Document:

EX-10.3

 Exhibit 10.3 

TAX RECEIVABLE AGREEMENT 

by and among 
 LIBERTY
OILFIELD SERVICES INC., 
 CERTAIN OTHER PERSONS NAMED HEREIN 

and 
 AGENTS 

DATED AS OF JANUARY 17, 2018 

 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of January 17, 2018, is hereby entered into by and among
Liberty Oilfield Services Inc., a Delaware corporation (the “Corporate Taxpayer”), the TRA Holders and the Agents. 

RECITALS 
 WHEREAS, the
Corporate Taxpayer is the managing member of Liberty Oilfield Services New HoldCo LLC, a Delaware limited liability company (“Liberty LLC”), an entity classified as a partnership for U.S. federal income tax purposes, and holds,
directly and indirectly through its consolidated Subsidiaries, limited liability company interests in Liberty LLC; 
 WHEREAS, Liberty LLC
and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the
“Code”), for each Taxable Year in which an Exchange occurs, which election is expected to result, with respect to the Corporate Taxpayer, in an adjustment to the Tax basis of the assets owned by Liberty LLC and such Subsidiaries;

 WHEREAS, the TRA Holders currently hold (and their permitted transferees may in the future hold) Units and may transfer all or a portion
of such Units in one or more Exchanges (as defined herein), and as a result of such Exchanges, the Corporate Taxpayer is expected to obtain or be entitled to certain Tax benefits as further described herein; 

WHEREAS, Blocker is taxable as a corporation for U.S. federal income tax purposes; 

WHEREAS, the shareholder of Blocker will enter into certain reorganization transactions with the Corporate Taxpayer in connection with the IPO
(the “Reorganization Transactions”), and as a result of such transactions, the Corporate Taxpayer will obtain or be entitled to certain Tax benefits as further described herein; 

WHEREAS, the Corporate Taxpayer and the Blocker Holders will enter into the Blocker Holders TRA to set forth the agreements among the parties
thereto regarding the sharing of the Tax benefits realized by the Corporate Taxpayer as a result of the Reorganization Transactions; 

WHEREAS, this Agreement is intended to set forth the agreements among the parties hereto regarding the sharing of the Tax benefits realized by
the Corporate Taxpayer as a result of Exchanges; 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and
agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions. As used in this Agreement, the terms set forth in this Article I shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined). 

  
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 “Accrued Amount” has the meaning set forth in
Section 3.1(b) of this Agreement. 
 “Actual Tax Liability” means, with respect to any Taxable
Year, the actual liability for U.S. federal income Taxes of the Corporate Taxpayer; provided that the actual liability for U.S. federal income Taxes of the Corporate Taxpayer shall be calculated assuming deductions of (and other impacts of)
state and local income and franchise Taxes are excluded. 
 “Affiliate” means, with respect to any Person, any other Person
that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person. 

“Agent” means: 
  

	 	(i)	with respect to Riverstone and Riverstone/Carlyle Energy Partners for so long as they are TRA Holders, Riverstone Agent; 

  

	 	(ii)	with respect to Laurel Road and Laurel Road II for so long as they are TRA Holders, Laurel Road Agent; and 

  

	 	(iii)	with respect to all other TRA Holders other than TRA Holders that are Significant Holders, C. Mark Pearson or such other Person designated as such pursuant to Section 7.6(b). 

“Agreed Rate” means a per annum rate of LIBOR plus 150 basis points. 

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

“Amended Schedule” has the meaning set forth in Section 2.3(b) of this Agreement. 

“Assumed State and Local Tax Rate” means (a) the sum of the products of (i) the Corporate Taxpayer’s income
and franchise tax apportionment rate(s) for each state and local jurisdiction in which Liberty LLC or the Corporate Taxpayer files an income or franchise tax return for the relevant Taxable Year and (ii) the highest corporate income and
franchise tax rate(s) for each state and local jurisdiction in which Liberty LLC or the Corporate Taxpayer files an income or franchise tax return for each relevant Taxable Year, reduced by (b) the product of (i) the Corporate
Taxpayer’s marginal U.S. federal income tax rate for the relevant Taxable Year and (ii) the rate calculated under clause (a). 

