Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

SERIES B REDEEMABLE PREFERRED STOCK PURCHASE AGREEMENT 

among 
 ROSEHILL RESOURCES INC.

 and 
 THE PURCHASERS
PARTY HERETO 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I

DEFINITIONS
	  			
			
	Section 1.01	 	 Definitions
	  	 	1	 
		
	 ARTICLE II

AGREEMENT TO SELL AND PURCHASE
	  			
			
	Section 2.01	 	 Sale and Purchase
	  	 	8	 
	Section 2.02	 	 Closing
	  	 	9	 
	Section 2.03	 	 Closing Conditions
	  	 	9	 
	Section 2.04	 	 Deliveries at Closing
	  	 	11	 
	Section 2.05	 	 Independent Nature of Purchasers’ Obligations and
Rights
	  	 	12	 
		
	 ARTICLE III

REPRESENTATIONS AND WARRANTIES RELATED TO THE COMPANY
	  			
			
	Section 3.01	 	 Existence
	  	 	13	 
	Section 3.02	 	 Capitalization and Valid Issuance of Shares
	  	 	13	 
	Section 3.03	 	 Company SEC Documents
	  	 	14	 
	Section 3.04	 	 No Material Adverse Change
	  	 	14	 
	Section 3.05	 	 Registration
	  	 	15	 
	Section 3.06	 	 Litigation
	  	 	15	 
	Section 3.07	 	 No Default
	  	 	15	 
	Section 3.08	 	 No Conflicts
	  	 	15	 
	Section 3.09	 	 Authority: Enforceability
	  	 	16	 
	Section 3.10	 	 Approvals
	  	 	16	 
	Section 3.11	 	 Investment Company Status
	  	 	16	 
	Section 3.12	 	 No Labor Disputes
	  	 	16	 
	Section 3.13	 	 Certain Fees
	  	 	17	 
	Section 3.14	 	 Insurance
	  	 	17	 
	Section 3.15	 	 Books and Records: Sarbanes-Oxley Compliance
	  	 	17	 
	Section 3.16	 	 Taxes
	  	 	18	 
	Section 3.17	 	 Permits and Licenses
	  	 	18	 
	Section 3.18	 	 Environmental Laws
	  	 	19	 
	Section 3.19	 	 Title to Property
	  	 	19	 
	Section 3.20	 	 ERISA Compliance
	  	 	19	 
	Section 3.21	 	 Anti-Corruption
	  	 	20	 
	Section 3.22	 	 Money Laundering Laws
	  	 	20	 
	Section 3.23	 	 Sanctions
	  	 	20	 
	Section 3.24	 	 Acquisition Agreement
	  	 	21	 
	Section 3.25	 	 Distribution Restrictions
	  	 	21	 

  
 i 

							
	 ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS
	  			
			
	Section 4.01	 	 Existence
	  	 	21	 
	Section 4.02	 	 Authorization; Enforceability
	  	 	21	 
	Section 4.03	 	 No Breach
	  	 	22	 
	Section 4.04	 	 Certain Fees
	  	 	22	 
	Section 4.05	 	 Unregistered Securities
	  	 	22	 
	Section 4.06	 	 Sufficient Funds
	  	 	23	 
	Section 4.07	 	 United States Person
	  	 	23	 
		
	 ARTICLE V

COVENANTS
	  			
			
	Section 5.01	 	 Cooperation: Further Assurances
	  	 	23	 
	Section 5.02	 	 Use of Proceeds
	  	 	24	 
	Section 5.03	 	 Expenses
	  	 	24	 
	Section 5.04	 	 Change of Control
	  	 	24	 
	Section 5.05	 	 Rule 144 Reporting
	  	 	25	 
	Section 5.06	 	 Hedging
	  	 	25	 
		
	 ARTICLE VI

INDEMNIFICATION
	  			
			
	Section 6.01	 	 Indemnification by the Company
	  	 	26	 
	Section 6.02	 	 Indemnification By the Purchasers
	  	 	26	 
	Section 6.03	 	 Survival of Provisions
	  	 	26	 
	Section 6.04	 	 Limitations to Indemnification.
	  	 	27	 
	Section 6.05	 	 Indemnification Procedure
	  	 	27	 
	Section 6.06	 	 Tax Characterization
	  	 	28	 
		
	 ARTICLE VII

MISCELLANEOUS
	  			
			
	Section 7.01	 	 Survival
	  	 	28	 
	Section 7.02	 	 Interpretation
	  	 	28	 
	Section 7.03	 	 No Waiver: Modifications in Writing
	  	 	29	 
	Section 7.04	 	 Binding Effect
	  	 	29	 
	Section 7.05	 	 Confidentiality; Public Announcements
	  	 	29	 
	Section 7.06	 	 Notices
	  	 	30	 
	Section 7.07	 	 Entire Agreement
	  	 	31	 
	Section 7.08	 	 Assignment of Rights
	  	 	31	 
	Section 7.09	 	 Governing Law: Submission to Jurisdiction
	  	 	32	 
	Section 7.10	 	 No Recourse Against Others
	  	 	32	 
	Section 7.11	 	 No Third Party Beneficiaries
	  	 	33	 
	Section 7.12	 	 Waiver of Jury Trial
	  	 	33	 
	Section 7.13	 	 Execution in Counterparts
	  	 	33	 
	Section 7.14	 	 Tax Withholding
	  	 	33	 
	Section 7.15	 	 Tax Treatment
	  	 	34	 

  
 ii 

 SCHEDULE A – Purchaser Allocations 

EXHIBIT A – Additional Issuance Conditions 

  
 iii 

 SERIES B REDEEMABLE PREFERRED STOCK PURCHASE AGREEMENT 

This SERIES B REDEEMABLE PREFERRED STOCK PURCHASE AGREEMENT, dated as of December 8, 2017 (this
“Agreement”), is entered into by and among ROSEHILL RESOURCES INC., a Delaware corporation (the “Company”), and the purchasers set forth in Schedule A hereto (the
“Purchasers”). 
 WHEREAS, prior to or concurrently with the execution of this Agreement, the Credit Agreement (as
defined below) was amended by the First Amendment to the Credit Agreement (the Credit Agreement, as so amended, the “Amended Credit Agreement”); 

WHEREAS, on October 24, 2017, the Company entered into a Purchase and Sale Agreement (as it may be amended or supplemented from time to
time, the “Acquisition Agreement,” and the transactions contemplated thereby, the “Acquisition”), by and among the Company and the sellers party thereto; 

WHEREAS, concurrently with the entry into this Agreement, Rosehill Operating Company, LLC, a Delaware limited liability company and a
subsidiary of the Company (“Rosehill Operating”), has entered into a Second Lien Note Purchase Agreement (as it may be amended or supplemented from time to time, the “Note Purchase Agreement,” and the
transactions contemplated thereby, the “Notes Offering”), by and among the Company and the purchasers party thereto; and 

WHEREAS, in accordance with the provisions of this Agreement, the Company desires to issue and sell to the Purchasers, and the Purchasers
desire to purchase from the Company, certain shares of Series B Preferred Stock (as defined below), in accordance with the provisions of this Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 
Section 1.01 Definitions 
 As used in this Agreement, the following terms have the meanings indicated: 

“Acquisition” has the meaning specified in the Recitals. 

“Acquisition Agreement” has the meaning specified in the Recitals. 

“Additional Series B Preferred Shares” means, with respect to each Purchaser, a number of additional Series B
Preferred Shares such that, when multiplying the number of such Series B Preferred Shares by the Series B Preferred Stock Purchase Price, the result is less than or equal to the amount under the “Remaining Unfunded Commitment
Amount” column set forth opposite such Purchaser’s name on Schedule A, with any fractional Series B Preferred Shares being rounded up to the nearest whole number of Series B Preferred Shares. 

 “Affiliate” shall have the meaning ascribed to it, on the date
hereof, in Rule 405 under the Securities Act. For the avoidance of doubt, for purposes of this Agreement, any fund or account managed, advised or subadvised, directly or indirectly, by a Purchaser or its Affiliates shall be considered an Affiliate
of such Purchaser; provided, however, that no portfolio company of a Purchaser or its Affiliates shall be considered or otherwise deemed to be an Affiliate thereof. 

“Agreement” has the meaning specified in the introductory paragraph of this Agreement. 

“Amended Credit Agreement” has the meaning specified in the Recitals. 

“Anti-Corruption Law” has the meaning specified in Section 3.21. 

“Base Series B Preferred Shares” means, with respect to each Purchaser, the number of Series B Preferred Shares
set forth opposite such Purchaser’s name Schedule A. For the avoidance of doubt, the amount of Initial Issuance Proceeds shall be equal to the product of the aggregate number of Base Series B Preferred Shares multiplied by the Series B
Preferred Stock Purchase Price. 
 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking
institutions in the State of New York or State of Texas are authorized or required by Law or other governmental action to close. 

“Bylaws” means the Amended and Restated Bylaws of the Company. 

“Capital Ratio” shall mean, as of any date of determination, the ratio of (i) Total Senior Capital as
of such date to (ii) EBITDAX (as such term is defined in the Series B Certificate of Designations), for the most recent trailing twelve months of the Company for which internal financial statements are available immediately preceding
such date. 
 “Closing” means the Initial Closing or a Subsequent Closing, as applicable. 

“Closing Date” means the date on which a Closing occurs. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the United States Securities and Exchange Commission. 

“Commitment Amount” means, with respect to each Purchaser, the amount set forth opposite such Purchaser’s name on
Schedule A. 
 “Commitment Termination Date” means the date that is one (1) year following the Initial
Closing Date. 
 “Common Stock” has the meaning specified in Section 3.02(a). 

  
 2 

 “Company” has the meaning specified in the introductory paragraph of this
Agreement. 
 “Company Group Subsidiaries” means all of the Subsidiaries of the Company. 

“Company Related Parties” has the meaning specified in Section 6.02. 

“Company SEC Documents” has the meaning specified in Section 3.03. 

“Contract” means any agreement filed or incorporated by reference as an exhibit to the Company’s Annual
Report on Form 10-K for the year ended December 31, 2016, Quarterly Report on Form 10-Q for quarter ended March 31, 2017, Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2017, and the Current Report on Form 8-K filed with the Commission on October 30, 2017. 

“Credit Agreement” means that certain Credit Agreement, dated as of April 27, 2017, by and among the
Company, PNC Bank, National Association, as Administrative Agent and Issuing Bank, and each of the Lenders party thereto, as may be amended from time to time. 

“Environmental Law” means any Law relating to public or worker health and safety, pollution or protection of the
environment or imposing legally enforceable liability or standards of conduct concerning any Hazardous Materials. 

“ERISA” has the meaning specified in Section 3.20. 

“ERISA-Subject Plan” has the meaning specified in Section 3.20. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations of the Commission promulgated thereunder. 
 “FCPA” has the meaning specified in
Section 3.21. 
 “Funding Call” has the meaning specified in Section 2.01(c). 

“Funding Obligation” means, with respect to a particular Purchaser, an amount equal to the Series B Preferred Stock
Purchase Price multiplied by the number of Purchased Shares to be purchased by such Purchaser on the applicable Closing Date pursuant to Section 2.01. 

“GAAP” means generally accepted accounting principles in the United States of America as of the date hereof;
provided that for the financial statements of the Company prepared as of a certain date, GAAP referenced therein shall be GAAP as of the date of such financial statements. 

“Governmental Authority” means, with respect to a particular Person, any country, state, county, city and
political subdivision in which such Person or such Person’s Property is located or which exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission, board, bureau or
instrumentality of any of them and any monetary authority which exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to the Company
mean a Governmental Authority having jurisdiction over the Rosehill Entities or any of their respective Properties. 

  
 3 

 “Hazardous Material” means (a) any “hazardous
substance” as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, (b) any “hazardous waste” as defined in the Resource Conservation and Recovery Act, as amended, (c) any
petroleum or petroleum product, (polychlorinated biphenyl, asbestos-containing materials, radiation, lead, noise, mold, or odor, and (d) any other pollutant, contaminant, hazardous or toxic chemical, material, waste or substance regulated
under, or for which standards of conduct or liability may be imposed pursuant to, any Environmental Law. 

“Indemnification Cap” means, as of any date, the sum of the Initial Issuance Proceeds plus all Subsequent Issuance
Proceeds actually paid to the Company by the Purchasers through such date; provided, that in no event shall the Indemnification Cap exceed the Issue Amount. 

“Indemnified Party” has the meaning specified in Section 6.05. 

“Indemnifying Party” has the meaning specified in Section 6.05. 

“Independent Accounting Firm” has the meaning specified in Section 7.15. 

“Initial Closing” means the consummation of the purchase and sale of the Base Series B Preferred Shares. 

“Initial Closing Date” means the date the Initial Closing is consummated pursuant to Section 2.02(a). 

“Initial Issuance Proceeds” has the meaning specified in Section 2.01(a). 

“Issue Amount” means $200,000,000. 

“Knowledge of the Company” means, with respect to the Company, the actual knowledge, after reasonable inquiry,
of one or more of J. A. Townsend, Craig Owen, Brian Ayers, R. Colby Williford, Paul Larson, Bryan Freeman, Chris Wood and Ron Sanders; provided, however, that inquiries of third parties shall not be required. 

“Law” means any federal, state, local, municipal, foreign or other law, statute, constitution, principle of common
law, resolution, ordinance, code, order, edict, decree, rule, regulation, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Authority. 

“Lien” means any mortgage, claim, encumbrance, pledge, lien (statutory or otherwise), security agreement,
conditional sale or trust receipt or a lease, consignment or bailment, preference or priority, assessment, deed of trust, charge, easement, servitude or other encumbrance upon or with respect to any property of any kind. 

“Losses” has the meaning specified in Section 6.01. 

  
 4 

 “Mandate Letter” means that certain Mandate Letter, dated as of
November 6, 2017, by and between EIG Management Company, LLC and the Company. 
 “Money Laundering Laws”
has the meaning specified in Section 3.22. 
 “Material Adverse Effect” means any change, event,
effect, occurrence, state of facts or development, individually or together with any other change, event, effect, occurrence, state of facts or development, that has or would reasonably be expected to have a material adverse effect on (a) the
condition (financial or otherwise), business, properties, assets, liabilities or results of operations of the Rosehill Entities, taken as a whole, or (b) the ability of the Company to perform its obligations under the Transaction Documents;
provided, however, that a Material Adverse Effect shall not include any adverse effect on the foregoing to the extent such adverse effect results from, arises out of, or relates to (i) a general deterioration in the economy or
changes in the general state of the markets or industries in which any of the Rosehill Entities operates, except to the extent that such entities, taken as a whole, are adversely affected in a disproportionate manner as compared to other industry
participants, (ii) any deterioration in the condition of the capital markets or any inability on the part of the Company and its subsidiaries to access the capital markets, (iii) the outbreak or escalation of hostilities involving the
United States, the declaration by the United States of a national emergency or war or the occurrence of any other calamity or crisis, including acts of terrorism, (iv) any change in accounting requirements or principles imposed upon any of the
Rosehill Entities or their respective businesses or any change in applicable Law, or the interpretation thereof, (v) any change in the credit rating and/or outlook of any of the Rosehill Entities or any of their securities (except that the
underlying causes of any such changes may be considered in determining whether a Material Adverse Effect has occurred), (vi) changes in the market price or trading volume of the Company’s securities (except that the underlying causes of
any such changes may be considered in determining whether a Material Adverse Effect has occurred), (vii) any failure of the Company to meet any internal or external projections, forecasts or estimates of revenue or earnings for any period
(except that the underlying causes of any such failures may be considered in determining whether a Material Adverse Effect has occurred), (viii) entry into the Acquisition Agreement or Transaction Documents and/or the consummation of the
transactions contemplated hereby or thereby or (ix) any changes, events, effects, occurrences, states of facts or developments generally affecting the prices of oil, gas, natural gas, natural gas liquids, propane or other commodities.

 “Multiemployer Plan” has the meaning specified in Section 3.20. 

“NASDAQ” means the NASDAQ Stock Market. 

“Notes Offering” has the meaning specified in the Recitals. 

“Note Purchase Agreement” has the meaning specified in the Recitals. 

“Organizational Documents” means, as applicable, an entity’s agreement or certificate of limited
partnership, limited liability company agreement, certificate of formation, certificate or articles of incorporation, bylaws or other similar organizational documents. 

  
 5 

 “Permits” means any approvals, authorizations, consents, licenses,
permits, variances, waivers, grants, franchises, concessions, exemptions, orders, registrations or certificates of a Governmental Authority. 

“Permitted Transferee” means any Person that is an “accredited investor” within the meaning of Rule 501
under the Securities Act; provided that such Person is a “United States person” as defined in Section 7701(a)(30) of the Code. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust,
limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or
intangible (including intellectual property rights). 
 “Purchased Shares” means, collectively, any Base
Series B Preferred Shares and Additional Series B Preferred Shares that the Company issues to the Purchasers on any Closing Date pursuant to Section 2.01. 

“Purchaser Related Parties” has the meaning specified in Section 6.01. 

“Purchasers” has the meaning specified in the introductory paragraph of this Agreement. 

“Purchasers’ Transaction Expense Amount” has the meaning specified in Section 5.03. 

“Representatives” means, with respect to a specified Person, the investors, officers, directors, managers,
employees, agents, advisors, counsel, accountants, investment bankers and other representatives of such Person. 

“Rosehill Entities” means the Company and the Company Group Subsidiaries, collectively, including Rosehill Operating.

 “Rosehill Operating” has the meaning specified in the Recitals. 

“Rosehill Operating LLC Agreement” means that certain Second Amended and Restated Limited Liability Company
Agreement of Rosehill Operating, dated as of the date hereof, as may be amended from time to time. 

“Sanctions” has the meaning specified in Section 3.23. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations
of the Commission promulgated thereunder. 
 “Series A Certificate of Designations” means the
Certificate of Designations of the Series A Preferred Stock of the Company, as adopted by the Board of Directors on April 27, 2017, as may be amended from time to time. 

  
 6 

 “Series A Preferred Stock” means the 8.000% Series A Cumulative Perpetual
Convertible Preferred Stock of the Company. 
 “Series B Certificate of Designations” means the Certificate
of Designations of the Series B Preferred Stock of the Company, adopted by the Board of Directors on December 7, 2017, and filed with the Secretary of State of the State of Delaware as of the date hereof. 

“Series B Preferred Share” means a share of Series B Preferred Stock. 

“Series B Preferred Stock Purchase Price” means $1,000. 

“Series B Preferred Stock” means the Series B Redeemable Preferred Stock of the Company, as more fully
described in the Series B Certificate of Designations. 
 “Subsequent Closing” has the meaning specified in
Section 2.02(b). 
 “Subsequent Closing Date” means any date a Subsequent Closing is consummated
pursuant to Section 2.02(b). 
 “Subsequent Issuance Proceeds” has the meaning specified in
Section 2.01(c). 
 “Subsidiary” means, as to any Person, any corporation or other entity of
which: (a) such Person or a Subsidiary of such Person is a general partner or, in the case of a limited liability company, the managing member or manager thereof; (b) at least a majority of the outstanding equity interest having by the
terms thereof ordinary voting power to elect a majority of the board of directors or similar governing body of such corporation or other entity (irrespective of whether or not at the time any equity interest of any other class or classes of such
corporation or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries; or (c) any corporation
or other entity as to which such Person consolidates for accounting purposes. 
 “Taxes” means any
federal, state, local or foreign income, gross receipts, franchise, payroll, employment, excise, ad valorem, severance, stamp, occupation, windfall, profits, customs, capital stock, withholding, social security, retirement, unemployment, disability,
workers compensation, real property, personal property, sales, use, transfer, value added, net worth, recording, escheat or unclaimed property, alternative, add-on minimum or other taxes, fees and charges, imposed by the IRS or any other taxing
authority (whether domestic or foreign including any state, county, local or foreign government or any subdivision or taxing agency thereof (including a United States possession), whether computed on a separate, consolidated, unitary, combined or
any other basis, and such term shall include any interest whether paid or received, penalties or additional amounts imposed by the IRS or any other taxing authority attributable to, or imposed upon, or with respect to any such taxes, charges, fees,
levies or other assessments. 
 “Tax Return” means any return, report or similar filing (including the
attached schedules) filed or required to be filed with respect to Taxes (and any amendments thereto), including any information return, claim for refund or declaration of estimated Taxes. 

