Document:

EX-10.1

 Exhibit 10.1 

Bounty Minerals, Inc. 
  

 
 [FORM OF]
[●] OMNIBUS INCENTIVE PLAN 
  

 
 ARTICLE I

 PURPOSE 
 The
purpose of this Bounty Minerals, Inc. [●] Omnibus Incentive Plan (this “Plan”) is to promote the success of the Company’s business for the benefit of its stockholders by enabling the Company to offer Eligible
Individuals cash and stock-based incentives in order to attract, retain, and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s stockholders. This
Plan is effective as of the date set forth in Article XIV. 
 ARTICLE II 

DEFINITIONS 
 For purposes
of this Plan, the following terms shall have the following meanings: 

2.1    “Affiliate” means a corporation or other entity controlled by,
controlling, or under common control with the Company, which, for the avoidance of doubt, shall include Bounty Minerals Holdings LLC. The term “control” (including, with correlative meaning, the terms “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person, whether through the ownership of voting or other
securities, by contract or otherwise. 
 2.2    “Applicable Law” means the
requirements relating to the administration of equity-based awards and the related shares under U.S. state corporate law, U.S. federal and state securities laws, the rules of any stock exchange or quotation system on which the shares are listed or
quoted, and any other applicable laws, including tax laws, of any U.S. or non-U.S. jurisdictions where Awards are, or will be, granted under this Plan. 

2.3    “Award” means any award under this Plan of any Stock Option, Stock
Appreciation Right, Restricted Stock, Restricted Stock Units, Performance Award, Other Stock-Based Award, or Cash Award. All Awards shall be evidenced by and subject to the terms of an Award Agreement. 

2.4    “Award Agreement” means the written or electronic agreement, contract,
certificate, or other instrument or document evidencing the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of this Plan. 

2.5    “Board” means the Board of Directors of the Company. 

2.6    “Cash Award” means an Award granted to an Eligible Individual pursuant
to Section 9.3 of this Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion. 

2.7    “Cause” means, unless otherwise determined by the Committee in the
applicable Award Agreement, with respect to a Participant’s Termination of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in control agreement, or similar
agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such agreement in effect but it does not define “cause” (or words of like import)), the Participant’s
(i) commission of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or an Affiliate;
(ii) substantial and repeated failure to perform duties as reasonably directed by the person to whom the Participant reports; (iii) conduct that brings or is reasonably likely to bring the Company or an Affiliate negative publicity or into
public disgrace, embarrassment, or disrepute; (iv) gross negligence or willful misconduct with respect to the Company or an Affiliate; (v) material violation of the Company’s policies or codes of conduct, including policies related to
discrimination, harassment, performance of illegal or unethical activities, or ethical misconduct; or (vi) any breach of any non-competition, 

  
 1 

 
non-solicitation, no-hire, or confidentiality covenant between the Participant and the Company or an Affiliate; or
(b) in the case where there is an employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the
Award that defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of “cause” only applies on occurrence of a
change in control, such definition of “cause” shall not apply until a change in control (as defined in such agreement) actually takes place and then only with regard to a termination thereafter. 

2.8    “Change in Control” means and includes each of the following, unless
otherwise determined by the Committee in the applicable Award Agreement or other written agreement with a Participant approved by the Committee: 

(a)    any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit
plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities, excluding for purposes
herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute a Change in Control as defined in Section 2.8(b); 

(b)    a merger, reorganization, or consolidation of the Company or in which equity securities of the Company are issued
(each, a “Business Combination”), other than a merger, reorganization or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or its direct or indirect Parent) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity (or, as applicable, a
direct or indirect Parent of the Company or such surviving entity) outstanding immediately after such merger, reorganization or consolidation; provided, however, that a merger, reorganization or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no Person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of the combined voting power of the Company’s then outstanding securities
shall not constitute a Change in Control; 
 (c)    during the period of two consecutive years, individuals who, at the
beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in Sections 2.8(a) or (b)) whose
election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the
beginning of the two year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(d)    a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company
of all or substantially all of the Company’s assets other than the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, 50% or more of the combined
voting power of the outstanding voting securities of the Company at the time of the sale. 
 Notwithstanding the foregoing, with respect to any Award that
is characterized as “nonqualified deferred compensation” within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under this Plan for purposes of payment of such Award unless such
event is also a “change in ownership,” a “change in effective control,” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code. 

2.9    “Change in Control Price” means the highest price per Share paid in
any transaction related to a Change in Control as determined by the Committee in its discretion. 

2.10    “Code” means the U.S. Internal Revenue Code of 1986, as amended from
time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder. 

2.11    “Committee” means any committee of the Board duly authorized by the
Board to administer this Plan; provided, however, that unless otherwise determined by the Board, the Committee shall consist solely of two or more members of the Board who are each (a) a
“non-employee director” within the meaning of Rule 16b-3(b), and (b) “independent” under the listing standards or rules of the securities exchange
upon which the Common Stock is traded, 

  
 2 

 
but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. If no committee is duly authorized by the Board to administer this
Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under this Plan. The Board may abolish any Committee or re-vest in itself any previously delegated authority from
time to time, and will retain the right to exercise the authority of the Committee to the extent consistent with Applicable Law. 

2.12    “Common Stock” means the Class A common stock, $0.01 par value
per share, of the Company. 
 2.13    “Company” means Bounty Minerals,
Inc., a Delaware corporation, and its successors by operation of law. 

2.14    “Consultant” means any natural person who is an advisor or consultant
or other service provider to the Company or any of its Affiliates. 

2.15    “Disability” means, unless otherwise determined by the Committee in
the applicable Award Agreement, with respect to a Participant’s Termination of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment,
provided, however, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined
by the Committee, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant participates that is maintained by the Company or any Affiliate.

 2.16    “Dividend Equivalent Rights” means a right granted to a
Participant under this Plan to receive the equivalent value (in cash or Shares) of dividends paid on Shares. 

2.17    “Effective Date” means the effective date of this Plan as defined in
Article XIV. 
 2.18    “Eligible Employee” means each employee of the
Company or any of its Affiliates. An employee on a leave of absence may be an Eligible Employee. 

2.19    “Eligible Individual” means an Eligible Employee, Non-Employee Director, or Consultant who is designated by the Committee in its discretion as eligible to receive Awards subject to the terms and conditions set forth herein. 

2.20    “Exchange Act” means the Securities Exchange Act of 1934, as amended
from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any
future legislation or regulation amending, supplementing, or superseding such section or regulation. 

2.21    “Fair Market Value” means, for purposes of this Plan, unless
otherwise required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the
principal national securities exchange in the United States on which it is then traded, listed or otherwise reported or quoted or (b) if the Common Stock is not traded, listed, or otherwise reported or quoted, the Committee shall determine in
good faith the Fair Market Value in whatever manner it considers appropriate, taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately
prior to the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a date on which the applicable market is open, the next
day that it is open. Notwithstanding the foregoing, with respect to any Award granted on the pricing date of the Company’s initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in
the Company’s final prospectus relating to its initial public offering filed with the Securities and Exchange Commission. 

2.22    “Family Member” means “family member” as defined in Section
A.1.(a)(5) of the general instructions of Form S-8. 

2.23    “Incentive Stock Option” means any Stock Option granted to an
Eligible Employee who is an employee of the Company, its Parents or its Subsidiaries under this Plan and that is intended to be, and is designated as, an “Incentive Stock Option” within the meaning of Section 422 of the Code. 

2.24    “Non-Employee Director” means
a director on the Board who is not an employee of the Company. 
 2.25    “Non-Qualified Stock Option” means any Stock Option granted under this Plan that is not an Incentive Stock Option. 

  
 3 

 2.26    “Other Stock-Based
Award” means an Award granted under Article IX of this Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Shares, but may be settled in the form of Shares or cash. 

2.27    “Parent” means any parent corporation of the Company within the
meaning of Section 424(e) of the Code. 
 2.28    “Participant” means
an Eligible Individual to whom an Award has been granted pursuant to this Plan. 

2.29    “Performance Award” means an Award granted under Article VIII of this
Plan contingent upon achieving certain Performance Goals. 
 2.30    “Performance
Goals” means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable. 

2.31    “Performance Period” means the designated period during which the
Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate. 

2.32    “Person” means any “person” as such term is used in
Sections 13(d) and 14(d) of the Exchange Act. 
 2.33    “Restricted Stock”
means an Award of Shares granted under Article VII of this Plan. 
 2.34    “Restricted Stock
Unit” means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to
certain vesting conditions and other restrictions. 
 2.35    “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision. 

2.36    “Section 409A of the Code” means the
nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder. 

2.37    “Securities Act” means the Securities Act of 1933, as amended, and
all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any
comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation. 

2.38    “Shares” means shares of Common Stock. 

2.39    “Stock Appreciation Right” means a stock appreciation right granted
under Article VI of this Plan. 
 2.40    “Stock Option” or
“Option” means any option to purchase Shares granted pursuant to Article VI of this Plan. 

2.41    “Subsidiary” means any subsidiary corporation of the Company within
the meaning of Section 424(f) of the Code. 
 2.42    “Ten Percent
Stockholder” means a Person owning stock representing more than 10% of the total combined voting power of all classes of stock of the Company, its Parent or its Subsidiaries. 

2.43    “Termination of Service” means the termination of the applicable
Participant’s employment with, or performance of services for, the Company and its Affiliates. Unless otherwise determined by the Committee, (a) if a Participant’s employment or services with the Company and its Affiliates terminates
but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Service with the Company and its
Affiliates and (b) a Participant employed by, or performing services for an Affiliate that ceases to be an Affiliate shall also be deemed to have incurred a Termination of Service provided the Participant does not immediately thereafter become
an employee of the Company or another Affiliate. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes a “nonqualified deferred compensation” within the meaning of Section 409A of the
Code, a Participant shall not be considered to have experienced a “Termination of Service” unless the Participant has experienced a “separation from service” within the meaning of Section 409A of the Code. 

  
 4 

 ARTICLE III 

ADMINISTRATION 

3.1    Authority of the Committee. This Plan shall be administered by the Committee. Subject
to the terms of this Plan and Applicable Law, the Committee shall have full authority to grant Awards to Eligible Individuals under this Plan. In particular, the Committee shall have the authority to: 

(a)    determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or
more Eligible Individuals; 
 (b)    determine the number of Shares to be covered by each Award granted hereunder; 

(c)    determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder
(including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares, if any,
relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion); 

(d)    determine the amount of cash to be covered by each Award granted hereunder; 

(e)    determine whether, to what extent, and under what circumstances grants of Options and other Awards under this Plan
are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of this Plan; 

(f)    determine whether and under what circumstances an Award may be settled in cash, Shares, other property, or a
combination of the foregoing; 
 (g)    determine whether, to what extent and under what circumstances cash, Shares, or
other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant; 

(h)    modify, waive, amend, or adjust the terms and conditions of any Award, at any time or from time to time, including
but not limited to Performance Goals; 
 (i)    determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; 
 (j)    determine whether to require a Participant, as
a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the
acquisition of such Award or Shares; and 
 (k)    modify, extend, or renew an Award, subject to Article XI of this
Plan. 
 3.2    Guidelines. Subject to Article XI of this Plan, the Committee shall have the
authority to adopt, alter, and repeal such administrative rules, guidelines, and practices governing this Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and applicable stock
exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of this Plan and any Award issued under this Plan (and any agreements or sub-plans relating
thereto); and to otherwise supervise the administration of this Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in this Plan or in any agreement relating thereto in the manner and to the extent it
shall deem necessary to effectuate the purpose and intent of this Plan. The Committee may adopt special rules, sub-plans, guidelines, and provisions for persons who are residing in or employed in, or subject
to, the taxes of any domestic or foreign jurisdictions to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of such domestic or foreign jurisdictions. 

3.3    Decisions Final. Any decision, interpretation, or other action made or taken in good faith by
or at the direction of the Company, the Board, or the Committee (or any of its members) arising out of or in connection with this Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding,
and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns. 

  
 5 

 3.4    Designation of Consultants/Liability; Delegation of
Authority. 
 (a)    The Committee may designate employees of the Company and professional advisors to assist
the Committee in the administration of the Plan and (to the extent permitted by Applicable Law) may grant authority to officers of the Company to grant Awards and/or execute agreements or other documents on behalf of the Committee. 

(b)    The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the
administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such
counsel, consultant, or agent shall be paid by the Company. The Committee, its members, and any person designated pursuant to sub-section (a) above shall not be liable for any action or determination made
in good faith with respect to this Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with
respect to this Plan or any Award granted under it. 
 (c)    The Committee may delegate any or all of its powers and
duties under this Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided, that such delegation does not (i) violate Applicable Law, or
(ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all
references in this Plan to the “Committee,” shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee
members or such an officer to receive Awards; provided, however, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an
Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. 

3.5    Indemnification. To the maximum extent permitted by Applicable Law and to the extent not
covered by insurance directly insuring such person, each current and former officer or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company
against any cost or expense (including reasonable fees of counsel acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at
the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of this Plan, except to the extent arising out of such officer’s, employee’s, member’s, or former
member’s own fraud or bad faith. Such indemnification shall be in addition to any right of indemnification that the current or former employee, officer or member may have under Applicable Law or under the
by-laws of the Company or any of its Affiliates. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted
to such individual under this Plan. 
 ARTICLE IV 

SHARE LIMITATION 

4.1    Shares. The aggregate number of Shares that may be issued or used for reference purposes or
with respect to which Awards may be granted under this Plan shall not exceed [●] Shares (subject to any increase or decrease pursuant to this Article IV), which may be either authorized and unissued Shares or Shares held in or acquired for the
treasury of the Company or both. The number of Shares that may be issued or used for reference purposes or with respect to which Awards may be granted under this Plan shall be subject to an annual increase on January 1 of each calendar year
beginning in [2024], and ending and including [2033], equal to the lesser of (a) [●]% of the aggregate number of shares equal to the sum of number of Shares plus shares of Class B Common Stock of the Company outstanding on
December 31 of the immediately preceding calendar year and (b) such smaller number of Shares as is determined by the Board. The aggregate number of Shares that may be issued or used with respect to any Incentive Stock Option shall not
exceed [●] Shares (subject to any increase or decrease pursuant to Section 4.1). Any Award under this Plan settled in cash shall not be counted against the foregoing maximum share limitations. Any Shares subject to an Award that expires
or is canceled, forfeited, or terminated without issuance of the full number of Shares to which the Award related will again be available for issuance under this Plan. [Notwithstanding anything to the contrary contained herein, Shares subject to an
Award under this Plan shall again be made available for issuance or delivery under this Plan if such Shares are (i) Shares tendered in payment of an Option, (ii) Shares delivered or withheld by the Company to satisfy any tax withholding
obligation, (iii) Shares covered by a stock-settled Stock Appreciation Right or other Awards that were not issued upon the settlement of the Award, or (iv) Shares subject to an Award that expires or is canceled, forfeited, or terminated
without issuance of the full number of Shares to which the Award related.] 

  
 6 

 4.2    Substitute Awards. In connection with an
entity’s merger or consolidation with the Company or the Company’s acquisition of an entity’s property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards granted before such
merger or consolidation by such entity or its affiliate (“Substitute Awards”). Substitute Awards may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on Awards in this Plan. Substitute Awards
will not count against the Shares authorized for grant under this Plan (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under this Plan as provided under Section 4.1 above), except that Shares acquired
by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under this Plan, as set forth in Section 4.1 above. Additionally, in the
event that a Person acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in
contemplation of such acquisition or combination, the shares available for grants pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other
adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under this Plan
and shall not reduce the Shares authorized for grant under this Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under this Plan as provided under Section 4.1 above); provided that Awards using such
available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals
who were not Eligible Employees or Non-Employee Directors prior to such acquisition or combination. 

4.3    Adjustments. 

(a)    The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the
Board or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or
any Affiliate, (iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or
part of the assets or business of the Company or any Affiliate, or (vi) any other corporate act or proceeding. 

(b)    Subject to the provisions of Section 10.1: 

(i)    If the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into a
greater number of Shares, or combines (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares, then the respective exercise prices for outstanding Awards that provide for a Participant-elected exercise and
the number of Shares covered by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan; provided, that the Committee in its sole
discretion shall determine whether an adjustment is appropriate. 
 (ii)    Excepting transactions covered by
Section 4.3(b)(i), if the Company effects any merger, consolidation, statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company’s assets or business, or
other corporate transaction or event in such a manner that the Company’s outstanding Shares are converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon
liquidation of the Company, securities or other property of the Company or other entity, then, subject to the provisions of Section 10.1, (A) the aggregate number or kind of securities that thereafter may be issued under this Plan, (B) the
number or kind of securities or other property (including cash) to be issued pursuant to Awards granted under this Plan (including as a result of the assumption of this Plan and the obligations hereunder by a successor entity, as applicable), or
(C) the exercise or purchase price thereof, shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan. 

(iii)    If there shall occur any change in the capital structure of the Company other than those covered by
Section 4.3(b)(i) or 4.3(b)(ii), any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of equity securities of the Company, then the Committee shall adjust any
Award and make such other adjustments to this Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan. 

  
 7 

 (iv)    In the event of any pending stock dividend, stock split,
combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the Share price, including
any securities offering or other similar transaction, for administrative convenience, the Committee may refuse to permit the exercise of any Award for up to 60 days before or after such transaction. 

(v)    The Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by generally accepted
accounting principles or as identified in the Company’s financial statements, notes to the financial statements, management’s discussion and analysis, or other Company public filing. 

(vi)    Any such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding, and
conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors, and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.3(b) shall be intended
to comply with the requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this
Section 4.3 or in the applicable Award Agreement, a Participant shall have no additional rights under this Plan by reason of any transaction or event described in this Section 4.3. 

4.4    Annual Limit on Non-Employee Director Compensation. In
each calendar year during any part of which this Plan is in effect, a Non-Employee Director may not receive Awards for such individual’s service on the Board that, taken together with any cash fees paid
to such Non-Employee Director during such calendar year for such individual’s service on the Board, have a value in excess of $750,000 (calculating the value of any such Awards based on the grant date
fair value of such Awards for financial reporting purposes); provided, that (a) the Committee may make exceptions to this limit, except that the Non-Employee Director receiving such additional
compensation may not participate in the decision to award such compensation or in other contemporaneous decisions involving Non-Employee Directors and (b) for any calendar year in which a Non-Employee Director (i) first commences service on the Board, (ii) serves on a special committee of the Board, or (iii) serves as lead director or
non-executive chair of the Board, such limit shall be increased to $1,000,000; provided, further, that the limit set forth in this Section 4.4 shall be applied without regard to Awards or other
compensation, if any, provided to a Non-Employee Director during any period in which such individual was an employee of the Company or any Affiliate or was otherwise providing services to the Company or to any
Affiliate other than in the capacity as a Non-Employee Director. 
 ARTICLE V 

ELIGIBILITY 

5.1    General Eligibility. All current and prospective Eligible Individuals are eligible to be
granted Awards. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee in its sole discretion. No Eligible Individual will automatically be granted any Award under this Plan. 

5.2    Incentive Stock Options. Notwithstanding the foregoing, only Eligible Employees who are
employees of the Company, its Parents or its Subsidiaries are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in this Plan shall be determined by the
Committee in its sole discretion. 
 5.3    General Requirement. The vesting and exercise of Awards
granted to a prospective Eligible Individual are conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee Director, as applicable. 

ARTICLE VI 
 STOCK
OPTIONS; STOCK APPRECIATION RIGHTS 
 6.1    General. Stock Options or Stock Appreciation
Rights may be granted alone or in addition to other Awards granted under this Plan Each Stock Option granted under this Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a
Non-Qualified Stock Option. Stock Options and Stock Appreciation Rights granted under this Plan shall be evidenced by an Award Agreement and subject to the terms, conditions and limitations in this Plan,
including any limitations applicable to Incentive Stock Options. 

  
 8 

 6.2    Grants. The Committee shall have the
authority to grant to any Eligible Individual one or more Incentive Stock Options, Non-Qualified Stock Options, and/or Stock Appreciation Rights; provided, however, that Incentive Stock Options
may only be granted to an Eligible Employee who is an employee of the Company, its Parents or its Subsidiaries. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or
manner of its exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option. 

6.3    Exercise Price. The exercise price per Share subject to a Stock Option or Stock Appreciation
Right shall be determined by the Committee at the time of grant, provided that the per share exercise price of a Stock Option or Stock Appreciation Right shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a
Ten Percent Stockholder, 110%) of the Fair Market Value at the time of grant. Notwithstanding the foregoing, in the case of a Stock Option or Stock Appreciation Right that is a Substitute Award, the exercise price per Share for such Stock Option or
Stock Appreciation Right may be less than the Fair Market Value on the date of grant; provided, that, such exercise price is determined in a manner consistent with the provisions of Section 409A of the Code and, if applicable,
Section 424(a) of the Code. 
 6.4    Term. The term of each Stock Option or Stock
Appreciation Right shall be fixed by the Committee, provided that no Stock Option or Stock Appreciation Right shall be exercisable more than 10 years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five
years) after the date on which the Stock Option or Stock Appreciation Right, as applicable, is granted. 

6.5    Exercisability. Unless otherwise provided by the Committee in accordance with the provisions
of this Section 6.5, Stock Options and Stock Appreciation Rights granted under this Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. The
Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the occurrence of a specified event. Unless otherwise determined by the Committee, if the exercise of a Non-Qualified Stock Option or Stock Appreciation Right within the permitted time periods is prohibited because such exercise would violate the registration requirements under the Securities Act or any other
Applicable Law or the rules of any securities exchange or interdealer quotation system, the Company’s insider trading policy (including any blackout periods) or a “lock-up” agreement entered
into in connection with the issuance of securities by the Company, then the expiration of such Non-Qualified Stock Option or Stock Appreciation Right shall be extended until the date that is 30 days after the
end of the period during which the exercise of the Non-Qualified Stock Option or Stock Appreciation Right would be in violation of such registration requirement or other Applicable Law or rules, blackout
period or lock-up agreement, as determined by the Committee; provided, however, that in no event shall any such extension result in any Non-Qualified Stock Option
or Stock Appreciation Right remaining exercisable after the 10-year term of the applicable Non-Qualified Stock Option or Stock Appreciation Right. 

