Document:

EX-10.2

 Exhibit 10.2 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 BRIGHAM MINERALS
HOLDINGS, LLC 
 DATED AS OF [●], 2019 

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

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	3	 
			
	 Section 1.1
	  	Definitions	  	 	3	 
	 Section 1.2
	  	Interpretive Provisions	  	 	16	 
		
	 ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY
	  	 	16	 
			
	 Section 2.1
	  	Formation	  	 	16	 
	 Section 2.2
	  	Filing	  	 	16	 
	 Section 2.3
	  	Name	  	 	16	 
	 Section 2.4
	  	Registered Office; Registered Agent	  	 	17	 
	 Section 2.5
	  	Principal Place of Business	  	 	17	 
	 Section 2.6
	  	Purpose; Powers	  	 	17	 
	 Section 2.7
	  	Term	  	 	17	 
	 Section 2.8
	  	Intent	  	 	17	 
		
	 ARTICLE III CLOSING TRANSACTIONS
	  	 	17	 
			
	 Section 3.1
	  	Reorganization Transactions	  	 	17	 
		
	 ARTICLE IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS
	  	 	18	 
			
	 Section 4.1
	  	Authorized Units; General Provisions With Respect to Units	  	 	18	 
	 Section 4.2
	  	Voting Rights	  	 	21	 
	 Section 4.3
	  	Capital Contributions; Unit Ownership	  	 	22	 
	 Section 4.4
	  	Capital Accounts	  	 	22	 
	 Section 4.5
	  	Other Matters	  	 	23	 
	 Section 4.6
	  	Redemption of Units	  	 	23	 
		
	 ARTICLE V ALLOCATIONS OF PROFITS AND LOSSES
	  	 	31	 
			
	 Section 5.1
	  	Profits and Losses	  	 	31	 
	 Section 5.2
	  	Special Allocations	  	 	31	 
	 Section 5.3
	  	Allocations for Tax Purposes in General	  	 	34	 
	 Section 5.4
	  	Income Tax Allocations with Respect to Depletable Properties	  	 	34	 
	 Section 5.5
	  	Other Allocation Rules	  	 	36	 
		
	 ARTICLE VI DISTRIBUTIONS
	  	 	36	 
			
	 Section 6.1
	  	Distributions	  	 	36	 
	 Section 6.2
	  	Tax-Related Distributions	  	 	37	 
	 Section 6.3
	  	Distribution Upon Withdrawal	  	 	38	 
	 Section 6.4
	  	Issuance of Additional Equity Securities	  	 	39	 
		
	 ARTICLE VII MANAGEMENT
	  	 	39	 
			
	 Section 7.1
	  	The Managing Member; Fiduciary Duties	  	 	39	 
	 Section 7.2
	  	Officers	  	 	39	 

  
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	 Section 7.3
	  	Warranted Reliance by Officers on Others	  	 	40	 
	 Section 7.4
	  	Indemnification	  	 	41	 
	 Section 7.5
	  	Maintenance of Insurance or Other Financial Arrangements	  	 	42	 
	 Section 7.6
	  	Resignation or Termination of Managing Member	  	 	42	 
	 Section 7.7
	  	No Inconsistent Obligations	  	 	42	 
	 Section 7.8
	  	Reclassification Events of PubCo	  	 	42	 
	 Section 7.9
	  	Certain Costs and Expenses	  	 	43	 
		
	 ARTICLE VIII ROLE OF MEMBERS
	  	 	43	 
			
	 Section 8.1
	  	Rights or Powers	  	 	43	 
	 Section 8.2
	  	Voting	  	 	44	 
	 Section 8.3
	  	Various Capacities	  	 	45	 
	 Section 8.4
	  	Investment Opportunities	  	 	45	 
		
	 ARTICLE IX TRANSFERS OF INTERESTS
	  	 	45	 
			
	 Section 9.1
	  	Restrictions on Transfer	  	 	45	 
	 Section 9.2
	  	Notice of Transfer	  	 	47	 
	 Section 9.3
	  	Transferee Members	  	 	47	 
	 Section 9.4
	  	Legend	  	 	48	 
		
	 ARTICLE X ACCOUNTING; CERTAIN TAX MATTERS
	  	 	48	 
			
	 Section 10.1
	  	Books of Account	  	 	48	 
	 Section 10.2
	  	Tax Elections	  	 	49	 
	 Section 10.3
	  	Tax Returns; Information	  	 	49	 
	 Section 10.4
	  	Company Representative	  	 	49	 
	 Section 10.5
	  	Withholding Tax Payments and Obligations	  	 	50	 
		
	 ARTICLE XI DISSOLUTION AND TERMINATION
	  	 	52	 
			
	 Section 11.1
	  	Liquidating Events	  	 	52	 
	 Section 11.2
	  	Bankruptcy	  	 	52	 
	 Section 11.3
	  	Procedure	  	 	53	 
	 Section 11.4
	  	Rights of Members	  	 	54	 
	 Section 11.5
	  	Notices of Dissolution	  	 	54	 
	 Section 11.6
	  	Reasonable Time for Winding Up	  	 	54	 
	 Section 11.7
	  	No Deficit Restoration	  	 	54	 
		
	 ARTICLE XII GENERAL
	  	 	54	 
			
	 Section 12.1
	  	Amendments; Waivers	  	 	54	 
	 Section 12.2
	  	Further Assurances	  	 	55	 
	 Section 12.3
	  	Successors and Assigns	  	 	55	 
	 Section 12.4
	  	Certain Representations by Members	  	 	55	 
	 Section 12.5
	  	Entire Agreement	  	 	56	 
	 Section 12.6
	  	Rights of Members Independent	  	 	56	 
	 Section 12.7
	  	Governing Law	  	 	56	 
	 Section 12.8
	  	Jurisdiction and Venue	  	 	56	 

  
 ii 

							
	 Section 12.9
	  	Headings	  	 	56	 
	 Section 12.10
	  	Counterparts	  	 	57	 
	 Section 12.11
	  	Notices	  	 	57	 
	 Section 12.12
	  	Representation By Counsel; Interpretation	  	 	57	 
	 Section 12.13
	  	Severability	  	 	58	 
	 Section 12.14
	  	Expenses	  	 	58	 
	 Section 12.15
	  	Waiver of Jury Trial	  	 	58	 
	 Section 12.16
	  	No Third Party Beneficiaries	  	 	58	 

  
 iii 

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 BRIGHAM MINERALS
HOLDINGS, LLC 
 This Amended and Restated Limited Liability Company Agreement (as amended, supplemented or restated from time to time,
this “Agreement”) is entered into as of [●], 2019, by and among Brigham Minerals Holdings, LLC, a Delaware limited liability company (the “Company”), Brigham Minerals, Inc., a Delaware
corporation (“PubCo”), Brigham Equity Holdings, LLC, a Delaware limited liability company (“Brigham Equity Holdings”), Warburg Pincus Energy (E&P) (Brigham) LLC, a Delaware limited liability
company (“Managing Member Blocker”), and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act. Capitalized terms used herein and not otherwise defined have the
respective meanings set forth in Section 1.1. 
 RECITALS 

WHEREAS, the Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of
Delaware on October 15, 2018 and immediately prior to the adoption of this Agreement was governed by a Limited Liability Company Agreement dated as of October 15, 2018 (the “Existing LLC Agreement”); 

WHEREAS, prior to giving effect to the in-kind distribution described in these recitals, the
Company has been wholly owned by Brigham Equity Holdings; 
 WHEREAS, as part of a restructuring and pursuant to the Master
Reorganization Agreement dated as of the date hereof (the “Master Reorganization Agreement”), Brigham Equity Holdings desires for the holders of its Units (as defined in the Brigham Equity Holdings A&R LLC Agreement, the
“Brigham Equity Holdings Units”), other than the holders of its Incentive Units (as defined in the Brigham Equity Holdings A&R LLC Agreement, the “Brigham Equity Holdings Incentive Units”) with
respect to unvested Brigham Equity Holdings Incentive Units (as described below) other than Pre-IPO Units (as defined in the Master Reorganization Agreement), to hold equity interests in the Company directly rather than indirectly through Brigham
Equity Holdings and, therefore, contemporaneously with the effectiveness of this Agreement (i) the equity interests in the Company are being recapitalized into the Units (as defined in Section 1.1) and (ii) Brigham Equity
Holdings is distributing all of such Units in the Company, other than the portion of such Units attributable to unvested Brigham Equity Holdings Incentive Units (other than Pre-IPO Units), in-kind to the
holders of Brigham Equity Holdings Units, other than the holders of Brigham Equity Holdings Incentive Units (other than Pre-IPO Units) with respect to such unvested Brigham Equity Holdings Incentive Units (other than Pre-IPO Units), in accordance
with the terms of the Master Reorganization Agreement, with such holders becoming, together with Brigham Equity Holdings, the sole Members of the Company as of the date hereof as a result of such distribution
in-kind; 
 WHEREAS, the Units in the Company retained by Brigham Equity Holdings are the
Units that would have been distributed pursuant to the foregoing in-kind distribution to holders of unvested Brigham Equity Holdings Incentive Units (other than Pre-IPO Units) had such unvested Brigham Equity

 
Holdings Incentive Units been vested as of the date hereof, with (i) the holders of unvested Brigham Equity Holdings Incentive Units (other than Pre-IPO Units) retaining the right to receive
such Units in the Company upon the vesting of their unvested Brigham Equity Holdings Incentive Units and (ii) the holders of vested Brigham Equity Holdings Incentive Units (other than Pre-IPO Units) retaining certain residual rights to such
unvested Brigham Equity Holdings Incentive Units in the event such unvested Brigham Equity Holdings Incentive Units are forfeited prior to vesting, in each case, pursuant to the Brigham Equity Holdings Second A&R LLC Agreement entered into
contemporaneously with the effectiveness of this Agreement; 
 WHEREAS, in connection with the Company’s recapitalization into
Units, it is contemplated that PubCo will, subject to the approval of its board of directors, issue a stock dividend of Class A Shares to its existing owner such that the number of Units held by PubCo and its direct and indirect wholly owned
Subsidiaries prior to the IPO equals the number of such Class A Shares outstanding prior to the IPO; 
 WHEREAS, it is
contemplated that PubCo will, subject to the approval of its board of directors, issue [●] Class A Shares to the public for cash in the initial underwritten public offering of shares of its stock (the “IPO”); 

WHEREAS, if the IPO is consummated, (i) PubCo will contribute all of the net proceeds received by it from the IPO and Class B
Shares to Managing Member Blocker and (ii) Managing Member Blocker will in turn contribute to the Company all of such net proceeds of the IPO and Class B Shares in exchange for a number of Units equal to the number of Class A Shares
issued in the IPO, and the Company will then distribute such Class B Shares to each of its Members (other than PubCo and its Subsidiaries); 

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

WHEREAS, the Members of the Company desire that Managing Member Blocker become the sole managing Member of the Company (in its capacity
as managing Member as well as in any other capacity, the “Managing Member”); 
 WHEREAS, the Members of the
Company (including Brigham Equity Holdings, as the sole member of the Company as of immediately prior to the effectiveness of this Agreement) desire to amend and restate the Existing LLC Agreement and adopt this Agreement; and 

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

  
 2 

 NOW THEREFORE, in consideration of the mutual covenants and agreements contained
herein, and other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Existing LLC Agreement is hereby amended and restated in its entirety and the parties hereby agree
as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions. As used in this Agreement and the Schedules and Exhibits attached to this
Agreement, the following definitions shall apply: 
 “Act” means the Delaware Limited Liability Company Act, 6 Del.
C. § 18-101, et seq., as amended from time to time (or any corresponding provisions of succeeding law). 

“Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any
Governmental Entity. 
 “Adjusted Basis” has the meaning given such term in Section 1011 of the Code. 

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

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

 

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

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

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by
or is under common control with such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership
of voting securities, by contract or otherwise; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and (b) none of the Company or any of its
Subsidiaries shall be deemed an Affiliate of any Member. 
 “Agreement” is defined in the preamble to this
Agreement. 
 “Assumed Tax Liability” means, with respect to any Member for any Fiscal Year or portion thereof
beginning at or after the Effective Time, the product of (a) the U.S. federal taxable income (other than taxable income incurred in connection with the receipt of a guaranteed payment for services by such Member or the Redemption or Transfer of
any Units held by such Member) allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years (or portions thereof) beginning at or after the Effective Time, less the U.S. 

  
 3 

 
federal taxable loss allocated by the Company to such Member in such Fiscal Year and all prior Fiscal Years (or portions thereof) beginning at or after the Effective Time, taking into account for
purposes of this clause (a), (i) adjustments and allocations under Sections 704(c), 734 and 743 of the Code, (ii) items determined at the Member level with respect to Depletable Properties owned by the Company, as if such items were
allocated at the Company level and (iii) any applicable limitations on the deductibility of capital losses; multiplied by (b) the highest applicable U.S. federal, state and local income tax rate (including any tax rate imposed on
“net investment income” by Section 1411 of the Code and taking into account any applicable deduction under Section 199A of the Code) applicable to an individual or, if higher, a corporation, resident in Austin, Texas, with
respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g., capital gains or losses, dividends, ordinary income, etc.) during each applicable Fiscal Year. The Managing Member shall reasonably
determine the Assumed Tax Liability for each Member based on such assumptions as the Managing Member deems necessary acting in Good Faith (provided that any such assumptions that apply to multiple Members shall be applied in a substantially
equivalent manner with respect to each such Member), including for purposes of determining estimates of a Member’s Assumed Tax Liability with respect to any portion of a Fiscal Year; provided that, in the event the Company is treated as
a partnership for U.S. federal income tax purposes prior to the Effective Time, for purposes of determining a Member’s Assumed Tax Liability for the portion of the Fiscal Year including the Effective Time that begins at the Effective Time, the
Managing Member shall use an interim closing of the books as of the date immediately preceding the Effective Time. 
 “Available
Cash” means the amount of cash on hand (including cash equivalents and temporary investments of Company cash) from time to time in excess of amounts required, as reasonably determined by the Managing Member acting in Good Faith, to pay
or provide for the payment of existing and projected obligations or capital expenditures and to provide a reasonable reserve for working capital and contingencies. 

“beneficially own” and “beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act. 
 “Board” means
the board of directors of PubCo. 
 “Brigham Equity Holdings” is defined in the preamble to this Agreement. 

“Brigham Equity Holdings A&R LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of
Brigham Equity Holdings, dated as of November 20, 2018, as in effect as of immediately prior to the effectiveness of this Agreement (and which, for the avoidance of doubt, shall not include any amendment effected pursuant to the Brigham Equity
Holdings Second A&R LLC Agreement, which became effective simultaneously with the effectiveness of this Agreement). 

“Brigham Equity Holdings Incentive Units” is defined in the recitals to this Agreement. 

“Brigham Equity Holdings Second A&R LLC Agreement” means the Second Amended and Restated Limited Liability Company
Agreement of Brigham Equity Holdings, dated as of the date hereof. 

  
 4 

 “Brigham Equity Holdings Units” is defined in the recitals to this
Agreement. 
 “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required
or authorized by Law to be closed in the City of New York. 
 “Business Opportunities Exempt Party” is defined in
Section 8.4. 
 “Call Election Notice” is defined in Section 4.6(f)(ii). 

“Call Right” is defined in Section 4.6(f)(i) 

“Capital Account” means, with respect to any Member, the Capital Account maintained for such Member in accordance with
Section 4.4. 
 “Capital Contribution” means, with respect to any Member, the amount of cash and the
initial Gross Asset Value of any property (other than cash) contributed to the Company by such Member. Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a predecessor holder of such Member’s
Units to the extent that such Capital Contribution was made in respect of Units Transferred to such Member. 
 “Cash
Election” is defined in Section 4.6(a)(iii) and shall also include PubCo’s election to purchase Units for cash pursuant to an exercise of its Call Right set forth in Section 4.6(f). 

“Cash Election Amount” means with respect to a particular Redemption for which a Cash Election has been made,
(a) if the Class A Shares trade on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if
a Cash Election had not been made and (ii) the average of the volume-weighted closing price for a Class A Share on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Shares trade, as
reported by Bloomberg, L.P., or its successor, for each of the 10 consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment
for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Shares; and (b) if the Class A Shares no longer trade on a securities exchange or automated or electronic quotation system, an amount of cash
equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made and (ii) the fair market value of one Class A Share, as determined by the Managing
Member in Good Faith, that would be obtained in an arms’ length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, and without regard to the
particular circumstances of the buyer or seller. 
 “Chief Executive Officer” means the person appointed as the
Chief Executive Officer of the Company by the Managing Member pursuant to Section 7.2(a). 

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

  
 5 

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

 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time (or any corresponding
provisions of succeeding law). 
 “Commission” means the U.S. Securities and Exchange Commission, including any
governmental body or agency succeeding to the functions thereof. 
 “Company” is defined in the preamble to this
Agreement. 
 “Company Level Taxes” means any federal, state or local taxes, additions to tax, penalties and
interest payable by the Company or any of its Subsidiaries as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state or local tax authorities, including resulting administrative and judicial
proceedings under the Partnership Tax Audit Rules. 
 “Company Minimum Gain” has the meaning of “partnership
minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined
in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or more Nonrecourse
Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset Value. 

“Company Representative” has, with respect to taxable periods beginning after December 31, 2017, the meaning
assigned to the term “partnership representative” in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder, and with respect to taxable periods beginning on or
before December 31, 2017, and for any applicable state and local tax purposes, the meaning assigned to the term “tax matters partner” as defined in Code Section 6231(a)(7) prior to its amendment by Title XI of the Bipartisan
Budget Act of 2015, in each case as appointed pursuant to Section 10.4. 
 “Contract”
means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or undertaking. 

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

  
 6 

 “Covered Audit Adjustment” means an adjustment to any
partnership-related item (within the meaning of Section 6241(2)(B) of the Code) to the extent such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the Code or any analogous provision of state or
local Law. 
 “Covered Person” is defined in Section 7.4. 

“Debt Securities” means, with respect to PubCo, any and all debt instruments or debt securities that are not
convertible or exchangeable into Equity Securities of PubCo. 
 “Depletable Property” means each separate oil and
gas property as defined in Code Section 614. 
 “Depreciation” means, for each Fiscal Year or other taxable
period, an amount equal to the depreciation, amortization or other cost recovery deduction (excluding depletion) allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any such property
the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations
Section 1.704-3(d), Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis recovered for such Fiscal Year or other taxable period under the rules prescribed by
Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at the
beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such
Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is
zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Managing Member. 

“DGCL” means the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding
provisions of succeeding law). 
 “Discount” is defined in Section 7.9. 

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

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

  
 7 

 “ERISA” means the Employee Retirement Security Act of 1974, as
amended. 
 “Excess Tax Amount” is defined in Section 10.5(c). 

“Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the
same may be amended from time to time (or any corresponding provisions of succeeding law). 
 “Existing LLC
Agreement” is defined in the recitals to this Agreement. 
 “Fair Market Value” means the fair market
value of any property as determined in Good Faith by the Managing Member after taking into account such factors as the Managing Member shall deem appropriate. 

“Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and all rules
and regulations promulgated thereunder. 
 “Fiscal Year” means the fiscal year of the Company, which shall end on
December 31 of each calendar year unless, for U.S. federal income tax purposes, another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes. 

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

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

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

“Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal income tax
purposes (which, in the case of any Depletable Property, shall be determined pursuant to Treasury Regulations Section 1.613A-3(e)(3)(iii)(c)), except as follows: 

 

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

  

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

  
 8 

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

  

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

  

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

  

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

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

  
 9 

 “Interest” means the entire interest of a Member in the Company,
including the Units and all of such Member’s rights, powers and privileges under this Agreement and the Act. 
 “Investment
Company Act” is defined in Section 8.1(b). 
 “IPO” is defined in the
recitals to this Agreement. 
 “Law” means any federal, national, supranational, state, provincial, local or similar
statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law). 
 “Legal
Action” is defined in Section 12.8. 
 “Liability” means any liability or
obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted. 

“Liquidating Event” is defined in Section 11.1. 

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

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

“Member” means any Person that executes this Agreement as a Member and any other Person admitted to the Company as an
additional or substituted Member, in each case, that has not made a disposition of such Person’s entire Interest. 
 “Member
Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations Section 1.704-2(i). It is further understood that the
determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations
Sections 1.704-2(d) and 1.704-2(g)(3). 

“Member Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Deductions” has the meaning of
“partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

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

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

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

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

  
 10 

 “Nonrecourse Liability” is defined in Treasury Regulations Section 1.704-2(b)(3). 
 “Officer” means each Person appointed as an officer
of the Company pursuant to and in accordance with the provisions of Section 7.2. 

“Option” means the option to purchase an additional [●] Class A Shares granted by PubCo to the
underwriters for the IPO as described in PubCo’s registration statement on Form S-1 (Registration No. 333-230373), initially filed with the Commission on
March 18, 2019. 
 “Partnership Tax Audit Rules” means Sections 6221 through 6241 of the Code, as
amended, together with any final or temporary Treasury Regulations, Revenue Rulings and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous provision of state or local tax Law). 