  
 7 

 “Third-Party Claim” has the meaning specified in
Section 6.05. 
 “Total Senior Capital” shall, at any time of determination, be an amount equal
to the sum of (i) the Indebtedness (as defined in the Series B Certificate of Designations) of the Rosehill Entities, plus (ii) the aggregate Liquidation Preference (as defined in the Series A Certificate of Designations) of all Series A
Preferred Stock, plus (iii) the aggregate Liquidation Preference (as defined in the Series B Certificate of Designations) of all outstanding Series B Preferred Stock. 

“Transaction Documents” means, collectively, this Agreement, the Series B Certificate of Designations and any
and all other agreements or instruments executed and delivered to the Purchasers by the Company hereunder or thereunder, as applicable (including, for the avoidance of doubt, the Rosehill Operating LLC Agreement and any amendment to the Credit
Agreement delivered pursuant to this Agreement). 
 “Up-Front Fee” means an amount of cash equal to 2% of the
Issue Amount. 
 ARTICLE II 

AGREEMENT TO SELL AND PURCHASE 

Section 2.01 Sale and Purchase. Subject to the terms and conditions hereof, including the
satisfaction or applicable waiver of the conditions set forth in Section 2.03: 
 (a) At the Initial Closing, the Purchasers,
severally and not jointly, hereby subscribe for and agree to purchase from the Company the Base Series B Preferred Shares for a cash purchase price per Base Series B Preferred Share equal to the Series B Preferred Stock Purchase Price (the aggregate
cash proceeds, the “Initial Issuance Proceeds”). 
 (b) At the Initial Closing, the Company hereby agrees to issue
and sell to the Purchasers the Base Series B Preferred Shares. Following the Initial Closing, Schedule A shall be revised to reflect the Remaining Unfunded Commitment Amount, if any, of each Purchaser. 

(c) If, following the Initial Closing, there is a Remaining Unfunded Commitment Amount, at any time prior to the date fifteen
(15) Business Days prior to the Commitment Termination Date, the Company shall have the right to request in writing (such request, a “Funding Call”) that the Purchasers purchase and the Purchasers shall (severally and
not jointly, and subject to the terms and conditions hereof) so purchase, the number of Additional Series B Preferred Shares set forth in the Funding Call for a cash purchase price per Additional Series B Preferred Share equal to the Series B
Preferred Stock Purchase Price (the aggregate cash proceeds at any such Subsequent Closing, the “Subsequent Issuance Proceeds”); provided that (i) no Funding Call shall be made within ninety (90) days of the
Initial Closing Date and (ii) no Funding Call shall be made for less than 5,000 Additional Series B Preferred Shares in the aggregate. Following each Subsequent Closing, Schedule A shall be revised to reflect the Remaining Unfunded
Commitment Amount, if any, of each Purchaser. Each Funding Call shall be irrevocable and delivered to the Purchasers not less than fifteen (15) Business Days in advance of the date the Purchasers are requested to purchase the Additional Series
B Preferred Shares. Notwithstanding anything to the contrary in this Agreement, a Purchaser shall not be required to purchase a Series B Preferred Share to the extent the amount paid by such Purchaser for such Series B Preferred Share would exceed
such Purchaser’s Commitment Amount. 

  
 8 

 Section 2.02 Closing. 

(a) Subject to the terms and conditions hereof, the Initial Closing shall take place at 10:00 a.m. on the date hereof at the offices of
Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002. 
 (b) The consummation of any subsequent purchases of
Additional Series B Preferred Shares contemplated by Section 2.01(c) of this Agreement (each, a “Subsequent Closing”) shall take place at a time and on a date, not later than the Commitment Termination Date, that
shall be no earlier than the third (3rd) Business Day after the conditions set forth in Section 2.03 (other than those conditions that by their nature are to be satisfied at such Closing, but subject to the fulfillment or waiver of
those conditions at such Closing) shall be satisfied or waived in accordance with this Agreement. 

Section 2.03 Closing Conditions. 

(a) Mutual Closing Conditions. The obligations of the Purchasers, on the one hand, and the Company, on the other hand, at a Closing
shall be subject to the satisfaction or, to the extent permitted by applicable Law, waiver by the Purchasers (including any Permitted Transferees thereof) representing a majority of the Purchased Shares and the Company at or prior to such Closing of
the following conditions: 
 (i) no temporary restraining order, preliminary or permanent injunction or other judgment or order issued by
any Governmental Authority and no Law shall be in effect restraining, enjoining, making illegal or otherwise prohibiting the consummation of the transactions contemplated by this Agreement; 

(ii) there shall not be pending any suit, action or proceeding by any Governmental Authority seeking to restrain, enjoin or prohibit the
consummation of the transactions contemplated by this Agreement; 
 (iii) with respect to the Initial Closing, the Company shall have
delivered a certification in writing that (x) all conditions to closing the Acquisition set forth in Sections 7.1 and 7.2 of the Acquisition Agreement have been satisfied or shall be satisfied substantially simultaneously with the
Initial Closing on the terms and conditions contemplated by the Acquisition Agreement (subject to any amendments, supplements, waivers or other modifications consented to by the Purchasers representing a majority of the Purchased Shares) and
(y) the closing of the Acquisition shall occur substantially simultaneously with the Initial Closing; and 
 (iv) the Amended Credit
Agreement, as in effect on the date hereof, shall not have been further amended in any way that is material and adverse to the rights, preferences, privileges or voting powers of the Series B Preferred Stock or any Purchaser, including with respect
to the Company’s ability to pay dividends on the Series B Preferred Stock or to redeem the Series B Preferred Stock, in each case in accordance with the Series B Certificate of Designations. 

  
 9 

 (b) Purchaser Closing Conditions. The obligations of the Purchasers to effect a Closing
are also subject to the satisfaction or, to the extent permitted by applicable Law, waiver by the Purchasers (or any Permitted Transferees thereof) representing a majority of the Purchased Shares at or prior to the applicable Closing of the
following conditions: 
 (i) (A) the representations and warranties of the Company set forth in Article III hereof (other than
Sections 3.01, 3.02, 3.09 and 3.13) shall be true and correct (disregarding all qualifications or limitations as to materiality or Material Adverse Effect) as of the date of this Agreement and as of the applicable Closing
Date as though made on and as of such date (except to the extent that such representation or warranty speaks to an earlier date, in which case each of such earlier date), except where the failure of such representations and warranties to be so true
and correct would not, individually or in the aggregate, have a Material Adverse Effect, (B) the representations and warranties of the Company set forth in Section 3.02 shall be true and correct as of the applicable Closing Date as
though made on and as of such Closing Date (other than representations and warranties that refer to a specified date, which need only be true and correct on and as of such specified date) except for de minimis inaccuracies, and (C) the
representations and warranties of the Company set forth in Sections 3.01, 3.09 and 3.13 shall be true in all material respects as of the date of this Agreement and as of applicable Closing Date as though made on and as of such
date; 
 (ii) the Company shall have performed in all material respects its obligations required to be performed by it pursuant to this
Agreement at or prior to the applicable Closing Date; 
 (iii) with respect to the Initial Closing, the Notes Offering shall have been
consummated, or shall be consummated concurrently with the Initial Closing; 
 (iv) the Company shall have delivered to the Purchasers all
deliverables required to be delivered by the Company pursuant to Section 2.04(a); and 
 (v) with respect any Subsequent
Closing, the conditions set forth on Exhibit A attached hereto. 
 (c) Company Closing Conditions. The obligation of the
Company to effect a Closing with respect to each Purchaser is also subject to the satisfaction or, to the extent permitted by applicable Law, waiver by the Company at or prior to the Closing of the following conditions: 

(i) (A) the representations and warranties of such Purchaser set forth in Article IV hereof (other than Sections 4.01,
4.02 and 4.04) shall be true and correct as of the date of this Agreement and as of the Closing Date as though made on and as of such date (except to the extent that such representation or warranty speaks of an earlier date, in
which case such representation or warranty shall be true and correct in all material respects as of such date), except where the failure of such representation and warranties to be so true and correct would not, individually or in the aggregate,
prevent or materially delay the consummation of the 

  
 10 

 
transactions contemplated by this Agreement or the ability of such Purchaser to fully perform its covenants and obligations under this Agreement and (B) the representations and warranties of
such Purchaser set forth in Sections 4.01, 4.02 and 4.04 shall be true in all material respects as of the date of this Agreement and as of the Closing Date as though made on and as of such date; 

(ii) each Purchaser shall have performed in all material respects its obligations required to be performed by it pursuant to this Agreement at
or prior to the Closing; and 
 (iii) each Purchaser shall have delivered to the Company all deliverables required to be delivered by such
Purchaser pursuant to Section 2.04(b). 
 Section 2.04 Deliveries at Closing.

 (a) Deliveries of the Company. At each Closing (except as otherwise indicated), the Company shall deliver, or cause to be
delivered, to the Purchasers with respect to the Series B Preferred Shares to be sold and purchased on such Closing Date: 
 (i) an executed
opinion from Vinson & Elkins LLP, counsel for the Company, in substantially the form and substance reasonably satisfactory to the Purchasers, which shall be addressed to the Purchasers and dated the applicable Closing Date; 

(ii) at the Initial Closing, evidence that the Company has adopted and filed the Series B Certificate of Designations with the Secretary of
State of the State of Delaware and that the Series B Certificate of Designations is in full force and effect; 
 (iii) at the Initial
Closing, evidence that the Company, as the sole managing member of Rosehill Operating, has approved, and that Rosehill Operating has adopted the Rosehill Operating LLC Agreement, and that the Rosehill Operating LLC Agreement is in full force and
effect; 
 (iv) evidence of issuance of the Purchased Shares to each Purchaser credited to book-entry accounts maintained by the Company;

 (v) a secretary’s certificate of the Company, dated the applicable Closing Date, certifying as to and attaching (A) the
articles of incorporation of the Company, (B) the Bylaws and (C) resolutions authorizing the execution and delivery of the Transaction Documents and the consummation of the transactions contemplated thereby, including the issuance of the
Purchased Shares; 
 (vi) an officer’s certificate of the Company, dated as of the applicable Closing Date, certifying in his or her
applicable capacity, to the effect that the conditions set forth in Section 2.03(b) have been satisfied; 
 (vii) a certificate
of the Secretary of State of Delaware, dated within two (2) Business Days prior to the applicable Closing Date, to the effect that the Company is in good standing (or certificate of similar import) in Delaware; 

  
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 (viii) at the Initial Closing, payment of both (i) the Up-Front Fee and (ii) the
Purchasers’ Transaction Expense Amount in respect of the Initial Closing, payable by wire transfer of immediately available funds to the account(s) designated in advance of the Initial Closing Date by EIG Management Company, LLC or their
designee; 
 (ix) at each Subsequent Closing, payment of the Purchasers’ Transaction Expense Amount in respect of such Subsequent
Closing, payable by wire transfer of immediately available funds to an account designated in advance of such Subsequent Closing Date by the Purchasers; and 

(x) a cross-receipt executed by the Company and delivered to the Purchasers certifying as to the amounts that it has received from the
Purchasers. 
 (b) Deliveries of Each Purchaser. At each Closing (except as otherwise indicated), the Purchasers shall deliver or
cause to be delivered to the Company: 
 (i) a cross-receipt executed by each Purchaser (or with respect to the Up-Front Fee, the Person
designated by EIG Management Company, LLC) and delivered to the Company certifying that it has received from the Company (i) the number of Purchased Shares to be received by such Purchaser in connection with the applicable Closing,
(ii) the Purchasers’ Transaction Expense Amount in respect of the applicable Closing and (iii), solely with respect to the Initial Closing, the Up-Front Fee; 

(ii) a certificate of an authorized officer of such Purchaser, dated the applicable Closing Date, in his or her applicable capacity, to the
effect that the conditions set forth in Section 2.03(c) have been satisfied; 
 (iii) payment of such Purchaser’s Funding
Obligation payable by wire transfer of immediately available funds to an account designated in advance of the applicable Closing Date by the Company; and 

(iv) at least two Business Days prior to the Initial Closing (and at least two Business Days prior to any Subsequent Closing in the case of
any Purchaser (including an assignee of a Purchaser) that did not purchase Series B Preferred Shares at the Initial Closing), a properly executed Internal Revenue Service Form W-9 from such Purchaser (or, in the case of a Purchaser which is
disregarded for U.S. federal income tax purposes, such Purchaser’s regarded owner). 

Section 2.05 Independent Nature of Purchasers’ Obligations and Rights. The obligations
of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under any
Transaction Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other
kind of group or entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to
independently protect and enforce its rights, including the rights arising out of this Agreement or out of the 

  
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other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. The failure or waiver of performance by
any Purchaser does not excuse performance by any other Purchaser. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES RELATED TO THE COMPANY 

As of the date hereof and as of the applicable Closing, the Company represents and warrants to the Purchasers as follows: 

Section 3.01 Existence. Each of the Rosehill Entities has been duly incorporated or formed,
as the case may be, and is validly existing as a limited liability company or corporation, as the case may be, in good standing under the Laws of its jurisdiction of incorporation or formation, as the case may be, and has the full limited liability
company or corporate, as the case may be, power and authority to own or lease its Properties and assets and to conduct the businesses in which it is engaged in all material respects, and is duly registered or qualified as a foreign limited liability
company or corporation, as the case may be, for the transaction of business under the laws of each jurisdiction in which the character of the business conducted by it or the nature or location of the properties owned or leased by it makes such
registration or qualification necessary, except where the failure to so register or qualify would not reasonably be expected to have a Material Adverse Effect. 

Section 3.02 Capitalization and Valid Issuance of Shares. 

(a) As of the date hereof, the authorized equity interests of the Company consist of (i) 125,000,000 shares of common stock, par value
$0.0001 per share (the “Common Stock”), including (x) 95,000,000 shares of Class A Common Stock and (y) 30,000,000 shares of Class B Common Stock and (ii) 1,000,000 shares of preferred stock. Prior to the
issuance and sale of the Purchased Shares, there were (i) 6,107,374 shares of Class A Common Stock issued and outstanding, (ii) 29,807,692 shares of Class B Common Stock, (iii) 0 shares of Class F Common Stock and
(iv) 96,466 shares of Series A Preferred Stock issued and outstanding. All outstanding equity securities of the Company are duly authorized, validly issued, fully paid and non-assessable. Except for the Series A Preferred Stock, as of the date
hereof, there are no, and as of the applicable Closing Date, there will be no, equity interests of the Company that are senior to or pari passu with, in right of distribution, the Series B Preferred Stock. 

(b) The Purchased Shares being purchased by the Purchasers hereunder will be duly authorized by the Company and, when issued and delivered by
the Company in accordance with this Agreement and the Series B Certificate of Designations against payment of the consideration set forth herein, will be validly issued, fully paid and non-assessable. 

(c) Except as disclosed in the Company SEC Documents, there are no persons entitled to statutory, preemptive or other similar contractual
rights to subscribe for the Purchased Shares; and, except (i) for the Purchased Shares to be issued pursuant to this Agreement, (ii) for awards issued pursuant to the Company’s benefit plans or (iii) as disclosed in the Company
SEC Documents, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, ownership interests in the Company are outstanding. 

  
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 (d) As of the date hereof, the Rosehill Entities consist solely of the Company and Rosehill
Operating. 
 Section 3.03 Company SEC Documents. Except as disclosed in the Company SEC
Documents, since January 1, 2017, the Company’s forms, registration statements, reports, schedules and statements required to be filed by it under the Exchange Act or the Securities Act (all such documents filed prior to the date hereof,
collectively the “Company SEC Documents”) have been filed with the Commission on a timely basis (including applicable extensions). The Company SEC Documents, at the time filed (or in the case of registration statements,
solely on the dates of effectiveness) (except to the extent corrected by a subsequent Company SEC Document) (a) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made in the case of any such documents other than a registration statement, not misleading, (b) complied as to form in all material respects with the
applicable requirements of the Exchange Act and the Securities Act, as the case may be, and (c) complied as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission
with respect thereto. The financial statements of the Company and other financial information included in the Company SEC Documents were prepared in accordance with GAAP applied on a consistent basis during the periods involved (except as may be
indicated in the notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the Commission), and fairly present (subject in the case of unaudited statements to normal and recurring and year-end audit adjustments) in all
material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of its operations and cash flows of the Rosehill Entities for the periods then ended. The
independent auditor of the Company as of the date of the most recent audited balance sheet of the Company is an independent registered public accounting firm with respect to the Company and has not resigned or been dismissed as independent
registered public accountants of the Company as a result of or in connection with any disagreement with the Company on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures. Since the date
of the most recent balance sheet of the Company audited by such auditor, (i) the interactive data in extensible Business Reporting Language included or incorporated by reference in the Company SEC Documents fairly presents the information
called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto and (ii) based on an annual evaluation of disclosure controls and procedures, except as set forth in the
Company SEC Documents, the Company is not aware of (x) any significant deficiency or material weakness in the design or operation of internal controls over financial reporting that are likely to adversely affect its ability to record, process,
summarize and report financial data or (y) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls over financial reporting of the Company. 

Section 3.04 No Material Adverse Change. Except as expressly set forth in or contemplated
by the Company SEC Documents, since December 31, 2017, no Material Adverse Effect has occurred. 

  
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 Section 3.05 Registration. Assuming the
accuracy of the representations and warranties of each Purchaser contained in Article IV, the issuance and sale of the Purchased Shares pursuant to this Agreement is exempt from registration requirements of the Securities Act, and neither the
Company nor, to the Knowledge of the Company, any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 

Section 3.06 Litigation. Except as set forth in the Company SEC Documents filed since
January 1, 2017, there are no actions, suits, claims, investigations, orders, injunctions or proceedings pending or, to the Knowledge of the Company, threatened in writing, to which any of the Rosehill Entities or any of their respective
officers or directors is a party or to which any Property or asset of any such entity is subject at law or in equity, before or by any Governmental Authority, or before or by any self-regulatory organization or other non-governmental regulatory
authority (including, without limitation, NASDAQ), which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or which challenges the validity of any of the Transaction Documents or the right of the
Company to enter into any of the Transaction Documents or to consummate the transactions contemplated hereby and thereby. 
 
Section 3.07 No Default. None of the Rosehill Entities is in breach or violation of or in default under (nor has any event occurred that, with notice, lapse of time or both, would result in any breach or violation of,
constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (a) any of its
Organizational Documents, (b) any Contract to which it is a party or by which it or any of its Properties may be bound or affected, (c) any Law, (d) any rule or regulation of any self-regulatory organization or other non-governmental
regulatory authority (including, without limitation, the rules and regulations of NASDAQ), (e) the Series A Certificate of Designations or (f) any decree, judgment or order applicable to it or any of its Properties, except in the case of
clauses (b) through (f) for any such breaches, violations or defaults that are described in the Company SEC Documents or that would not, individually or in the aggregate, constitute a Material Adverse Effect. 

Section 3.08 No Conflicts. None of (a) the offering, issuance and sale by the Company
of the Purchased Shares and the application of the proceeds therefrom, (b) the execution, delivery and performance of the Transaction Documents, or (c) the consummation of the transactions contemplated hereby or thereby
(i) constitutes or will constitute a violation of the Organizational Documents of any Rosehill Entity, (ii) constitutes or will constitute a default under (or constitute any event that, with notice, lapse of time or both, would result in
any breach or violation of, constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a part of such indebtedness
under), or result in the creation or imposition of a Lien on any Property or assets of any Rosehill Entity pursuant to (A) the Organizational Documents of any of the Rosehill Entities, (B) any Contract to which any of the Rosehill Entities
is a party or by which any of the Rosehill Entities or any of their respective Properties may be bound or affected, (C) any Law, (D) any rule or regulation of any self-regulatory organization or other non-governmental regulatory authority
(including, without limitation, the rules and regulations of NASDAQ), (E) the Series A Certificate of Designations or (F) any decree, judgment or order applicable to any of the Rosehill Entities or any of their respective properties,
except in the cases of clauses (B) through (E) for any such conflicts, breaches, violations or defaults that would not, individually or in the aggregate, constitute a Material Adverse Effect. 

