Document:

Exhibit 4.1

 

SIXTH AMENDMENT TO

THE AGREEMENT OF LIMITED PARTNERSHIP

OF HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P.

 

Dated as of October 4, 2021

 

THIS SIXTH AMENDMENT TO THE AGREEMENT OF LIMITED
PARTNERSHIP OF HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P. (this “Amendment”), dated as of October 4, 2021, is entered
into by HEALTHCARE TRUST, INC., a Maryland corporation, as general partner (the “General Partner”) of HEALTHCARE TRUST
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Partnership”), for itself and on behalf of any limited
partners of the Partnership. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to such
terms in the Agreement of Limited Partnership of the Partnership entered into on February 14, 2013 (as now or hereafter amended, restated,
modified, supplemented or replaced, the “Partnership Agreement”).

 

WHEREAS, Section 4.3 of the Partnership
Agreement authorizes the General Partner to cause the Partnership to issue additional Partnership Interests in the form of Partnership
Units or other Partnership Interests in one or more series or classes, or in one or more series of any such class senior, on a parity
with, or junior to the Partnership Units to any Persons at any time or from time to time, on such terms and conditions, as the General
Partner shall establish in each case in its sole and absolute discretion subject to Delaware law;

 

WHEREAS, the General Partner has authorized
the issuance and sale of up to 3,680,000 shares of its 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01
per share (the “Series B Preferred Stock”), at a gross offering price of $25.00 per share of Series B Preferred Stock
and, in connection therewith, the General Partner, pursuant to Section 4.3 of the Partnership Agreement, is contributing the net proceeds
of such issuance and sale to the Partnership in exchange for, and is causing the Partnership to issue to the General Partner, the Series
B Preferred Units (as hereinafter defined); and

 

WHEREAS, pursuant to the authority granted
to the General Partner pursuant to Sections 4.3 and 14.1 of the Partnership Agreement, and as authorized by the unanimous written consent
of the offering committee of the board of directors of the General Partner, which has been delegated certain power and authority of the
board of directors of the General Partner, dated as of October 1, 2021, the General Partner desires to amend the Partnership Agreement
(i) to set forth the designations, rights, powers, preferences and duties and other terms of the Series B Preferred Units, (ii) to issue
the Series B Preferred Units to the General Partner, and (iii) and to make certain other changes to the Partnership Agreement.

 

NOW, THEREFORE, in consideration of good
and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends the Partnership
Agreement as follows:

 

1.             Article I is hereby revised by adding the following new defined terms:

 

““Budget Act” means the Bipartisan
Budget Act of 2015.”

 

““Net Operating Income” means, for
each fiscal year or other applicable period, any net items of income and gain over loss, or deduction that are components of Net Income
or Net Loss, excluding any items that are taken into account in determining Net Property Gain or Net Property Loss, but only to the extent
that those items were not economically accrued as of the date that a Class B Unit was issued (i.e., Net Operating Income includes only
items that are not included in the Valuation Threshold).”

 

““Partnership Tax Audit Rules” means
Sections 6221 through 6241 of the Code, together with any guidance issued thereunder or successor provisions and any similar provisions
of state and local tax laws.

 

““Partnership Representative” has
the meaning set forth in Section 10.3(a).”

 

““Profits Interest Catch Up Distributions”
has the meaning set forth in Section 5.1(h)(iii).”

 

     

     

    

 

““Profits Interest Distribution Limitation”
has the meaning set forth in Section 5.1(h)(i).”

 

““Tax Matters Partner” means the
 “tax matters partner” as such term is defined in Section 6231(a)(7) of the Code as in effect prior to the Budget Act.”

 

““Valuation Threshold” means, in
respect of each Class B Unit, the total amount available for distribution under Section 5.1(a) or Section 5.1(b), including by operation
of Section 13.2, as of the date that Class B Unit was issued if the Partnership were to liquidate completely and, in connection with such
liquidation, (a) its assets were sold for cash equal to their respective fair market values, (b) all Partnership liabilities were satisfied
(limited with respect to each nonrecourse liability to the fair market value of the assets securing such liability), (c) each Partner
were to pay its share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any, and without duplication,
that the Partner would be obligated to contribute to the capital of the Partnership, all computed immediately prior to the hypothetical
sale of assets, and (d) the net assets of the Partnership were distributed in accordance with Section 5.1 to the Partners immediately
after making such allocation; provided, however, that the Valuation Threshold in respect of a Partnership Unit shall not be less than
zero dollars ($0).”

 

2.             Article
I is hereby revised by adding the following sentence as the first sentence of the last paragraph of the defined term “Capital
Account:”

 

“In determining the amount of any liability for purposes
of clauses (a)(iii) and (b)(iii), there shall be taken into account Section 752(c) of the Code and any other applicable provisions of
the Code or Regulations.”

 

3.             Article I is hereby revised by adding the following sentence as the last sentence of the defined term “Depreciation:”

 

“Notwithstanding the foregoing, if the remedial allocation
method described in Section 1.704-3(d) of the Regulations is used to take account of the difference between an asset’s Gross Asset
Value and its adjusted tax basis, Depreciation shall be determined in accordance with Section 1.704-3(d)(2) of the Regulations.”

 

4.             Article
I is hereby revised by deleting clause (f) from the defined term “Net Income” or “Net Loss:”

 

5.             Article I is hereby revised by replacing the defined term “Net Property Gain” or “Net Property Loss”
in its entirety with the following:

 

““Net Property Gain” or “Net
Property Loss” means, for each fiscal year or other applicable period, items of income, gain, loss or deduction that are components
of the Partnership’s Net Income or Net Loss for such year or period from Sales, including, but not limited to, the amount of any
net capital gain realized in connection with an adjustment of the Gross Asset Value of any Real Estate Asset which requires that the Capital
Accounts of the Partners be adjusted pursuant to Sections 1.704-1(b)(2)(iv)(e), (f) and (g) of the Regulations. For these purposes, the
Gross Asset Value of the Real Estate Assets shall reflect the market capitalization of the General Partner (increased by the amount of
any Partnership liabilities).”

 

6.             Article
I is hereby revised by removing the defined term “Liquidating Gain” in its entirety, and Section 13.3 is hereby revised
to delete the references to “Liquidating Gain” contained therein.

 

7.             The last sentence of Article 1 is hereby revised by replacing it in its entirety with the following new sentence:

 

“Certain additional terms and phrases have the meanings
set forth in Exhibit B, Annex A and Annex B. In the event of any inconsistency or conflict between the terms and provisions set
forth in this Agreement (including, any amendments hereto) and the terms and provisions of Annex A and Annex B, the terms and provisions
of this Agreement (including, any amendments hereto) shall control.”

 

     

     

    

 

8.             Section
5.1(a) is hereby revised by replacing it in its entirety with the following new Section 5.1(a):

 

“(a)          Cash Available for Distribution. Subject
to the provisions of Article V and Sections 12.2(c) and 13.2, the General Partner shall cause the Partnership to distribute, at such times
as the General Partner shall determine (each a “Distribution Date”), an amount of Cash Available for Distribution,
determined by the General Partner in its sole discretion to the Partners holding GP Units, OP Units and/or Class B Units who are Partners
on the applicable Partnership Record Date, as follows:

 

(i)             First, 100% to the General Partner in its capacity as the holder of Series A Preferred Units and Series B Preferred Units
until the aggregate amount distributed or set aside for payment under this Section 5.1(a)(i) and Section 5.1(b)(i) is equal to the sum
of (x) (1) the Series A Preferred Return, multiplied by (2) the number of Series A Preferred Units, plus, (y) (1) the Series B Preferred
Return, multiplied by (2) the number of Series B Preferred Units;

 

(ii)            Thereafter,
subject to Section 5.1(h), 100% to the Partners holding GP Units, OP Units and Class B Units, pro rata and pari passu in
proportion to their respective Percentage Interests with respect to such GP Units, OP Units and/or Class B Units.”

 

9.             Section
5.1(b) is hereby replaced in its entirety with the following new Section 5.1(b):

 

“(b)         Net Sales Proceeds. Subject to the provisions
of Article V and Sections 12.2(c) and 13.2, Net Sales Proceeds shall be distributed as follows:

 

(i)             First, to the extent that the Cash Available for Distribution distributed to the General Partner pursuant to Section 5.1(a)(i)
is less than the sum of (x) (1) the Series A Preferred Return, multiplied by (2) the number of Series A Preferred Units, plus, (y) (1)
the Series B Preferred Return, multiplied by (2) the number of Series B Preferred Units, 100% to the General Partner in its capacity as
the holder of Preferred Units until the aggregate amount distributed or set aside for payment under this Section 5(b)(i) and Section 5.1(a)(i)
is equal to that sum.

 

(ii)            Second,
100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage Interest with
respect to such GP Units and/or OP Units until the Net Investment Balance is zero;

 

(iii)           Third, 100% to the Partners holding GP Units and/or OP Units in proportion to each such Partner’s respective Percentage
Interest with respect to such GP Units and/or OP Units until such Partners have received in the aggregate, pursuant to this Section 5.1(b)(ii)
and Section 5.1(a), an amount such that the Priority Return Balance is zero; and

 

(iv)         
Thereafter, (A) 15% to the Special Limited Partner, and (B) 85% to be distributed to the Partners holding GP Units, OP Units
and/or Class B Units in proportion to their respective Percentage Interests with respect to such GP Units, OP Units and/or Class B Units.”

 

10.           Section
5.1 is hereby further revised by inserting the following as new Subsection 5.1(h):

 

“(h) Limitation on Distributions on Class B Units.
It is the intention of the parties to this Agreement that distributions to any Partner in respect of its Class B Units shall be limited
to the extent necessary so that such Partnership Units constitute a profits interest for all U.S. federal income tax purposes as set forth
in Section 16.5. Accordingly, and notwithstanding anything to the contrary in this Agreement, a Partner’s entitlement to cumulative
distributions under Article V shall be appropriately limited so that the Class B Units qualify as profits interests.

 

(i)             Profits Interest Distribution Limitation. A Partner shall only participate in distributions under Article V in respect of
any Class B Unit to the extent that in respect of a distribution date, on the related Partnership Record Date,
either (x) the Partnership has Net Operating Income, or (y) the net value of the Partnership, plus any prior distributions under Section
5.1(b), equals or exceeds the Valuation Threshold for that Class B Unit (the limitation on distributions described in this Section 5.1(h)(i),
the “Profits Interest Distribution Limitation”).

 

     

     

    

 

(ii)            Reallocation of Limited Distributions. Cash Available for Distribution or Net Sales Proceeds that otherwise would have been
distributed to a Limited Partner in respect of Class B Unit but for the Profits Interest Distribution Limitation shall, instead, be distributed
to the other Limited Partners in respect of other Partnership Units in accordance with Section 5.1(a) or Section 5.1(b)(i), respectively
(including by operation of Section 13.2), but solely to the extent that distributions in respect of those Partnership Units are not subject
to the Profits Interest Distribution Limitation.

 

(iii)           Profits
Interest Catch-Up Distributions. If one or more Class B Units had been subject to the Profits Interest Distribution Limitation and,
after taking into account the Profits Interest Distribution Limitation, such Partnership Units are no longer so limited, then, prior
to making any further distributions under Section 5.1(b) to any Persons who received distributions under Section 5.1(b) in respect of
those Class B Units, all distributions pursuant to Section 5.1(b) that otherwise would have been made to such Persons shall instead be
made to the Limited Partner(s) in respect of the Class B Units that were subject to the Profits Interest Distribution Limitation until
the aggregate amount distributed to each such Limited Partner under this Section 5.1(h)(iii) equals the aggregate amount that would have
been distributed to each such Limited Partner had such Limited Partner’s respective Class B Unit been issued with a Valuation Threshold
equal to zero (the “Profits Interest Catch-Up Distributions”), in proportion to their respective Profits Interest
Catch-Up Distributions.

 

(iv)           Authority to Make Adjustments. The General Partner shall have the authority to make such adjustments to distributions pursuant
to Article V (and corresponding allocations under Section 6.1) as it determines in good faith are necessary to effectuate the intent of
this Section 5.1(h).”

 

11.           Section
10.2(a) is hereby revised by replacing it in its entirety with the following new Section 10.2(a):

 

“(a)          Except as otherwise provided herein, the General
Partner shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code; provided,
however, that any elections or determinations required to be made by the Partnership Representative shall be made by the Partnership
Representative.”

 

12.           Section 10.3 is hereby revised by replacing it in its entirety with the following new Section 10.3:

 

“(a)          The General Partner shall be the Tax Matters
Partner of the Partnership for federal income tax purposes with respect to taxable periods ending on or before December 31, 2017. With
respect to all subsequent taxable periods, the General Partner shall be the partnership representative (the “Partnership Representative”)
for purposes of Section 6223 of the Code, shall select a “designated individual” on behalf of the Partnership (as contemplated
by the proposed Regulations under Section 6223 of the Code), as applicable, and shall represent the Partnership in any disputes, controversies,
or proceedings with the Internal Revenue Service or with any state, local or non-U.S. taxing authority. The Tax Matters Partner or the
Partnership Representative, as applicable, shall have the right to retain professional assistance in respect of any audit of the Partnership
by the Internal Revenue Service and all out-of-pocket expenses and fees incurred by the Tax Matters Partner or the Partnership Representative,
as applicable, on behalf of the Partnership in performing its duties as such shall constitute Partnership expenses. The Tax Matters Partner
or the Partnership Representative, as applicable, shall have the right and obligation to take all actions authorized and required, respectively,
by the Code for the Tax Matters Partner or the Partnership Representative, as applicable. Subject to the Partnership Tax Audit Rules:

 

(i)             In
the event the Tax Matters Partner receives notice of a final Partnership adjustment under Section 6223(a)(2) of the Code (as in
effect prior to the Budget Act), the Tax Matters Partner shall either (A) file a court petition for judicial review of such final adjustment
within the period provided under Section 6226(a) of the Code (as in effect prior to the Budget Act), a copy of which petition shall be
mailed to all Limited Partners and the Special Limited Partner on the date such petition is filed, or (B) mail a written notice to all
Limited Partners and the Special Limited Partner, within such period, that describes the Tax Matters Partner’s reasons for determining
not to file such a petition.