6.6    Method of Exercise. Subject to any applicable waiting period or exercisability provisions
under Section 6.5, to the extent vested, Stock Options and Stock Appreciation Rights may be exercised in whole or in part at any time during the term of the applicable Stock Option or Stock Appreciation Right, by giving written notice of
exercise (which may be electronic) to the Company specifying the number of Stock Options or Stock Appreciation Rights, as applicable, being exercised. Such notice shall be accompanied by payment in full of the exercise price (which shall equal the
product of such number of Shares to be purchased multiplied by the applicable exercise price). The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth in the
applicable Award Agreement. Without limiting the foregoing, the Committee may establish payment terms for the exercise of Stock Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant
in connection with the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the Participant to deliver cash or Shares with a Fair Market Value equal to the exercise price on the
date of payment, or through a simultaneous sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor, as provided herein, has been made or provided for. Upon the
exercise of a Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of
the Fair Market Value of one Share on the date that the right is exercised over the Fair Market Value of one Share on the date that the right was awarded to the Participant. 

  
 9 

6.7    Non-Transferability. No Stock Option or Stock
Appreciation Right shall be transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options and Stock Appreciation Rights shall be exercisable, during the Participant’s lifetime, only by the
Participant. Notwithstanding the foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not transferable pursuant
to this Section 6.7 is transferable to a Family Member of the Participant in whole or in part and in such circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock
Option that is transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the terms of this Plan and
the applicable Award Agreement. Any Shares acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a
permissible transferee pursuant to a transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award Agreement. 

6.8    Automatic Exercise. The Committee may include a provision in an Award Agreement providing for
the automatic exercise of a Non-Qualified Stock Option or Stock Appreciation Right on a cashless basis on the last day of the term of such Option or Stock Appreciation Right if the Participant has failed to
exercise the Non-Qualified Stock Option or Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the Shares underlying the
Non-Qualified Stock Option or Stock Appreciation Right exceeds the exercise price of such Non-Qualified Stock Option or Stock Appreciation Right on the date of
expiration of such Option or Stock Appreciation Right, subject to Section 13.4. 
 6.9    Other Terms
and Conditions. As the Committee shall deem appropriate, Stock Options and Stock Appreciation Rights may be subject to additional terms and conditions or other provisions, which shall not be inconsistent with any of the terms of this Plan.

 ARTICLE VII 

RESTRICTED STOCK; RESTRICTED STOCK UNITS 

7.1    Awards of Restricted Stock and Restricted Stock Units. Shares of Restricted Stock and
Restricted Stock Units may be granted alone or in addition to other Awards granted under this Plan. The Committee shall determine the Eligible Individuals to whom, and the time or times at which, grants of Restricted Stock and/or Restricted Stock
Units shall be made, the number of shares of Restricted Stock or Restricted Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 7.2), the time or times within which such Awards may be subject to
forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions for each Award of Restricted Stock and
Restricted Stock Units, subject to the conditions and limitations contained in this Plan, including any vesting or forfeiture conditions. 

The Committee may condition the grant or vesting of Restricted Stock and Restricted Stock Units upon the attainment of specified Performance
Goals or such other factor as the Committee may determine in its sole discretion. 
 7.2    Awards and
Certificates. Restricted Stock and Restricted Stock Units granted under this Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and
conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable: 
 (a)    Restricted
Stock. 
 (i)    Purchase Price. The purchase price of Restricted Stock shall be fixed by the
Committee. The purchase price for shares of Restricted Stock may be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value. 

(ii)    Legend. Each Participant receiving Restricted Stock shall be issued a stock certificate in
respect of such shares of Restricted Stock, unless the Committee elects to use another system, such as book entries by the Company’s transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in
the name of such Participant, and shall, in addition to such legends required by Applicable Law, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

  
 10 

 (iii)    Custody. If stock certificates are
issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant
of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the
Company, which would permit transfer to the Company of all or a portion of the shares subject to the Award of Restricted Stock in the event that such Award is forfeited in whole or part. 

(iv)    Rights as a Stockholder. Except as provided in Section 7.3(a) and this
Section 7.2(a) or as otherwise determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of Shares, including, without limitation, the right to
receive dividends, the right to vote such shares, and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares; provided that the Award Agreement shall specify on what terms and
conditions the applicable Participant shall be entitled to dividends payable on the Shares. 

(v)    Lapse of Restrictions. If and when the Restriction Period expires without a prior forfeiture
of the Restricted Stock, the certificates for such Shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by Applicable Law or other
limitations imposed by the Committee. 
 (b)    Restricted Stock Units. 

(i)    Settlement. The Committee may provide that settlement of Restricted Stock Units will occur
upon or as soon as reasonably practical after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant’s election, in a manner intended to comply with Section 409A of the Code. 

(ii)    Rights as a Stockholder. A Participant will have no rights of a stockholder with respect to
Shares subject to any Restricted Stock Unit unless and until Shares are delivered in settlement of the Restricted Stock Units. 

(iii)    Dividend Equivalent Rights. If the Committee so provides, a grant of Restricted Stock
Units may provide a Participant with the right to receive Dividend Equivalent Rights. Dividend Equivalent Rights may be paid currently or credited to an account for the Participant, settled in cash or Shares, and subject to the same restrictions on
transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalent Rights are granted and subject to other terms and conditions as set forth in the Award Agreement. 

7.3    Restrictions and Conditions. 

(a)    Restriction Period. 

(i)    The Participant shall not be permitted to transfer shares of Restricted Stock awarded under this Plan or vest in
Restricted Stock Units during the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a vesting
schedule and any event that would accelerate vesting of the Restricted Stock and/or Restricted Stock Units. Within these limits, based on service, attainment of Performance Goals pursuant to Section 7.3(a)(i), and/or such other factors or
criteria as the Committee may determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Award of
Restricted Stock or Restricted Stock Units and/or waive the deferral limitations for all or any part of any Award of Restricted Stock or Restricted Stock Units. 

(ii)    If the grant of shares of Restricted Stock or Restricted Stock Units or the lapse of restrictions or vesting
schedule is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage applicable to each Participant or class of Participants in the applicable Award Agreement
prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for
disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions), and other similar types of events or circumstances. 

  
 11 

 (b)    Termination. Unless otherwise provided in the applicable
Award Agreement or determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, upon a Participant’s Termination of Service for any reason during the relevant Restriction Period, all Restricted Stock or
Restricted Stock Units still subject to restriction will be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter. 

ARTICLE VIII 

PERFORMANCE AWARDS 
 The
Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals either alone or in addition to other Awards granted under this Plan. The Performance Goals to be achieved during the Performance
Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award. The conditions for grant or vesting and the other provisions of Performance Awards (including, without limitation, any
applicable Performance Goals) need not be the same with respect to each Participant. Performance Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee as set forth in the applicable
Award Agreement. 
 ARTICLE IX 

OTHER STOCK-BASED AND CASH AWARDS 

9.1    Other Stock-Based Awards. The Committee is authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not limited to, Shares awarded purely as a bonus and not subject to
restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company, stock equivalent units, and Awards valued by reference to the book value of Shares. Other Stock-Based
Awards may be granted either alone or in addition to or in tandem with other Awards granted under this Plan. 
 Subject to the provisions of
this Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such Other Stock-Based Awards shall be made, the number of Shares to be awarded pursuant to such Awards, and all other
conditions of the Awards. The Committee may also provide for the grant of Shares under such Awards upon the completion of a specified Performance Period. The Committee may condition the grant or vesting of Other Stock-Based Awards upon the
attainment of specified Performance Goals as the Committee may determine, in its sole discretion. 

9.2    Terms and Conditions. Other Stock-Based Awards made pursuant to this Article IX shall be
evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable: 

(a)    Non-Transferability. Subject to the applicable provisions of the
Award Agreement and this Plan, Shares subject to Other Stock-Based Awards may not be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction, performance, or deferral period lapses.

 (b)    Dividends. Unless otherwise determined by the Committee at the time of the grant of an Other
Stock-Based Award, subject to the provisions of the Award Agreement and this Plan, the recipient of an Other Stock-Based Award shall not be entitled to receive, currently or on a deferred basis, dividends or Dividend Equivalent Rights in respect of
the number of Shares covered by the Other Stock-Based Award. 
 (c)    Vesting. Any Other Stock-Based Award and
any Shares covered by any such Other Stock-Based Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion. 

(d)    Price. Shares under this Article IX may be issued for no cash consideration. Shares purchased pursuant to a
purchase right awarded pursuant to an Other Stock-Based Award shall be priced, as determined by the Committee in its sole discretion. 

9.3    Cash Awards. The Committee may from time to time grant Cash Awards to Eligible Individuals in
such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by Applicable Law, as it shall determine in its sole discretion. Cash Awards may be granted subject
to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole
discretion. The grant of a Cash Award shall not require a segregation of any of the Company’s assets for satisfaction of the Company’s payment obligation thereunder. 

  
 12 

 ARTICLE X 

CHANGE IN CONTROL PROVISIONS 

10.1    Benefits. In the event of a Change in Control of the Company, and except as otherwise
provided by the Committee in an Award Agreement or any applicable employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant, a
Participant’s unvested Awards shall not vest automatically and a Participant’s Awards shall be treated in accordance with one or more of the following methods as determined by the Committee: 

(a)    Awards, whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as
determined by the Committee in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse
upon a Change in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; provided that the
Committee may decide to award additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall
comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto). 

(b)    The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company for an amount of
cash equal to the excess (if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards; provided, however, that if the exercise price of an Option or Stock Appreciation Right
exceeds the Change in Control Price, such Award may be cancelled for no consideration. 
 (c)    The Committee may, in
its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any Other Stock-Based Award that provides for a Participant-elected exercise, effective as of the date of the Change in Control, by
delivering notice of termination to each Participant at least twenty days prior to the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation
of the Change in Control, each such Participant shall have the right to exercise in full all of such Participant’s Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award
Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and, provided that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever,
the notice and exercise pursuant thereto shall be null and void. 
 (d)    Notwithstanding any other provision herein
to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time. 

ARTICLE XI 
 TERMINATION
OR AMENDMENT OF PLAN 
 Notwithstanding any other provision of this Plan, the Board or the Committee may at any time, and from time to
time, amend, in whole or in part, any or all of the provisions of this Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend or terminate it entirely, retroactively or otherwise;
provided, however, that, unless otherwise required by Applicable Law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension, or termination may not be materially
impaired without the consent of such Participant and, provided, further, that without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (i) increase
the aggregate number of Shares that may be issued under this Plan (except by operation of Section 4.1); (ii) change the classification of individuals eligible to receive Awards under this Plan; (iii) reduce the exercise price of any
Stock Option or Stock Appreciation Right; (iv) grant any new Stock Option, Stock Appreciation Right, or other award in substitution for, or upon the cancellation of, any previously granted Stock Option or Stock Appreciation Right that has the
effect of reducing the exercise price thereof; (v) exchange any Stock Option or Stock Appreciation Right for Common Stock, cash, or other consideration when the exercise price per Share under such Stock Option or Stock Appreciation Right
exceeds the Fair Market Value of a Share; or (vi) take any action that would be considered a “repricing” of a Stock Option or Stock Appreciation Right under the applicable listing standards of the national exchange on which the Common
Stock is listed (if any). Notwithstanding anything herein to the contrary, the Board or the Committee may amend this Plan or any Award Agreement at any time without a Participant’s consent to comply with Applicable Law, including
Section 409A of the Code. The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the
Committee shall materially impair the rights of any Participant without the Participant’s consent. 

  
 13 

 ARTICLE XII 

UNFUNDED STATUS OF PLAN 

This Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to
which a Participant has a fixed and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the
Company. 
 ARTICLE XIII 

GENERAL PROVISIONS 

13.1    Lock-Up; Legend. The Committee may require each
person receiving Shares pursuant to a Stock Option or other Award under this Plan to represent to and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. The Company may, in
connection with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any Shares or other Company securities during any period determined by
the underwriter or the Company. In addition to any legend required by this Plan, the certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares
delivered under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange
upon which the Common Stock is then listed or any national securities exchange system upon whose system the Common Stock is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions. If the Shares are held in book-entry form, then the book-entry will indicate any restrictions on such Shares. 

13.2    Other Plans. Nothing contained in this Plan shall prevent the Board from adopting other or
additional compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases. 

13.3    No Right to Employment/Directorship/Consultancy. Neither this Plan nor the grant of any Award
hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor
shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment,
consultancy, or directorship at any time. 
 13.4    Withholding of Taxes. A Participant shall be
required to pay to the Company or one of its Affiliates, as applicable, or make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other applicable taxes that are required to be
withheld in respect of an Award. The Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy all or any portion of the applicable taxes that are required to be withheld with respect to an Award by
(a) the delivery of Shares (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six months (or such other period as established from time to time by the
Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such withholding liability (or portion thereof); (b) having the Company withhold from the Shares
otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of Shares with an aggregate Fair Market Value equal to the amount of
such withholding liability; or (c) by any other means specified in the applicable Award Agreement or otherwise determined by the Committee. 

13.5    Fractional Shares. No fractional Shares shall be issued or delivered pursuant to this Plan.
The Committee shall determine whether cash, additional Awards, or other securities or property shall be used or paid in lieu of fractional Shares or whether any fractional shares should be rounded, forfeited, or otherwise eliminated. 

13.6    No Assignment of Benefits. No Award or other benefit payable under this Plan shall, except as
otherwise specifically provided in this Plan or under Applicable Law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for
or subject to the debts, contracts, liabilities, engagements, or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person. 

  
 14 

 13.7    Clawbacks. All awards, amounts, or benefits
received or outstanding under this Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any Applicable Law related to such
actions. A Participant’s acceptance of an Award will constitute the Participant’s acknowledgement of and consent to the Company’s application, implementation, and enforcement of any applicable Company clawback or similar policy that
may apply to the Participant, whether adopted before or after the Effective Date, and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant’s agreement that the
Company may take any actions that may be necessary to effectuate any such policy or Applicable Law, without further consideration or action. 

13.8    Listing and Other Conditions. 

(a)    Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities
exchange or system sponsored by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such exchange or system. The Company shall have no obligation to issue such Shares
unless and until such Shares are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected. 

(b)    If at any time counsel to the Company advises the Company that any sale or delivery of Shares pursuant to an Award
is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain
any qualification or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, based on the advice of said counsel, such sale or delivery shall
be lawful or will not result in the imposition of excise taxes on the Company. 
 (c)    Upon termination of any period
of suspension under this Section 13.8, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have
become available during the period of such suspension, but no such suspension shall extend the term of any Award. 

(d)    A Participant shall be required to supply the Company with certificates, representations, and information that the
Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, or approval that the Company deems necessary or appropriate. 

13.9    Governing Law. This Plan and actions taken in connection herewith shall be governed and
construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. 

13.10    Construction. Wherever any words are used in this Plan in the masculine gender they shall be
construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases
where they would so apply. 
 13.11    Other Benefits. No Award granted or paid out under this Plan
shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates or affect any benefit or compensation under any other plan now or subsequently in effect under which the availability or
amount of benefits is related to the level of compensation. 
 13.12    Costs. The Company shall
bear all expenses associated with administering this Plan, including expenses of issuing Shares pursuant to Awards hereunder. 

13.13    No Right to Same Benefits. The provisions of Awards need not be the same with respect to
each Participant, and such Awards to individual Participants need not be the same in subsequent years. 

13.14    Death/Disability. The Committee may in its discretion require the transferee of a
Participant to supply it with written notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish
the validity of the transfer of an Award. The Committee may also require the agreement of the transferee to be bound by all of the terms and conditions of this Plan. 

13.15    Section 16(b) of the Exchange Act. It is the intent of the Company that this Plan satisfy,
and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any
provision of this Plan would conflict with the intent expressed in this Section 13.15, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 

  
 15 

 13.16    Deferral of Awards. The Committee may
establish one or more programs under this Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would
entitle the Participant to payment or receipt of Shares or other consideration under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other
earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules, and procedures that the Committee deems advisable for the administration of any such deferral program. 

13.17    Section 409A of the Code. This Plan and Awards are intended to comply with or be exempt from
the applicable requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that
will comply with Section 409A of the Code, including proposed, temporary, or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein
to the contrary, any provision in this Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with or be exempt from Section 409A of the Code and, to the extent such provision cannot be amended to
comply therewith or be exempt therefrom, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the
Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under this Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of
such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in this Plan or Award Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of
Section 409A of the Code) that are otherwise required to be made under this Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of such employee’s separation from service (other than a
payment that is not subject to Section 409A of the Code) shall be delayed for the first six months following such separation from service (or, if earlier, until the date of death of the specified employee) and shall instead be paid (in a manner
set forth in the Award Agreement) upon expiration of such delay period. 
 13.18    Data Privacy.
As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this Section 13.18 by and among, as applicable,
the Company and its Affiliates, for the exclusive purpose of implementing, administering, and managing this Plan and Awards and the Participant’s participation in this Plan. In furtherance of such implementation, administration, and
management, the Company and its Affiliates may hold certain personal information about a Participant, including, but not limited to, the Participant’s name, home address, telephone number, date of birth, social security or insurance number or
other identification number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the “Data”). In addition to transferring the
Data amongst themselves as necessary for the purpose of implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan, the Company and its Affiliates may each transfer the Data to any
third parties assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan. Recipients of the Data may be located in the Participant’s country or
elsewhere, and the Participant’s country and any given recipient’s country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain, and
transfer the Data, in electronic or other form, for the purposes of assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan, including any requisite
transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long as is necessary to
implement, administer, and manage this Plan and Awards and the Participant’s participation in this Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information
about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost, by
contacting his or her local human resources representative. The Company may cancel the Participant’s eligibility to participate in this Plan, and in the Committee’s discretion, the Participant may forfeit any outstanding Awards if the
Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative. 

  
 16 

 13.19    Successor and Assigns. This Plan shall be
binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator, or trustee of such estate. 

13.20    Severability of Provisions. If any provision of this Plan shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included. 

13.21    Headings and Captions. The headings and captions herein are provided for reference and
convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan. 
 ARTICLE XIV

 EFFECTIVE DATE OF PLAN 

This Plan shall become effective on [●], which is the date of its adoption by the Board, subject to the approval of this Plan by the
stockholders of the Company in accordance with the requirements of the laws of the State of Delaware. 
 ARTICLE XV 

TERM OF PLAN 
 No Award
shall be granted pursuant to this Plan on or after the tenth anniversary of the earlier of the date that this Plan is adopted or the date of stockholder approval, but Awards granted prior to such tenth anniversary may extend beyond that date. 

*    *    *    *    * 

  
 17EX-10.2

 Exhibit 10.2 
  

 
  

BOUNTY MINERALS HOLDINGS LLC 

FOURTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of [•], 2023 
  

 
 THE COMPANY INTERESTS REPRESENTED BY THIS FOURTH
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH COMPANY INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR
OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
		
	 ARTICLE II ORGANIZATIONAL MATTERS
	  	 	13	 
	 Section 2.01
	 	Formation of Company	  	 	13	 
	 Section 2.02
	 	Amended and Restated Limited Liability Company Agreement	  	 	13	 
	 Section 2.03
	 	Name	  	 	13	 
	 Section 2.04
	 	Purpose	  	 	14	 
	 Section 2.05
	 	Principal Office; Registered Office	  	 	14	 
	 Section 2.06
	 	Term	  	 	14	 
	 Section 2.07
	 	No State-Law Partnership	  	 	14	 
		
	 ARTICLE III MEMBERS; UNITS; CAPITALIZATION
	  	 	14	 
	 Section 3.01
	 	Members	  	 	14	 
	 Section 3.02
	 	Units	  	 	15	 
	 Section 3.03
	 	Reorganization; Capital Contributions	  	 	15	 
	 Section 3.04
	 	Authorization and Issuance of Additional Units	  	 	15	 
	 Section 3.05
	 	Repurchases or Redemptions	  	 	18	 
	 Section 3.06
	 	Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	  	 	18	 
	 Section 3.07
	 	Negative Capital Accounts	  	 	19	 
	 Section 3.08
	 	No Withdrawal	  	 	19	 
	 Section 3.09
	 	Loans From Members	  	 	19	 
	 Section 3.10
	 	Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	  	 	19	 
		
	 ARTICLE IV DISTRIBUTIONS
	  	 	20	 
	 Section 4.01
	 	Distributions	  	 	20	 
	 Section 4.02
	 	Restricted Distributions	  	 	20	 
		
	 ARTICLE V CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS
	  	 	20	 
	 Section 5.01
	 	Capital Accounts	  	 	20	 
	 Section 5.02
	 	Allocations	  	 	21	 
	 Section 5.03
	 	Regulatory and Special Allocations	  	 	22	 
	 Section 5.04
	 	Final Allocations	  	 	23	 
	 Section 5.05
	 	Tax Allocations	  	 	23	 
	 Section 5.06
	 	Indemnification and Reimbursement for Payments on Behalf of a Member	  	 	25	 
		
	 ARTICLE VI MANAGEMENT
	  	 	26	 
	 Section 6.01
	 	Authority of Manager	  	 	26	 
	 Section 6.02
	 	Actions of the Manager	  	 	27	 
	 Section 6.03
	 	Resignation; No Removal	  	 	27	 
	 Section 6.04
	 	Vacancies	  	 	27	 

  
 i 

							
	 Section 6.05
	 	Transactions Between Company and Manager	  	 	28	 
	 Section 6.06
	 	Reimbursement for Expenses	  	 	28	 
	 Section 6.07
	 	Limitation of Liability	  	 	29	 
	 Section 6.08
	 	Investment Company Act	  	 	30	 
	 Section 6.09
	 	Outside Activities of the Manager	  	 	30	 
		
	 ARTICLE VII RIGHTS AND OBLIGATIONS OF MEMBERS
	  	 	30	 
	 Section 7.01
	 	Limitation of Liability and Duties of Members; Investment Opportunities	  	 	30	 
	 Section 7.02
	 	Lack of Authority	  	 	32	 
	 Section 7.03
	 	No Right of Partition	  	 	32	 
	 Section 7.04
	 	Indemnification	  	 	32	 
	 Section 7.05
	 	Members Right to Act	  	 	33	 
	 Section 7.06
	 	Inspection Rights	  	 	34	 
		
	 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE
COVENANTS
	  	 	34	 
	 Section 8.01
	 	Records and Accounting	  	 	34	 
	 Section 8.02
	 	Fiscal Year	  	 	35	 
		