“Permitted Transferee” means, with respect to any Member: (a) any Affiliate of such Member; (b) any
successor entity of such Member; (c) with respect to any Member that is a natural person or of which a majority of the outstanding Equity Securities and voting power with respect to the election of directors (or the selection of any other
similar governing body in the case of an entity other than a corporation) are beneficially owned (as such term is defined under Rule 13d-3 of the Exchange Act) by a single natural person, a trust established
by or for the benefit of such natural person of which only such natural person and his or her immediate family members are beneficiaries; and (d) upon the death of any Member that is a natural person, an executor, administrator or beneficiary
of the estate of the deceased Member. 
 “Person” means any individual, partnership, firm, corporation, limited
liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act. 

“Pine Brook Entity” means each of Pine Brook BXP Intermediate, L.P., Pine Brook BXP II Intermediate, L.P., Pine Brook
PD Intermediate, L.P. and any Transferee (for the avoidance of doubt, other than PubCo and any Subsidiary of PubCo) to whom any of the foregoing entities Transfers Units in a Transfer permitted under this Agreement. 

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

“Prime Rate” means, on any date of determination, a rate per annum equal to the rate of interest most recently
published by The Wall Street Journal as the “prime rate” at large U.S. money center banks. 
 “Proceeding”
is defined in Section 7.4. 
 “Profits” or “Losses” means, for each Fiscal Year or
other taxable period, an amount equal to the Company’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated
separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication): 
  

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

  
 11 

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

  

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

 

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

  

	 	(e)	 gain resulting from any disposition of Depletable Property with respect to which gain is recognized for U.S.
federal income tax purposes shall be treated as being equal to the corresponding Simulated Gain; 

  

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

  

	 	(g)	 to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in liquidation
of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of
such asset and shall be taken into account for purposes of computing Profits or Losses; and 

  

	 	(h)	 any items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions of
Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated pursuant to Section 5.2 will be determined by
applying rules analogous to those set forth in clauses (a) through (g) above. 

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

  
 12 

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

“PubCo Holdings Group” means PubCo, Managing Member Blocker and each other Subsidiary of PubCo (other than the Company
and its Subsidiaries). 
 “PubCo Shares” means all classes and series of common stock of PubCo, including the
Class A Shares and the Class B Shares. 
 “Public Offering” means an underwritten primary offering and
sale of Equity Securities to the public pursuant to a registration statement, including a “bought” deal or “overnight” public offering. 

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

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

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

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

“Redemption Date” means (a) the later of (i) the date that is 10 Business Days after the Redemption
Notice Date and (ii) if the Company or PubCo has made a valid Cash Election with respect to the relevant Redemption, the first Business Day on which the Company or PubCo has available funds to pay the Cash Election Amount, which in no event
shall be more than 10 Business Days after the Redemption Notice Date, or (b) such later date (i) specified in the Redemption Notice or (ii) on which a Redemption Contingency that is specified in the Redemption Notice is
satisfied. 
 “Redemption Notice” is defined in Section 4.6(a)(ii). 

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

“Registration Rights Agreement” means the Registration Rights Agreement, by and among PubCo and the Members, to be
entered into concurrently with the closing of the IPO. 
 “Regulatory Allocations” is defined in
Section 5.2(j). 
 “Securities Act” means the Securities Act of 1933, and the rules and
regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law). 

  
 13 

 “Simulated Basis” means the Gross Asset Value of any Depletable
Property. The Simulated Basis of each Depletable Property shall be allocated to each Member pro rata, in accordance with the number of Units owned by such Member as of the time such Depletable Property is acquired by the Company (and any additions
to such Simulated Basis resulting from expenditures required to be capitalized in such Simulated Basis shall be allocated among the Members in a manner designed to cause the Members’ proportionate shares of such Simulated Basis to be in
accordance with their proportionate ownership of Units as determined at the time of any such additions), and shall be reallocated among the Members pro rata, in accordance with the number of Units owned by such Member as determined immediately
following the occurrence of an event giving rise to an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause (b) of the definition of Gross Asset Value. 

“Simulated Depletion” means, with respect to each Depletable Property, a depletion allowance computed in accordance
with federal income tax principles (as if the Simulated Basis of the property were its Adjusted Basis) and in the manner specified in the Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). For purposes
of computing Simulated Depletion with respect to any Depletable Property, the Simulated Basis of such property shall be deemed to be the Gross Asset Value of such property, and in no event shall such allowance, in the aggregate, exceed such
Simulated Basis. 
 “Simulated Gain” means the amount of gain realized from the sale or other disposition of
Depletable Property as calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Simulated Loss” means the amount of loss realized from the sale or other disposition of Depletable Property as
calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Sponsors” means each Pine Brook Entity, Warburg Entity and Yorktown Entity. 

“Subsidiary” means, with respect to any specified Person, any other Person with respect to which such specified Person
(a) has, directly or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially owns, directly or indirectly, a majority of such Person’s
Equity Securities. 
 “Tax Contribution Obligation” is defined in Section 10.5(c). 

“Tax Distribution Date” means any date that is five Business Days prior to the date on which quarterly estimated U.S.
federal income tax payments are required to be made by calendar year individual taxpayers and each due date for the U.S. federal income tax return of an individual calendar year taxpayer (without regard to extensions). 

“Tax Offset” is defined in Section 10.5(c). 

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

  
 14 

 “Transfer” means, when used as a noun, any voluntary or involuntary,
direct or indirect (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise), transfer, sale, pledge or
hypothecation or other disposition and, when used as a verb, voluntarily or involuntarily, directly or indirectly (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity
Securities of the Transferor or any Person that controls the Transferor, by operation of law or otherwise), to transfer, sell, pledge or hypothecate or otherwise dispose of. The terms “Transferee,”
“Transferor,” “Transferred” and other forms of the word “Transfer” shall have the correlative meanings. 

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

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

“Uniform Commercial Code” means the Uniform Commercial Code or any successor provision thereof as the same may from
time to time be in effect in the State of Delaware. 
 “Units” means the Units issued hereunder and shall also
include any Equity Security of the Company issued in respect of or in exchange for Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization. 

“Warburg Contribution Agreement” means that certain Contribution Agreement, dated July 16, 2018, by and among
Brigham Parent Holdings, L.P., Brigham Minerals, Inc., Warburg Pincus Private Equity (E&P) XI (Brigham), LLC, Warburg Pincus XI (E&P) Partners-B (Brigham), LLC, Warburg Pincus Energy (E&P)
(Brigham) LLC, WP Energy Partners (E&P) (Brigham), LLC, and Warburg Pincus Energy (E&P) Partners-B (Brigham), LLC. 

“Warburg Entity” means each of Warburg Pincus Private Equity (E&P) XI-A
(Brigham), LLC, Warburg Pincus XI (E&P) Partners-A (Brigham), LLC, WP Brigham Holdings, L.P., WP Energy Brigham Holdings, L.P., WP Energy Partners Brigham Holdings, L.P., Warburg Pincus Energy (E&P) Partners-A (Brigham), LLC, Warburg Pincus Energy (E&P)-A (Brigham), LLC and any Transferee (for the avoidance of doubt, other than PubCo and any Subsidiary of PubCo) to
whom any of the foregoing entities Transfers Units in a Transfer permitted under this Agreement. 
 “Winding-Up Member” is defined in Section 11.3(a). 

“Yorktown Entity” means each of Yorktown Energy Partners IX, L.P., Yorktown Energy Partners X, L.P., Yorktown Energy
Partners XI, L.P. and YT Brigham Co Investment Partners, LP and any Transferee (for the avoidance of doubt, other than PubCo and any Subsidiary of PubCo) to whom any of the foregoing entities Transfers Units in a Transfer permitted under this
Agreement. 

  
 15 

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

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

  

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

 

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

  

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

  

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

  

	 	(f)	 “or” is not exclusive; 

 

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

  

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

ARTICLE II 

ORGANIZATION OF THE LIMITED LIABILITY COMPANY 

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

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

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

  
 16 

 Section 2.4    Registered Office; Registered Agent.
The location of the registered office of the Company in the State of Delaware is 1209 Orange Street, Wilmington, Delaware 19801, or at such other place as the Managing Member from time to time may select. The name and address for service of process
on the Company in the State of Delaware are The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, or such other qualified Person as the Managing Member may designate from time to time and its business address. 

Section 2.5    Principal Place of Business. The principal place of business of the Company shall be
located in such place as is determined by the Managing Member from time to time. 
 Section 2.6    Purpose;
Powers. The nature of the business or purposes to be conducted or promoted by the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the Act. The Company shall have the power and
authority to take any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment of the foregoing purpose. 

Section 2.7    Term. The term of the Company commenced on the date of filing of the Certificate of
Formation of the Company with the office of the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be dissolved and its affairs wound up only in accordance with
Article XI. 
 Section 2.8    Intent. It is the intent of the Members that
the Company be operated in a manner consistent with its treatment as a “partnership” for U.S. federal and state income tax purposes. It is also the intent of the Members that the Company not be operated or treated as a
“partnership” for purposes of Section 303 of the Federal Bankruptcy Code. Neither the Company nor any Member shall take any action inconsistent with the express intent of the parties hereto as set forth in this
Section 2.8. 
 ARTICLE III 

CLOSING TRANSACTIONS 

Section 3.1    Reorganization Transactions. 

 

	 	(a)	 Effective immediately prior to the Effective Time, (i) the Existing LLC Agreement shall be amended and
restated and this Agreement shall be adopted and (ii) all of the membership interests in the Company prior to the adoption of this Agreement shall be recapitalized to consist solely of a single class of Units with the rights and privileges as
set forth in this Agreement and each Member will receive its pro rata share of such Units in accordance with the Master Reorganization Agreement and the right to receive the Class B Shares pursuant
to Section 3.1(c). 
	 

  

	 	(b)	 Immediately following the initial closing of the IPO, (i) PubCo shall contribute to Managing Member
Blocker all of the net proceeds received by PubCo in connection with such initial closing and [●] Class B Shares and (ii) Managing Member Blocker shall in turn contribute to the Company such net proceeds of the initial closing and
such Class B Shares received from PubCo in exchange for the issuance of [●] Units. 

  
 17 

	 	(c)	 Immediately following the contribution described in Section 3.1(b), the Company shall
distribute to each of the Members (other than PubCo and its Subsidiaries), pro rata, in accordance with the number of Units owned by each Member, the Class B Shares contributed to the Company pursuant to
Section 3.1(b). 

  

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

 ARTICLE IV 

OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 

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

 

	 	(a)	 Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such
number of Units and such other Equity Securities as the Managing Member shall determine in accordance with Section 4.3. Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve,
including pursuant to options and warrants. The Company may reissue any Units that have been repurchased or acquired by the Company. 

  

	 	(b)	 Except to the extent explicitly provided otherwise herein (including Section 4.3),
each outstanding Unit shall be identical. 

  

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

  

	 	(d)	 The Members as of the date hereof are set forth on Exhibit A. The total number of Units issued and
outstanding and held by each Member as of the date hereof is set forth in the books and records of the Company. The Company shall update such books and records from time to time to reflect any Transfers of Interests, the issuance of additional Units
or Equity Securities and, subject to Section 12.1(a), subdivisions or combinations of Units made in compliance with Section 4.1(g), in each case, in accordance with the terms of this Agreement.

  
 18 

	 	(e)	 If, at any time after the Effective Time, PubCo issues a Class A Share or any other Equity Security of
PubCo (other than Class B Shares), (i) one or more member(s) of the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds (in cash or other property, as the case may be), if any, received by PubCo for such
Class A Share or other Equity Security and (ii) the Company shall concurrently issue to such member(s) of the PubCo Holdings Group, in accordance with the contributions made by each such member pursuant to
clause (i), one Unit (if PubCo issues a Class A Share), or such other Equity Security of the Company (if PubCo issues Equity Securities other than Class A Shares) corresponding to the Equity Securities issued by
PubCo, and with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other economic rights as
those of such Equity Securities of PubCo to be issued; provided, however, that if PubCo issues any Class A Shares in order to acquire or fund the acquisition from a Member (other than any member of the PubCo Holdings Group) of a
number of Units (and Class B Shares) equal to the number of Class A Shares so issued, then the Company shall not issue any new Units in connection therewith and, where such Class A Shares have been issued for cash to fund such an
acquisition by any member of the PubCo Holdings Group pursuant to a Cash Election, the PubCo Holdings Group shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred by such member of the
PubCo Holdings Group to such Member as consideration for such acquisition as required pursuant to Section 4.6(a)(iii). For the avoidance of doubt, if PubCo issues any Class A Shares or other Equity Security for cash to
be used to fund the acquisition by any member of the PubCo Holdings Group of any Person or the assets of any Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of the PubCo Holdings Group
shall be required to contribute such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries. Notwithstanding the foregoing, this Section 4.1(e) shall not apply to the issuance and
distribution to holders of PubCo Shares of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholders rights plan (and upon any redemption of Units for Class A Shares, such Class A Shares will be
issued together with a corresponding right under such plan), or to the issuance under PubCo’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of PubCo or rights or property that may be converted into
or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property.
Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to any member of the PubCo Holdings Group unless substantially simultaneously therewith such member of the PubCo Holdings Group issues
or transfers an equal number of newly-issued Class A Shares of PubCo to another Person, and (y) the Company may not issue any other Equity Securities of the Company to any member of the PubCo Holdings Group unless substantially
simultaneously such member of the PubCo 

  
 19 

	 	
Holdings Group issues or transfers, to another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of PubCo or such member of the PubCo Holdings Group
with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or other liabilities borne by PubCo) and other economic rights as those of such
Equity Securities of the Company. If at any time any member of the PubCo Holdings Group issues Debt Securities, such member of the PubCo Holdings Group shall transfer to the Company (in a manner to be determined by the Managing Member in its
reasonable discretion) the proceeds received by such member of the PubCo Holdings Group in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities. In the event any
Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any Class A Shares or other Equity Securities of PubCo are issued, (1) the corresponding Equity Security outstanding at the Company shall be
similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be issued to the PubCo Holdings Group as contemplated by the first sentence of this
Section 4.1(e), and (2) the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds received by the PubCo Holdings Group from any such exercise. 

 

	 	(f)	 No member of the PubCo Holdings Group may redeem, repurchase or otherwise acquire (other than from another
member of the PubCo Holdings Group) (i) any Class A Shares (including upon forfeiture of any unvested Class A Shares) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings
Group an equal number of Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal
number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences as a result of any tax or
other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo for the same price per security. The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to
Section 4.6, any Units from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires an equal number of Class A Shares for the same price per
security from holders thereof, or (y) any other Equity Securities of the Company from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires for the same price per
security an equal number of Equity Securities of PubCo of a corresponding class or series with substantially the same rights to dividends and distributions (including distribution upon liquidation, but taking into account differences as a result of
any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo. Notwithstanding the foregoing, to the extent that any consideration payable by the PubCo Holdings Group in connection with the
redemption or repurchase of any 

  
 20 

	 	
Class A Shares or other Equity Securities of PubCo consists (in whole or in part) of Class A Shares or such other Equity Securities (including, for the avoidance of doubt, in connection
with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent manner. 

 

	 	(g)	 The Company shall not in any manner effect any subdivision (by any equity split, equity distribution,
reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the
outstanding PubCo Shares, with corresponding changes made with respect to any other exchangeable or convertible securities. Unless in connection with any action taken pursuant to Section 4.1(i), PubCo shall not in any
manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding PubCo Shares
unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with corresponding changes made with respect to any other exchangeable or convertible securities. 

 

	 	(h)	 Notwithstanding any other provision of this Agreement, the Company may redeem Units from the PubCo Holdings
Group for cash to fund any acquisition by the PubCo Holdings Group of another Person, provided that promptly after such redemption and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly, such
Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number of Units equal to the number of Units so redeemed. 

 

	 	(i)	 Notwithstanding any other provision of this Agreement (including Section 4.1(e)), if
the PubCo Holdings Group acquires or holds any material amount of cash in excess of any monetary obligations it reasonably anticipates, PubCo and the Managing Member may, in their sole discretion, use such excess cash amount in such manner, and make
such adjustments to or take such other actions with respect to the capitalization of PubCo and the Company, as PubCo and the Managing Member in Good Faith determine to be fair and reasonable to the holders of PubCo Shares and to the Members and to
preserve the intended economic effect of this Section 4.1, Section 4.6 and the other provisions hereof. 

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

  
 21 

 Section 4.3    Capital Contributions; Unit Ownership.

  

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

  

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

Section 4.4    Capital Accounts. A Capital Account shall be maintained for each Member in accordance
with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this Agreement. Each Member’s Capital Account shall
be (a) increased by (i) allocations to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such Member pursuant to Section 5.2, (ii) the
amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed 

  
 22 

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

Section 4.5    Other Matters. 
  

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

 

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

  

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

  

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

 

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

Section 4.6    Redemption of Units. 

 

	 	(a)	 Redemption Right. 

 

	 	(i)	 Upon the terms and subject to the conditions set forth in this Section 4.6, each of
the Members (other than the PubCo Holdings Group) (the “Redeeming Member”) shall be entitled to cause the Company to redeem all or a portion of such Member’s Units (together with the surrender and

  
 23 

	 	
delivery of the same number of Class B Shares) for an equivalent number of Class A Shares (a “Redemption”) or, at the Company’s election made in accordance
with Section 4.6(a)(iii), cash equal to the Cash Election Amount calculated with respect to such Redemption. Absent the prior written consent of the Managing Member, with respect to each Redemption, a Redeeming Member shall
be (A) required to redeem at least a number of Units equal to the lesser of [●]1 Units and all of the Units then held by such Redeeming Member and (B) permitted to effect a
Redemption of Units no more frequently than once per calendar quarter. The Managing Member may, in its discretion, adopt a policy to limit quarterly exchanges to a particular date or period during each quarter by providing notice of such limitation
to all Members prior to the beginning of the relevant quarter. Notwithstanding the foregoing, and subject to Section 4.6(j), a Redeeming Member may exercise its Redemption right (x) with respect to at least [●]2 Units at any time and (y) with respect to any of such Member’s Units if such Redemption right is exercised in connection with a valid exercise of such Member’s rights to have the
Class A Shares issuable in connection with such Redemption to participate in an offering of securities pursuant to Section 2 of the Registration Rights Agreement. Upon the Redemption of all of a Member’s Units, such Member shall, for
the avoidance of doubt, cease to be a Member of the Company. 

  

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

  

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

  

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

  

	 	(C)	 whether the exercise of the redemption right is to be contingent (including as to timing) upon the closing of a
Public Offering of the Class A Shares for which the Units will be redeemed or the closing of an announced merger, consolidation or other transaction or event to which PubCo is a party in which the Class A Shares would be exchanged or
converted or become exchangeable for or convertible into cash or other securities or property (such contingency, a “Redemption Contingency”); and 

 
  

	1 	 Note to Draft: To be a number of Units equal to 0.5% of the outstanding number of Units at the
time of the IPO. 

	2 	 Note to Draft: To be a number of Units equal to 2.0% of the outstanding number of Units at the
time of the IPO. 

  
 24 

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

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

	 	(iii)	 Upon receipt of a Redemption Notice, the Company shall be entitled to elect (a “Cash
Election”) to settle the Redemption by delivering to the Redeeming Member, in lieu of the applicable number of Class A Shares that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such
Redemption; provided, that any such Cash Election shall require the prior approval of a majority of the directors of PubCo who are independent within the meaning of the rules of the New York Stock Exchange (or such other principal Unites
States securities exchange on which the Class A Shares are listed) and Rule 10A-3 of the Securities Act and do not hold any Units that are subject to such Redemption. In order to make a Cash Election with respect to a Redemption, the Company must
provide written notice of such election to the Redeeming Member (with a copy to PubCo) prior to 1:00 p.m., Austin, Texas time, on or prior to the second Business Day after the Redemption Notice Date. If the Company fails to provide such written
notice prior to such time, it shall not be entitled to make a Cash Election with respect to such Redemption. 

  

	 	(iv)	 For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the
Company, PubCo and Managing Member Blocker (and any other member of the PubCo Holdings Group, as applicable), agree to treat (A) each Redemption, to the extent that Managing Member Blocker or another member of the PubCo Holdings Group
contributes to the Company the consideration the Redeeming Member is entitled to receive pursuant to Section 4.6(b)(ii)(B), and (B) in the event Managing Member Blocker or another member of the PubCo Holdings Group
exercises its Call Right, each transaction between the Redeeming Member and Managing Member Blocker or such other member of the PubCo Holdings Group, as a sale of the Redeeming 

  
 25 

	 	
Member’s Units (together with the same number of Class B Shares) to Managing Member Blocker or such other member of the PubCo Holdings Group in exchange for Class A Shares or cash,
as applicable. For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company, PubCo and Managing Member Blocker (and any other member of the PubCo Holdings Group, as applicable), agree to treat each
Redemption, to the extent a member of the PubCo Holdings Group does not exercise its Call Right and does not contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i),
as a distribution by the Company to the Redeeming Member. 

  

	 	(b)	 Redemption Mechanics. 

 

	 	(i)	 Subject to the satisfaction of any Redemption Contingency that is specified in the relevant Redemption Notice,
the Redemption shall be completed on the Redemption Date. A Redemption Notice shall not be revocable or modifiable unless a valid Cash Election has not been made and the Managing Member gives written consent. 