 

     

     

    

 

(ii)            The
Partnership Representative shall, subject to the provisions in this Section 10.3(a)(ii), be entitled to take such actions on behalf of
the Partnership in any and all proceedings with the Internal Revenue Service and any other such taxing authority as it reasonably determines
to be appropriate and any decision made by the Partnership Representative shall be binding on all Partners. The Partners agree to take
such actions as may be required to effect the General Partner’s designation as the Partnership Representative (and its selection
of any designated individual, as applicable), cooperate in good faith to timely provide information reasonably requested by the Partnership
Representative as needed to comply with the Partnership Tax Audit Rules, including, without limitation, to make (and take full advantage
of) any elections available to the Partnership or to determine whether any imputed underpayment amount may be modified pursuant to Section
6225(c) of the Code. The Partnership Representative shall have no liability arising out of its performance of its duties as the Partnership
Representative hereunder, and the Partnership shall indemnify, defend and hold the Partnership Representative harmless from and against
any loss, liability, damage, cost or expense (including reasonable attorneys’ fees and costs) sustained or incurred as a result
of its acting as Partnership Representative hereunder, provided that the foregoing shall not insulate the Partnership Representative
from liability for any action constituting fraud, gross negligence, misappropriate of funds or an intentional breach of this Agreement.
The provisions contained in this Section 10.3(a)(ii) and Section 10.5 shall survive the liquidation, termination and dissolution of the
Partnership and the withdrawal of any Partner or the transfer of any Partner’s interest in the Partnership. With respect to all
taxable years to which the Partnership Tax Audit Rules apply to the Partnership, the Partnership Representative may, to the extent permitted
by law, make an election under Code Section 6226 with respect to any imputed underpayment of the Partnership, and furnish any adjustment
statements to the Partners and to the Internal Revenue Service as required under the Partnership Tax Audit Rules. In addition to all
other remedies that the Partnership may be entitled to pursue, in the event that a Limited Partner fails to pay any amount when due pursuant
to this Section 10.3(a), the Partnership may thereafter, at any time prior to the Partner’s payment in full of such amount (plus
any accrued interest), elect, if applicable, to redeem Partnership Units held by such Partner, with the valuation date being the date
the Partnership elects to redeem such Partnership Units, in an amount sufficient to pay any or all of such amount. In the event that
proceeds to the Partnership are reduced on account of taxes withheld at the source or the Partnership incurs a liability and such taxes
(or a portion thereof) are imposed on or with respect to one or more, but not all, of the Partners or if the rate of tax varies depending
on the attributes of specific Partners or to whom the corresponding income is allocated, the amount of the reduction in the Partnership’s
net proceeds shall be borne by and apportioned among the relevant Partners and treated as if it were paid by the Partnership as a withholding
obligation with respect to such Partners in accordance with such apportionment.

 

(b)           The Tax Matters
Partner and Partnership Representative shall receive no compensation for their services.

 

(c)            Nothing herein
shall be construed to restrict the Partnership from engaging an accounting firm to assist the Tax Matters Partner or Partnership Representative
in discharging their duties hereunder, so long as the compensation paid by the Partnership for such services is reasonable.

 

(d)           In the event
that the General Partner shall be removed or replaced pursuant to any provision of this Agreement, the successor to the General Partner
shall assume the obligations of this Section 10.3.”

 

     

     

    

 

13.           Section 10.5(a) is hereby revised by replacing it in its entirety with the following new Section 10.5(a):

 

“(a)          Each Limited Partner and the Special Limited
Partner hereby authorizes the Partnership to withhold from, or pay on behalf of or with respect to, such Limited Partner or the Special
Limited Partner any amount of federal, state, local, or foreign taxes that the General Partner determines that the Partnership is required
to withhold or pay with respect to any amount distributable, allocable or attributable to such Limited Partner or the Special Limited
Partner pursuant to this Agreement, including, but not limited to, (i) any withholding taxes required to be withheld or paid by the Partnership,
including, but not limited to, withholding taxes pursuant to Sections 1441, 1442, 1445, or 1446 of the Code, (ii) amounts for which the
Partnership is liable under Section 1446(f)(4) of the Code, or (iii) any amount attributable to any or actual imputed underpayment of
taxes under the Partnership Tax Audit Rules imposed on such Partner’s share of the Partnership’s gross or net income and gains
(or items thereof), and in each case, any interest, penalties or additions to tax thereof.”

 

14.           Section 13.2(a) is hereby revised by inserting the following as new Subsection 13.2(a)(iv):

 

“(iv)         For purposes of Section
13.2(a)(iii), the Capital Account of each Partner (including the Special Limited Partner) shall be determined after making all adjustments
in accordance with Sections 5.1 and Exhibit B resulting from Partnership operations and from all sales and dispositions of all
or any part of the Partnership’s assets.”

 

15.           Subparagraphs
1(c)(ii) through (v) of Exhibit B are hereby revised by replacing them in their entirety with the following new subparagraphs 1(c)(ii)
through (v):

 

“(ii)        Special Allocations Regarding Class B Units.
After giving effect to the special allocations in subparagraph 1(c)(i) and Regulatory Allocations in paragraph 2 but prior to any allocations
under subparagraph 1(a), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain
of the Partnership shall be allocated to the holders of Class B Units until their Economic Capital Account Balances are equal to (A) the
OP Unit Economic Balance, multiplied by (B) the number of their Class B Units; provided, that no such Net Property Gain or individual
items of income and gain comprising Net Property Gain will be allocated with respect to any particular Class B Unit unless and to the
extent that the OP Unit Economic Balance exceeds the OP Unit Economic Balance in existence at the time such Class B Unit was issued. The
 “Economic Capital Account Balances” of the Class B Unit holders will be equal to their Capital Account balances to
the extent attributable to their ownership of Class B Units. The “OP Unit Economic Balance” shall mean (Y) the aggregate
Capital Account balance attributable to the OP Units outstanding, plus the amount of any Partner Minimum Gain or Partnership Minimum Gain,
in either case to the extent attributable to the ownership of OP Units and computed on a hypothetical basis after taking into account
all allocations through the date on which any allocation is made under this subparagraph 1(c)(ii), divided by (Z) the number of OP Units
outstanding. Any allocations made pursuant to the first sentence of this subparagraph 1(c)(ii) shall be made among the holders of Class
B Units in proportion to the amounts required to be allocated to each under this subparagraph 1(c)(ii). The parties agree that the intent
of this subparagraph 1(c)(ii) is to make the Capital Account balance associated with each Class B Unit to be economically equivalent to
the Capital Account balance associated with the OP Units outstanding (on a per-Unit basis), but only if and to the extent that the Capital
Account balance associated with the OP Units outstanding, without regard to the allocations under this subparagraph 1(c)(ii), has increased
on a per-Unit basis since the issuance of the relevant Class B Unit. To the extent Net Property Loss is allocated to Partners holding
Class B Units pursuant to subparagraph 1(a), such Net Property Loss shall be allocated among the Partners holding Class B Units in a manner
that reverses the allocation of Net Property Gain to such Partner pursuant to this subparagraph (b)(ii).

 

(iii)         Special Allocations Regarding the Special Limited Partner Interest. After giving effect to the special
allocations in subparagraphs 1(c)(i) and 1(c)(ii) and the Regulatory Allocations in paragraph 2 but prior to any allocations under
subparagraph 1(a), Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Property Gain of
the Partnership shall be allocated to the Special Limited Partner until the Special Limited Partner has received aggregate allocations
of income for all fiscal years equal to the aggregate amount of distributions the Special Limited Partner is entitled to receive or has
received with respect to the Special Limited Partner Interest for such fiscal year and all prior fiscal years.

 

     

     

    

 

(iv)        Special Allocation
of Depreciation. After giving effect to the allocations in subparagraph 1(c)(i) and paragraph 2, but prior to any allocation under
subparagraph 1(a), 1(c)(ii) or 1(c)(iii), the Initial Limited Partner shall be entitled to allocations of Depreciation until the cumulative
amount of Depreciation allocated to the Initial Limited Partner pursuant to this subparagraph 1(c)(iv) for all years equals $10,000,000; provided,
that (A) the Initial Limited Partner shall notify the Partnership in writing, within fifteen (15) days after the end of the year to which
the allocation of Depreciation relates, of the amount of Depreciation the Initial Limited Partner elects to have allocated to it for such
year, (B) the amount of Depreciation the Initial Limited Partner may elect to be allocated pursuant to this subparagraph 1(c)(iv) for
any year shall not exceed $10,000,000 minus the amount of Depreciation specially allocated pursuant to this subparagraph 1(c)(iv) to the
Initial Limited Partner for all prior years, and (C) if the amount of Depreciation the Partnership is able to allocate in a year is less
than the amount the Initial Limited Partner has elected for such year, the Partnership shall notify the Initial Limited Partner as early
as reasonably practicable but in no event later than five (5) days prior to the date it issues K-1’s for such year.

 

(v)         Special Allocation
of Net Property Gain. After giving effect to the allocations in subparagraph 1(c)(i) and paragraph 2 and to the extent not previously
allocated pursuant to subparagraph 2(b), but prior to any allocation under subparagraph 1(a) and/or 1(c)(ii), Net Property Gain shall
be allocated first to the Initial Limited Partner to the extent of the cumulative amount of Depreciation allocated to the Initial Limited
partner pursuant to subparagraph 1(c)(iv).”

  

16.           Paragraph
2 of Exhibit B is hereby revised by replacing it in its entirety with the following new paragraph 2:

 

“2.        Regulatory Allocations.
Notwithstanding any provisions of paragraph 1 of this Exhibit B, the following regulatory allocations shall be made (such allocations
 “Regulatory Allocations”).

 

(a)            Minimum Gain
Chargeback (Nonrecourse Liabilities). Except as otherwise provided in Section 1.704-2(f) of the Regulations, if there is a net decrease
in Partnership Minimum Gain for any Partnership fiscal year, each Partner shall be specially allocated items of Partnership income and
gain for such year (and, if necessary, subsequent years) in an amount equal to such Partner’s share of the net decrease in Partnership
Minimum Gain to the extent required by Section 1.704-2(g) of the Regulations. The items to be so allocated shall be determined in accordance
with Sections 1.704-2(f) and (i) of the Regulations. This subparagraph 2(a) is intended to comply with the minimum gain chargeback requirement
in Section 1.704-2(f) of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph 2(a)
shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto.

 

(b)           Partner Minimum
Gain Chargeback. Except as otherwise provided in Section 1.704-2(i)(4) of the Regulations, if there is a net decrease in Partner Nonrecourse
Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any fiscal year, each Partner who has a share of the Partner Nonrecourse
Debt Minimum Gain attributable to that Partner Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5) of the Regulations,
shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal
to that Partner’s share of the net decrease in the Partner
Nonrecourse Debt Minimum Gain to the extent and in the manner required by Section 1.704-2(i) of the Regulations. The items to be so allocated
shall be determined in accordance with Sections 1.704-2(i)(4) and (j)(2) of the Regulations. This subparagraph 2(b) is intended to comply
with the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt contained in Section 1.704-2(i)(4) of the Regulations
and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph 2(b) shall be made in proportion to the respective
amounts required to be allocated to each Partner pursuant hereto.

 

     

     

    

 

(c)            Qualified
Income Offset. If a Partner unexpectedly receives any adjustments, allocations or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4),
(5) or (6) of the Regulations, and such Partner has an Adjusted Capital Account Deficit, items of Partnership income (including gross
income) and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate the Adjusted Capital Account
Deficit as quickly as possible as required by the Regulations. This subparagraph 2(c) is intended to constitute a “qualified income
offset” under Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith.

 

(d)           Nonrecourse
Deductions. Nonrecourse Deductions for any fiscal year or other applicable period shall be allocated to the Partners in accordance
with their respective Percentage Interests.

 

(e)            Partner Nonrecourse
Deductions. Partner Nonrecourse Deductions for any fiscal year or other applicable period with respect to a Partner Nonrecourse Debt
shall be specially allocated to the Partner that bears the economic risk of loss for such Partner Nonrecourse Debt.

 

(f)            Section 754
Adjustment. To the extent an adjustment to the adjusted tax basis of any asset of the Partnership pursuant to Section 734(b) of the
Code or Section 743(b) of the Code is required, pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations, to be taken into account
in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated
among the Partners in a manner consistent with the manner in which each of their respective Capital Accounts are required to be adjusted
pursuant to such section of the Regulations.

 

(f)            Gross Income
Allocation. If any Partner has an Adjusted Capital Account Deficit at the end of any fiscal year or other applicable period which
is in excess of the amount such Partner is obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5)
of the Regulations, such Partner shall be specially allocated items of Partnership income (including gross income) and gain (including
gross gain) in the amount of such excess as quickly as possible, provided that an allocation pursuant to this subparagraph 2(g) shall
be made if and only to the extent that such Partner would have an Adjusted Capital Account Deficit in excess of such amount after all
other allocations provided for under this Agreement have been tentatively made as if subparagraph 2(c) and this subparagraph 2(g) were
not in this Agreement.”

 

17.           Paragraph
4 of Exhibit B is hereby further revised by replacing it in its entirety with the following new paragraph 4:

 

“4.           Tax Allocations.

