vii)</u> hereof. The Company's obligations to pay the Executive amounts hereunder shall not be subject to set-off, counterclaim or recoupment of amounts owed by the Executive to the Company or any of its Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. RESTRICTIVE COVENANTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **CONFIDENTIALITY**. During the course of the Executive's employment with the Company, the Executive will have access to Confidential Information. For purposes of this Agreement, "<u>Confidential Information</u>" means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know- how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company or any of its Affiliates, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, partners and/or competitors. The Executive agrees that, except as provided in <u>Section</u> <u>11</u> hereof, the Executive shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Executive's assigned duties and for the benefit of the Company and its subsidiaries and Affiliates, either during the period of the Executive's employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company's and its subsidiaries' and Affiliates' part to maintain the confidentiality of such information, and to use such information only for certain limited purposes, in each case, which shall have been obtained by the Executive during the Executive's employment by the Company (or any predecessor). The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or, to the knowledge of the Executive, any third party; (iii) is independently developed by Executive, or comes into possession of the Executive, other than in connection with his employment hereunder; or (iv) the Executive is required to disclose by applicable law or regulation, or a valid order or subpoena or request issued by a court of competent jurisdiction or an authorized governmental or regulatory agency, provided that the Executive, unless such notice is prohibited, provides the Company with prior notice of the contemplated disclosure promptly upon learning of such requirement, and reasonably in advance of such disclosure, (A) discloses only that portion of the Confidential Information that is legally required to be disclosed, (B) uses reasonable efforts to ensure that such disclosure is afforded confidential treatment, and (C) cooperates with the Company at the Company's expense in seeking a protective order or other appropriate protection of such information. For purposes of this Agreement, "<u>Affiliate</u>" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by, or is under common control with such entity, whether existing on the date hereof or hereafter acquired or formed; provided, however, that no portfolio company or investment of any direct or indirect equityholder of the Company shall be deemed an Affiliate of the Company solely by virtue of sharing a common investor. For purposes of this definition, "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies, whether through ownership of voting securities, by contract or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **NONCOMPETITION**. The Executive acknowledges that (i) the Executive performs services of a unique nature for the Company that are irreplaceable, and that the Executive's performance of such services to a competing business would result in irreparable harm to the Company, (ii) the Executive has had and will continue to have access to Confidential Information which, if disclosed, would unfairly and inappropriately assist in competition against the Company or any of its Affiliates, (iii) in the course of the Executive's employment by a competitor, the Executive would inevitably use or disclose Confidential Information, (iv) the Company and its Affiliates have substantial relationships with their customers and the Executive has had and will continue to have access to these customers, (v) the Executive has received and will receive specialized training from the Company and its Affiliates, (vi) the Executive has generated and will continue to generate goodwill for the Company and its Affiliates in the course of the Executive's employment, and (vii) the restrictive covenants set forth herein are supported by adequate consideration, including the Company's agreement to provide the compensation, benefits, and severance payments set forth in this Agreement. Accordingly, during the Employment Term and the Restricted Period (as defined below), the Executive agrees that the Executive will not engage in any Competitive Activities (as defined below), except to the extent permissible pursuant to a Permitted Activity, in any basin or location in which the Company or any of its subsidiaries operates and owns any Hydrocarbon Interests (as defined below). Notwithstanding the foregoing, nothing herein shall prohibit the Executive from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with the Company or any of its subsidiaries or Affiliates, so long as the Executive has no active participation in the business of such corporation, or owning a passive investment in any mutual, private equity or hedge fund or similar pooled investment vehicle. For the purposes of this Agreement, (A) "<u>Competitive Activities</u>" shall mean owning any interest in, participating in (whether as a director, officer, employee, member, or partner), consulting with, rendering services for (including as an employee or independent contractor), or in any manner engaging in any business or enterprise involving or related to the acquisition, ownership, or operation of Hydrocarbon Interests; (B) "<u>Hydrocarbon Interests</u>" shall mean mineral and royalty assets and interests; and (C) "<u>Restricted Period</u>" means the period beginning on the Executive's last day of employment with the Company and ending (I) on the second anniversary thereof, if such termination of employment occurs prior to the expiration of the Initial Term and (II) on the first anniversary thereof, if such termination occurs upon or after the expiration of the Initial Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **NONSOLICITATION; NONINTERFERENCE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) During the Employment Term and the Restricted Period, the Executive agrees that the Executive shall not, except in the furtherance of the Executive's duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any customer of the Company or any of its subsidiaries or Affiliates to cease or reduce doing business with the Company or any of its subsidiaries or Affiliates, or to purchase goods or services then sold by the Company or any of its subsidiaries or Affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer or interfere in any way with the business relationship between any customer of the Company and the Company or any of its subsidiaries or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) During the Employment Term and the Restricted Period, the Executive agrees that the Executive shall not, except in the furtherance of the Executive's duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent of the Company or any of its subsidiaries or Affiliates to leave such employment or retention or to accept employment with