 

	 	(ii)	 Unless a member of the PubCo Holdings Group has elected its Call Right pursuant to
Section 4.6(f), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member shall transfer and surrender the Units to be redeemed (and a
corresponding number of Class B Shares) to the Company, in each case free and clear of all liens and encumbrances, (B) unless, in the event of a Cash Election by the Company, the Company in its discretion elects to fund any part of the
consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i) without a contribution from a member of the PubCo Holdings Group, Managing Member Blocker (or such other member(s) of the PubCo Holdings
Group designated by Managing Member Blocker) shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i) and, as described in
Section 4.1(e), the Company shall issue to Managing Member Blocker (or such other member(s) of the PubCo Holdings Group), as applicable, a number of Units or other Equity Securities of the Company as consideration for such
contribution, (C) the Company shall (x) cancel the redeemed Units, (y) transfer to the Redeeming Member the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i), and (z) if
the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to
Section 4.6(b)(ii)(A) and the number of redeemed Units, and (D) PubCo shall cancel the surrendered Class B Shares. Notwithstanding any other provisions of this Agreement to the contrary, in the event that
the Company makes a valid Cash Election, the PubCo Holdings Group shall 

  
 26 

	 	
only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of the Discount) from the sale by PubCo of a number of Class A Shares equal to the
number of Units and Class B Shares to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; provided that PubCo’s Capital Account (or the Capital Account(s) of the other
member(s) of the PubCo Holdings Group, as applicable) shall be increased by the amount of such Discount in accordance with Section 7.9; provided further, that the contribution of such net proceeds shall in no event
affect the Redeeming Member’s right to receive the Cash Election Amount. 

  

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

 

	 	(d)	 PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its
authorized but unissued Class A Shares, such number of 

  
 27 

	 	
Class A Shares that shall be issuable upon the Redemption of all outstanding Units (other than those Units held by any member of the PubCo Holdings Group); provided, that nothing
contained herein shall be construed to preclude PubCo from satisfying its obligations with respect to a Redemption by delivery of cash pursuant to a Cash Election or Class A Shares that are held in the treasury of PubCo. PubCo covenants that
all Class A Shares that shall be issued upon a Redemption shall, upon issuance thereof, be validly issued, fully paid and non-assessable. In addition, for so long as the Class A Shares are listed on
a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all Class A Shares issued upon a Redemption to be listed on such National Securities Exchange at the time of such issuance. 

 

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

  

	 	(f)	 Call Right. 

  

	 	(i)	 Notwithstanding anything to the contrary in this Section 4.6, a Redeeming Member
shall be deemed to have offered to sell its Units as described in the Redemption Notice to each member of the PubCo Holdings Group, and Managing Member Blocker (or such other member(s) of the PubCo Holdings Group designated by Managing Member
Blocker) may, in its sole discretion, by means of delivery of a Call Election Notice in accordance with, and subject to the terms of, this Section 4.6(f), elect to purchase directly and acquire such Units (together with the
surrender and delivery of the same number of Class B Shares) on the Redemption Date by paying to the Redeeming Member (or, on the Redeeming Member’s written order, its designee) that number of Class A Shares the Redeeming Member (or
its designee) would otherwise receive pursuant to Section 4.6(a)(i) or, at the election of Managing Member Blocker (or such designated member(s) of the PubCo Holdings Group), if a Cash Election is duly made in accordance
with Section 4.6(f)(iii), an amount of cash equal to the Cash Election Amount of such Class A Shares (the “Call Right”), whereupon Managing Member Blocker (or such designated member(s) of the
PubCo Holdings Group) shall acquire the Units offered for redemption by the Redeeming Member (together with the surrender and delivery of the same number of Class B Shares to PubCo for cancellation). Managing Member Blocker (or such designated
member(s) of the PubCo Holdings Group) shall be treated for all purposes of this Agreement as the owner of such Units; provided that if the Cash Election Amount is funded other than through the issuance of Class A Shares, such Units will
be reclassified into another Equity Security of the Company if the Managing Member determines such reclassification is necessary. 

  
 28 

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

  

	 	(g)	 In the event that (i) the Members (other than any member of the PubCo Holdings Group) beneficially own, in
the aggregate, less than 10% of the then outstanding Units and (ii) the Class A Shares are listed or admitted to trading on a National Securities Exchange, Managing Member Blocker (or such other member(s) of the PubCo Holdings Group
designated by Managing Member Blocker) shall have the right, in its sole discretion, to require any Member (other than (y) any member of the PubCo Holdings Group or (z) the Sponsors) that beneficially owns less than 5% of the
then-outstanding Units to effect a Redemption of some or all of such Member’s Units (together with the surrender and delivery of the same number of Class B Shares); provided that a Cash Election shall not be permitted pursuant to
such a Redemption under this Section 4.6(g). Managing Member Blocker (or such designated member(s) of the PubCo Holdings Group) shall deliver written notice to the Company and any such Member of its intention to exercise
its Redemption right pursuant to this Section 4.6(g) (a “Minority Member Redemption Notice”) at least five Business Days prior to the proposed date upon which such Redemption is to be effected (such
proposed date, the “Minority Member Redemption Date”), indicating in such notice the number of Units (and corresponding Class B Shares) held by such Member that Managing Member Blocker (or such designated member(s) of
the PubCo Holdings Group) intends to require to be subject to such Redemption. Any Redemption pursuant to this Section 4.6(g) shall be effective on the Minority Member Redemption Date. From and after the Minority Member
Redemption Date, (x) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to Managing Member Blocker (or such designated member(s) of the PubCo Holdings Group) on the Minority Member Redemption Date and
(y) such Member shall cease to have any rights with respect to the Units and Class B Shares subject to such Redemption (other than the right to receive Class A Shares pursuant to such Redemption). Following delivery of a Minority
Member Redemption Notice and on or prior to the Minority Member Redemption Date, the Members shall take all actions reasonably requested by Managing Member Blocker (or such designated member(s) of the PubCo Holdings Group) to effect such Redemption,
including taking any action and delivering any document required pursuant to the remainder of this Section 4.6 to effect a Redemption. 

  
 29 

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

  

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

  

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

  
 30 

 ARTICLE V 

ALLOCATIONS OF PROFITS AND LOSSES 

Section 5.1    Profits and Losses. After giving effect to the allocations under
Section 5.2 and subject to Section 5.5, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances
described below, any allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other
taxable period in a manner such that, after giving effect to the special allocations set forth in Section 5.2 and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of
each Member, immediately after making such allocation, is, as nearly as possible, equal to (i) the amount such Member would receive pursuant to Section 11.3(b) if all assets of the Company on hand at the end of such
Fiscal Year or other taxable period were sold for cash equal to their Gross Asset Values, all liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset
Value of the assets securing such liability), and all remaining or resulting cash was distributed, in accordance with Section 11.3(b), to the Members immediately after making such allocation, minus (ii) such
Member’s share of Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the
hypothetical sale of assets. 
 Section 5.2    Special Allocations. 

 

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

 

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

  
 31 

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

  

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

  

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

  

	 	(f)	 Notwithstanding any provision hereof to the contrary except Section 5.2(c) and
Section 5.2(d), in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period)
shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this
Section 5.2(f) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article V have been
tentatively made as if this 

  
 32 

	 	
Section 5.2(f) were not in this Agreement. This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

  

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

 

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

  

	 	(i)	 Simulated Depletion for each Depletable Property, and Simulated Loss for Depletable Property upon the
disposition of such Depletable Property, shall be allocated among the Members in proportion to their shares of Simulated Basis in such Depletable Property. 

  

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

  
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	 	(k)	 Items of income, gain, loss, expense or credit resulting from a Covered Audit Adjustment shall be allocated to
the Members in accordance with the applicable provisions of the Partnership Tax Audit Rules. 

Section 5.3    Allocations for Tax Purposes in General. 

 

	 	(a)	 Except as otherwise provided in this Section 5.3 or
Section 5.4, each item of income, gain, loss and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under
Sections 5.1 and 5.2. 

  

	 	(b)	 In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury
Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such
property’s adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using the “remedial method” under Treasury Regulations Section 1.704-3(d) or such other method or methods as determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations. 

 

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

  

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

  

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

 Section 5.4    Income
Tax Allocations with Respect to Depletable Properties. 
  

	 	(a)	 Cost and percentage depletion deductions with respect to any Depletable Property shall be computed separately
by the Members rather than the Company. For purposes of such computations, the federal income tax basis of each Depletable Property shall be allocated to each Member pro rata, in accordance with the number of Units owned by such Member as of the
time such Depletable Property is acquired by the Company (and any additions to such federal income tax basis resulting from expenditures required to be capitalized in such basis shall be allocated among the Members in a manner designed to cause the
Members’ proportionate shares of such adjusted federal income tax basis to be in accordance 

  
 34 

	 	
with their proportionate ownership of Units as determined at the time of any such additions), and shall be reallocated among the Members pro rata, in accordance with the number of Units owned by
such Member as determined immediately following the occurrence of an event giving rise to an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause (b) of the definition of Gross Asset Value. The
Company shall inform each Member of such Member’s allocable share of the federal income tax basis of each Depletable Property promptly following the acquisition of such Depletable Property by the Company, any adjustment resulting from
expenditures required to be capitalized in such basis, and any reallocation of such basis as provided in the previous sentence. 

  

	 	(b)	 For purposes of the separate computation of gain or loss by each Member on the taxable disposition of
Depletable Property, the amount realized from such disposition shall be allocated (i) first, to the Members in an amount equal to the Simulated Basis in such Depletable Property in proportion to their allocable shares thereof and
(ii) second, any remaining amount realized shall be allocated consistent with the allocation of Simulated Gains. 

  

	 	(c)	 The allocations described in this Section 5.4 are intended to be applied in
accordance with the Members’ “interests in partnership capital” under Section 613A(c)(7)(D) of the Code; provided that the Members understand and agree that the Managing Member may authorize special allocations of federal
income tax basis, income, gain, deduction or loss, as computed for federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted federal income tax basis with respect to Depletable Properties, in such manner as
determined consistent with the principles outlined in Section 5.3(b). The provisions of this Section 5.4(c) and the other provisions of this Agreement relating to allocations under Code
Section 613A(c)(7)(D) 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.

  

	 	(d)	 Each Member, with the assistance of the Company, shall 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 Company. Upon the reasonable request of the Company, each Member shall advise the Company 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 for purposes of allowing the Company to make adjustments to the tax basis of its assets as a result of certain transfers of interests in the Company or
distributions by the Company. The Company may rely on such information and, if it is not provided by the Member, may make such reasonable assumptions as it shall determine with respect thereto. 

  
 35 

 Section 5.5    Other Allocation Rules. 

 

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

  

	 	(b)	 The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by
Section 4.4 and the allocations set forth in Sections 5.1, 5.2, 5.3 and 5.4 are intended to comply with the Treasury Regulations and to reflect the intended economic
entitlement of the Members. If the Managing Member determines, in its sole discretion, that the application of the provisions in Sections 4.4, 5.1, 5.2, 5.3 or 5.4 would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

  

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

  

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

ARTICLE VI 

DISTRIBUTIONS 

Section 6.1    Distributions. 
  

	 	(a)	 Distributions. To the extent permitted by applicable Law and hereunder, and except as otherwise provided
in Section 11.3, distributions to Members may be declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing
Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the Members as of the close of business on such record date on a pro rata basis (except that, for the

  
 36 

	 	
avoidance of doubt, repurchases or redemptions made in accordance with Section 4.1(f), Section 4.6 or payments made in accordance with
Sections 7.4 or 7.9 need not be on a pro rata basis), in accordance with the number of Units owned by each Member as of the close of business on such record date; provided, however, that the
Managing Member shall have the obligation to make distributions as set forth in Sections 6.2 and 11.3(b)(iii); and provided, further, that, notwithstanding any other provision herein to the contrary, no
distributions shall be made to any Member to the extent such distribution would render the Company insolvent or violate the Act. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations
when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1, the Managing Member shall give notice to each Member of the record date, the amount and the
terms of the distribution and the payment date thereof. 

  

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

 

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

 Section 6.2    Tax-Related
Distributions. 
  

	 	(a)	 The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make
distributions out of legally available funds to all Members on a pro rata basis in accordance with Section 6.1: 

  

	 	(i)	 at such times and in such amounts as the Managing Member reasonably determines is necessary to cause a
distribution to the PubCo Holdings Group, in the aggregate, sufficient to enable the PubCo Holdings Group to timely satisfy any and all U.S. federal, state and local and non-U.S. tax obligations (including any
Company Level Taxes payable by the PubCo Holdings Group as a result of an election under Section 6226(a) of the Code or otherwise, but excluding any obligations to remit any withholdings withheld from payments to third parties and any amounts
excluded pursuant to Section 6.2(b)) owed by the PubCo Holdings Group, in the aggregate; and 

  
 37 

	 	(ii)	 on each Tax Distribution Date, in an amount not to exceed Available Cash (for the avoidance of doubt, taking
into account any distributions reasonably expected to be made pursuant to Section 6.2(a)(i), but only to the extent reasonably contemporaneously with such Tax Distribution Date), to the extent required to cause
(i) each Member who on such Tax Distribution Date holds (together with its Affiliates) at least 5% of the then-outstanding Units and (ii) each of the Sponsors to receive a distribution at least equal to the excess (not to be less than
zero) of (A) such Member’s Assumed Tax Liability as of the end of the last Fiscal Year or quarterly portion thereof ending prior to such Tax Distribution Date minus (B) the sum of (x) all distributions made to such Member
pursuant to this Agreement on or prior to such Tax Distribution Date and after the Effective Time and (y) any distribution reasonably expected to be made to such Member pursuant to Section 6.2(a)(i) that is taken into
account in the determination of Available Cash for purposes of this Section 6.2(a)(ii). 

  

	 	(b)	 No distribution described in Section 6.2(a)(i) shall be required to the extent any
such tax obligation of one or more members of the PubCo Holdings Group is indemnified or indemnifiable pursuant to the Warburg Contribution Agreement; provided that, in the event an indemnity payment pursuant to the Warburg Contribution
Agreement with respect to any tax obligation of one or more members of the PubCo Holdings Group is not received before such tax obligation becomes due and payable, the Company shall advance such amounts (on an interest-free basis) to PubCo or such
other member of the PubCo Holdings Group (for the avoidance of doubt, on a non-pro rata basis), and PubCo and such other members shall pay to the Company any net proceeds subsequently received in respect of
such indemnity (including any interest or additions thereto) in repayment of such advance (and, for the avoidance of doubt, for no other consideration from the Company); provided further that, to the extent it is finally
determined that the net proceeds to which PubCo and such other members of the PubCo Holdings Group are entitled pursuant to the Warburg Contribution Agreement are less than the amount of such advance: (i) the unpaid amount of such advance
shall be treated as a distribution to the PubCo Holdings Group pursuant to Section 6.2(a)(i), and (ii) a corresponding pro rata distribution shall be made to each of the other Members (other than members of the PubCo
Holdings Group) in accordance with Section 6.2(a)(i). 

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

  
 38 

 Section 6.4    Issuance of Additional Equity
Securities. This Article VI shall be subject to and, to the extent necessary, amended to reflect the issuance by the Company of any additional Equity Securities. 

ARTICLE VII 

MANAGEMENT 

Section 7.1    The Managing Member; Fiduciary Duties. 

 

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

  

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

 Section 7.2    Officers. 

 

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

  

	 	(b)	 Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and
active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing Member are carried into effect. The Chief Executive Officer will report to the Managing Member and have the general powers and duties
of management usually vested in the office of president and chief executive officer of a corporation organized under the DGCL, subject to the terms of this Agreement, 

  
 39 

	 	
and will have such other powers and duties as may be prescribed by the Managing Member or this Agreement. The Chief Executive Officer will have the power to execute bonds, mortgages and other
contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof will be expressly delegated by the Managing Member to some
other Officer or agent of the Company. 

  

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

  

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

  

	 	(e)	 The Officers, in the performance of their duties as such, shall owe to the Company and the Members duties of
loyalty and due care of the type owed by the officers of a corporation to such corporation and its shareholders under the DGCL. 

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

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

  
 40 

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

Section 7.4    Indemnification. The Company shall indemnify and hold harmless, to the fullest extent
permitted by applicable Law as it presently exists or may hereafter be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring prior to such
amendment except to the extent required by a non-waivable and non-modifiable provision of applicable Law), any person who was or is made a party or is threatened to be
made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) 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 Manager (as defined in the Existing LLC Agreement) entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, the Managing Member or the Company
Representative or is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of another limited liability company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit
entity, including service with respect to an employee benefit plan (a “Covered Person”), whether the basis of such Proceeding is alleged action in an official capacity as a member, director, officer, trustee, employee or
agent, or in any other capacity while serving as a member, director, officer, trustee, employee or agent, against all expenses, liability and loss (including, without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes and
penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection with such Proceeding, unless there has been a final and non-appealable judgment entered by a court
of competent jurisdiction determining that, in respect of such act or omission, and taking into account the acknowledgements and agreements set forth in this Agreement, (x) such Covered Person engaged in a bad faith violation of the implied
contractual covenant of good faith and fair dealing or a bad faith violation of this Agreement or (y) such Covered Person would not be so entitled to be indemnified and held harmless if the Company were a corporation organized under the laws of
the State of Delaware that indemnified and held harmless its directors, officers, employees and agents to the fullest extent permitted by Section 145 of the DGCL as in effect on the date of this Agreement (but including any expansion of rights
to indemnification thereunder from and after the date of this Agreement). The Company shall, to the fullest extent not prohibited by applicable Law as it presently exists or may hereafter be amended (provided, that no such amendment shall limit a
Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment except to the extent required by a non-waivable and non-modifiable provision of applicable Law), pay the expenses (including attorneys’ fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; provided,
however, that such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined by final
judicial decision from which there is no further right to appeal that the Covered Person is not entitled to be indemnified under this Section 7.4 or otherwise. The rights to indemnification and advancement of expenses under
this Section 7.4 shall be contract rights and such rights shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of his heirs,
executors and administrators. Notwithstanding the foregoing provisions of this Section 7.4, except for Proceedings to enforce rights to indemnification and advancement of expenses, the

  
 41 

 
Company shall indemnify and advance expenses to a Covered Person in connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was
authorized by the Managing Member. 
 Section 7.5    Maintenance of Insurance or Other Financial
Arrangements. To the extent permitted by applicable Law, the Company (with the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, employee
or agent of the Company, or at the request of the Company is or was serving as a manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any
Liability asserted against such Person and Liability and expenses incurred by such Person in such Person’s capacity as such, or arising out of such Person’s status as such, whether or not the Company has the authority to indemnify such
Person against such Liability and expenses. 
 Section 7.6    Resignation or Termination of Managing
Member. Managing Member Blocker shall not, by any means, resign as, cease to be or be replaced as Managing Member except in compliance with this Section 7.6. No termination or replacement of Managing Member Blocker
as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement, so that the obligations of Managing Member Blocker, its successor (if applicable) and any new Managing Member and the rights of all Members
under this Agreement and applicable Law remain in full force and effect. No appointment of a Person other than Managing Member Blocker (or its successor, as applicable) as Managing Member shall be effective unless Managing Member Blocker (or its
successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members against Managing Member Blocker (or its successor, as applicable) and the new
Managing Member (as applicable), to cause (a) Managing Member Blocker to comply with all Managing Member Blocker’s obligations under this Agreement (including its obligations under Section 4.6) other than those
that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s obligations under this Agreement. 

Section 7.7    No Inconsistent Obligations. The Managing Member represents that it does not have any
contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and covenants that, except as permitted by
Section 7.1, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. 

Section 7.8    Reclassification Events of PubCo. If a Reclassification Event occurs, the Managing
Member or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or additional agreements, to ensure that
following the effective date of the Reclassification Event: (i) the redemption rights of holders of Units set forth in Section 4.6 provide that each Unit (together with the surrender and delivery of one Class B
Share) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one Class A Share becomes exchangeable for or converted into as a result of the Reclassification Event and (ii) PubCo or
the successor to PubCo, as applicable, is obligated to 

  
 42 

 
deliver such property, securities or cash upon such redemption. PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated
to comply with the obligations of PubCo (in whatever capacity) under this Agreement. 

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

ROLE OF MEMBERS 

Section 8.1    Rights or Powers. 

 

	 	(a)	 Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or
power to take part in the management or control of the Company or its business and affairs or to act for or bind the 

  
 43 

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

  

	 	(b)	 The Company shall promptly (but in any event within three business days) notify the Members in writing if, to
the Company’s knowledge, for any reason, it would be an “investment company” within the meaning of the Investment Company Act of 1940 (the “Investment Company Act”), as amended, but for the exceptions provided
in Section 3(c)(1) or 3(c)(7) thereunder. 

 Section 8.2    Voting. 

 

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

  

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

  

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

  
 44 

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

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

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

 TRANSFERS OF INTERESTS 

Section 9.1    Restrictions on Transfer. 

 

	 	(a)	 Except as provided in Section 4.6, Section 9.1(c) and
Section 9.1(d), no Member shall Transfer all or any portion of its Interest without the Managing Member’s prior written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion.
If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred in violation of this Section 9.1(a), involuntarily, by operation of law or
otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a Member or be entitled to
any rights as a Member hereunder, and the Transferor will continue to be bound by all 

  
 45 

	 	
obligations hereunder, unless and until the Managing Member consents in writing to such admission, which consent shall be granted or withheld in the Managing Member’s sole discretion. Any
attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(a) shall be null and void and of no force or effect whatsoever. For the avoidance of doubt, the restrictions
on Transfer contained in this Article IX shall not apply to the Transfer of any capital stock of PubCo; provided that no Class B Shares may be Transferred unless a corresponding number of Units are Transferred
therewith in accordance with this Agreement. 