  
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 Section 3.09 Authority: Enforceability. The
Company has all requisite power and authority to issue, sell and deliver the Purchased Shares, in accordance with and upon the terms and conditions set forth in this Agreement and the Series B Certificate of Designations. Except with respect to the
issuance and sale of Additional Series B Preferred Shares, all corporate action required to be taken by the Company for the authorization, issuance, sale and delivery of the Purchased Shares, the execution and delivery of the Transaction Documents
and the consummation of the transactions contemplated thereby shall have been validly taken. No approval from the holders of outstanding Common Shares or the holders of Series A Preferred Stock is required under the Organizational Documents of the
Company or the rules of the NASDAQ in connection with the Company’s issuance and sale of the Purchased Shares to the Purchasers. Each of the Transaction Documents has been duly and validly authorized and has been or, with respect to the
Transaction Documents to be delivered at the Initial Closing, will be, validly executed and delivered by the Company, and constitutes, or will constitute, the legal, valid and binding obligations of the Company (assuming the due authorization,
execution and delivery thereof by the other parties thereto, as applicable), enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other laws of general applicability
relating to or affecting creditors’ rights and by general principles of equity (regardless of whether such principles are considered in a proceeding in equity or at law). 

Section 3.10 Approvals. No authorization, consent, approval, waiver, license,
qualification or written exemption from, nor any filing, declaration, qualification or registration with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by the Company of any of
the Transaction Documents or the Company’s issuance and sale of the Purchased Shares, except (a) with respect to the issuance and sale of Additional Series B Preferred Shares, (b) as may be required under the state securities or
“Blue Sky” Laws, (c) as may be required by the rules and regulation of the NASDAQ, (d) the filing of the Series B Certificate of Designations with the Secretary of State of the State of Delaware or (e) where the failure to
receive such authorization, consent, approval, waiver, license, qualification or written exemption or to make such filing, declaration, qualification or registration would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 Section 3.11 Investment Company Status. None of the Rosehill
Entities is, and upon the issuance and sale of the Purchased Shares as herein contemplated and the application of the net proceeds therefrom, will any of the Rosehill Entities be, an “investment company” within the meaning of the
Investment Company Act of 1940 and the rules and regulations of the Commission thereunder. 

Section 3.12 No Labor Disputes. No labor dispute with the employees of any of the Rosehill
Entities exists or, to the Knowledge of the Company, is imminent, that would reasonably be expected to have a Material Adverse Effect. 

  
 16 

 Section 3.13 Certain Fees. Except for the
fees and expenses payable by the Company to KLR Group, LLC for which the Purchasers shall have no liability, no broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission from the Purchasers with
respect to the sale of any of the Purchased Shares or the consummation of the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Company. The Company agrees that it will indemnify and hold harmless the
Purchasers from and against any and all claims, demands or liabilities for broker’s, finder’s, placement or other similar fees or commissions incurred by the Rosehill Entities or alleged to have been incurred by the Rosehill Entities in
connection with the sale of the Purchased Shares or the consummation of the transactions contemplated by this Agreement. 
 
Section 3.14 Insurance. Except as would not reasonably be expected to have a Material Adverse Effect, each of the Rosehill Entities carries, or is covered by, insurance from insurers of recognized financial responsibility in
such amounts and covering such risks as is reasonably adequate for the conduct of their respective businesses and the value of their respective properties and as is customary for companies engaged in similar businesses in similar industries,
including, without limitation, policies covering real and personal property owned or leased by the Rosehill Entities against theft, damage, destruction, acts of vandalism, flood and earthquakes. Except as would not reasonably be expected to have a
Material Adverse Effect: all policies of insurance of the Rosehill Entities are in full force and effect; the Rosehill Entities are in compliance with the terms of such policies in all material respects; there are no material claims by any of the
Rosehill Entities under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; and none of the Rosehill Entities has any reason to believe that it will not be able to
renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 

Section 3.15 Books and Records: Sarbanes-Oxley Compliance. 

(a) Except as disclosed in the Company SEC Documents, the Company maintains a system of internal accounting controls sufficient to provide
reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (b) Except as disclosed in the Company SEC
Documents, the Company has established and maintains disclosure controls and procedures (to the extent required by and as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), which are designed to provide reasonable assurance that
material information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and communicated to the Company’s management, including its principal executive officer
and principal financial officer, as appropriate, to allow for timely decisions regarding required disclosure. The Company has carried out evaluations of the effectiveness of its disclosure controls and procedures as of the end of the most recently
completed fiscal quarter covered by the Company’s periodic reports filed with the Commission, and such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. 

  
 17 

 (c) The Company and, to the Knowledge of the Company, its directors or officers, in their
capacities as such, are in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith. 

Section 3.16 Taxes. 

(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, each of the Rosehill
Entities has filed all Tax Returns required to have been filed, such Tax Returns are true, accurate and complete in all material respects, and all Taxes that are due and payable from any of the Rosehill Entities (whether or not shown to be due and
payable on any Tax Return) have been paid, except for those Taxes which are being contested in good faith and by appropriate proceedings and in respect of which adequate reserves with respect thereto are maintained in accordance with GAAP. 

(b) Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) none of the
Rosehill Entities has had any Tax deficiency proposed or assessed against it that has not been fully resolved and satisfied, (ii) none of the Rosehill Entities has executed any waiver of any statute of limitations on the assessment or
collection of any Tax that remains outstanding, and (iii) there is no pending audit, suit, proceeding, claim, examination or other administrative or judicial proceedings ongoing, pending, or, to the Knowledge of the Company, threatened or
proposed with respect to any Taxes of any of the Rosehill Entities. 
 (c) Except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, each of the Rosehill Entities (or its agent) has withheld or collected from each payment made to each of its employees, the amount of all Taxes (including, but not limited to, federal income Taxes,
Federal Insurance Contribution Act Taxes and Federal Unemployment Tax Act Taxes) required to be withheld or collected therefrom, and have paid the same to the proper Tax receiving officers or authorized depositories. 

Section 3.17 Permits and Licenses. The Rosehill Entities possess all Permits issued by
each Governmental Authority necessary to conduct their respective businesses, except where the failure to possess such permits would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. The
Rosehill Entities have fulfilled and performed all of their respective obligations with respect to the Permits, and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any
other impairment of the rights of the holder or any such Permits, except for any of the foregoing that would not reasonably be expected to have a Material Adverse Effect. None of the Rosehill Entities has received notice of any revocation or
modification of any such Permits or has any reason to believe that any such Permits will not be renewed in the ordinary course, except where the revocation or modification of any such Permit or the failure to renew any such Permit would not,
individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 

  
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 Section 3.18 Environmental Laws. Except as
has been disclosed in Company SEC Documents, and except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (a) the operations of the Rosehill Entities are and have been in compliance
with all applicable Environmental Laws (including Permits issued under Environmental Laws) and, to the Knowledge of the Company, no occurrences or conditions currently exist that could reasonably be expected to impact the Rosehill Entities’
continued compliance with such Environmental Laws, (b) there are no pending or, to the Knowledge of the Company, threatened claims asserted against any of the Rosehill Entities under applicable Environmental Laws, including claims relating to
the release, spill or disposal of, or exposure of any Person to, any Hazardous Materials, and the Rosehill Entities have not received any notice, report, order directive or other information regarding any actual or alleged violation of, or liability
under, Environmental Laws, (c) the Rosehill Entities have not treated, stored, disposed of, arranged for or permitted the disposal of, transported, handled, released, or exposed any Person to, any Hazardous Materials, or owned or operated any
property or facility that is or has been contaminated by Hazardous Materials, in each case except as has not resulted and would not result in a liability under Environmental Law and (d) the Rosehill Entities have not assumed, undertaken,
provided any indemnification with respect to, or otherwise become subject to, the liability of any other Person under Environmental Laws. 

Section 3.19 Title to Property. Each of the Rosehill Entities has good and indefeasible
title to all real property and good title to all personal property described in the Company SEC Documents as owned by such Rosehill Entity, free and clear of all Liens except such (a) as are described in the Company SEC Documents, (b) as
are created, arise under or secure the Credit Agreement, (c) as are created, arise under or secure the Senior Secured Second Lien Notes issued pursuant to the Notes Offering or (d) as would not, in the aggregate, reasonably be expected to
have a Material Adverse Effect. 
 Section 3.20 ERISA Compliance. Except, in each case,
for any such matter as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect (i) each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) for which any of the Rosehill Entities would have any liability (each an “ERISA-Subject Plan”) has been maintained in material compliance with its terms
and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with
respect to any ERISA-Subject Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) with respect to each ERISA-Subject Plan subject to Title IV of ERISA (A) no “reportable event” (within
the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur, (B) no ERISA-Subject Plan is or is reasonably expected to be “at risk” status (within the meaning of Section 430 of the Code or
Section 303 of ERISA), (C) there has been no filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any ERISA-Subject Plan or the
receipt by any of the Rosehill Entities from the Pension Benefit Guaranty Corporation or the plan administrator of any notice relating to the intention to terminate any ERISA-Subject Plan or ERISA-Subject 

  
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Plans or to appoint a trustee to administer any ERISA-Subject Plan, (D) no conditions contained in Section 303(k)(1)(A) of ERISA for imposition of a lien shall have been met with
respect to any ERISA-Subject Plan and (E) none of the Rosehill Entities has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the ERISA-Subject Plan or premiums to the Pension Benefit
Guaranty Corporation in the ordinary course and without default) in respect of an ERISA-Subject Plan (including a “multiemployer plan,” within the meaning of Section 4001(c)(3) of ERISA) (“Multiemployer Plan”);
(iv) no Multiemployer Plan is, or is expected to be, “insolvent” (within the meaning of Section 4245 of ERISA), in “reorganization” (within the meaning of Section 4241 of ERISA), or in “endangered” or
“critical” status (within the meaning of Section 432 of the Code or Section 304 of ERISA); and (v) each ERISA-Subject Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing
has occurred, whether by action or by failure to act, which would cause the loss of such qualification. 

Section 3.21 Anti-Corruption. None of the Rosehill Entities or, to the Knowledge of the
Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices
Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), or any other anti-corruption or anti-bribery law of any jurisdiction in which the Rosehill Entities operate (collectively,
“Anti-Corruption Law”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the
payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA or other Anti-Corruption Laws) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA or other Anti-Corruption Laws and such Rosehill Entities and, to the Knowledge of the Company, their Affiliates have conducted their businesses in
compliance with the FCPA and any other Anti-Corruption Law and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

Section 3.22 Money Laundering Laws. The operations of the Rosehill Entities are and have
been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions in which the
Rosehill Entities operate, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental entity (collectively, the “Money Laundering
Laws”); and no action, suit or proceeding by or before any governmental entity involving the Rosehill Entities with respect to the Money Laundering Laws is pending or, to the best Knowledge of the Company, threatened. 

Section 3.23 Sanctions. None of the Rosehill Entities currently appears on the List of
Specially Designated Nationals and Blocked Persons, the Executive Order 13599 List, the Foreign Sanctions Evaders List, or the Sectoral Sanctions Identification List, each of which is administered by the U.S. Department of the Treasury’s Office
of Foreign Assets Control; nor is any Rosehill Entity located, organized or resident in a country or territory that is the subject of comprehensive embargo (currently, Cuba, Iran, North Korea, Syria, and the Crimea Region of 

  
 20 

 
Ukraine) (collectively, “Sanctions”); and the Rosehill Entities will not knowingly directly or indirectly use the proceeds of the sale of the Purchased Shares, or lend,
contribute or otherwise make available such proceeds to any subsidiaries, joint venture partners or other Person, to fund or facilitate any activities of or business with any Person, or in any country or territory, that, at the time of such funding
or facilitation, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. 

Section 3.24 Acquisition Agreement. To the Knowledge of the Company, the representations
and warranties of the sellers party to the Acquisition Agreement are true and correct, except such as would, individually or in the aggregate, reasonably be expected to not have a Material Adverse Effect on the financial condition, business, assets,
properties or results of operations of the Rosehill Entities taken as a whole following the consummation of the transactions contemplated hereby. 

Section 3.25 Distribution Restrictions. None of the Rosehill Entities is currently
prohibited, or as a result of the transactions contemplated by this Agreement, will be prohibited, directly or indirectly, from making distributions with respect to its equity securities, from paying any distributions to any other Rosehill Entity,
from repaying to the Company any loans or advances, or from transferring any property or assets to the Company or any other Rosehill Entity except for (A) restrictions on distributions under applicable Law, (B) restrictions on
distributions contained in the Amended Credit Agreement or the Note Purchase Agreement or (C) restrictions on distributions contained in the Organizational Documents of any Rosehill Entity. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS 

As of the date hereof and as of the applicable Closing, each of the Purchasers, severally but not jointly, represents and warrants to the
Company as follows: 
 Section 4.01 Existence. Such Purchaser is duly organized and
validly existing and in good standing under the Laws of its state of formation, with all necessary power and authority to own properties and to conduct its business as currently conducted. 

Section 4.02 Authorization; Enforceability. Such Purchaser has all necessary legal power
and authority to enter into, deliver and perform its obligations under the Transaction Documents. The execution, delivery and performance of the Transaction Documents by such Purchaser and the consummation by it of the transactions contemplated
thereby have been duly and validly authorized by all necessary legal action, and no further consent or authorization of any other Person is required. Each of the Transaction Documents has been duly executed and delivered by such Purchaser, where
applicable, and constitutes legal, valid and binding obligations of such Purchaser; provided that, with respect to each such agreement, the enforceability thereof may be limited by applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium or similar Laws from time to time in effect affecting creditors’ rights and remedies generally and by general principles of equity (regardless of whether such principles are considered in a proceeding in equity or at
law). 

  
 21 

 Section 4.03 No Breach. The execution,
delivery and performance of the Transaction Documents by such Purchaser and the consummation by such Purchaser of the transactions contemplated thereby do not and will not (a) conflict with or result in a breach or violation of any of the terms
or provisions of, or constitute a default under, any material agreement to which such Purchaser is a party or by which such Purchaser is bound or to which any of the property or assets of such Purchaser is subject, (b) conflict with or result
in any violation of the provisions of the organizational documents of such Purchaser, or (c) violate any statute, order, rule or regulation of any court or governmental agency or body having jurisdiction over such Purchaser or the property or
assets of such Purchaser, except in the case of clauses (a) and (c), for such conflicts, breaches, violations or defaults as would not prevent the consummation of the transactions contemplated by the Transaction Documents. 

Section 4.04 Certain Fees. No fees or commissions are or will be payable by the Purchasers
to brokers, finders or investment bankers with respect to the purchase of any of the Purchased Shares or the consummation of the transaction contemplated by this Agreement or the other Transaction Documents. Each Purchaser agrees that it will
indemnify and hold harmless the Company from and against any and all claims, demands or liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by such Purchaser or alleged to have been incurred by such
Purchaser in connection with the purchase of the Purchased Shares or the consummation of the transactions contemplated by this Agreement. 

Section 4.05 Unregistered Securities. 

(a) Accredited Investor Status: Sophisticated Purchaser. Such Purchaser is an “accredited investor” within the meaning of Rule
501(a) of Regulation D under the Securities Act and is able to bear the risk of its investment in the Purchased Shares. Such Purchaser has such knowledge and experience in financial and business matters that it is capable of evaluating the merits
and risks of the purchase of the Purchased Shares. 
 (b) Information. Such Purchaser and its Representatives have been furnished with
(i) all materials relating to the business, finances and operations of the Company, (ii) materials relating to the offer and sale of the Purchased Shares and (iii) materials relating to the Acquisition, in each case, that have been
requested by such Purchaser. Such Purchaser and its Representatives have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations conducted at any time by such Purchasers and
its Representatives shall modify, amend or affect such Purchasers’ right (i) to rely on the Company’s representations and warranties contained in Article III above or (ii) to indemnification or any other remedy based on,
or with respect to the accuracy or inaccuracy of, or compliance with, the representations, warranties, covenants and agreements in any Transaction Document. Such Purchaser understands that its purchase of the Purchased Shares involves a high degree
of risk. Such Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Purchased Shares. 

(c) Legends. Such Purchaser understands that any certificate or book-entry position evidencing Purchased Shares will bear the
restrictive legend set forth in the Series B Certificate of Designations. 

  
 22 

 (d) Purchase Representation. Such Purchaser is purchasing the Purchased Shares for its own
account, the account of its Affiliates, or the accounts of clients for whom such Purchaser exercises discretionary investment authority (all of whom such Purchaser hereby represents and warrants are “accredited investors” within the
meaning of Rule 501(a) of Regulation D under the Securities Act), not as a nominee or agent, and not with a view to distribution in violation of any securities Laws. Such Purchaser has been advised and understands that the Purchased Shares have not
been registered under the Securities Act or under the “blue sky” laws of any jurisdiction and may be resold only if registered pursuant to the provisions of the Securities Act (or if eligible, pursuant to the provisions of Rule 144
promulgated under the Securities Act or pursuant to another available exemption from the registration requirements of the Securities Act). Such Purchaser has been advised and understands that the Company, in issuing the Purchased Shares, is relying
upon, among other things, the representations and warranties of such Purchaser contained in this Article IV in concluding that such issuance is a “private offering” and is exempt from the registration provisions of the Securities
Act. 
 (e) Rule 144. Such Purchaser understands that there is no public trading market for the Purchased Shares, that none is
expected to develop and that the Purchased Shares must be held indefinitely unless and until the Purchased Shares are registered under the Securities Act or an exemption from registration is available. Such Purchaser has been advised of and is
knowledgeable with respect to the provisions of Rule 144 promulgated under the Securities Act. 
 (f) Reliance by the Company. Such
Purchaser understands that the Purchased Shares are being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities Laws and that the Company is relying upon the truth and accuracy
of the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the applicability of such exemptions and the suitability of such Purchaser to acquire the Purchased Shares.

 Section 4.06 Sufficient Funds. Such Purchaser will have available to it at the
applicable Closing sufficient funds to enable such Purchaser to pay in full at such Closing the entire amount of such Purchaser’s Funding Obligation in immediately available cash funds. 

Section 4.07 United States Person. Such Purchaser is a “United States person”
within the meaning of Section 7701(a)(30) of the Code. 
 ARTICLE V 

COVENANTS 
 
Section 5.01 Cooperation: Further Assurances. Each of the Company and the Purchasers shall use its respective commercially reasonable efforts to obtain all approvals and consents required by or necessary to consummate the
transactions contemplated by this Agreement or the other Transaction Documents. Each of the Company and each Purchaser shall use their commercially reasonable efforts to take, or cause to be taken, all actions necessary or appropriate to consummate
the transactions contemplated by this Agreement. Each Purchaser shall cooperate reasonably with the Company to provide any information necessary for any applicable securities filings. 

  
 23 

 Section 5.02 Use of Proceeds. 

(a) Initial Issuance Proceeds. The Company shall contribute the Initial Issuance Proceeds to Rosehill Operating in exchange for a number
of Series B preferred units representing membership interests in Rosehill Operating equal to the number of shares of Series B Preferred Stock issued at Initial Closing. Rosehill Operating shall use such proceeds exclusively to (i) partially
fund the Acquisition, (ii) pay the first four (4) cash dividends on the Series B preferred units, which cash shall be used to pay the first four (4) Cash Dividends (as defined in the Series B Certificate of Designations) to the
Purchasers in accordance with the Series B Certificate of Designations, which such amounts shall be retained at the Company and used for no other purpose, (iii) pay applicable transaction fees and expenses relating to or arising out of this
Agreement (including the Purchasers’ Transaction Expense Amount in respect of the Initial Closing) and (iv) fund drilling and infrastructure development expenses with respect to the Properties of the Company and its Subsidiaries. 

(b) Subsequent Issuance Proceeds. The Company shall contribute any Subsequent Issuance Proceeds to Rosehill Operating in exchange for a
number of Series B preferred units representing membership interests in Rosehill Operating equal to the number of shares of Series B Preferred Stock issued at each Subsequent Closing. Rosehill Operating shall use such proceeds exclusively to
(i) pay the Purchasers’ Transaction Expense Amount in respect of such Subsequent Closing and (ii) fund drilling and infrastructure development expenses with respect to the Properties of the Company and its Subsidiaries. 

Section 5.03 Expenses. Each of the parties to this Agreement will bear and pay the
reasonable and documented out-of-pocket fees and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to the Transaction Documents; provided, however, that upon any Closing, the Company
shall reimburse the Purchasers for all of their reasonable and documented transaction fees and expenses (including reasonable fees and expenses of the Purchasers’ advisors), in each case incurred in connection with due diligence, the
negotiation and preparation of the Transaction Documents and undertaking of the transactions contemplated pursuant to the Transaction Documents in respect of such Closing (such amount in respect of each such Closing, the “Purchasers’
Transaction Expense Amount”); provided that EIG Management Company, LLC shall notify the Company when Purchasers’ transaction fees and expenses, in the aggregate for all such Closings as of any such date, is close to or has
exceeded $500,000, and shall seek the Company’s approval for such fees and expenses to exceed such amount; and provided further, that in the event this Agreement is terminated for any reason prior to the Initial Closing, reimbursement of
the Purchasers’ transaction fees and expenses shall be paid in accordance with the terms of the Mandate Letter. 
 