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or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent, or (B) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company or any of its subsidiaries or Affiliates and any of their respective vendors, joint venturers or licensors. An employee, representative or agent shall be deemed covered by this <u>Section</u> <u>9(c)(ii)</u> while so employed or retained and for a period of six (6) months thereafter. Notwithstanding the foregoing, a general solicitation that is not targeted at employees, representatives, or agents of the Company shall not constitute a breach of this <u>Section</u> <u>9(c)(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **NONDISPARAGEMENT**. Except as provided in <u>Section</u> <u>11</u> hereof, the Executive agrees not to make negative comments or otherwise disparage the Company or its officers, directors, employees, or products other than to the extent necessary in the good faith performance of the Executive's duties to the Company while the Executive is employed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **INVENTIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Executive acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments, software, know-how, processes, techniques, works of authorship and other work product, whether patentable or unpatentable, (A) that are reduced to practice, created, invented, designed, developed, contributed to and/or within the scope of the Executive's work with the Company or that relate to the business, operations or actual or demonstrably anticipated research or development of the Company, and that are made or conceived by the Executive, solely or jointly with others, during the Employment Term and that are not made or conceived by the Executive, solely or jointly with others, in performance of any Permitted Activities, or (B) suggested by any work that the Executive performs in connection with the Company while performing the Executive's duties with the Company shall belong exclusively to the Company (or its designee), whether or not patent or other applications for intellectual property protection are filed thereon (the "<u>Inventions</u>"). The Executive will keep full and complete written records (the "<u>Records</u>"), in the manner prescribed by the Company, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property of the Company, and the Executive will surrender them upon the termination of the Employment Term, or upon the Company's request. The Executive irrevocably conveys, transfers and assigns to the Company the Inventions and all patents or other intellectual property rights that may issue thereon in any and all countries, whether during or subsequent to the Employment Term, together with the right to file, in the Executive's name or in the name of the Company (or its designee), applications for patents and equivalent rights (the "<u>Applications</u>"). The Executive will, at any time during and subsequent to the Employment Term, make such applications, sign such papers, take all rightful oaths, and perform all other acts as may be requested from time to time by the Company to perfect, record, enforce, protect, patent or register the Company's rights in the Inventions, all without additional compensation to the Executive from the Company but at the Company's sole expense. The Executive will also execute assignments to the Company (or its designee) of the Applications, and give the Company and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company's benefit, all without additional compensation to the Executive from the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on behalf of the Company and the Executive agrees that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to the Executive. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, or the rights in such Inventions do not otherwise automatically vest in the Company, the Executive hereby irrevocably conveys, transfers and assigns to the Company, all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of the Executive's right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, the Executive hereby waives any so-called "moral rights" with respect to the Inventions. To the extent that the Executive has any rights in the results and proceeds of the Executive's service to the Company that cannot be assigned in the manner described herein, the Executive agrees to unconditionally waive the enforcement of such rights. The Executive hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents and other registrations for intellectual property that may issue thereon including, without limitation, any rights that would otherwise accrue to the Executive's benefit by virtue of the Executive being an employee of or other service provider to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **RETURN OF COMPANY PROPERTY**. Promptly following the Executive's termination of employment with the Company for any reason (or at any time prior thereto at the Company's request), the Executive shall return all property belonging to the Company or its Affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company). The Executive may retain the Executive's Outlook contacts and calendar (or similar items) provided that such items only include contact and calendar information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **REASONABLENESS OF COVENANTS**. In signing this Agreement, the Executive gives the Company assurance that the Executive has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this <u>Section</u> <u>9</u> hereof. The Executive agrees that these restraints are necessary for the reasonable and proper protection of the Company and its Affiliates and their Confidential Information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent the Executive from obtaining other suitable employment during the period in which the Executive is bound by the restraints. The Executive agrees that, before providing services, whether as an employee or consultant, to any entity during the period of time that the Executive is subject to the constraints in <u>Section</u> <u>9(a)</u> hereof, the Executive will provide a copy of <u>Section</u> <u>9</u> of this