  

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

  

	 	(c)	 Notwithstanding the provisions in Section 9.1(a), but subject to the other provisions
in this Article IX, a Member may Transfer all or a portion of its Units to a Permitted Transferee without the consent of any other Member or Person, but only if immediately after the proposed Transfer by such Member, taking
into consideration the anti-abuse rule set forth in Treasury Regulations Section 1.7704-1(h)(3), and as determined in the reasonable discretion of the Managing Member: 

 

	 	(i)	 in the case of a proposed Transfer by a Warburg Entity, all Warburg Entities, in the aggregate, would not
represent more than 10 “partners” for purposes of calculating the number of “partners” in the Company under Treasury Regulations Section 1.7704-1(h)(l)(ii); 

  
 46 

	 	(ii)	 in the case of a proposed Transfer by a Pine Brook Entity, all Pine Brook Entities, in the aggregate, would not
represent more than 6 “partners” for purposes of calculating the number of “partners” in the Company under Treasury Regulations Section 1.7704-1(h)(l)(ii); 

 

	 	(iii)	 in the case of a proposed Transfer by a Yorktown Entity, all Yorktown Entities, in the aggregate, would not
represent more than 7 “partners” for purposes of calculating the number of “partners” in the Company under Treasury Regulations Section 1.7704-1(h)(l)(ii); and 

 

	 	(iv)	 in the case of a proposed Transfer by a Member other than a Warburg Entity, a Pine Brook Entity, a Yorktown
Entity, Brigham Equity Holdings, PubCo and any Subsidiary of PubCo, such Member and its Transferees (for the avoidance of doubt, other than PubCo and any Subsidiary of PubCo), in the aggregate, would not represent more than one “partner”
for purposes of calculating the number of “partners” in the Company under Treasury Regulations Section 1.7704-1(h)(l)(ii). 

 

	 	(d)	 Notwithstanding the provisions in Section 9.1(a), but subject to the other provisions
in this Article IX, Brigham Equity Holdings may Transfer all or a portion of its Units to any of its members without the consent of any other Member or Person. 

Section 9.2    Notice of Transfer. 

 

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

  

	 	(b)	 A Member making a Transfer permitted by this Agreement shall (i) at least 10 Business Days before such
Transfer, deliver to the Company an affidavit of non-foreign status with respect to such Member that satisfies the requirements of Section 1446(f)(2) of the Code, or (ii) no more than 15 Business
Days following such Transfer, provide to the Company proof that the transferee Member has properly withheld and remitted to the Internal Revenue Service the amount of tax required to be withheld upon the Transfer by Section 1446(f) of the Code.

 Section 9.3    Transferee Members. A Transferee of Interests pursuant to this
Article IX shall have the right to become a Member only if (a) the requirements of this Article IX are met, (b) such Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the
terms and provisions of this Agreement and assuming all of the Transferor’s then existing and future Liabilities arising under or relating to this Agreement, (c) such Transferee represents that the Transfer was made in accordance with all
applicable 

  
 47 

 
securities Laws, (d) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or proposed
Transfer of a Member’s Interest, whether or not consummated and (e) if such Transferee or his or her spouse is a resident of a community property jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably
satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member’s Interest. Unless agreed to in
writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between
the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand. Written notice of the admission of a Member shall be sent promptly by the Company to each remaining
Member. 
 Section 9.4    Legend. Each certificate representing a Unit, if any, will be stamped or
otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. 
 THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT. 
 THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE
CONDITIONS SPECIFIED IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BRIGHAM MINERALS HOLDINGS, LLC (THE ISSUER OF THESE SECURITIES) AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE
SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH
SECURITIES.” 
 ARTICLE X 

ACCOUNTING; CERTAIN TAX MATTERS 

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

  
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 Section 10.2    Tax Elections. 

 

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

  

	 	(i)	 to adopt the calendar year as the Company’s Fiscal Year; 

 

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

 

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

  

	 	(iv)	 except where the Managing Member elects to apply Section 10.5(e), to elect out of the
application of the partnership-level audit and adjustment rules of the Partnership Tax Audit Rules by making an election under Section 6226(a) of the Code, commonly known as the “push out” election, or any analogous election under
state or local tax law, if applicable; and 

  

	 	(v)	 except as otherwise provided herein, any other election the Managing Member may in Good Faith deem appropriate
and in the best interests of the Company. 

  

	 	(b)	 Upon request of the Managing Member, each Member shall cooperate in Good Faith with the Company in connection
with the Company’s efforts to make any election pursuant to this Section 10.2. 

Section 10.3    Tax Returns; Information. The Managing Member shall arrange for the preparation and
timely filing of all income and other tax and informational returns of the Company. The Managing Member shall furnish to each Member a copy of each approved return and statement, together with any schedules (including Schedule K-1) or other information that a Member may require in connection with such Member’s own tax affairs as soon as practicable (but in no event more than 75 days after the end of each Fiscal Year). The
Members agree to (a) take all actions reasonably requested by the Company or the Company Representative to comply with the Partnership Tax Audit Rules, including where applicable, filing amended returns as provided in Sections 6225
or 6226 of the Code and providing confirmation thereof to the Company Representative and (b) furnish to the Company (i) all reasonably requested certificates or statements relating to the tax matters of the Company (including without
limitation an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all pertinent information in its possession relating to the Company’s operations that is
reasonably necessary to enable the Company’s tax returns to be prepared and timely filed. 

Section 10.4    Company Representative. The Managing Member is specially authorized and appointed to
act as the Company Representative and in any similar capacity under state or local Law. The Company and the Members (including any Member designated as the 

  
 49 

 
Company Representative prior to the date hereof) shall cooperate fully with each other and shall use reasonable best efforts to cause the Managing Member (or any other Person subsequently
designated) to become the Company Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired, including (as applicable) by filing certifications pursuant to Treasury
Regulations Section 301.6231(a)(7)-1(d). In acting as Company Representative, the Managing Member shall act, to the maximum extent possible, to cause income, gain, loss, deduction, credit of the Company
and adjustments thereto, to be allocated or borne by the Members in the same manner as such items or adjustments would have been borne if the Company could have effectively made an election under Section 6221(b) of the Code (commonly known as
the “election out”) or similar state or local provision with respect to the taxable period at issue. The Company Representative may retain, at the Company’s expense, such outside counsel, accountants and other professional consultants
as it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative. 

Section 10.5    Withholding Tax Payments and Obligations. 

 

	 	(a)	 Withholding Tax Payments. Each of the Company and its Subsidiaries may withhold from distributions,
allocations or portions thereof if it is required to do so by any applicable Law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or with respect to such Member, any amount of U.S. federal, state or
local or non-U.S. taxes that the Managing Member determines, in Good Faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to
such Member pursuant to this Agreement. 

  

	 	(b)	 Tax Audits. To the extent that any income tax is paid by the Company or any of its Subsidiaries as a
result of an audit or other proceeding with respect to such tax and the Managing Member determines, in Good Faith, that such tax relates to one or more specific Members (including any Company Level Taxes), such tax shall be treated as an amount of
taxes withheld or paid with respect to such Member pursuant to this Section 10.5. Notwithstanding any provision to the contrary in this Section 10.5, the payment by the Company of Company Level
Taxes shall, consistent with the Partnership Tax Audit Rules, be treated as the payment of a Company obligation and shall be treated as paid with respect to a Member to the extent the deduction with respect to such payment is allocated to such
Member pursuant to Section 5.2(k) and such payment shall not be treated as a withholding from distributions, allocations or portions thereof with respect to a Member. 

 

	 	(c)	 Tax Contribution and Indemnity Obligation. Any amounts withheld or paid with respect to a Member
pursuant to Section 10.5(a) or (b) shall be offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a “Tax Offset”);
provided that the amount of any distribution subject to a Tax Offset shall be treated as having been distributed to such Member pursuant to Section 6.1, Section 6.2(a)(ii) or
Section 11.3(b)(iii) at the time such Tax Offset is made. To the extent that (i) there is a payment of Company Level Taxes relating to a Member or (ii) the amount of such Tax Offset

  
 50 

	 	
exceeds the distributions to which such Member is entitled during the same Fiscal Year as such withholding or payment (“Excess Tax Amount”), the amount of such
(i) Company Level Taxes or (ii) Excess Tax Amount, as applicable, shall, upon notification to such Member by the Managing Member, give rise to an obligation of such Member to make a capital contribution to the Company (a “Tax
Contribution Obligation”), which Tax Contribution Obligation shall be immediately due and payable. In the event a Member defaults with respect to its obligation under the prior sentence, the Company shall be entitled to offset the
amount of a Member’s Tax Contribution Obligation against distributions to which such Member would otherwise be subsequently entitled until the full amount of such Tax Contribution Obligation has been contributed to the Company or has been
recovered through offset against distributions, and any such offset shall not reduce such Member’s Capital Account. Any contribution by a Member with respect to a Tax Contribution Obligation shall increase such Member’s Capital Account but
shall not reduce the amount (if any) that a Member is otherwise obligated to contribute to the Company. Each Member hereby unconditionally and irrevocably grants to the Company a security interest in such Member’s Units to secure such
Member’s obligation to pay the Company any amounts required to be paid pursuant to this Section 10.5. Each Member shall take such actions as the Company may reasonably request in order to perfect or enforce the
security interest created hereunder. Each Member hereby agrees to indemnify and hold harmless the Company, the other Members, the Company Representative and the Managing Member from and against any liability (including any liability for Company
Level Taxes) with respect to income attributable to or distributions or other payments to such Member. 

  

	 	(d)	 Continued Obligations of Former Members. Any Person who ceases to be a Member shall be deemed to be a
Member solely for purposes of this Section 10.5, and the obligations of a Member pursuant to this Section 10.5 shall survive until 30 days after the closing of the applicable statute of
limitations on assessment with respect to the taxes withheld or paid by the Company or a Subsidiary that relate to the period during which such Person was actually a Member. 

 

	 	(e)	 Managing Member Discretion Regarding Recovery of Taxes. Notwithstanding the foregoing, the Managing
Member may choose not to recover an amount of Company Level Taxes or other taxes withheld or paid with respect to a Member under this Section 10.5 to the extent that there are no distributions to which such Member is
entitled that may be offset by such amounts, if the Managing Member determines, in its reasonable discretion, that such a decision would be in the best interests of the Members (e.g., where the cost of recovering the amount of taxes withheld or paid
with respect to such Member is not justified in light of the amount that may be recovered from such Member). 

  
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 ARTICLE XI 

DISSOLUTION AND TERMINATION 

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

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

 

	 	(b)	 The determination of (i) the Managing Member and (ii) if at such time the Members (other than any
member of the PubCo Holdings Group) beneficially own, in the aggregate, more than 2.5% of the then-outstanding Units, the holders of at least 66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group, to dissolve, wind up
and liquidate the Company; provided that no such Liquidating Event shall be consummated until at least 5 Business Days after written notice is provided to the Members that such determination has been made in accordance with the foregoing,
and, for the avoidance of doubt, any Member, including any Member not consenting to such determination, shall have the right to file a Redemption Notice prior to the consummation of such Liquidating Event. 

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

Section 11.2    Bankruptcy. For purposes of this Agreement, the “bankruptcy” of a Member
shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or trustee
shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of 90 consecutive
days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or
any substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution,

  
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liquidation or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any
substantial part of its property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements,
readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a period of 90 consecutive days. 

Section 11.3    Procedure. 
  

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

  

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

  

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

  

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

  

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

  

	 	(c)	 No Member shall have any right to demand or receive property other than cash upon dissolution and termination
of the Company. 

  
 53 

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

Section 11.4    Rights of Members. 

 

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

  

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

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

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

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

ARTICLE XII 

GENERAL 

Section 12.1    Amendments; Waivers. 

 

	 	(a)	 The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger,
consolidation or other business combination to which the Company is a party) with the approval of (y) the Managing Member and (z) if at such time the Members (other than any member of the PubCo Holdings Group) beneficially own, in the
aggregate, more than 5.0% of the then-outstanding Units, the holders of at least 66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group; provided that no waiver, modification or amendment shall be effective until
at least 5 Business Days after written notice is provided to the Members that the requisite consent has been obtained for such waiver, modification or amendment, and, for the avoidance of doubt, any Member, including any Member not providing written
consent, shall 

  
 54 

	 	
have the right to file a Redemption Notice prior to the effectiveness of such waiver, modification or amendment; provided, further, that no amendment to this Agreement may:

  

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

  

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

 

	 	(iii)	 materially alter or change any rights, preferences or privileges of any Sponsor in its capacity as a holder of
Interests or otherwise under this Agreement in a manner that is different or prejudicial relative to any other Sponsor or other holder of Interests, without the approval of each such Sponsor so affected in a different or prejudicial manner; or

  

	 	(iv)	 modify the requirement that a majority of directors of PubCo who are independent within the meaning of the
rules of the New York Stock Exchange (or such other principal United States securities exchange on which the Class A Shares are listed) and Rule 10A-3 of the Securities Act and do not hold any Units that are subject to the applicable Redemption must
approve a Cash Election pursuant to Section 4.6(a)(iii) without the approval of a majority of the directors of PubCo who are independent within the meaning of the rules of the New York Stock Exchange (or such other principal United
States securities exchange on which the Class A Shares are listed) and Rule 10A-3 of the Securities Act. 

  

	 	(b)	 Notwithstanding the foregoing clause (a), the Managing Member, acting alone, may amend this Agreement,
including Exhibit A, (i) to reflect the admission of new Members, as provided by the terms of this Agreement, (ii) to the minimum extent necessary to comply with or administer in an equitable manner the
Partnership Tax Audit Rules in any manner determined by the Managing Member, and (iii) as necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code.

  

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

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

Section 12.3    Successors and Assigns. All of the terms and provisions of this Agreement shall be
binding upon the parties and their respective successors and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the
terms hereof. No party may assign its rights hereunder except as herein expressly permitted. 

Section 12.4    Certain Representations by Members. Each Member, by executing this Agreement and
becoming a Member, whether by making a Capital Contribution, by admission in connection with a permitted Transfer or otherwise, represents and warrants to the Company and the Managing Member, as of the date of its admission as a Member, that such
Member (or, if such Member is disregarded for U.S. federal income tax purposes, such Member’s regarded owner for such purposes) is either: (i) not a partnership, grantor trust or Subchapter S corporation

  
 55 

 
for U.S. federal income tax purposes (e.g., an individual or Subchapter C corporation), or (ii) is a partnership, grantor trust or Subchapter S corporation for U.S. federal income
tax purposes, but (A) permitting the Company to satisfy the 100-partner limitation set forth in Treasury Regulations Section 1.7704-1(h)(1)(ii) is not a
principal purpose of any beneficial owner of such Member in investing in the Company through such Member, (B) such Member was formed for business purposes prior to or in connection with the investment by such Member in the Company or for estate
planning purposes, and (C) no beneficial owner of such Member has a redemption or similar right with respect to such Member that is intended to correlate to such Member’s right to Redemption pursuant to
Section 4.6. 
 Section 12.5    Entire Agreement. This Agreement, together
with all Exhibits and Schedules hereto and all other agreements referenced therein and herein, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements,
understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth
herein and therein. 
 Section 12.6    Rights of Members Independent. The rights available to the
Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right. Any one or more and/or any
combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to
time thereafter or simultaneously. 
 Section 12.7    Governing Law. This Agreement, the legal
relations between the parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this
Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such State and without regard to conflicts of law doctrines. 

Section 12.8    Jurisdiction and Venue. The parties hereto hereby agree and consent to be subject to
the jurisdiction of any federal court of the District of Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement. The parties
hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action. Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal
Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this
Section 12.8 shall affect the right of any party hereto to serve legal process in any other manner permitted by law. 

Section 12.9    Headings. The descriptive headings of the Articles, Sections and subsections of
this Agreement are for convenience only and do not constitute a part of this Agreement. 

  
 56 

 Section 12.10    Counterparts. This Agreement and any
amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts and by different parties in separate counterparts any may delivered by email or other electronic means. All of such
counterparts shall constitute one and the same agreement (or other document) and shall become effective (unless otherwise provided therein) when one or more counterparts have been signed by each party and delivered to the other party. 

Section 12.11    Notices. Any notice or other communication hereunder must be given in writing and
(a) delivered in person, (b) transmitted by facsimile, by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested as follows: 

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

Brigham Minerals Holdings, LLC 

5914 Courtyard Drive, Suite 100 

Austin, TX 78730 
 Attention:
Blake Williams, CFO 
 Email: bwilliams@brighamminerals.net 

With copies (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 

1001 Fannin, Suite 2500 
 Houston,
TX 77002 
 Attention: Douglas E. McWilliams or Thomas G. Zentner 

Email: dmcwilliams@velaw.com and tzentner@velaw.com 

or to such other address or to such other Person as either party shall have last designated by such notice to the other parties. Each such notice or other
communication shall be effective (i) if given by telecommunication or electronically, when transmitted to the applicable number or email address so specified in (or pursuant to) this Section 12.11 and an appropriate
answerback is received or, if transmitted after 4:00 p.m. local time on a Business Day in the jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the
immediately following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first class postage
prepaid, addressed as aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt. 

Section 12.12    Representation By Counsel; Interpretation. The parties acknowledge that each party to
this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities in
this Agreement against the party that drafted it has no application and is expressly waived. 

  
 57 

 Section 12.13    Severability. If any provision of
this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential
terms and conditions of this Agreement for all parties remain valid, binding and enforceable. 

Section 12.14    Expenses. Except as otherwise provided in this Agreement, each party shall bear its
own expenses in connection with the transactions contemplated by this Agreement. 
 Section 12.15    Waiver
of Jury Trial. EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. 

Section 12.16    No Third Party Beneficiaries. Except as expressly provided in
Sections 7.4, nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted assigns, any rights or remedies under this
Agreement or otherwise create any third party beneficiary hereto. 
 [Signature Pages Follow] 

  
 58 

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

			
	COMPANY:
	
	BRIGHAM MINERALS HOLDINGS, LLC
		
	By:	 	
                     
                    

	Name:	 	  

	Title:	 	  

  
 SIGNATURE
PAGE TO 
 AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT OF 
 BRIGHAM MINERALS
HOLDINGS, LLC 

			
	MANAGING MEMBER:
	
	WARBURG PINCUS ENERGY (E&P) (BRIGHAM) LLC
		
	By:	 	
                     
                    

	Name:	 	  

	Title:	 	  

  
 SIGNATURE
PAGE TO 
 AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT OF 
 BRIGHAM MINERALS
HOLDINGS, LLC 

			
	PUBCO:
	
	BRIGHAM MINERALS, INC.
		
	By:	 	
                     

	Name:	 	
                     

	Title:	 	
                     

  
 SIGNATURE
PAGE TO 
 AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT OF 
 BRIGHAM MINERALS
HOLDINGS, LLC 

			
	MEMBERS:
		
	[●]	 	
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  
 SIGNATURE
PAGE TO 
 AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT OF 
 BRIGHAM MINERALS
HOLDINGS, LLC 

 EXHIBIT A 

 

	
	Member
	Brigham Minerals, Inc.
	[●]
	[●]
	[●]
	[●]
	[●]

  
 A-1EX-10.9

 Exhibit 10.9 
  

 
  

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 BRIGHAM EQUITY
HOLDINGS, LLC 
 a Delaware limited liability company 

[•], 2019 
  

 
  

THE LIMITED LIABILITY COMPANY INTERESTS EVIDENCED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. SUCH LIMITED LIABILITY COMPANY INTERESTS ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, AND MAY NOT BE
TRANSFERRED OR RESOLD, EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE OR OTHER SECURITIES LAWS, PURSUANT TO REGISTRATION THEREUNDER OR EXEMPTION THEREFROM. IN ADDITION, TRANSFER OR OTHER DISPOSITION OF SUCH LIMITED LIABILITY
COMPANY INTERESTS IS FURTHER RESTRICTED AS PROVIDED IN THIS AGREEMENT. PURCHASERS OF SUCH LIMITED LIABILITY COMPANY INTERESTS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF
TIME. 
 CERTAIN OF THE LIMITED LIABILITY COMPANY INTERESTS EVIDENCED BY THIS AGREEMENT MAY BE SUBJECT TO ONE OR MORE EQUITY GRANT AGREEMENTS AS MAY BE
AMENDED FROM TIME TO TIME BY AND BETWEEN THE ISSUER OR ITS AFFILIATES AND ONE OR MORE OF THE MEMBERS. 