“Attributable” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Basis Adjustment” means any adjustment to the Tax basis of a Reference Asset as a result of an Exchange and the payments
made pursuant to this Agreement with respect to such Exchange (as calculated under Section 2.1 of this Agreement), including, but not limited to: (i) under Sections 734(b) and 743(b) of the Code (in situations where,
following an Exchange, Liberty LLC remains classified as a partnership for U.S. federal income tax purposes); and (ii) under Sections 732(b), 734(b) and 1012 of the Code (in situations where, as a result of one or more Exchanges, Liberty LLC
becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes). For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of Units shall be determined without regard to any

  
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Section 743(b) adjustment attributable to such Units prior to such Exchange; and, further, payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the
extent such payments are treated as Imputed Interest. 
 “beneficially own” and “beneficial owner” shall
be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act. 
 “Blocker
Holders” has the meaning given to the term “TRA Holders” in the Blocker Holders TRA. 
 “Blocker Holders
Agent” has the meaning given to the term “Agent” in the Blocker Holders TRA. 
 “Blocker Holders TRA”
means the Tax Receivable Agreement dated as of January 17, 2018 by and among the Corporate Taxpayer, the Blocker Holders and the Blocker Holders Agent. 

“Blocker NOLs” means the net operating losses, capital losses, disallowed interest expense carryforwards under
Section 163(j) of the Code and credit carryforwards of Blocker relating to taxable periods ending on or prior to the IPO Date. 

“Blocker” means R/C IV Non-U.S. LOS Corp, a Delaware corporation. 

“Board” means the board of directors of the Corporate Taxpayer. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of
the United States of America or the State of Texas shall not be regarded as a Business Day. 
 “Call Right” has the meaning
set forth in the Liberty LLC Agreement. 
 “Change of Control” means the occurrence of any of the following events after
the IPO Date: 
  

	 	(i)	any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Securities and Exchange Act of 1934, or any successor provisions thereto (excluding
a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporate Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer), is or becomes the Beneficial Owner, directly or
indirectly, of securities of the Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding voting securities (excluding any Person (or an Affiliate thereof) or any group of Persons
(or any Affiliate of any member of such group) who, on the date of the consummation of the IPO, is the Beneficial Owner, directly or indirectly, of securities of the Corporate Taxpayer representing more than fifty percent (50%) of the combined
voting power of the Corporate Taxpayer’s then outstanding voting securities; or 

  
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	 	(ii)	there is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (A) the members
of the 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 (B) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not continue to represent or are not converted into 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 

  

	 	(iii)	the stockholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is consummated an agreement or series of related agreements for the sale or other
disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or other disposition by the Corporate Taxpayer of all or substantially all of the Corporate
Taxpayer’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 Corporate Taxpayer in substantially the same proportions as their ownership of the Corporate Taxpayer
immediately prior to such sale. 

 Notwithstanding the foregoing, except with respect to clause (ii)(A) above, 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 Corporate Taxpayer 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 Corporate Taxpayer immediately following such transaction or series of transactions. 
 “Class A
Shares” means shares of Class A common stock of the Corporate Taxpayer. 
 “Code” has the meaning set forth
in the Recitals of this Agreement. 
 “Control” means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

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

“Corporate Taxpayer Return” means the U.S. federal income Tax Return of the Corporate Taxpayer (including any consolidated
group of which the Corporate Taxpayer is a member, as further described in Section 7.12(a) of this Agreement) filed with respect to any Taxable Year. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax
Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax 

  
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Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Payment Schedule or Amended
Schedule, if any, in existence at the time of such determination. 
 “Default Rate” means a per annum rate of LIBOR plus
550 basis points. 
 “Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or
any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax. 