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Agreement to such entity. The Executive acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company and its Affiliates and that the Executive has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Executive further covenants that the Executive will not challenge the reasonableness or enforceability of any of the covenants set forth in this <u>Section</u> <u>9</u>, and that the Executive will reimburse the Company and its Affiliates for all costs (including reasonable attorneys' fees) incurred in connection with any action to enforce any of the provisions of this <u>Section</u> <u>9</u> if either the Company and/or its Affiliates prevails on any material issue involved in such dispute or if the Executive challenges the reasonableness or enforceability of any of the provisions of this <u>Section</u> <u>9</u>. It is also agreed that each of the Company's Affiliates will have the right to enforce all of the Executive's obligations to that Affiliate under this Agreement, including without limitation pursuant to this <u>Section</u> <u>9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **REFORMATION**. If it is determined by a court of competent jurisdiction in any state that any restriction in this <u>Section</u> <u>9</u> is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **TOLLING**. In the event of any violation of the provisions of this <u>Section</u> <u>9</u>, the Executive acknowledges and agrees that the post-termination restrictions contained in this <u>Section</u> <u>9</u> shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **SURVIVAL OF PROVISIONS**. The obligations contained in <u>Sections 9</u> and <u>10</u> hereof shall survive the termination or expiration of the Employment Term and the Executive's employment with the Company and shall be fully enforceable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **RESTRICTIONS ON RESALE**. In addition to any restrictions on transfer set forth in the Amended and Restated Agreement of Limited Partnership of OpCo (the "Operating Agreement"), without the prior written consent of a majority of independent directors of PubCo, the Executive shall not offer, sell, contract to sell or otherwise transfer or dispose of any of the Common Units (as defined in the Operating Agreement) or shares of Class A Common Stock (as defined in the Operating Agreement) received in exchange therefor, or securities convertible or exchangeable or exercisable for any of the Common Units or shares of Class A Common Stock, or enter into any swap, hedge, or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Common Units or shares of Class A Common Stock for a period of twelve (12) months commencing on the date of consummation of PubCo's initial public offering of shares of Class A Common Stock (the "IPO Date") (such period, the "Lockup Period"); provided, however, that nothing in this paragraph shall prohibit the Executive from (i) distributing Common Units to the Executive's Relatives (as defined in the Operating Agreement) received as consideration in connection with this Agreement or any other arrangement, provided such Relatives agree in writing to the restrictions of this Section 9(k), or (ii) pledging such Common Units or shares of Class A Common Stock, provided such pledgee agrees in writing to the restrictions of this Section 9(k). The foregoing restrictions shall not apply to transfers by the Executive to the Executive's Affiliates, successors or any trust, family partnership or family

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limited liability company established for the benefit of the Executive or the Executive's Relatives, so long as such transferee agrees in writing to be bound by the terms of this Section 9(k). Notwithstanding the foregoing or any other provision in this Agreement to the contrary, (i) the provisions of this Section 9(k) shall cease to be in effect upon the closing of a General Partner Change of Control (as defined in the Operating Agreement), and (ii) following the Lockup Period, in the event the Executive shall die while holding Common Units or shares of Class A Common Stock, such Common Units or shares of Class A Common Stock shall be immediately and freely transferable, subject to applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. COOPERATION**. Upon the receipt of reasonable notice from the Company or its outside counsel, the Executive agrees that while employed by the Company and thereafter, the Executive will respond and provide information with regard to matters in which the Executive has knowledge as a result of the Executive's employment with the Company, and will provide reasonable assistance to the Company, its Affiliates and their respective representatives in defense of any claims that may be made against the Company or its Affiliates (other than any claims asserted by the Executive), and will assist the Company and its Affiliates in the prosecution of any claims that may be made by the Company or its Affiliates (other than any claims that may be asserted against the Executive), to the extent that such claims may relate to the period of the Executive's employment with the Company (collectively, the "<u>Claims</u>"). The Executive agrees to promptly inform the Company if the Executive becomes aware of any lawsuits involving Claims that may be filed or threatened against the Company or its Affiliates. The Executive also agrees to promptly inform the Company (to the extent that the Executive is legally permitted to do so) if the Executive is asked to assist in any investigation of the Company or its Affiliates (or their actions) or another party attempts to obtain information or documents from the Executive (other than in connection with any litigation or other proceeding in which the Executive is a party-in-opposition) and the Executive shall not provide such information or documents except with the prior written consent of the Company or its counsel or as required by applicable law, regulation or legal process. If the Executive is required by law, regulation, or legal process to provide information or testimony, the Executive shall, unless prohibited by law, provide prompt written notice to the Company so that the Company may seek a protective order or other appropriate remedy. Upon presentation of appropriate documentation, the Company shall pay or reimburse the Executive for all reasonable out-of-pocket travel, duplicating or telephonic expenses and all reasonable legal expenses incurred by the Executive in complying with this <u>Section</u> <u>10</u>. To the extent such cooperation occurs subsequent to the termination of the Executive's employment (and, if the Executive received payment pursuant to <u>Section</u> <u>7(d)(iii)</u>, hereof, subsequent to the expiration of a number of years thereafter equal to the Severance Multiple), the Company shall compensate the Executive for such cooperation at a daily rate equal to (i) the sum of the Executive's final Base Salary divided by (ii) 365.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. PROTECTED ACTIVITY**. Notwithstanding anything to the contrary contained herein, no provision of this Agreement shall be interpreted so as to impede the Executive from (i) reporting possible violations of federal, state or local law or regulation (including, without limitation, laws relating to fraud, securities, harassment, discrimination, or retaliation) to, or discussing any possible violations with, any governmental agency or entity or self-regulatory organization, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, any agency Inspector General, and FINRA, or making other disclosures under the whistleblower provisions of federal law or regulation, without the prior