 TABLE OF CONTENTS 

ARTICLE 1 

ORGANIZATION 
  

							
	 1.1
	  	Formation	  	 	4	 
	 1.2
	  	Name	  	 	4	 
	 1.3
	  	Business	  	 	4	 
	 1.4
	  	Places of Business; Registered Agent	  	 	4	 
	 1.5
	  	Term	  	 	4	 
	 1.6
	  	Qualification in Other Jurisdictions	  	 	5	 
	 1.7
	  	No State Law Partnership	  	 	5	 
	 1.8
	  	Title to Company Property	  	 	5	 
	
	ARTICLE 2	 
	Definitions and References	 
			
	 2.1
	  	Defined Terms	  	 	5	 
	 2.2
	  	References, Titles and Other Rules of Construction	  	 	15	 
	
	ARTICLE 3	 
	CAPITALIZATION AND MEMBERS	 
			
	 3.1
	  	Members	  	 	15	 
	 3.2
	  	Units	  	 	16	 
	 3.3
	  	Series M Units; Series M-R Units	  	 	17	 
	 3.4
	  	Series Z Units; Series Z-R Units	  	 	18	 
	 3.5
	  	Fractional Units	  	 	18	 
	 3.6
	  	Compliance with Transfer Restrictions	  	 	19	 
	 3.7
	  	Return of Contributions	  	 	19	 
	
	ARTICLE 4	 
	DISTRIBUTIONS; ALLOCATIONS AND WITHHOLDING	 
			
	 4.1
	  	Distribution	  	 	19	 
	 4.2
	  	Allocations	  	 	21	 
	 4.3
	  	Withholding	  	 	26	 
	
	ARTICLE 5	 
	Management of the Company	 
			
	 5.1
	  	Manager Managed Company	  	 	27	 
	 5.2
	  	Replacement of the Manager	  	 	28	 
	 5.3
	  	Indemnification; Advancement of Expenses; Insurance; Limitation of Liability	  	 	28	 
	 5.4
	  	Insurance	  	 	29	 
	 5.5
	  	Tax Elections	  	 	29	 
	 5.6
	  	Tax Returns	  	 	30	 
	 5.7
	  	Company Representative	  	 	30	 
	 5.8
	  	Classification	  	 	31	 
	 5.9
	  	Subsidiaries	  	 	31	 

							
	ARTICLE 6	 
	Rights of Members	 
			
	 6.1
	  	Rights of Members	  	 	31	 
	 6.2
	  	Liability to Third Parties	  	 	31	 
	 6.3
	  	Action by Members	  	 	31	 
	
	ARTICLE 7	 
	Books, Reports, Budget, Expenses AND Confidentiality	 
			
	 7.1
	  	Books and Records; Capital Accounts	  	 	31	 
	 7.2
	  	Bank Accounts	  	 	32	 
	 7.3
	  	Confidentiality	  	 	32	 
	
	ARTICLE 8	 
	Winding Up, Liquidation and Termination	 
			
	 8.1
	  	Winding Up	  	 	33	 
	 8.2
	  	Liquidation and Termination	  	 	33	 
	
	ARTICLE 9	 
	Transfer of Interests	 
			
	 9.1
	  	Limitation on Transfer	  	 	34	 
	 9.2
	  	Transferees	  	 	34	 
	
	ARTICLE 10	 
	Miscellaneous	 
			
	 10.1
	  	No Fiduciary Duties	  	 	35	 
	 10.2
	  	Notices	  	 	35	 
	 10.3
	  	Entire Agreement	  	 	35	 
	 10.4
	  	Governing Law and Waiver of Jury Trial	  	 	35	 
	 10.5
	  	Waiver of Action for Partition	  	 	36	 
	 10.6
	  	Successors and Assigns	  	 	36	 
	 10.7
	  	Amendment	  	 	36	 
	 10.8
	  	Counterparts	  	 	36	 
	 10.9
	  	Further Assurances	  	 	36	 
	 10.10
	  	No Waiver	  	 	36	 
	 10.11
	  	Severability	  	 	36	 
	 10.12
	  	Public Statements	  	 	36	 
	 10.13
	  	No Third-Party Beneficiaries	  	 	36	 
	 10.14
	  	Execution in Writing	  	 	37	 
	 10.15
	  	Reimbursement of Expenses	  	 	37	 

 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 BRIGHAM EQUITY
HOLDINGS, LLC 
 This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of
Brigham Equity Holdings, LLC, a Delaware limited liability company (the “Company”), is executed and agreed to as of [●], 2019 (the “Effective Date”) by and among the Manager (as defined herein)
and the Members (as defined herein) of the Company. Capitalized terms used herein shall have the meanings set forth in Article 2 unless otherwise defined herein. 

WHEREAS, the Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware
on October 15, 2018 (the “Certificate”) and immediately prior to the adoption of this Agreement was governed by a First Amended and Restated Limited Liability Company Agreement dated as of November 20, 2018 (the
“Existing LLC Agreement”); 
 WHEREAS, on November 20, 2018, as part of a restructuring, Brigham Resources,
LLC, a Delaware limited liability company (“Brigham Resources”), merged with and into Brigham Merger Sub, LLC, a Delaware limited liability company and (prior to such merger) an indirect wholly owned subsidiary of Brigham
Resources, with Brigham Resources as the surviving entity (the “Flip Merger”) and, as a result of the Flip Merger, (i) Brigham Resources became a wholly owned subsidiary of Brigham Minerals Holdings, LLC, a Delaware
limited liability company (“Brigham Minerals Holdings”), which is (prior to the consummation of the transactions described below) and was (prior to the Flip Merger) a wholly owned subsidiary of the Company, and (ii) in
exchange for their Units (as defined in the Brigham Resources Second A&R LLC Agreement) in Brigham Resources, each Member (as defined in the Brigham Resources Second A&R LLC Agreement) of Brigham Resources immediately prior to the Flip
Merger received Units (as defined in the Existing LLC Agreement) in the Company having substantially the same rights, powers, privileges, duties and obligations; 

WHEREAS, immediately prior to the effectiveness of the Master Reorganization Agreement (as defined below), the Company issued certain
Series M Units and Series Z Units (each as defined in the Existing LLC Agreement) to Brigham Minerals, Inc., a Delaware corporation (“PubCo”), and certain former service providers of the Company or one or more of
its Affiliates that are callable by PubCo (the “Pre-IPO Units”); 
 WHEREAS,
as part of an additional restructuring in anticipation of the initial public offering of shares of Class A Common Stock of PubCo, par value $0.01 per share (“PubCo Class A Common
Stock”), the Company desires for the holders of its Series A Units (as defined in the Existing LLC Agreement), Series A-M Units (as defined in the Existing LLC Agreement), Series A-Z Units (as defined in the Existing LLC Agreement), Initially Vested Series M Units and Initially Vested Series Z Units and PubCo, as the holder of all of the
Pre-IPO Units following completion of certain transactions contemplated by the Master Reorganization Agreement, to hold equity interests in Brigham Minerals Holdings directly rather than indirectly through the
Company and, therefore, simultaneously with the effectiveness of this Agreement, the Company entered into a Master Reorganization Agreement with certain of its members (the “Master Reorganization Agreement”); 

 WHEREAS, pursuant to the Master Reorganization Agreement the following reorganization
transactions are being consummated on the date hereof in accordance with the terms of the Master Reorganization Agreement (the “Reorganization”): 
  

	 	(i)	 the equity interests in Brigham Minerals Holdings are being recapitalized into the Units (as defined in the
Brigham Minerals Holdings A&R LLC Agreement, the “Brigham Minerals Holdings Units”); 

  

	 	(ii)	 the Company is distributing in-kind to each of its members that holds
Capital Units (as defined in the Existing LLC Agreement), Vested Incentive Units (as defined in the Existing LLC Agreement) or Pre-IPO Units (whether vested or unvested) such number of Brigham Minerals
Holdings Units having a value (assuming each such Brigham Minerals Holdings Unit has a value equal to the Brigham Minerals Holdings Unit Value (as defined below)) equal to the amount of cash such member would have received pursuant to
Section 6.2 and, to the extent related to distributions of Tier II Minerals Available Cash (as defined in the Existing LLC Agreement), Section 6.3 of the Existing LLC Agreement if the Company were to make a cash distribution to its
members in an aggregate amount (the “Pre-IPO Value”) equal to (a) the product of (i) [•]1 and (ii) the per share
initial public offering price of the PubCo Class A Common Stock to be sold in the Offering (as defined in the Master Reorganization Agreement) before underwriting discounts and commissions or other offering expenses (the “Gross IPO
Price”), less (b) the sum of (i) the aggregate underwriting discounts and commissions to be paid in connection with the initial public offering of the PubCo Class A Common Stock (excluding any underwriting discounts and
commissions to be paid in connection with any exercise of the underwriters’ 30-day option to purchase additional shares) and (ii) $[•] in estimated offering expenses (the Pre-IPO Value divided by [•]2 being referred to herein as the “Brigham Minerals Holdings Unit Value”) in (x) complete redemption
of such Capital Units in the Company, (y) partial redemption of such Vested Incentive Units in the Company that do not constitute Pre-IPO Units (with such Vested Incentive Units being reclassified into
the Residual Units as provided below) and (z) complete redemption of such Pre-IPO Units (collectively, the “Distributions”); 

 

	 	(iii)	 the Company is retaining [•] Brigham Minerals Holdings Units, which is the number of Brigham Minerals
Holdings Units that would have been distributed in respect of the Initially Unvested Series M-1 Units, Initially Unvested Series M-2 Units, Initially Unvested Series M-3 Units, Initially Unvested Series M-4 Units, Initially Unvested Series Z-1 Units, Initially Unvested Series Z-2 Units, Initially Unvested Series Z-3 Units and the Initially Unvested Series Z-4 Units had such Units been
vested as of the date of the Distributions; 

  

 

	1 	 Note to Draft: Equals the number of Brigham LLC Units set forth in Section 1.3.

	2 	 Note to Draft: Equals the number of Brigham LLC Units set forth in Section 1.3.

  
 2 

	 	(iv)	 the Company is reclassifying (A) each Initially Vested
Series M-1 Unit into [•]3 Series M-1-R Units, (B) each
Initially Vested Series M-2 Unit into [•] Series M-2-R Units, (C) each Initially Vested Series M-3 Unit into [•] Series M-3-R Units, (D) each Initially Vested
Series M-4 Unit into [•] Series M-4-R Units, (E) each Initially Vested
Series Z-1 Unit into [•] Series Z-1-R Units, (F) each Initially Vested
Series Z-2 Unit into [•] Series Z-2-R Units, (G) each Initially Vested
Series Z-3 Unit into [•] Series Z-3-R Units, (H) each Initially Vested
Series Z-4 Unit into [•] Series Z-4-R Units, (I) each Initially Unvested
Series M-1 Unit into [•] Series M-1 Units, (I) each Initially Unvested Series M-2 Unit into
[•] Series M-2 Units, (J) each Initially Unvested Series M-3 Unit into [•] Series M-3 Units,
(K) each Initially Unvested Series M-4 Unit into [•] Series M-4 Units, (L) each Initially Unvested
Series Z-1 Unit into [•] Series Z-1 Units, (M) each Initially Unvested Series Z-2 Unit into [•] Series Z-2 Units, (N) each Initially Unvested Series Z-3 Unit into [•] Series Z-3 Units and
(O) each Initially Unvested Series Z-4 Unit into [•] Series Z-4 Units; and 

 

	 	(v)	 PubCo, through its wholly owned subsidiary, is contributing shares of its Class B Common Stock, par value
$0.01 per share (the “PubCo Class B Common Stock”), to Brigham Minerals Holdings, and Brigham Minerals Holdings is distributing such shares of PubCo Class B Common Stock to each of its
members other than PubCo and its wholly owned subsidiaries pro rata in proportion to the number of Brigham Minerals Holdings Units held by each such member (including the Company); 

WHEREAS, as a result of the Reorganization, the holders of Unvested Incentive Units and Vested Incentive Units (other than Pre-IPO Units) shall be, after such Reorganization, the sole Members of the Company as of the date hereof; 

WHEREAS, the sole purpose of the Company is to preserve certain economic rights of the holders of certain Series M Units and
Series Z Units (each as defined in the Existing LLC Agreement) with respect to the Brigham Minerals Holdings Units and shares of PubCo Class B Common Stock retained by the Company following the Distributions; 

WHEREAS, the parties agree that, for U.S. federal and applicable state and local tax purposes, the Distributions are treated as distributions
of property by the Company pursuant to Section 731(a) of the Code; and 
 WHEREAS, pursuant to the Master Reorganization Agreement,
this Agreement, having received the necessary Board Approval (as defined in the Existing LLC Agreement), the approval of the Management Directors (as defined in the Existing LLC Agreement) and the Supermajority Investor Approval (as defined in the
Existing LLC Agreement), in each case, in accordance with and to the extent required by Section 13.5 of the Existing LLC Agreement, amends and restates the Existing LLC Agreement in its entirety as set forth below. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Existing LLC Agreement is hereby amended and restated in its entirety and this Agreement is hereby adopted as the limited liability company agreement of the Company, with effect from the date first set forth above: 

 

	3 	 Note to Draft: The numbers in this section will be (1) for residual units, the same as the number
of Brigham Minerals Holdings Units distributed in respect of Vested Incentive Units of the applicable class and (2) for other units, the number of Brigham Minerals Holdings Units that would have been distributed if such Unvested Incentive Units
had been vested. 

  
 3 

 ARTICLE 1 

ORGANIZATION 
 1.1
Formation. The Company has been organized as a Delaware limited liability company pursuant to the DLLCA. 
 1.2
Name. The name of the Company shall be “Brigham Equity Holdings, LLC.” Subject to all applicable laws, all business of the Company shall be conducted in such name or under such other name or names as the Manager shall determine
to be necessary. The officers of the Company shall cause to be filed on behalf of the Company such assumed or fictitious name certificates or similar instruments as may from time to time be required by law. 

1.3 Business. The business of the Company shall be to preserve certain economic rights of the holders of certain Series M
Units and Series Z Units (each as defined in the Existing LLC Agreement) with respect to the Brigham Minerals Holdings Units retained by the Company and shares of PubCo Class B Common Stock received by the Company, which shall include
(a) to hold and distribute in accordance with the terms of this Agreement such Brigham Minerals Holdings Units and shares of PubCo Class B Common Stock (together with certain other securities of Brigham Minerals Holdings or PubCo or cash
or other assets received by the Company as a result of the ownership of such Brigham Minerals Holdings Units) and (b) take all such other actions incidental or ancillary to the foregoing as the Manager may determine to be necessary or
desirable. This Agreement shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 

1.4 Places of Business; Registered Agent. 

(a) The address of the principal office and place of business of the Company shall be 5914 W. Courtyard Dr. #100, Austin, TX 78730. The
Manager may change the location of the Company’s principal place of business and may establish such additional place or places of business of the Company as it deems advisable. The registered office of the Company required by the DLLCA to be
maintained in the State of Delaware shall be the registered office named in the Certificate or such other office (which need not be a place of business of the Company) as the Manager may designate from time to time in the manner provided by law. The
registered agent of the Company in the State of Delaware shall be the registered agent named in the Certificate or such other Person as the Manager may designate from time to time in the manner provided by law. The Manager may designate additional
offices and/or agents and may change any registered office or agent of the Company at any time as deemed advisable. 
 1.5
Term. Pursuant to the DLLCA, the existence of the Company began on the date of the filing of the Certificate with the Secretary of State of Delaware and shall continue until it is terminated in accordance with
Article 8. 

  
 4 

 1.6 Qualification in Other Jurisdictions. The Manager shall have authority to
cause the Company to do business in any jurisdiction only if such jurisdiction recognizes the limited liability of the Members to substantially the same extent as would be recognized for a limited liability company organized under the laws of the
State of Delaware. The Company will be qualified, formed, reformed or registered under assumed or fictitious name statutes or similar laws in any jurisdiction in which the Company transacts business if such qualification, formation, reformation or
registration is necessary or desirable in order to protect the limited liability of the Members or to permit the Company lawfully to transact business. 

1.7 No State Law Partnership. No provision of this Agreement shall be interpreted so as to deem or construe the Company as
a partnership (including a limited partnership) or joint venture or any Member as a partner or joint venturer of any other Member for any purposes other than federal and state tax purposes. 

1.8 Title to Company Property. All property initially contributed to the Company or thereafter acquired by the Company, whether
real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership interest in such property in his or its separate name or right. The Company may hold its
property in its own name or in the name of a nominee determined by the Manager. 
 ARTICLE 2 

Definitions and References 

2.1 Defined Terms. When used in this Agreement, the following terms shall have the respective meanings set forth below: 

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

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

 

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

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

“Affiliate” means (a) any Person directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities of another Person, (b) any Person, 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held by another Person with power to vote such securities,
(c) any Person directly or indirectly Controlling, Controlled by or under common Control with another Person, and (d) any officer, director, member or partner of, or any Person related by blood or marriage to, another Person or any Person
described in clauses (a), (b) or (c) of this definition. For purposes of this Agreement, no Member shall be deemed to be an Affiliate of the Company. 

  
 5 

 “Brigham Minerals Holdings A&R LLC Agreement” means the Amended
and Restated Limited Liability Company Agreement of Brigham Minerals Holdings, dated as of the date hereof, as it may be amended from time to time. 

“Brigham Resources Second A&R LLC Agreement” means the Second Amended and Restated Limited Liability Company
Agreement of Brigham Resources, dated as of May 8, 2015, as amended from time to time prior to the Flip Merger. 
 “Business
Day” means each day of the week except Saturdays, Sundays and days on which banking institutions are authorized by law to close in the State of Texas. 

“Capital Account” means the account to be maintained by the Company for each Member pursuant to
Section 7.1(b). 
 “Capital Interest Percentage” means, at any time of determination and
as to any Member, the percentage of the total distributions that would be made to such Member if all of the Series M Units and Series Z Units became Vested Units, the assets of the Company were sold for their fair market values, all
liabilities of the Company were paid in accordance with their terms, all items of Company income, gain, loss and deduction were allocated to the Members in accordance with Article 4, and the resulting net proceeds were
distributed to the Members in accordance with the terms of this Agreement. The foregoing definition of Capital Interest Percentage is intended to result in a percentage that corresponds with that defined as “partner’s proportionate
interest in partnership capital” in Treasury Regulation Section 1.613A-3(e)(2)(ii), and Capital Interest Percentage shall be interpreted consistently therewith. 

“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. All references herein to
sections of the Code shall include any corresponding provision or provisions of succeeding Law. 
 “Company Level
Taxes” means any federal, state or local taxes, additions to tax, penalties and interest payable by the Company or any of its subsidiaries as a result of any examination of the Company’s or any of its subsidiaries’ affairs by
any federal, state or local tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules. 

“Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury
Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or more nonrecourse liabilities differs from its adjusted tax basis, Company
Minimum Gain shall be determined with reference to such Gross Asset Value. 
 “Company Representative” has, with
respect to taxable periods beginning after December 31, 2017, the meaning assigned to the term “partnership representative” in Code Section 6223 and any Treasury Regulations or other administrative or judicial pronouncements
promulgated thereunder, and with respect to taxable periods beginning on or before December 31, 2017, the meaning assigned to the term “tax matters partner” as defined in Code Section 6231(a)(7) prior to its amendment by
Title XI of the Bipartisan Budget Act of 2015, in each case as appointed pursuant to Section 5.7. 

  
 6 

 “Confidential Information” means any information that is obtained by
or on behalf of a Member from the Company relating to economic, financial, management or other aspects of the business of the Company, whether oral or in written form, but shall exclude any information that (a) has become generally available to
the public (other than from wrongful disclosure in violation of this Agreement or any other applicable confidentiality agreement), or (b) was rightfully in the possession, from a source unrelated to the Company or its Affiliates, of a Member,
the Manager or officer of the Company prior to the date such Member, Manager or officer first became such. 

“Control”, “Controlling” or “Controlled” means the
possession, directly or indirectly, through one or more intermediaries, of the following: (a) in the case of a corporation, more than 50% of the outstanding voting securities thereof, (b) in the case of a limited liability company,
partnership, limited partnership or joint venture, the right to more than 50% of the distributions therefrom (including liquidating distributions), (c) in the case of a trust or estate, more than 50% of the beneficial interest therein,
(d) in the case of any other Entity, more than 50% of the economic or beneficial interest therein or (e) in the case of any Entity, the power or authority, through ownership of voting securities, by contract or otherwise, to direct the
management, activities or policies of the Entity. 
 “Covered Audit Adjustment” means an adjustment to any
partnership-related item (within the meaning of Code Section 6241(2)(B)) to the extent such adjustment results in an “imputed underpayment” as described in Code Section 6225(b) or any analogous provision of state or local Law.

 “Depletable Property” means each separate oil and gas property as defined in Code Section 614.

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

  
 7 

 “DLLCA” means the Delaware Limited Liability Company Act, 6 Del. C.
§ 18-101 et. seq., as it may be amended from time to time, and any successor to the DLLCA. 

“Entity” means any Person other than a natural person. 

“Equity Grant Agreement” means any grant agreement (including the restricted unit agreements) that the Company or any
of its subsidiaries has entered into with respect to the original issuance of Units (including, for the avoidance of doubt, any such agreement entered into prior to the Reorganization, Flip Merger and other reorganization transactions in respect of
limited liability company interests in respect of which the Units were issued). 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules and regulations of the United States Securities and Exchange Commission promulgated thereunder. 