 

(a)            Items of
Income or Loss. Except as is otherwise provided in this Exhibit B, an allocation of Net Income, Net Loss, or any items thereof
to a Partner shall be treated as an allocation to such Partner of the same share of each item of income, gain, loss, deduction and item
of tax-exempt income or Section 705(a)(2)(B) expenditure (or item treated as such expenditure pursuant to Section 1.704-1(b)(2)(iv)(i)
of the Regulations) (“Tax Items”) that is taken into account in computing Net Income, Net Loss, or any items thereof.

 

(b)           Section 1245/1250
Recapture. Subject to subparagraph 4(c) below, if any portion of gain from the sale of Partnership assets is treated as gain which
is ordinary income by virtue of the application of Sections 1245 or 1250 of the Code or is gain described in Section 1(h)(1)(D) of the
Code (“Affected Gain”), then such Affected Gain shall, to the extent possible, be allocated among the Partners in the
same proportion that the depreciation and amortization deductions giving rise to the Affected Gain were allocated. This subparagraph 4(b)
shall not alter the amount of Net Income, Net Property Gain or items thereof allocated among the Partners, but merely the character of
such Net Income, Net Property Gain or items thereof. For purposes hereof, in order to determine the proportionate allocations of depreciation
and amortization deductions for each fiscal year or other applicable period, such deductions shall be deemed allocated on the same basis
as Net Income or Net Loss for such respective period.

 

     

     

    

 

(c)            Precontribution
Gain, Revaluations. With respect to any Contributed Property, the Partnership shall use any permissible method contained in the Regulations
promulgated under Section 704(c) of the Code selected by the General Partner, in its sole discretion, to take into account any variation
between the adjusted basis of such asset and the fair market value of such asset as of the time of the contribution (“Precontribution
Gain”). Each Partner hereby agrees to report income, gain, loss and deduction on such Partner’s U.S. federal income tax
return in a manner consistent with the method used by the Partnership. If any asset has a Gross Asset Value which is different from the
Partnership’s adjusted basis for such asset for U.S. federal income tax purposes because the Partnership has revalued such
asset pursuant to Section 1.704-1(b)(2) (iv)(f) of the Regulations, the allocations of Tax Items shall be made in accordance with the
principles of Section 704(c) of the Code and the Regulations and the methods of allocation promulgated thereunder. The intent of this
subparagraph 4(c) is that each Partner who contributed to the capital of the Partnership a Contributed Property will bear, through reduced
allocations of depreciation, increased allocations of gain or other items, the tax detriments associated with any Precontribution Gain.
This subparagraph 4(c) is to be interpreted consistently with such intent.

 

(d)           Excess Nonrecourse
Liability Safe Harbor. Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining each Partner’s
proportionate share of the “excess nonrecourse liabilities” of the Partnership (within the meaning of Section 1.752-3(a)(3)
of the Regulations), the Partners’ respective interests in Partnership profits shall be determined under any permissible method
reasonably determined by the General Partner; provided, however, that each Partner who has contributed an asset to the Partnership shall
be allocated, to the extent possible, a share of “excess nonrecourse liabilities” of the Partnership which results in such
Partner being allocated nonrecourse liabilities in an amount which is at least equal to the amount of income required to be allocated
to such Partner pursuant to Section 704(c) of the Code and the Regulations promulgated thereunder (the “Liability Shortfall”).
If there is an insufficient amount of nonrecourse liabilities to allocate to each Partner an amount of nonrecourse liabilities equal to
the Liability Shortfall, then an amount of nonrecourse liabilities in proportion to, and to the extent of, the Liability Shortfall shall
be allocated to each Partner.

 

(e)            References
to Regulations. Any reference in this Exhibit B or the Agreement to a provision of proposed and/or temporary Regulations shall,
if such provision is modified or renumbered, be deemed to refer to the successor provision as so modified or renumbered, but only to the
extent such successor provision applies to the Partnership under the effective date rules applicable to such successor provision.)”

 

18.           Exhibit B is hereby further revised by adding the following new paragraphs 5 through 7:

 

“5.           Allocations Regarding
General Partner In Respect of Preferred Units.

 

(a)            It is the intention
of the parties hereunder that the aggregate Capital Account balance of the General Partner in respect of the Series A Preferred Units
and Series B Preferred Units at any date shall not exceed the amount of the original Capital Contributions made in respect of the Series
A Preferred Units and Series B Preferred Units plus all accrued and unpaid distributions thereon, whether or not declared, to the extent
not previously distributed. Notwithstanding anything to the contrary contained herein, in connection with the liquidation of the Partnership or the interest of
a holder of Series B Preferred Units or Series B Preferred Units, and prior to making any other allocations of Net Income or Net Loss,
items of income and gain or deduction and loss shall first be allocated to the General Partner in respect of the Series A Preferred Units
and Series B Preferred Units in such amounts as is required to cause the General Partner’s adjusted Capital Account in respect of
the Series A Preferred Units and Series B Preferred Units (taking into account any amounts such Partner is obligated to contribute to
the capital of the Partnership or is deemed obligated to contribute pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)(2)) to equal
the amount the General Partner is entitled to receive pursuant to the provisions of this Agreement in respect to the Series A Preferred
Units and Series B Preferred Units.

 

     

     

    

 

(b)           Unless otherwise
required by applicable law, any amount distributed to the General Partner in its capacity as the holder of Series A Preferred Units and
Series B Preferred Units under Section 5.1 that exceeds the sum of (a) the cumulative Net Operating Income and Net Property Gain (and
individual items of income and gain comprising Net Operating Income and Net Property Gain) allocated to the General Partner plus (b) the
aggregate Capital Account balance of the General Partner, in each case, in respect of the Series A Preferred Units and Series B Preferred
Units, respectively, shall be treated as a guaranteed payment pursuant to Code Section 707(c).

 

6.             Allocations between Transferor and Transferee.
If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Net Income and Net
Loss allocable among the Partners during such fiscal year of the Partnership shall be allocated between the transferor and the transferee
Partner either (a) as if the Partnership’s fiscal year had ended on the date of the transfer or (b) based on the number of days
of such fiscal year that each was a Partner without regard to the results of Partnership activities in the respective portions of such
fiscal year in which the transferor and the transferee were Partners; provided, however, that the General Partner may apply a different
method if required by applicable law. The General Partner, in its sole and absolute discretion, shall determine which method shall be
used to allocate the distributive shares of the various items of Net Income and Net Loss between the transferor and the transferee Partner.

 

7.             Substantial Economic
Effect; Savings Clause.

 

(a)            It is the intent
of the Partners (including the Special Limited Partner) that the allocations of Net Income, Net Loss, Net Property Gain and Net Property
Loss under the Agreement have “substantial economic effect” (or be consistent with the Partners’ and the Special Limited
Partner’s interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning
of Section 704(b) of the Code as interpreted by the Regulations promulgated pursuant thereto. The provisions of this Exhibit B and other
relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.

 

(b)           Notwithstanding
anything to the contrary in this Agreement, it is the intent of the Partners (including the Special Limited Partner) that the
allocation provisions of this Exhibit B produce (i) a final Capital Account balance of the General Partner in respect of the Series
A Preferred Units and the Series B Preferred Units equal to their aggregate respective Liquidating Distributions and (ii) final
Capital Account balances of the Partners (including the Special Limited Partner) equal to the amount such Partners would receive
with respect to their GP Units, OP Units, Class B Units, or the Special Limited Partner Interest pursuant to Section 5.1. To the
extent the allocation provisions of Exhibit B would fail to produce such final Capital Account balances, (y) such provisions shall
be amended by the General Partner if and to the extent necessary to produce such result and (z) Net Income, Net Loss, Net Property
Gain, Net Property Loss and, to the extent necessary, individual items of income, gain, loss and deduction, of the Partnership for
prior open years shall be reallocated by the General Partner, in its sole and absolute discretion, among the Partners to the extent
it is not possible to achieve such result with allocations of Net Income, Net Loss, Net Property Gain, Net Property Loss and, to the
extent necessary, individual items of income, gain, loss and deduction, of the Partnership for the current year and future years,
and if necessary, as a guaranteed payment as defined in Section 707(c) of the Code (unless the treatment of a portion of the return
on the Series A Preferred Return or on the Series B Preferred Return as a guaranteed payment would cause the entire Series A
Preferred Return or the Series B Preferred Return to be a guaranteed payment, in which case none of such return shall be so treated). This paragraph
7(b) shall control notwithstanding any reallocation or adjustment of taxable Net Income, Net Loss, Net Property Gain, Net Property Loss
and, to the extent necessary, individual items of income, gain, loss and deduction, of the Partnership by the Service or any other taxing
authority. The General Partner shall have the authority to amend this Agreement without the consent of the Limited Partners or the Special
Limited Partner, as it reasonably considers advisable, to make the allocations and adjustments described in this paragraph 7(b).”

 

     

     

    

 

		19.	The Partnership Agreement is hereby amended by the addition of a new annex thereto, entitled “Annex
B,” in the form attached hereto as Annex B, which sets forth the designations, allocations, preferences, conversion or other special
rights, powers and duties of the Series B Preferred Units, which exhibit shall be attached to and made a part of, and shall be an exhibit
to, the Partnership Agreement.

 

		20.	Pursuant to Sections 4.3 of the Partnership Agreement, effective as of the applicable issuance date
of any issuance of shares of Series B Preferred Stock by the General Partner, the Partnership will issue Series B Preferred Units to the
General Partner in an amount that will be reflected on Exhibit A to the Partnership Agreement, as such Exhibit A may be amended or restated
by the General Partner in its sole discretion from time to time to the extent necessary to reflect such issuances, but in no event shall
the aggregate number of Series B Preferred Units issued pursuant to this Amendment exceed 3,680,000 or such greater number of shares of
Series B Preferred Stock as may be hereafter authorized for issuance by the General Partner. The Series B Preferred Units have been created
and are being issued in conjunction with the General Partner’s issuance and sale of the Series B Preferred Stock, and as such, the
Series B Preferred Units are intended to have designations, preferences and other rights and terms that are substantially the same as
those of the Series B Preferred Stock, all such that the economic interests of the Series B Preferred Units and the Series B Preferred
Stock are substantially similar, and the provisions, terms and conditions of this Amendment, including without limitation the attached
Annex B, shall be interpreted in a fashion consistent with this intent. In return for the issuance to the General Partner of the Series
B Preferred Units, the General Partner has contributed to the Partnership the net proceeds from its issuance and sale of the Series B
Preferred Stock (the General Partner’s capital contribution shall be deemed to equal the amount of the gross proceeds of that share
issuance (i.e., the net proceeds actually contributed, plus any underwriter’s discount or other expenses incurred, with any such
discount or expense deemed to have been incurred by the General Partner on behalf of the Partnership)).

 

		21.	The foregoing recitals are incorporated in and are made a part of this Amendment.

 

		22.	Except as specifically defined herein, all capitalized terms shall have the definitions provided in
the Partnership Agreement. This Amendment has been authorized by the General Partner pursuant to Section 14.1 of the Partnership Agreement
and does not require execution by any Limited Partner or any other Person.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has
executed this Amendment as of the date first set forth above.

 

	 	GENERAL PARTNER:
	 	 	 
	 	HEALTHCARE TRUST, INC.
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: Chief Executive Officer and President

 

[Signature Page to Sixth Amendment to the Agreement of Limited
Partnership of Healthcare Trust Operating Partnership, L.P.]

 

     

     

    

 

ANNEX B

 

DESIGNATION OF THE SERIES B PREFERRED UNITS
OF

HEALTHCARE TRUST OPERATING PARTNERSHIP, L.P.

 

1.            
Designation and Number. A series of Preferred Units (as defined below) of Healthcare Trust Operating Partnership, L.P.,
a Delaware limited partnership (the “Partnership”), designated the “7.125% Series B Cumulative Redeemable Perpetual
Preferred Units” (the “Series B Preferred Units”), is hereby established. The number of authorized Series
B Preferred Units shall be 3,680,000.

 

2.            
Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms in the
Agreement of Limited Partnership of the Partnership, including Annex A thereto, entered into on February 14, 2013 (as now or hereafter
amended, restated, modified, supplemented or replaced, the “Partnership Agreement”). The following defined terms used
herein shall have the meanings specified below:

 

“Articles Supplementary”
means the Articles Supplementary of the General Partner filed with the State Department of Assessments and Taxation of the State of Maryland
on October 4, 2021, designating the terms, rights and preferences of the Series B Preferred Stock.

 

“Capital
Gains Amount” shall have the meaning provided in Section 5(g).

 

“Change of Control” shall have
the meaning provided in the Articles Supplementary.

 

“Common Stock” shall have the
meaning provided in the Articles Supplementary.

 

“Delisting Event” shall have
the meaning provided in the Articles Supplementary.

 

“Distribution Record Date” shall
have the meaning provided in Section 5(a).

 

“Junior
Preferred Units” shall have the meaning provided in Section 4.

 

“Liquidating
Distribution” shall have the meaning provided in Section 6(a).

 

“Parity
Preferred Units” shall have the meaning provided in Section 4.

 

“Partnership
Agreement” shall have the meaning provided in Section 1.

 

“Redemption
Date” shall have the meaning provided in Section 7(a).

 

“Preferred Units” means all Partnership
Units designated as preferred units by the General Partner from time to time in accordance with Section 4.3 of the Partnership Agreement.

 

“Senior
Preferred Units” shall have the meaning provided in Section 4.

 

“Series B Base Liquidation Preference” shall
have the meaning provided in Section 6(a).

 

“Series B Preferred Return”
shall have the meaning provided in Section 5(a).