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authorization of the Company to make any such reports or disclosures and the Executive shall not be required to notify the Company that such reports or disclosures have been made; (ii) making truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), (iii) any disclosure or communication made by the Executive in connection with any report or complaint to a federal, state or local governmental or law enforcement agency or body (including, but not limited to, the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the Department of Justice), (iv) any disclosure or communication protected under whistleblower provisions of applicable federal, state or local law, or (v) any other disclosure or communication that is required by law. 18 U.S.C. § 1833(b) provides: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal." Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, the parties to this Agreement have the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. EQUITABLE RELIEF AND OTHER REMEDIES**. The Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of <u>Section</u> <u>9</u> or <u>Section</u> <u>10</u> hereof would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond or other security, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available, without the necessity of showing actual monetary damages. In the event of a violation by the Executive of <u>Section</u> <u>9</u> or <u>Section</u> <u>10</u> hereof, any severance being paid to the Executive pursuant to this Agreement or otherwise shall immediately cease, and any severance previously paid to the Executive shall be immediately repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. NO ASSIGNMENTS**. This Agreement is personal to each of the parties hereto. Except as provided in this <u>Section</u> <u>13</u> hereof, no party may assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto. The Company may assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, <u>provided</u> that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, "<u>Company</u>" shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. NOTICE**. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile or electronic mail, (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Executive:

At the address (or to the e-mail address or facsimile

number) shown in the books and records of the Company.

If to the Company:

2000 Market Street, Suite 910

Philadelphia, PA 19103

Attention: General Counsel

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. SECTION HEADINGS; INCONSISTENCY**. The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement. In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. SEVERABILITY**. The provisions of this Agreement shall be deemed severable. The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. COUNTERPARTS**. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. ARBITRATION**. Any dispute or controversy arising under or in connection with this Agreement or the Executive's employment with the Company shall be settled exclusively by confidential arbitration, conducted before a single arbitrator (as an individual, and not a class or collection action) in New York, New York in accordance with the American Arbitration Association Employment Arbitration Rules and Mediation Procedures (the "<u>Rules</u>") then in effect; provided, however, that the following claims are excluded from mandatory arbitration: (i) claims for injunctive or equitable relief under Section 12 hereof; (ii) claims of sexual assault, sexual harassment, or whistleblower retaliation under the Sarbanes-Oxley Act or the Dodd-Frank

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Act; and (iii) any other claim that cannot be subject to mandatory arbitration as a matter of law. A copy of the current version of the Rules is available at: https://www.adr.org/media/0vrpbnm0/2025_employment_arbitration_rules.pdf. To the fullest extent of the law, the arbitrator shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, formation, or enforceability of this Agreement, including but not limited to the arbitrability of any dispute between the parties. The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator's award in any court having jurisdiction. The parties acknowledge and agree that in connection with any such arbitration, (a) the arbitration costs shall be borne entirely by the Company, (b) each party shall pay all of its own costs and expenses, except as otherwise required by applicable law, including, without limitation, its own legal fees and expenses, provided that the Company will reimburse the Executive for all costs (including reasonable attorneys' fees) incurred in a dispute if the Executive prevails on any material issue involved in such dispute, and (c) the arbitrator shall have no power to award punitive damages to either party, except where an applicable statute allows for punitive damage. The parties further agree that this arbitration provision is intended to be mutually binding and enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. INDEMNIFICATION**. The Company hereby agrees to indemnify the Executive and hold the Executive harmless to the greatest extent permitted by law or provided under the By-Laws of the Company against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable attorney's fees), losses, and damages resulting from the Executive's good faith performance of the Executive's duties and obligations with the Company, and shall provide advancement of expenses to the greatest extent permitted under applicable law. This obligation shall survive the termination of the Executive's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. LIABILITY INSURANCE**. The Company shall purchase and maintain, at its own expense, directors; and officers' liability insurance and cover the Executive under such directors' and officers' liability insurance both during and, while potential liability exists, after the term of this Agreement which shall not be less favorable than the coverage provided to other senior executive officers and directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **GOVERNING LAW; WAIVER OF JURY TRIAL**. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of New York (without regard to its choice of law provisions). **As a specifically bargained for inducement for each of the parties hereto to enter into this Agreement (after having the opportunity to consult with counsel), each party hereto expressly waives the right to trial by jury in any lawsuit or proceeding relating to or arising in any way from this Agreement or the matters contemplated hereby.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. MISCELLANEOUS**. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or director as may be designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or