	 ARTICLE IX TAX MATTERS
	  	 	35	 
	 Section 9.01
	 	Preparation of Tax Returns	  	 	35	 
	 Section 9.02
	 	Tax Elections	  	 	35	 
	 Section 9.03
	 	Tax Controversies	  	 	35	 
		
	 ARTICLE X RESTRICTIONS ON TRANSFER OF UNITS; PREEMPTIVE RIGHTS
	  	 	36	 
	 Section 10.01
	 	Transfers by Members	  	 	36	 
	 Section 10.02
	 	Permitted Transfers	  	 	36	 
	 Section 10.03
	 	Restricted Units Legend	  	 	37	 
	 Section 10.04
	 	Transfer	  	 	38	 
	 Section 10.05
	 	Assignee’s Rights	  	 	38	 
	 Section 10.06
	 	Assignor’s Rights and Obligations	  	 	38	 
	 Section 10.07
	 	Overriding Provisions	  	 	39	 
	 Section 10.08
	 	Lock-Up Restrictions	  	 	40	 
		
	 ARTICLE XI REDEMPTION AND EXCHANGE RIGHTS
	  	 	41	 
	 Section 11.01
	 	Redemption of Units	  	 	41	 
		
	 ARTICLE XII ADMISSION OF MEMBERS
	  	 	47	 
	 Section 12.01
	 	Substituted Members	  	 	47	 
	 Section 12.02
	 	Additional Members	  	 	47	 
		
	 ARTICLE XIII RESIGNATION; TERMINATION OF RIGHTS
	  	 	48	 
	 Section 13.01
	 	Resignation of Members	  	 	48	 
		
	 ARTICLE XIV DISSOLUTION AND LIQUIDATION
	  	 	48	 
	 Section 14.01
	 	Dissolution	  	 	48	 
	 Section 14.02
	 	Liquidation and Termination	  	 	48	 
	 Section 14.03
	 	Deferment; Distribution in Kind	  	 	49	 

  
 ii 

							
	 Section 14.04
	 	Cancellation of Certificate	  	 	49	 
	 Section 14.05
	 	Reasonable Time for Winding Up	  	 	50	 
	 Section 14.06
	 	Return of Capital	  	 	50	 
		
	 ARTICLE XV VALUATION
	  	 	50	 
	 Section 15.01
	 	Determination	  	 	50	 
	 Section 15.02
	 	Dispute Resolution	  	 	50	 
		
	 ARTICLE XVI GENERAL PROVISIONS
	  	 	51	 
	 Section 16.01
	 	Power of Attorney	  	 	51	 
	 Section 16.02
	 	Confidentiality	  	 	51	 
	 Section 16.03
	 	Amendments	  	 	52	 
	 Section 16.04
	 	Title to Company Assets	  	 	52	 
	 Section 16.05
	 	Addresses and Notices	  	 	52	 
	 Section 16.06
	 	Binding Effect; Intended Beneficiaries	  	 	53	 
	 Section 16.07
	 	Creditors	  	 	53	 
	 Section 16.08
	 	Waiver	  	 	53	 
	 Section 16.09
	 	Counterparts	  	 	53	 
	 Section 16.10
	 	Applicable Law; Consent to Jurisdiction	  	 	54	 
	 Section 16.11
	 	WAIVER OF JURY TRIAL	  	 	54	 
	 Section 16.12
	 	Severability	  	 	54	 
	 Section 16.13
	 	Further Action	  	 	54	 
	 Section 16.14
	 	Delivery by Electronic Transmission	  	 	54	 
	 Section 16.15
	 	Effectiveness	  	 	55	 
	 Section 16.16
	 	Entire Agreement	  	 	55	 
	 Section 16.17
	 	Remedies	  	 	55	 
	 Section 16.18
	 	Descriptive Headings; Interpretation	  	 	55	 

 Schedules 
  

					
	Schedule 1	  	–  	  	Initial Schedule of Members

 Exhibits 
  

					
	Exhibit A	  	–  	  	Form of Joinder Agreement

  

  
 iii 

 BOUNTY MINERALS HOLDINGS LLC 

FOURTH AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

This FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended from time to time, this “Agreement”),
dated as of [•], 2023, is entered into by and among Bounty Minerals Holdings LLC, a Delaware limited liability company (the “Company”), and its Members. Capitalized terms used herein without definition have the meanings
set forth in Article I. 
 RECITALS 

WHEREAS, the Company was initially organized as a Texas limited liability company under the name “Bounty Minerals II LLC” by the
filing of a Certificate of Formation (the “Original Certificate”) with the Secretary of State of the State of Texas pursuant to Chapter 101 of the Texas Business Organizations Code, and any successor to such statute, as
amended, supplemented or restated from time to time (the “TBOC”) on July 9, 2013; 
 WHEREAS, the Company was
converted to a Delaware limited liability company pursuant to and in accordance with the Delaware Act (as defined herein) under the name “Bounty Minerals Holdings LLC” by the filing of a Certificate of Formation (as amended or otherwise
modified from time to time, the “Certificate”) with the Secretary of State of the State of Delaware pursuant to Chapter 18-201 of the Delaware Act on [•], 2023; 

WHEREAS, the Company entered into that certain Limited Liability Company Agreement of the Company, dated as of July 9, 2013 (as amended
and restated on August 2, 2013, August 1, 2014 and November 30, 2016, the “Existing LLC Agreement”); 

WHEREAS, immediately prior to the Effective Time, the Existing Owners held all of the limited liability company interests in the Company (the
“Original Interests”); 
 WHEREAS, pursuant to Article VI and Sections 11.04 and 13.06 of the Existing LLC
Agreement, the Board of Managers of the Company has the authority to amend and restate the Existing LLC Agreement in connection with an initial public offering; 

WHEREAS, the Company desires to have Bounty Minerals, Inc., a Delaware corporation (the “Corporation”), effect an
initial public offering (the “IPO”), pursuant to which the Corporation will issue and sell shares of Class A Common Stock to public investors; 

WHEREAS, in connection with the IPO, the Company desires to amend and restate the Existing LLC Agreement as of the Effective Time to reflect
or effect, as applicable, (a) the issuance of Class A Units to the Existing Owners in exchange for their existing interests in the Company based on their entitlement pursuant to Section 5.01 of the Existing LLC Agreement, (b) the
redemption and cancellation of the Class B Units, (c) the reclassification of the “Class A Units” to “Common Units,” (d) the admission of the Corporation as a Member and the designation of the Corporation as the
Manager, and (e) the rights and obligations of the Members that are enumerated and agreed upon in the terms of this Agreement effective as of the Effective Time, at which time the Existing LLC Agreement shall be superseded entirely by this
Agreement; 

 WHEREAS, in connection with the IPO, (a) the Corporation will contribute all of the net
proceeds received by it from the IPO and shares of Class B Common Stock (as defined herein) to the Company in exchange for a number of Common Units equal to the number of shares of Class A Common Stock issued in the IPO, and (b) the
Company will then distribute such shares of Class B Common Stock to each of its Members (other than the Corporation); and 
 WHEREAS,
each Common Unit (other than any Common Unit held by the Corporation Group) may be redeemed, at the election of the holder of such Common Unit (together with the surrender and delivery by such holder of one share of Class B Common Stock), for
one share of Class A Common Stock in accordance with the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of
the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Members, intending to be legally bound, hereby amend and restate the Existing LLC
Agreement in its entirety and agree as follows: 
 ARTICLE I 

DEFINITIONS 
 The following
definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary. 

“Additional Member” has the meaning set forth in Section 12.02. 

“Adjusted Capital Account Deficit” means with respect to the Capital Account of any Member as of the end of any
Taxable Year or other Fiscal Period, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Member’s Capital Account balance shall be: 

(a) reduced for any items described in Treasury Regulations Sections 1.704- 1(b)(2)(ii)(d)(4), (5), and
(6); and 
 (b) increased for any amount such Member is obligated to contribute or is treated as being obligated to contribute to the Company
pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and
1.704-2(i)(5) (relating to minimum gain). 
 The foregoing definition is intended to comply with the
provisions of Treasury Regulations Sections 1.704-1(b)(2)(ii)(d) and 1.704-2 and will be interpreted consistently therewith. 

“Admission Date” has the meaning set forth in Section 10.06. 

“Affiliate” (and, with a correlative meaning, “Affiliated”) means, with respect to a specified
Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition and the definition of Majority Members,
“control” (including with correlative meanings, “controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or
policies (whether through ownership of voting securities or by contract or other agreement) of a Person. 

  
 2 

 “Agreement” has the meaning set forth in the preamble to this
Agreement. 
 “Appraisers” has the meaning set forth in Section 15.02. 

“Assignee” means a Person to whom a Company Interest has been transferred but who has not become a Member pursuant to
Article XII. 
 “Average VWAP” per share of Class A Common Stock over a certain period shall mean the
arithmetic average of the VWAP per share of Class A Common Stock for each Trading Day in such period. 
 “Base
Rate” means, on any date, a variable rate per annum equal to the rate of interest most recently published by The Wall Street Journal as the “prime rate” at large U.S. money center banks. 

“Book Value” means, with respect to any Company property, the Company’s adjusted basis or such property for U.S.
federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulations Section 1.704-1(b)(2)(iv)(d)-(g). 

“Business Day” means any day other than a Saturday or a Sunday or a day on which banks located in Fort Worth, Texas,
or New York City, New York, generally are authorized or required by Law to close. 
 “Capital Account” means the
capital account maintained for a Member in accordance with Section 5.01. 
 “Capital
Contribution” means, with respect to any Member, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Member contributes (or is deemed to contribute) to the Company
pursuant to Article III hereof. Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in
respect of Units Transferred to such Member. 
 “Call Right” has the meaning set forth in
Section 11.01(m). 
 “Cash Election” means an election by the Company to redeem Units for
cash pursuant to Section 11.01(e) or an election by the Corporation (or such designated member(s) of the Corporation Group) to purchase Units for cash pursuant to an exercise of its Call Right set forth in
Section 11.01(m). 
 “Cash Election Amount” means with respect to a particular Redemption
for which a Cash Election has been made, (a) other than in the case of clause (b), if the Class A Common Stock trades on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of
(i) the number of shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made and (ii) the Average VWAP for the five (5) consecutive full Trading Days ending on and
including the last full Trading Day 

  
 3 

 
immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A
Common Stock; (b) if the Cash Election is made in respect of a Redemption Notice issued by a Redeeming Member in connection with a Public Offering, an amount of cash equal to the product of (i) the number of shares of Class A Common
Stock that would have been received in such Redemption if a Cash Election had not been made and (ii) the price per share of Class A Common Stock sold to the public in such Public Offering (reduced by the amount of any Discount associated
with such share of Class A Common Stock), and (c) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (i) the number of
shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made and (ii) the fair market value of one share of Class A Common Stock, as determined by a majority of the Independent
Directors in good faith, that would be obtained in an arms’ length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, and without regard to the
particular circumstances of the buyer or seller and without any discounts for liquidity or minority discount. 

“Certificate” has the meaning set forth in the recitals to this Agreement. 

“Change of Control” means the occurrence of any of the following events or series of related events after the date
hereof: 
 (a) any Person (excluding a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporation in
substantially the same proportions as their ownership of stock of the Corporation) is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the rules promulgated under the Exchange Act),
directly or indirectly, of securities of the Corporation representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities; 

(b) there is consummated a merger or consolidation of the Corporation with any other corporation or other entity, and, immediately after the
consummation of such merger or consolidation, either (i) the members of the Corporate Board immediately prior to the merger or consolidation do not constitute at least a majority of the members of the board of directors of the company surviving
the merger, or if the surviving company is a Subsidiary, the ultimate parent thereof, or (ii) all of the Persons who were the respective “beneficial owners” (as defined in clause (a) of this definition) of the voting
securities of the Corporation immediately prior to such merger or consolidation do not continue to beneficially own more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or
consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 
 (c) the stockholders of the Corporation
approve a plan of complete liquidation or dissolution of the Corporation or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporation of all or substantially all
of the Corporation’s assets, other than such sale or other disposition by the Corporation of all or substantially all of the Corporation’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are
owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale. 

  
 4 

 Notwithstanding the foregoing, except with respect to clause (b)(i) of this
definition, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Corporation
immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or
substantially all of the assets of the Corporation immediately following such transaction or series of transactions. 
 “Change
of Control Exchange Date” has the meaning set forth in Section 11.01(p). 

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

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

“Closing” means the closing of the IPO. 

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

“Common Stock” means all classes and series of common stock of the Corporation, including the Class A Common
Stock and the Class B Common Stock. 
 “Common Unit” means a Unit representing a fractional part of the
aggregate Company Interests of all of the Members and having the rights and obligations specified with respect to the Common Units in this Agreement. 

“Common Unit Purchase” has the meaning set forth in Section 3.03(b). 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Company Interest” means the limited liability company interest of a Member in the Company at any particular time.

 “Company Level Taxes” means any federal, state or local income taxes, additions to tax, penalties and interest
payable by the Company or any fiscally transparent Subsidiary thereof as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state or local tax authorities, including resulting administrative
and judicial proceedings under the Revised Partnership Audit Provisions. 

  
 5 

 “Company Minimum Gain” means “partnership minimum
gain” determined pursuant to Treasury Regulations Section 1.704-2(d). 

“Confidential Information” has the meaning set forth in Section 16.02. 

“Corporate Board” means the Board of Directors of the Corporation. 

“Corporate Tax Liabilities” means any U.S. federal, state and local and
non-U.S. tax obligations (including any Company Level Taxes for which the Corporation Group is liable hereunder) owed by the Corporation Group (other than any obligations to remit withholdings withheld from
payments to third parties). 
 “Corporation” has the meaning set forth in the recitals to this Agreement, together
with its successors and assigns. 
 “Corporation Approved Change of Control” means any Change of Control of the
Corporation that meets the following conditions: (i) such Change of Control was approved by the Corporate Board prior to such Change of Control, (ii) the terms of such Change of Control provide for the consideration for the Units in such
Change of Control to consist solely of (A) freely and immediately tradeable common equity securities of an issuer listed on a National Securities Exchange and/or (B) cash, and (iii) if such consideration includes common equity, the
market value of the outstanding common equity held by non-affiliates of such issuer is at least twice as large as the market value of all of the outstanding common equity of the Corporation, in each case on a
fully-diluted basis immediately before the public announcement of such Change of Control. 
 “Corporation Group”
means the Corporation and each other wholly owned Subsidiary of the Corporation. 
 “Delaware Act” means the
Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq., as it may be amended from time to time, and any successor thereto. 

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

“Depreciation” means, for each Taxable Year or other Fiscal Period an amount equal to the depreciation, amortization
or other cost recovery deduction (other than depletion) allowable for U.S. federal income tax purposes with respect to property for such Taxable Year or other Fiscal Period, except that (a) with respect to any such property the Book Value of
which differs from its adjusted tax basis for U.S. federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations
Section 1.704-3(d), Depreciation for such Taxable Year or other Fiscal Period shall be the amount of book basis recovered for such Taxable Year or other Fiscal Period under the rules prescribed by
Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to any other such property, the Book Value of which differs from its adjusted tax basis at the beginning of such Taxable Year or other
Fiscal Period, Depreciation shall be an amount which bears the same ratio to such beginning Book Value 

  
 6 

 
as the U.S. federal income tax depreciation, amortization, or other cost recovery deduction for such Taxable Year or other Fiscal Period bears to such beginning adjusted tax basis;
provided, however, that if the adjusted tax basis of any property at the beginning of such Taxable Year or other Fiscal Period is zero dollars ($0.00), Depreciation with respect to such property shall be determined with reference to
such beginning Book Value using any reasonable method selected by the Manager. 
 “Discount” has the meaning set
forth in Section 6.06. 
 “Disposition” has the meaning set forth in
Section 10.08(a). 
 “Distributable Cash” means, as of any relevant date on which a
determination is being made by the Manager regarding a potential distribution pursuant to Section 4.01, the amount of cash that could be distributed by the Company for such purposes in accordance with applicable Law,
including the Delaware Act, and any contractual obligations in effect at such time. 
 “Distribution” (and, with a
correlative meaning, “Distribute”) means each distribution made by the Company to a Member with respect to such Member’s Units, whether in cash, property or securities of the Company and whether by liquidating
distribution or otherwise; provided, however, that none of the following shall be a Distribution: (a) any recapitalization that does not result in the distribution of cash or property to Members or any exchange of securities of the
Company, and any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units, (b) any other payment made by the Company to a Member in redemption of all or a portion of such
Member’s Units, or (c) any amounts payable pursuant to Section 6.06. 
 “Effective
Time” has the meaning set forth in Section 16.15. 
 “Equity Plan” means any
stock or equity purchase plan, restricted stock or equity plan or other similar equity compensation plan now or hereafter adopted by the Company or the Corporation. 

“Equity Securities” means (a) with respect to the Company or any of its Subsidiaries, (i) Units or other
equity interests in the Company or any such Subsidiary (including other classes or groups thereof having such relative rights, powers and duties as may from time to time be established by the Manager pursuant to the provisions of this Agreement,
including rights, powers and/or duties senior to existing classes and groups of Units and other equity interests in the Company or any Subsidiary of the Company), (ii) obligations, evidences of Indebtedness or other securities or interests
convertible or exchangeable into Units or other equity interests in the Company or any Subsidiary of the Company, and (iii) warrants, options or other rights to purchase or otherwise acquire Units or other equity interests in the Company or any
Subsidiary of the Company and (b) with respect to the Corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or warrants, options
or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing. 

“Event of Withdrawal” means any event that terminates the continued membership of a Member in the Company. “Event
of Withdrawal” shall not include an event that does not terminate the existence of such Member under applicable state Law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with
respect to all the Company Interests of such trust that is a Member). 

  
 7 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as
amended, and applicable rules and regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Exchange Act shall be deemed to include any corresponding
provisions of future Law. 
 “Existing LLC Agreement” has the meaning set forth in the recitals to this Agreement.

 “Existing Owners” means the members listed on Schedule I of the Existing LLC Agreement. 

“Fair Market Value” means, with respect to any asset, its fair market value determined according to Article XV.

 “Fiscal Period” means any interim accounting period within a Taxable Year established by the Company and which is
permitted or required by Section 706 of the Code. 
 “Fiscal Year” means the Company’s annual accounting
period established pursuant to Section 8.02. 
 “Governmental Entity” means (a) the
United States of America, (b) any other sovereign nation, (c) any state, province, district, territory or other political subdivision of (a) or (b) of this definition, including any county, municipal or other local subdivision of the
foregoing, or (d) any entity exercising executive, legislative, judicial, regulatory or administrative functions of government on behalf of (a), (b) or (c) of this definition. 

“Indebtedness” means (a) all indebtedness for borrowed money (including capitalized lease obligations,
sale-leaseback transactions or other similar transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar instrument, (c) notes payable, and (d) lines of credit and any other
agreements relating to the borrowing of money or extension of credit. 
 “Indemnified Person” has the meaning set
forth in Section 7.04(a). 
 “Independent Directors” means the members of the Corporate
Board who are “independent” under the standards set forth in Rule 10A-3 promulgated under the Securities Act and the corresponding rules of the applicable exchange on which the Class A
Common Stock is traded or quoted. 
 “Initial Holder” has the meaning set forth in
Section 10.08(a). 
 “Investment Company Act” means the U.S. Investment Company Act of
1940, as amended. 
 “IPO” has the meaning set forth in the recitals to this Agreement. 

  
 8 

 “Joinder” means a joinder to this Agreement, in form and substance
substantially similar to Exhibit A to this Agreement. 
 “Law” means all laws, statutes, ordinances, rules
and regulations of the United States, any foreign country and each state, commonwealth, province, city, county, municipality, regulatory body, agency or other political subdivision thereof. 

“Lock-Up” has the meaning set forth in
Section 10.08(a). 
 “Lock-Up Period” means the
period of 180 days commencing with the pricing of the IPO. 
 “Losses” means items of Company loss or deduction
determined according to Section 5.01(b). 
 “Majority Members” means the Members (which
may include the Manager) holding a majority of the Units then outstanding; provided, that, if as of any date of determination, a majority of the Units are then held by the Manager or any Affiliates controlled by the Manager (including the
Corporation Group), then “Majority Members” shall mean the Manager together with Members holding a majority of the Units (excluding Units held by the Manager and its controlled Affiliates including the Corporation Group) then outstanding.

 “Manager” has the meaning set forth in Section 6.01(a). 

“Member” means, as of any date of determination, (a) each of the members named on the Schedule of Members and
(b) any Person admitted to the Company as a Substituted Member or Additional Member in accordance with Article XII, but in each case only so long as such Person is shown on the Company’s books and records as the owner of one or more
Units, each in its capacity as a member of the Company. 
 “Member Minimum Gain” means “partner nonrecourse
debt minimum gain” as defined in Treasury Regulations Section 1.704-2(i)(3). 

“Minority Member Redemption Date” has the meaning set forth in Section 11.01(n). 

“Minority Member Redemption Notice” has the meaning set forth in Section 11.01(n). 

“National Securities Exchange” means an exchange registered as a “national securities exchange” with the SEC
under Section 6 of the Exchange Act. 
 “Net Loss” means, with respect to a Taxable Year or other Fiscal
Period, the excess if any, of Losses for such Taxable Year or other Fiscal Period over Profits for such Taxable Year or other Fiscal Period. 

“Net Profit” means, with respect to a Taxable Year or other Fiscal Period, the excess if any, of Profits for such
Taxable Year or other Fiscal Period over Losses for such Taxable Year or other Fiscal Period. 
 “NYSE” means the
New York Stock Exchange. 

  
 9 

 “Officer” has the meaning set forth in
Section 6.01(b). 
 “Original Certificate” has the meaning set forth in the recitals. 

“Original Interests” has the meaning set forth in the recitals to this Agreement. 

“Other Agreements” has the meaning set forth in Section 10.04. 

“Partnership Representative” has the meaning set forth in Section 9.03. 

“Percentage Interest” means, with respect to a Member at a particular time, such Member’s percentage interest in
the Company determined by dividing such Member’s Units by the total Units of all Members at such time. The Percentage Interest of each member shall be calculated to the fourth (4th) decimal
place. 
 “Permitted Transfer” has the meaning set forth in Section 10.02. 