 

“Series
B Preferred Stock” shall have the meaning provided in the Articles Supplementary.

 

“Series
B Preferred Unit Distribution Payment Date” shall have the meaning provided in Section 5(a).

 

“Series
B Preferred Units” shall have the meaning provided in Section 1.

 

“Total
Distributions” shall have the meaning provided in Section 5(g).

 

     

     

    

 

3.            
 Maturity. The Series B Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory
redemption.

 

4.            
Rank. In respect of rights to the payment of distributions and the distribution of assets in the event of any voluntary
or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the Series B Preferred Units shall rank (a) senior
to all classes or series of Common Units and any class or series of Preferred Units issued by the Partnership, the terms of which expressly
provide that such units rank junior to the Series B Preferred Units with respect to distribution rights and rights upon the voluntary
or involuntary liquidation, dissolution or winding up of the Partnership (collectively, the “Junior Preferred Units”);
(b) on parity with any other class or series of Preferred Units issued by the Partnership, the terms of which expressly provide that such
units rank on parity with the Series B Preferred Units with respect to distribution rights and rights upon the voluntary or involuntary
liquidation, dissolution or winding up of the Partnership (collectively, the “Parity Preferred Units”); and (c) junior
to any class or series of Preferred Units issued by the Partnership, the terms of which expressly provide that such units rank senior
to the Series B Preferred Units with respect to distribution rights and rights upon the voluntary or involuntary liquidation, dissolution
or winding up of the Partnership (collectively, the “Senior Preferred Units”). The term “Preferred Units”
does not include convertible or exchangeable debt securities of the Partnership, including convertible or exchangeable debt securities,
which will rank senior to the Series B Preferred Units prior to the conversion or exchange. The Series B Preferred Units will also rank
junior in right or payment to the Partnership’s existing and future indebtedness. All of the Series B Preferred Units shall rank
equally with one another and shall be identical in all respects.

 

5.            
Distributions.

 

a.        Subject
to the preferential rights of holders of any class or series of Senior Preferred Units of the Partnership, the holders of Series B Preferred
Units shall be entitled to receive, when, as and if authorized by the General Partner and declared by the Partnership, out of assets
of the Partnership legally available for payment of distributions, cumulative cash distributions in the amount of $1.78125 per unit per
year, which is equivalent to the rate of 7.125% of the Series B Base Liquidation Preference (as defined below) per unit per year (the
 “Series B Preferred Return”). The Series B Preferred Return shall accrue and be cumulative from and including the
date of original issue of any Series B Preferred Units and shall be payable quarterly in arrears, on or about the 15th day of each January,
April, July and October of each year (or, if not a Business Day, the next succeeding business day, each a “Series B Preferred
Unit Distribution Payment Date”) for the period ending on such Series B Preferred Unit Distribution Payment Date, commencing
on January 18, 2022. The amount of any distribution payable on the Series B Preferred Units for any partial distribution period will
be prorated and computed, and for any full distribution period will be computed, on the basis of twelve 30-day months and a 360-day year.
Distributions will be payable in arrears to holders of record of the Series B Preferred Units as they appear on the records of the Partnership
at the close of business on the applicable record date, which shall be the Series B Record Date (as defined in the Articles Supplementary),
which is the close of business on the date set by the board of directors as the record date for the payment of dividends on Series B
Preferred Stock (each, a “Distribution Record Date”).

 

b.        No
distributions on the Series B Preferred Units shall be authorized by the General Partner or declared and or set apart for payment by
the Partnership at such time as the terms and conditions of any agreement of the General Partner or the Partnership, including any agreement
relating to the indebtedness of any of them, prohibits such authorization, payment or setting apart for payment or provides that such
authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such authorization,
payment or setting apart for payment shall be restricted or prohibited by law.

 

c.        Notwithstanding
anything to the contrary contained herein, the Series B Preferred Return will accrue whether or not distributions are authorized by the
General Partner or declared by the Partnership. No interest or additional distributions shall be payable in respect of any accrued and
unpaid Series B Preferred Return.

 

d.        Except provided in Section 5(e) below, no distributions shall be declared and paid or set apart for payment, and no other distribution
of cash or other property may be declared and made, directly or indirectly, on or with respect to any Common Units, Parity Preferred Units
or Junior Preferred Units of the Partnership (other than a distribution paid in units of, or options, warrants or rights to subscribe
for or purchase units of, Common Units or Junior Preferred Units) for any period, nor shall units of any class or series of Common Units,
Parity Preferred Units or Junior Preferred Units be redeemed (or assets be paid to our made
available for a sinking fund for the redemption of any such units of the Partnership), purchased or otherwise acquired (except (i) by
conversion into or exchange for Common Units or Junior Preferred Units, (ii) for the acquisition of units corresponding with the acquisition
of shares pursuant to the provisions of Section 5.7 of Article V of the Charter, and (iii) for purchases or exchanges pursuant to a purchase
or exchange offer made on the same terms to all holders of Series B Preferred Units and all holders of Parity Preferred Units), unless
full cumulative distributions on the Series B Preferred Units for all past distribution periods shall have been or contemporaneously are
declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment.

 

     

     

    

 

e.       
When cumulative distributions are not paid in full (or declared and a sum sufficient for such full payment is not set apart) on
the Series B Preferred Units and any Parity Preferred Units, all distributions (other than (i) any acquisition of units corresponding
with the acquisition of shares pursuant to the provisions of Section 5.7 of Article V of the Charter or (ii) a purchase or exchange pursuant
to a purchase or exchange offer made on the same terms to all holders of Series B Preferred Units and all holders of Parity Preferred
Units) declared on the Series B Preferred Units and any Parity Preferred Units shall be declared pro rata so that the amount of
distributions declared per Series B Preferred Unit and such Parity Preferred Units shall in all cases bear to each other the same ratio
that accrued distributions per Series B Preferred Unit and such Parity Preferred Units (which shall not include any accrual in respect
of unpaid distributions on any Parity Preferred Units for prior distribution periods if such Parity Preferred Units do not have a cumulative
distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment
or payments on Series B Preferred Units which may be in arrears.

 

f.       
Holders of Series B Preferred Units shall not be entitled to any distribution, whether payable in cash, property or units of the
Partnership, in excess of the Series B Preferred Return on the Series B Preferred Units as provided above. Any distribution made on the
Series B Preferred Units shall first be credited against the earliest accrued but unpaid Series B Preferred Return which remains payable.

 

g.      
If, for any taxable year, the General Partner elects to designate as “capital gain dividends” (as defined in Section
857 of the Code) any portion (the “Capital Gains Amount”) of the total distributions not in excess of the General Partner’s
earnings and profits (as determined for U.S. federal income tax purposes) paid or made available for such taxable year to holders of all
classes and series of the General Partner’s stock (the “Total Distributions”), then the portion of the Capital
Gains Amount that shall be allocable to holders of Series B Preferred Units shall be in the same proportion that the Total Distributions
paid or made available to the holders of Series B Preferred Units for such taxable year bears to the Total Distributions for such taxable
year made with respect to all classes or series of Partnership Units outstanding.

 

6.            
Liquidation Preference.

 

a.       
Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, after payment of or
provision for the Partnership’s debts and liabilities and any other class or series of equity securities of the Partnership ranking,
with respect to rights upon the Partnership’s voluntary or involuntary liquidation, dissolution or winding up, senior to the Series
B Preferred Units, before any distribution or payment shall be made to the holders of any Common Units or Junior Preferred Units, the
holders of the Series B Preferred Units then outstanding shall be entitled to be paid out of the assets of the Partnership legally available
for distribution to its Partners a liquidation preference in cash of $25.00 per Series B Preferred Unit (the “Series B Base Liquidation
Preference”), plus an amount equal to any accrued and unpaid Series B Preferred Return to, but not including, the date of payment
(together with the Series B Base Liquidation Preference, the “Liquidating Distribution”).

 

b.      
If upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the available assets of the
Partnership are insufficient to pay the full amount of the Liquidating Distributions on all outstanding Series B Preferred Units and the
corresponding amounts payable on all outstanding Parity Preferred Units, then the holders of Series B Preferred Units and Parity Preferred
Units shall share ratably in any such distribution of assets in proportion to the full Liquidating Distributions to which they would otherwise
be respectively entitled.

 

     

     

    

 

c.       
 After payment of the full amount of the Liquidating Distributions to which they are entitled, holders of Series B Preferred Units
will have no right or claim to any of the remaining assets of the Partnership.

 

d.      
For the avoidance of doubt, the consolidation, merger or conversion of the Partnership with or into another entity, the merger
of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer or conveyance
of all or substantially all of the assets or business of the Partnership shall not be considered a liquidation, dissolution or winding
up of the affairs of the Partnership.

 

7.            
Optional Redemption.

 

a.       
The Series B Preferred Units are not redeemable prior to October 6, 2026, except as otherwise provided in this Section 7. On and
after October 6, 2026, the Partnership, at its option, upon not fewer than 30 nor more than 60 days’ written notice, may redeem
the Series B Preferred Units, in whole or in part, at any time or from time to time, for cash, at a redemption price equal to $25.00 per
Series B Preferred Unit, plus any accrued and unpaid distributions thereon (whether or not declared) to, but not including, the date fixed
for redemption (the “Redemption Date”). Such notice shall be deemed to have been given to the General Partner, in its
capacity as holder of the Series B Preferred Units, upon the giving of any notice by the General Partner to holders of shares of Series
B Preferred Stock with respect to the redemption of such shares. If fewer than all of the outstanding Series B Preferred Units are to
be redeemed, the Series B Preferred Units to be redeemed may be selected pro rata (as nearly as practicable without creating fractional
units) or by lot.

 

b.      
Unless full cumulative distributions on all Series B Preferred Units shall have been or contemporaneously are declared and paid
or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, (i) no Series B Preferred
Units shall be redeemed unless all outstanding Series B Preferred Units are simultaneously redeemed, and (ii) the Partnership shall not
purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a
sinking fund for the redemption of, any Series B Preferred Units (except by conversion into or exchange for Common Units or Junior Preferred
Units of the Partnership); provided, however, that the foregoing shall not prevent the redemption or purchase of Series B Preferred
Units by the Partnership in connection with a redemption or purchase by the General Partner of Series B Preferred Stock pursuant to Article
V of the Charter or otherwise in order to ensure that the General Partner remains qualified as a REIT for U.S. federal income tax purposes
or pursuant to the terms of the Articles Supplementary, or the purchase or acquisition of Series B Preferred Units pursuant to a purchase
or exchange offer made on the same terms to holders of all outstanding Series B Preferred Units and any other Parity Preferred Units.

 

c.       
If a Redemption Date falls after a Distribution Record Date and on or prior to the corresponding Series B Preferred Unit Distribution
Payment Date, each holder of Series B Preferred Units on such Distribution Record Date shall be entitled to the distribution payable on
such units on the corresponding Series B Preferred Unit Distribution Payment Date (including any accrued and unpaid distributions for
prior distribution periods) notwithstanding the redemption of such units on or prior to such Series B Preferred Unit Distribution Payment
Date. Except as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears,
on Series B Preferred Units for which a notice of redemption has been given.

 

d.      
Upon the occurrence of a Delisting Event or Change of Control, if and when the General Partner exercises its option to redeem shares
of Series B Preferred Stock as provided in Section 6 of the Articles Supplementary, the General Partner shall cause the Partnership to
concurrently redeem an equal number of Series B Preferred Units if and when such shares of Series B Preferred Stock are so redeemed, at
a redemption price per Series B Preferred Unit payable in cash and equal to the same price per share paid by the General Partner to redeem
the shares of Series B Preferred Stock (i.e., a redemption price of $25.00 per share of Series B Preferred Stock, plus an amount equal
to any accrued and unpaid dividends thereon. No interest shall accrue for the benefit of the Series B Preferred Units to be redeemed on
any cash set aside by the Partnership.

 

e.       
Notwithstanding anything to the contrary contained herein, the Partnership may redeem one Series B Preferred Unit for each share
of Series B Preferred Stock purchased in the open market, through tender or by private agreement by the General Partner.

 

     

     

    

 

f.       
 All Series B Preferred Units redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be retired and reclassified
as authorized but unissued Preferred Units, without designation as to class or series, and may thereafter be reissued as any class or
series of Preferred Units in accordance with the applicable provisions of the Partnership Agreement.

 

g.      
Notwithstanding anything to the contrary contained herein, the Partnership may redeem Series B Preferred Units at any time in connection
with any redemption by the General Partner of the Series B Preferred Stock.

 

h.      
In addition, upon the occurrence of a Delisting Event, the distributions rate specified in Section 5(a) hereof shall be increased
on the day after the occurrence of the Delisting Event by 2.00% per annum to the rate of 9.125% of the Series B Base Liquidation Preference
per unit per year (equivalent to $2.28125 per unit per year) from and after the date of the Delisting Event. Following the cure of such
Delisting Event, the distribution rate shall revert to the rate specified in Section 5(a) hereof.

 

8.            
Voting Rights. Holders of the Series B Preferred Units will not have any voting rights.

 

9.            
Conversion. The Series B Preferred Units are not convertible or exchangeable for any other property or securities, except
as provided herein.