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subsequent time. This Agreement together with all exhibits hereto sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes any and all prior agreements or understandings between the Executive and the Company with respect to the subject matter hereof. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. REPRESENTATIONS**. The Executive represents and warrants to the Company that (a) the Executive has the legal right to enter into this Agreement and to perform all of the obligations on the Executive's part to be performed hereunder in accordance with its terms, and (b) the Executive is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent the Executive from entering into this Agreement or impair in any way the performance of the Executive's duties and obligations hereunder. In addition, the Executive acknowledges that the Executive is aware of Section 304 (Forfeiture of Certain Bonuses and Profits) of the Sarbanes-Oxley Act of 2002 and the right of the Company to be reimbursed for certain payments to the Executive in compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. TAX MATTERS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **WITHHOLDING**. The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **DELIVERY OF SHARES ON NET BASIS**. In the event the Executive is to be issued shares of Class A common stock in accordance with any equity awards granted pursuant to this Agreement and the Executive is not able to sell a sufficient number of shares of Class A common stock to satisfy the Executive's applicable tax withholding obligations through a broker-assisted sale or other "sell-to-cover" mechanism, the Company shall, upon the Executive's election, retain a sufficient number of such shares to satisfy the Executive's tax withholding obligations and deliver the remaining shares on a net share settlement basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **SECTION 409A COMPLIANCE**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The intent of the parties is that payments and benefits under this Agreement be exempt from or otherwise comply with Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively "<u>Code Section</u> <u>409A</u>"), and any ambiguity shall be interpreted in accordance with the foregoing to the maximum extent permitted. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without violating the provisions of Code Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a "termination," "termination of employment" or like terms shall mean "separation from service." Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A payable on account of a "separation from service," such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such "separation from service" of the Executive, and (B) the date of the Executive's death, to the extent required under Code Section 409A to avoid imposition of any additional taxes or interest. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this <u>Section</u> <u>24(c)(ii)</u> (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Any payments subject to Code Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall not commence payment prior to the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to avoid additional taxes, penalties or interest under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of Code Section 409A, the Executive's right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes "nonqualified deferred compensation" for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **EXCESS PARACHUTE PAYMENTS; LIMITATIONS ON PAYMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision of this Agreement, if any payment or benefit received or to be received by the Executive (including any payment or benefit received in connection with a termination of the Executive's employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits, including the payments and benefits under <u>Section</u> <u>7</u>, being hereinafter referred to as the "<u>Total Payments</u>") would, but for this <u>Section</u> <u>24(d)</u>, be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the "<u>Excise Tax</u>"), then, the Total Payments shall be reduced (but not below zero), to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). If the Total Payments are so reduced, the Company shall reduce or eliminate the Total Payments (A) by first reducing or eliminating the portion of the Total Payments which are not payable in cash (other than that portion of the Total Payments subject to clause (C)), (B) then by reducing or eliminating cash payments (other than that portion of the Total Payments subject to clause (C)) and (C) then by reducing or eliminating the portion of the Total Payments (whether payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a "payment" within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of an independent, nationally recognized accounting firm (the "<u>Independent Advisors</u>") selected by the Company, does not constitute a "parachute payment" within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the "base amount" (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any determination required under this <u>Section</u> <u>24(d)</u>, including whether any payments or benefits are parachute payments, shall be made at the Company's expense by an independent public accounting firm that is mutually agreed by the Company and the Executive (the "<u>Accounting Firm</u>"), based upon reasonable, good faith assumptions and interpretations of Section 280G of the Code. The Executive and the Company shall provide the Accounting Firm with such information and documents as the Accounting Firm may reasonably request in order to make a determination under this <u>Section</u> <u>24(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. SARBANES-OXLEY ACT OF 2002**. Notwithstanding anything herein to the contrary, if the Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "<u>Exchange Act</u>"), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. CLAWBACK**. Notwithstanding any other provisions in this Agreement, any payments made pursuant to this Agreement shall be subject to recovery or clawback by the Company under any applicable clawback policy adopted by the Company in accordance with the Securities and Exchange Commission regulations or other applicable law, and the Executive agrees to execute appropriate acknowledgements or other documentation as may be required pursuant to such policies from time to time.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.

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| |
|:---|
| **COMPANY** |
| By: |
| Name:<br> Title: |

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**EXECUTIVE**

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**EXHIBIT A** 

**<u>GENERAL RELEASE</u>**

I, [___________], in consideration of and subject to the performance by WhiteHawk Minerals Corp., a Delaware incorporated company ("<u>PubCo</u>"), WhiteHawk Income Operating Partnership L.P., a Delaware limited partnership ("<u>OpCo</u>" and together with PubCo and any subsidiaries or Affiliates as may employ Executive from time to time, the "<u>Company</u>"), of its obligations under the Employment Agreement dated as of [ • ], 2026 (the "Agreement") do hereby release and forever discharge as of the date hereof the Company and its respective Affiliates and all present, former and future managers, directors, officers, employees, agents, successors and assigns of the Company and its Affiliates and direct or indirect owners (collectively, the "<u>Released Parties</u>") to the extent provided below (this "<u>General Release</u>"). The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.