“Dispute” has the meaning set forth in Section 7.9(a) of this Agreement. 

“Disputing Party” has the meaning set forth in Section 7.10 of this Agreement. 

“Early Termination” has the meaning set forth in Section 4.1 of this Agreement. 

“Early Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment. 
 “Early Termination Effective Date” has the meaning set forth in Section 4.4 of this
Agreement. 
 “Early Termination Notice” has the meaning set forth in Section 4.4 of this
Agreement. 
 “Early Termination Payment” has the meaning set forth in Section 4.5(b) of this
Agreement. 
 “Early Termination Rate” means the Long-Term Treasury Rate in effect on the applicable date plus 300 basis
points. 
 “Early Termination Schedule” has the meaning set forth in Section 4.4 of this
Agreement. 
 “Exchange” means any transfer of Units by a TRA Holder, or by a permitted transferee of such TRA Holder,
pursuant to the Liberty LLC Agreement, to Liberty LLC or to the Corporate Taxpayer in connection with the IPO or pursuant to the Redemption Right or the Call Right, as applicable. 

“Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same
may be amended from time to time (or any corresponding provisions of succeeding law). 
 “Exchange Date” means each date on
which an Exchange occurs. 
 “Exchange Notice” has the meaning given to the term “Redemption Notice” in the
Liberty LLC Agreement. 
 “Exchange Schedule” has the meaning set forth in Section 2.1(b) of this
Agreement. 
 “Expert” means PricewaterhouseCoopers LLP, KPMG LLP, or such nationally recognized expert in the particular
area of disagreement as is mutually acceptable to the Corporate Taxpayer and the relevant Disputing Parties. 

  
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 “Hypothetical Tax Liability” means, with respect to any Taxable Year, the
liability for U.S. federal income Taxes of the Corporate Taxpayer (using the same methods, elections, conventions, U.S. federal income tax rate and similar practices used on the relevant Corporate Taxpayer Return), but without taking into account
(i) any Basis Adjustments, (ii) Blocker NOLs, (iii) any deduction attributable to Imputed Interest for the Taxable Year, and (iv) any Post-IPO TRA Benefits. For the avoidance of doubt,
Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any U.S. federal income Tax item (or portions thereof) that is attributable to any Basis Adjustments, Blocker NOLs, Imputed Interest, and any Post-IPO TRA Benefits. Furthermore, the Hypothetical Tax Liability shall be calculated assuming deductions of (and other impacts of) state and local income and franchise Taxes are excluded. 

“Information Party” means any Agent and any Significant Holder. 

“Imputed Interest” means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code with
respect to the Corporate Taxpayer’s payment obligations under this Agreement. 
 “IPO” means the initial public
offering of Class A Shares by the Corporate Taxpayer. 
 “IPO Date” means the closing date of the IPO. 

“IPO Date Attribute Schedule” has the meaning set forth in Section 2.1(a) of this Agreement. 

“IRS” means the U.S. Internal Revenue Service. 

“Laurel Road” means Laurel Road, LLC, a Delaware limited liability company. 

“Laurel Road II” means Laurel Road II, LLC, a Delaware limited liability company. 

“Laurel Road Agent” means Laurel Road or such other Person designated as such by Laurel Road and Laurel Road II. 

“Liberty LLC” has the meaning set forth in the Recitals of this Agreement. 

“Liberty LLC Agreement” means the Second Amended and Restated Limited Liability Company Agreement of Liberty LLC, as amended
from time to time. 
 “LIBOR” means during any period, an interest rate per annum equal to the one-year LIBOR rate reported, on the date two (2) calendar days prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters
Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for such period. 

“Long-Term Treasury Rate” means the Long-Term Composite Rate, which is the unweighted average of bid yields on all
outstanding fixed-coupon bonds neither due nor callable in less than 10 years, as published by the U.S. Department of the Treasury or by any other publicly available source of such market rate. 