 

a.       
In the event that a holder of shares of Series B Preferred Stock exercises its right to convert such shares of Series B Preferred
Stock into Common Stock in accordance with the terms of the Articles Supplementary, then, concurrently with any conversion that actually
occurs pursuant to such exercise (i.e. such shares are not redeemed for cash prior thereto in accordance with the terms of the Articles
Supplementary), an equivalent number of Series B Preferred Units of the Partnership held by the General Partner shall be automatically
converted into a number of OP Units of the Partnership equal to the number of shares of Common Stock issued upon conversion of such Series
B Preferred Stock; provided, however, that if a holder of Series B Preferred Stock receives cash or other consideration in addition
to or in lieu of Common Stock in connection with such conversion, then the General Partner, as the holder of the Series B Preferred Units,
shall be entitled to receive cash or such other consideration equal (in amount and form) to the cash or other consideration to be paid
by the General Partner to such holder of the Series B Preferred Stock. Any such conversion will be effective at the same time the conversion
of Series B Preferred Stock into Common Stock is effective.

 

b.      
No fractional units will be issued in connection with the conversion of Series B Preferred Units into OP Units. In lieu of fractional
OP Units, the General Partner shall be entitled to receive a cash payment in respect of any fractional unit in an amount equal to the
fractional interest multiplied by the Common Stock Price (as defined in the Articles Supplementary) on the date the shares of Series B
Preferred Stock are surrendered for conversion by a holder thereof.

 

10.         
Allocation of Net Income and Net Loss.

 

Subparagraphs 1(a), (b) and (c)(i) of Exhibit B of
the Partnership Agreement are hereby deleted in their entirety and replaced by subparagraphs 1(a), (b) and (c)(i) below:

 

(a)           Allocations
of Net Income and Net Loss. Except as otherwise provided in this Agreement, after giving effect to the special allocations in
subparagraph 1(c) and paragraph 2, Net Income, Net Loss and, to the extent necessary, individual items of income, gain, loss or
deduction, of the Partnership, without duplication, shall be allocated among the Partners in a manner determined in the reasonable
discretion of the General Partner that will, as nearly as possible, cause the Capital Account balance of each Partner immediately
after such allocation to equal (i) the amount of distributions that would be made to such Partner pursuant to Section 5.1(b) if (A)
the Partnership were dissolved, its affairs wound up and its assets sold for cash equal to their Gross Asset Value, taking into
account any adjustments thereto for such period, (B) all Partnership liabilities were satisfied in full in cash according to their
terms (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and (C)
Net Sales Proceeds (after satisfaction of such liabilities) were distributed in full in accordance with Section 5.1(b) to the
Partners immediately after making such allocations, minus (ii) the sum of such Partner’s share of Partnership Minimum
Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to
contribute to the capital of the Partnership, all computed immediately prior to the hypothetical sale of assets.

 

     

     

    

 

 

(b)           [Reserved.]

 

(c)            Special
Allocations.

 

(i)             Special Allocations Regarding Preferred Units. Notwithstanding any other provisions of this paragraph 1, after giving
effect to the Regulatory Allocations in paragraph 2, but prior to any allocations under subparagraph 1(a), a pro rata portion of Net Operating
Income and Net Property Gain and, to the extent necessary, individual items of income and gain comprising Net Operating Income and Net
Property Gain of the Partnership, shall be allocated to the General Partner in respect of the Series A Preferred Units and Series B Preferred
Units until it has been allocated such Net Operating Income and Net Property Gain equal to the excess of (A) the cumulative amount of
distributions of Cash Available for Distribution the General Partner has received for all the current and prior taxable years or portions
thereof with respect to the Series A Preferred Units and Series B Preferred Units, over (B) the cumulative Net Operating Income and Net
Property Gain allocated to the General Partner, pursuant to this subparagraph 1(c) for all the current and prior taxable years or portions
thereof.

 

11.          
Winding Up.

 

Section 13.2(a)(iii)(D) of the Partnership Agreement
is deleted in its entirety and replaced by Section 13.2(a)(iii)(D) below:

 

(D)         the balance, if any, shall be distributed first to the General Partner in respect of the Series A Preferred Units and Series
B Preferred Units until it has received distributions under this Agreement in respect of the Series A Preferred Units and Series B Preferred
Units equal to their respective Liquidating Distributions and then to all Partners (including the Special Limited Partner) in accordance
with Sections 5.1.

 

12.          
Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms
and conditions the General Partner hereby ratifies and confirms.Exhibit 10.1

 

EXECUTION VERSION

 

EXECUTIVE CHAIRMAN EMPLOYMENT AGREEMENT

  

This EMPLOYMENT AGREEMENT
(this “Agreement”), is entered into as of October 1, 2021 (the “Effective Date”), by and between
Tellurian Inc., a Delaware corporation (the “Company”), and Charif Souki (“Executive”) (collectively,
the “Parties,” and each a “Party”). Capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in Appendix A of this Agreement.

 

WITNESSETH:

 

WHEREAS,
Executive currently serves as the Executive Chairman of the Company; and

 

WHEREAS,
as of the Effective Date, the Company and Executive mutually desire to memorialize the terms under which Executive will continue to serve
in such capacity.

 

NOW,
THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and Executive hereby agree as follows:

 

Section 1.            Terms
of Employment.

 

(a)        Position;
Duties. During the Term of Employment, Executive shall be employed by the Company as Executive Chairman of the Company. In such position,
during the Term of Employment, Executive shall provide such services to the Company and its Subsidiaries and Affiliates as the Board may
request and have such duties and responsibilities, including, but not limited to, strategic oversight of the financing of the Driftwood
Project and sale of liquefied natural gas from such project, raising capital for the Company, and managing the Company’s mergers
and acquisitions of exploration and production (E&P) companies, as may be assigned from time to time by the Board. Executive shall
report to the Board and shall carry out and perform the lawful orders, directions, and policies given to Executive by the Board. Executive
agrees to perform faithfully, industriously, and to the best of Executive’s ability, experience and talents, all of the duties and
responsibilities, and to exercise the authority, customarily performed, undertaken, and exercised by an employee situated in a similar
position and to the satisfaction of the Board. In addition, Executive agrees to serve as an officer and/or director/manager of the Company
and/or one or more of the Company’s Subsidiaries and/or Affiliates if elected or appointed, in each case, without additional compensation.

 

(b)        Exclusivity.
Executive shall devote Executive’s full working and business time, attention, skill and efforts to the business and affairs of
the Company and its Subsidiaries and Affiliates and Executive shall use best efforts to promote the success of the Company’s
and its Subsidiaries’ and Affiliates’ business(es), and agrees to comply with all terms and conditions set forth in the
Company’s policy documents and procedures applicable to Executive. Notwithstanding the foregoing, the Company acknowledges and
agrees that Executive may (i) manage Executive’s personal investments and affairs, and (ii) participate in
non-profit, educational, community or philanthropic activities, in each case, to the extent that such activities, individually or in
the aggregate, do not interfere or conflict with the performance of Executive’s duties and responsibilities under this
Agreement, are not in conflict with and do not interfere with the business interests of the Company or any of its Subsidiaries or
Affiliates, do not result in a violation of any covenants by which Executive may be bound, including, without limitation, those
provided for in Section 6 below, and do not otherwise compete with the Company or any of its Subsidiaries or Affiliates.

 

     

     

    

 

(c)        Term
of Employment. Executive’s term of employment under this Agreement shall commence
on the Effective Date and shall continue through the third (3rd) anniversary of the Effective Date (the “Initial Term”),
and shall renew for an additional twelve (12) months (the “Renewal Term”) on the third (3rd) anniversary
of the Effective Date and on each subsequent one-year anniversary thereafter, unless terminated by the Company or Executive at least thirty
(30) calendar days in advance prior to the end of the Initial Term or Renewal Term (as the case pay be) (a “Non-Renewal”)
and subject to earlier termination as provided in Section 4 hereof. The “Term of Employment” shall mean the period
commencing on the Effective Date and continuing until terminated in accordance with Section 4 hereof .

 

(d)        Location.
Unless otherwise agreed in writing by the Company and Executive, Executive shall be based in Aspen, Colorado, although Executive understands
and agrees that Executive may be required to travel from time to time to perform Executive’s duties.

 

Section 2.           Compensation.

 

(a)        Base
Salary. During the Term of Employment, Executive’s annual base salary shall be $1,200,000 (pro-rated for partial years during
the Term of Employment), less applicable taxes and deductions, which amount shall be subject to annual review by the Board (and/or committee
thereof), and may be increased but not decreased, from time to time by the Board in its sole discretion (such annual base salary as in
effect from time to time, “Base Salary”). Base Salary shall be payable in accordance with the Company’s normal
payroll practices, as in effect from time to time.

 

(b)        Annual
Bonus. During the Term of Employment and commencing with the fiscal year beginning January 1, 2021, Executive shall be eligible
to receive a discretionary annual cash bonus (the “Annual Bonus”) with a target bonus opportunity of 150% of Base Salary
(“Target Bonus Opportunity”) and maximum bonus opportunity of 300% of Base Salary, based upon the Executive’s
and Company’s performance as determined by the Board (or a committee thereof) in its sole discretion. The payment of the Annual
Bonus, if any, will be paid by March 31 in the calendar year following the calendar year to which the Annual Bonus relates at the
same time annual bonuses are paid to other senior executives of the Company, and, except as provided in Section 5(a), (d), and (e) hereof,
shall be subject to Executive’s continuing employment in good standing (and not having resigned or given notice of Executive’s
resignation or been terminated or received notice of Executive’s termination) with the Company through the payment date of the Annual
Bonus.

 

Section 3.            Employee
Benefits.

 

(a)         General.
During the Term of Employment, Executive shall be eligible to participate in the Company’s employee benefit plans (other than
any annual bonus plan not otherwise contemplated herein or any severance plan) generally applicable to other senior executives
of the Company, in each case, as may be in effect from time to time, in accordance with their terms, and subject to the eligibility
requirements of such plans. Nothing contained herein or otherwise shall be construed to limit the Company’s or any of its
Subsidiaries’ or Affiliates’ ability to amend, suspend or terminate any employee benefit plan or policy, at any time,
without providing Executive notice, and the right to do so is expressly reserved.

 

    2

     

    

 

(b)        Vacation.
During the Term of Employment, Executive shall be entitled to vacation in accordance with
the Company’s vacation policy. The terms and conditions of such vacation and all other forms of leave shall be as set forth in the
Company’s vacation and leave policies, as they may exist and be amended from time to time. The Company shall have the absolute right
and sole discretion to change its vacation and leave policies to the extent permitted by law. Executive shall also be entitled to all
paid holidays given by the Company in accordance with the Company’s regular paid holiday policy, as it may exist and be amended
from time to time.

 

(c)        Reimbursement
of Expenses. During the Term of Employment, Executive is authorized to incur business expenses in carrying out Executive’s duties
and responsibilities under this Agreement and the Company agrees to promptly reimburse Executive for all such business expenses, subject
to necessary documentation and in accordance with the Company’s policies as in effect from time to time. Without limiting the foregoing,
during the Term of Employment the Company shall reimburse Executive for Executive’s reasonable business travel expenses (including
travel by private plane) to and from Houston, Texas, and lodging expenses while in Houston, subject to reasonable substantiation. For
the avoidance of doubt, Executive may undertake business travel to such locations as Executive determines in Executive’s reasonable
discretion are necessary to carry out Executive’s duties and responsibilities under this Agreement, including, without limitation,
travel to the Company’s offices, site locations, conferences, and governmental meetings.

 

(d)        Long-Term
Incentives. During the Term of Employment, Executive shall be eligible to participate in long-term incentive plans adopted by the
Company or one of its Subsidiaries or Affiliates, as determined by the Board (or committee thereof) in its discretion.

 

Section 4.            Termination
of Employment. Executive’s employment and the Employment Term shall terminate on the first of the following to occur:

 

(a)        Death.
Automatically upon the date of death of Executive.

 

(b)        Disability.
Upon thirty (30) days prior written notice by the Company to Executive of a termination due to Disability.

 

(c)        Termination
for Cause. Immediately upon written notice by the Company to Executive of a termination of employment for Cause.

 

(d)        Termination
without Cause. Upon thirty (30) days’ prior written notice by the Company to Executive of a termination of employment without
Cause (other than due to death or Disability).

 

(e)        Termination
for Good Reason. Executive may terminate Executive’s employment for Good Reason by providing the Company thirty (30) days’
prior written notice (“Good Reason Notice”) setting forth in reasonable specificity the event that allegedly constitutes
Good Reason (a “Qualifying Event”). To be effective, the Good Reason Notice must be provided to the Company within
sixty (60) days of the initial occurrence of the Qualifying Event. The Company shall have a cure right during the thirty (30) day Good
Reason Notice period, and, if not cured within such period, Executive shall terminate employment within thirty (30) days following the
expiration of such cure period; provided, however, that if Executive does not terminate employment within thirty (30) days following
the expiration of such cure period, Executive shall not be permitted to terminate employment for Good Reason as a result of such specific
Qualifying Event.

 

    3

     

    

 

(f)         Termination
without Good Reason.     Upon thirty (30) day’s prior written
notice by Executive to the Company of Executive’s termination of employment without Good Reason; provided, however, the Company
may, in its sole and absolute discretion, by written notice, accelerate such Date of Termination without changing the characterization
of such termination as a termination without Good Reason and without payment of any salary, bonus, or other payments, rights or benefits
in connection therewith.

 

(g)        Non-Renewal.
In the event of a Non-Renewal by either Party, Executive’s employment will terminate on the applicable anniversary of the Effective
Date that immediately follows the date on which the written notice of Non-Renewal was given (or earlier, if Executive’s employment
terminates in accordance with this Section 4 prior to such anniversary or as mutually agreed by the Company and Executive).

 

(h)        Notice
of Termination. Upon the termination of Executive’s employment by the Company for any reason, all positions Executive holds
with the Company or any of its Subsidiaries or Affiliates shall immediately terminate. Any termination of Executive’s employment
by the Company or by Executive (other than termination by reason of Executive’s death) shall be communicated by written Notice of
Termination to the other Party of this Agreement. The failure by Executive or the Company to set forth in the Notice of Termination any
fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of Executive or the Company hereunder
or preclude Executive or the Company from asserting such fact or circumstance in enforcing Executive’s or the Company’s rights
hereunder.