1. My employment or service with the Company and its Affiliates terminated as of [ • ],
20[ • ], and I hereby resign from any position as an officer, member of the board of managers or directors (as applicable) or fiduciary of the Company or its Affiliates (or reaffirm any such resignation that may have already
occurred). I understand certain payments to me under <u>Section</u> <u>7</u> of the Agreement represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled. I
understand and agree that I will not receive certain of the payments and benefits specified in <u>Section</u> <u>7</u> of the Agreement unless I execute this General Release and do not revoke this General Release within the time period
permitted hereafter. I understand and agree that such payments and benefits are subject to <u>Sections 9</u> and <u>10</u> of the Agreement, which (as noted below) expressly survive my termination of employment and the execution of this General
Release. Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its Affiliates.

2. Except as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly
survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims,
suits, controversies, actions, causes of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages,
other damages, claims for costs and attorneys' fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or
unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have against the Company or any of the Released Parties that arise out of or are
connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil

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Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys' fees incurred in these matters) (all of the foregoing collectively referred to herein as the "<u>Claims</u>").

3. I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other
matter covered by paragraph 2 above.

4. I agree that this General Release does not waive or release any rights or claims that I may have under the Age
Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the
basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).

5. I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all
Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief. Notwithstanding the above, I further acknowledge that I am not waiving and am not
being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; <u>provided</u>, <u>however</u>, that I disclaim and waive any
right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding. Additionally, I am not waiving any claims or rights (i) to the Accrued Benefits or any severance benefits to which
I am entitled under the Agreement, (ii) relating to directors' and officers' liability insurance coverage or any right of indemnification or advancement of expenses under the Company's organizational documents, the Agreement
or otherwise, (iii) as an equity or security holder in the Company or its Affiliates, (iv) arising under <u>Section</u> <u>9(d)</u> of the Agreement, or (v) with respect to vested benefits under any of the Company's
benefit plans.

6. In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every
one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected
Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or
implied. I

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acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law. I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.

7. I agree that neither this General Release, nor the furnishing of the consideration for this General Release,
shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.

8. I agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay
all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys' fees.

9. I agree that this General Release and the Agreement are confidential and agree not to disclose any information
regarding the terms of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing
not to disclose the same to anyone.

10. Any non-disclosure provision in this General Release does not prohibit
or restrict me (or my attorney) from discussing any issue with the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self- regulatory organization or any
governmental entity.

11. I hereby acknowledge that <u>Sections</u> <u>7</u> through <u>14</u>, <u>19</u> through <u>22</u> and <u>24</u> through <u>26</u> of the Agreement shall survive my execution of this General Release.

12. I represent that I am not aware of any claim by me other than the claims that are released by this General
Release. I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or
suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it.

13. Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish,
diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.

14. Whenever possible, each provision of this General Release shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein.

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BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I HAVE READ IT CAREFULLY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO,
RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL
READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I HAVE HAD AT LEAST **[21][45]** DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE
CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED [21][45]-DAY PERIOD;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS
RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO
ADVISE ME WITH RESPECT TO IT; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY
AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.

SIGNED:     DATED:

## Exhibit 10.21

**Exhibit 10.21** 

**FORM OF LETTER AGREEMENT** 

**2025 RESTRICTED STOCK** 

This Letter Agreement (this "Letter Agreement") is entered into as of [•], 2026, by and among WhiteHawk Income Corporation, a Delaware corporation (the "Company"), WhiteHawk Management, LLC, a Delaware limited liability company (the "Manager"), and WhiteHawk Minerals LLC, a Delaware limited liability company (the "Contributor").

**RECITALS** 

**WHEREAS**, the Company and the Manager are parties to that certain Amended and Restated Investment Management Agreement dated as of October 3, 2025 (as the same may be amended, supplemented, or restated from time to time, the "Investment Management Agreement"); and

**WHEREAS**, pursuant to Section 5(b) of the Investment Management Agreement, the Company granted to the Manager shares of common stock of the Company designated as "2025 Restricted Stock" (as defined in the Investment Management Agreement), subject to certain vesting conditions set forth therein; and

**WHEREAS**, pursuant to the steps contemplated by the Contribution Agreement, dated as of [•], 2026 (the "Contribution Agreement"), by and among the Company, WhiteHawk Income Operating Partnership L.P., the Manager, and the Contributor, the Manager will distribute and assign all of its right, title, and interest in and to the 2025 Restricted Stock to the Contributor prior to the contribution of the Manager to WhiteHawk Income Operating Partnership L.P.; and

**WHEREAS**, the Contributor desires to confirm its agreement to be bound by the vesting conditions and transfer restrictions applicable to the 2025 Restricted Stock following such distribution and assignment; and

**WHEREAS**, the parties desire to confirm that, upon the consummation of an underwritten initial public offering of the Company's Class A Common Stock (an "IPO"), the 2025 Restricted Stock shall be deemed to have satisfied the vesting conditions set forth in Section 5(b)(i)(A) of the Investment Management Agreement, but shall remain subject to a new restriction until the expiration of the Lock-Up Period (as defined in the Amended and Restated Certificate of Incorporation of the Company to be adopted in connection with the consummation of the IPO, as amended or restated from time to time, the "Charter").