Section 5.04 Change of Control. 
 (a) In the event that a Change of Control (as defined in the Series B Certificate
of Designations) occurs or parties enter into definitive agreements for a transaction that upon consummation would constitute a Change of Control prior to full funding of a 

  
 24 

 
Purchaser’s Commitment Amount, such Purchaser shall have the right for thirty (30) days thereafter to elect by written notice to the Company to be released from its obligation to fund
such Purchaser’s Remaining Unfunded Commitment Amount with respect to any Funding Call or request delivered after such entry into definitive agreements or Change of Control and upon delivery of any such notice the Remaining Unfunded Commitment
Amount of such Purchaser shall be reduced to zero and Schedule A shall be revised to reflect such reduction. 
 (b) In addition to the
rights described in Section 5.04(a), in the event of a Change of Control in which the Company is not the surviving entity that occurs prior to full funding of a Purchaser’s Commitment Amount, such Purchaser shall have the right to
require the Company to use commercially reasonable efforts to secure for such Purchaser the right to purchase securities in the surviving entity or the parent of the surviving entity that have substantially similar rights, preferences and privileges
as the Series B Preferred Shares on the same basis such Purchaser is or would be so entitled to the extent it has or had funded its Commitment Amount before such Change of Control. 

Section 5.05 Rule 144 Reporting. With a view to making available the benefits of certain
rules and regulations of the Commission that may permit the resale of the Series B Preferred Shares without registration, for so long as any Series B Preferred Shares remain outstanding, the Company agrees to use its commercially reasonable efforts
to: 
 (a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 of the
Securities Act (or any similar provision then in effect); 
 (b) file with the Commission in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act; and 
 (c) so long as a Purchaser owns any Series B Preferred Shares,
furnish (i) to the extent accurate, forthwith upon request, a written statement of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any similar provision then in effect) and
(ii) unless otherwise available via the Commission’s EDGAR filing system, to such Purchaser forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as such
Purchaser may reasonably request in availing itself of any rule or regulation of the Commission allowing such Purchaser to sell the Series B Preferred Shares without registration. 

Section 5.06 Hedging. Within forty-five (45) days of the Initial Closing and
thereafter for so long as any shares of Series B Preferred Stock are outstanding, the Company shall cause Rosehill Operating to be in compliance with the minimum hedging obligations set forth in Section 8.18 of the Note Purchase Agreement (as
such may be amended or modified from time to time following the date hereof, provided that, in the event the Note Purchase Agreement is terminated, then the minimum hedging obligations for purposes of this Section 5.06 shall be
those in effect immediately prior to the termination of the Note Purchase Agreement). 

  
 25 

 ARTICLE VI 

INDEMNIFICATION 
 
Section 6.01 Indemnification by the Company. The Company agrees to indemnify each Purchaser and its Representatives (collectively, “Purchaser Related Parties”) from costs, losses, liabilities, damages,
or expenses of any kind or nature whatsoever, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands, and causes of action, and, in connection therewith, and
promptly upon demand, pay or reimburse each of them for all costs, losses, liabilities, damages, or expenses of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in
connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them) (collectively, “Losses”), whether or not involving a Third-Party Claim,
as a result of, arising out of, or in any way related to the breach of any representations, warranties or covenants of the Company contained herein, provided that such claim for indemnification relating to the breach of representations or
warranties is made prior to the expiration of the survival period of such representation or warranty as set forth in Section 6.03; provided, however, that for purposes of determining when an indemnification claim has been
made, the date upon which a Purchaser Related Party shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to the Company shall constitute the date upon which such claim has been made. 

Section 6.02 Indemnification By the Purchasers. Each Purchaser agrees, severally and not
jointly, to indemnify the Company, and its Representatives (collectively, “Company Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations,
litigation or inquiries), demands, and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all Losses, whether or not involving a Third-Party Claim, as a result of, arising out of, or in any
way related to the breach of any representations, warranties or covenants of such Purchaser contained herein, provided that such claim for indemnification relating to the breach of representations or warranties is made prior to the expiration
of the survival period of such representation or warranty as set forth in Section 6.03; provided, however, that for purposes of determining when an indemnification claim has been made, the date upon which a Company Related
Party shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to such Purchaser shall constitute the date upon which such claim has been made. 

Section 6.03 Survival of Provisions. (i) The representations and warranties set forth
in Sections 3.01, 3.02, 3.09, 3.13, 4.01, 4.02 and 4.04 shall survive the execution and delivery of this Agreement indefinitely, (ii) the representations and warranties set forth in
Section 3.16 shall survive until thirty (30) days after the expiration of the applicable statute of limitations (taking into account any extensions thereof) and (iii) the other representations and warranties contained in this
Agreement shall survive for a period of twelve (12) months following the applicable Closing. The covenants made in this Agreement or any other Transaction Document shall survive the applicable Closing and remain operative and in full force and
effect in accordance with their respective terms until fully performed. Regardless of any purported general termination of this Agreement, the provisions of Article VI and all indemnification rights and obligations of the Company and the
Purchasers thereunder, and Article VII shall remain operative and in full force and effect as between the Company and each Purchaser, unless the Company and the applicable Purchaser execute a writing that expressly (with specific references
to the applicable Section or subsection of this Agreement) terminates such rights and obligations as between the Company and such Purchaser. 

  
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 Section 6.04 Limitations to Indemnification.

 (a) The maximum amount of indemnifiable Losses that may be recovered from (i) the Company for any amounts due under
Section 6.01 (other than for breaches of Section 3.01, Section 3.02, Section 3.09 or Section 3.13) shall be an amount equal to the Indemnification Cap and (ii) all Purchasers in the
aggregate for any amounts due under Section 6.02 (other than for breaches of Section 4.01, Section 4.02 or Section 4.04) shall be an amount equal to the Indemnification Cap; and 

(b) No party hereto shall have any liability for Losses pursuant to Section 6.01 or Section 6.02 for any special,
indirect, consequential (including lost profits) or punitive damages relating to a breach or alleged breach of this Agreement, except to the extent such Losses are incurred by a third person and constitute a portion of a Third-Party Claim. 

Section 6.05 Indemnification Procedure. Promptly after any Company Related Party or
Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person, which the Indemnified Party
believes in good faith is an indemnifiable claim under this Agreement (each a “Third-Party Claim”), the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice
of such Third-Party Claim, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially
prejudiced by such failure. Such notice shall state the nature and the basis of such Third-Party Claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be
reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly, and in no event later than
ten (10) Business Days, notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the
settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s
possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted
liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such
asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if
(A) the Indemnifying Party has, within ten (10) Business Days of when the Indemnified Party provides written notice of a Third-Party Claim, failed (1) to assume the defense or employ counsel reasonably acceptable to the Indemnified
Party or (2) to notify the Indemnified Party of such assumption or (B) if the 

  
 27 

 
defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses
available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party,
then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified Third-Party Claim without the consent of the Indemnified
Party, unless the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. The remedies provided for in
this Article VI are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise. 

Section 6.06 Tax Characterization. All indemnification payments under this Article
VI shall be treated as adjustments to the applicable Purchaser’s relevant Funding Obligation for all Tax purposes, except as otherwise required by applicable Law. 

ARTICLE VII 

MISCELLANEOUS 
 
Section 7.01 Survival. Subject to Section 6.05, this Agreement will survive the Initial Closing so long as any Series B Preferred Shares are outstanding. 

Section 7.02 Interpretation. Article, Section, Schedule and Exhibit references in this
Agreement are references to the corresponding Article, Section, Schedule or Exhibit to this Agreement, unless otherwise specified. All Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full
herein and are an integral part of this Agreement. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise
modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or
matters immediately following it. Whenever the Company has an obligation under the Transaction Documents, the expense of complying with that obligation shall be an expense of the Company unless otherwise specified. Any reference in this Agreement to
“$” shall mean U.S. dollars. Whenever any determination, consent or approval is to be made or given by a Purchaser, such action shall be in such Purchaser’s sole discretion, unless otherwise specified in this Agreement. If any
provision in the Transaction Documents is held to be illegal, invalid, not binding or unenforceable, (a) such provision shall be fully severable and the Transaction Documents shall be construed and enforced as if such illegal, invalid, not
binding or unenforceable provision had never comprised a part of the Transaction Documents, and the remaining provisions shall remain in full force and effect, and (b) the parties hereto shall negotiate in good faith to modify the Transaction
Documents so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. Any words
imparting the singular number only shall 

  
 28 

 
include the plural and vice versa. The words such as “herein,” “hereinafter,” “hereof’ and “hereunder” refer to this Agreement as a whole and not merely to
a subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of
reference only and shall not affect or be utilized in construing or interpreting this Agreement. 

Section 7.03 No Waiver: Modifications in Writing. 

(a) Delay. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to a party at law or in equity or otherwise. 
 (b) Specific Waiver. Except as
otherwise provided herein, no amendment, waiver, consent, modification or termination of any provision of any Transaction Document shall be effective unless signed by each of the parties thereto affected by such amendment, waiver, consent,
modification or termination. Any amendment, supplement or modification of or to any provision of any Transaction Document, any waiver of any provision of any Transaction Document and any consent to any departure by the Company from the terms of any
provision of any Transaction Document shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Company in any
case shall entitle the Company to any other or further notice or demand in similar or other circumstances. Any investigation by or on behalf of any party shall not be deemed to constitute a waiver by the party taking such action of compliance with
any representation, warranty, covenant or agreement contained herein. 
 Section 7.04 Binding
Effect. This Agreement shall be binding upon the Company, each of the Purchasers and their respective successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any
right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. 
 
Section 7.05 Confidentiality; Public Announcements. 
 (a) Notwithstanding anything to the contrary contained therein,
the Confidentiality Agreement, dated as of September 12, 2017, by and between EIG Investment Management Company, LLC and the Company shall survive the execution and delivery of this Agreement until the date that is six (6) months following
the Commitment Termination Date and shall continue to be in full force and effect, pursuant to the terms and conditions thereof. 
 (b) Each
party will consult with the other parties hereto and consider in good faith any comments provided by such other parties concerning the disclosure contained in such press release before issuing any press release or otherwise making any public
statements with respect to the transactions contemplated by this Agreement; provided that no party will issue any 

  
 29 

 
press release or other public statement that attributes comments to any other party or that indicates the approval of any other party of the contents of any such press release or statement (or
portion thereof) without the prior written approval of the other parties hereto. Notwithstanding the foregoing, the Purchasers may provide customary information in respect of the transactions contemplated by this Agreement to its financing sources,
including its limited partners, members, stockholders or other equityholders, as applicable, and their investors and partners, members, stockholders or other equityholders, in each case, as each Purchaser may elect in its sole discretion;
provided that any such financing source that receives Confidential Information shall abide by the provisions of Section 7.05(a) of this Agreement. 

Section 7.06 Notices. Any notice, request, instruction or other document to be given
hereunder by any party to the other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally or by telecopy, electronic mail or facsimile, upon confirmation of receipt (it being
understood that the parties agree to provide confirmation of receipt immediately upon the receipt of any notice by telecopy, electronic mail or facsimile), (b) on the first (1st) Business Day following the date of dispatch if delivered by
a recognized next-day courier service, or (c) on the third (3rd) Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. The Purchasers agree that any notice
required or permitted by this Agreement or under the Organizational Documents of the Company or other applicable law may be given to the Purchaser at the address or by means of electronic transmission set forth below. The Purchasers further agree to
notify the Company of any change to the Purchasers’ electronic mail addresses, and further agrees that the provision of such notice to the Company shall constitute the consent of the Purchasers to receive notice at such electronic mail address.
In the event that the Company is unable to deliver notice to the Purchasers at the electronic mail address so provided by the Purchasers, the Purchasers shall, within two (2) Business Days after a request by the Company, provide the Company
with a valid electronic mail address to which the Purchasers consent to receive notice at such electronic mail address. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in
writing by the party to receive such notice. 
 (a) If to the Purchasers, to the addresses set forth on Schedule A, with copies to
(which shall not constitute notice): 
 Kirkland & Ellis LLP 

609 Main Street, 45th Floor 

Houston, Texas 77002 
 Attention:
Julian J. Seiguer, P.C. 
                  Cyril V.
Jones 
 Email:      julian.seiguer@kirkland.com 

                 cyril.jones@kirkland.com 

(b) If to the Company: 
 Rosehill
Resources Inc. 
 16200 Park Row, Suite 300 

Houston, Texas 77084 
 Attention:
Craig Owen 
                  Chris Wood 

Email:      cowen@rosehillres.com 

                 cwood@rosehillres.com 

  
 30 

 With a copy to (which shall not constitute notice): 

Vinson & Elkins LLP 

1001 Fannin Street, Suite 2500 

Houston, Texas 77002 
 Attention:
Brenda Lenahan 
                  Scott Rubinsky 

Email:      blenahan@velaw.com 

                 srubinsky@velaw.com 

or to such other address as the Company or the Purchasers may designate in writing. All notices and communications shall be deemed to have been duly given: at
the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt requested, or regular mail, if mailed; upon actual receipt of the overnight courier copy, if sent via facsimile; and
upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 
 Section 7.07
Entire Agreement. This Agreement, the other Transaction Documents, and the other agreements and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein or the other Transaction Documents with respect to the rights granted by the Company or any of its Affiliates or the Purchasers or any of their respective Affiliates set forth herein or therein. This Agreement, the other Transaction Documents
and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings between the parties with respect to such subject matter. 

Section 7.08 Assignment of Rights. Each Purchaser may assign all or any portion of its
rights and obligations under this Agreement to any Affiliate of such Purchaser without the consent of the Company by (i) delivery of an agreement of such assignee to be bound by the provisions of this Agreement, (ii) a revised Schedule
A and (iii) a properly executed Internal Revenue Service Form W-9 from such assignee (or, in the case of an assignee which is disregarded for U.S. federal income tax purposes, such assignee’s disregarded owner), but no such assignment
shall relieve the assigning Purchaser of its obligations to purchase the Purchased Shares to be purchased by it without giving effect to such assignment in the event the assignee fails to purchase all or any portion of such Purchased Shares. Except
as expressly permitted by this Section 7.08, no portion of the rights and obligations under this Agreement of any Purchaser may be transferred except with the prior written consent of the Company (which consent shall not be unreasonably
withheld), in which case the assignee shall be deemed to be a Purchaser hereunder with respect to such assigned rights or obligations and shall agree to be bound by the provisions of this Agreement. The Company may not assign this Agreement or any
portion of its rights and obligations under this Agreement, without the prior written consent of the Purchasers. 

  
 31 

 Section 7.09 Governing Law: Submission to
Jurisdiction. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any
claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of New York without regard to
principles of conflicts of laws which would result in the application of the law of any other jurisdiction. Any action against any party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located
within the State of New York, and the parties hereto hereby irrevocably submit to the non-exclusive jurisdiction of any federal or state court located within the State of New York over any such action. The parties hereby irrevocably waive, to the
fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the
parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 

Section 7.10 No Recourse Against Others. 

(a) All claims, obligations, liabilities or causes of action (whether in contract or in tort, in law or in equity, or granted by statute) that
may be based upon, in respect of, arise under, out or by reason of, be connected with or relate in any manner to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in, in
connection with, or as an inducement to, this Agreement), may be made only against (and are expressly limited to) the Purchasers. No Person other than the Company or the Purchasers, including no member, partner, stockholder, Affiliate or
Representative thereof, nor any member, partner, stockholder, Affiliate or Representative of any of the foregoing, shall have any liability (whether in contract or in tort, in law or in equity, or granted by statute) for any claims, causes of
action, obligations or liabilities arising under, out of, in connection with or related in any manner to this Agreement or based on, in respect of or by reason of this Agreement or its negotiation, execution, performance or breach; and, to the
maximum extent permitted by Law, each of the Company and the Purchasers hereby waives and releases all such liabilities, claims, causes of action and obligations against any such third Person. 

(b) Without limiting the foregoing, to the maximum extent permitted by Law, (i) each of the Company and the Purchasers hereby waives and
releases any and all rights, claims, demands or causes of action that may otherwise be available at law or in equity, or granted by statute, to avoid or disregard the entity form of the other or otherwise impose liability of the other on any third
Person, whether granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization or otherwise; and (ii) each of the
Company and the Purchasers disclaims any reliance upon any third Person with respect to the performance of this Agreement or any representation or warranty made in, in connection with or as an inducement to this Agreement. 

  
 32 

 Section 7.11 No Third Party Beneficiaries.
Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than the Company, the Purchasers and, for purposes of Section 7.12 only, any member, partner, stockholder, Affiliate or Representative
of the Company or the Purchasers, or any member, partner, stockholder, Affiliate or Representative of any of the foregoing) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 7.12 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, AND AGREES
TO CAUSE ITS CONTROLLED AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR (B) IN ANY WAY CONNECTED WITH OR RELATED OR
INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. EACH PARTY TO THIS
AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 
Section 7.13 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall
be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement. 
 
Section 7.14 Tax Withholding. The Company agrees that, provided that each Purchaser delivers to the Company a properly executed IRS Form W-9 certifying as to such Purchaser’s complete exemption from backup withholding,
under current Law the Company (including any paying agent of the Company) shall not be required to, and shall not, withhold on any payments or deemed payments to any such Purchaser. In the event that any Purchaser fails to deliver to the
Company such properly executed IRS Form W-9, the Company reasonably believes that a previously delivered IRS W-9 is no longer accurate and/or valid, or there is a change in Law that affects the withholding obligations of the Company, the Company and
its paying agent shall be entitled to withhold Taxes on all payments made to the relevant Purchaser in the form of cash or to request that the relevant Purchaser promptly pay the Company in cash any amounts required to satisfy any withholding Tax
obligations. In the event that the Company does not have sufficient cash with respect to any Purchaser from withholding on cash payments otherwise payable to such Purchaser and cash paid to the Company by such Purchaser to the Company pursuant
to the immediately preceding sentence, the Company and its paying agent shall be entitled to withhold Taxes on deemed payments, including distributions of additional Series B Preferred Stock in lieu of cash and constructive distributions, on the
Series B Preferred Stock to the extent required by Law, and the Company and its paying agent shall be entitled to satisfy any required withholding tax on non-cash payments (including deemed payments) through a sale of a portion of the Series B
Preferred Stock received as a dividend or from cash dividends or sales proceeds subsequently paid or credited on the Series B Preferred Stock. 

  
 33 

 Section 7.15 Tax Treatment. The parties agree
that for purposes of Section 305 of the Code and Section 1.305-5 of the Treasury Regulations, the Series B Preferred Stock shall be treated as redeemable at the option of the Holder (as defined in the Series B Certificate of Designations)
on the sixth anniversary of the Issue Date (as defined in the Series B Certificate of Designations). Accordingly, the parties agree that the Redemption Consideration (as defined in the Series B Certificate of Designations) expected to be payable on
such sixth anniversary (assuming that the Company complies with its obligations to make cash distributions and distributions in the form of Series B PIK Shares (as defined in the Series B Certificate of Designations)), to the extent in excess of the
amount paid for the Series B Preferred Stock, shall be accrued under principles similar to the principles of Section 1272(a) of the Code, and for each calendar year an appropriate amount pursuant to such principles (for the avoidance of doubt,
taking into account any cash distributions) shall be treated as a constructive distribution of Series B Preferred Stock pursuant to Section 305 of the Code and Section 1.305-5 of the Treasury Regulations. The parties shall reasonably
cooperate to determine any such amounts that are required to be reported on any IRS Form 1099 and shall discuss the determination of any such amounts sufficiently in advance of the deadline for filing any IRS Form 1099 to allow the parties to
resolve any disagreements over any such determination. If the parties are unable to resolve any disagreement, then such disagreement shall be submitted to an an independent nationally recognized accounting firm that is mutually agreed upon by
the parties (the “Independent Accounting Firm”) for prompt resolution. The parties shall use their reasonable best efforts to cause the Independent Accounting Firm to make its determination as promptly as possible, and
in any event within thirty (30) days after such Independent Accounting Firm has been retained and prior to the date on which the relevant IRS Form 1099 is due. The costs and expense of the Independent Accounting Firm shall be borne 50% by
the Purchasers, on the one hand, and 50% by the Company, on the other hand. 
 [Remainder of Page Left Intentionally Blank] 

  
 34 

 Each of the undersigned has caused this Agreement to be duly executed as of the date first above
written. 
  