 

Section 5.            Obligations
of the Company upon Termination

 

(a)        Death
or Disability, Termination due to Non-renewal by the Company. If during the Term of Employment Executive’s employment is
terminated (i) due to Executive’s death (ii) by the Company due to Executive’s Disability, or (iii) due
to Non-Renewal by the Company, in each case, Executive or Executive’s estate or Executive’s beneficiaries, as the case
may be, shall be entitled to receive: (1) within thirty (30) days following the Date of Termination (or such earlier time as
may be required by applicable law), (x) payment of Executive’s earned but unpaid Base Salary and (y) reimbursement
for any unreimbursed but properly incurred expenses in accordance with the terms and conditions of this Agreement, in each case of
(x) and (y), earned or incurred, as applicable, through the Date of Termination, and (2) all other vested and
non-forfeitable amounts or accrued benefits due to Executive in accordance with and subject to the terms and conditions of the
applicable employee benefit plans, programs or policies of the Company or its Subsidiaries or Affiliates, as applicable
(collectively, the “Accrued Amounts”). In addition to the Accrued Amounts, subject to Section 5(f) and
(g) below and Executive’s continued compliance with the covenants by which Executive may be bound, including, without
limitation, those set forth in Section 6 hereof, Executive shall be entitled to receive the Annual Bonus earned but unpaid with
respect to the year prior to the year in which the Date of Termination occurs (the “Unpaid Prior Year Bonus”), if
any, which shall be payable in full in a lump sum cash payment to be made to Executive on the later of the first regularly scheduled
payroll date following the sixtieth (60th) day following the Date of Termination and the date such bonus would be paid if Executive
had remained an employee of the Company, if later. Following such termination of Executive’s employment by reason of death or
Disability, or due to Non-Renewal by the Company, in each case, except as set forth in this Section 5(a), Executive shall have
no further rights to any compensation or any other benefits under this Agreement.

 

    4

     

    

 

(b)        Termination
for Cause. If during the Term of Employment Executive’s employment is terminated by the Company for Cause, Executive shall be
entitled only to receive the Accrued Amounts. Following such termination of Executive’s employment by the Company for Cause, except
as set forth in this Section 5(b), Executive shall have no further rights to any compensation or any benefits under this Agreement.

 

(c)        Termination
by Executive without Good Reason or due to Non-Renewal by Executive. If during the Term of Employment Executive’s employment
is terminated (i) by Executive without Good Reason or (ii) due to a Non-Renewal by Executive, in each case, in addition to the
Accrued Amounts, subject to Section 5(f) and (g) below and Executive’s continued compliance with the covenants by
which Executive may be bound, including, without limitation, those set forth in Section 6 hereof, Executive shall be entitled to
receive the Unpaid Prior Year Bonus, if any, which shall be payable in full in a lump sum cash payment to be made to Executive on the
later of the first regularly scheduled payroll date following the sixtieth (60th) day following the Date of Termination and the date such
bonus would be paid if Executive had remained an employee of the Company. Following such termination of Executive’s employment without
Good Reason or due to a Non-Renewal by Executive, in each case, except as set forth in this Section 5(c), Executive shall have no
further rights to any compensation or any benefits under this Agreement.

 

(d)        Termination
without Cause or by Executive for Good Reason not During the Change of Control Protection Period. If during the Term of Employment
Executive’s employment is terminated (i) by the Company without Cause (excluding due to death or Disability) or (ii) by
Executive for Good Reason, and in each case such Date of Termination occurs before or after the Change of Control Protection Period, in
addition to the Accrued Amounts, subject to Section 5(f) and (g) below and Executive’s continued compliance with
the covenants by which Executive may be bound, including, without limitation, those set forth in Section 6 hereof, Executive shall
be entitled to receive:

 

(i)            the
Unpaid Prior Year Bonus, if any, which Unpaid Prior Year Bonus shall be payable in full in a lump sum cash payment to be made to Executive
on the later of the first regularly scheduled payroll date following the sixtieth (60th) day following the Date of Termination and the
date such bonus would be paid if Executive had remained an employee of the Company;

 

(ii)            subject
to the satisfaction of the applicable performance goals for the applicable calendar year in which the Date of Termination occurs, the
Annual Bonus, if any, in respect of such calendar year had the Executive remained employed in good standing with the Company through the
payment date, which Annual Bonus, if any, shall be pro-rated (determined by multiplying the amount of such Annual Bonus which would be
due in respect of the full calendar year by a fraction, the numerator of which is the number of days during the calendar year of termination
that Executive was employed by the Company and the denominator of which is the number of days in such calendar year) (the “Pro-Rata
Bonus”), which Pro-Rata Bonus, if any, shall be payable in full in a lump sum cash payment to be made to Executive on the later
of the first regularly scheduled payroll date following the sixtieth (60th) day following the Date of Termination and the date such bonus
would be paid if Executive had remained an employee of the Company; and

 

    5

     

    

 

(iii)            an
amount of cash equal to two (2) times the sum of Executive’s Base Salary and Target Bonus Opportunity (such resulting amount,
the “Severance Payments”), which Severance Payments, if any, the Company shall pay in substantially equal installments
over the twelve (12) month period following the Date of Termination in accordance with the Company’s regular payroll practices;
provided, however, that the first payment shall be made on the first regularly scheduled payroll date following the sixtieth (60th)
day following the Date of Termination and shall include payments of any amounts that would otherwise be due prior thereto.

 

Following such termination of Executive’s
employment before or after the Change of Control Protection Period by the Company without Cause (excluding due to death or Disability)
or by Executive for Good Reason, in each case, except as set forth in this Section 5(d), Executive shall have no further rights to
any compensation or any benefits under this Agreement.

 

(e)        Termination
without Cause or by Executive for Good Reason During Change of Control Protection Period. If during the Term of Employment Executive’s
employment is terminated (i) by the Company without Cause (excluding due to death or Disability) or (ii) by Executive for Good
Reason, and in each case such Date of Termination occurs during the Change of Control Protection Period, in addition to the Accrued Amounts,
subject to Section 5(f) and (g) below and Executive’s continued compliance with the covenants by which Executive
may be bound, including, without limitation, those set forth in Section 6 hereof, Executive shall be entitled to receive:

 

(i)            the
Unpaid Prior Year Bonus, if any, payable in accordance with Section 5(d)(i);

 

(ii)            the
Pro-Rata Bonus, if any, payable in accordance with Section 5(d)(ii); and

 

(iii)          an
amount of cash equal to three (3) times the sum of Executive’s Base Salary and Target Bonus Opportunity (such resulting amount,
the “Enhanced Severance Payments”), which Enhanced Severance Payments, if any, the Company shall pay on the sixtieth
(60th) day following the Date of Termination.

 

Following such termination of Executive’s
employment during the Change of Control Protection Period by the Company without Cause (excluding due to death or Disability) or by Executive
for Good Reason, in each case, except as set forth in this Section 5(e), Executive shall have no further rights to any compensation
or any benefits under this Agreement.

 

    6

     

    

 

(f)         Waiver
and Release. Notwithstanding any provision herein to the contrary, and as a condition precedent to payment of any Unpaid Prior Year
Bonus, Pro-Rata Bonus, Severance Payments, or Enhanced Severance Payments (collectively, the “Severance Benefits”)
Executive shall execute, deliver and shall not revoke, a release of claims in favor of the Company and its Subsidiaries and its and their
respective Affiliates in substantially the form attached hereto as Appendix B (the “Release”), and any revocation
period applicable to such Release must have expired no later than the sixtieth (60th) day following the Date of Termination. If Executive
fails to execute and deliver the Release in such a timely manner so as to permit any revocation period to expire prior to the end of such
sixty (60) day period, or timely revokes Executive’s acceptance of such Release following its execution, Executive shall not be
entitled to any Severance Benefits.

 

(g)        Severance
Benefits. In addition to the rights and remedies available to the Company under this Agreement, and not in any way in limitation of
any right or remedy otherwise available to the Company, if Executive violates any material term of this Agreement, including, for the
avoidance of doubt, the covenants set forth in Section 6, or any other agreement between the Company or its Subsidiaries or Affiliates
and Executive, then the Company’s obligation to pay the Severance Benefits or to cause the Severance Benefits to be paid and Executive’s
right to receive such Severance Benefits shall terminate and be of no further force or effect.

 

(h)        Treatment
of Equity. Upon termination of Executive’s employment hereunder Executive’s equity and equity-based awards with respect
to the Company shall be treated in accordance with the applicable plans and agreements governing such equity and equity-based awards.

 

Section 6.           Restrictive
Covenants.

 

		(a)	Confidential Information.

 

i.              Executive
acknowledges that Executive’s employment with the Company will result in Executive’s exposure, access, and contribution
to Confidential Information. Except as within the lawful and authorized performance of Executive’s duties and obligations, or
as provided in Section 6(a)(ii) below, Executive shall not, at any time during Executive’s employment with the
Company or thereafter, directly or indirectly, use, disclose, exploit, or make available to any other person or entity any
Confidential Information, including for Executive’s own personal use or advantage or for the use or advantage of any person or
entity other than the Company Entities.

 

ii.             In
accordance with the employee immunity provisions under the Defend Trade Secrets Act, 18 U.S.C. § 1833(b), notwithstanding anything
herein to the contrary, nothing in this Agreement shall prohibit Executive from, or expose Executive to criminal or civil liability under
federal or state trade secret law for: (A) filing a charge or complaint with, communicating with, participating in any investigation
or proceeding that may be conducted by, or otherwise directly or indirectly sharing any Company Entity’s trade secrets or other
Confidential Information (except information protected by any Company Entity’s attorney-client or work product privilege) with law
enforcement, an attorney, or any federal, state, or local government agencies, regulators, or officials (including the Equal Employment
Opportunity Commission, the Securities and Exchange Commission, and equivalent state and local agencies), without notice to the Company
Entities, or (B) disclosing trade secrets in a complaint or other document filed in connection with a legal claim, provided that
the filing is made under seal.

 

    7

     

    

 

(b)            Legal
Process; Cooperation.

 

i.              Except
as provided in Section 6(a)(ii), above, Executive agrees that in the event Executive is served with a subpoena or any other legal
or regulatory process that may require Executive to disclose any Confidential Information, whether during Executive’s employment
or thereafter, Executive will immediately notify the Board and provide a copy of such subpoena or other legal or regulatory process, unless
such subpoena or other legal process or regulatory process (A) is from a court or governmental agency, and (B) explicitly prohibits
Executive from doing so.

 

ii.             Executive
agrees that during Executive’s employment with the Company and thereafter, Executive shall provide reasonable and timely cooperation,
without additional compensation, in connection with (A) any actual or threatened litigation, investigation, or other matter, or proceeding
(whether conducted by or before any court, regulatory, self-regulatory or governmental entity, or by or on behalf of any Company Party),
that relates to events occurring during Executive’s employment at the Company or about which the Company otherwise believes Executive
may have relevant information; (B) the transitioning of Executive’s role and responsibilities to other personnel; and (C) the
provision of information in response to the Company’s requests and inquiries in connection with Executive’s separation. Executive’s
cooperation shall include being available to (1) meet with and provide information to the Company Parties and their counsel or other
agents in connection with fact-finding, investigatory, discovery, and/or pre-litigation or other proceeding issues, and (2) provide
truthful testimony (including via affidavit, deposition, at trial, or otherwise) in connection with any such matter, all without the requirement
of being subpoenaed. The Company shall try to schedule Executive’s cooperation pursuant to this Section so as not to unduly
interfere with Executive’s other personal or professional pursuits.

 

(c)        Protected
Property. Executive acknowledges and agrees that all the Company’s Protected Property coming into Executive’s possession,
custody, or control during the course of Executive’s employment with the Company is the sole property of the Company Parties. Upon
the termination of Executive’s employment with the Company, or upon the request of the Company at any time, Executive agrees to
promptly deliver all Protected Property to the Company, without retaining a copy of any such property. At no time will Executive remove
or copy or cause to be removed from the premises of the Company any original or copy of any Protected Property except in furtherance of
Executive’s proper duties to the Company and in accordance with the terms of this Agreement and all applicable Company policies
and procedures.

 

(d)        Work
Product. Executive agrees all Work Product shall be and remain the sole and exclusive property of the Company. To the maximum extent
allowable by law, any Work Product subject to copyright protection shall be considered “works made for hire” for the Company
under U.S. copyright law. To the extent that any Work Product that is subject to copyright protection is not considered a work made for
hire, or to the extent that Executive otherwise has or retains any ownership or other rights in any Work Product (or any intellectual
property rights therein) anywhere in the world, Executive hereby assigns and transfers to the Company all such rights, including the intellectual
property rights therein, effective automatically as and when such Work Product is conceived, made, authored, created, invented, developed,
or reduced to practice. The Company shall have the full worldwide right to use, assign, license, and/or transfer all rights in, with,
to, or relating to Work Product (and all intellectual property rights therein). Executive shall, whenever requested to do so by the Company
(whether during Executive’s employment or thereafter), execute any and all applications, assignments, and/or other instruments,
and do all other things (including cooperating in any matter or giving testimony in any legal proceeding) which the Company may deem necessary
or appropriate in order to (i) apply for, obtain, maintain, enforce, or defend patent, trademark, copyright, or similar registrations
of the United States or any other country for any Work Product; (ii) assign, transfer, convey, or otherwise make available to the
Company any right, title, or interest which Executive might otherwise have in any Work Product; and/or (iii) confirm the Company’s
right, title, and interest in any Work Product. Executive shall promptly communicate and disclose all Work Product to the Company and,
upon request, report upon and deliver all such Work Product to the Company. Executive shall not use or permit any Work Product to be used
for any purpose other than on behalf of the Company Entities, whether during Executive’s employment or thereafter.