  
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 “Majority TRA Holders” means, at the time of any determination, TRA Holders who
would be entitled to receive more than fifty percent (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised its right of early termination on such date. 

“Market Value” means the closing price of the Class A Shares on the applicable Exchange Date on the national securities
exchange or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided, that if the closing price is not reported by Bloomberg L.P. for the applicable Exchange Date, then
the Market Value means the closing price of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer quotation system on which such Class A Shares are then traded or
listed, as reported by Bloomberg L.P.; provided further that if the Class A Shares are not then listed on a national securities exchange or interdealer quotation system, “Market Value” means the cash consideration paid for
Class A Shares, or the fair market value of the other property delivered for Class A Shares, as determined by the Board in good faith. 

“Material Objection Notice” has the meaning set forth in Section 4.4 of this Agreement. 

“Net Tax Benefit” has the meaning set forth in Section 3.1(b) of this Agreement. 

“Objection Notice” has the meaning set forth in Section 2.3(a) of this Agreement. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Post-IPO
TRA” means any tax receivable agreement (or comparable agreement) entered into by the Corporate Taxpayer or any of its Subsidiaries pursuant to which the Corporate Taxpayer is obligated to pay over amounts with respect to tax benefits
resulting from any net operating losses or other tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction (other than any Exchanges) after the date of this Agreement. 

“Post-IPO TRA Benefits” means any tax benefits resulting from net operating losses or
other tax attributes with respect to which the Corporate Taxpayer is obligated to make payments under a Post-IPO TRA. 

“Realized Tax Benefit” means, for a Taxable Year, the sum of (i) the excess, if any, of the Hypothetical Tax Liability
over the Actual Tax Liability and (ii) the State and Local Tax Benefit. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by the IRS of any Taxable Year, such liability shall not be included in
determining the Realized Tax Benefit unless and until there has been a Determination. 
 “Realized Tax Detriment” means,
for a Taxable Year, the sum of (i) the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability and (ii) the State and Local Tax Detriment. If all or a portion of the Actual Tax Liability for the Taxable Year arises
as a result of an audit by the IRS of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination. 

  
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 “Reconciliation Dispute” has the meaning set forth in
Section 7.10 of this Agreement. 
 “Reconciliation Procedures” means the procedures described in
Section 7.10 of this Agreement. 
 “Redemption Right” means the redemption right of holders of
Units set forth in Section 4.6 of the Liberty LLC Agreement. 
 “Reference Asset” means, with respect to any Exchange,
an asset (other than cash or a cash equivalent) that is held by Liberty LLC, or any of its direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income tax purposes (but only to the extent such
Subsidiaries are not held through any entity treated as a corporation for U.S. federal income tax purposes), at the time of such Exchange. A Reference Asset also includes any asset that is “substituted basis property” under
Section 7701(a)(42) of the Code with respect to a Reference Asset. 
 “Reorganization Transactions” has the meaning
set forth in the Recitals of this Agreement. 
 “Represented Holder” means, for long as such Person is a TRA Holder, each
of Riverstone, Riverstone/Carlyle Energy Partners, Laurel Road, and Laurel Road II. 
 “Riverstone” means R/C IV Liberty
Holdings, L.P., a Delaware limited partnership. 
 “Riverstone Agent” means Riverstone or such other Person designated as
such by Riverstone and Riverstone/Carlyle Energy Partners. 
 “Riverstone/Carlyle Energy Partners” means Riverstone/Carlyle
Energy Partners IV, L.P., a Delaware limited partnership. 
 “Schedule” means any of the following: (i) the IPO Date
Attribute Schedule, (ii) an Exchange Schedule, (iii) a Tax Benefit Payment Schedule, or (iv) the Early Termination Schedule. 

“Senior Obligations” has the meaning set forth in Section 5.1 of this Agreement. 

“Significant Holder” means, at the time of any determination, any TRA Holder (other than any Represented Holder) who would be
entitled to receive more than fifteen percent (15%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised its right of early termination on such date. 