“Fiscal Year” means the 12-month period ending December 31 of each year;
provided, however, that the last Fiscal Year shall be the period beginning on January 1 of the calendar year in which the final liquidation and termination of the Company is completed and ending on the date such final liquidation
and termination is completed (to the extent any computation or other provision hereof provides for an action to be taken on a Fiscal Year basis, an appropriate proration or other adjustment shall be made in respect of the final Fiscal Year to
reflect that such period is less than a full calendar year period). 
 “Gross Asset Value” means, with respect to
any asset, the asset’s adjusted basis for U.S. federal income tax purposes (which, in the case of any Depletable Property, shall be determined pursuant to Treasury Regulations
Section 1.613A-3(e)(3)(iii)(c)), except as follows: 
 (a) the initial
Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset as of the date of such contribution; 

(b) the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values as of the
following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than a de minimis capital contribution to the Company or in exchange for the
performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for
an interest in the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the
Company by any new or existing Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent
determined by the Manager to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations
Section 1.704-1(b)(2)(iv)(q); provided, however, that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if the Manager reasonably determines that
such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the 

  
 8 

 
Company. If any noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset
Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2); 

(c) the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value
of such asset on the date of such distribution; 
 (d) the Gross Asset Values of Company assets shall be increased (or
decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and clause (g) in the definition of “Profits” or “Losses” below or Section 4.2(b)(viii);
provided, however, that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Manager determines that an adjustment pursuant to clause (b) of this definition is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this clause (d); and 

(e) if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to clauses (a), (b) or
(d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits, Losses, Simulated Depletion and other items
allocated pursuant to Section 4.2. 
 “Initially Unvested Series M-1 Unit” means a Series M-1 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 
 “Initially Unvested Series M-2 Unit” means a Series M-2 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 
 “Initially Unvested Series M-3 Unit” means a Series M-3 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 
 “Initially Unvested Series M-4 Unit” means a Series M-4 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 
 “Initially Unvested Series Z-1 Unit” means a Series Z-1 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 

  
 9 

 “Initially Unvested Series Z-2 Unit” means a Series Z-2 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 
 “Initially Unvested Series Z-3 Unit” means a Series Z-3 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 
 “Initially Unvested Series Z-4 Unit” means a Series Z-4 Unit (as defined in the Existing LLC Agreement) that is an Unvested Unit as of immediately prior to the Effective Time
other than a Pre-IPO Unit. 
 “Initially Vested Series M-1 Unit” means a Series M-1 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Initially Vested Series M-2 Unit” means a Series M-2 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Initially Vested Series M-3 Unit” means a Series M-3 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Initially Vested Series M-4 Unit” means a Series M-4 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Initially Vested Series Z-1 Unit” means a Series Z-1 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Initially Vested Series Z-2 Unit” means a Series Z-2 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Initially Vested Series Z-3 Unit” means a Series Z-3 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Initially Vested Series Z-4 Unit” means a Series Z-4 Unit (as defined in the Existing LLC Agreement) that is a Vested Unit as of immediately prior to the Effective Time other
than a Pre-IPO Unit. 
 “Interest” means a membership interest of any class
in the Company with all the rights and interests of a Member in any class in the Company under this Agreement and the DLLCA, including (a) the right, if any, of a Member to receive allocations of income and loss and distributions or liquidation
proceeds under this Agreement and (b) all management rights, voting rights or rights to consent, if any. 

  
 10 

 “Liquidation Sharing Ratio” means, with respect to any holder of a
Unit as of the date of determination, the quotient of (i) the fractional number of Brigham Minerals Holdings Units that have not been distributed to such holder as of such date as a result of Section 3.5 or
Section 3.6, divided by (ii) the sum of the fractional number of Brigham Minerals Holdings Units that have not been distributed to all holders of Units as of such date as a result of
Section 3.5 and Section 3.6. 
 “Manager” means the Person
designated to manage the business of the Company in the capacity as Manager pursuant to Article 5. 

“Members” means any holder of Units. 

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

“Member Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Deductions” has the meaning of
“partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“Nonrecourse Deductions” has the meaning assigned that term in Treasury Regulations
Section 1.704-2(b). 
 “Partnership Tax Audit Rules” means
Sections 6221 through 6241 of the Code, as amended, together with any final or temporary Treasury Regulations, Revenue Rulings and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous
provision of state or local tax Law). 
 “Permitted Transferee” means: 

(a) in the case of a Member that is an individual, (i) such Member’s spouse, (ii) such Member’s legally
adopted or natural-born descendants of whatsoever generation, (iii) such other Persons as may be approved by the Manager and (iv) an Entity Controlled by such Member whose only owners or beneficiaries are one or more of (x) such
Member, (y) such Member’s spouse and (z) such Member’s legally adopted or natural-born descendants of whatsoever generation; and 

(b) in the case of a Member that is an Entity, (i) any trust, family partnership or family limited liability company, the
sole beneficiaries, partners or members of which are the natural person that is the beneficial owner (as such term is defined in Rule 13d-3 under the Exchange Act) of a majority of either (A) the
outstanding shares of common stock (or similar securities or interests in the case of an entity other than a corporation) of such 

  
 11 

 
Member or (B) the combined voting power of the outstanding equity interests entitled to vote under ordinary circumstances in the election of directors (or in the selection of any other
similar governing body in the case of an entity other than a corporation) of such Member, (ii) the spouse or adopted or natural-born descendants of the natural person described in clause (b)(i) of this definition or (iii) such natural
person. 
 “Person” means an individual, an estate or a corporation, partnership, joint venture, limited
partnership, limited liability company, trust, unincorporated organization, association or any other Entity. 

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

(a) any income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in
computing Profits or Losses shall be added to such taxable income or loss; 
 (b) any expenditures of the Company described
in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in
computing Profits or Losses, shall be subtracted from such taxable income or loss; 
 (c) in the event the Gross Asset Value
of any Company asset is adjusted pursuant to clause (b) or (c) of the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the
Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section 4.2(b), be taken
into account for purposes of computing Profits or Losses; 
 (d) gain or loss resulting from any disposition of Company
assets (other than Depletable Property) with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax
basis of such asset differs from its Gross Asset Value; 
 (e) gain resulting from any disposition of Depletable Property
with respect to which gain is recognized for U.S. federal income tax purposes shall be treated as being equal to the corresponding Simulated Gain; 

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

  
 12 

 (g) to the extent an adjustment to the adjusted tax basis of any asset
pursuant to Code Section 734(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a
distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases
such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and 

(h) any items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions of
Section 4.2(b) shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated pursuant to Section 4.2(b) will be determined
by applying rules analogous to those set forth in clauses (a) through (g) above. 
 “Pro Rata Number”
means 
 (a) in respect of a holder’s Series M-1 Units or Series M-1-R Units, the product of (i) the number of Series M-1 Units forfeited to the Company with respect to which
such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such Series M-1 Units or
Series M-1-R Units, as applicable, divided by (B) the total number of Series M-1 Units and Series M-1-R Units outstanding; 
 (b) in
respect of a holder’s Series M-2 Units or Series M-2-R Units, the product of (i) the number of Series M-2 Units forfeited to the Company with respect to which such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such
Series M-2 Units or Series M-2-R Units, as applicable, divided by (B) the total number of Series M-2 Units and Series M-2-R Units outstanding; 

(c) in respect of a holder’s Series M-3 Units or Series M-3-R Units, the product of (i) the number of Series M-3 Units forfeited to the Company with respect to which
such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such Series M-3 Units and
Series M-3-R Units, as applicable, divided by (B) the total number of Series M-3 Units and Series M-3-R Units outstanding; 
 (d) in
respect of a holder’s Series M-4 Units or Series M-4-R Units, the product of (i) the number of Series M-4 Units forfeited to the Company with respect to which such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such
Series M-4 Units or Series M-4-R Units, as applicable, divided by (B) the total number of Series M-4 Units and Series M-4-R Units outstanding; 

(e) in respect of a holder’s Series Z-1 Units or Series Z-1-R Units, the product of (i) the number of Series Z-1 Units forfeited to the Company with respect to which
such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such Series Z-1 Units or
Series Z-1-R Units, as applicable, divided by (B) the total number of Series Z-1 Units and Series Z-1-R Units outstanding; 

  
 13 

 (f) in respect of a holder’s
Series Z-2 Units or Series Z-2-R Units, the product of (i) the number of
Series Z-2 Units forfeited to the Company with respect to which such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such
Series Z-2 Units or Series Z-2-R Units, as applicable, divided by (B) the total number of Series Z-2 Units and Series Z-2-R Units outstanding; 

(g) in respect of a holder’s Series Z-3 Units or Series Z-3-R Units, the product of (i) the number of Series Z-3 Units forfeited to the Company with respect to which
such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such Series Z-3 Units or
Series Z-3-R Units, as applicable, divided by (B) the total number of Series Z-3 Units and Series Z-3-R Units outstanding; and 
 (h) in
respect of a holder’s Series Z-4 Units or Series Z-4-R Units, the product of (i) the number of Series Z-4 Units forfeited to the Company with respect to which such Pro Rata Number is being calculated, times (ii) the quotient of (A) the number of such
Series Z-4 Units or Series Z-4-R Units, as applicable, divided by (B) the total number of Series Z-4 Units and Series Z-4-R Units outstanding. 

“Residual Units” means the Series M-R Units and the Series Z-R Units. 
 “Simulated Basis” means the Gross Asset Value of any
Depletable Property. The Simulated Basis of each Depletable Property shall be allocated to each Member in accordance with such Member’s Capital Interest Percentage as of the time such Depletable Property is acquired by the Company (and any
additions to such Simulated Basis resulting from expenditures required to be capitalized in such Simulated Basis shall be allocated among the Members in a manner designed to cause the Members’ proportionate shares of such Simulated Basis to be
in accordance with their Capital Interest Percentages as determined at the time of any such additions), and shall be reallocated among the Members in accordance with the Members’ Capital Interest Percentages as determined immediately following
the occurrence of an event giving rise to an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause (b) of the definition of Gross Asset Value. 

“Simulated Depletion” means, with respect to each Depletable Property, a depletion allowance computed in accordance
with federal income tax principles (as if the Simulated Basis of the property were its adjusted basis) and in the manner specified in the Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). For purposes
of computing Simulated Depletion with respect to any Depletable Property, the Simulated Basis of such property shall be deemed to be the Gross Asset Value of such property, and in no event shall such allowance, in the aggregate, exceed such
Simulated Basis. 
 “Simulated Gain” means the amount of gain realized from the sale or other disposition of
Depletable Property as calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Simulated Loss” means the amount of loss realized from the sale or other disposition of Depletable Property as
calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Transfer” means to transfer, sell, assign, pledge, hypothecate, give, create a security interest in or lien on, place
in trust (voting or otherwise), assign or in any other way encumber or dispose of, directly or indirectly and whether or not by operation of law or for value, any Interest. Correlative terms have correlative meanings. 

  
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 “Treasury Regulation” means the regulations promulgated by the
United States Department of the Treasury pursuant to and in respect of provisions of the Code. All references herein to sections of Treasury Regulations shall include any corresponding provision or provisions of succeeding, similar or substitute
proposed or final Treasury Regulations. 
 “Unvested Units” means any Unit that has not vested in accordance with
the terms of the Equity Grant Agreement to which such Unit is subject. 
 “Vested Unit” any Unit that has vested in
accordance with the terms of the Equity Grant Agreement to which such Unit is subject. 
 In addition, the following terms are defined
within the text of this Agreement: 
  

					
	 Defined Term
	  	 Section
	 
	“Assumed Tax Liability”	  	 	Section 4.1(c)	 
	“Excess Tax Amount”	  	 	Section 4.3(c)	 
	“Regulatory Allocations”	  	 	Section 4.2(b)(x)	 
	“Tax Contribution Obligation”	  	 	Section 4.3(c)	 
	“Tax Distribution Date”	  	 	Section 4.1(c)	 
	“Tax Offset”	  	 	Section 4.3(c)	 

 2.2 References, Titles and Other Rules of Construction. All references in this Agreement to
articles, sections, subsections, other subdivisions and exhibits refer to corresponding articles, sections, subsections, other subdivisions and exhibits of this Agreement unless expressly provided otherwise. All exhibits and schedules attached to
this Agreement shall be deemed a part of this Agreement for all purposes. Titles appearing at the beginning of any of such subdivisions are for convenience only and shall not constitute part of such subdivisions and shall be disregarded in
construing the language contained in such subdivisions. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and not to
any particular subdivision unless expressly so limited. Any reference to any contract or agreement (including schedules, exhibits and other attachments thereto), including this Agreement, will be deemed also to refer to such agreement, as amended,
restated or otherwise modified, unless the context requires otherwise. The term “including” shall in all instances be deemed followed by the words, “without limitation.” Pronouns in masculine, feminine and neuter genders shall be
construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires. 

ARTICLE 3 

CAPITALIZATION AND MEMBERS 

3.1 Members. The Members of the Company as of the Effective Date are reflected in the books and records of the Company. 

  
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 3.2 Units. (a) Unit Designations and Authorized Units. Each
Member’s relative rights, privileges, preferences and obligations with respect to the Company are represented by such Member’s Interest. The Interests in the Company shall be designated as “Units” and shall be
divided into four classes of Units referred to as the “Series M Units,” the “Series Z Units,” the “Series M-R Units” and the “Series Z-R Units.” The Series M Units shall be further designated into sub-series referred to as “Series M-1 Units,” “Series M-2 Units,” “Series M-3 Units” and “Series M-4 Units.” The Series Z Units shall be further designated into sub-series referred to as “Series Z-1 Units,” “Series Z-2 Units,” “Series Z-3 Units” and “Series Z-4 Units.” The Series M-R
Units shall be further designated into sub-series referred to as “Series M-1-R
Units,” “Series M-2-R Units,” “Series M-3-R Units” and “Series M-4-R
Units.” The Series Z-R Units shall be further designated into sub-series referred to as “Series Z-1-R Units,” “Series Z-2-R
Units,” “Series Z-3-R Units” and “Series Z-4-R Units.” Each sub-series of Series M-R Units corresponds to the same
numbered sub-series of the Series M Units, and each sub-series of Series Z-R Units corresponds to the same numbered sub-series of the Series Z Units. The Company is authorized to issue [●] Units designated as the Series M Units, [●] Units designated as the Series Z Units, [●] Units designated as
the Series M-R Units and [●] Units designated as the Series Z-R Units. Of the aggregate number of Series M Units, [●] are designated as the Series M-1 Units, [●] are designated as the Series M-2 Units, [●] are designated as the Series M-3 Units and
[●] are designated as the Series M-4 Units. Of the aggregate number of Series Z Units, [●] are designated as the Series Z-1 Units, [●]
are designated as the Series Z-2 Units, [●] are designated as the Series Z-3 Units and [●] are designated as the
Series Z-4 Units. Of the aggregate number of Series M-R Units, [●] are designated as the
Series M-1-R Units, [●] are designated as the Series M-2-R Units,
[●] are designated as the Series M-3-R Units and [●] are designated as the
Series M-4-R Units. Of the aggregate number of Series Z-R Units, [●] are designated as the Series Z-1-R Units, [●] are designated as the Series Z-2-R Units, [●] are
designated as the Series Z-3-R Units and [●] are designated as the
Series Z-4-R Units. Notwithstanding the foregoing, for the avoidance of doubt, all Series M Units and Series Z Units outstanding on the Effective Date are
Unvested Units. Other than as required to implement the terms of this Agreement, the number of authorized Units shall not be increased without the prior written consent of the Manager and the holders of at least a majority of the outstanding Units.
Upon the vesting, forfeiture, reallocation or conversion of any Units pursuant to Section 3.3 or Section 3.4, if applicable, the Manager shall, without the consent of any other Person, update the
Company’s books and records to reflect the names of and number of Units held by the Members after giving effect to the provisions of Section 3.3 and Section 3.4. 

(b) Equity Grant Agreements. The Members hereby agree that (i) provisions in any applicable Equity Grant Agreement (including with
respect to vesting) that relate to any Unit in the Company held by a Member as of immediately prior to the recapitalization contemplated by the Master Reorganization Agreement and this Agreement (the “Prior Company Units”)
shall apply mutatis mutandis to the associated Units in the Company into which such Member’s Prior Company Units were recapitalized (such that all such provisions that applied to the Prior Company Units shall apply to the Units issued to
such Member hereunder in respect thereof in an equivalent fashion) and (ii) the Manager shall have the right to take all actions as it deems reasonably necessary to enforce all such provisions, including by way of effecting forfeitures,
redemptions or repurchases of Units; provided, that the Members acknowledge and agree that all Threshold Values (as defined in the Existing LLC Agreement) with respect to such Units are no longer applicable as they were accounted for in the
Reorganization. Further, each Member who acquires Unvested Units agrees to consult with such Member’s tax advisor to 

  
 16 

 
determine the tax consequences of such acquisition and, at the time of such acquisition, agrees to make a timely election under Code Section 83(b) with respect to such Units. Each such
Member acknowledges that it is the sole responsibility of such Member, and not the Company, to file the election under Code Section 83(b) even if such Member requests the Company or its representatives to assist in making such filing. Each
Member who files an election under Code Section 83(b) with respect to such Units agrees to provide a copy of such election to the Company on or before the due date for filing of such election. 

3.3 Series M Units; Series M-R Units. 

(a) The Series M Units outstanding on the Effective Date are initially Unvested Units. The
Series M-R Units are not subject to vesting. The Members holding Series M Units and Series M-R Units as of the Effective Date are reflected in the books
and records of the Company. The Series M Units shall vest in accordance with the terms of the Equity Grant Agreement to which such Series M Units are subject. 

(b) At such time that any Series M Unit becomes a Vested Unit, subject to Section 3.5 and
Section 3.6, (i) the Company shall distribute one Brigham Minerals Holdings Unit and one share of PubCo Class B Common Stock to the holder of such Series M Unit, together with the Brigham Minerals
Holdings Units, shares of PubCo Class B Common Stock, other securities in Brigham Minerals Holdings or PubCo, cash, assets and any other rights distributed by Brigham Minerals Holdings to the Company in respect of such share of Brigham Minerals
Holdings Units or shares of PubCo Class B Common Stock after the Effective Date and prior to the time of such distribution (such distribution to be appropriately adjusted by the Manager to take 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 the Brigham Minerals Holdings Units or shares
of PubCo Class B Common Stock) (collectively, the “Other Distributable Property”), net of any applicable withholding taxes owed as a result of such Series M Unit becoming a Vested Unit or otherwise, and
(ii) such Series M Unit shall immediately be reclassified as a Series M-R Unit of the corresponding sub-series without any further action on the part of
the Company or the holder thereof. The Company shall take such actions as are reasonably necessary to cause any Brigham Minerals Holdings Units or shares of PubCo Class B Common Stock (or other security of Brigham Minerals Holdings or PubCo)
distributed pursuant to this Section 3.3(b) to be held of record in the name of the recipient thereof. 
 (c) Upon
the forfeiture of any Series M Units to the Company pursuant to the terms of the Equity Grant Agreement to which such Series M Unit is subject, the Company shall issue or distribute, as the case may be, (i) to each other holder of
Series M Units of the same sub-series as of such date, a Pro Rata Number of Series M Units of such sub-series and (ii) subject to
Section 3.5 and Section 3.6, to each holder of Series M-R Units of the corresponding sub-series as of such date,
a Pro Rata Number of Brigham Minerals Holdings Units, a Pro Rata Number of shares of PubCo Class B Common Stock, a Pro Rata Number of Other Distributable Property attributable to such forfeited Series M Units and a Pro Rata Number of
Series M-R Units of such corresponding sub-series. Any Series M Units issued or distributed pursuant to Section 3.3(c)(i)
shall become subject to the terms and conditions of the Equity Grant Agreement to which the Series M Unit in respect of which such issuance or distribution was made is subject. 

  
 17 

 3.4 Series Z Units; Series Z-R Units. 
 (a) The Series Z Units outstanding on the Effective Date are initially
Unvested Units. The Members holding Series Z Units and Series Z-R Units as of the Effective Date are reflected in the books and records of the Company. The Series Z Units shall vest in
accordance with the terms of the Equity Grant Agreement to which such Series Z Units are subject. 
 (b) At such time that any
Series Z Unit becomes a Vested Unit, subject to Section 3.5 and Section 3.6, (i) the Company shall distribute one Brigham Minerals Holdings Unit and one share of PubCo Class B
Common Stock to the holder of such Series Z Unit, together with the Other Distributable Property attributable to such Brigham Minerals Holdings Units and shares of PubCo Class B Common Stock, net of any applicable withholding taxes owed as
a result of such Series Z Unit becoming a Vested Unit or otherwise, and (ii) such Series Z Unit shall immediately be reclassified as a Series Z-R Unit of the corresponding sub-series without any further action on the part of the Company or the holder thereof. The Company shall take such actions as are reasonably necessary to cause any Brigham Minerals Holdings Units or shares of PubCo
Class B Common Stock (or other security of Brigham Minerals Holdings or PubCo) distributed pursuant to this Section 3.4(b) to be held of record in the name of the recipient thereof. 