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions**. Capitalized terms used but not otherwise defined in this Letter Agreement shall have the
meanings given to such terms in the Investment Management Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Vesting Upon IPO**. The parties hereby confirm and agree that, upon the consummation of an IPO, the
vesting conditions set forth in Section 5(b)(i)(A) of the Investment Management Agreement shall be deemed satisfied with respect to all outstanding shares of 2025 Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Assignment of 2025 Restricted Stock**. Prior to the contribution of the Manager to WhiteHawk Income
Operating Partnership L.P. pursuant to the Contribution Agreement, the Manager shall distribute and assign all of its right, title, and interest in and to the 2025 Restricted Stock to the Contributor. Upon such distribution and assignment,
(a) the Contributor shall become the holder of the 2025 Restricted Stock for all purposes under this Letter Agreement, (b) the Contributor shall be bound by and subject to all of the terms, conditions, and restrictions applicable to the
Manager under this Letter Agreement with respect to the 2025 Restricted Stock, and (c) all references to the "Manager" in this Letter Agreement with respect to the ownership, vesting, transfer, forfeiture, and other rights and
restrictions relating to the 2025 Restricted Stock shall be deemed to refer to the Contributor. The Company hereby consents to such distribution and assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Post-IPO Lock-Up Restriction**. Notwithstanding Section 2 above, the parties agree that, upon the consummation of an IPO, the shares of 2025 Restricted Stock shall remain unvested and subject to the restrictions set forth in Section 5 and Section 6
below (in lieu of Section 5(b)(ii) and Section 5(b)(iii) of the Investment Management Agreement) until the expiration of the Lock-Up Period applicable to Initial Stockholders as set forth in
Section 4.9 of the Charter. Upon the expiration of the Lock-Up Period, such shares shall automatically and without further action vest and be free of all restrictions set forth in this Letter Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Restrictions on Transfer**. During the period from the consummation of an IPO until the expiration of the Lock-Up Period, the Manager shall not transfer, assign, encumber, pledge, charge, or otherwise dispose of the shares of 2025 Restricted Stock or grant any proxy with respect thereto. Any attempted transfer in
violation of this Section 5 shall be void and of no effect and the Company shall have the right to disregard the same on its books and records and to issue "stop transfer" instructions to its transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Rights as a Holder**. During the period from the consummation of an IPO until the expiration of the Lock-Up Period, the Manager shall have, with respect to the shares of 2025 Restricted Stock, all of the rights of a holder of shares of the Company's common stock, including, without limitation, the right to
vote such shares, to receive and retain all regular cash dividends payable to holders of such shares of record, and to exercise all other rights, powers and privileges of a holder of such shares. Notwithstanding the foregoing, (a) the Manager
shall not be entitled to delivery of the stock certificate or certificates representing the 2025 Restricted Stock until such shares are no longer subject to restrictions under this Letter Agreement, (b) the Company (or its designated agent)
will maintain custody of the stock certificate or certificates representing the 2025 Restricted Stock and any other property issued in respect of the 2025 Restricted Stock, including stock dividends, at all times such shares remain subject to
restrictions under this Letter Agreement, (c) no such property will bear interest or be segregated in separate accounts, and (d) the Manager shall not, directly or indirectly, transfer the 2025 Restricted Stock in any manner whatsoever.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Forfeiture**. For the avoidance of doubt, upon termination of the Manager's service to the Company
(whether pursuant to Section 9 of the Investment Management Agreement or otherwise), for any reason or no reason, any shares of 2025 Restricted Stock that remain unvested pursuant to Section 4 hereof shall be immediately forfeited,
automatically, and without consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Change of Control**. Notwithstanding anything to the contrary in this Letter Agreement, in the event of a
Change of Control (as defined in the Charter) that occurs following the consummation of an IPO but prior to the expiration of the Lock-Up Period, all shares of 2025 Restricted Stock that remain unvested as of
immediately prior to the consummation of such Change of Control shall automatically and immediately vest and be free of all restrictions set forth in this Letter Agreement, effective as of immediately prior to the consummation of such Change of
Control, so that the holder of such shares may participate in such Change of Control transaction on the same basis as other holders of shares of the Company's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Effect on Investment Management Agreement; Survival**. Except as expressly modified by this Letter
Agreement, the Investment Management Agreement shall remain in full force and effect in accordance with its terms. In the event of any conflict between the terms of this Letter Agreement and the Investment Management Agreement with respect to the
subject matter hereof, this Letter Agreement shall control. Notwithstanding the termination or expiration of the Investment Management Agreement for any reason, this Letter Agreement shall remain in full force and effect and shall continue to govern
the vesting, transfer restrictions, and forfeiture of the 2025 Restricted Stock in accordance with its terms until the earlier of (a) the expiration of the Lock-Up Period, (b) the forfeiture of all
shares of 2025 Restricted Stock in accordance with Section 7 hereof, or (c) the vesting of all shares of 2025 Restricted Stock in accordance with Section 8 hereof. The obligations and rights set forth in Sections 3, 4, 5, 6, 7, 8, 10,
and 11 of this Letter Agreement shall survive any termination or expiration of the Investment Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Governing Law**. This Letter Agreement and all disputes or controversies arising out of or related to this
Letter Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflict of laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Counterparts**. This Letter Agreement may be executed in counterparts, each of which shall be deemed to be
an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have caused this Letter Agreement to be duly executed as of the date first above written.