“State and Local Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the
Actual Tax Liability; provided that, for purposes of determining the State and Local Tax Benefit, each of the Hypothetical Tax Liability and the Actual Tax Liability shall be calculated using the Assumed State and Local Tax Rate instead of
the rate applicable for U.S. federal income tax purposes. 

  
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 “State and Local Tax Detriment” means, for a Taxable Year, the excess, if any,
of the Actual Tax Liability over the Hypothetical Tax Liability; provided that, for purposes of determining the State and Local Tax Detriment, each of the Actual Tax Liability and the Hypothetical Tax Liability shall be calculated using the
Assumed State and Local Tax Rate instead of the rate applicable for U.S. federal income tax purposes. 
 “Subsidiaries”
means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general
partner interest or managing member or similar interest of such Person. 
 “Tax Benefit Payment” has the meaning set forth
in Section 3.1(b) of this Agreement. 
 “Tax Benefit Payment Schedule” has the meaning set forth
in Section 2.2 of this Agreement. 
 “Tax Proceeding” has the meaning set forth in
Section 6.1 of this Agreement. 
 “Tax Receivable Agreements” means this Agreement, the Blocker
Holders TRA, and any Post-IPO TRA. 
 “Tax Return” means any return, declaration,
report or similar statement required to be filed with respect to Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code (which, for the
avoidance of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the IPO Date. 

“Taxes” means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, and any interest related to such Tax. 
 “Taxing Authority” means any federal,
national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

“TRA Holder” means each of those Persons set forth on Schedule A and their respective successors and permitted assigns
pursuant to Section 7.6(a). 
 “Transferor” has the meaning set forth in
Section 7.12(b) of this Agreement. 
 “Treasury Regulations” means the final, temporary and
proposed regulations under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year. 

“Units” has the meaning set forth in the Liberty LLC Agreement. 

  
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 “Valuation Assumptions” means, as of an Early Termination Date, the assumptions
that (i) in each Taxable Year ending on or after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the deductions arising from all Basis Adjustments and the Imputed Interest during such
Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions, further assuming
such future Tax Benefit Payments would be paid on the due date, without extensions, for filing the Corporate Taxpayer Return for the applicable Taxable Year) in which such deductions would become available, (ii) any loss or credit carryovers
generated by deductions or losses arising from any Basis Adjustment or Imputed Interest that are available in the Taxable Year that includes the Early Termination Date, and any Blocker NOLs that have not been previously utilized in determining a Tax
Benefit Payment as of the Early Termination Date, will be utilized by the Corporate Taxpayer on a pro rata basis over a five year period beginning on the Early Termination Date (provided that, in any year that Blocker or the Corporate
Taxpayer is prevented from fully utilizing net operating losses pursuant to Section 382 of the Code, or any successor provision, the amount utilized for purposes of this provision shall not exceed the amount that would otherwise be utilizable
under Section 382 of the Code, or any successor provision), (iii) the U.S. federal, state and local income and franchise tax rates that will be in effect for each Taxable Year ending on or after such Early Termination Date will be those
specified for each such Taxable Year by the Code and other law as in effect on the Early Termination Date, (iv) any non-amortizable Reference Assets to which any Basis Adjustment is attributable will be
disposed of in a fully taxable transaction for U.S. federal income tax purposes on the fifteenth anniversary of the Early Termination Date, and (v) if, at the Early Termination Date, there are Units that have not been transferred in an
Exchange, then all Units shall be deemed to be transferred pursuant to the Redemption Right effective on the Early Termination Date. 

“Wright Family LOS Holdings” means Wright Family LOS Holdings, LLC, a Delaware limited liability company. 

Section 1.2    Other Definitional and Interpretative Provisions. The words “hereof,”
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to Articles, Sections, Exhibits and Schedules are
to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein.
Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the
singular. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by
those words or words of like import. “Writing,” “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract
are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date
mean, unless otherwise specified, from and including or through and including, respectively. 