			
	COMPANY:
	
	ROSEHILL RESOURCES INC.
		
	By:	 	/s/ J. A. Townsend
	Name:	 	J. A. Townsend
	Title:	 	President and Chief Executive Officer

  
 Signature Page to
Preferred Stock Purchase Agreement 

 
			
	PURCHASERS:
	
	EIG DIREWOLF EQUITY AGGREGATOR, LP
	
	 By: EIG Direwolf GP, LLC
 Its:
General Partner

	
	 By: EIG Asset Management, LLC

Its: Managing Member

 
			
		
	By:	 	/s/ Patrick Hickey

 
			
	Name:	 	Patrick Hickey
	Title:	 	Managing Director

 
			
		
	By:	 	/s/ Kathleen Turner

 
			
	Name:	 	Kathleen Turner
	Title:	 	Associate Counsel

  
 Signature Page to
Preferred Stock Purchase Agreement 

 
			
	TRILOMA EIG ENERGY INCOME FUND
		
	By:	 	/s/ Deryck Harmer
	Name:	 	Deryck Harmer
	Title:	 	President
	
	TRILOMA EIG ENERGY INCOME FUND – TERM I
		
	By:	 	/s/ Deryck Harmer
	Name:	 	Deryck Harmer
	Title:	 	President

  
 Signature Page to
Preferred Stock Purchase Agreement 

 Schedule A 

Purchaser Allocations 
 (as of
December 8, 2017) 
  

																					
	 Purchaser
	  	Base
Series B
Preferred
Shares	 	  	Commitment	 	  	Capital
Contributions	 	  	Remaining
Unfunded
Commitment
Amount	 	  	Commitment
Percentage	 
	 EIG Direwolf Equity Aggregator, L.P.

c/o EIG Asset Management, LLC

Three Allen Center

333 Clay Street, Ste. 3500

Houston, TX 77002

Attn: Patrick Hickey, Rob Chuchla

Email: Patrick.Hickey@eigpartners.com;

cc: Aneil.Kochar@eigpartners.com;

wdc@eigpartners.com

Fax: 713.615.7454 (Patrick) &

713-615-7472 (Aneil)
	  	 	147,500	 	  	$	196,666,666.67	 	  	$	147,500,000.00	 	  	$	49,166,666.67	 	  	 	98.33333	% 
	 Triloma EIG Energy Income Fund

c/o EIG Credit Management Company, LLC

Three Allen Center

333 Clay Street, Ste. 3500

Houston, TX 77002

Attn: Patrick Hickey, Rob Chuchla

Email: Patrick.Hickey@eigpartners.com;

cc: Aneil.Kochar@eigpartners.com;

wdc@eigpartners.com

Fax: 713.615.7454 (Patrick) &

713-615-7472 (Aneil)
	  	 	1,600	 	  	$	2,133,333.33	 	  	$	1,600,000.00	 	  	$	533,333.33	 	  	 	1.06667	% 

  
 Schedule A to
Preferred Stock Purchase Agreement 

																					
	 Triloma EIG Energy Income Fund – Term I

c/o EIG Credit Management Company, LLC

Three Allen Center

333 Clay Street, Ste. 3500

Houston, TX 77002

Attn: Patrick Hickey, Rob Chuchla

Email: Patrick.Hickey@eigpartners.com;

cc: Aneil.Kochar@eigpartners.com;

wdc@eigpartners.com

Fax: 713.615.7454 (Patrick) &

713-615-7472 (Aneil)
	  	 	900	 	  	$	1,200,000.00	 	  	$	900,000.00	 	  	$	300,000.00	 	  	 	0.60000	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	150,000	 	  	$	200,000,000	 	  	$	150,000,000	 	  	$	50,000,000	 	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 Schedule A to
Preferred Stock Purchase Agreement 

 Exhibit A 

Additional Issuance Conditions 
  

	1.	The Company shall have performed in all material respects all of its obligations under this Agreement required to be performed by it on or prior to the applicable Closing Date. 

 

	2.	(i) The Up-Front Fee and (ii) the Purchasers’ Transaction Expense Amounts for all previous Closings payable hereunder shall have been paid in full. 

 

	3.	No default shall have occurred and be continuing under any Company Indebtedness Document (as defined in the Series B Certificate of Designations). 

 

	4.	No Dividend Trigger Event (as defined in the Series B Certificate of Designations) or material default under the Series B Certificate of Designations shall have occurred and be outstanding as of the applicable Closing
Date. 

  

	5.	As of the applicable Closing Date, the Company’s Capital Ratio, pro forma for the purchase and issuance of such Purchased Shares, shall not exceed 3.00 to 1.00. 

  
 Exhibit A to
Preferred Stock Purchase AgreementEX-10.2

 Exhibit 10.2 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 ROSEHILL OPERATING
COMPANY, LLC 
 DATED AS OF DECEMBER 8, 2017 

THE LIMITED LIABILITY COMPANY INTERESTS IN ROSEHILL OPERATING COMPANY, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), 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 SECOND 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 SECOND 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 
	  	 	2	 
			
	 Section 1.1
	  	 Definitions 
	  	 	2	 
	 Section 1.2
	  	 Interpretive Provisions 
	  	 	14	 
		
	 ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY

	  	 	14	 
			
	 Section 2.1
	  	 Formation 
	  	 	14	 
	 Section 2.2
	  	 Filing 
	  	 	15	 
	 Section 2.3
	  	 Name 
	  	 	15	 
	 Section 2.4
	  	 Registered Office; Registered Agent 
	  	 	15	 
	 Section 2.5
	  	 Principal Place of Business 
	  	 	15	 
	 Section 2.6
	  	 Purpose; Powers 
	  	 	15	 
	 Section 2.7
	  	 Term 
	  	 	15	 
	 Section 2.8
	  	 Intent 
	  	 	15	 
		
	 ARTICLE III CLOSING TRANSACTIONS 
	  	 	16	 
			
	 Section 3.1
	  	 Transactions In Connection With the Combination Agreement

	  	 	16	 
	 Section 3.2
	  	 Transactions In Connection With the Series B Preferred Stock Purchase Agreement
 
	  	 	17	 
		
	 ARTICLE IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS
 
	  	 	17	 
			
	 Section 4.1
	  	 Authorized Units; General Provisions With Respect to Units

	  	 	17	 
	 Section 4.2
	  	 Voting Rights 
	  	 	20	 
	 Section 4.3
	  	 Capital Contributions; Unit Ownership 
	  	 	20	 
	 Section 4.4
	  	 Capital Accounts 
	  	 	21	 
	 Section 4.5
	  	 Other Matters 
	  	 	22	 
	 Section 4.6
	  	 Exchange of Common Units 
	  	 	22	 
		
	 ARTICLE V ALLOCATIONS OF PROFITS AND LOSSES

	  	 	28	 
			
	 Section 5.1
	  	 Profits and Losses 
	  	 	28	 
	 Section 5.2
	  	 Special Allocations 
	  	 	29	 
	 Section 5.3
	  	 Allocations for Tax Purposes in General 
	  	 	31	 
	 Section 5.4
	  	 Income Tax Allocations with Respect to Depletable Properties

	  	 	32	 
	 Section 5.5
	  	 Other Allocation Rules 
	  	 	34	 
	 Section 5.6
	  	 Tax Consolidation 
	  	 	35	 
		
	 ARTICLE VI DISTRIBUTIONS 
	  	 	36	 
			
	 Section 6.1
	  	 Distributions 
	  	 	36	 
	 Section 6.2
	  	 Tax-Related Distributions

	  	 	37	 
	 Section 6.3
	  	 Distribution Upon Withdrawal 
	  	 	38	 

  
 i 

							
	 ARTICLE VII MANAGEMENT 
	  	 	38	 
			
	 Section 7.1
	  	 The Managing Member; Fiduciary Duties 
	  	 	38	 
	 Section 7.2
	  	 Officers 
	  	 	39	 
	 Section 7.3
	  	 Warranted Reliance by Officers on Others 
	  	 	40	 
	 Section 7.4
	  	 Indemnification 
	  	 	40	 
	 Section 7.5
	  	 Maintenance of Insurance or Other Financial Arrangements

	  	 	41	 
	 Section 7.6
	  	 Resignation or Termination of Managing Member 
	  	 	41	 
	 Section 7.7
	  	 No Inconsistent Obligations 
	  	 	41	 
	 Section 7.8
	  	 Reclassification Events of Rosehill 
	  	 	42	 
	 Section 7.9
	  	 Certain Costs and Expenses 
	  	 	42	 
		
	 ARTICLE VIII ROLE OF MEMBERS 
	  	 	43	 
			
	 Section 8.1
	  	 Rights or Powers 
	  	 	43	 
	 Section 8.2
	  	 Voting 
	  	 	43	 
	 Section 8.3
	  	 Various Capacities 
	  	 	44	 
		
	 ARTICLE IX TRANSFERS OF INTERESTS 
	  	 	44	 
			
	 Section 9.1
	  	 Restrictions on Transfer 
	  	 	44	 
	 Section 9.2
	  	 Notice of Transfer 
	  	 	45	 
	 Section 9.3
	  	 Transferee Members 
	  	 	45	 
	 Section 9.4
	  	 Legend 
	  	 	45	 
		
	 ARTICLE X ACCOUNTING 
	  	 	46	 
			
	 Section 10.1
	  	 Books of Account 
	  	 	46	 
	 Section 10.2
	  	 Tax Elections 
	  	 	46	 
	 Section 10.3
	  	 Tax Returns; Information 
	  	 	47	 
	 Section 10.4
	  	 Tax Matters Member and Company Representative 
	  	 	48	 
	 Section 10.5
	  	 Withholding Tax Payments and Obligations 
	  	 	49	 
		
	 ARTICLE XI DISSOLUTION AND TERMINATION 
	  	 	50	 
			
	 Section 11.1
	  	 Liquidating Events 
	  	 	50	 
	 Section 11.2
	  	 Bankruptcy 
	  	 	51	 
	 Section 11.3
	  	 Procedure 
	  	 	51	 
	 Section 11.4
	  	 Rights of Members 
	  	 	52	 
	 Section 11.5
	  	 Notices of Dissolution 
	  	 	52	 
	 Section 11.6
	  	 Reasonable Time for Winding Up 
	  	 	53	 
	 Section 11.7
	  	 No Deficit Restoration 
	  	 	53	 
		
	 ARTICLE XII GENERAL 
	  	 	53	 
			
	 Section 12.1
	  	 Amendments; Waivers 
	  	 	53	 
	 Section 12.2
	  	 Further Assurances 
	  	 	54	 
	 Section 12.3
	  	 Successors and Assigns 
	  	 	54	 
	 Section 12.4
	  	 Entire Agreement 
	  	 	54	 
	 Section 12.5
	  	 Rights of Members Independent 
	  	 	54	 
	 Section 12.6
	  	 Governing Law 
	  	 	54	 

  
 ii 

							
	 Section 12.7
	  	 Jurisdiction and Venue 
	  	 	54	 
	 Section 12.8
	  	 Headings 
	  	 	55	 
	 Section 12.9
	  	 Counterparts 
	  	 	55	 
	 Section 12.10
	  	 Notices 
	  	 	55	 
	 Section 12.11
	  	 Representation By Counsel; Interpretation 
	  	 	56	 
	 Section 12.12
	  	 Severability 
	  	 	56	 
	 Section 12.13
	  	 Expenses 
	  	 	56	 
	 Section 12.14
	  	 No Third Party Beneficiaries 
	  	 	56	 

  
 iii 

 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 ROSEHILL OPERATING
COMPANY, LLC 
 This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated from time to
time, this “Agreement”) is entered into as of December 8, 2017, by Rosehill Resources Inc., a Delaware corporation (“Rosehill”), as managing Member (and in such capacity, the “Managing Member”)
of Rosehill Operating Company, LLC, a Delaware limited liability company (the “Company”), pursuant to Section 4.3(b) of the First Amended and Restated Limited Liability Company Agreement of the Company, dated as of
April 27, 2017 (the “Existing LLC Agreement”). 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 January 6, 2017 and is currently governed by the Existing LLC Agreement; 

WHEREAS, Rosehill and Tema Oil and Gas Company, a Maryland corporation (“Tema”), entered into a Business Combination
Agreement dated December 20, 2016 (the “Combination Agreement”), pursuant to which Rosehill contributed all of its assets, including the net proceeds of its initial public offering and the Equity Financing (as defined in the
Combination Agreement) to the Company and issued and contributed shares of its Class B Common Stock (as defined below) to the Company in exchange for (x) a number of Common Units equal to the number of shares of Class A Common Stock
(as defined below) and (y) a number of Series A Preferred Units (as defined below) equal to the number of shares of Series A Preferred Stock (as defined below), in each case outstanding immediately prior to the consummation of the transactions
contemplated by the Combination Agreement; 
 WHEREAS, pursuant to the Combination Agreement, Rosehill issued and contributed the
Tema Warrants (as defined below) to the Company in exchange for a number of Warrants (as defined below) equal to the number of Tema Warrants; 

WHEREAS, pursuant to the Combination Agreement, the Company distributed cash, all of its shares of Class B Common Stock and the
Tema Warrants to Tema in redemption of a certain number of Common Units; 
 WHEREAS, each Common Unit (other than any Common Unit
held by Rosehill) may be redeemed, at the election of the holder of such Common Unit (together with the transfer and surrender by such holder of one share of Class B Common Stock), for one share of Class A Common Stock in accordance with
the terms and conditions of this Agreement; 

 WHEREAS, Rosehill has entered into a Series B Redeemable Preferred Stock Purchase
Agreement dated December 8, 2017 (the “Series B Preferred Stock Purchase Agreement”), which contemplates the issuance and sale by Rosehill to certain purchasers named therein of shares of Series B Preferred Stock (as defined
below); 
 WHEREAS, in connection with the transactions contemplated by the Series B Preferred Stock Purchase Agreement, the
Managing Member desires to amend and restate the Existing LLC Agreement pursuant to Section 4.3(b) thereof to set forth the designations, preferences, rights, powers and duties of the Series B Preferred Units (as defined below); and 

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

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

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

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

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

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

  

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

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

  
 2 

 “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly controls, is controlled by, or is under common control with, such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or otherwise; provided that, for purposes of this Agreement, (i) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and
(ii) none of the Company or any of its Subsidiaries shall be deemed an Affiliate of any Member. 
 “After-Tax TRA Payments” means, at any date of determination, with respect to a Member that has received payments under the Tax Receivable Agreement, the excess of (i) the aggregate payments received by
such Member pursuant to the Tax Receivable Agreement at such time, over (ii) the cumulative amount of federal, state and local income taxes payable with respect to such payments, determined taking into account the character of income or gain
applicable to such payments and assuming the Member is subject to tax at the Assumed Tax Rate. 
 “Agreement” is defined in
the preamble to this Agreement. 
 “Assumed Tax Liability” means, with respect to any Member at any Tax Advance Date, an
amount equal to the cumulative amount of federal, state and local income taxes (including any applicable estimated taxes), determined taking into account the character of income and loss allocated as it affects the Assumed Tax Rate, that the
Managing Member estimates would be due from such Member as of the relevant Tax Advance Date, (i) assuming such Member were an individual who earned solely the items of income, gain, deduction, loss, and/or credit allocated to such Member
pursuant to Article V, (ii) taking into account 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 using the cost depletion method,
(iii) 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, and (iv) assuming that such
Member is subject to tax at the Assumed Tax Rate. The Managing Member shall reasonably determine the Assumed Tax Liability for each Member based on such assumptions as the Managing Member deems necessary. 

“Assumed Tax Rate” means, for any taxable year, the sum of the highest marginal effective rate of federal, state, and local
income tax applicable to any direct, or in the case of ownership through an entity classified as a partnership or disregarded entity for federal income tax purposes, indirect owner of a Member (other than Rosehill) (including any tax rate imposed
under Section 1411 of the Code) determined by applying the rates applicable to ordinary income (in cases where taxes are being determined on ordinary income allocated to a Member) and capital gains (in cases where taxes are being determined on
capital gains allocated to a Member), and excluding any deduction of state and local income taxes in computing a Member’s liability for federal income tax. The Managing Member shall consult in good faith with each other Member to determine the
Assumed Tax Rate for such Member for any taxable year. 
 “beneficially own” and “beneficial owner” shall
be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act. 

  
 3 

 “Bipartisan Budget Act of 2015” means Title XI of the Bipartisan Budget Act of
2015, as may be amended from time to time (or any corresponding provisions of succeeding law), and any related provisions of law, including court decisions, regulations and administrative guidance.
 
 “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. 
 “Call Election Notice” is defined in
Section 4.6(f)(ii). 
 “Call Right” has the meaning set forth in
Section 4.6(f)(i). 
 “Capital Account” means, with respect to any Member, the Capital Account
maintained for such Member in accordance with Section 4.4. 
 “Capital Contribution” means, with
respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed to the Company by such Member. Any reference to the Capital Contribution of a Member will include any Capital Contributions
made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in respect of Units Transferred to such Member. 

“Cash Election” is defined in Section 4.6(a)(iv). 

“Cash Election Amount” means with respect to a particular Exchange on any Exchange Date, an amount of cash equal to the number
of shares of Class A Common Stock that would be received in such Exchange, multiplied by the Class A VWAP Price. 

“Class A Common Stock” means, as applicable, (i) the Class A Common Stock, par value $0.001 per
share, of Rosehill or (ii) following any consolidation, merger, reclassification or other similar event involving Rosehill, any shares or other securities of Rosehill or any other Person or cash or other property that become payable in
consideration for the Class A Common Stock or into which the Class A Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event. 

“Class A VWAP Price” means the (i) the volume weighted average price of a share of Class A Common
Stock for the 20 trading days ending on and including the trading day prior to the Exchange Notice Date, as reported by Bloomberg, L.P., or its successor, or (ii) in the event the shares of Class A Common Stock are not then publicly
traded, the value, as reasonably determined by the Managing Member in good faith, that would be obtained in an arm’s length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under
any compulsion to purchase or sell, respectively, and without regard to the particular circumstances of the buyer or seller. 

“Class B Common Stock” means, as applicable, (i) the Class B Common Stock, par value $0.001 per
share, of Rosehill or (ii) following any consolidation, merger, reclassification or other similar event involving Rosehill, any shares or other securities of Rosehill or any other Person or cash or other property that become payable in
consideration for the Class B Common Stock or into which the Class B Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event. 

  
 4 

 “Closing Date Capital Account Balance” means, with respect to any Member, the
positive Capital Account balance of such Member as of April 27, 2017, the amount or deemed value of which is set forth on Exhibit A as determined immediately following the contributions and distributions from and to the Members,
respectively, pursuant to the Combination Agreement. 
 “Code” means the United States Internal Revenue Code of 1986, as
amended from time to time (or any corresponding provisions of succeeding law). 
 “Combination Agreement” is defined in the
Recitals. 
 “Commission” means the U.S. Securities and Exchange Commission. 

“Common Units” has the meaning set forth in Section 4.1(b). 

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

“Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall
be determined with reference to such Gross Asset Value. 
 “Company Representative” has the meaning assigned to the term
“partnership representative” in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder and as appointed in Section 10.4. 

“Consolidated Group” has the meaning set forth in in Section 5.6(a). 

“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. 

“Debt Securities” means, with respect to Rosehill, any and all debt instruments or debt securities that are not convertible or
exchangeable into Equity Securities of Rosehill. 
 “Depletable Property” means each separate oil and gas property as
defined in Code Section 614. 

  
 5 

 “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 which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such
Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is zero,
Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Tax Matters 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” has the meaning set forth in Section 7.9. 

“Effective Time” means the time of the Closing (as defined in the Combination Agreement). 

“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. For the avoidance of doubt, the Series A Preferred Units and the Series B Preferred Units are Equity Securities of
the Company, and the Series A Preferred Stock and the Series B Preferred Stock are Equity Securities of Rosehill. 
 “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). 

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

“Exchange Date” means (i) (x) if the Company has not made a valid Cash Election with respect to the relevant Exchange,
the date that is three (3) Business Days after the Exchange Notice Date or (y) if the Company has made a valid Cash Election with respect to the relevant 

  
 6 

 
Exchange, the date that is the first Business Day on which the Company has available funds to pay the Cash Election Amount (but in any event no more than 10 days after the Exchange Notice Date),
or (ii) such later date specified in or pursuant to the Exchange Notice. 
 “Exchange Notice” is defined in
Section 4.6(a)(iii). 
 “Exchange Notice Date” is defined in
Section 4.6(a)(iii). 
 “Exchanging Member” is defined in
Section 4.6(a)(ii). 
 “Existing LLC Agreement” is defined in the preamble 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 reasonably deem appropriate. 
 “Fiscal Year” means the fiscal
year of the Company, which shall end on December 31 of each calendar year unless, for U.S. federal income tax purposes, another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes and for
accounting purposes. 
 “GAAP” means U.S. generally acceptable accounting principles at the time. 