“Person” means an individual or any corporation, partnership, limited liability company, trust, unincorporated
organization, association, joint venture or any other organization or entity, whether or not a legal entity. 
 “Pro
rata,” “proportional,” “in proportion to,” and other similar terms, mean, with respect to the holder of Units, pro rata based upon the number of such Units held by such holder as compared
to the total number of Units outstanding. 
 “Profits” means items of Company income and gain determined according
to Section 5.01(b). 
 “Public Offering” means an underwritten offering and sale of Equity
Securities to the public pursuant to a registration statement, including a “bought” deal or “overnight” public offering. 

“Redeemed Units” has the meaning set forth in Section 11.01(a). 

“Redeeming Member” has the meaning set forth in Section 11.01(a). 

“Redemption” has the meaning set forth in Section 11.01(a). 

“Redemption Date” means a Regular Redemption Date or a Special Redemption Date. 

“Redemption Notice” has the meaning set forth in Section 11.01(a). 

“Redemption Notice Date” has the meaning set forth in Section 11.01(a). 

“Redemption Right” has the meaning set forth in Section 11.01(a). 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of the date hereof, by and
among the Corporation and the other parties named therein (together with any joinder thereto from time to time by any successor or assign to any party to such Agreement). 

  
 10 

 “Regular Redemption Date” means a date within each fiscal quarter
specified by the Corporation from time to time, which will generally be set so that the corresponding Redemption Notice Date falls within a window after the Corporation’s earnings announcement for the prior fiscal quarter or in connection with
a Registered Offering. 
 “Registered Offering” means any secondary securities offering (which may include a
“bought deal” or “overnight” offering), and any primary securities offering for which piggyback rights are offered, pursuant to the Registration Rights Agreement. 

“Related Person” has the meaning set forth in Section 7.01(c). 

“Reorganization” has the meaning set forth in Section 3.03(a). 

“Retraction Notice” has the meaning set forth in Section 11.01(b). 

“Revised Partnership Audit Provisions” shall mean Sections 6221 through 6241 of the Code, together with any guidance
issued thereunder or successor provisions, and any similar provision of U.S. state or local or non-U.S. tax Laws. 

“Schedule of Members” has the meaning set forth in Section 3.01(b). 

“SEC” means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the
functions thereof. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and applicable rules and
regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law. 

“Simulated Basis” means, with respect to each Depletable Property, the Book Value of such property. For purposes of
such computation, the Simulated Basis of each Depletable Property (including any additions to such Simulated Basis resulting from expenditures required to be capitalized in such Simulated Basis ) shall be allocated to each Member in accordance with
such Member’s relative Percentage Interest as of the time such Depletable Property (or such addition to such Simulated Basis resulting from expenditures required to be capitalized in such Simulated Basis) is acquired (or expended) by the
Company, and shall be reallocated among the Members in accordance with the such Members’ Percentage Interest as determined immediately following the occurrence of an event giving rise to an adjustment to the Book Value of the Company’s
Depletable Properties pursuant to the definition of Book Value. Upon a transfer by a Member of any Units, a portion of the Simulated Basis allocated to such Member shall be reallocated to the transferee in accordance with the relative Percentage
Interest transferred. 
 “Simulated Depletion” means, with respect to each Depletable Property, a depletion
allowance computed in accordance with United States federal income tax principles and in a manner specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). For purposes of computing Simulated
Depletion with respect to any Depletable Property, the Simulated Basis of such Depletable Property shall be deemed to be the Book Value of such property, and in no event shall such allowance, in the aggregate, exceed such Simulated Basis. If the
Book Value of a Depletable Property is adjusted pursuant to the definition of Book Value during a Taxable Year or other Fiscal Period, following such adjustment Simulated Depletion shall thereafter be calculated under the foregoing provisions based
upon such adjusted Book Value. 

  
 11 

 “Simulated Gain” means the excess, if any, of the amount realized
from the sale or other disposition of a Depletable Property over the Book Value of such Depletable Property and determined pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Simulated Loss” means the excess, if any, of the Book Value of a Depletable Property over the amount realized from
the sale or other disposition of such Depletable Property and determined pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Special Redemption Date” means a date specified by the Corporation in addition to or in lieu of the Regular
Redemption Date during the same fiscal quarter. The Corporation must specify a Special Redemption Date effective with any Registered Offering. 

“Sponsor Person” has the meaning set forth in Section 7.04(d). 

“Stock Option Plan” means any stock option plan now or hereafter adopted by the Company or by the Corporation. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association
or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at
the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association or other business entity
(other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, references
to a “Subsidiary” of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 

“Substituted Member” means a Person that is admitted as a Member to the Company pursuant to
Section 12.01. 
 “Taxable Year” means the Company’s accounting period for U.S.
federal income tax purposes determined pursuant to Section 9.02. 
 “TBOC” has the meaning
set forth in the recitals. 
 “Trading Day” means a day on which the NYSE or such other principal United States
securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day) or, if the Class A Common Stock is not then
listed on the NYSE or other principal United States securities exchange, on the principal other market on which the Class A Common Stock (or such other security) is then traded. 

“Transfer” (and, with a correlative meanings, “Transferring,” and
“Transferred”) means any sale, transfer, assignment, pledge, encumbrance or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation
of Law) (a) any interest (legal or beneficial) in any Equity Securities of the Company or (b) any equity or other interest (legal or beneficial) in any Member if substantially all of the assets of such Member consist solely of Units. 

  
 12 

 “Treasury Regulations” means the regulations promulgated under the
Code and any corresponding provisions of succeeding regulations. 
 “Unit” means a Company Interest of a Member or a
permitted Assignee in the Company representing a fractional part of the Company Interests of all Members and Assignees as may be established by the Manager from time to time in accordance with Section 3.02; provided,
however, that any class or group of Units issued shall have the relative rights, powers and duties set forth in this Agreement, and the Company Interests represented by such class or group of Units shall be determined in accordance with such
relative rights, powers and duties. 
 “VWAP” per share of Class A Common Stock on any Trading Day shall mean
the volume-weighted average price per share of Class A Common Stock as displayed under the heading “Bloomberg VWAP” on Bloomberg page “DPM” (or its equivalent successor if such page is not available) in respect of the period
from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the closing price of one share of Class A Common Stock on such
Trading Day as reported on the website of the NYSE or such other national securities exchange upon which the shares of Class A Common Stock are listed). If the VWAP cannot be calculated for shares of Class A Common Stock on a particular
date on any of the foregoing bases, the VWAP of the shares of Class A Common Stock on such date shall be the fair market value as determined in good faith by the Manager in a commercially reasonable manner. 

ARTICLE II 

ORGANIZATIONAL MATTERS 

Section 2.01 Formation of Company. The Company was formed on July 9, 2013 pursuant to the
provisions of the TBOC and converted to a Delaware limited liability company under Chapter 18-201 of the Delaware Act on [•], 2023. 

Section 2.02 Amended and Restated Limited Liability Company Agreement. The Company hereby executes
this Agreement for the purpose of continuing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Members hereby agree that during the term of the Company set forth in
Section 2.06 the rights and obligations of the Members with respect to the Company will be determined in accordance with the terms and conditions of this Agreement and the Delaware Act. On any matter upon which this
Agreement is silent, the Delaware Act shall control. 
 Section 2.03 Name. The name of the Company
as of the date hereof is “Bounty Minerals Holdings LLC.” The Manager in its sole discretion may change the name of the Company at any time and from time to time. Notification of any such change shall be given to all of the Members and, to
the extent practicable, to all of the holders of any Equity Securities of the Corporation then outstanding. The Company’s business may be conducted under its name and/or any other name or names deemed advisable by the Manager in accordance with
applicable law. 

  
 13 

 Section 2.04 Purpose. The primary business and
purpose of the Company shall be to engage in such activities as are permitted under the Delaware Act and determined from time to time by the Manager in accordance with the terms and conditions of this Agreement. 

Section 2.05 Principal Office; Registered Office. The principal office of the Company shall be at 777
Main Street, Suite 3400, Fort Worth, Texas, 76102, or such other place as the Manager may from time to time designate. The address of the registered office of the Company in the State of Delaware as of the date hereof is designated in the
Certificate. The Manager may from time to time change the Company’s registered agent and registered office in the State of Delaware. 

Section 2.06 Term. The term of the Company commenced upon the filing of the Original Certificate in
accordance with the TBOC and continued with the filing of the Certificate in accordance with the Delaware Act. The Company shall continue in existence until the dissolution, winding up and termination of the Company in accordance with the provisions
of Article XIV. 
 Section 2.07 No State-Law
Partnership. The Members intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member by virtue of this Agreement, for any purposes
other than as set forth in the last sentence of this Section 2.07, and neither this Agreement nor any other document entered into by the Company or any Member relating to the subject matter hereof shall be construed to
suggest otherwise. The Members intend that the Company shall be treated as a partnership for U.S. federal (and applicable state and local) income tax purposes, and that each Member and the Company shall file all tax returns and shall otherwise take
all tax and financial reporting positions in a manner consistent with such treatment. 
 ARTICLE III 

MEMBERS; UNITS; CAPITALIZATION 

Section 3.01 Members. 

(a) At the Effective Time and concurrently with the Common Unit Purchase, the Corporation shall be admitted to the Company as a Member and each
of the Existing Owners shall continue as a Member. 
 (b) The Company shall maintain a schedule setting forth: (i) the name and address
of each Member; (ii) the aggregate number of outstanding Units and the number and class of Units held by each Member; (iii) the aggregate amount of cash Capital Contributions that have been made by the Members with respect to their Units;
and (iv) the Fair Market Value of any property other than cash contributed by the Members with respect to their Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed
property is subject) (such schedule, the “Schedule of Members”). The applicable Schedule of Members in effect as of the Effective Time (after giving effect to the Common Unit Purchase) is set forth as Schedule 1 to
this Agreement. The Schedule of Members shall be the definitive record of ownership of each Unit of the Company and all relevant information with respect to each Member. The Company shall be entitled to recognize the exclusive right of a Person
registered on its records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof,
except as otherwise provided by applicable Law. 

  
 14 

 (c) No Member shall be required or, except as approved by the Manager pursuant to
Section 6.01 and in accordance with the other provisions of this Agreement, permitted to loan any money or property to the Company or borrow any money or property from the Company. 

Section 3.02 Units. Interests in the Company shall be represented by Units, or such other securities
of the Company, in each case as the Manager may establish in its discretion in accordance with the terms and subject to the restrictions hereof. Immediately after the Effective Time, the Units will be comprised of a single class of Common Units. To
the extent required pursuant to Section 3.04(a), the Manager may create one or more classes or series of Common Units or preferred Units solely to the extent they are in the aggregate substantially equivalent to a class or
series of common stock or preferred stock of the Corporation, as applicable. 
 Section 3.03 Reorganization;
Capital Contributions. 
 (a) Reorganization. Immediately prior to the execution and effectiveness of this Agreement,
(i) the Company issued Class A Units to the Existing Members in exchange for their existing interests in the Company based on their entitlement pursuant to Section 5.01 of the Existing LLC Agreement, (ii) the issued and
outstanding Class B Units were redeemed and cancelled in connection with the issuance of such Class A Units, and (iii) the “Class A Units” of the Company are reclassified as “Common Units” (collectively, the
“Reorganization”). 
 (b) The Corporation’s Capital Contribution. Immediately upon the Effective Time,
the Corporation contributed to the Company [•] shares of Class B Common Stock and cash in the aggregate amount of $[•], in exchange for [•] Common Units (the “Common Unit Purchase”) and the Corporation is
hereby admitted as a Member. 
 Section 3.04 Authorization and Issuance of Additional Units. 

(a) The Company shall, to the fullest extent permitted by law, undertake all actions, including, without limitation, a reclassification,
dividend, division or recapitalization, with respect to the Equity Securities of the Company necessary to maintain at all times a one-to-one ratio between the number of
Common Units owned by the Corporation Group and the number of outstanding shares of Class A Common Stock. In addition to and without limiting the foregoing, if at any time the Corporation issues a share of its Class A Common Stock or any
other Equity Security (other than Class B Common Stock) of the Corporation, (i) the Company shall issue to the applicable member(s) of the Corporation Group one Common Unit (if the Corporation issues a share of Class A Common Stock),
or such other Equity Security of the Company (if the Corporation issues Equity Securities other than Class A Common Stock or Class B Common Stock) corresponding to the Equity Securities issued by the Corporation, and with substantially the
same rights to distributions (including distributions upon liquidation but taking into account differences as a result of any tax or other liabilities borne by the Corporation) and other economic rights as those of such Equity Securities of the
Corporation and (ii) the net proceeds received by the applicable member(s) of the Corporation Group with respect to the corresponding share of Class A Common Stock or other Equity Security, if any, shall be concurrently contributed by such

  
 15 

 
member(s) to the Company as a Capital Contribution; provided, that if the Corporation issues any shares of Class A Common Stock in order to directly purchase from another Member
(other than a member of the Corporation Group) a number of Common Units pursuant to Section 11.01(m) (and a corresponding number of shares of Class B Common Stock), then the Company shall not issue any new Common Units
in connection therewith and the Corporation Group shall not be required to transfer such net proceeds to the Company (it being understood that such net proceeds shall instead be transferred to such other Member as consideration for such purchase).
For the avoidance of doubt, if the Corporation issues any shares of Class A Common Stock or other Equity Security for cash to be used to fund the acquisition by any member of the Corporation Group of any Person or the assets of any Person, then
the Corporation shall not be required to transfer such cash proceeds to the Company but instead such member of the Corporation Group shall be required to contribute such Person or the assets and liabilities of such Person to the Company or any of
its Subsidiaries. Notwithstanding the foregoing, this Section 3.04(a) shall not apply to (i) (A) the issuance and distribution to holders of shares of Class A Common Stock of rights to purchase Equity Securities
of the Corporation under a “poison pill” or similar shareholders rights plan (it being understood that upon exchange of Units for Class A Common Stock, such Class A Common Stock will be issued together with a corresponding right)
or (B) the issuance under the Corporation’s Equity Plans or Stock Option Plans of any warrants, options, other rights to acquire Equity Securities of the Corporation or rights or property that may be converted into or settled in Equity
Securities of the Corporation, but shall in each of the foregoing cases apply to the issuance of Equity Securities of the Corporation in connection with the exercise or settlement of such rights, warrants, options or other rights or property,
(ii) the issuance of Equity Securities pursuant to any Equity Plan (other than a Stock Option Plan) that are restricted, subject to forfeiture or otherwise unvested upon issuance, but shall apply on the applicable vesting date with respect to
such Equity Securities, or (iii) preferred stock or other debt or equity securities (including without limitation warrants, options and rights) issued by the Corporation that are convertible or exercisable or exchangeable for Class A
Common Stock (except to the extent such securities have been converted, exercised or exchanged for Class A Common Stock and the net proceeds from such other securities, including without limitation any exercise or purchase price payable upon
conversion, exercise or exchange thereof, has been contributed by the Corporation Group to the equity capital of the Company). Except pursuant to this Section 3.04(a) and Article XI, (x) the Company may not
issue any additional Common Units to one or more member(s) of the Corporation Group unless substantially simultaneously therewith such member(s) of the Corporation Group issues or sells an equal number of shares of the Corporation’s
Class A Common Stock to another Person, and (y) the Company may not issue any other Equity Securities of the Company to one or more member(s) of the Corporation Group unless substantially simultaneously therewith such member(s) of the
Corporation Group issues or sells, to another Person, an equal number of shares of a new class or series of Equity Securities of the Corporation or such member(s) of the Corporation Group with substantially the same rights to dividends and
distributions (including distributions upon liquidation but taking into account differences as a result of any tax or other liabilities borne by the Corporation) and other economic rights as those of such Equity Securities of the Company. 

  
 16 

 (b) The Company shall only be permitted to issue additional Units or other Equity Securities
in the Company to the Persons and on the terms and conditions provided for in Section 3.02, Section 3.03, this Section 3.04 and Section 3.10.
Subject to the foregoing, the Manager may cause the Company to issue additional Units or other Equity Securities authorized under this Agreement at such times and upon such terms as the Manager shall determine in its sole discretion and the Manager
shall amend this Agreement as necessary in connection with the issuance of additional Units or other Equity Securities and the admission of additional Members under this Section 3.04 without the requirement of any consent
or acknowledgement of any Member or any other Person. 
 (c) The Company shall not in any manner effect any subdivision (by equity split,
equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Common Units unless accompanied by an identical subdivision or
combination, as applicable, of the outstanding Common Stock, with corresponding changes made with respect to any other exchangeable or convertible securities. Unless in connection with any action taken pursuant to
Section 3.04(d), the Corporation shall not in any manner effect any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
recapitalization or otherwise) of the outstanding Common Stock unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Common Units, with corresponding changes made with respect to any other exchangeable or
convertible securities. The Company shall not in any manner effect any subdivision (by equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or
otherwise) of any outstanding Equity Securities of the Company (other than the Common Units) unless accompanied by an identical subdivision or combination, as applicable, of the corresponding Equity Securities of the Corporation, with corresponding
changes made with respect to any other exchangeable or convertible securities. The Corporation shall not in any manner effect any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by
reverse stock split, reclassification, recapitalization or otherwise) of any outstanding Equity Securities of the Corporation (other than the Class A Common Stock) unless accompanied by an identical subdivision or combination, as applicable, of
the corresponding Equity Securities of the Company (other than the Common Units), with corresponding changes made with respect to any other exchangeable or convertible securities. 

(d) Notwithstanding any other provision of this Agreement, if the Corporation receives tax distributions required to be made pursuant to
Section 4.01(b) in an amount in excess of the amount that will enable the Corporation Group to meet its U.S. federal, state and local and non-U.S. tax liabilities or holds any other
excess cash amount, the Corporation may, in its sole discretion, use such excess cash amount in such manner, and make such adjustments to or take such other actions with respect to the capitalization of the Corporation and the Company, as the
Corporation (including in its capacity as the Manager) in good faith determines to be fair and reasonable to the holders of Common Stock and to the Members and to preserve the intended economic effect of this Section 3.04,
Section 3.05, Article XI and the other provisions of this Agreement. 
 (e) If at any time any member of the
Corporation Group issues debt securities, such member of the Corporation Group shall transfer to the Company (in a manner to be determined by the Manager in its reasonable discretion) the proceeds received by such member of the Corporation Group in
exchange for such debt securities in a manner that directly or indirectly burdens the Company with the repayment of the debt securities. 

  
 17 

 (f) Notwithstanding any other provision of this Agreement (including this
Section 3.04 and Section 3.05), the Company may redeem Units from the Corporation Group for cash to fund any acquisition by the Corporation Group of another Person, provided that promptly
after such redemption and acquisition the Corporation Group contributes or causes to be contributed, directly or indirectly, such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number
of Units equal to the number of Units so redeemed. 
 Section 3.05 Repurchases or Redemptions. No
member of the Corporation Group may redeem, repurchase or otherwise acquire (other than from another member of the Corporation Group) (a) any shares of Class A Common Stock unless substantially simultaneously therewith the Company redeems,
repurchases or otherwise acquires from the Corporation Group an equal number of Common Units for the same price per security or (b) any other Equity Securities of the Corporation (other than Class B Common Stock) unless substantially
simultaneously therewith the Company redeems, repurchases or otherwise acquires from the Corporation Group an equal number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to distributions
(including distributions upon liquidation but taking into account differences as a result of any tax or other liabilities borne by the Corporation) and other economic rights as those of such Equity Securities of the Corporation for the same price
per security. The Company may not redeem, repurchase or otherwise acquire (i) except pursuant to Article XI, any Common Units from the Corporation Group unless substantially simultaneously therewith the Corporation Group redeems,
repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same price per security from holders thereof, or (ii) any other Equity Securities of the Company from the Corporation Group unless substantially
simultaneously therewith the Corporation Group redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of the Corporation of a corresponding class or series with substantially the same rights
to dividends and distributions (including distribution upon liquidation but taking into account differences as a result of any tax or other liabilities borne by the Corporation) and other economic rights as those of such Equity Securities of the
Company. Notwithstanding the foregoing, to the extent that any consideration payable by the Corporation Group in connection with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of the Corporation
Group consists (in whole or in part) of shares of Class A Common Stock or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase
of the corresponding Common Units or other Equity Securities of the Company shall be effectuated in an equivalent manner. 

Section 3.06 Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and
Transfer of Units. 
 (a) Units shall not be certificated unless otherwise determined by the Manager. If the Manager determines that
one or more Units shall be certificated, each such certificate representing the number of Units held by such holder shall be signed by or in the name of the Company by the Chief Executive Officer or any other officer designated by the Manager. Such
certificate shall be in such form (and shall contain such legends) as the Manager may determine. Any or all of such signatures on any certificate representing one or more Units may be a facsimile, engraved or printed, to the extent permitted by
applicable Law. 

  
 18 

 (b) If Units are certificated, the Manager may direct that a new certificate representing
one or more Units be issued in place of any certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the Manager of an affidavit of the owner or owners of such certificate, setting forth such
allegation. The Manager may require the owner of such lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Company a bond sufficient to indemnify it against any claim that may be made against it on account of
the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate. 
 (c) All Transfers of Units
validly made in accordance with this Agreement shall be recorded in the Company’s records. Upon surrender to the Company or the transfer agent of the Company, if any, of a certificate for one or more Units, duly endorsed or accompanied by
appropriate evidence of succession, assignment or authority to Transfer, in compliance with the provisions hereof, the Company shall issue a new certificate representing one or more Units to the Person entitled thereto, cancel the old certificate
and record the transaction upon its books. The names of the Members and the number of Units held by each Member as they appear in the Company transfer records shall be the official record of the Members for all purposes. Absent manifest error in the
Company transfer records, the Company shall be entitled to rely exclusively on record ownership of Units as shown in its records for all purposes and shall be entitled to recognize the registered holder of Units as shown in the Company’s
records as the holder of record of such Units and the Member with respect to the Company Interests represented thereby for all purposes; provided, however, that the Company shall treat the record owner of any certificate representing
Units as the holder of the Units evidenced thereby unless and until such Units have been Transferred in accordance with this Agreement. Subject to the provisions of this Agreement, the Manager may prescribe such additional rules and regulations as
it may deem appropriate relating to the issue, Transfer and registration of Units. 
 Section 3.07 Negative
Capital Accounts. No Member shall be required to pay to any other Member or the Company any deficit or negative balance that may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the
Company). 
 Section 3.08 No Withdrawal. No Person shall be entitled to withdraw any part of such
Person’s Capital Contribution or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement. 