 

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(e)        Non-Solicitation.
Executive agrees that during Executive’s employment with the Company and the Non-Solicit Restricted Period, Executive shall
not, without the express written consent of the Board (which consent may be granted or withheld in the Board’s sole and
absolute discretion), whether on behalf of or for the benefit of Executive or any other person or entity, whether as an employee,
principal, partner, owner, officer, director, individual, member, consultant, contractor, volunteer, representative, agent, or in
any other capacity whatsoever, and whether or not for compensation, directly or indirectly: (A) solicit, induce, or encourage
the resignation or termination of, or attempt to solicit, induce, or encourage the resignation or termination of, any member,
partner, principal, owner, officer, director, employee, contractor, consultant, or other business relation of any of the Company
Parties; (B) interfere, or attempt to interfere, in any way with the relationship between any of the Company Parties, on the
one hand, and any of their respective members, partners, principals, owners, officers, directors, employees, contractors,
consultants, or other business relations on the other hand; or (C) solicit, hire, recruit, employ, engage, or retain; or allow
Executive’s name to be used in connection with the solicitation, hiring, recruiting, employing, engaging, or retention of, any
person or entity who as of such date, or at some time during the twelve (12) months preceding such date, is or was a member,
partner, principal, owner, officer, director, employee, contractor, consultant, or other business relation of any of the Company
Parties.

 

(f)         Non-Competition.
Executive acknowledges that during the course of Executive’s employment with the Company, its Subsidiaries, and Affiliates, Executive
will become familiar with the Company’s trade secrets and Confidential Information, that Executive will represent and embody the
goodwill of the Company in Executive’s dealings with others, and that Executive’s services will be of special, unique, and
extraordinary value to the Company, and, therefore, and as a further material inducement for the Company to employ Executive under this
Agreement, Executive agrees that during Executive’s employment with the Company and for Non-Competition Restricted Period, Executive
shall not, without the express written consent of the Board (which consent may be granted or withheld in the Board’s sole and absolute
discretion), directly or indirectly: (i) advise or participate in the formation or management of any Competing Business; (ii) render
any services to a Competing Business (whether as a partner, member, principal, employee, consultant, volunteer, or otherwise); or (iii) own
any portion of, or be associated in any way with, any Competing Business; provided, however, that nothing in this Agreement shall preclude
Executive from investing Executive’s personal assets in the securities of any Competing Business if such securities are traded on
a national stock exchange or in the over-the-counter market and if such investment does not result in Executive beneficially owning, at
any time, more than two percent (2%) of such Competing Business.

 

(g)        Non-Disparagement;
Non-Publicity.

 

i.               Except
as provided in Section 6(a)(ii), above, as otherwise approved in writing by the Board, or within the lawful and authorized scope
of Executive’s employment, Executive agrees that, both during and after Executive’s employment with the Company, Executive
will not, whether in private or in public, whether orally, in writing, or otherwise, whether directly or indirectly, (i) make, publish,
encourage, ratify, or authorize; or aid, assist, or direct any other person or entity in making or publishing, any statements that in
any way defame, criticize, malign, impugn, denigrate, reflect negatively on, or disparage any of the Company Parties, or place any of
the Company Parties in a negative light, in any manner whatsoever; (ii) comment upon or discuss any of the Company Parties (whether
disparagingly or otherwise) in, on, to, or through any Media; (iii) make any statement, posting, or other communication (including
on or through any Media) that purports to be on behalf of any Company Party, or which a third party may perceive (A) has been authorized,
approved, or endorsed by a Company Party, or (B) reflects the views of any Company Party; (iv) share, post, transmit, or upload
any material related to any of the Company Parties with, to, through, or on any Media; (v) utilize any Company Party’s logos,
graphics, trade names, or trademarks on any Media or for any other purpose; or (vi) aid, assist, or direct any other person or entity
to do any of the foregoing.

 

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ii.            The
Company agrees that it will instruct its senior officers not to make any untruthful and disparaging statements regarding Executive, nor
publicly, in writing or otherwise, directly or indirectly, make, publish or direct any other person or entity in making or publishing,
any statements that in any way are untruthful and disparaging regarding Executive, provided, however, that this non-disparagement covenant
shall not limit the Company’s ability to exercise any and all rights hereunder, comply with any disclosure or reporting obligations,
assess the Executive’s employment and performance, or otherwise provide truthful information about Executive, Executive’s
employment, and this Agreement, or the termination of any of the foregoing, and provided, further, that nothing herein shall prevent any
Company employee from exercising any legally protected right.

 

(h)        Reasonableness/Tolling.
Executive hereby acknowledges that the limitations set forth in Sections 6(a) through 6(g) of this Agreement are fair and reasonable,
and will not prevent Executive from earning a livelihood after the termination of Executive’s employment with the Company. Executive
recognize that these restrictions are appropriate based on the special and unique nature of the services Executive will render, the access
to the Company’s Confidential Information that Executive will enjoy as a result of Executive’s employment and position with
the Company, and the risks that the Company will face absent such restrictions. Executive agrees that should Executive breach any of the
provisions of Sections 6(a), 6(e), or 6(f), above, the running of the Non-Solicit Restricted Period and/or the Non-Competition Restricted
Period shall be tolled during the period of such breach.

 

(i)         Remedy
for Breach. Executive agrees that Executive’s breach or threatened breach of any of the restrictions set forth in Section 6
of this Agreement will result in irreparable and continuing damage to the Company Parties for which there is no adequate remedy at law.
Thus, the Company Parties shall be entitled to obtain emergency equitable relief, including a temporary restraining order and/or preliminary
injunction, from any state or federal court of competent jurisdiction, without first posting a bond, to restrain any such breach or threatened
breach.

 

Section 7.            Executive’s
Representations. Executive hereby represents and warrants to the Company that (a) the execution, delivery and performance of
this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument
order, judgment or decree to which Executive is a party or by which Executive is bound, (b) Executive is not a party to or bound
by any employment agreement, non-compete agreement, confidentiality agreement or other restriction with any other person or entity, which
would be breached by entering into this Agreement, (c) Executive has not engaged in any conduct (or aided or assisted any other
person or entity to engage in any conduct or cover-up of such conduct), whether within the scope of Executive’s employment at a
previous employer or otherwise, that could cause any damage to the Company’s or any of its Subsidiaries’ or Affiliates’
reputation or business or the Company’s or any of its Subsidiaries’ or Affiliates’ employees, including, but not limited
to, any conduct constituting sexual misconduct, sexual harassment, harassment or discrimination and (d) upon the execution and delivery
of this Agreement by the Company, this Agreement shall be the valid and binding obligation of the Parties, enforceable in accordance
with its terms. Executive agrees to immediately notify the Company, in writing, if any representation in this Section 7 is
or becomes untrue or inaccurate at any time. In addition, should Executive become aware of any reason that Executive cannot remain employed
by the Company or fully execute Executive’s responsibilities for the Company, or should a former employer or any other person or
entity allege that Executive is in violation of any obligation to such person or entity or if Executive believes any violation of law
exists relating to the Company, Executive promises to immediately so notify the Board in writing.

 

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Section 8.          Waiver
and Amendments. Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made
in writing and signed by each of the Parties. No waiver by either of the Parties of their rights hereunder shall be deemed to constitute
a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be
construed as a continuing waiver.

 

Section 9.
Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted
via electronic mail, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier
service (charges prepaid) to the recipient at the address below indicated or at such other address or to the attention of such other person
as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder
and received when delivered personally, when received if transmitted via electronic mail, five (5) days after deposit in the U.S.
mail and one (1) day after deposit for overnight delivery with a reputable overnight courier service.

 

If to the Company, to:

 

Tellurian Inc.

1201 Louisiana Street, Suite 3100

Houston, Texas 77002

Attention:     General
Counsel

Attention:     Head
of Human Resources

 

Email:            legal.notices@tellurianinc.com

Email:            HR@tellurianinc.com

 

If to Executive, to Executive’s physical
and/or email address most recently on file with the Company with a copy (which shall not constitute notice) to such other persons as may
be designated by Executive in writing.

 

Section 10.          Section Headings;
Mutual Drafting. The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be
deemed to constitute a part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof. As
a consequence, the Parties do not intend that the presumptions of laws or rules relating to the interpretation of contracts against
the drafter of any particular clause should be applied to this Agreement or any document or instrument executed in connection
herewith, and therefore waive their effects.

 

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Section 11.         Entire
Agreement. This Agreement, including Appendix A and B attached hereto and incorporated herein by reference, and the
Indemnification Agreement constitute the entire understanding and agreement of the Parties with respect to the subject matter hereof.
This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements between
the Parties and any other person or entity relating to the employment of Executive.

 

Section 12.        Survival
of Operative Sections. Upon any termination of Executive’s employment, the provisions of this Agreement (together with any
related definitions set forth in herein) shall survive to the extent necessary to give effect to the provisions thereof.

 

Section 13.         Binding
Effect; Counterparts. This Agreement shall
be binding and inure to the benefit of the Parties and their respective successors, permitted assigns, heirs, executors and legal representatives.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. Electronic copies of
this Agreement shall have the same force and effect as the original.

 

Section 14.         Governing
Law; Venue; WAIVER OF JURY TRIAL. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas
without regard to any principles of conflicts of law. All actions or proceedings arising in connection with this Agreement or with respect
to the Executive’s employment hereunder shall be tried and litigated exclusively in the federal or state courts located in Harris
County, Texas, and accordingly each party hereby waives any right it may have to assert the doctrine of forum non-conveniens or similar
doctrine or to object to venue with respect to any proceeding brought in accordance with this Agreement, and stipulates that the federal
or state courts located in Harris County, Texas shall have in personam jurisdiction and venue over such party for the purpose of litigating
any dispute, controversy or proceeding arising out of or related to this Agreement or with respect to the Executive’s employment
hereunder. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT, EACH PARTY TO THIS AGREEMENT,
FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT
TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO
THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE
OR ENFORCEMENT OF THIS AGREEMENT.

 

Section 15.         Miscellaneous.
This Agreement shall be interpreted strictly in accordance with its terms, to the maximum extent permissible under governing law, and
shall not be construed against or in favor of any Party, regardless of which Party drafted this Agreement or any provision hereof.
For purposes of this Agreement, the connectives “and,” “or” and “and/or” shall be construed either
disjunctively or conjunctively as necessary to bring within the scope of a sentence or clause all subject matter that might otherwise
be construed to be outside of its scope and “including” shall be construed as “including without limitation.”
The definitions for all defined terms in this Agreement shall apply equally to both the singular and plural forms of such terms.

 

Section 16.         Set
Off. The Company’s obligation to pay or cause to be paid Executive the amounts provided and to make the arrangements provided
hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or any of its Subsidiaries
and/or Affiliates to the extent permitted by Section 409A.

 

Section 17.         Assignment.
This Agreement may be assigned by the Company to an affiliated entity or to any successor assignee of the Company with or without Executive’s
consent. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such assigned
party. Executive may not assign or delegate Executive’s rights and/or obligations under this Agreement. Any purported assignment
or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force or effect.

 

Section 18.         Taxes.
The Company or any of its Affiliates may withhold from any payments made under this Agreement all applicable taxes, including, but not
limited to, income, employment and social insurance taxes as shall be required by law.

 

Section 19.         Indemnification.
The Company shall indemnify Executive pursuant to the terms of that certain Indemnification Agreement by and between the Company and Executive,
effective dated as of September 19, 2019 (the “Indemnification Agreement”).

 

    12

     

    

 

 

Section 20.     Section 280G.
Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the
payments or benefits provided or to be provided by the Company or any of its Affiliates to Executive or for Executive’s
benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute “excess
parachute payments” within the meaning of Section 280G of the Code and would, but for this Section 20, be
(x) nondeductible under Section 280G of the Code and/or (y) subject to the excise tax imposed under Section 4999
of the Code (or any successor provisions applicable to such Sections) or any similar tax imposed by state or local law or any
interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments will
be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment or benefit, as
so reduced, is subject to the Excise Tax; provided, however, that the foregoing reduction will be made only if and to
the extent that such reduction would result in an increase in the aggregate payment and benefits to be provided, determined on an
after-tax basis after taking into account the applicable federal, state, local and foreign income, employment and excise taxes
(including the Excise Tax). Any reductions hereunder shall be made in accordance with Section 409A and the following:
(A) the payments and benefits that do not constitute nonqualified deferred compensation subject to Section 409A shall be
reduced first; and (B) all other payments and benefits shall then be reduced as follows: (I) cash payments shall be
reduced before non-cash payments; and (II) payments to be made on a later payment date shall be reduced before payments to be
made on an earlier payment date. Any determination required under this Section 20, including, but not limited to, whether any
payments or benefits are or could be “parachute payments” within the meaning of Section 280G of the Code,
shall be determined by the Board (or its designee).

 

Section 21.     Section 409A.
Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and applied so that the payments and benefits
set forth herein shall either be exempt from the requirements of Section 409A, or shall comply with the requirements of such provision
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be exempt from or in compliance with Section 409A.
To the extent the Company determines that any provision of this Agreement would cause Executive to incur any additional tax or interest
under Section 409A, the Company shall be entitled to reform such provision to attempt to comply with or be exempt from Section 409A
through good faith modifications. To the extent that any provision hereof is modified in order to comply with Section 409A, such
modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic
benefit to Executive and the Company without violating the provisions of Section 409A.