“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, self-regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

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

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

 

	 	(b)	 the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values
as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution (including any Preferred Units
issued/distributed to Rosehill with respect to Preferred Units pursuant to Section 6.1(a)(i)) 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  

  
 7 

	 	
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) (other than pursuant to Code Section 708(b)(1)(B)), (iv) the acquisition of an interest in the Company by any new or existing Member upon the exercise of a
noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent determined by the Managing Member to be permitted and
necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q); provided, however, that adjustments
pursuant to clauses (i), (ii) and (iv) above shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company. If any
noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2); 

  

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

 

	 	(d)	the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to
the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subsection (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 subsection (b) of this definition is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d);
and 

  

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

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

  
 8 

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

“Legal Action” is defined in Section 12.7. 

“Liability” means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent,
accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted. 
 “Liquidating
Events” is defined in Section 11.1. 
 “Managing Member” is defined in the preamble to
this Agreement. 
 “Member” means any Person that executes this Agreement as a Member, and any other Person admitted to the
Company as an additional or substituted Member, that has not made a disposition of such Person’s entire Interest. 
 “Member
Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations Section 1.704-2(i). It is further understood that the determination
of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations Sections
1.704-2(d) and -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). 
 “National Securities
Exchange” means an exchange registered with the Commission under the Exchange Act. 
 “Nonrecourse Deductions” has
the meaning assigned that term in Treasury Regulations Section 1.704-2(b). 

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

 “Officer” means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of
Section 7.2. 
 “Permitted Transferee” means, with respect to any Member, (a) any Affiliate
of such Member; (b) any partner, shareholder or member of such Member, (b) any successor entity of such Member; (c) a trust established by or for the benefit of a Member of which only such Member and his or her immediate family
members are beneficiaries; (d) any Person established 

  
 9 

 
for the benefit of, and beneficially owned solely by, an entity Member or the sole individual direct or indirect owner of an entity Member; and (e) upon an individual Member’s death, an
executor, administrator or beneficiary of the estate of the deceased Member. 
 “Person” means any individual, partnership,
firm, corporation, limited liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act. 

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

“Preferred Stock” means preference Equity Securities issued by Rosehill that rank senior to the Rosehill Common Stock with
respect to dividend rights and rights upon the liquidation, winding-up or dissolution of Rosehill. 

“Preferred Stock Related Taxes” is defined in Section 6.2(a)(i). 

“Preferred Units” means preference Equity Securities issued by the Company that rank senior to the Common Units with respect
to dividend rights and rights upon the liquidation, winding-up or dissolution of the Company. 

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

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

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

 

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

 

	 	(c)	 in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsections (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 

  
 10 

	 	
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 a 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 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 which are specifically allocated pursuant to Section 5.1(a) or 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 5.1(a) and Section 5.2 will be determined by applying rules
analogous to those set forth in subparagraphs (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. 
 “Reclassification
Event” means any of the following: (i) any reclassification or recapitalization of Rosehill Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a
subdivision or combination or any transaction subject to Section 4.1(g)), (ii) any merger, consolidation or other combination involving Rosehill, or (iii) any sale, conveyance, lease, or other disposal of all or
substantially all the properties and assets of Rosehill to any other Person, in each of clause (i), (ii) or (iii), as a result of which holders of Rosehill Common Stock shall be entitled to receive cash, securities or other property for their shares
of Rosehill Common Stock. 
 “Regulatory Allocations” is defined in Section 5.2(j). 

  
 11 

 “Reporting Member” has the meaning set forth in in
Section 5.6(a). 
 “Retraction Notice” is defined in Section 4.6(b)(i).

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

“Rosehill Common Stock” means all classes and series of common stock of the Managing Member, including the Class A Common
Stock and the Class B Common Stock. 
 “Rosehill Offer” is defined in Section 4.6(g). 

“Rosehill Stock” means the Rosehill Common Stock, together with any other stock of Rosehill, including the Preferred Stock.

 “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). 
 “Series A Preferred Stock”
means, as applicable, the 8.000% Series A Cumulative Perpetual Convertible Preferred Stock, par value $0.0001 per share, of Rosehill. 

“Series A Preferred Units” has the meaning set forth in Section 4.1(b). 

“Series B Initial Closing” means the consummation of the purchase and sale of the Base Series B Preferred Shares (as
defined in the Series B Preferred Stock Purchase Agreement). 
 “Series B Preferred Stock” means, as applicable, the
10.000% Series B Redeemable Preferred Stock, par value $0.0001 per share, of Rosehill. 
 “Series B Preferred Stock Purchase
Agreement” is defined in the recitals to this Agreement. 
 “Series B Preferred Units” has the meaning set forth in
Section 4.1(b). 
 “Simulated Basis” means the Gross Asset Value of any Depletable Property. 

“Simulated Depletion” means, with respect to each Depletable Property, a depletion allowance computed in accordance with U.S.
federal income tax principles (as if the Simulated Basis of the property were its Adjusted Basis) using the cost depletion method in the manner specified in 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). 

  
 12 

 “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 Advance” has the meaning set forth in
Section 6.2(b). 
 “Tax Advance Date” means any date that is two business days prior to the date
on which estimated federal income tax payments are required to be made by individual taxpayers and the due date for federal income tax returns of individual taxpayers (without regard to extensions). 

“Tax Matters Member” means the “tax matters partner” as defined in Code Section 6231(a)(7) and as appointed in
Section 10.4. 
 “Tax Receivable Agreement” means the Tax Receivable Agreement dated as of
April 27, 2017 by and among Rosehill, Tema and the Agent as set forth thereunder and any similar agreement entered into by Rosehill after the date hereof. 

“Tax Return Preparer” has the meaning provided in Section 10.3(d). 

“Tax Returns” has the meaning provided in Section 10.3(a). 

“Tema” has the meaning set forth in the Recitals. 

“Tema Warrants” is defined in Section 3.1(c). 

“Transfer” means, 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, 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)(iii). 

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

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

  
 13 

 “Unpaid Excess Cash Amount” shall mean the total amount of any unpaid excess
cash payment amounts excused from payment as a dividend on any series of Preferred Stock as a result of restrictions in any financing agreements or other third party agreement to which the Company is a party or legal requirement set forth in the
Certificate of Designations for any series of Preferred Stock. 
 “Warrants” has the meaning set forth in in
Section 3.1(f). 
 “Winding-Up Member” is defined in
Section 11.3(a). 
 Section 1.2 Interpretive Provisions. For
all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  

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

 

	 	(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. 

  
 14 

 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 “Rosehill Operating Company, LLC”
and all business of the Company shall be conducted in such name or, in the discretion of the Managing Member, under any other name. 
 
Section 2.4 Registered Office; Registered Agent. The 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 United Corporate Services, Inc., 874 Walker Road, Suite C, Dover, Delaware 19904, Kent County, 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. 

  
 15 

 ARTICLE III 

CLOSING TRANSACTIONS 
 
Section 3.1 Transactions In Connection With the Combination Agreement. 
  

	 	(a)	Effective immediately prior to the Effective Time, Tema contributed the Contributed Assets (as defined in the Combination Agreement) to the Company in exchange for 100% of the then-existing Equity Securities of the
Company. Immediately following such contribution and effective as of the Effective Time, the Company was recapitalized as set forth in the Existing LLC Agreement. 

 

	 	(b)	Effective as of the Effective Time and immediately following the transactions contemplated by Section 3.1(a), and in accordance with the terms of the Combination Agreement, Rosehill
contributed, transferred, assigned and delivered (i) all of its right, title and interest in all of its assets, including the net proceeds of its initial public offering and the Equity Financing, and (ii) the number of shares of its
Class B Common Stock as contemplated under the Combination Agreement to the Company in exchange for (y) a number of Common Units equal to the number of Common Units set forth opposite its name in Exhibit A and (z) a number of
Series A Preferred Units equal to the number of Series A Preferred Units set forth opposite its name in Exhibit A. 

  

	 	(c)	Effective as of the Effective Time and immediately following the transactions contemplated by Sections 3.1(a)-(b), and in accordance with the terms of the Combination Agreement, Rosehill contributed, transferred,
assigned and delivered the number of warrants to purchase shares of Rosehill Class A Common Stock as contemplated under the Combination Agreement to the Company (the “Tema Warrants”) in exchange for a number of Warrants equal
to the number of Tema Warrants (as set forth in Section 3.1(f)); 

  

	 	(d)	Effective as of the Effective Time and immediately following the transactions contemplated by Sections 3.1(a)-(c), and in accordance with the terms of the Combination Agreement, the Company distributed cash, all
of its shares of Class B Common Stock and the Tema Warrants to Tema in redemption of a certain number of Common Units as is set forth in the Combination Agreement. 

 

	 	(e)	The total number of Units issued and outstanding and held by the Members immediately following the consummation of the transactions contemplated by Sections 3.1(a)-(d) of this Agreement and the Combination Agreement is
set forth on Exhibit A hereto (as amended from time to time in accordance with the terms of this Agreement). 

  

	 	(f)	 Effective as of the Effective Time and immediately following the transactions contemplated by Sections
3.1(a)-(c), and prior to giving effect to Section 4.1 under the Existing LLC Agreement, the Company issued to Rosehill a number of warrants exercisable for Common Units (the “Warrants”) in an amount
equal to 

  
 16 

	 	
the number of warrants exercisable for shares of Class A Common Stock outstanding immediately prior to such issuance of Warrants pursuant to this Section 3.1(f)
(including, but not limited to, a number of warrants equal to the number of Tema Warrants). For the avoidance of doubt, each Warrant shall be treated as a “noncompensatory option” within the meaning of Treasury Regulations Sections 1.721-2(f) and 1.761-3(b)(2) and not be treated as a partnership interest pursuant to Treasury Regulations Section 1.761-3(a).

 Section 3.2    Transactions In Connection With the Series B
Preferred Stock Purchase Agreement. 
  

	 	(a)	In accordance with Section 4.1(e) of this Agreement, effective concurrently with each Closing (as defined in the Series B Preferred Stock Purchase Agreement), the Company shall issue to
Rosehill a number of Series B Preferred Units in an amount equal to the number of shares of Series B Preferred Stock issued by Rosehill at each such Closing, in exchange for the corresponding contribution by Rosehill to the Company of the net
proceeds received by Rosehill from the sale of such shares of Series B Preferred Stock at such Closing. 

  

	 	(b)	The total number of Units issued and outstanding and held by the Members immediately following the consummation of the Series B Initial Closing pursuant to the Series B Preferred Stock Purchase Agreement is set forth on
Exhibit A hereto (as amended from time to time in accordance with the terms of this Agreement). 

 
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)	As of the date of this Agreement, the Company shall have two authorized classes of Units, consisting of units of limited liability company interests denominated as “Common Units” and “Preferred
Units.” As of the date of this Agreement, the Preferred Units shall consist of two series, designated as the 8.000% Series A Cumulative Perpetual Convertible Preferred Units (the “Series A Preferred Units”) and the 10.000%
Series B Redeemable Preferred Units (the “Series B Preferred Units”). All Common Units shall be identical, all Series A Preferred Units shall be identical, and all Series B Preferred Units shall be identical. 

  
 17 

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

 

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

  

	 	(e)	 If at any time Rosehill issues a share of its Class A Common Stock or any other Equity Security of Rosehill
(other than shares of Class B Common Stock), (i) the Company shall concurrently issue to Rosehill one Common Unit (if Rosehill issues a share of Class A Common Stock) or such other Equity Security of the Company (if Rosehill issues Equity
Securities other than Class A Common Stock) corresponding to the Equity Securities issued by Rosehill, and with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as
those of such Equity Securities of Rosehill to be issued and (ii) Rosehill shall concurrently contribute to the Company the net proceeds received by Rosehill for such share of Class A Common Stock or other Equity Security (including
any exercise price related thereto); provided, however, that if Rosehill issues any shares of Class A Common Stock in order to purchase or fund the purchase from a Member of a number of Common Units (and shares of Class B
Common Stock) equal to the number of shares of Class A Common Stock so issued, then the Company shall not issue any new Common Units in connection therewith, Rosehill shall not be required to transfer such net proceeds to the Company, and such
net proceeds shall instead be transferred to such Member as consideration for such purchase. Notwithstanding the foregoing, this Section 4.1(e) shall not apply to (i) the issuance and distribution to holders of shares
of Rosehill Stock of rights to purchase Equity Securities of Rosehill under a “poison pill” or similar shareholders rights plan (and upon any exchange of Common Units for Class A Common Stock, such Class A Common Stock will be
issued together with a corresponding right under such plan) or (ii) the issuance under Rosehill’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of Rosehill or rights or property that may be
converted into or settled in Equity Securities of Rosehill, but shall in each of the foregoing cases apply to the issuance of Equity Securities of Rosehill in connection with the exercise or settlement of such rights, warrants, options or other
rights or property (it being understood that Rosehill shall contribute to the Company the net proceeds, if any, received by Rosehill in connection with such exercise or settlement). Except pursuant to Section 4.6, (A) the
Company may not issue any additional Common Units to Rosehill or any of its Subsidiaries unless substantially simultaneously therewith Rosehill or such Subsidiary issues or sells an equal number of shares of

  
 18 

	 	
Rosehill’s Class A Common Stock to another Person and (B) the Company may not issue any additional Equity Securities of the Company to Rosehill or any of its Subsidiaries unless
substantially simultaneously Rosehill or such Subsidiary issues or sells, to another Person, an equal number of shares of a new or existing class or series of Equity Securities of Rosehill or such Subsidiary with substantially the same rights to
dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company. If at any time Rosehill issues Debt Securities, Rosehill shall transfer to the Company (in a manner
to be determined by the Manager Member in its reasonable discretion) the proceeds received by Rosehill 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 Rosehill (including any series of Preferred Stock) is exercised or otherwise converted and, as a result, any shares of Class A Common Stock or other Equity Securities of Rosehill are issued, the
corresponding Equity Security outstanding at the Company (including any series of Preferred Units or the Warrants, if applicable) shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Common Units or other
Equity Securities of the Company shall be issued to Rosehill as contemplated by the first sentence of this Section 4.1(e). 

  

	 	(f)	 Rosehill or any of its Subsidiaries may not redeem, repurchase or otherwise acquire (i) any shares of
Class A Common Stock (including upon forfeiture of any unvested shares of Class A Common Stock) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from Rosehill or such Subsidiary an equal number of
Common Units for the same price per security or (ii) any other Equity Securities of Rosehill, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from Rosehill or such Subsidiary an equal number of Equity
Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of Rosehill for
the same price per security. The Company may not redeem, repurchase or otherwise acquire (A) except pursuant to Section 4.6, any Common Units from Rosehill or any of its Subsidiaries unless substantially simultaneously
Rosehill or such Subsidiary redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same price per security from holders thereof or (B) any other Equity Securities of the Company from Rosehill
or any of its Subsidiaries unless substantially simultaneously Rosehill or such Subsidiary redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of Rosehill of a corresponding class or series
with substantially the same rights to dividends and distributions (including distribution upon liquidation) and other economic rights as those of such Equity Securities of Rosehill. Notwithstanding the foregoing, to the extent that any consideration
payable by Rosehill in connection with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of Rosehill or any of its Subsidiaries consists (in whole or in part) of shares of Class A Common Stock or
other Equity Securities 

  
 19 

	 	
(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 or any class thereof unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Rosehill Stock or applicable class thereof, with corresponding changes made
with respect to any other exchangeable or convertible securities. Rosehill shall not in any manner effect any subdivision (by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of the outstanding Rosehill Stock or any class thereof unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units or applicable class thereof, with
corresponding changes made with respect to any other exchangeable or convertible securities. 

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 Common Units having voting rights will vote together as a single class on all matters to be approved by the Members. 

Section 4.3 Capital Contributions; Unit Ownership. 

 

	 	(a)	Capital Contributions. As of April 27, 2017, each Member named on Exhibit A was credited with the Closing Date Capital Account Balance set forth on Exhibit A in respect of its Interest
specified thereon. Except as otherwise set forth in Section 4.1(e), 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
including but not limited to Section 4.1, 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) 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 

  
 20 

	 	
Company to any Person unless such Person shall have executed a counterpart to this Agreement and all other documents, agreements or instruments deemed necessary or desirable in the discretion of
the Managing Member. Upon such issuance and execution, such Person shall be admitted as a Member of the Company. In that event, the Managing Member shall amend Exhibit A to reflect such additional issuances. Subject to
Section 12.1, the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company, or
such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of, any class or series of Units or other Equity Securities in the Company pursuant to this
Section 4.3(b). 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 in order to consummate any offering of shares of Rosehill Stock or other Equity Securities of Rosehill 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 shares of Rosehill Stock or
other Equity Securities of Rosehill. 

 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 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, 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). For the avoidance of doubt, any distribution/issuance of Preferred Units to Rosehill
pursuant to Section 6.1(a)(i) shall be treated as: (i) a distribution of cash in an amount that would apply if payment were made in cash rather than Preferred Units; and (ii) a contribution of the amount described
in clause (i) to the Company in exchange for the Preferred Units issued. 

  
 21 

 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 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, to any of the other Members, to the creditors of the Company, or to 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 its 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 Exchange of Common Units. 
  

	 	(a)	(i) Each of the Members (other than Rosehill) shall be entitled to cause the Company to redeem, at any time and from time to time, all or any portion of such Member’s Common Units (together with the transfer and
surrender of the same number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock (an “Exchange”) or, at the Company’s election made in accordance with
Section 4.6(a)(iv), cash equal to the Cash Election Amount calculated with respect to such Exchange, upon the terms and subject to the conditions set forth in this Section 4.6 and in
Section 6.2(b). Upon the Exchange by a Member of all of its Common Units, if the Member does not hold any other Units, such Member shall, for the avoidance of doubt, cease to be a Member of the Company. 

 

	 	(ii)	 Each exchanging Member (the “Exchanging Member”) shall be permitted to effect a redemption of
Common Units pursuant to Section 4.6(a)(i) that involves less than 1,500,000 Common Units no more frequently than (i) six times per calendar year and (ii) no more than two times per calendar quarter; provided,
however, that if an Exchanging 

  
 22 

	 	
Member provides an Exchange Notice with respect to all of the Common Units held by such Exchanging Member, such Exchange may occur at any time, subject to this
Section 4.6; provided, further, that the Managing Member may, in its sole discretion and at any time, permit any Member to effect a redemption of a lesser number of Common Units. 

 

	 	(iii)	In order to exercise the redemption right under Section 4.6(a)(i), the Exchanging Member shall provide written notice (the “Exchange Notice”) to the Company, with a copy to
Rosehill (the date of delivery of such Exchange Notice, the “Exchange Notice Date”), stating (i) the number of Common Units (together with the transfer and surrender of an equal number of shares of Class B Common Stock)
the Exchanging Member elects to have the Company redeem, (ii) if the shares of Class A Common Stock to be received are to be issued other than in the name of the Exchanging Member, the name(s) of the Person(s) in whose name or on whose
order the shares of Class A Common Stock are to be issued, and (iii) if the Exchanging Member requires the Exchange to take place on a specific date, such date, provided that, any such specified date shall not be earlier than the date that
would otherwise apply pursuant to clause (i) of the definition of Exchange Date. If the Common Units to be redeemed (or the shares of Class B Common Stock to be transferred and surrendered) by the Exchanging Member are represented by a
certificate or certificates, prior to the Exchange Date, the Exchanging Member shall also present and surrender such certificate or certificates representing such Common Units (or shares of Class B Common Stock) during normal business hours at
the principal executive offices of the Company, or if any agent for the registration or transfer of Class A Common Stock is then duly appointed and acting (the “Transfer Agent”), at the office of the Transfer Agent. If required
by the Managing Member, any certificate for Common Units and any certificate for shares of Class B Common Stock (in each case, if certificated) surrendered to the Company hereunder shall be accompanied by instruments of transfer, in forms
reasonably satisfactory to the Managing Member and the Transfer Agent, duly executed by the Exchanging Member or the Exchanging Member’s duly authorized representative. 