Section 3.09 Loans From Members. Loans by Members to the Company shall not be considered Capital
Contributions. Subject to the provisions of Section 3.01(c), the amount of any such advances shall be a debt of the Company to such Member and shall be payable or collectible in accordance with the terms and conditions upon
which such advances are made. 
 Section 3.10 Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock
Incentive Plan or Other Plan. Except as may otherwise be provided in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, stock incentive
or other stock or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of
Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company will issue to the Corporation a number of Common Units equal
to the number of new shares of Class A Common Stock so issued. 

  
 19 

 ARTICLE IV 

DISTRIBUTIONS 

Section 4.01 Distributions. 

(a) Distributable Cash; Other Distributions. To the extent permitted by applicable Law and hereunder, Distributions to Members may be
declared by the Manager out of Distributable Cash or other funds or property legally available therefor in such amounts and on such terms (including the payment dates of such Distributions) as the Manager shall determine using such record date as
the Manager may designate; such Distributions shall be made to the Members as of the close of business on such record date on a pro rata basis in accordance with each Member’s Percentage Interest as of the close of business on such record date;
provided, however, that the Manager shall have the obligation to make Distributions as set forth in Sections 4.01(b), 6.06 and 14.02; and provided further that, notwithstanding any other provision herein to the
contrary, no Distributions shall be made to any Member to the extent such Distribution would violate Section 18-607 or Section 18-804 of the Delaware Act.
Promptly following the designation of a record date and the declaration of a Distribution pursuant to this Section 4.01(a), the Manager shall give notice to each Member of the record date, the amount and the terms of the
Distribution and the payment date thereof. In furtherance of the foregoing, it is intended that the Manager shall, to the extent permitted by applicable Law and hereunder, have the right in its sole discretion to cause the Company to make
Distributions to the Members pursuant to this Section 4.01(a) in such amounts as shall enable the Corporation to pay dividends or to meet its obligations (to the extent such obligations are not otherwise able to be
satisfied as a result of tax distributions required to be made pursuant to Section 4.01(b) or reimbursements required to be made pursuant to Section 6.06). 

(b) Tax Distributions. The Company shall, subject to any restrictions contained in any agreement to which the Company is bound, make
distributions out of Distributable Cash to all Members on a pro rata basis in accordance with Section 4.01(a) at such times and in such amounts as the Manager reasonably determines is necessary to cause a distribution to
the Corporation sufficient to enable the Corporation to timely satisfy any Corporate Tax Liabilities. 
 Section 4.02
Restricted Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make any Distribution to any Member on account of any Company Interest if such Distribution would violate
any applicable Law. 
 ARTICLE V 

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS 

Section 5.01 Capital Accounts. 

(a) The Company shall establish and maintain a separate Capital Account for each Member according to the rules of Treasury Regulations Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the Manager), upon the occurrence of the events specified in Treasury Regulations
Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such Treasury Regulations and Treasury Regulations
Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of Company property. 

  
 20 

 (b) For purposes of computing the amount of any item of Company income, gain, loss or
deduction to be allocated pursuant to this Article V and to be reflected in the Capital Accounts of the Members, the determination, recognition and classification of any such item shall be the same as its determination, recognition and
classification for U.S. federal income tax purposes (including any method of depreciation, cost recovery or amortization (other than depletion) used for this purpose); provided, however, that: 

(i) The computation of all items of income, gain, loss and deduction shall include those items described in
Section 705(a)(l)(B) or 705(a)(2)(B) of the Code and Treasury Regulations Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not
deductible for U.S. federal income tax purposes. 
 (ii) If the Book Value of any Company property is adjusted pursuant to
Treasury Regulations Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property. 

(iii) Items of income, gain, loss or deduction attributable to the disposition of Company property having a Book Value that
differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property. 
 (iv)
In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing Profits or Losses (other than depletion with respect to any Depletable Property), there shall be taken into account Depreciation for such
Taxable Year or other Fiscal Period. 
 (v) To the extent an adjustment to the adjusted tax basis of any Company asset
pursuant to Sections 732(d), 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount
of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis). 

(vi) Simulated Gains with respect to Depletable Properties shall be taken into account in computing Profits and Losses in lieu
of actual gains on such Depletable Properties. 
 (vii) Items specifically allocated under Section 5.03 shall be
excluded from the computation of Profits and Losses. 
 Section 5.02 Allocations. Except as
otherwise provided in Section 5.03 and Section 5.04, Net Profits and Net Losses for any Taxable Year or other Fiscal Period shall be allocated among the Capital Accounts of the Members pro rata in
accordance with their respective Percentage Interests. 

  
 21 

 Section 5.03 Regulatory and Special Allocations.

 (a) Losses attributable to partner nonrecourse debt (as defined in Treasury Regulations
Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulations Section 1.704-2(i) to the Member that bears the economic risk of loss
(within the meaning of Regulations § 1.752-2). If there is a net decrease during a Taxable Year or other Fiscal Period in Member Minimum Gain, items of income and gain for such Taxable Year or other
Fiscal Period (and, if necessary, for subsequent Taxable Years or other Fiscal Periods) shall be allocated to the Members in the amounts and of such character as determined according to Treasury Regulations
Section 1.704-2(i)(4). 
 (b) Nonrecourse deductions (as determined according to Treasury
Regulations Section 1.704-2(b)(1)) for any Taxable Year or other Fiscal Period shall be allocated pro rata among the Members in accordance with their Percentage Interests. Except as otherwise provided in
Section 5.03(a), if there is a net decrease in the Company Minimum Gain during any Taxable Year or other Fiscal Period, each Member shall be allocated items of income and gain for such Taxable Year or other Fiscal Period
(and, if necessary, for subsequent Taxable Years or other Fiscal Periods) in the amounts and of such character as determined according to Treasury Regulations Section 1.704-2(f). This
Section 5.03(b) is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulations Section 1.704-2(f), and shall be interpreted in
a manner consistent therewith. 
 (c) If any Member that unexpectedly receives an adjustment, allocation or Distribution described in
Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year or other Fiscal Period, computed after the application of
Sections 5.03(a) and 5.03(b) but before the application of any other provision of this Article V, then items of income and gain for such Taxable Year or other Fiscal Period shall be allocated to such Member in proportion to, and
to the extent of, such Adjusted Capital Account Deficit. This Section 5.03(c) is intended to be a qualified income offset provision as described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith. 
 (d)
In the event that any Member has an Adjusted Capital Account Deficit at the end of any Taxable Year or other Fiscal Period, such Member shall be allocated items of Company gross income and gain in the amount of such deficit as quickly as possible;
provided, however, that an allocation pursuant to this Section 5.03(d) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations
provided for in this Article V have been tentatively made as if Section 5.03(c) and this Section 5.03(d) were not in this Agreement. 

(e) If the allocation of Losses to a Member as provided in Section 5.02 would create or increase an Adjusted Capital
Account Deficit, there shall be allocated to such Member only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Losses that would, absent the application of the preceding sentence, otherwise be allocated
to such Member shall be allocated to the other Members in accordance with their relative Percentage Interests, subject to this Section 5.03(e). 

  
 22 

 (f) Profits and Losses described in Section 5.01(b)(v) shall be allocated in a manner
consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulations Section 1.704 1(b)(2)(iv)(j) and (m). 

(g) Simulated Depletion for each Depletable Property and Simulated Loss upon the disposition of a Depletable Property shall be allocated among
the Members in proportion to their shares of the Simulated Basis in such Depletable Property. 
 (h) The allocations set forth in
Section 5.03(a) through and including Section 5.03(f) (the “Regulatory Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the Members intend to allocate Profit and Loss of
the Company or have the Company make Distributions. Accordingly, notwithstanding the other provisions of this Article V, but subject to the Regulatory Allocations, income, gain, deduction and loss shall be reallocated among the Members so as
to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Members to be in the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of income,
gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Members anticipate that this will be accomplished by specially allocating other Profit and Loss (and such other items of income, gain,
deduction and loss) among the Members so that the net amount of the Regulatory Allocations and such special allocations to each such Member is zero. In addition, if in any Taxable Year or other Fiscal Period there is a decrease in Company Minimum
Gain, or in Member Minimum Gain, and application of the minimum gain chargeback requirements set forth in Section 5.03(a) or Section 5.03(b) would cause a distortion in the economic arrangement
among the Members, the Members may, if they do not expect that the Company will have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If
such request is granted, this Agreement shall be applied in such instance as if it did not contain such minimum gain chargeback requirement. 

Section 5.04 Final Allocations. Notwithstanding any contrary provision in this Agreement except
Section 5.03, the Manager shall make appropriate adjustments to allocations of Net Profits and Net Losses (or, if necessary, allocate items of gross income, gain, loss or deduction thereof) to the Members upon the
liquidation of the Company (within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)), the Transfer of substantially all the Units (whether by sale or exchange or merger) or sale of all or
substantially all the assets of the Company, such that, to the maximum extent possible, the Capital Accounts of the Members are proportionate to their Percentage Interests. In each case, such adjustments or allocations shall occur, to the maximum
extent possible, in the Fiscal Year of the event requiring such adjustments or allocations. 
 Section 5.05
Tax Allocations. 
 (a) Subject to the remainder of this Section 5.05, the income, gains, losses,
deductions and credits of the Company will be allocated, for U.S. federal (and applicable state and local) income tax purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and credits among the
Members for computing their Capital Accounts; provided, that if any such allocation is not permitted by the Code or other applicable Law, the Company’s subsequent income, gains, losses, deductions and credits will be allocated among the
Members so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts. 

  
 23 

 (b) Cost and percentage depletion deductions with respect each Depletable Property shall be
computed separately by the Members rather than the Company. For purposes of such computations, the U.S. federal income tax basis of each Depletable Property shall be allocated to each Member in accordance with such Member’s Percentage Interest
as of the time such Depletable Property is acquired by the Company, and shall be reallocated among the Members in accordance with such Member’s Percentage Interest as determined immediately following the occurrence of an event giving rise to an
adjustment to the Book Values of the Company’s Depletable Properties in accordance with Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations (or at the time of any material additions to the U.S.
federal income tax basis of such Depletable Property). The Company shall inform each Member of such Member’s allocable share of the U.S. federal income tax basis of each Depletable Property promptly following the acquisition of such Depletable
Property by the Company, any adjustment resulting from expenditures required to be capitalized in such basis, and any reallocation of such basis as provided in the previous sentence. Such allocations are intended to be applied in accordance with the
“partners’ interests in partnership capital” under Section 613A(c)(7)(D) of the Code; provided, that the Members understand and agree that the Manager may authorize special allocations of tax basis, income, gain, deduction
or loss, as computed for U.S. federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted U.S. federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with the
principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) that apply the principles of Section 704(c). 

(c) For purposes of the separate computation of gain or loss by each Member on a taxable Disposition of Depletable Property, the amount
realized from such Disposition shall be allocated (i) first, to the Members in an amount equal to the Simulated Basis in such Depletable Property and in the same proportion as their shares thereof were allocated and (ii) second, any
remaining amount realized shall be allocated consistent with the allocation of Simulated Gains; provided, however, that the Members understand and agree that the Manager may authorize special allocations of tax basis, income, gain,
deduction or loss, as computed for federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with the
principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b) that apply the principles of Section 704(c). The provisions of this
Section 5.05(c) and the other provisions of this Agreement relating to allocations under Section 613A(c)(7)(D) of the Code are intended to comply with Treasury Regulations
Section 1.704-1(b)(4)(v) and shall be interpreted and applied in a manner consistent with such Treasury Regulations. 

(d) Each Member shall, in a manner consistent with this Article V, separately keep records of its share of the adjusted tax basis in
each Depletable Property, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property and use such adjusted tax basis in the computation of its cost depletion or in the computation of its
gain or loss on the disposition of such property by the Company. Upon the request of the Company, 

  
 24 

 
each Member may advise the Company of its adjusted tax basis in each Depletable Property and any depletion computed with respect thereto, both as computed in accordance with the provisions of
this subsection for purposes of allowing the Company to make adjustments to the tax basis of its assets as a result of certain transfers of interests in the Company or distributions by the Company. The Company may rely on such information and, if it
is not provided by the Member, may make such reasonable assumptions as it shall determine with respect thereto. 
 (e) Items of Company
taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall be allocated among the Members in accordance with Section 704(c) of the Code so as to take account of any variation between
the adjusted basis of such property to the Company for U.S. federal income tax purposes and its Book Value using the “traditional method,” or with the written consent of the Members, such method or methods as described in Treasury
Regulations Section 1.704-3 chosen by the Manager. 
 (f) If the Book Value of any Company asset
is adjusted pursuant to Section 5.01(b), subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset
for U.S. federal income tax purposes and its Book Value in the same manner as under Section 704(c) of the Code using the “traditional method,” or with the written consent of the Members, such method or methods as described in Treasury
Regulations Section 1.704-3 chosen by the Manager. 
 (g) Allocations of tax credits, tax credit
recapture, and any items related thereto shall be allocated to the Members pro rata as determined by the Manager taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii) and 1.704-1(b)(4)(viii). 
 (h) For purposes of determining a Member’s pro rata share of the
Company’s “excess nonrecourse liabilities” within the meaning of Treasury Regulations Section 1.752-3(a)(3), each Member’s interest in income and gain shall be in proportion to the
Units held by such Member. 
 (i) Any recapture of depreciation or any other item of deduction shall be allocated, in accordance with
Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions to the maximum extent permissible by Law. 

(j) Allocations pursuant to this Section 5.05 are solely for purposes of U.S. federal (and applicable state and
local) income taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, Distributions (other than tax distributions pursuant to Section 4.01(b)) or other Company
items pursuant to any provision of this Agreement. 
 Section 5.06 Indemnification and Reimbursement for
Payments on Behalf of a Member. If the Company is obligated to pay any amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Member or a Member’s status as such
(including taxes imposed on the Company under the Revised Partnership Audit Provisions, federal withholding taxes, state personal property taxes and state unincorporated business taxes, but excluding payments such as professional association fees
and the like made voluntarily by the Company on behalf of any Member based upon such Member’s status as an employee of the Company), then such Person shall indemnify the Company in full for the entire

  
 25 

 
amount paid (including interest, penalties and related expenses). The Manager may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person’s
obligation to indemnify the Company under this Section 5.06. A Member’s obligation to make contributions to the Company under this Section 5.06 shall survive the dissolution, winding up,
liquidation and termination of the Company, and for purposes of this Section 5.06, the Company shall be treated as continuing in existence. Members shall make any such contribution obligated by this
Section 5.06 to the Manager in the event the Company has been terminated. The Company may pursue and enforce all rights and remedies it may have against each Member under this Section 5.06,
including instituting a lawsuit to collect such contribution with interest calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum permitted by Law). Each Member hereby
agrees to furnish to the Company and Manager such information and forms as required or reasonably requested in order to comply with any laws and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption from,
withholding to which the Member is legally entitled. 
 ARTICLE VI 

MANAGEMENT 

Section 6.01 Authority of Manager. 

(a) Except for situations in which the approval of any Member(s) is specifically required by this Agreement, (i) all management powers
over the business and affairs of the Company shall be exclusively vested in the Corporation, as the sole managing member of the Company (the Corporation, in such capacity, the “Manager”) and (ii) the Manager shall
conduct, direct and exercise full control over all activities of the Company. The Manager shall be the “manager” of the Company for the purposes of the Delaware Act. Except as otherwise expressly provided for herein and subject to the
other provisions of this Agreement, the Members hereby consent to the exercise by the Manager of all such powers and rights conferred on the Members by the Delaware Act with respect to the management and control of the Company. Any vacancies in the
position of Manager shall be filled in accordance with Section 6.04. 
 (b) The day-to-day business and operations of the Company shall be overseen and implemented by officers of the Company (each, an “Officer” and collectively, the
“Officers”), subject to the limitations imposed by the Manager. An Officer may, but need not, be a Member. Each Officer shall be appointed by the Manager and shall hold office until his or her successor shall be duly
designated and shall qualify or until his or her death or until he or she shall resign. Any one Person may hold more than one office. The salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the
Manager. The authority and responsibility of the Officers shall include, but not be limited to, such duties as the Manager may, from time to time, delegate to them and the carrying out of the Company’s business and affairs on a day-to-day basis. An Officer may also perform one or more roles as an officer of the Manager. 

(c) The Manager shall have the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or
substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company) or the merger,
consolidation, reorganization, division or other combination of the Company with or into another entity. 

  
 26 

 (d) Notwithstanding any other provision of this Agreement, the Delaware Act or any
applicable Law, each Member and each other Person who may acquire an interest in Company Interests hereby (i) approves, ratifies and confirms the execution, delivery and performance by the Company of the Registration Rights Agreement,
(ii) agrees and confirms that the Company is authorized to execute, deliver and perform, and the Manager or any Officer, acting on behalf of the Company, is authorized and directed to execute and deliver the Registration Rights Agreement
without any further act, approval or vote of any Member or the Manager, and (iii) agrees that the execution, delivery or performance by the Company or the Manager or any Officer, acting on behalf of the Company, of any agreement authorized or
permitted under this Agreement shall not constitute a breach by the Company, the Manager or any other Person of any duty that the Company or the Manager may owe the Company or the Members or any other Persons under this Agreement (or any other
agreements) or of any duty existing at law, in equity or otherwise. 
 Section 6.02 Actions of the
Manager. The Manager may act through any Officer or through any other Person or Persons to whom authority and duties have been delegated pursuant to Section 6.07. 

Section 6.03 Resignation; No Removal. 

(a) The Manager may resign as such at any time by giving written notice to the Members; provided, that the Manager complies with the
requirements of Section 6.03(b). Subject to Section 6.03(b) and unless otherwise specified in the notice, the resignation shall take effect upon receipt thereof by the Members, and the acceptance
of the resignation shall not be necessary to make it effective. The resignation of the Manager in its capacity as such shall not affect any rights or obligations of such Person as a Member of the Company. For the avoidance of doubt, the Members have
no right under this Agreement to remove or replace the Manager. 
 (b) No termination or replacement of the Corporation as Manager shall be
effective unless proper provision is made, in compliance with this Agreement, so that the obligations of the Corporation, its successor (if applicable) and any new Manager and the rights of all Members under this Agreement and applicable Law remain
in full force and effect. No appointment of a Person other than the Corporation (or its successor, as applicable) as Manager shall be effective unless the Corporation (or its successor, as applicable) and the new Manager (as applicable) provide all
other Members with contractual rights, directly enforceable by such other Members against the Corporation (or its successor, as applicable) and the new Manager (as applicable), to cause (a) the Corporation to comply with all the
Corporation’s obligations under this Agreement (including its obligations under Section 11.01) other than those that must necessarily be taken in its capacity as the Manager and (b) the new Manager to comply with
all the Manager’s obligations under this Agreement. 
 Section 6.04 Vacancies. Vacancies in the
position of Manager occurring for any reason shall be filled by the Corporation (or, if the Corporation has ceased to exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the Corporation
immediately prior to such cessation). For the avoidance of doubt, the Members (other than the Corporation) have no right under this Agreement to fill any vacancy in the position of Manager. 

  
 27 

 Section 6.05 Transactions Between Company and
Manager. The Manager may cause the Company to contract and deal with the Manager, or any Affiliate of the Manager; provided such contracts and dealings are on terms comparable to and competitive with those available to the Company
from others dealing at arm’s length or are approved by the Members holding a majority of the Units (excluding Units held by the Manager and its controlled Affiliates) then outstanding and otherwise are permitted by any indenture, mortgage, deed
of trust, loan agreement, license, lease or other agreement or instrument to which the Company is bound. 

Section 6.06 Reimbursement for Expenses. The Manager shall not be compensated for its services as
Manager of the Company except as expressly provided in this Agreement. The Members acknowledge and agree that, as of the Effective Time, the Manager’s Class A Common Stock is and will continue to be publicly traded and therefore the
Manager will have access to the public capital markets and that such status and the services performed by the Manager will inure to the benefit of the Company and all Members; therefore, the Manager shall be reimbursed by the Company for any
reasonable out-of-pocket expenses incurred by the Manager or any other member of the Corporation Group on behalf of the Company, including all fees, expenses and costs
associated with the IPO and all fees, expenses and costs of being a public company (including public reporting obligations, proxy statements, stockholder meetings, stock exchange fees, transfer agent fees, SEC and the Financial Industry Regulatory
Authority filing fees and offering expenses) and maintaining its corporate existence; provided, that the Company shall not pay or bear any income tax obligations of any member of the Corporation Group (but the Company shall be entitled to
make distributions in respect of these obligations pursuant to Article IV). In the event that (a) shares of Class A Common Stock were sold to underwriters in the IPO or are sold to underwriters in any Public Offering after the
Effective Time, in each case, at a price per share that is lower than the price per share for which such shares of Class A Common Stock are sold to the public in such Public Offering after taking into account underwriters’ discounts or
commissions and brokers’ fees or commissions (including, for the avoidance of doubt, any Discount) and (b) the proceeds from such Public Offering are used to fund the Cash Election Amount for any Redeemed Units or otherwise contributed to
the Company, the Company shall reimburse the applicable member(s) of the Corporation Group for such Discount by treating such Discount as an additional Capital Contribution made by such member(s) of the Corporation Group to the Company, issuing
Common Units in respect of such deemed Capital Contribution in accordance with Section 11.01(i), and increasing the Capital Account of such member(s) of the Corporation Group by the amount of such Discount. To the extent
practicable, expenses incurred by the Manager or any other member of the Corporation Group on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the extent any reimbursements to the Manager
or any other member of the Corporation Group by the Company pursuant to this Section 6.06 constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such
amounts shall be treated as “guaranteed payments” within the meaning of Section 707(c) of the Code and shall not be treated as distributions for purposes of Section 4.01. 

  
 28 

 Section 6.07 Limitation of Liability. 