(c) Upon the forfeiture of any Series Z Units to the Company pursuant to the terms of the Equity Grant Agreement to which such
Series Z Unit is subject, the Company shall issue or distribute, as the case may be, (i) to each other holder of Series Z Units of the same sub-series as of such date, a Pro Rata Number of
Series Z Units of such sub-series and (ii) subject to Section 3.5 and Section 3.6, to each holder of
Series Z-R Units of the corresponding sub-series as of such date, a Pro Rata Number of Brigham Minerals Holdings Units, a Pro Rata Number of shares of PubCo
Class B Common Stock, a Pro Rata Number of Other Distributable Property attributable to such forfeited Series Z Units and a Pro Rata Number of Series Z-R Units of such corresponding sub-series. Any Series Z Units issued or distributed pursuant to Section 3.4(c)(i) shall become subject to the terms and conditions of the Equity Grant Agreement to which
the Series Z Unit in respect of which such issuance or distribution was made is subject. 
 3.5 Fractional Units.
Notwithstanding Section 3.3 and Section 3.4, if at any time a Member is entitled to receive a fractional number of Brigham Minerals Holdings Units or a fractional number of shares of PubCo
Class B Common Stock (including as a result of any forfeitures or reallocations described in this Article 3), (a) the Company shall instead distribute to such Member the largest number of whole Brigham Minerals
Holdings Units and whole shares of PubCo Class B Common Stock to which such Member is then entitled and (b) such fractional number of Brigham Minerals Holdings Units and such fractional number of shares of PubCo Class B Common Stock
shall be added to the next number of Brigham Minerals Holdings Units and shares of PubCo Class B Common Stock, respectively, to which such Member shall become entitled (such that such fractional number of Brigham Minerals Holdings Units and
such fractional number of shares of PubCo Class B Common Stock shall be carried forward to each subsequent distribution pursuant to this Section 3.5, with any fractional number of Brigham Minerals Holdings Units or
fractional shares of PubCo Class B Common Stock remaining at liquidation paid in cash pursuant to Section 4.1(b)). The Company shall be authorized to issue fractional shares of Series M Units, Series M-R Units, Series Z Units and Series Z-R Units. If at any time the Company receives a distribution of Other Distributable Property from Brigham Minerals
Holdings 

  
 18 

 
in respect of any Brigham Minerals Holdings Units or shares of PubCo Class B Common Stock that are being held by the Company on account of this Section 3.5, such
Other Distributable Property shall be retained by the Company and distributed with the underlying Brigham Minerals Holdings Units or shares of PubCo Class B Common Stock (or the proceeds received pursuant to
Section 3.6(b) or Section 4.1(b)(ii)) pursuant to clause (b) above. 
 3.6
Compliance with Transfer Restrictions. Notwithstanding Section 3.3 and Section 3.4, no distribution of Brigham Minerals Holdings Units (or corresponding shares of PubCo Class B
Common Stock) shall be made to the extent such distribution would not be permissible pursuant to any provision of the Brigham Minerals Holdings A&R LLC Agreement. To the extent a distribution of Brigham Minerals Holdings Units to a Member is not
permissible under the Brigham Minerals Holdings A&R LLC Agreement, the Company shall (a) retain and carry forward such Brigham Minerals Holdings Units until the Company is permitted to distribute such Brigham Minerals Holdings Units to such
Member under the Brigham Minerals Holdings A&R LLC Agreement or (b) exercise its right to require Brigham Minerals Holdings to redeem all such Brigham Minerals Holdings Units and corresponding shares of PubCo Class B Common Stock in
exchange for shares of PubCo Class A Common Stock pursuant to Section 4.6(a) of the Brigham Minerals Holdings A&R LLC Agreement and distribute such shares of PubCo Class A Common Stock (or, to the extent Brigham Minerals Holdings
or PubCo exercises its cash election pursuant to Section 4.6(a) or Section 4.6(f) of the Brigham Minerals Holdings A&R LLC Agreement, as applicable, such cash) to such Member. 

3.7 Return of Contributions. No interest shall accrue on any contributions to the capital of the Company, and no Member shall
have the right to withdraw or to be repaid any capital contributed by such Member, except as otherwise specifically provided in this Agreement. Loans by a Member to the Company shall not be considered capital contributions. 

ARTICLE 4 

DISTRIBUTIONS; ALLOCATIONS AND WITHHOLDING 

4.1 Distribution. 

(a) Distributions by Brigham Minerals Holdings. Subject to Section 4.1(c), the Company shall retain all Other
Distributable Property received by the Company from Brigham Minerals Holdings until the Brigham Minerals Holdings Unit or share of PubCo Class B Common Stock (or the proceeds received pursuant to Section 3.6(b) or
Section 4.1(b)(ii)) to which such Other Distributable Property is attributable is distributed pursuant to Article 3, and the terms and provisions of this Agreement shall be applied in a manner
consistent with such intent. 
 (b) Liquidating Distribution. Upon the date that all Units have either been forfeited to the Company
pursuant to the applicable Equity Grant Agreement or have become Vested Units and redeemed or reclassified into either Series M-R Units or Series Z-R Units, as
applicable, and following the application of the provisions of Article 3 (including Section 3.5 and Section 3.6), the Company shall (i) exercise its right to require
Brigham Minerals Holdings to redeem all remaining Brigham Minerals Holdings Units and shares of PubCo Class B Common Stock then held by the Company in exchange for shares of PubCo Class A Common Stock pursuant to Section 4.6(a) of the
Brigham Minerals Holdings A&R LLC Agreement, (ii) unless 

  
 19 

 
Brigham Minerals Holdings or PubCo exercises its cash election pursuant to Section 4.6(a) or Section 4.6(f) of the Brigham Minerals Holdings A&R LLC Agreement, as applicable, sell
such shares of PubCo Class A Common Stock and (iii) distribute the proceeds received pursuant to clause (ii) to the holders of Series M-R Units and
Series Z-R Units in accordance with each such holders’ Liquidation Sharing Ratio. 
 (c)
Tax-Related Distributions. The Company shall, subject to the availability of distributable cash as reasonably determined by the Manager, distribute, on each Tax Distribution Date, to each Member in cash
an amount equal to such Member’s Assumed Tax Liability, if any. “Tax Distribution Date” means any date that is five Business Days prior to the date on which quarterly estimated income tax payments are required to be made
by calendar year individual taxpayers and each due date for the income tax return of an individual calendar year taxpayer (without regard to extensions). “Assumed Tax Liability” of each Member means an amount equal to
(i) the cumulative amount of federal, state and local income Taxes (including any applicable estimated Taxes) determined from the Effective Date through the next occurring quarterly estimated income tax payment due date following the applicable
Tax Distribution Date taking into account the character of income and loss allocated by the Company to such Member as it affects the applicable Tax that the Manager estimates would be due from such Member as of the next occurring quarterly estimated
income tax payment due date following such Tax Distribution Date, (w) assuming such Member is an individual who earned solely the items of income, gain, deduction, loss or credit allocated or to be allocated to such Member pursuant to
Section 4.2 (and each such Member made the same elections as each other Member), (x) after taking proper account of loss carryforwards available to individual taxpayers resulting from losses allocated to the Members by
the Company, to the extent not taken into account in prior periods, (y) taking into account depletion and other items determined at the Member level and (z) assuming that such Member is subject to Tax at the highest applicable rate,
reduced by (ii) all previous distributions of cash made to such Member pursuant to Article 3. The Manager will make its determination of the Assumed Tax Liability of all Members, assuming that each such holder is a
resident of Austin, Texas. Distributions to holders of Series M Units or Series Z Units pursuant to this Section 4.1(c) shall be treated as an advance of and shall offset (A) distributions available to such
holders of Series M Units or Series Z Units under Section 3.3(b) or Section 3.4(b), as applicable, if such Units become Vested Units, or (B) if such Series M Units or
Series Z Units are forfeited, distributions available to the holders of the corresponding Series M Units, Series Z Units, Series M-R Units or Series Z-R
Units distributed in respect of such forfeited Series M Units or Series Z Units under Section 3.3(c) or Section 3.4(c), as applicable, with the amount of such offset being attributed as
among the holders of each series of Series M Units and/or Series Z Units as determined in the reasonable discretion of the Manager. For purposes of the foregoing, to the extent necessary, any Brigham Minerals Holdings Unit or share of
PubCo Class B Common Stock or Other Distributable Property (other than cash) shall be taken into account at fair market value as determined in the reasonable discretion of the Manager. If on a Tax Distribution Date there are not sufficient
funds on hand to distribute to each Member the full amount of such Member’s Assumed Tax Liability, distributions pursuant to this Section 4.1(c) shall be made to the Members to the extent of available cash in
proportion to each Member’s Assumed Tax Liability, and the Company shall make future distributions as soon as cash becomes available to pay the remaining portion of such Member’s Assumed Tax Liability. 

  
 20 

 4.2 Allocations. 

(a) General Profit and Loss Allocations. After giving effect to the allocations under Section 4.2(b) and
subject to Section 4.2(e), Profits and Losses (and, to the extent determined by the Manager to be necessary and appropriate to achieve the resulting Capital Account balances described below, any allocable items of income,
gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period in a manner such that, after
giving effect to the special allocations set forth in Section 4.2(b) and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member, immediately after making
such allocation, is, as nearly as possible, equal to (i) the amount such Member would receive if all assets of the Company on hand at the end of such Fiscal Year or other taxable period were sold for cash equal to their Gross Asset Values, all
liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), all Units become Vested Units and all remaining or
resulting cash was distributed, in accordance with Article 3, to the Members immediately after making such allocation, minus (ii) such Member’s share of Company Minimum Gain and Member Minimum Gain,
computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale of assets. 

(b) Special Allocations. 

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

(ii) Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears
economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i). If more than one
Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the economic risk
of loss. This Section 4.2(b)(ii) is intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith. 

(iii) Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any
Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the
Members under this Section 4.2(b)(iii)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other 

  
 21 

 
taxable period in an amount equal to such Member’s share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). This Section 4.2(b)(iii) is intended to constitute a minimum gain chargeback under Treasury Regulations
Section 1.704-2(f) and shall be interpreted consistently therewith. 
 (iv) Notwithstanding any
other provision of this Agreement except Section 4.2(b)(iii), if there is a net decrease in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a
prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 4.2(b)(iv)), each Member shall be specially
allocated items of Company income and gain for such year in an amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations
Section 1.704-2(i)(4)). This Section 4.2(b)(iv) is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (v) Notwithstanding any
provision hereof to the contrary except Section 4.2(b)(i) and Section 4.2(b)(ii), no Losses or other items of loss or expense shall be allocated to any Member to the extent that such
allocation would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period. All Losses and other items of loss and expense in
excess of the limitation set forth in this Section 4.2(b)(v) shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts but only to the
extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted Capital Account Deficit. 

(vi) Notwithstanding any provision hereof to the contrary except Section 4.2(b)(iii) and
Section 4.2(b)(iv), in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period)
shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this
Section 4.2(b)(vi) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Section 4.2 have been
tentatively made as if this Section 4.2(b)(vi) were not in this Agreement. This Section 4.2(b)(vi) is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (vii) If any
Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable period that is in excess of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is deemed
to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated items of Company income and gain and
Simulated Gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 4.2(b)(vii) shall be made only if and to the extent that such Member would have a deficit balance in
its Capital Account in excess of such sum after all other allocations provided for in this Section 4.2 have been made as if Section 4.2(b)(vi) and this Section 4.2(b)(vii)
were not in this Agreement. 

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

(x) The allocations set forth in Sections 4.2(b)(i) through 4.2(b)(ix) (the “Regulatory
Allocations”) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other
provision of this Section 4.2 (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss
and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that would have been allocated to each such Member if
the Regulatory Allocations had not occurred. This Section 4.2(b)(x) is intended to minimize to the extent possible and to the extent necessary any economic distortions that may result from application of the Regulatory
Allocations and shall be interpreted in a manner consistent therewith. 
 (xi) Items of income, gain, loss, expense or credit resulting from
a Covered Audit Adjustment shall be allocated to the Members in accordance with the applicable provisions of the Partnership Tax Audit Rules. 

(c) Allocations for Tax Purposes in General. 

(i) Except as otherwise provided in this Section 4.2(c) or Section 4.2(d), each item of
income, gain, loss and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under Sections 4.2(a) and 4.2(b). 

(ii) In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the
principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal
income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using the “remedial method” under Treasury Regulations
Section 1.704-3(d) or such other method or methods as determined by the Manager to be appropriate and in accordance with the applicable Treasury Regulations. 

  
 23 

 (iii) Any (i) recapture of depreciation or any other item of deduction shall be
allocated, in accordance with Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions, and
(ii) recapture of credits shall be allocated to the Members in accordance with applicable law. 
 (iv) Allocations pursuant to this
Section 4.2(c) are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items
or distributions pursuant to any provision of this Agreement. 
 (v) If, as a result of an exercise of a noncompensatory option to acquire
an interest in the Company, a Capital Account reallocation is required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury
Regulations Section 1.704-1(b)(4)(x). 
 (d) Income Tax Allocations with Respect to
Depletable Properties. 
 (i) Cost and percentage depletion deductions with respect to any Depletable Property shall be computed
separately by the Members rather than the Company. For purposes of such computations, the federal income tax basis of each Depletable Property shall be allocated to each Member in accordance with such Member’s Capital Interest Percentage as of
the time such Depletable Property is acquired by the Company (and any additions to such U.S. federal income tax basis resulting from expenditures required to be capitalized in such basis shall be allocated among the Members in a manner designed to
cause the Members’ proportionate shares of such adjusted U.S. federal income tax basis to be in accordance with their Capital Interest Percentages as determined at the time of any such additions), and shall be reallocated among the Members in
accordance with the Members’ Capital Interest Percentages as determined immediately following the occurrence of an event giving rise to an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause
(b) of the definition of Gross Asset Value. The Company shall inform each Member of such Member’s allocable share of the federal income tax basis of each Depletable Property promptly following the acquisition of such Depletable Property by
the Company, any adjustment resulting from expenditures required to be capitalized in such basis, and any reallocation of such basis as provided in the previous sentence. 

(ii) For purposes of the separate computation of gain or loss by each Member on the taxable disposition of Depletable Property, the amount
realized from such disposition shall be allocated (i) first, to the Members in an amount equal to the Simulated Basis in such Depletable Property in proportion to their allocable shares thereof and (ii) second, any remaining amount
realized shall be allocated consistent with the allocation of Simulated Gains. 
 (iii) The allocations described in this
Section 4.2(d) are intended to be applied in accordance with the Members’ “interests in partnership capital” under Code Section 613A(c)(7)(D); provided that the Members understand and agree that
the Manager may authorize special allocations of federal income tax basis, income, gain, deduction or loss, as 

  
 24 

 
computed for federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted federal income tax basis with respect to Depletable Properties, in such manner as
determined consistent with the principles outlined in Section 4.2(c)(ii). The provisions of this Section 4.2(d)(iii) and the other provisions of this Agreement relating to allocations under Code
Section 613A(c)(7)(D) 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. 

(iv) Each Member, with the assistance of the Company, shall 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 Company. Upon the reasonable request of the Company, each Member shall advise the Company 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 for purposes of allowing the Company to make adjustments to the tax basis of its assets as a result of certain transfers of interests in the Company or distributions by the Company. The Company
may rely on such information and, if it is not provided by the Member, may make such reasonable assumptions as it shall determine with respect thereto. 

(e) Other Allocation Rules. 

(i) The Members are aware of the income tax consequences of the allocations made by this Section 4.2 and the
economic impact of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by the provisions of this Section 4.2 in reporting their share of Company income and loss for
income tax purposes. 
 (ii) The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by
Section 7.1(b) and the allocations set forth in Sections 4.2(a), 4.2(b), 4.2(c) and 4.2(d) are intended to comply with the Treasury Regulations and to reflect the intended
economic entitlement of the Members. If the Manager determines, in its sole discretion, that the application of the provisions in Sections 7.1(b), 4.2(a), 4.2(b), 4.2(c) or 4.2(d) would result in
non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement of the Members, the Manager is authorized to make any appropriate adjustments to such provisions.

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

  
 25 

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

(a) Withholding Tax Payments. Each of the Company and its subsidiaries may withhold from distributions, allocations or portions thereof
if it is required to do so by any applicable rule, regulation or law, and each Member hereby authorizes the Company and its subsidiaries to withhold or pay on behalf of or with respect to such Member, any amount of U.S. federal, state or local or non-U.S. taxes that the Manager determines, in good faith, that the Company or any of its subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to
this Agreement. 
 (b) Tax Audits. To the extent that any income tax is paid by the Company or any of its subsidiaries as a result of
an audit or other proceeding with respect to such tax and the Manager determines, in good faith, that such tax relates to one or more specific Members (including any Company Level Taxes), such tax shall be treated as an amount of taxes withheld or
paid with respect to such Member pursuant to this Section 4.3(b). Notwithstanding any provision to the contrary in this Section 4.3(b), the payment by the Company of Company Level Taxes shall,
consistent with the Partnership Tax Audit Rules, be treated as the payment of a Company obligation and shall be treated as paid with respect to a Member to the extent the deduction with respect to such payment is allocated to such Member pursuant to
Section 4.2(b)(xi) and such payment shall not be treated as a withholding from distributions, allocations or portions thereof with respect to a Member. 

(c) Tax Contribution and Indemnity Obligation. Any amounts withheld or paid with respect to a Member pursuant to
Section 4.3(a) or (b) shall be offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a “Tax Offset”); provided that the
amount of any distribution subject to a Tax Offset shall be treated as having been distributed to such Member pursuant to Article 3, Section 4.1 or Section 8.2(b) at the
time such Tax Offset is made. To the extent that (i) there is a payment of Company Level Taxes relating to a Member or (ii) the amount of such Tax Offset exceeds the distributions to which such Member is entitled during the same Fiscal
Year as such withholding or payment (“Excess Tax Amount”), the amount of such (i) Company Level Taxes or (ii) Excess Tax Amount, as applicable, shall, upon notification to such Member by the Manager, give rise to an
obligation of such Member to make a capital contribution to the Company (a “Tax Contribution Obligation”), which Tax Contribution Obligation shall be immediately due and payable. In the event a Member defaults with respect to
its obligation under the prior sentence, the Company shall be entitled to offset the amount of a Member’s Tax Contribution Obligation against distributions to which such Member would otherwise be subsequently entitled until the full amount of
such Tax Contribution Obligation has been contributed to the Company or has been recovered through offset against distributions, and any such offset shall not reduce such Member’s Capital Account. Any contribution by a Member with respect to a
Tax Contribution Obligation shall increase such Member’s Capital Account but shall not reduce the amount (if any) that a Member is otherwise obligated to contribute to the Company. Each Member hereby unconditionally and irrevocably grants to
the Company a security 

  
 26 

 
interest in such Member’s Units to secure such Member’s obligation to pay the Company any amounts required to be paid pursuant to this Section 4.3. Each Member
shall take such actions as the Company may reasonably request in order to perfect or enforce the security interest created hereunder. Each Member hereby agrees to indemnify and hold harmless the Company, the other Members, the Company Representative
and the Manager from and against any liability (including any liability for Company Level Taxes) with respect to income attributable to or distributions or other payments to such Member. 

(d) Continued Obligations of Former Members. Any Person who ceases to be a Member shall be deemed to be a Member solely for purposes of
this Section 4.3, and the obligations of a Member pursuant to this Section 4.3 shall survive until 30 days after the closing of the applicable statute of limitations on assessment with respect
to the taxes withheld or paid by the Company or a subsidiary that relate to the period during which such Person was actually a Member. 
 (e)
Manager Discretion Regarding Recovery of Taxes. Notwithstanding the foregoing, the Manager may choose not to recover an amount of Company Level Taxes or other taxes withheld or paid with respect to a Member under this
Section 4.3 to the extent that there are no distributions to which such Member is entitled that may be offset by such amounts if the Manager determines, in its reasonable discretion, that such a decision would be in the
best interests of the Members (e.g., where the cost of recovering the amount of taxes withheld or paid with respect to such Member is not justified in light of the amount that may be recovered from such Member). 

ARTICLE 5 

Management of the Company 

5.1 Manager Managed Company. Except to the extent otherwise provided in this Agreement, the management, control and direction of
the Company and its operations, business and affairs shall be vested in the Manager, which shall have the right, power and authority to carry out any and all of the purposes of the Company and to perform or refrain from performing any and all acts
that the Manager may deem necessary, desirable, appropriate or incidental thereto, in its sole discretion. The Members hereby designate PubCo as the Manager. The Manager may appoint such other officers as the Manager may determine. Such officers
shall have such responsibilities and authorities as designated by the Manager, subject to the applicable restrictions set forth herein and to the direction of the Manager. Except as otherwise set forth in this Agreement and other than in connection
with a transaction pursuant to which all of the outstanding Brigham Minerals Holdings Units not held by PubCo are converted into cash, property or securities of another Person (and in which case the holders of Units will have the right to receive
the same cash, property or other securities that received by the other holders of Brigham Minerals Holdings Units (other than PubCo) upon the vesting of Units), the Company shall not be entitled to (and the Manager may not authorize the Company to)
Transfer any Brigham Minerals Holdings Units, shares of PubCo Class B Common Stock, other securities of Brigham Minerals Holdings or PubCo or Other Distributable Property held by the Company without the prior written consent of the Manager and
the holders of a majority of the outstanding Units. 

  
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 5.2 Replacement of the Manager. The Members may not remove the Person
designated as the Manager without such Person’s prior written consent. In the event the Manager resigns, the holders of a majority of the outstanding Units may select a replacement Manager. 