 

	 	(iv)	Upon receipt of an Exchange Notice, the Company shall be entitled to elect (a “Cash Election”) to settle the Exchange by delivering to the Exchanging Member, in lieu of the applicable number of shares
of Class A Common Stock that would be received in such Exchange, an amount of cash equal to the Cash Election Amount for such Exchange. In order to make a Cash Election with respect to an Exchange, the Company must provide written notice of
such election to the Exchanging Member (with a copy to Rosehill) prior to 1:00 p.m., Houston time, on the second Business Day after the Exchange 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 Exchange. 

  
 23 

	 	(v)	For U.S. federal income (and applicable state and local) tax purposes, each of the Exchanging Member, the Company and Rosehill, as the case may be, agree to treat each Exchange and, in the event Rosehill exercises its
Call Right, each transaction between the Exchanging Member and Rosehill, as a sale of the Exchanging Member’s Common Units (together with the same number of shares of Class B Common Stock) to Rosehill in exchange for shares of Class A
Common Stock or cash, as applicable. 

  

	 	(b)	(i) The Exchange shall be completed on the Exchange Date; provided that the Company, Rosehill and the Exchanging Member may change the number of Common Units specified in the Exchange Notice as to be redeemed
and/or the Exchange Date to another number and/or date by unanimous agreement signed in writing by each of them; provided further that an Exchange Notice may specify that the Exchange is to be contingent (including as to timing) upon
the consummation of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering or otherwise) of the shares of Class A Common Stock into which the Common Units are redeemable, or the closing of an announced
merger, consolidation or other transaction or event in which the shares of Class A Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property, provided that the foregoing
shall not apply to any Exchange with respect to which the Company has made a valid Cash Election; provided further, that the Exchange Date may be moved to a later date to the extent Rosehill reasonably determines is necessary for, and the
Company, Rosehill and the Exchanging Member shall take any action reasonably necessary to cause, the Exchange and any subsequent sale of Class A Common Stock resulting therefrom to be in compliance with applicable securities Law. Provided the
Company has not made a valid Cash Election, the Exchanging Member may retract its Exchange Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to Rosehill) at any time prior to the Exchange Date.
The timely delivery of a Retraction Notice shall terminate all of the Exchanging Member’s, the Company’s and Rosehill’s rights and obligations arising from the retracted Exchange Notice. 

 

	 	(ii)	 Unless the Exchanging Member has timely delivered a Retraction Notice as provided in
Section 4.6(b)(i) or Rosehill has elected its Call Right pursuant to Section 4.6(f), on the Exchange Date (to be effective immediately prior to the close of business on the Exchange Date) (A)
the Exchanging Member shall transfer and surrender the Common Units to be redeemed (and a corresponding number of shares of Class B Common Stock) to the Company, in each case free and clear of all liens and encumbrances, (B) Rosehill shall
contribute to the Company the consideration the Exchanging Member is entitled to receive under Section 4.6(a)(i), (C) the Company shall (x) cancel the redeemed Common Units, (y) transfer to the Exchanging Member
the consideration the Exchanging 

  
 24 

	 	
Member is entitled to receive under Section 4.6(a)(i), and (z) if the Common Units are certificated, issue to the Exchanging Member a certificate for a number of
Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Exchanging Member pursuant to clause (ii)(A) of this Section 4.6(b) and the number of redeemed
Common Units, (D) the Company shall issue to Rosehill a number of Common Units equal to the number of Common Units surrendered by the Exchanging Member and (E) Rosehill shall cancel the surrendered shares of Class B Common Stock.
Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Company makes a valid Cash Election, Rosehill shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after
deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions) from the sale by Rosehill of a number of shares of Class A Common Stock equal to the number of Common Units to be redeemed with such cash;
provided that Rosehill’s Capital Account shall be increased by an amount equal to any such discounts, commissions and fees relating to such sale of shares of Class A Stock in accordance with Section 7.9;
provided further, that the contribution of such net proceeds shall in no event affect the Exchanging 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 shares of Class A Common Stock are converted or changed into another security, securities or other property (other than as a result of a subdivision or combination or any transaction subject to
Section 4.1(g)), or (ii) Rosehill, by dividend or otherwise, distributes to all holders of the shares of Class A Common Stock evidences of its Indebtedness or assets, including securities (including shares of
Class A Common Stock and any rights, options or warrants to all holders of the shares of Class A Common Stock to subscribe for or to purchase or to otherwise acquire shares of Class A Common Stock, or other securities or rights
convertible into, exchangeable for or exercisable for shares of Class A Common Stock) but excluding any cash dividend or distribution as well as any such distribution of Indebtedness or assets received by Rosehill from the Company in respect of
the Units, then upon any subsequent Exchange, in addition to the shares of Class A Common Stock or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount of such security, securities or other property that
such Member would have received if such Exchange 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 

  
 25 

	 	
similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, or any dividend or distribution (other than an
excluded dividend or distribution, as described above), this Section 4.6 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to the Units
held by the Members and their Permitted Transferees as of the date hereof, as well as any Units hereafter acquired by a Member and his or her or its Permitted Transferees. 

 

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

  

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

 

	 	(f)	 (i) Notwithstanding anything to the contrary in this Section 4.6, but subject to
Section 4.6(g), an Exchanging Member shall be deemed to have offered to sell its Common Units as described in the Exchange Notice to Rosehill, and Rosehill may, in its sole discretion, by means of delivery of Call Election
Notice in accordance with, and subject to the terms of, this Section 4.6(f), elect to purchase directly and acquire such Common Units (together with the transfer and surrender of the same number of shares of Class B
Common Stock) on the Exchange Date by paying to the Exchanging Member (or, on the Exchanging Member’s written order, its designee), that number of shares of Class A Common Stock the Exchanging Member (or its designee) would otherwise
receive pursuant to Section 4.6(a)(i) or, at Rosehill’s election, an amount of cash equal to the Cash Election Amount of such shares of Class A Common Stock (the “Call Right”),

  
 26 

	 	
whereupon Rosehill shall acquire the Common Units offered for exchange by the Exchanging Member (together with the transfer and surrender of the same number of shares of Class B Common
Stock) and shall be treated for all purposes of this Agreement as the owner of such Common Units and shares of Class B Common Stock. 

  

	 	(ii)	Rosehill may, at any time prior to the Exchange Date, in its sole discretion deliver written notice (a “Call Election Notice”) to the Company and the Exchanging Member setting forth its election to
exercise its Call Right. A Call Election Notice may be revoked by Rosehill at any time; provided that any such revocation does not prejudice the ability of the parties to consummate an Exchange on the Exchange 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 Exchange would have been consummated if Rosehill had not delivered a
Call Election Notice. 

  

	 	(g)	In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction with respect to shares of Class A Common Stock (a “Rosehill Offer”) is
proposed by Rosehill or is proposed to Rosehill or its stockholders and approved by the board of directors of Rosehill or is otherwise effected or to be effected with the consent or approval of the board of directors of Rosehill, the Members (other
than Rosehill) shall be permitted to participate in such Rosehill Offer by delivery of a contingent Exchange Notice in accordance with the second proviso of the first sentence of Section 4.6(b)(i). In the case of a Rosehill
Offer proposed by Rosehill, Rosehill will use its reasonable best efforts expeditiously and in good faith to take all such actions and do all such things as are necessary or desirable to enable and permit the Members to participate in such Rosehill
Offer to the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock without discrimination; provided that, without limiting the generality of this sentence, Rosehill will use its reasonable
best efforts expeditiously and in good faith to ensure that such Members may participate in each such Rosehill Offer without being required to redeem Common Units (or, if so required, to ensure that any such redemption pursuant to an Exchange shall
be effective only upon, and shall be conditional upon, the closing of such Rosehill Offer). In no event shall Members participating in a Rosehill Offer pursuant to this Section 4.6(g) be entitled to receive in such Rosehill
Offer aggregate consideration for each Common Unit that is greater than the consideration payable in respect of each share of Class A Common Stock in connection with a Rosehill Offer. 

 

	 	(h)	 No Exchange shall impair the right of the Exchanging Member to receive any distributions payable on the Common
Units redeemed pursuant to such Exchange in respect of a record date that occurs prior to the Exchange Date for such Exchange. For the avoidance of doubt, no Exchanging Member, or a Person designated by an Exchanging Member to receive shares of
Class A Common Stock, shall be entitled to receive, with respect to such record date, distributions 

  
 27 

	 	
or dividends both on Common Units redeemed by the Company from such Exchanging Member and on shares of Class A Common Stock received by such Exchanging Member, or other Person so designated,
if applicable, in such Exchange. 

  

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

 ARTICLE V 

ALLOCATIONS OF PROFITS AND LOSSES 

Section 5.1 Profits and Losses. 

 

	 	(a)	Following any allocations under Section 5.2 and prior to any allocations under Section 5.1(b), items of gross income and gain shall be allocated to Rosehill in respect
of its Preferred Units until the cumulative amount of items of income and gain so allocated to Rosehill for the current and all prior Fiscal Years or other relevant periods equals the sum of (without duplication) (i) the cumulative amount of
distributions received by Rosehill pursuant to Section 6.1(a)(i) in respect of the Preferred Units for the current and all prior Fiscal Years or other relevant periods, plus (ii) the sum of the accrued and unpaid
dividends and Unpaid Excess Cash Amounts on all of the outstanding shares of Preferred Stock as of the end of the current Fiscal Year or other relevant period, plus (iii) an amount necessary, as determined by the Managing Member, to reflect any
premium paid or to be paid with respect to any series of Preferred Units (whether in connection with a redemption of Preferred Units pursuant to Section 4.1(f) or a liquidation of the Company pursuant to Article XI)
for the current and all prior Fiscal Years or other relevant periods. For purposes of clause (i) above, any issuance/distribution of Preferred Units to Rosehill with respect to its Preferred Units pursuant to
Section 6.1(a)(i) shall be treated as a distribution of cash in an amount that would apply if payment were made in cash rather than Preferred Units followed by an immediate contribution of such amount of cash to the Company
in exchange for the relevant series of Preferred Units. 

  

	 	(b)	 After giving effect to the allocations under Section 5.1(a),
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

  
 28 

	 	
Year or other taxable period in a manner such that, after giving effect to the allocations set forth in Section 5.1(a) and 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)(iii) 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 pro rata in proportion to their Units. The amount of Nonrecourse Deductions for a Fiscal Year or other
taxable period shall equal the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable
period of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d).

  

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

  

	 	(c)	 Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company
Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior
periods to allocate among the Members under this Section 5.2(c)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an

  
 29 

	 	
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 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 

  
 30 

	 	
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, 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 upon the Disposition of a Depletable Property, shall be allocated among the Members in proportion to their shares of the Simulated Basis in such
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 which may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent therewith. 

Section 5.3 Allocations for Tax Purposes in General. 

 

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

  
 31 

	 	(b)	In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items
of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among
the Members to account for any such difference using such method or methods determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations; provided that the Managing Member will use the
“traditional method with curative allocations” (provided, however, that curative allocation to correct ceiling rule limitations attributable to a property shall be limited to gains from the sale of such property) under Treasury Regulation Section 1.704-3(c) with respect to the assets contributed by Tema to the Company pursuant to the Combination Agreement including, for the avoidance of doubt: (i) with respect to the difference between
Gross Asset Value and adjusted U.S. federal income tax basis for such assets; and (ii) with respect to increases or decreases in the Gross Asset Value as adjusted pursuant to a revaluation of such assets pursuant to clause (b) of the
definition of Gross Asset Value. For the avoidance of doubt, the method applied under Section 704(c) for purposes of Section 5.4(a) shall be the same method specified for the relevant asset under this
Section 5.3(b). 

  

	 	(c)	Any 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 (taking into account the effect of remedial allocations) to the extent the Member is allocated gain from the sale or disposition of the
property. 

  

	 	(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 (including the conversion of the Series A Preferred Units hereunder), a Capital Account reallocation is required under
Treasury Regulation Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulation
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 pursuant to Section 613A(c)(7)(D) of the Code. Except as otherwise required by Section 704(c) of the Code (which for the avoidance of doubt shall be applied using the method specified for the relevant
asset under Section 5.3(b)) and Treasury Regulation Section 1.613A-3(e)(5), for purposes of such computations, the federal

  
 32 

	 	
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 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, together with such other information that a Member may reasonably request in connection with the Member’s (or
its direct or indirect owner) obligation to file its U.S. federal, state or local income tax returns. All such information shall be provided in electronic format at such time and from time to time as reasonably requested by the Member.

  

	 	(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 U.S. 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

  
 33 

	 	
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)	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. 

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, on advice of tax counsel to the Company (and
after consultation with Tema for so long as it holds at least 20% of the then-outstanding Common Units), 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,

  
 34 

	 	
without regard to the results of Company operations during any particular portion of that year and without regard to whether cash distributions were made to the Transferor or the Transferee
during that year; provided, however, that this allocation must be made in accordance with a method permissible under Code Section 706 and the Treasury Regulations thereunder. 

 

	 	(d)	The Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company, within the meaning of Treasury Regulations Section 1.752-3(a)(3),
shall be allocated to the Members in any manner determined by the Managing Member and permissible under the Treasury Regulations; provided, however, that with respect to liabilities assumed by the Company from Tema in connection with
contribution of properties by Tema pursuant to the Combination Agreement or to which assets contributed by Tema to the Company pursuant to the Combination Agreement were subject, such liabilities to the extent they are excess nonrecourse liabilities
shall be allocated under Treasury Regulation Section 1.752-3(a) to Tema up to the amount of the built-in gain that is allocable to Tema under Section 704(c) of
the Code for such assets to the extent such built-in gain exceeds the gain allocated under Treasury Regulation Section 1.752-3(a)(2) with respect to such assets.

 Section 5.6 Tax Consolidation. 

 

	 	(a)	If the Company is treated as a member of a consolidated, combined, or unitary group for any tax purpose with any Member or an Affiliate thereof (a “Consolidated Group”), such Member shall cause one of
the members of such Consolidated Group other than the Company to be the reporting or parent entity for any tax return of such Consolidated Group (the “Reporting Member”) and pay the tax liability due with respect to such
Consolidated Group. 

  

	 	(b)	 The Members agree that the Company shall promptly reimburse the Reporting Member for any Applicable Tax (defined
below) paid by or on behalf of the Reporting Member or any other member of such Consolidated Group; provided, however, that the Members agree that (a) any such Applicable Tax shall be considered as paid on behalf of the Company for U.S. federal
income tax purposes, (b) except as provided in clause (c) below, the Company shall deduct for U.S. federal income tax purposes one hundred percent (100%) of the Applicable Tax, and (d) in the event that it is determined, pursuant to a
final determination as defined in Section 1313 of the Code, that all or a portion of such deduction may be properly claimed by the Reporting Member, its Affiliate or any other member of the Consolidated Group, but not the Company, the Company
shall reimburse the Reporting Member only for the after-tax cost of such payment of Applicable Tax. With respect to any tax of a Consolidated Group of which the Company is a member, the “Applicable
Tax” shall be equal to the tax of the Consolidated Group that the Company would have paid if it had computed its tax liability for the applicable period on a separate entity basis (rather than as a member of the Consolidated Group). Except as
provided in this Section 5.6 with respect to the amount of such Consolidated Group’s tax that the Company is 

  
 35 

	 	
required to reimburse the Reporting Member, the Reporting Member shall indemnify and hold the Company harmless from and against any and all taxes of the Consolidated Group. 

ARTICLE VI 

DISTRIBUTIONS 
 
Section 6.1 Distributions. 
  

	 	(a)	Distributions. 

  

	 	(i)	Immediately prior to the time that any cash dividends are to be paid by Rosehill with respect to any series of its Preferred Stock, the Company shall make a cash distribution to Rosehill with respect to the
corresponding series of Preferred Units in an amount equal to such cash dividends to be paid by Rosehill with respect to such series of Preferred Stock. At the time that any dividends are to be paid in kind by Rosehill with respect to any series of
its Preferred Stock through the issuance of additional shares of such series of Preferred Stock, the Company shall issue additional Preferred Units of the relevant series to Rosehill in a number equal to the number of shares of Preferred Stock being
distributed in kind by Rosehill with respect to such series of Preferred Stock. 

  

	 	(ii)	 To the extent permitted by applicable Law and hereunder, and after making provision for distributions under
Section 6.1(a)(i) and Section 6.2, except as otherwise provided in Section 11.3, distributions to Members may be declared by the Managing Member out of funds legally
available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the
Members as of the close of business on such record date on a pro rata basis (except that, for the avoidance of doubt, distributions described in Section 6.1(a)(i), the distributions described in the last sentence of this
Section 6.1(a)(ii), distributions described in Section 6.2(a)(i), repurchases or redemptions made in accordance with Section 4.1(f) or
Section 4.6 or payments made in accordance with Section 7.4 or Section 7.9 need not be on a pro rata basis), in accordance with the number of Common Units owned by each
Member as of the close of business on such record date. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1(a)(ii), 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. For the avoidance of doubt, the receipt and subsequent distribution to Tema by Company of the “Unadjusted Consideration” (as defined
in the Combination Agreement) on April 27, 2017 and any 

  
 36 

	 	
amounts received as adjustments thereto shall not be subject to this Section 6.1(a)(ii). 

The Managing Member shall have the obligation to make distributions set forth in Section 6.1(a)(i),
Section 6.2 and Section 11.3(b)(iii), provided, however 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. 

 

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

  

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

 Section 6.2 Tax-Related
Distributions. 
  

	 	(a)	The Company shall make distributions: 

  

	 	(i)	to Rosehill at such times and in such amounts as the Managing Member reasonably determines is necessary to enable Rosehill to timely satisfy all of its U.S. federal, state and local and
non-U.S. tax liabilities with respect to any items of gross income and gain allocated to it pursuant to Section 5.1(a) (the “Preferred Stock Related
Taxes”); and 

  

	 	(ii)	to all Members on a pro rata basis, in accordance with the number of Common Units owned by each Member, at such times and in such amounts as the Managing Member reasonably determines is necessary to enable Rosehill to
(A) timely satisfy all of its U.S. federal, state and local and non-U.S. tax liabilities (other than any Preferred Stock Related Taxes) and (B) timely meet its obligations pursuant to the Tax
Receivable Agreement. 

  

	 	(b)	 If a Member (other than Rosehill) has an Assumed Tax Liability at a Tax Advance Date in excess of the sum of the
cumulative amount of distributions under Section 6.1(a)(ii), distributions under Section 6.2(a)(ii), any Tax Advances (as defined below) and After-Tax TRA
Payments made to such Member through 

  
 37 

	 	
such date, the Company shall, to the extent permitted by applicable Law, but subject to the Act, the availability of funds and any restrictions contained in any agreement to which the Company is
bound, make advances to such Member in an amount equal to such excess (a “Tax Advance”). Any such Tax Advance shall be treated as an advance against and, thus, shall reduce (without duplication), any future distributions that would
otherwise be made to such Member pursuant to Sections 6.1(a)(ii), 6.2(a)(ii) and 11.3(b)(iii). If there is a Tax Advance outstanding with respect to a Member who elects to participate in an Exchange, such Member shall be
required to pay to the Company within fifteen (15) days after the Exchange Date an amount of cash equal to the proportionate share of such Tax Advance relating to its Common Units subject to the Exchange (determined at the time of the Exchange
based on the number of Common Units subject to the Exchange as compared to the total number of Common Units held by such Member). For the avoidance of doubt, any repayment of a Tax Advance pursuant to the previous sentence shall not be treated as a
Capital Contribution. 

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

MANAGEMENT 
 
Section 7.1 The Managing Member; Fiduciary Duties. 
  

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

  

	 	(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 

  
 38 

	 	
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.
The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of the Managing Member otherwise existing at law or in equity, are agreed by the Members to replace, to the
fullest extent permitted by applicable Law, such other duties and liabilities of the Managing Member. 

  

	 	(c)	Whenever in this Agreement or any other agreement contemplated herein, the Managing Member is permitted or required to take any action or to make a decision in its “sole discretion” or “discretion”
or under a grant of similar authority or latitude, the Managing Member shall be entitled to consider such interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or
obligation to give any consideration to any interest of or factors affecting the Company or other Members. 

 
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)	The initial president and chief executive officer of the Company (the “President and Chief Executive Officer”) will be Alan Townsend. 

 

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

  

	 	(d)	 Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include
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

  
 39 

	 	
chairman, and any other officers that the Managing Member deems appropriate. Except as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if
any, of such Officer under any contract of employment. Any individual may hold any number of offices, and an Officer may, but need not, be a Member of the Company. The Officers will exercise such powers and perform such duties as specified in this
Agreement or as determined from time to time by the Managing Member. 