(a) Except as otherwise provided herein or in an agreement entered into by such Person and the Company, no Manager or Officer nor any of the
Manager’s or Officers’ Affiliates, directors, employers, employees, agents or representatives, as applicable, shall be liable to the Company or to any Member that is not the Manager or to any other Person bound by this Agreement for any
act or omission performed or omitted by the by such Person in his or her capacity as Manager or Officer pursuant to authority granted to such Person in such capacity by this Agreement; provided, however, that, except as otherwise provided
herein, such limitation of liability shall not apply to the extent the act or omission was attributable to such Person’s bad faith, willful misconduct or violation of Law in which such Person acted with knowledge that its conduct was unlawful,
or for any present or future breaches of any representations, warranties, covenants or obligations by such Person or its Affiliates contained herein or in the other agreements with the Company. The Manager may exercise any of the powers granted to
it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents, and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as such agent was selected
in good faith and with reasonable care). The Manager and each Officer shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts, including financial advisors, and any act of or failure to act by the
Manager or any Officer in good faith reliance on such advice shall in no event subject the Manager or such Officer to liability to the Company or any Member that is not the Manager. 

(b) Whenever this Agreement or any other agreement contemplated herein provides that the Manager shall act in a manner which is, or provide
terms which are, “fair and reasonable” to the Company or any Member that is not the Manager, the Manager shall determine such appropriate action or provide such terms considering, in each case, the relative interests of each party to such
agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable United States generally accepted accounting practices or principles. 

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

(d) Whenever in this Agreement the Manager is permitted or required to take any action or to make a decision in its “good faith” or
under another express standard, the Manager shall act under such express standard and, to the fullest extent permitted by applicable Law and notwithstanding any duty otherwise existing at law or in equity, shall not be subject to any other or
different standards imposed by this Agreement or any other agreement contemplated herein, and, notwithstanding anything contained herein to the contrary or any duty otherwise existing at law or in equity, so long as the Manager acts in good faith,
the resolution, action or terms so made, taken or provided by the Manager shall not constitute a breach of this Agreement or any other agreement contemplated herein or impose liability upon the Manager or any of the Manager’s Affiliates to the
Company, any other Member or any other Person bound by this Agreement. 

  
 29 

 (e) The provisions of this Agreement, to the extent that they restrict or eliminate the
duties and liabilities of the Manager or any Officer or any of the Manager’s or any Officer’s Affiliates, directors, employers, employees, agents or representatives, as applicable, to the Company, the other Members or any other Persons
bound by this Agreement otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of the Manager or any Officer or any of the Manager’s or any Officer’s Affiliates, directors,
employers, employees, agents or representatives, as applicable. 
 Section 6.08 Investment Company
Act. The Manager shall use its reasonable best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act. 

Section 6.09 Outside Activities of the Manager. The Manager shall not, directly or indirectly, enter
into or conduct any business or operations, other than in connection with (a) the ownership, acquisition and disposition of Common Units and other Equity Securities of the Company contemplated by this Agreement, (b) the management of the
business and affairs of the Company and its Subsidiaries, (c) the operation of the Manager as a reporting company with a class (or classes) of securities registered under Section 12 of the Exchange Act and listed on a securities exchange,
(d) the offering, sale, syndication, private placement or public offering of stock, bonds, securities or other interests, (e) financing or refinancing of any type related to the Company, its Subsidiaries or their assets or activities, and
(f) such activities as are incidental to the foregoing; provided, however, that, except as otherwise provided herein, the net proceeds of any sale of Equity Securities of the Corporation pursuant to the preceding clauses (d) and (e)
shall be made available to the Company as Capital Contributions and the proceeds of any other financing raised by the Manager pursuant to the preceding clauses (d) and (e) shall be made available to the Company as loans or otherwise, as
appropriate, and, provided further, that the Manager may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the Manager
takes commercially reasonable measures to ensure that the economic benefits and burdens of such assets are otherwise vested in the Company or its Subsidiaries, through assignment, mortgage loan or otherwise or, if it is not commercially reasonable
to vest such economic interests in the Company or any of its Subsidiaries, the Members shall negotiate in good faith to amend this Agreement to reflect such activities and the direct ownership of assets by the Manager. Nothing contained herein shall
be deemed to prohibit the Manager from executing any guarantee of Indebtedness of the Company or its Subsidiaries. 
 ARTICLE VII 

RIGHTS AND OBLIGATIONS OF MEMBERS 

Section 7.01 Limitation of Liability and Duties of Members; Investment Opportunities. 

(a) Except as provided in this Agreement or in the Delaware Act, no Member (including the Manager) shall be obligated personally for any debt,
obligation or liability solely by reason of being a Member or acting as the Manager of the Company. Notwithstanding anything contained herein to the contrary, to the fullest extent permitted by Law, the failure of the Company to observe any
formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Members or Manager for liabilities of
the Company. 

  
 30 

 (b) In accordance with the Delaware Act and the laws of the State of Delaware, a Member may,
under certain circumstances, be required to return amounts previously distributed to such Member. It is the intent of the Members that no Distribution to any Member pursuant to Article IV shall be deemed a return of money or other property
paid or distributed in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Member shall be deemed a compromise within the meaning of Section 18-502(b) of
the Delaware Act, and, to the fullest extent permitted by Law, any Member receiving any such money or property shall not be required to return any such money or property to the Company or any other Person. However, if any court of competent
jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of such Member and not of any other Member. 

(c) Notwithstanding any other provision of this Agreement (subject to Section 6.07 with respect to the Manager), to
the extent that, at law or in equity, any Member (or such Member’s Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary or trustee of such Member or of any Affiliate of such Member (each
Person described in this parenthetical, a “Related Person”)) has duties (including fiduciary duties) to the Company, to the Manager, to another Member, to any Person who acquires an interest in a Company Interest or to any
other Person bound by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by law, and replaced with the duties or standards expressly set forth herein, if any. The elimination of duties
(including fiduciary duties) to the Company, the Manager, each of the Members, each other Person who acquires an interest in a Company Interest and each other Person bound by this Agreement and replacement thereof with the duties or standards
expressly set forth herein, if any, are approved by the Company, the Manager, each of the Members, each other Person who acquires an interest in a Company Interest and each other Person bound by this Agreement. 

(d) To the fullest extent permitted by applicable Law, notwithstanding any duty (including any fiduciary duty) otherwise applicable at law or
in equity, the doctrine of corporate opportunity, or any analogous doctrine, will not apply to any Member (including the Manager in its capacity as a Member and not in its capacity as Manager) or to any Related Person of such Member, and no Member
(or any Related Person of such Member) that acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or the Members will have any duty to communicate or offer such opportunity
to the Company or the Members, or to develop any particular investment, and such Person will not be liable to the Company or the Members for breach of any fiduciary or other duty by reason of the fact that such Person pursues or acquires for, or
directs such opportunity to, another Person or does not communicate such investment opportunity to the Members. To the fullest extent permitted by applicable Law, notwithstanding any duty (including any fiduciary duty) otherwise applicable at law or
in equity, neither the Company nor any Member has any rights or obligations by virtue of this Agreement or the relationships created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of
any such ventures outside the Company, even if competitive with the activities of the Company or the Members, will not be deemed wrongful or improper. 

  
 31 

 Section 7.02 Lack of Authority. No Member, other
than the Manager or a duly appointed Officer, in each case in its capacity as such, has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure on behalf of the
Company. The Members hereby consent to the exercise by the Manager of the powers conferred on it by Law and this Agreement. 

Section 7.03 No Right of Partition. No Member, other than the Manager, shall, to the fullest extent
permitted by Law have the right to seek or obtain partition by court decree or operation of Law of any Company property, or the right to own or use particular or individual assets of the Company. 

Section 7.04 Indemnification. 

(a) Subject to Section 5.06, the Company hereby agrees to indemnify and hold harmless any Person (each an
“Indemnified Person”) to the fullest extent permitted under the Delaware Act, as the same now exists or may hereafter be amended, substituted or replaced (but, to the fullest extent permitted by Law, in the case of any such
amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior to such amendment), against all
expenses, liabilities and losses (including attorneys’ fees, judgments, fines, excise taxes or penalties) reasonably incurred or suffered by such Person (or one or more of such Person’s Affiliates) by reason of the fact that such Person is
or was a Member or is or was serving as the Manager, Officer, employee or other agent of the Company or is or was serving at the request of the Company as a manager, officer, director, principal, member, employee or agent of another corporation,
partnership, joint venture, limited liability company, trust or other enterprise; provided, however, that no Indemnified Person shall be indemnified for any expenses, liabilities and losses suffered that are attributable to such Indemnified
Person’s or its Affiliates’ bad faith, willful misconduct or violation of Law in which the Indemnified Person or its Affiliate acted with knowledge that its conduct was unlawful, or for any present or future breaches of any
representations, warranties, covenants or obligations by such Indemnified Person or its Affiliates contained herein or in the other agreements with the Company. Expenses, including attorneys’ fees, incurred by any such Indemnified Person in
defending a proceeding shall be paid by the Company in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall
ultimately be determined that such Indemnified Person is not entitled to be indemnified by the Company. 
 (b) The right to indemnification
and the advancement of expenses conferred in this Section 7.04 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or
otherwise. 
 (c) The Company or the Manager shall maintain directors’ and officers’ liability insurance, or substantially
equivalent insurance, at its expense, to protect any Indemnified Person (and the investment funds, if any, they represent) against any expense, liability or loss described in Section 7.04(a) whether or not the Company would
have the power to indemnify such Indemnified Person against such expense, liability or loss under the provisions of this Section 7.04. The Company or the Manager shall use its reasonable best efforts to purchase and
maintain 

  
 32 

 
property, casualty and liability insurance in types and at levels customary for companies of similar size engaged in similar lines of business, as determined in good faith by the Manager, and the
Company or the Manager shall use its reasonable best efforts to purchase directors’ and officers’ liability insurance (including employment practices coverage) with a carrier and in an amount determined necessary or desirable as determined
by the Manager. 
 (d) Notwithstanding anything contained herein to the contrary (including in this Section 7.04),
the Company agrees that any indemnification and advancement of expenses available to any current or former Indemnified Person from any Person that is an Affiliate of the Company who served as a director of the Manager or as a Member of the Company
by virtue of such Person’s service as a member, director, partner or employee of any such other Person prior to or following the Effective Time (any such Person, a “Sponsor Person”) shall be secondary to the
indemnification and advancement of expenses to be provided by the Company pursuant to this Section 7.04 which shall be provided out of and to the extent of Company assets only and no Member (unless such Member otherwise
agrees in writing or is found in a final decision by a court of competent jurisdiction to have personal liability on account thereof) shall have personal liability on account thereof or shall be required to make additional Capital Contributions to
help satisfy such indemnity of the Company and the Company (i) shall be the primary indemnitor of first resort for such Sponsor Person pursuant to this Section 7.04 and (ii) shall be fully responsible for the
advancement of all expenses and the payment of all damages or liabilities with respect to such Sponsor Person which are addressed by this Section 7.04. 

(e) If this Section 7.04 or any portion hereof shall be invalidated on any ground by any court of competent
jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Section 7.04 to the fullest extent permitted by any applicable portion of this
Section 7.04 that shall not have been invalidated and to the fullest extent permitted by applicable Law. 

Section 7.05 Members Right to Act. For matters that require the approval of the Members, the Members
shall act through meetings and written consents as described in clauses (a) and (b) below: 
 (a) Except as otherwise expressly provided
by this Agreement, acts by the Members holding a majority of the outstanding Units, voting together as a single class, shall be the acts of the Members. Any Member entitled to vote at a meeting of Members or to express consent or dissent to Company
action in writing without a meeting may authorize another Person or Persons to act for it by proxy. An electronic mail, telegram, telex, cablegram or similar transmission by the Member, or a photographic, photostatic, facsimile or similar
reproduction of a writing executed by the Member shall (if stated thereon) be treated as a proxy executed in writing for purposes of this Section 7.05(a). No proxy shall be voted or acted upon after eleven months from the
date thereof, unless the proxy provides for a longer period. A proxy shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled with an interest. Should a proxy designate two or more
Persons to act as proxies, unless that instrument shall provide to the contrary, a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving
consents thereby conferred, or, if only one be present, then such powers may be exercised by that one; or, if an even number attend and a majority do not agree on any particular issue, the Company shall not be required to recognize such proxy with
respect to such issue if such proxy does not specify how the votes that are the subject of such proxy are to be voted with respect to such issue. 

  
 33 

 (b) The actions by the Members permitted hereunder may be taken at a meeting called by the
Manager or by the Members holding a majority of the Units entitled to vote on such matter on at least five (5) Business Days’ prior written notice to the other Members entitled to vote, which notice shall state the purpose or purposes for
which such meeting is being called. The actions taken by the Members entitled to vote or consent at any meeting (as opposed to by written consent), however called and noticed, shall be as valid as though taken at a meeting duly held after regular
call and notice if (but not until), either before, at or after the meeting, the Members entitled to vote or consent as to whom the meeting was improperly held sign a written waiver of notice or a consent to the holding of such meeting or an approval
of the minutes thereof or if such Members appear at the meeting and do not object to the validity of the meeting before the taking of any votes or consents. The actions by the Members entitled to vote or consent may be taken by vote of the Members
entitled to vote or consent at a meeting or by written consent, so long as such consent is signed by Members having not less than the minimum number of Units that would be necessary to authorize or take such action at a meeting at which all Members
entitled to vote thereon were present and voted. Prompt notice of the action so taken, which shall state the purpose or purposes for which such consent was required and may be delivered via email, without a meeting shall be given to those Members
entitled to vote or consent who have not consented in writing; provided, however, that the failure to give any such notice shall not affect the validity of the action taken by such written consent. Any action taken pursuant to such written
consent of the Members shall have the same force and effect as if taken by the Members at a meeting thereof. 

Section 7.06 Inspection Rights. The Company shall permit each Member and each of its designated
representatives for any purpose reasonably related to such Member’s interest in the Company to (a) visit and inspect any of the properties of the Company and its Subsidiaries, all at reasonable times and upon reasonable notice,
(b) examine the corporate and financial records of the Company or any of its Subsidiaries and make copies thereof or extracts therefrom, and (c) consult with the managers, officers, employees and independent accountants of the Company or
any of its Subsidiaries concerning the affairs, finances and accounts of the Company or any of its Subsidiaries. The presentation of an executed copy of this Agreement by any Member to the Company’s independent accountants shall constitute the
Company’s permission to its independent accountants to participate in discussions with such Persons and their respective designated representatives. 

ARTICLE VIII 
 BOOKS,
RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS 
 Section 8.01 Records and Accounting.
The Company shall keep, or cause to be kept, appropriate books and records with respect to the Company’s business, including all books and records necessary to provide any information, lists and copies of documents required to be provided
pursuant to Section 9.01 or pursuant to applicable Laws. All matters concerning (a) the determination of the relative amount of allocations and Distributions among the Members pursuant to Articles III and
IV and (b) accounting procedures and determinations, and other determinations not specifically and expressly provided for by the terms of this Agreement, shall be determined by the Manager in its sole discretion, whose determination
shall be final and conclusive as to all of the Members absent manifest clerical error. 

  
 34 

 Section 8.02 Fiscal Year. The Fiscal Year of the
Company shall end on December 31 of each year or such other date as may be established by the Manager. 
 ARTICLE IX 

TAX MATTERS 

Section 9.01 Preparation of Tax Returns. 1 The Manager shall arrange for the preparation and timely filing of all tax returns required to be filed by the Company. No later than [ninety (90)] days following the end of the prior Taxable Year,
the Company shall send to each Person who was a Member at any time during such Taxable Year, (a) a statement showing such Member’s final state tax apportionment information and allocations to the Members of taxable income, gains, losses,
deductions and credits for such Taxable Year or other Fiscal Period, (b) a completed IRS Schedule K-1 and (c) any other information reasonably requested and necessary for the preparation of such
Person’s tax returns. Additionally, the Company shall send each Person who was a Member at any time during such Taxable Year an estimated IRS Schedule K-1 and state tax apportionment information and
allocations no later than [forty-five (45)] days following the end of the prior Taxable Year. Each Member shall notify the Company upon receipt of any notice of tax examination of the Company by federal, state or local authorities. Subject to the
terms and conditions of this Agreement, in its capacity as Partnership Representative, the Corporation shall have the authority to prepare the tax returns of the Company using such permissible methods and elections as it determines in its reasonable
discretion, including without limitation the use of any permissible method under Section 706 of the Code for purposes of determining the varying Company Interests of its Members. 

Section 9.02 Tax Elections. The Taxable Year shall be the Fiscal Year set forth in
Section 8.02. The Company and any eligible Subsidiary shall make or maintain an election pursuant to Code Section 754 and shall not revoke such election. Each Member will, upon request, supply any information
reasonably necessary to give proper effect to any such elections. 
 Section 9.03 Tax Controversies.

 The Corporation shall be designated and may, on behalf of the Company, at any time, and without further notice to or consent from any
Member act, as the “partnership representative” of the Company, within the meaning given to such term in Section 6223 of the Code (and any similar capacity under U.S. state or local or non-U.S.
Law) (the Corporation, in such capacity, the “Partnership Representative”). For any period in which the Partnership Representative is not a natural person, the Partnership Representative shall appoint a natural person as the
“designated individual” (within the meaning of Treasury Regulations Section 301.6223-1(b)(3)) to act in accordance with the rights and duties under this Section Error! Reference
source not found.. The Partnership Representative shall have the right and obligation to take all actions authorized and required, respectively, by applicable Law, and is authorized and required to represent the Company (at the
Company’s expense) in connection with all examinations of the Company’s affairs by tax 
  

	1 	 Note to Company: Please confirm whether timing is feasible / acceptable.

  
 35 

 
authorities, including resulting administrative and judicial proceedings. The Partnership Representative is further authorized to take such actions and execute and file all statements and forms
on behalf of the Company that are approved by the Manager and are permitted or required by applicable Law and to expend Company funds for professional services reasonably incurred in connection with its duties hereunder. Each Member agrees to
cooperate with the Partnership Representative and to do or refrain from doing any or all things reasonably requested by the Partnership Representative with respect to the conduct of such proceedings. The Partnership Representative shall keep all
Members reasonably informed of the progress of any examinations, audits or other proceedings, and all Members shall have the right to observe and participate (at their sole expense) in any tax proceedings. Nothing herein shall diminish, limit or
restrict the rights of any Member under the Revised Partnership Audit Provisions. The Company shall reimburse the Partnership Representative for all reasonable and documented
out-of-pocket expenses incurred by the Partnership Representative in carrying out its duties as the Partnership Representative. In the event that the Manager determines
that the foregoing provisions are no longer applicable to the Company, either due to a change of controlling law or the enactment of applicable Treasury Regulations, the Manager is authorized to take any reasonable actions as may be required
concerning tax matters of the Company not otherwise addressed in this Error! Reference source not found.Error! Reference source not found.. The provisions of this Error! Reference source not found.Error! Reference source not
found. shall survive the termination of any Member’s interest in the Company, the termination of this Agreement and the termination of the Company and shall remain binding on each Member for the period of time necessary to resolve with
any applicable taxing authority any income tax matters relating to the Company. 
 ARTICLE X 

RESTRICTIONS ON TRANSFER OF UNITS; PREEMPTIVE RIGHTS 

Section 10.01 Transfers by Members. No holder of Units may Transfer any interest in any Units, except
Transfers (a) pursuant to and in accordance with Section 10.02 or (b) approved in writing by the Manager. Notwithstanding the foregoing, “Transfer” shall not include an event that terminates the
existence of a Member for income tax purposes (including, without limitation, a change in entity classification of a Member under Treasury Regulations Section 301.7701-3), but that does not terminate the
existence of such Member under applicable state law (or, in the case of a trust that is a Member, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Company Interests of such trust that is a Member). If,
notwithstanding the provisions of this Section 10.01, all or any portion of a Member’s Units are Transferred in violation of this Section 10.01, involuntarily, by operation of law or
otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the transferee of such Units (or portion thereof) shall not be admitted to the Company as a Member or be entitled to any
rights as a Member hereunder, and the transferor will continue to be bound by all obligations hereunder, unless and until the Manager consents in writing to such admission, which consent shall be granted or withheld in the Manager’s sole
discretion. 
 Section 10.02 Permitted Transfers. The restrictions contained in
Section 10.01 shall not apply to any Transfer of Units (each, a “Permitted Transfer”) (a) by a Member to an Affiliate of such Member, (b) by the Existing Owners to any partner, shareholder or
member of such Existing Owner, (c) by the Existing Owners to current and former employees of such Existing Owners and their Affiliates (and their trusts), (d) upon an individual Member’s death, to an executor,

  
 36 

 
administrator or beneficiary of the estate of the deceased Member or (e) pursuant to a Redemption or Call Right in accordance with Article XI hereof; provided, however, that
(i) the restrictions contained in this Agreement will continue to apply to Units after any Permitted Transfer of such Units and (ii) in the case of the foregoing clauses (a), (b) and (c), the transferees of the Units so Transferred shall
agree in writing to be bound by the provisions of this Agreement, and the transferor will deliver a written notice to the Company and the Members, which notice will disclose in reasonable detail the identity of the proposed transferee. In the case
of a Permitted Transfer (other than pursuant to a Redemption or Call Right) by an Existing Owner of Common Units to a transferee in accordance with this Section 10.02, such Member (or any subsequent transferee of such
Member) shall be required to also transfer or issue, as applicable, a number of shares of Class B Common Stock corresponding to the number of such Member’s (or subsequent transferee’s) Common Units that were Transferred in the
transaction to such transferee; and, in the case of a Permitted Transfer pursuant to a Redemption or Call Right, a number of shares of Class B Common Stock corresponding to the number of such Member’s Common Units that were transferred in
such Permitted Transfer shall be cancelled or retired, as applicable. All Permitted Transfers are subject to the additional limitations set forth in Section 10.07(b). 

Section 10.03 Restricted Units Legend. The Units have not been registered under the Securities Act
and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is then available. To the extent such Units
have been certificated (or issued in book-entry form), each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units (if such securities remain Units as defined herein after such Transfer) shall be
stamped or otherwise imprinted with a legend (and such book-entry Units shall contain a legend) in substantially the following form: 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON [•], 2023, AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BOUNTY MINERALS HOLDINGS LLC, AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME, AND BOUNTY
MINERALS HOLDINGS LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY BOUNTY MINERALS HOLDINGS LLC TO THE HOLDER
HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.” 
 The Company shall imprint such legend on certificates (if any) evidencing Units or
instruct the transfer agent to include the legend in a book-entry notation. 