5.3 Indemnification; Advancement of Expenses; Insurance; Limitation of Liability. 

(a) Except as limited by applicable law and subject to the provisions of this Section 5.3, each Manager, Member,
Company Representative and officer of the Company (each an “Indemnitee”) shall be entitled to be indemnified and held harmless against any and all losses, liabilities and reasonable expenses, including attorneys’ fees,
arising from proceedings in which such Indemnitee may be involved, as a party or otherwise, by reason of its being a Manager, Member or officer of the Company, or by reason of its involvement in the management of the affairs of the Company, whether
or not it continues to be such at the time any such loss, liability or expense is paid or incurred; provided, however, that no Indemnitee shall be indemnified under this Section 5.3 for any losses, liabilities
or expenses arising out of the fraud, intentional misconduct, gross negligence or willful or wanton misconduct of such Indemnitee. The rights of indemnification provided in this Section 5.3 shall be in addition to any
rights to which an Indemnitee may otherwise be entitled by contract or as a matter of law and shall extend to such Indemnitee’s successors and assigns. In particular, and without limitation of the foregoing, an Indemnitee shall be entitled to
indemnification by the Company against reasonable expenses (as incurred), including attorneys’ fees, incurred by the Indemnitee in connection with the defense of any action to which the Indemnitee may be made a party (without regard to the
success of such defense), to the fullest extent permitted under the provisions of the DLLCA or any other applicable statute. 
 (b) Except as
limited by applicable law, expenses incurred by an Indemnitee in defending any proceeding, including a proceeding by or in the right of the Company (except a proceeding by or in the right of the Company against such Indemnitee), shall be paid by the
Company in advance of the final disposition of the proceeding upon receipt of a written undertaking by or on behalf of such Indemnitee to repay such amount if such Indemnitee is determined pursuant to this Section 5.3 or
adjudicated to be ineligible for indemnification, which undertaking shall be an unlimited general obligation of the Indemnitee but need not be secured and shall be accepted without regard to the financial ability of the Indemnitee to make repayment.

 (c) The indemnification provided by this Section 5.3 shall inure to the benefit of the heirs and personal
representatives of each Indemnitee. 
 (d) No amendment or repeal of the provisions of this Section 5.3 that
adversely affects the rights of any Indemnitee under this Section 5.3 with respect to the acts or omissions of such Indemnitee at any time prior to such amendment or repeal shall apply to such Indemnitee without the written
consent of such Indemnitee. 
 (e) Any indemnification pursuant to this Section 5.3 shall be made only out of the
assets of the Company and shall in no event cause the Members to incur any personal liability nor shall it result in any liability of the Members to any third party. 

  
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 (f) None of the Manager, Members, Company Representative or any of their respective
Affiliates or any of their respective employees, agents, directors, managers and officers shall be liable to the Company for errors in judgment or for any acts or omissions that do not constitute fraud, intentional misconduct, gross negligence or
willful or wanton misconduct. THE MEMBERS RECOGNIZE THAT SUCH EXCULPATION FROM LIABILITY RELATES TO ACTS OR OMISSIONS THAT MAY GIVE RISE TO ORDINARY, CONCURRENT OR COMPARATIVE NEGLIGENCE. The termination of a proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that any Person engaged in fraud or willful misconduct, was grossly negligent or was guilty of willful or wanton misconduct.

 (g) The Company hereby acknowledges that an Indemnitee may have certain rights to indemnification, advancement of expenses and/or
insurance provided by such Indemnitee or its Affiliates (collectively, the “Other Indemnitors”). The Company hereby agrees and acknowledges (i) that it is the indemnitor of first resort (i.e., its obligations to any
Indemnitee hereunder are primary and any obligation of the Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary to the Company), (ii) that it shall be
required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms
of this Agreement (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Other Indemnitors, and (iii) that it irrevocably waives, relinquishes and releases the Other Indemnitors
from any and all claims against the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Other Indemnitors on behalf of Indemnitee with
respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing, and the Other Indemnitors 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 of Indemnitee against the Company. The Other Indemnitors are express third-party beneficiaries of the terms of this Section 5.3(g). 

5.4 Insurance. The Company shall acquire and maintain insurance, including D&O insurance, covering such risks and in such
amounts as the Manager shall from time to time determine to be necessary or appropriate. 
 5.5 Tax Elections. The Company
shall make the following elections for tax purposes on the appropriate returns: 
 (a) to the extent permitted by law, to adopt the calendar
year as the Company’s Fiscal Year; 
 (b) to the extent permitted by law, to adopt the accrual method of accounting and to keep the
Company’s books and records on such method; 
 (c) if a distribution of the Company’s property as described in Section 734 of
the Code occurs or upon a Transfer of an Interest as described in Section 743 of the Code, on request by notice from any Member, to elect, pursuant to Section 754 of the Code, to adjust the basis of the Company’s properties; 

  
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 (d) to elect to deduct and amortize the organizational expenses of the Company as permitted
by Section 709(b) of the Code; 
 (e) except where the Manager elects to apply Section 4.3(e), to elect out of
the application of the partnership-level audit and adjustment rules of the Partnership Tax Audit Rules by making an election under Section 6226(a) of the Code, commonly known as the “push out” election, or any analogous election under
state or local tax law, if applicable; and 
 (f) any other tax election the Manager deems appropriate and in the best interests of the
Members. 
 5.6 Tax Returns. The Company shall prepare and file or cause to be prepared and filed all federal, state and local
income and other tax returns that the Company is required to file. The Company shall deliver to each Member a copy of each approved return and statement, together with any schedules (including Schedule K-1) or
other information that a Member may require in connection with such Member’s own tax affairs as soon as practicable (but in no event more than 90 days after the end of each Fiscal Year or such longer period of time not in excess of 120
days after the end of the applicable Fiscal Year as is approved by the Manager). The Members agree to (a) take all actions reasonably requested by the Company or the Company Representative to comply with the Partnership Tax Audit Rules,
including where applicable, filing amended returns as provided in Sections 6225 or 6226 of the Code and providing confirmation thereof to the Company Representative and (b) furnish to the Company (i) all reasonably requested
certificates or statements relating to the tax matters of the Company (including without limitation an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all
pertinent information in its possession relating to the Company’s operations that is reasonably necessary to enable the Company’s tax returns to be prepared and timely filed. The Company shall bear the costs of the preparation and filing
of its tax returns. 
 5.7 Company Representative. The Manager is specially authorized and appointed to act as the Company
Representative and in any similar capacity under state or local law. The Company and the Members (including any Member designated as the Company Representative prior to the date hereof) shall cooperate fully with each other and shall use reasonable
best efforts to cause the Manager (or any other Person subsequently designated) to become the Company Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired, including
(as applicable) by filing certifications pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d). In acting as Company Representative, the Manager shall act, to the maximum extent possible, to cause
income, gain, loss, deduction, credit of the Company and adjustments thereto, to be allocated or borne by the Members in the same manner as such items or adjustments would have been borne if the Company could have effectively made an election under
Section 6221(b) of the Code (commonly known as the “election out”) or similar state or local provision with respect to the taxable period at issue. The Company Representative may retain, at the Company’s expense, such outside
counsel, accountants and other professional consultants as it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative. 

  
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 5.8 Classification. The Company intends to be classified as a partnership for
federal income tax purposes under Treasury Regulations Section 301.7701-3(c). Neither the Company nor any Member may make an election under Treasury Regulations
Section 301.7701-3(c) to treat the Company as an association taxable as a corporation or to be excluded from the application of the provisions of Subchapter K of Chapter 1 of Subtitle A of
the Code or any similar provisions of applicable state law and no provision of this Agreement shall be construed to sanction or approve such an election. 

5.9 Subsidiaries. The Company, the Manager and each Member acknowledge and agree that the Company shall not form or acquire any
subsidiaries unless otherwise agreed by the Manager and the holders of a majority of the outstanding Units. 
 ARTICLE 6 

Rights of Members 
 6.1
Rights of Members. Each Member shall have the right to all information to which a Member is entitled to have access to pursuant to the DLLCA. Any demand for such information shall be made in writing and shall specify the purpose of
such demand. Any information provided in response to such demand shall be subject to the confidentiality provisions of this Agreement and such other restrictions as the Manager may determine is necessary or advisable to protect the Company’s
interests in such information. 
 6.2 Liability to Third Parties. No Member shall be liable for the debts, obligations or
liabilities of the Company, including under a judgment decree or order of a court. 
 6.3 Action by Members. Except as
expressly otherwise provided in this Agreement, all actions and decisions of the Members required hereunder in their capacity as such shall require approval of Members holding a majority of the outstanding Units. If there is any matter that requires
the approval of the Manager, such approval will be sufficient to authorize the Company to take that action and no further vote or approval of the Members of the Company will be necessary or required under the terms of this Agreement. The Members
entitled to vote may make any decision or take any action at a meeting, by conference telephone call, by written consent, by oral agreement or by any other method they elect. 

ARTICLE 7 
 Books,
Reports, Budget, Expenses AND Confidentiality 
 7.1 Books and Records; Capital Accounts. 

(a) Books and Records. The Company shall keep the books of account for the Company in accordance with the terms of this Agreement and
the DLLCA. Such books shall be maintained at the principal office of the Company. 
 (b) Capital Accounts. A Capital Account shall be
maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this Agreement.
Each Member’s Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 4.2(a) and any other items of income or gain allocated to such Member pursuant to
Section  

  
 31 

 
4.2(b), (ii) the amount of cash or the initial Gross Asset Value of any asset (net of any liabilities assumed by the Company and any liabilities to which the asset is subject)
contributed to the Company by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such
Member of Losses pursuant to Section 4.2(a) and any other items of deduction or loss allocated to such Member pursuant to the provisions of Section 4.2(b), (ii) the amount of any cash or the
Gross Asset Value of any asset (net of any liabilities assumed by the Member and any liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). In the event of a Transfer of Units made in accordance with this Agreement, the Capital Account of the transferor that is attributable to the Transferred Units shall carry over to the
transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l). 

7.2 Bank Accounts. The Manager may cause one or more accounts to be maintained in a bank (or banks) that is a member of the
Federal Deposit Insurance Corporation, which accounts shall be used for the payment of the expenditures incurred by the Company in connection with the business of the Company, and in which shall be deposited any and all receipts of the Company. 

7.3 Confidentiality. 

(a) No Member shall use, publish, disseminate or otherwise disclose, directly or indirectly, any Confidential Information that should come into
the possession of such Member other than for the purpose of conducting the business of the Company or performing its duties and obligations hereunder or under an applicable employment or consulting agreement, or to the extent a Member is required to
disclose such Confidential Information (i) due to a subpoena or court order or other legal process, (ii) if such Member testifies in a judicial or regulatory proceeding pursuant to the order of a judge or administrative law judge after
such Member requests confidential treatment for such Confidential Information, or (iii) in order to enforce his, her or its rights under this Agreement. Each Member shall, and shall cause each of its Affiliates, and its and their respective
directors, officers, members, partners, investors, employees, representatives and agents (x) to comply with this Section 7.3, (y) to refrain from using any Confidential Information other than in connection with
the conduct of the business of the Company, and (z) to refrain from disclosing any Confidential Information to a Person known to be a competitor of the Company. If a Member is required by law or court order to disclose information that would
otherwise be Confidential Information under this Agreement, such Member shall immediately notify the Manager of such notice and provide the Manager the opportunity to resist such disclosure by appropriate proceedings. 

(b) No Member shall disclose to any other party (excluding such Member’s spouse, accountants, financial advisors, lenders, legal counsel
and Permitted Transferees) any information relating to the terms of this Agreement without the prior written consent of the Manager. 

  
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 ARTICLE 8 

Winding Up, Liquidation and Termination 

8.1 Winding Up. The Company shall be wound up upon the earliest to occur of any of the following: 

(a) at the election of the Manager and the holders of a majority of the outstanding Units at any time; 

(b) at such time as all Series M Units and Series Z Units have vested and converted into
Series M-R Units and Series Z-R Units, as applicable; or 

(c) the entry of a decree of judicial dissolution of the Company under the DLLCA. 

8.2 Liquidation and Termination. Upon the occurrence of an event requiring the winding up of the Company, unless it is
reconstituted pursuant to the DLLCA, all Unvested Units shall immediately vest in full and become Vested Units, and the Manager or a Person or Persons selected by the Manager shall act as liquidator or shall appoint one or more liquidators who shall
have full authority to wind up the affairs of the Company and make final distribution as provided herein. The steps to be accomplished by the liquidator are as follows: 

(a) As promptly as possible after an event requiring the winding up of the Company and again after final liquidation, the liquidator shall
cause a proper accounting to be made by the Company’s independent accountants of the Company’s assets, liabilities and operations through the last day of the month in which an event requiring the winding up of the Company occurs or the
final liquidation is completed, as appropriate. 
 (b) The liquidator shall pay all of the debts and liabilities of the Company (including
all expenses incurred in liquidation) or otherwise make adequate provision therefor (including the establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine). After
making payment or provision for all debts and liabilities of the Company, all remaining assets of the Company shall be distributed to the Members as follows: 

(i) the liquidator may sell all properties and assets of the Company for cash as promptly as is consistent with obtaining the best price
therefor, and any resulting gain or loss from such sales shall be allocated to the Members as provided in Section 4.2, and the Capital Accounts of the Members shall be adjusted accordingly; 

(ii) upon the consent of the Manager, the liquidator may distribute Company properties in kind, in which case the fair market value of that
property shall be determined and the Capital Accounts of the Members shall be adjusted to reflect the manner in which the unrealized income, gain, loss and deduction inherent in property that has not been reflected in the Capital Accounts previously
would be allocated among the Members if there were a taxable distribution of that property for the fair market value of that property on the date of distribution; and 

  
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 (iii) Company property shall be distributed among the Members in accordance with
Article 3 and Section 4.1(b), and those distributions shall be made by the end of the taxable year of the Company during which the liquidation of the Company occurs (or, if later, 90 days after the
date of the liquidation). 
 (c) Except as expressly provided herein, the liquidator shall comply with any applicable requirements of the
DLLCA and all other applicable laws pertaining to the winding up of the affairs of the Company and the final distribution of its assets. Upon the completion of the distribution of Company cash and property as provided in this
Section 8.2 in connection with the liquidation of the Company, the Certificate and all qualifications of the Company as a foreign limited liability company in jurisdictions other than the State of Delaware shall be
cancelled and such other activities as may be necessary to terminate the Company shall be taken by the liquidator. 
 (d) Notwithstanding any
provision in this Agreement to the contrary, no Member shall be obligated to restore a deficit balance in its Capital Account at any time. 

ARTICLE 9 
 Transfer
of Interests 
 9.1 Limitation on Transfer. 

(a) No Member, nor its successors, transferees or assigns, shall, directly or indirectly, voluntarily or involuntarily, Transfer all or any
portion of its Interest without compliance with the terms and conditions of this Agreement, and any attempted Transfer of an Interest that is not made in accordance with this Agreement shall be null and void and shall have no effect. No Member may
Transfer all or any portion of its Interest without the prior written consent of the Manager, in its sole discretion, except, subject to the limitations on Transfer otherwise expressly provided in this Agreement, in the case of a Transfer to a
Permitted Transferee. 
 (b) No Transfer (including to a Permitted Transferee) shall be permitted (i) unless and until the purchaser,
assignee, donee or transferee thereof agrees in writing to take and accept such Interest subject to all of the restrictions, terms and conditions contained in the Certificate and this Agreement, the same as if it were a signatory party thereto and
hereto or (ii) if such Transfer would cause the Company or Brigham Minerals Holdings to be unable to maintain its status as a partnership for federal income tax purposes. The Company will not be required to recognize any permitted assignment of
an Interest until the instrument conveying such Interest and assuming all obligations under this Agreement has been delivered to the Company and is satisfactory to the Company in its reasonable discretion. 

9.2 Transferees. A Person who receives a Transfer of a Member’s Interest in accordance with the terms of this Agreement
shall be entitled to receive the share of Company income, gains, losses, deductions, credits and distributions to which its transferor would have been entitled. However, the transferee of any Interest shall not become a Member of the Company unless:
(a) the instrument of assignment so provides and (b) such transferee agrees in writing to be bound as a Member by this Agreement, the Certificate and any other agreements then existing by and among the Members. Upon becoming a Member, such
transferee shall have all of the rights and powers of, shall be subject to all of the restrictions applicable to, shall assume all of the 

  
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obligations of, and shall succeed to the status of, its predecessor, and shall in all respects be a Member under this Agreement. The use of the term “Member” in this Agreement shall be
deemed to include any such additional Members. Until such transferee is admitted as a Member pursuant to this Section 9.2, (a) such transferee shall not be entitled to participate in the management of the Company or to
exercise any voting or other rights or powers of a Member, except for the rights described in the first sentence of this Section 9.2, and (b) the transferor Member shall continue to be a Member and to be entitled to
exercise any rights or powers of a Member with respect to the Interest Transferred. 
 ARTICLE 10 

Miscellaneous 
 10.1
No Fiduciary Duties. Nothing contained in this Agreement shall be deemed to create for any purpose whatsoever any fiduciary or other similar duties between the Members, or any fiduciary or other similar duties by the Manager to the
Members or to the Company that may be imposed by law upon the Manager or a Member by virtue of its status as a “manager” or “member” (as such terms are used in the DLLCA) of a Delaware limited liability company (in each case
other than the implied contractual covenant of good faith and fair dealing). 
 10.2 Notices. Any notice or communication given
pursuant this Agreement must be in writing and may be given by registered or certified mail, and if given by registered or certified mail, shall be deemed to have been given and received on the third day after a registered or certified letter
containing such notice, properly addressed with postage prepaid is deposited in the United States mail; and, if given otherwise than by registered or certified mail, it shall be deemed to have been given when delivered to and received by the party
to whom addressed. Such notices or communications to be sent to a Member shall be given to such Member at the address given for such Member as set forth in the Company’s books and records. Such notices or communications to be sent to the
Company shall be given at the following address: 5914 W. Courtyard Dr. #100, Austin, TX 78730, Attention: Chief Executive Officer, with a copy to 1001 Fannin Street, Suite 2600, Houston, TX 77002, Attention: Douglas E. McWilliams and
Thomas G. Zentner. Any party hereto may designate any other address in substitution for the foregoing address to which such notice shall be given by five days’ notice duly given hereunder to the other parties. 

10.3 Entire Agreement. This Agreement and any ancillary agreement relating hereto, including the Master Reorganization Agreement
any Equity Grant Agreement, is the entire agreement between the parties hereto concerning the subject matter hereof and no warranties, representations, promises or agreements have been made between the parties other than as expressly set forth
herein. This Agreement supersedes any previous agreement or understanding between the parties hereto relating to the subject matter hereof. 

10.4 Governing Law and Waiver of Jury Trial. This Agreement shall be construed in accordance with and governed by the laws
of the State of Delaware without regard to principles of conflict of laws. This Agreement is intended to comply with the requirements of the DLLCA and the Certificate. In the event of a direct conflict between the provisions of this Agreement and
the mandatory provisions of the DLLCA or any provision of the Certificate, the DLLCA and the Certificate, in that order of priority, will control. TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, SUIT OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT. 

  
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 10.5 Waiver of Action for Partition. Each of the Members irrevocably waives
during the term of the Company any right that such Member may have to maintain an action for partition with respect to the property of the Company. 

10.6 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Members and their
respective permitted heirs, legal representatives, successors and assigns. 
 10.7 Amendment. This Agreement may be amended
only by the written agreement of the Manager and the holders of a majority of the outstanding Units. 
 10.8 Counterparts. This
Agreement may be executed in one or more counterparts, including by electronic means, each of which shall be an original, but all of which taken together shall constitute a single document. 

10.9 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Member shall execute
and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions. 

10.10 No Waiver. The failure of any Member to insist upon strict performance of a covenant hereunder or of any obligation
hereunder, irrespective of the length of time for which such failure continues, shall not constitute a waiver of such Member’s right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or
default in the performance of any obligation hereunder shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder. 

10.11 Severability. If any provision of this Agreement or the application thereof to any Person or circumstances is for any
reason and to any extent invalid or unenforceable, the remainder of this Agreement and the application of such provision to the other Persons or circumstances will not be affected thereby, but rather are to be enforced to the greatest extent
permitted by law. 
 10.12 Public Statements. The Members shall consult with one another with regard to all publicity and other
releases concerning this Agreement and, except as required by applicable law or the applicable rules or regulations of any governmental body or stock exchange, no Member shall issue any publicity or other press release concerning this Agreement
without the approval of the Manager. 
 10.13 No Third-Party Beneficiaries. This Agreement is intended for the exclusive
benefit of the Members and their respective personal representatives, successors and permitted assigns, and nothing contained in this Agreement shall be construed as creating any rights or benefits in or to any third party. 

  
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 10.14 Execution in Writing. A facsimile, telex or similar transmission by a
Member or the Manager, or a photographic, photostatic, facsimile or similar reproduction of a writing executed by a Member or the Manager, shall be treated as an execution in writing for purposes of this Agreement. 

10.15 Reimbursement of Expenses. Brigham Minerals Holdings hereby agrees to pay or otherwise reimburse the Company for all costs
and expenses incurred by Company. Brigham Minerals Holdings shall have the right to review all source documentation concerning such costs and expenses upon a reasonable notice and during regular business hours. 

[Signature Pages Follow] 

  
 37 

 IN WITNESS WHEREOF, each undersigned has executed or caused to be executed on its behalf
this Second Amended and Restated Limited Liability Company Agreement as of the date first written above. 
  

			
	COMPANY:
	
	BRIGHAM EQUITY HOLDINGS, LLC
	
	By: Brigham Minerals, Inc., Manager

 
			
		
	By:	 	  

 
			
	Name: Rob Roosa
	Title: Chief Executive Officer

 
			
	
	MANAGER:
	
	BRIGHAM MINERALS, INC.

 
			
		
	By:	 	  

 
			
	Name: Rob Roosa
	Title: Chief Executive Officer

 SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF 
 BRIGHAM EQUITY HOLDINGS, LLC

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