  

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

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

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

 

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

Section 7.4 Indemnification. Subject to the limitations and conditions provided in this
Section 7.4, each Person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
arbitrative (each, a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact he, she or it, or a Person of which he, she or it is the legal
representative, is or was a Member, an Officer, or acting as the, Managing Member, Tax Matters Member or Company Representative of the Company, in each case, shall be indemnified by the Company to the fullest extent permitted by applicable Law, as
the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than such Law permitted the Company to provide prior to such
amendment) against all judgment, penalties (including excise and similar taxes and punitive damages), fines, settlement and reasonable expenses (including reasonable attorneys’ fees and expenses) actually incurred by such Person in connection
with such Proceeding, appeal, inquiry 

  
 40 

 
or investigation, if such Person acted in Good Faith. Reasonable expenses incurred by a Person of the type entitled to be indemnified under this Section 7.4 who was, is
or is threatened to be made a named defendant or respondent in a Proceeding shall be paid by the Company in advance of the final disposition of the Proceeding as such expenses are incurred upon receipt of an undertaking by or on behalf of such
Person to repay such amount if it shall ultimately be determined that he, she or it is not entitled to be indemnified by the Company. Indemnification under this Section 7.4 shall continue as to a Person who has ceased to
serve in the capacity which initially entitled such Person to indemnity hereunder. The rights granted pursuant to this Section 7.4 shall be deemed contract rights, and no amendment, modification or repeal of this
Section 7.4 shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings, appeals, inquiries or investigations arising prior to any amendment, modification or repeal. It is
expressly acknowledged that the indemnification provided in this Section 7.4 could involve indemnification for negligence or under theories of strict liability. 

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

Section 7.6 Resignation or Termination of Managing Member. Rosehill 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 Rosehill as Managing Member shall be effective unless proper provision is made, in
compliance with this Agreement, so that the obligations of Rosehill, 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 Rosehill (or its successor, as applicable) as Managing Member shall be effective unless Rosehill (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 Rosehill (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) Rosehill to comply with all Rosehill’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. 

  
 41 

 Section 7.8 Reclassification Events of
Rosehill. 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 exchange rights of holders of Common Units set forth in Section 4.6 provide that
each Common Unit and share of Class B Common Stock is exchangeable for the same amount and same type of property, securities or cash (or combination thereof) that one share of Class A Common Stock becomes exchangeable for or converted into
as a result of the Reclassification Event and (ii) Rosehill or the successor to Rosehill, as applicable, is obligated to deliver such property, securities or cash upon such exchange. Rosehill shall not consummate or agree to consummate any
Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations of Rosehill (in whatever capacity) under this Agreement. 

Section 7.9 Certain Costs and Expenses. The Company shall (i) pay, or cause to be
paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in
pursuing and conducting, or otherwise related to, the activities of the Company, and (ii) in the sole discretion of the Managing Member, reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as
the Managing Member. To the extent that the Managing Member determines in its sole discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or its Subsidiaries (including
expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may cause the Company to pay or bear all expenses of the Managing Member,
including, without limitation, costs of securities issuances or offerings not borne directly by Members (including the payment of any upfront fees), board of directors compensation and meeting costs, cost of periodic reports to its stockholders,
litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any income tax obligations of the Managing Member. In the event that (i) shares of Class A Stock are
sold to underwriters in any public offering, in each case, at a price per share that is lower than the price per share for which such shares of Class A Stock 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 Common Units or otherwise contributed to the Company, the Company
shall reimburse the Managing Member for such Discount by treating such Discount as an additional Capital Contribution made by the Managing Member to the Company, issuing Common Units in respect of such deemed Capital Contribution in accordance with
Section 4.6(b)(ii), and increasing the Managing Member’s Capital Account by the amount of such Discount. For the avoidance of doubt, in the event that an upfront fee is paid in connection with an offering or issuance
of any series of Preferred Stock and such upfront fee is not treated as a discount with respect to the offering price of such Preferred Stock, the Company shall reimburse the Managing Member for such upfront fee by treating such upfront fee as an
additional Capital Contribution made by the Managing Member to the Company, issuing the relevant series of 

  
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Preferred Units in respect of such deemed Capital Contribution in accordance with Section 4.1(e), and increasing the Managing Member’s Capital Account by the amount
of such upfront fee. For the avoidance of doubt, any payments made to or on behalf of the Managing Member pursuant to this Section 7.9 shall not be treated as a distribution pursuant to
Section 
6.1(a) but shall instead be treated as a cost or expense of the Company. 
 ARTICLE VIII 

ROLE OF MEMBERS 
 
Section 8.1 Rights or Powers. Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power to take part in the management or control of the Company or its business and
affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member,
any Affiliate thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an agent of the Company. The existence of these relationships and acting in such capacities
will not result in the Member (other than the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise affect the limited liability of the Member. Except as specifically provided herein, a Member
(other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company’s business, transact any business in the Company’s name or have the power to sign documents for or
otherwise bind the Company. 
 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 Common 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 Common 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. 

  
 43 

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

 

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

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

ARTICLE IX 

TRANSFERS OF INTERESTS 
 
Section 9.1 Restrictions on Transfer. 
  

	 	(a)	Except as provided in Section 4.6 and except for the Transfers by a Member to Permitted Transferee, no Member shall Transfer all or any portion of its Interest without the Managing
Member’s prior written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion. If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s
Interests are Transferred in violation of this Section 9.1(a), involuntarily, by operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or
otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless
and until the Managing Member consents in writing to such admission, which consent shall be granted or withheld in the Managing Member’s sole discretion. Any attempted or purported Transfer of all or a portion of a Member’s Interests in
violation of this Section 9.1(a) shall be null and void and of no force or effect whatsoever. For the avoidance of doubt, the restrictions on Transfer contained in this Article IX shall not apply to the Transfer of
any capital stock of the Managing Member; provided that no shares of Class B Common Stock may be Transferred unless a corresponding number of Common 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 in the opinion of legal counsel or a qualified tax advisor to
the Company such Transfer presents a material risk that such Transfer would cause the Company to cease to be classified as a partnership or to be classified as a “publicly traded partnership” within the meaning of Section 7704(b) of
the Code; (iii) if such Transfer would cause the Company to 

  
 44 

	 	
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 Regulation 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 Transfer purported to be made in violation of this Section 9.1(b) shall be void ab initio. 

Section 9.2 Notice of Transfer. Other than in connection with Transfers made pursuant to
Section 4.6, each Member shall, after complying with the provisions of this Agreement, but in any event no later than three Business Days following any Transfer of Interests, give written notice to the Company of such
Transfer. Each such notice shall describe the manner and circumstances of the Transfer. 
 Section 9.3
Transferee Members. A Transferee of Interests pursuant to this Article IX shall have the right to become a Member only if (i) the requirements of this Article IX are met, (ii) such Transferee executes an
instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor’s then existing and future Liabilities arising under or relating to this Agreement,
(iii) such Transferee represents that the Transfer was made in accordance with all applicable securities Laws, (iv) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees
and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not consummated and (v) if such Transferee or his or her spouse is a resident of a community property jurisdiction, then such Transferee’s spouse
shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the extent of his or her community property or quasi-community property interest, if any, in such
Member’s Interest. Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor from any Liability that the Transferor may have to each remaining Member or to the Company under
this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of its Affiliates, on the other hand. Written notice of the admission of a Member shall be sent
promptly by the Company to each remaining Member. Notwithstanding anything to the contrary in this Section 9.3, and except as otherwise provided in this Agreement, following a Transfer by one or more Members (or a
transferee of the type described in this sentence) to an Permitted Transferee of all or substantially all of their Interests, such transferee shall succeed to all of the rights of such Member(s) under this Agreement. 

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: 

  
 45 

 “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 SECOND
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF ROSEHILL OPERATING COMPANY, LLC DATED AS OF DECEMBER 8, 2017 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF
THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH
SECURITIES.” 
 ARTICLE X 

ACCOUNTING 
 
Section 10.1 Books of Account. The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which full and correct entries shall be made of all its business transactions pursuant to a
system of accounting established and administered in accordance with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under GAAP. Such books and records of account shall be kept in sufficient detail
to provide each Member with the information required for such Member to prepare their tax returns to the extent the Company is notified by such Member that such information is required for such Member to prepare its tax returns. Any such information
may be reasonably requested by such Member. Electronic version of such books and records of account shall be provided to a Member upon request, at the Company’s expense. 

Section 10.2 Tax Elections. 

 

	 	(a)	The Company and any eligible Subsidiary shall make an election pursuant to Section 754 of the Code, shall not thereafter revoke such election and shall make a new election pursuant to Section 754 of the Code
to the extent necessary following any “termination” of the Company or the Subsidiary, as applicable, under Section 708 of the Code. In addition, the Company shall make the following elections on the appropriate forms or tax returns:

  

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

  
 46 

	 	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.	to elect to deduct intangible drilling costs under Section 263(c) of the Code; and 

  

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

  

	 	(b)	Upon request of the Tax Matters Member or Company Representative, as applicable, each Member shall cooperate in good faith with the Company in connection with the Company’s efforts to elect out of the application
of the company-level audit and adjustment rules of the Bipartisan Budget Act of 2015, if applicable. 

 
Section 10.3 Tax Returns; Information. 
  

	 	(a)	The Managing Member (at the Company’s sole cost and expense) shall cause the Tax Return Preparer to prepare and timely file all income and other tax and informational returns (collectively the “Tax
Returns”) of the Company. No later than 30 days after the end of each Fiscal Year, the Managing Member shall furnish to each Member that holds at such time at least 20% of the then-outstanding Common Units a draft of each Tax Return for the
preceding Fiscal Year together with all supporting schedules and other information as approved by the Managing Member and shall consider in good faith any comments provided by such Member with respect to such draft Tax Return within 15 days after
such Member’s receipt of such draft Tax Return. No later than 60 days after the end of each Fiscal Year, the Managing Member shall furnish to each Member a copy of each Tax Return for the preceding Fiscal Year to be filed with the applicable
taxing authority together with all supporting schedules and other information that is necessary for each Member to comply with its applicable U.S. federal, state and local income tax reporting obligations. The Tax Returns together with schedules and
other information required by this Section 10.3 shall be furnished electronically to the Members. 

  

	 	(b)	 No later than 30 days before the end of each Fiscal Year, the Managing Member (at the Company’s sole cost
and expense) shall provide electronically to each Member that holds at such time at least 20% of the then-outstanding Common Units a projection of the U.S. federal (and state and local as applicable) taxable income or loss of the Company for the
next succeeding Fiscal Year together with supporting schedules as approved by the Managing Member and such Member’s estimated allocable share of such taxable income or loss. No later than the end of each Quarterly Period, the Managing Member
shall provide electronically to each Member that holds at such time at least 20% of the then-outstanding Common 

  
 47 

	 	
Units an update of the projections of taxable income or loss for the Fiscal Year and such Member’s allocable share thereof in sufficient detail that will permit such Member to comply with
its U.S. federal, state and local income tax filing obligations. 

  

	 	(c)	All Tax Returns and other reports required by this Section 10.3 to be provided to a Member that holds at such time at least 20% of the then-outstanding Common Units will be accompanied with:
(i) two balance sheets as of the end of the applicable period covered by the report, one of which shall be prepared in accordance with the Capital Account maintenance rules provided herein and one of which shall be on a tax basis; and
(ii) two income or loss statements for the applicable period covered by such statement, one of which will be prepared showing Profits and Losses and one of which will show taxable income or loss. 

 

	 	(d)	The “Tax Return Preparer” shall be Price Waterhouse Coopers, LLP, (or such other nationally recognized accounting firm mutually agreed to by the Members). 

 

	 	(e)	The Members agree to take all actions reasonably requested by the Company Representative to comply with the Bipartisan Budget Act of 2015, including where applicable, filing amended returns as provided in Sections 6225
or 6226 of the Code and providing confirmation thereof to the Company Representative. The Company Representative is authorized to make or refrain from making any elections permitted by the Company Representative under the Bipartisan Budget Act of
2015. As long as a Member holds at least 20% of the then-outstanding Common Units, the Company Representative shall keep such Member timely informed of any proposed actions and elections referred to above in this
Section 10.3(e) and consider in good faith such Member’s timely written comments regarding such proposed actions and elections. The Company agrees, upon request by a Member, to provide detailed financial forecasts of
the Company’s operations sufficient to allow such Member to perform its own internal tax forecasting; provided, that the preparation of such forecasts shall be subject to the Company’s public reporting obligations. 

 

	 	(f)	Within thirty (30) days following the end of each Fiscal Year, or as such other times as reasonably requested in writing by the Managing Member, each Member agrees to provide the Company the written data required
by Treasury Regulations Section 
1.613A-3(e)(3(iii)(B). 

 Section 10.4 Tax Matters Member and Company
Representative. 
  

	 	(a)	The Managing Member is specially authorized and appointed to act as the Tax Matters Member and as the Company Representative (as applicable) and in any similar capacity under state or local Law. The Tax Matters Member
or Company Representative (as applicable) 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 Tax Matters
Member or Company Representative (as applicable). 

  
 48 

	 	(b)	As long as a Member holds at least 20% of the then-outstanding Common Units: 

  

	 	(i)	The Managing Member shall promptly notify such Member if any federal income tax return of the Company is audited. In addition, the Managing Member shall promptly furnish to such member all notices concerning
administrative and judicial proceedings relating to federal income tax audits and litigation of the Company. During the pendency of any administrative proceeding or judicial proceeding of the Company, the Managing Member shall furnish such Member
timely notice of any material meeting, conferences or hearings with the Internal Revenue Service, Justice Department or the courts, and allow such Member (at such Member’s sole cost and expense) the right to attend such meetings, conferences or
proceedings and to review and comment on any material written submissions to the Internal Revenue Service, Justice Department or the courts prepared by or on behalf of the Managing Member. The Managing Member will promptly inform such Member of any
settlement offers by the taxing authority and consider in good faith any timely written comments from such Member regarding any such settlement offers. 

  

	 	(ii)	The Managing Member shall not file a request for an administrative adjustment of items for any Company taxable year without first providing written notification to the Member prior to the filing of such adjustment and
considering in good faith the Member’s written comments thereto. 

  

	 	(iii)	Before the Managing Member files a petition in a judicial proceeding with respect to any federal income tax item or other matter involving the Company, the Managing Member shall provide timely written notification to
such Member of such intention and the nature of the contemplated proceeding and consider in good faith such Member’s written comments. 

Section 10.5 Withholding Tax Payments and Obligations. 

 

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

  

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

  
 49 

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

  

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

  

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

 ARTICLE XI

 DISSOLUTION AND TERMINATION 

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

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

  

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

 The Members hereby
agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a dissolution of the Company, under Section 18-802 of the Act or otherwise, other
than based on the matters set forth in subsections (a) and (b) above. If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby agree
to continue the business of the Company without a winding up or liquidation. In the event of a dissolution pursuant to Section 11.1(b), the relative economic rights of each class of Units immediately prior to such
dissolution shall be preserved to the greatest extent practicable with respect to 

  
 50 

 
distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration tax and other legal constraints that may adversely
affect one or more parties to such dissolution and subject to compliance with applicable laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing to a treatment other than
as described above. 
 Section 11.2 Bankruptcy. For purposes of this Agreement, the
“bankruptcy” of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs or
operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall
continue for a period of 90 consecutive days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver,
trustee or similar officer or for all or any substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution,
liquidation, or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any substantial part of its property without the application or
consent of that Member, and such appointment shall continue undischarged or unstayed for a period of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar
proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a period of 90 consecutive days. 

Section 11.3 Procedure. 

 

	 	(a)	In the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and to liquidate the Company’s investments; provided that if a Member is in
bankruptcy or dissolved, another Member, who shall be the Managing Member unless the Managing Member is in bankruptcy or dissolved (“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 

  
 51 

	 	
any other funds of the Company shall be distributed in the following order of priority: 

  

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

  

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

  

	 	iii.	Third, subject to Section 6.2, (A) first, to Rosehill in respect of the Preferred Units in accordance with their terms, until Rosehill has received an amount equal to the total amount that
would then be required to be distributed by Rosehill in respect of all outstanding shares of Preferred Stock in accordance with their terms if Rosehill were to liquidate, wind up or dissolve, and (B) the balance to the Members, pro rata in
proportion to their respective Common Units. 

  

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

 

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

Section 11.4 Rights of Members. 

 

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

 

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

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

  
 52 

 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) only with the approval of the
Managing Member; provided, however, that no amendment to this Agreement may: 

  

	 	i.	waive, modify or amend this Section 12.1(a) without the written consent of each Member; 

  

	 	ii.	waive, modify or amend any provision of this Agreement which requires the approval or action of certain Persons or percentage thereof without obtaining the consent of such Persons or percentage thereof;

  

	 	iii.	modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each case, without the written consent of each such affected Member; or 

 

	 	iv.	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 written consent of the Members holding a
majority of the Interests affected in such a different or prejudicial manner. 

  

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

  

	 	(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 

  
 53 

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

Section 12.5 Rights of Members Independent. The rights available to the Members under this
Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right. Any one or more and/or any combination of such
rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to time thereafter or
simultaneously. 
 Section 12.6 Governing Law. This Agreement, the legal relations
between the parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement
shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such State and without regard to conflicts of law doctrines. 

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

  
 54 

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

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

Section 12.10 Notices. Any notice or other communication hereunder must be given in
writing and (a) delivered in person, (b) transmitted by facsimile or telecommunications mechanism, provided, that any notice so given is also mailed as provided in clause (c), 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: 

Rosehill Resources Inc. 
 16200 Park Row, Suite 300 

Houston, Texas 77084 
 Attention: Alan Townsend, Chris Wood 

With copies (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 
 1001 Fannin St., Suite 2500 

Houston, TX 77002 
 Facsimile: (713) 758-4588 
 Attention: Brenda Lenahan, Scott Rubinsky 

If to Tema, addressed to it at: 
 Tema Oil and Gas Company 

c/o Rosemore, Inc. 
 1 North Charles Street, 22nd Floor 

Baltimore, MD 21201 
 Facsimile: (410) 347-7081 
 Attention: General Counsel 

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, when transmitted to the applicable number so specified in (or pursuant to) this Section 12.10 and an appropriate answerback is received or, if
transmitted after 4:00 p.m. local time on a Business Day in the jurisdiction to which such notice is sent or at any time on a 

  
 55 

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

Section 12.12 Severability. If any provision of this Agreement is determined to be
invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided, that the essential terms and conditions of this
Agreement for all parties remain valid, binding and enforceable. 
 Section 12.13
Expenses. Except as otherwise provided in this Agreement or in the Combination Agreement, each party shall bear its own expenses in connection with the transactions contemplated by this Agreement. 

Section 12.14 No Third Party Beneficiaries. Except as expressly provided in
Section 7.4 and Section 10.2, nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted
assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto. 
 [Signatures Pages Follow]

  
 56 

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

			
	 MANAGING MEMBER:
  

ROSEHILL RESOURCES INC.

		
	By:	 	 /s/ J. A. Townsend

	 Name:
	 	J. A. Townsend
	 Title:
	 	President and Chief Executive Officer

  

SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF 
 ROSEHILL OPERATING COMPANY,
LLC 

 EXHIBIT A1 

As of April 27, 2017, immediately following the contributions and distributions from and to the Members, respectively, pursuant to the Combination
Agreement: 
  

													
	 Member
	  	Number of
Common
Units Owned	 	  	Number of
Series A
Preferred
Units Owned	 	  	Closing Date
Capital Account
Balance	 
	 Rosehill Resources Inc.
	  	 	5,856,579	 	  	 	95,000	 	  	$	119,857,139.00	 
	 Tema Oil and Gas Company
	  	 	29,807,692	 	  	 	0	 	  	$	253,067,343.54	 

 As of the date of this Agreement, immediately following the contributions and distributions from and to Rosehill, if any, in
connection with the initial issuance of shares pursuant to the Series B Preferred Stock Purchase Agreement: 
  

													
	 Member
	  	Number of
Common
Units Owned	 	  	Number of
Series A
Preferred
Units Owned	 	  	Number of
Series B
Preferred
Units Owned	 
	 Rosehill Resources Inc.
	  	 	6,107,374	 	  	 	96,466	 	  	 	150,000	 
	 Tema Oil and Gas Company
	  	 	29,807,692	 	  	 	0	 	  	 	0	 

  

	1 	To be updated by the Managing Member in its reasonable discretion following the Series B Initial Closing.

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