  
 37 

 Section 10.04 Transfer. Prior to Transferring any
Units (other than (a) in connection with a Redemption or Call Right in accordance with Article XI or (b) pursuant to a Change of Control), the Transferring holder of Units shall cause the prospective transferee to be bound by this
Agreement and any other agreements executed by the holders of Units and relating to such Units in the aggregate (collectively, the “Other Agreements”), and shall cause the prospective transferee to execute and deliver to the
Company and the other holders of Units a Joinder (or other counterpart to this Agreement acceptable to the Manager) and counterparts of any applicable Other Agreements. Any Transfer or attempted Transfer of any Units in violation of any provision of
this Agreement (including any prohibited indirect Transfers) (i) shall be void, and (ii) the Company shall not record such Transfer on its books or treat any purported transferee of such Units as the owner of such securities for any
purpose. 
 Section 10.05 Assignee’s Rights. 

(a) The Transfer of a Company Interest in accordance with this Agreement shall be effective as of the date of its assignment (assuming
compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company. Profits, Losses and other Company items shall be allocated between the transferor and the Assignee
according to Code Section 706, using any permissible method as determined in the reasonable discretion of the Manager. Distributions made before the effective date of such Transfer shall be paid to the transferor, and Distributions made after
such date shall be paid to the Assignee. 
 (b) Unless and until an Assignee becomes a Member pursuant to Article XII, the Assignee
shall not be entitled to any of the rights granted to a Member hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; provided, however, that, without relieving the transferring
Member from any such limitations or obligations as more fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations of a Member contained herein that a Member would be bound on account
of the Assignee’s Company Interest (including the obligation to make Capital Contributions on account of such Company Interest). 

Section 10.06 Assignor’s Rights and Obligations. Any Member who shall
Transfer any Company Interest in a manner in accordance with this Agreement shall cease to be a Member with respect to such Units or other interest and shall no longer have any rights or privileges, or, except as set forth in this
Section 10.06, duties, liabilities or obligations, of a Member with respect to such Units or other interest (it being understood, however, that the applicable provisions of Section 6.07,
Section 7.01 and Section 7.04 shall continue to inure to such Person’s benefit and such Person shall continue to be obligated to indemnify the Company for any obligations under
Section 5.06), except that unless and until the Assignee (if not already a Member) is admitted as a Substituted Member in accordance with the provisions of Article XII (the “Admission Date”),
(a) such assigning Member shall retain all of the duties, liabilities and obligations of a Member with respect to such Units or other interest, and (b) the Manager may, in its sole discretion, reinstate all or any portion of the rights and
privileges of such Member with respect to such Units or other interest for any period of time prior to the Admission Date. Nothing contained herein shall relieve any Member who Transfers any Units or other interest in the Company from any liability
of such Member to the Company with respect to such Company Interest that may exist on the Admission Date or that is otherwise specified in the Delaware Act or for any liability to the Company or any other Person for any materially false statement
made by such Member (in its capacity as such) or for any present or future breaches of any representations, warranties or covenants by such Member (in its capacity as such) contained herein or in the other agreements with the Company. 

  
 38 

 Section 10.07 Overriding Provisions. 

(a) Any Transfer in violation of this Article X, to the fullest extent permitted by Law, shall be null and void ab initio, and
the provisions of Sections 10.05 and 10.06 shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted in violation of this Article X shall not become a Member, shall not
be entitled to vote on any matters coming before the Members, and shall not have any other rights in or with respect to any rights of a Member of the Company. The approval of any Transfer in any one or more instances shall not limit or waive the
requirement for such approval in any other or future instance. The Manager shall promptly amend the Schedule of Members to reflect any Transfer pursuant to this Article X. 

(b) Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of
Section 10.01, Section 10.02 and Article XI and Article XII), in no event shall any Member Transfer any Units to the extent such Transfer would: 

(i) result in the violation of the Securities Act, or any other applicable U.S. federal or state or non-U.S. Laws; 
 (ii) subject the Company to registration as an investment company under
the Investment Company Act; 
 (iii) in the reasonable determination of the Manager, be a violation of or a default (or an
event that, with notice or the lapse of time or both, would constitute a default) under, or result in an acceleration of any Indebtedness under, any promissory note, mortgage, loan agreement, indenture or similar instrument or agreement to which the
Company or the Manager is a party; provided, that the payee or creditor to whom the Company or the Manager owes such obligation is not an Affiliate of the Company or the Manager; 

(iv) cause the Company to lose its status as a partnership for U.S. federal income tax purposes or, without limiting the
generality of the foregoing, cause the Company to be treated as a “publicly traded partnership” taxed as a corporation pursuant to Section 7704 of the Code and any applicable Treasury Regulations issued thereunder, or any successor
provision of the Code; or 
 (v) be a Transfer to a Person who is not legally competent or who has not achieved his or her
majority under applicable Law (excluding trusts for the benefit of minors). 

  
 39 

 Section 10.08
Lock-Up Restrictions. 
 (a) No holder of Units that acquired its Units thereof
pursuant to the Reorganization described in Section 3.03(a) (each such holder, an “Initial Unitholder”) shall be permitted to, directly or indirectly, (i) offer, sell, contract to sell, pledge,
grant any option to purchase or otherwise dispose of (collectively, a “Disposition”) any Units, or any securities convertible into or exercisable or exchangeable for, or any rights to purchase or otherwise acquire, which
includes engaging in any hedging, collar (whether or not for any consideration) or other transaction that is designed to or reasonably expected to lead or result in a Disposition, any Units held by such Initial Unitholder or acquired by such Initial
Unitholder immediately after the consummation of the IPO, or that may be deemed to be beneficially owned by such Initial Unitholder (collectively, the “Lock-Up”), during the Lock-Up Period, without the prior written consent of the managing underwriter of the IPO or (ii) exercise or seek to exercise or effectuate in any manner any rights of any nature that the Initial Unitholder has
or may have hereafter to require the Corporation to register under the Securities Act the Disposition of any of the Units, or any Class A Common Stock issuable upon the redemption of such Units pursuant to the Redemption Right, subject to the Lock-Up held by the Initial Unitholder, or to otherwise participate as a selling securityholder in any manner in any registration effected by the Corporation or the Company under the Securities Act during the Lock-Up Period. Each Initial Unitholder agrees to execute such agreement as may be reasonably requested by the managing underwriter of the IPO that is necessary to give further effect hereto; provided that in
the event of any conflict or inconsistency between the terms of such separate agreement and this Section 10.8, the terms of such separate agreement shall control. Following the expiration of the Lock-Up Period, the Initial Unitholders may effect a Disposition of all or any portion of their Units, subject to compliance with applicable securities laws, policies of the Corporation and the Company, the
certificate of incorporation of the Corporation, as amended, the bylaws of the Corporation, as amended, this Agreement, the Certificate and any other requirements imposed by the Corporation, the Company or the transfer agent and registrar with
respect to the Units. 
 (b) Notwithstanding Section 10.8(a), the Lock-Up shall not apply
to bona fide gifts, sales or other dispositions of any class of the Company’s equity interests, in each case, that are made exclusively between and among the Initial Unitholder or members of the Initial Unitholder’s family, or affiliates
of the Initial Unitholder, including its partners (if a partnership) or members (if a limited liability company); provided that it shall be a condition to any transfer pursuant to this clause (ii) that (A) the transferee/donee agrees to
be bound by the restrictions set forth in Section 10.8(a) to the same extent as the transferor/donor, (B) each party (donor, donee, transferor or transferee) shall not be required by law (including without limitation
the disclosure requirements of the Securities Act and the Exchange Act to make, and shall agree to not voluntarily make, any filing or public announcement of the transfer or disposition prior to the expiration of the
Lock-Up Period, and (C) the Initial Unitholder notifies the managing underwriter of the IPO at least two business days prior to the proposed transfer or disposition. 

(c) Unless the written approval of the managing underwriter of the IPO is obtained with respect to a Disposition after the consummation of the
IPO until the expiration of the Lock-Up Period, such purported Disposition shall not be effective to transfer record, beneficial, legal or any other ownership of such Units, and the transferee shall not be
entitled to any rights as a holder of Units with respect to the Units purported to be purchased, acquired or transferred in the Disposition (including, without limitation, the right to vote or to receive dividends with respect thereto). Each such
Unit subject to the Lock-Up shall bear the following legend (or any substantially similar legend): 

  
 40 

 THE UNITS REPRESENTED HEREBY ARE SUBJECT TO A
LOCK-UP PERIOD AS SET FORTH IN THE FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF BOUNTY MINERALS HOLDINGS LLC. 

ARTICLE XI 
 REDEMPTION
AND EXCHANGE RIGHTS 
 Section 11.01 Redemption of Units. 

(a) Each Member other than any member of the Corporation Group shall be entitled to cause the Company to redeem (a
“Redemption”) all or a portion of such Member’s Units (such Member a “Redeeming Member”) from time to time following the Lock-Up Period, on the Redemption
Date, as determined by the Company, together with an equal number of shares of Class B Common Stock, in exchange for shares of Class A Common Stock or, at the Company’s election, cash in accordance with
Section 11.01(e) (referred to herein as the “Redemption Right”), upon the terms and subject to the conditions set forth in this Section 11.01 and subject to the
Corporation’s (or such designated member(s) of the Corporation Group’s) Call Right as set forth in Section 11.01(m). In order to exercise its Redemption Right, each Redeeming Member shall provide written notice in
a reasonable form as the Company may provide from time to time (the “Redemption Notice”) to the Company and the Corporation at least 5 business days prior to the Redemption Date (the date of the delivery of such
Redemption Notice, the “Redemption Notice Date”), stating that the Redeeming Member elects to have redeemed on the next Redemption Date a stated number of Units (the “Redeemed Units”), together with an
equal number shares of Class B Common Stock. The Redemption shall be completed on the Redemption Date; provided that the Company, the Corporation and the Redeeming Member may change the number of Redeemed Units and/or the
Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; provided further that a Redemption Notice may be conditioned on the closing of an underwritten
distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption. Unless the Redeeming Member timely has delivered a Retraction Notice or has delayed a Redemption as provided
in Section 11.01(b) or the Corporation has elected to effect a Call Right as provided in Section 11.01(m), on the Redemption Date (to be effective immediately prior to the close of
business on the Redemption Date) (i) the Redeeming Member shall transfer and surrender the Redeemed Units to the Company and a corresponding number of shares of Class B Common Stock to the Corporation, in each case free and clear of all
liens and encumbrances, (ii) the Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration to which the Redeemed Member is entitled, and (z) if the Units are certificated, issue to the
Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (i) of
this Section 11.01(a) and the Redeemed Units and (iii) the Corporation shall cancel such shares of Class B Common Stock. 

  
 41 

 (b) The Redeeming Member may retract its Redemption Notice by giving written notice (the
“Retraction Notice”) to the Company and the Corporation at any time prior to 5:00 p.m., New York City time, on the Business Day after delivery of the Redemption Date Notice. The timely delivery of a Retraction Notice
shall terminate all of the Redeeming Member’s, the Company’s and the Corporation’ rights and obligations under this Section 11.01 arising from the retracted Redemption Notice. The Redeeming Member
shall be entitled, at any time prior to the consummation of a Redemption, to delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the resale of the Class A
Common Stock to be registered for such Redeeming Member at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet
become effective; (ii) the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) the Corporation shall have exercised its right to
defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have the resale of its Class A Common Stock registered at or immediately
following the consummation of the Redemption; (iv) the Corporation shall have disclosed to such Redeeming Member any material non-public information concerning the Corporation, the receipt of which
results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and the Corporation does not permit disclosure); (v) any
stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Member at or immediately following the Redemption shall have been issued by the SEC; (vi) there shall have
occurred a material disruption in the securities markets generally or in the market or markets in which the Class A Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of
any Governmental Entity that restrains or prohibits the Redemption; (viii) the Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected
the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received upon such redemption pursuant to an effective registration statement; or (ix) the Redemption Date would occur three (3) Business Days
or less prior to, or during, a Black-Out Period; provided further, that in no event shall the Redeeming Member seeking to delay the consummation of such Redemption and relying on any of the matters
contemplated in clauses (i) through (ix) above have controlled or intentionally materially influenced any facts, circumstances, or Persons in connection therewith (except in the good faith performance of his or her duties as an officer or
director of the Corporation) in order to provide such Redeeming Member with a basis for such delay or revocation. If a Redeeming Member delays the consummation of a Redemption pursuant to this Section 11.01(b),
(A) the Redemption Date shall occur on the third Business Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the Corporation, the Company and such Redeeming Member may agree in
writing) and (B) notwithstanding anything to the contrary in Section 7.01(b), the Redeeming Member may retract its Redemption Notice by giving a Retraction Notice to the Company (with a copy to the Corporation) at
any time prior to 5:00 p.m., New York City time, on the second Business Day following the date on which the conditions giving rise to such delay cease to exist. 

(c) The Company will provide advance notice of the Redemption Date to each Member, at least 10 calendar days prior to the Redemption Date.

  
 42 

 (d) On any Redemption Date for which any Member delivered a Redemption Notice with respect
to Units, unless the Company elects to pay cash in accordance with Section 11.01(e) or the Corporation (or such designated member(s) of the Corporation Group) exercises its Call Right pursuant to
Section 11.01(m), on such Redemption Date such number of Units, together with an equal number of shares of Class B Common Stock, shall be redeemed for an equal number of shares of Class A Common Stock. 

(e) The Company shall be entitled to elect to settle any Redemption by delivering to the Redeeming Member, in lieu of the applicable number of
shares of Class A Common Stock that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such shares. 

(f) The Manager may impose additional limitations and restrictions on Redemptions (including limiting Redemptions or creating priority
procedures for Redemptions), to the extent it determines, in good faith, such limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the
meaning of Section 7704 of the Code. Furthermore, the Manager may require any Member or group of Members to redeem all of their Units to the extent it determines that such Redemption is necessary or appropriate to avoid undue risk that the
Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code. Upon delivery of any notice by the Manager to such Member or group of Members requiring such Redemption, such Member or group
of Members shall exchange, subject to exercise by the Corporation (or such designated member(s) of the Corporation Group) of the Call Right pursuant to Section 11.01(m), all of their Units effective as of the date specified
in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 11.01(f) and otherwise in accordance with the requirements set forth in such notice.
Notwithstanding any other provision of this Agreement to the contrary, for so long as the Company intends to be treated as a partnership for U.S. federal income tax purposes, no Redemption may be effected if such Redemption would result in the
Company at any time during its taxable year having more than 100 partners within the meaning of Treasury Regulations Section 1.7704-1(h)(1)(ii) (taking into account Treasury Regulations Section 1.7704-1(h)(3)), if attempted, any such Redemption shall be void ab initio. 
 (g) For
U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company and the Corporation (and any other member of the Corporation Group), as the case may be, agree to treat each Redemption and, in the event
the Corporation (or another member of the Corporation Group) exercises its Call Right, each transaction between the redeeming or selling Member and the Corporation (or such other member of the Corporation Group), as a sale of such Member’s
Units (together, if applicable, with the same number of shares of Class B Common Stock) to the Corporation (or such other member of the Corporation Group) in exchange for shares of Class A Common Stock or cash, as applicable. 

  
 43 

 (h) Each Redemption shall be deemed to have been effected on the applicable Redemption Date.
Any Member redeeming Units in accordance with this Agreement may request that the shares of Class A Common Stock to be issued upon such Redemption be issued in a name other than such Member. Any Person or Persons in whose name or names any
shares of Class A Common Stock are issuable on any Redemption Date shall be deemed to have become, on such Redemption Date, the holder or holders of record of such shares. 

(i) Unless a member of the Corporation Group has elected its Call Right pursuant to Section 11.01(m) with respect to
any Redemption, on the relevant Redemption Date and immediately prior to such Redemption, (i) the Corporation (or such other member(s) of the Corporation Group) shall contribute to the Company the consideration the Redeeming Member is entitled
to receive under Section 11.01(d) (including in the event the Company exercises its right to deliver the Cash Election Amount pursuant to Section 11.01(e)) and the Company shall issue to the
Corporation (or such other member(s) of the Corporation Group) a number of Units or, pursuant to Section 3.04(a), other Equity Securities of the Company as consideration for such contribution, (ii) the Company shall
(A) cancel the redeemed Units and (B) transfer to the Redeeming Member the consideration the Redeeming Member is entitled to receive under Section 11.01(d) (including in the event the Company exercises its right
to deliver the Cash Election Amount pursuant to Section 11.01(e)), and (iii) the Corporation shall cancel the surrendered shares of Class B Common Stock, if applicable. Notwithstanding any other provisions of this
Agreement to the contrary, in the event that the Company makes a Cash Election that is funded with proceeds from a Public Offering of the Corporation’s Equity Securities, the Corporation Group shall only be obligated to contribute to the
Company an amount in cash equal to the net proceeds (after deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions (including, for the avoidance of doubt, any deferred discounts or commissions and
brokers’ fees or commissions payable in connection with or as a result of such Public Offering)) from the sale by the Corporation of a number of shares of Class A Common Stock equal to the number of Units and, if applicable, shares of
Class B Common Stock to be redeemed with such cash or from the sale of other Equity Securities of the Corporation used to fund the Cash Election Amount; provided, that the contribution of such net proceeds shall in no event affect
the Redeeming Member’s right to receive the Cash Election Amount. 
 (j) If (i) there is any reclassification, reorganization,
recapitalization or other similar transaction pursuant to which the shares of Class A Common Stock are converted or changed into another security, securities or other property (other than as a result of a subdivision or combination or any
transaction subject to Section 3.04(b) or Section 3.04(c)), or (ii) except in connection with actions taken with respect to the capitalization of the Corporation or the Company pursuant to
Section 3.04(d), the Corporation, by dividend or otherwise, distributes to all holders of the shares of Class A Common Stock evidences of its Indebtedness or assets, including securities (including shares of
Class A Common Stock and any rights, options or warrants to all holders of the shares of Class A Common Stock to subscribe for or to purchase or to otherwise acquire shares of Class A Common Stock, or other securities or rights
convertible into, redeemable for or exercisable for shares of Class A Common Stock) but excluding (A) any cash dividend or distribution or (B) any such distribution of Indebtedness or assets, in the case of clause (A) or
(B) received by the Corporation, directly or indirectly, from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the shares of Class A Common Stock or the Cash Election Amount, as applicable, each
Redeeming Member shall be entitled to receive the amount of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such reclassification,
reorganization, 

  
 44 

 
recapitalization, other similar transaction, dividend or other distribution, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such
reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the shares of Class A Common
Stock are converted or changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above in clause (A) or (B)), this
Section 11.01(j) shall continue to be applicable, mutatis mutandis, with respect to such security or other property. 

(k) The Corporation shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its authorized but unissued
shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon the Redemption of all outstanding Units (other than those Units held by any member of the Corporation Group); provided, that
nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations with respect to a Redemption by delivery of cash pursuant to a Cash Election or shares of Class A Common Stock that are held in the treasury
of the Corporation. The Corporation covenants that all shares of Class A Common Stock that shall be issued upon a Redemption shall, upon issuance thereof, be validly issued, fully paid and non-assessable.
In addition, for so long as the shares of Class A Common Stock are listed on a National Securities Exchange, the Corporation shall use its reasonable best efforts to cause all shares of Class A Common Stock issued upon a Redemption to be
listed on such National Securities Exchange at the time of such issuance. 
 (l) The issuance of shares of Class A Common Stock upon a
Redemption shall be made without charge to the Redeeming Member for any stamp or other similar tax in respect of such issuance, except that if any such shares of Class A Common Stock are to be issued in a name other than that of the Redeeming
Member, then the Person or Persons in whose names such shares are to be issued shall pay to the Corporation the amount of any tax payable in respect of any Transfer involved in such issuance or establish to the satisfaction of the Corporation that
such tax has been paid or is not payable. Each of the Company and the Corporation shall be entitled to deduct and withhold from any consideration payable or otherwise deliverable upon a Redemption (and the Redeeming Member agrees to indemnify the
Company and the Corporation with respect to) such amounts as may be required to be deducted or withheld therefrom under the Code or any provision of applicable Law, and to the extent deduction and withholding is required, such deduction and
withholding may be taken in shares of Class A Common Stock. Prior to making such deduction or withholding, the Company shall give written notice to the Redeeming Member and reasonably cooperate with such Redeeming Member to reduce or avoid any
such withholding. To the extent such amounts are so deducted or withheld and paid over to the relevant governmental authority, such amounts shall be treated for all purposes under this Agreement as having been paid to the Redeeming Member, and, if
withholding is taken in shares of Class A Common Stock, the relevant withholding party shall be treated as having sold such shares of Class A Common Stock on behalf of such Redeeming Member for an amount of cash equal to the Fair Market
Value thereof at the time of such deemed sale and paid such cash proceeds to the appropriate Governmental Entity. 

  
 45 

 (m) Notwithstanding anything to the contrary in this
Section 11.01(m), a Redeeming Member shall be deemed to have offered to sell its Units as described in any Redemption Notice to each member of the Corporation Group, and the Corporation (or such other member(s) of the
Corporation Group designated by the Corporation) may, in its sole discretion, in accordance with this Section 11.01(m), elect to purchase directly and acquire such Units on the Redemption Date by paying to the Redeeming
Member that number of shares of Class A Common Stock the Redeeming Member would otherwise receive pursuant to Section 11.01(d) or, if the Corporation (or such designated member(s) of the Corporation Group) makes a Cash
Election, the Cash Election Amount for such shares of Class A Common Stock (the “Call Right”), whereupon the Corporation (or such designated member(s) of the Corporation Group) shall acquire the Units offered for
redemption by the Redeeming Member and shall be treated thereafter for all purposes of this Agreement as the owner of such Units. 
 (n) In
the event that (i) the Members (other than any member of the Corporation Group) beneficially own, in the aggregate, less than 10% of the then-outstanding Units and (ii) the shares of Class A Common Stock are listed or admitted to
trading on a National Securities Exchange, the Manager shall have the right, in its sole discretion, to require any Member (other than any member of the Corporation Group), collectively with its Affiliates, that beneficially owns less than 5% of the
then-outstanding Units to effect a Redemption of all of such Member’s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock); provided, that a Cash Election shall not be permitted
pursuant to such a Redemption under this Section 11.01(n). The Manager shall deliver written notice to the Company and any such Member of its intention to exercise its Redemption Right pursuant to this
Section 11.01(n) (a “Minority Member Redemption Notice”) at least five (5) Business Days prior to the proposed date upon which such Redemption is to be effected (such proposed date, the
“Minority Member Redemption Date”), indicating in such notice the number of Units (and corresponding shares of Class B Common Stock) held by such Member that the Manager intends to require to be subject to such
Redemption. Any Redemption pursuant to this Section 11.01(n) shall be effective on the Minority Member Redemption Date. From and after the Minority Member Redemption Date, (x) the Units and shares of Class B
Common Stock subject to such Redemption shall be deemed to be Transferred to the Corporation on the Minority Member Redemption Date and (y) such Member shall cease to have any rights with respect to the Units and shares of Class B Common
Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock pursuant to such Redemption). Following delivery of a Minority Member Redemption Notice and on or prior to the Minority Member Redemption Date, the
Members shall take all actions reasonably requested by the Manager to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this Section 11.01(n) to effect a
Redemption. 
 (o) No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Units redeemed
pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption. No Redeeming Member, or a Person designated by a Redeeming Member to receive shares of Class A Common Stock, shall be entitled
to receive, with respect to such record date, distributions or dividends both on Units redeemed by the Company from such Redeeming Member and on shares of Class A Common Stock received by such Redeeming Member, or other Person so designated, if
applicable, in such Redemption. 