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| |
|:---|
| **WHITEHAWK INCOME CORPORATION** |
| By: |
| Name: |
| Title: |

---

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| |
|:---|
| **WHITEHAWK MANAGEMENT, LLC** |
| By: |
| Name: |
| Title: |

---

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| |
|:---|
| **WHITEHAWK MINERALS LLC** |
| By: |
| Name: |
| Title: |

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## Exhibit 21.1

**Exhibit 21.1** 

**Subsidiaries of** 

**WhiteHawk Income Corporation** 

The following is a list of subsidiaries of WhiteHawk Income Corporation (the "Registrant") as of the date of this registration statement. Unless otherwise indicated, each subsidiary is wholly owned, directly or indirectly, by the Registrant.

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| | |
|:---|:---|
| **Name of Subsidiary** | **State or Jurisdiction<br>of Organization** |
|  WhiteHawk Income OP GP LLC | Delaware |
|  WhiteHawk Income Operating Partnership L.P. | Delaware |
|  WhiteHawk Income Marcellus LLC | Delaware |
|  WhiteHawk Acquisition, LLC | Delaware |
|  PHX Minerals LLC | Delaware |
|  WhiteHawk Income Haynesville LLC | Delaware |
|  WhiteHawk VF LLC | Delaware |

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## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the use in this Amendment No. 1 to Registration Statement on Form S-1 of WhiteHawk Income Corporation (the "Company") of our report dated March 31, 2026, except for Note 3, as to which the date is May 6, 2026, relating to the consolidated financial statements of the Company (which report expresses an unqualified opinion and includes an explanatory paragraph relating to a restatement of the 2025 consolidated financial statements). We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Baker Tilly US, LLP

Dallas, Texas

May 20, 2026

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the inclusion in this Registration Statement on Amendment No. 1 to Form S-1 of WhiteHawk Income Corporation and subsidiaries of our report dated March 31, 2025, relating to our audit of the consolidated financial statements of WhiteHawk Income Corporation and subsidiaries for the year ended December 31, 2024. We also consent to the reference to our firm under the heading "Experts" in this Registration Statement on Form S-1.

/s/ Whitley Penn LLP

Houston, Texas

May 20, 2026

## Exhibit 23.3

**Exhibit 23.3** 

**CONSENT OF INDEPENDENT AUDITOR** 

We consent to the use in this Registration Statement of our report dated January 20, 2026, relating to the financial statements of Three Rivers Royalty, LLC as of and for the years ended December 31, 2024 and 2023. We also consent to the reference to our firm under the caption "Experts" in this Prospectus.

/s/ Plante & Moran, PLLC

Denver, Colorado

May 20, 2026

## Exhibit 23.4

**Exhibit 23.4** 

Consent of Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Experts" and to the use of our reports dated March 12, 2025, with respect to the financial statements of PHX Minerals, Inc. included in Amendment No. 1 to the Registration Statement (Form S-1) and related Prospectus of WhiteHawk Income Corporation for the registration of its common stock.

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| |
|:---|
|  /s/ Ernst & Young LLP |
|  Oklahoma City, Oklahoma |
|  May 20, 2026 |

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## Exhibit 99.5

**Exhibit 99.5** 

**Consent of Director Nominee** 

**WhiteHawk Income Corporation** 

Pursuant to Rule 438 of Regulation C promulgated under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the Registration Statement on Form S-1 (the "Registration Statement") of WhiteHawk Income Corporation, the undersigned hereby consents to being named and described as a director nominee in the Registration Statement and any amendment or supplement to any prospectus included in such Registration Statement, any amendment to such Registration Statement or any subsequent Registration Statement filed pursuant to Rule 462(b) under the Securities Act and to the filing or attachment of this consent with such Registration Statement and any amendment or supplement thereto.

IN WITNESS WHEREOF, the undersigned has executed this consent as of the 20th day of May, 2026.

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| | |
|:---|:---|
| By: | /s/ Robert W. Karlovich |
| Name: | Robert W. Karlovich |

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