 

Notwithstanding anything in
this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have occurred for purposes of any provision
of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred compensation”
within the meaning of Section 409A upon or following a termination of Executive’s employment unless such termination is also
a “separation from service” within the meaning of Section 409A. For purposes of any such provision of this Agreement,
references to a “termination,” “termination of employment” or like terms shall mean a “separation from service”
and the date of such separation from service shall be the date of termination for purposes of any such payment or benefits. Each payment
under this Agreement or otherwise in a series of payments shall be treated as a separate payment for purposes of Section 409A. In
no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement or otherwise
which constitutes a “deferral of compensation” within the meaning of Section 409A. Notwithstanding any other provision
of this Agreement to the contrary, in no event shall any payment or benefit under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise permitted by
Section 409A.

 

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All reimbursements and in-kind
benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A. To the extent
that any reimbursements pursuant to this Agreement or otherwise are taxable to Executive, any reimbursement payment due to Executive
shall be paid to Executive on or before the last day of Executive’s taxable year following the taxable year in which the related
expense was incurred; provided, that, Executive has provided the Company written documentation of such expenses in a timely
fashion and such expenses otherwise satisfy the Company’s expense reimbursement policies. Reimbursements pursuant to this Agreement
or otherwise are not subject to liquidation or exchange for another benefit and the amount of such reimbursements that Executive receives
in one taxable year shall not affect the amount of such reimbursements that Executive receives in any other taxable year.

 

Notwithstanding any provision
in this Agreement to the contrary, if on the date of Executive’s termination from employment with the Company Executive is deemed
to be a “specified employee” within the meaning of Section 409A using the identification methodology selected by the
Company from time to time, or if none, the default methodology under Section 409A, any payments or benefits due upon a termination
of Executive’s employment under any arrangement that constitutes a “deferral of compensation” within the meaning of
Section 409A that would otherwise be paid or provided during the first six months following such Date of Termination shall be paid
in a lump sum or provided (in each case, without interest) on the first payroll date on or following the earlier of (i) the date
which is six (6) months and one (1) day after Executive’s termination of employment for any reason other than death, and
(ii) the date of Executive’s death, and any remaining payments and benefits shall be paid or provided in accordance with the
normal payment dates specified for such payment or benefit.

 

Notwithstanding any of the
foregoing to the contrary, the Company and its Affiliates and its and their respective officers, managers, directors, employees or agents
make no guarantee that the terms of this Agreement as written comply with, or are exempt from, the provisions of Section 409A, and
none of the foregoing shall have any liability, including, without limitation, for any tax, interest, penalty or damage, for the failure
of the terms of this Agreement to comply with, or be exempt from, the provisions of Section 409A.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the undersigned have executed
this Agreement as of the Effective Date.

 

	 	TELLURIAN INC.
	 	 
	 	/s/                                                         
	 	Name:                                                   
	 	Title:                                                     

 

	 	EXECUTIVE:
	 	 
	 	/s/ Charif Souki
	 	Name: Charif Souki

 

Signature Page to Executive Chairman Employment Agreement

 

     

     

    

 

Appendix A

 

DEFINITIONS

 

As used in the Agreement, the following words
and phrases shall have the following meanings:

 

		(a)	“Affiliate” shall mean
any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company. The term “control”
(including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to
any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

 

		(b)	“Board” shall mean the Board of Directors of the Company.

 

		(c)	“Company Entities” shall mean the Company and each and all of the Company’s respective
Subsidiaries and Affiliates, including each and all of their respective advisory, management, and/or partner entities, and any successor
or any permitted transferee thereof.

 

		(d)	“Company Parties” shall mean, collectively, each and all of the Company Entities and
each and all of their respective shareholders, interest holders, unit holders, advisors, managers, officers, directors, partners, principals,
members, employees, fiduciaries, representatives, and agents.

 

		(e)	“Confidential Information” shall mean any and all nonpublic information, confidential
information, proprietary information, trade secrets, or other sensitive information (whether in oral, written, electronic, or any other
form) concerning, created by, or relating to any of the Company Parties, including any and all information relating to the business, assets,
operations, budgets, strategies, studies, compilations, policies, procedures, organization, processes, personal information (including
personal information about any current or former employees, members, partners, principals, owners, equityholders, officers, agents, business
associates, or representatives of any of the Company Parties, or the family members of any of the foregoing), business developments, investment
or business arrangements, negotiations, prospective or existing commercial agreements, costs, revenues, performances, research, profiles,
valuations, valuation models or analyses, profits, tax or financial structure, positions or products, financial models, financial results
or analyses, other financial affairs, actual or proposed opportunities, acquisitions, transactions or investments, results, assets, current
or prospective suppliers, customers, clients, investors, marketers, advertisers, vendors, current or prospective supplier, customer, or
client lists (including their identity, addresses, contact persons, and/or status, preferences, strategies, or needs), internal controls,
diligence or vetting process, security procedures, contingencies, marketing plans, databases, pricing, risk management, credit files,
strategies, techniques, methods of operation, market consultants, computer programs, passwords, patent applications, information technology
infrastructure, products, services, systems, designs, inventions, existing and contemplated properties, technical analyses, geologic surveys,
or any other information, documents, or materials that (A) may be identified as confidential or proprietary, (B) is
required to be maintained as confidential under governing law or regulation or under an agreement with any third parties, and/or (C) would
otherwise appear to a reasonable person to be confidential or proprietary. Confidential Information shall not include any information
that is generally known to the public or is publicly available other than as a result of Executive’s breach of this Agreement. For
purposes of this Agreement,

 

Appendix
A to Executive Chairman Employment Agreement

 

     

     

    

 

		(f)	“Cause” shall mean: (i) Executive’s indictment for, conviction of, or pleading
of guilty or nolo contendere to, any felony or any crime involving fraud, dishonesty or moral turpitude; (ii) Executive’s gross
negligence with regard to the Company or any Affiliate in respect of Executive’s duties for the Company or any Affiliate; (iii) Executive’s
willful misconduct having or, which in the good faith discretion of the Board could have, an adverse impact on the Company or any Affiliate
economically or reputation-wise; (iv) Executive’s material breach of this Agreement, any other material agreement between Executive
and Company, including, but not limited to, any incentive or equity or equity-based award or agreement, or any code of conduct or ethics
or any other policy of the Company, which breach (if curable in the good faith discretion of the Board) has remained uncured for a period
of ten (10) days following the Company’s delivery of written notice to Executive specifying the manner in which the agreement
or policy has been materially breached; or (v) Executive’s continued or repeated failure to perform Executive’s duties
or responsibilities to the Company or any Affiliate at a level and in a manner satisfactory to the Board in its sole discretion, which
failure has not been cured to the satisfaction of the Board following notice to Executive. To the extent Executive is terminated as a
member of the Board or the board of directors of any Subsidiary of the Company, “Cause” shall include a termination of such
directorship for “cause” as determined in accordance with the provisions of Section 141(k) of the Delaware General
Corporation Law. Any voluntary termination of Executive’s employment in anticipation of a termination of Executive’s employment
by the Company for Cause shall be deemed to be a termination by the Company for Cause.

 

		(g)	“Change of Control” shall mean the occurrence, after the Effective Date, of any of
the following events; provided, however, that for purposes of this Agreement an event shall not qualify as a “Change of Control”
unless such event also constitutes a “change in control event,” as defined in Treasury Regulations Section 1.409A-3(i)(5):

 

		i.	any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Exchange Act) (a “Person”) acquires beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of 50% or more of either (A) the then outstanding shares of Common Stock of the Company (the “Outstanding
Company Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that
for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (1) any acquisition directly
from the Company or any Subsidiary or Affiliate, (2) any acquisition by the Company or any Subsidiary or Affiliate, (3) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company,
(4) any acquisition pursuant to a transaction which complies with clauses
(A) or (B) of Section (g)(iii) of this Glossary, below, or (5) any acquisition of additional securities by any
Person who, as of the Effective Date, held 15% or more of either (x) the Outstanding Company Common Stock or (y) the Outstanding
Company Voting Securities;

 

Appendix A to Executive
Chairman Employment Agreement

 

     

     

    

 

		ii.	a majority of the individuals who, as
of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason during any twelve (12)-month
period to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective
Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents
by or on behalf of a person other than the Board; or

 

		iii.	consummation by the Company of a reorganization,
merger, or consolidation, or sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of
assets of another entity (a “Business Combination”), in each case, unless, following such Business Combination,
(A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly,
more than 50% of the then outstanding shares of Common Stock and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including,
without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior
to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, and
(B) at least a majority of the members of the board of directors (or equivalent governing authority) of the entity resulting from
such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action
of the Board, providing for such Business Combination; or

 

		iv.	approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

 

		(h)	“Change of Control Protection Period” means the period beginning on the occurrence
of a Change of Control and ending twelve (12) months thereafter.

 

		(i)	“Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time,
and any successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue
Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such regulations and guidance,
as well as any successor provision of the Code.

 

		(j)	“Common Stock” shall mean the Common Stock of the Company, $0.01 par value per share.

 

Appendix A to Executive Chairman Employment Agreement

 

     

     

    

 

		(k)	“Competing Business” shall mean (i) the selling, distributing, transporting, trading,
or marketing of liquefied natural gas inside or outside of the United States; (ii) the designing, permitting, constructing, developing
or operating of liquefied natural gas facilities inside or outside of the United States; or (iii) the financing of liquefied natural
gas facilities inside or outside of the United States.

 

		(l)	“Date of Termination” shall
mean (i) if Executive’s employment is terminated by his death, the date of his death, (ii) if the Executive’s employment
is terminated due to Non-Renewal by either the Company or Executive, the last day of the Initial Term or then current Renewal Term, as
applicable, and (iii) if the Executive’s employment is terminated for any other reason, the date specified in the
Notice of Termination; provided, however, that the date specified in the Notice of Termination shall not be a date prior
to the date such Notice of Termination is given or the expiration of any required notice or cure period; and provided further that
in the case of termination of employment by Executive, Executive may not elect to use accrued vacation (if any) or other paid leave
to avoid working during the notice period, nor may Executive otherwise cease reporting to work during the notice period, in
either case, unless agreed to by the Company in writing.

 

		(m)	“Disability” shall mean that Executive has experienced a “permanent and total
disability” within the meaning of Section 22(e)(3) of the Code. The determination of whether Executive has experienced
a Disability shall be determined under procedures established by the Compensation Committee of the Board.

 

		(n)	“Exchange Act” shall mean U.S. Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder.

 

		(o)	“Good Reason” shall mean the occurrence of any of the following events without Executive’s
written consent (i) a material diminution in Executive’s Base Salary; (ii) Executive ceases to be the senior most executive
of the Company; (iii) any requirement that Executive relocate his primary residence more than fifty (50) miles from its then-current
location; or (iv) a material breach by the Company of the Agreement.

 

		(p)	“Media” shall mean any
media (whether print, television, radio, the internet, social media, or with or through any reporter, blogger, “app” (such
as Instagram, Snapchat, or the like), or otherwise.

 

		(q)	“Non-Competition Restricted Period” shall mean the twelve (12) month period following
the Date of Termination (regardless of whether Executive resigns or is terminated, or the reason for any such resignation or termination).

 

		(r)	“Non-Solicit Restricted Period” shall mean the twelve (12) month period following the
Date of Termination (regardless of whether Executive resigns or is terminated, or the reason for any such resignation or termination).

 

		(s)	“Notice of Termination” shall mean a written notice which shall (i) indicate the
specific termination provision in this Agreement relied upon, (ii) to the extent applicable, set forth in reasonable detail the circumstances
claimed to provide a basis for termination of Executive’s employment under the provision so indicated, and (iii) if the “Date
of Termination” is other than the date of receipt of such notice, specifies the termination date.

 

Appendix
A to Executive Chairman Employment Agreement

 

     

     

    

 

		(t)	“Protected Property” shall mean all property, proprietary materials, Confidential Information,
documents, records, files, memoranda, emails, computer media, software, equipment (including laptops, smartphones, and other devices),
system and software login information, passwords, access codes, authorization codes (to the extent such codes relate in whole or in part
to the Company Parties’ respective businesses, data rooms, systems, sites, or information), telephone numbers, email addresses,
messaging contact information, identification cards, keys, and any other materials in any form (whether paper, electronic, or otherwise,
and all copies thereof) relating or belonging to any of the Company Parties.

 

		(u)	“Section 409A” shall mean Section 409A of the Code.

 

		(v)	“Subsidiary” shall mean a corporation, partnership, joint venture, limited liability
company, limited liability partnership, or other entity in which the Company owns directly or indirectly, fifty percent (50%) or more
of the voting power or profit interests, or as to which the Company or one of its Affiliates serves as general or managing partner or
in a similar capacity.

 

		(w)	“Treasury Regulations” shall mean the regulations promulgated under the Code by the
United States Treasury Department, as amended.

 

		(x)	“Work Product” shall mean, individually and collectively, any and all developments,
improvements, inventions, discoveries, creations, formulae, algorithms, processes, systems, interfaces, protocols, concepts, programs,
products, risk management tools, methods, designs, and works of authorship, and any and all documents, information (including Confidential
Information), or things relating thereto, whether patentable or not, within the scope of or pertinent to any business, research, or development
in which the Company or any other Company Entity is engaged or (if such is known to or ascertainable by Executive) considering engaging,
which Executive may conceive, make, author, create, invent, develop, or reduce to practice, in whole or in part, during Executive’s
employment with the Company or affiliation with any of the Company Parties, whether alone or working with others, whether during or outside
of normal working hours, whether inside or outside of the Company’s offices, and whether with or without the use of the Company’s
computers, systems, materials, equipment, or other property.

 

Appendix
A to Executive Chairman Employment Agreement

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