  
 46 

 (p) In connection with a Corporation Approved Change of Control, the Corporation shall have
the right, in its sole discretion, to require each Member (other than any member of the Corporation Group) to effect a Redemption of all of such Member’s Units and the corresponding number of shares of Class B Common Stock. Any Redemption
pursuant to this Section 11.01(p) shall be effective immediately prior to and conditioned upon the consummation of the Corporation Approved Change of Control (the “Change of Control Exchange Date”).
From and after the Change of Control Exchange Date, (i) the Units and the shares of Class B Common Stock subject to such Redemption shall be deemed to be Transferred to the Corporation on the Change of Control Exchange Date and
(ii) such Member shall cease to have any rights with respect to the Units and shares of Class B Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock pursuant to such Redemption). The
Corporation shall provide written notice of an expected Corporation Approved Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such Corporation Approved
Change of Control and (y) ten (10) Business Days before the proposed date upon which the contemplated Corporation Approved Change of Control is to be effected, indicating in such notice such information as may reasonably describe the
Corporation Approved Change of Control transaction, subject to applicable Law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares of
Class A Common Stock in the Corporation Approved Change of Control, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such
Corporation Approved Change of Control, and the number of Units and the corresponding shares of Class B Common Stock held by such Member that the Corporation intends to require to be subject to such Redemption. Following delivery of such notice
and on or prior to the Change of Control Exchange Date, the Members shall take all actions reasonably requested by the Corporation to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder
of this Section 11.01(p) to effect a Redemption. Nothing contained in this Section 11.01(p) shall limit the right of any Member to vote for or participate in any proposed Change of Control of the
Corporation with respect to such Member’s Units and shares of Class B Common Stock or exchange all Units of such Member for shares of Class A Common Stock in connection with such Change of Control, even if such Change of Control was
not approved by the Corporate Board. 
 ARTICLE XII 

ADMISSION OF MEMBERS 

Section 12.01 Substituted Members. Subject to the provisions of Article X, in connection with
the Transfer of a Company Interest hereunder, the transferee shall become a substituted Member (“Substituted Member”) on the effective date of such Transfer, which effective date shall not be earlier than the date of
compliance with the conditions to such Transfer, and such admission shall be shown on the books and records of the Company. 

Section 12.02 Additional Members. Subject to the provisions of Article III and Article
X, any Person that is an Existing Owner or the Corporation may be admitted to the Company as an additional Member (any such Person, an “Additional Member”) with the written consent of the Manager only upon furnishing to
the Manager (a) a Joinder (or other counterpart to this Agreement acceptable to the Manager) and counterparts of any applicable Other Agreements and (b) such 

  
 47 

 
other documents or instruments as may be reasonably necessary or appropriate to effect such Person’s admission as a Member (including entering into such documents as the Manager may deem
appropriate in its reasonable discretion). Such admission shall become effective on the date on which the Manager determines in its reasonable discretion that such conditions have been satisfied and when any such admission is shown on the books and
records of the Company. 
 ARTICLE XIII 

RESIGNATION; TERMINATION OF RIGHTS 

Section 13.01 Resignation of Members. Except for Transfers, Redemptions and Call Rights permitted by
the terms of this Agreement, no Member shall have the power or right to resign as a Member from the Company prior to the dissolution and winding up of the Company pursuant to Article XIV. Any Member, however, that attempts to resign as a
Member from the Company without the prior written consent of the Manager upon or following the dissolution and winding up of the Company pursuant to Article XIV, but prior to such Member receiving the full amount of Distributions from the
Company to which such Member is entitled pursuant to Article XIV, shall be liable to the Company for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the resignation of
such Member. Notwithstanding the immediately preceding sentence to the contrary, upon a Transfer of all of a Member’s Units in a Transfer, Redemption or Call Right permitted by this Agreement, subject to the provisions of
Section 10.06, as applicable, such Member shall cease to be a Member. 
 ARTICLE XIV 

DISSOLUTION AND LIQUIDATION 

Section 14.01 Dissolution. The Company shall not be dissolved by the admission of Additional Members
or Substituted Members or the attempted resignation of a Member. The Company shall dissolve, and its affairs shall be wound up, upon: 
 (a)
the unanimous decision of the Manager together with all the Members to dissolve the Company; 
 (b) a dissolution of the Company under Section 18-801(a)(4) of the Delaware Act; or 
 (c) the entry of a decree of judicial dissolution of
the Company under Section 18-802 of the Delaware Act. 
 Except as otherwise set forth in this
Article XIV, the Company is intended to have perpetual existence. An Event of Withdrawal shall not, in and of itself, cause a dissolution of the Company and the Company shall continue in existence subject to the terms and conditions of this
Agreement. 
 Section 14.02 Liquidation and Termination. Upon dissolution of the Company, the
Manager shall act as liquidator or may appoint one or more Persons as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of
liquidation shall be borne as a Company expense. Until final distribution, the liquidators shall continue to operate the Company properties in furtherance of winding up the affairs of the Company with all of the power and authority of the Manager.
The steps to be accomplished by the liquidators are as follows: 

  
 48 

 (a) as promptly as possible after dissolution and again after final liquidation, the
liquidators shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the
final liquidation is completed, as applicable; 
 (b) the liquidators shall pay, satisfy or discharge from Company funds, or otherwise make
reasonable provision for payment and discharge thereof (including the establishment of a cash fund for contingent, conditional or unmatured liabilities in such amount and for such term as the liquidators may reasonably determine): all of the debts,
liabilities and obligations of the Company (including expenses incurred in liquidation); and 
 (c) following the payment and satisfaction of
liabilities under Section 14.02(b), all remaining assets of the Company shall be distributed to the Members in accordance with Article IV by the end of the Taxable Year during which the liquidation of the Company
occurs (or, if later, by ninety (90) days after the date of the liquidation). The distribution of cash and/or property to the Members in accordance with the provisions of this Section 14.02 and
Section 14.03 constitutes a complete return to the Members of their Capital Contributions, a complete distribution to the Members of their interest in the Company and all the Company’s property and constitutes a
compromise to which all Members have consented within the meaning of the Delaware Act. To the extent that a Member returns funds to the Company, it has no claim against any other Member for those funds. 

Section 14.03 Deferment; Distribution in Kind. Notwithstanding the provisions of
Section 14.02, but subject to the order of priorities set forth therein, if upon dissolution of the Company the liquidators determine that an immediate sale of part or all of the Company’s assets would be impractical
or would cause undue loss (or would otherwise not be beneficial) to the Members, the liquidators may, in their sole discretion, defer for a reasonable time the liquidation of any assets except those necessary to satisfy Company liabilities (other
than loans to the Company by Members) and reserves. Subject to the order of priorities set forth in Section 14.02, the liquidators may, in their sole discretion, distribute to the Members, in lieu of cash, either
(a) all or any portion of such remaining Company assets in-kind in accordance with the provisions of Section 14.02(c), (b) as tenants in common and in accordance with the
provisions of Section 14.02(c), undivided interests in all or any portion of such Company assets or (c) a combination of the foregoing. Any such Distributions in kind shall be subject to (x) such conditions
relating to the disposition and management of such assets as the liquidators deem reasonable and equitable and (y) the terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time.
Any Company assets distributed in kind will first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with Article V. The liquidators shall determine the Fair Market
Value of any property distributed in accordance with the valuation procedures set forth in Article XV. 

Section 14.04 Cancellation of Certificate. Upon completion of the distribution of all of the Company
assets as provided herein, the Company shall be terminated (and the Company shall not be terminated prior to such time) and the Manager (or such other Person or Persons as the Delaware Act may require or permit) will cause the cancellation of the
Certificate with the Secretary of State of the State of Delaware to be made and any other filings required to be made. 

  
 49 

 
The Company shall be deemed to continue in existence for all purposes of this Agreement until it is terminated pursuant to this Section 14.04. 

Section 14.05 Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly
winding up of the business and affairs of the Company and the liquidation of its assets pursuant to Sections 14.02 and 14.03 in order to minimize any losses otherwise attendant upon such winding up. 

Section 14.06 Return of Capital. The liquidators shall not be personally liable for the return of
Capital Contributions or any portion thereof to the Members (it being understood that any such return shall be made solely from Company assets). 

ARTICLE XV 
 VALUATION

 Section 15.01 Determination. “Fair Market Value” of a specific
Company asset will mean the amount which the Company would receive in an all-cash sale of such asset in an arm’s-length transaction with a willing unaffiliated
third party, with neither party having any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any
transfer taxes payable in connection with such sale), as such amount is determined by the Manager (or, if pursuant to Section 14.02, the liquidators) in its good faith judgment using all factors, information and data it
deems to be pertinent. 
 Section 15.02 Dispute Resolution. If any Member or Members dispute the
accuracy of any determination of Fair Market Value in accordance with Section 15.01, and the Manager and such Member(s) are unable to agree on the determination of the Fair Market Value of any asset of the Company, the
Manager and such Member(s) shall each select a nationally recognized investment banking firm experienced in valuing securities of closely-held companies such as the Company in the Company’s industry (the “Appraisers”),
who shall each determine the Fair Market Value of the asset or the Company (as applicable) in accordance with the provisions of Section 15.01. The Appraisers shall be instructed to give written notice of their determination
of the Fair Market Value of the asset or the Company (as applicable) within thirty (30) days of their appointment as Appraisers. If Fair Market Value as determined by an Appraiser is higher than Fair Market Value as determined by the other
Appraiser by 10% or more, and the Manager and such Member(s) do not otherwise agree on a Fair Market Value, the original Appraisers shall designate a third Appraiser meeting the same criteria used to select the original two. If Fair Market Value as
determined by an Appraiser is within 10% of the Fair Market Value as determined by the other Appraiser (but not identical), and the Manager and such Member(s) do not otherwise agree on a Fair Market Value, the Manager shall select the Fair Market
Value of one of the Appraisers. The fees and expenses of the Appraisers shall be borne by the Company. 

  
 50 

 ARTICLE XVI 

GENERAL PROVISIONS 

Section 16.01 Power of Attorney. 

(a) Each Member who is an individual hereby constitutes and appoints the Manager (or the liquidator, if applicable) with full power of
substitution, as his or her true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to: 

(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all
certificates and other instruments and all amendments thereof which the Manager deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited liability company in the State of Delaware and in all other
jurisdictions in which the Company may conduct business or own property; (B) all instruments which the Manager deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its
terms; (C) all conveyances and other instruments or documents which the Manager deems appropriate or necessary to reflect the dissolution, winding up, liquidation and termination of the Company pursuant to the terms of this Agreement, including
a certificate of cancellation of the Certificate; and (D) all instruments relating to the admission, resignation or substitution of any Member pursuant to Article XII or XIII; and 

(ii) sign, execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments
appropriate or necessary, in the reasonable discretion of the Manager, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Members hereunder or is consistent with the terms of this
Agreement, in the reasonable discretion of the Manager, to effectuate the terms of this Agreement. 
 (b) The foregoing power of attorney is
irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Member and the Transfer of all or any portion of his, her or its Company Interest and shall
extend to such Member’s heirs, successors, assigns and personal representatives. 
 Section 16.02
Confidentiality. The Manager and each of the Members agree to hold the Company’s Confidential Information in confidence and may not use such information except in furtherance of the business of the Company or, as otherwise
authorized separately in writing by the Manager. “Confidential Information” as used herein includes, but is not limited to, ideas, financial product structuring, business strategies, innovations and materials, all aspects of
the Company’s business plan, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners, software code and system and product designs, employees and their identities, equity
ownership, the methods and means by which the Company plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Company’s business, in each case obtained by a Member from the
Company or any of its Affiliates or representatives. With respect to the Manager and each Member, Confidential Information does not include information or material that: (a) is rightfully in the possession of the Manager or such Member, as
applicable, at the time of disclosure by the Company; (b) before or after it has been disclosed to the Manager or each Member by the Company, becomes part of public knowledge other than as the result of any action or inaction of the Manager or
such Member, respectively, in violation of this Agreement; (c) is approved for release by written authorization of the Chief Executive Officer of the Company or of the 

  
 51 

 
Corporation; (d) is disclosed to the Manager or such Member, as applicable, or their representatives by a third party not, to the knowledge of the Manager or such Member, respectively, in
violation of any obligation of confidentiality owed to the Company with respect to such information; or (e) is or becomes independently developed by the Manager or such Member or their respective representatives without use or reference to the
Confidential Information. 
 Section 16.03 Amendments. This Agreement may be amended or modified
solely by the Manager, subject to the prior written consent of the Majority Members. Notwithstanding the foregoing, no amendment or modification (a) to this Section 16.03 may be made without the prior written consent
of the Manager and each Member who at such time holds (together with its Affiliates) at least five percent (5%) of the then-outstanding Common Units, (b) that modifies the limited liability of any Member, increases the liabilities or
obligations of any Member or adversely alters or changes any rights, preferences or privileges of any Member, in each case, may be made without the consent of each such affected Member, (c) that materially alters or changes any rights,
preferences or privileges of any Company Interests in a manner that is different or prejudicial relative to any other Company Interests, may be made without the approval of a majority in interest of the Members holding the Company Interests affected
in such a different or prejudicial manner, (d) that materially alters or changes any rights, preferences or privileges of a holder of any class of Company Interests in a manner that is different or prejudicial relative to any other holder of
the same class of Company Interests, may be made without the approval of the holder of Company Interests affected in such a different or prejudicial manner, and (e) to any of the terms and conditions of this Agreement which terms and conditions
expressly require the approval or action of certain Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve or take action on such matter; provided, that
the Manager, acting alone, may amend this Agreement to (i) create one or more classes or series of Common Units or preferred Units in accordance with the last sentence in Section 3.02 and (ii) reflect the issuance
of additional Units or Equity Securities in accordance with Section 3.04. Notwithstanding anything to the contrary herein, the Manager may amend this Agreement as necessary to avoid the Company being classified as a
“publicly traded partnership” taxed as a corporation within the meaning of Section 7704(a) of the Code. 

Section 16.04 Title to Company Assets. Company assets shall be deemed to be owned by the Company as an
entity, and no Member, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof. The Company shall hold title to all of its property in the name of the Company and not in the name of any Member.
All Company assets shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such Company assets is held. The Company’s credit and assets shall be used solely for the benefit of
the Company, and no asset of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Member. 

Section 16.05 Addresses and Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as
specified in this Section 16.05 prior to 5:00 p.m. in the time zone of the receiving party on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via
facsimile or electronic mail as specified in this Agreement later than 5:00 p.m. in the time zone of the receiving party on any date, 

  
 52 

 
(iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the party to whom such notice is required to
be given. Such notices and communications shall be sent to the Company at the address set forth below and to any other recipient and to any Member at such address as indicated by the Company’s records, or at such address or to the attention of
such other person as the recipient party has specified by prior written notice to the sending party. Notices to the Company shall be delivered to: 

Bounty Minerals Holdings LLC 

777 Main Street, Suite 3400 

Fort Worth, Texas, 76102 

	 	Attn:	 Chief Executive Officer 

	 	E-mail:	 [ ] 

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

Kirkland & Ellis LLP 

609 Main Street 

Houston, Texas 77002 

	 	Attn:	 Sean T. Wheeler. P.C. 

Debbie P. Yee, P.C. 
 Anne G.
Peetz 

	 	E-mail:	 Sean.wheeler@kirkland.com 

Debbie.yee@kirkland.com 

Anne.peetz@kirkland.com 

Section 16.06 Binding Effect; Intended Beneficiaries. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 

Section 16.07 Creditors. None of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditors of the Company or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor
of such creditor) at any time as a result of making the loan any direct or indirect interest in Company Profits, Losses, Distributions, capital or property other than as a secured creditor. 

Section 16.08 Waiver. No failure by any party to insist upon the strict performance of any covenant,
duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition. 

Section 16.09 Counterparts. This Agreement may be executed in separate counterparts, each of which
will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto. 

  
 53 

 Section 16.10 Applicable Law; Consent to
Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAW RULES OR PROVISIONS (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION)
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE). With respect to any suit, action or proceeding (“Proceeding”) arising out of or relating to this Agreement, each of the
parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States District Court for the District of Delaware and the appellate courts therefrom (the
“Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding other than before
one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the Selected Courts; and
(b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to their respective addresses referred
to in Section 16.05 hereof; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law. 

Section 16.11 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 16.12 Severability. Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 Section 16.13 Further Action. The
parties shall execute and deliver all documents, provide all information and take or refrain from taking such actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement. 

Section 16.14 Delivery by Electronic Transmission. This Agreement and any signed agreement or
instrument entered into in connection with this Agreement or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission, including by a facsimile machine or via email, shall
be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or
to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument
shall raise the use of electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to
the formation of a contract and each such party forever waives any such defense. 

  
 54 

 Section 16.15 Effectiveness. This Agreement shall be
effective immediately upon the effectiveness of a Form 8-A filed by the Corporation with respect to the IPO (the “Effective Time”). For the avoidance of doubt, the Existing LLC
Agreement shall govern the rights and obligations of the Company and the Existing Owners prior to the Effective Time. 

Section 16.16 Entire Agreement. This Agreement, together with all Exhibits and Schedules hereto and
all those documents expressly referred to herein (including the Registration Rights Agreement) embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or
among the parties, written or oral, which may have related to the subject matter hereof in any way. For the avoidance of doubt, the Existing LLC Agreement is superseded by this Agreement as of the Effective Time and shall be of no further force and
effect thereafter. 
 Section 16.17 Remedies. Each Member shall have all rights and remedies set
forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of
this Agreement or any other agreements contemplated hereby shall be entitled to seek to enforce such rights specifically (without posting a bond or other security), to seek to recover damages by reason of any breach of any provision of this
Agreement and to exercise all other rights granted by Law. 
 Section 16.18 Descriptive Headings;
Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word “including” in this Agreement shall be by way of example rather than by
limitation. Reference to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the
generality of the immediately preceding sentence, no amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect
hereunder unless such Person has consented in writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words “or,” “either” and
“any” shall not be exclusive. Wherever a conflict exists between this Agreement and any other agreement governing the Company, this Agreement shall control but solely to the extent of such conflict. 

[Signature Pages Follow] 

  
 55 

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

			
	COMPANY:
	
	BOUNTY MINERALS HOLDINGS LLC
		
	By:	 	  

	Name:	 	[•]
	Title:	 	[•]

 [Signature Page to Fourth Amended and Restated 

Limited Liability Company Agreement of Bounty Minerals Holdings LLC] 

 
			
	MEMBERS:
	
	BOUNTY MINERALS, INC.
		
	By:	 	  

	Name:	 	[•]
	Title:	 	[•]

 [Signature Page to Fourth Amended and Restated 

Limited Liability Company Agreement of Bounty Minerals Holdings LLC] 

 SCHEDULE 1† 

SCHEDULE OF MEMBERS 
  

																									
	 Member
	  	Common
Units	 	 	Percentage
Interest	 	  	Cash
Contributions	 	  	Non-Cash
Contributions	 	  	Closing Capital
Account
Balance	 	  	Capital
Accounts	 
	 BountyMinerals, Inc.
	  	 	[	•] 	 				  				  				  				  			
		  	 	[	•] 	 				  				  				  				  			
		  	 	[	•] 	 				  				  				  				  			
		  	 	[	•] 	 				  				  				  				  			
		  	 	[	•] 	 				  				  				  				  			
		  	 	[	•] 	 				  				  				  				  			
	 Total
	  	 	[	•] 	 				  				  				  				  			

  
  

	† 	 This Schedule of Members shall be updated from time to time to reflect any adjustment with respect to any
subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Common Units, or to reflect any additional issuances of Common Units pursuant to this Agreement. 

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated as of _________________, 20___ (this “Joinder”), is delivered pursuant to that certain Fourth
Amended and Restated Limited Liability Company Agreement, dated as of [•], 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “LLC Agreement”) by and among Bounty
Minerals Holdings LLC, a Delaware limited liability company (the “Company”), Bounty Minerals, Inc., a Delaware corporation and the managing member of the Company (the “Manager”), and each of the Members from time to
time party thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the LLC Agreement. 

1. Joinder to the LLC Agreement. Subject to compliance with the provisions of the LLC Agreement, upon the execution of this Joinder by
the undersigned and delivery hereof to the Manager, the undersigned hereby is and hereafter will be a Member under the LLC Agreement and a party thereto, with all the rights, privileges and responsibilities of a Member thereunder. The undersigned
hereby agrees that it shall comply with and be fully bound by the terms of the LLC Agreement as if it had been a signatory thereto as of the date thereof. 

2. Incorporation by Reference. All terms and conditions of the LLC Agreement are hereby incorporated by reference in this Joinder as if
set forth herein in full. 
 3. Address. All notices under the LLC Agreement to the undersigned shall be direct to: 

[Name] 
 [Address] 

[City, State, Zip Code] 
 Attn:

 Facsimile: 
 E-mail: 
 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day
and year first above written. 
  

			
	[NAME OF NEW MEMBER]
		
	By:	 	 
	Name:
	Title:

			
	Acknowledged and agreed
	as of the date first set forth above:
	
	BOUNTY MINERALS HOLDINGS LLC
		
	By:	 	BOUNTY MINERALS, INC.,
		 	its Managing Member
		
	By:	 	  

	Name:	 	
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]