  
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 ARTICLE II 

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS 

Section 2.1    Attribute Schedules. 

(a)    IPO Date Attribute Schedule. Within ninety (90) calendar days after the filing of the Corporate Taxpayer
Return for the Taxable Year including the IPO Date, the Corporate Taxpayer shall deliver to each Information Party a schedule (the “IPO Date Attribute Schedule”) that shows, in reasonable detail necessary to perform the calculations
required by this Agreement, including with respect to each Blocker Holder to which such items are applicable, (i) the Blocker NOLs attributable to Blocker as of the IPO Date and (ii) any applicable limitations on the use of the Blocker
NOLs for Tax purposes (including under Section 382 of the Code). 
 (b)    Exchange Schedules. Within ninety
(90) calendar days after the filing of the Corporate Taxpayer Return for each Taxable Year in which any Exchange has been effected by a TRA Holder, the Corporate Taxpayer shall deliver to each Information Party a schedule (the “Exchange
Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, including with respect to each TRA Holder participating in any Exchange during such Taxable Year, (i) the Basis Adjustments
with respect to the Reference Assets as a result of the Exchanges effected by such TRA Holder in such Taxable Year and (ii) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable. 

Section 2.2    Tax Benefit Payment Schedules. 

(a)    Within ninety (90) calendar days after the filing of the Corporate Taxpayer Return for any Taxable Year in
which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporate Taxpayer shall provide to each Information Party: (i) a schedule showing, in reasonable detail, (A) the calculation of the Realized Tax Benefit or Realized Tax
Detriment for such Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is Attributable to each TRA Holder who has participated in any Exchange, (C) the Accrued Amount with respect to any such Net Tax Benefit that is
Attributable to such TRA Holder, (D) the Tax Benefit Payment due to each such TRA Holder, and (E) the portion of such Tax Benefit Payment that the Corporate Taxpayer intends to treat as Imputed Interest (a “Tax Benefit Payment
Schedule”), (ii) a reasonably detailed calculation by the Corporate Taxpayer of the Hypothetical Tax Liability, (iii) a reasonably detailed calculation by the Corporate Taxpayer of the Actual Tax Liability, (iv) a copy of the
Corporate Taxpayer Return for such Taxable Year, and (v) any other work papers reasonably requested by any Information Party. In addition, the Corporate Taxpayer shall allow any Information Party reasonable access at no cost to the appropriate
representatives of the Corporate Taxpayer in connection with a review of such Tax Benefit Payment Schedule. The Tax Benefit Payment Schedule will become final as provided in Section 2.3(a) and may be amended as provided in
Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)). 

  
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 (b)    For purposes of calculating the Realized Tax Benefit or Realized Tax
Detriment for any Taxable Year, carryovers or carrybacks of any U.S. federal income Tax item attributable to the Basis Adjustments, Blocker NOLs, Imputed Interest, and any Post-IPO TRA Benefits shall be
considered to be subject to the rules of the Code and the Treasury Regulations, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any U.S. federal income Tax
item includes a portion that is attributable to the Basis Adjustment, Blocker NOLs, Imputed Interest, or any Post-IPO TRA Benefits and another portion that is not so attributable, such respective portions
shall be considered to be used in accordance with the “with and without” methodology. The parties agree that (i) any payment under this Agreement (to the extent permitted by law and other than amounts accounted for as Imputed
Interest) will be treated as a subsequent upward adjustment to the purchase price of the relevant Units and will have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year of payment, and
(ii) as a result, such additional Basis Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate. 

Section 2.3    Procedure; Amendments. 

(a)    An applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar
days from the first date on which all Information Parties have received the applicable Schedule or amendment thereto unless (i) any Information Party, within thirty (30) calendar days after receiving an applicable Schedule or amendment
thereto, provides the Corporate Taxpayer and each other Information Party with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) each Information Party provides a written waiver of
such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date waivers from all Information Parties have been received by the Corporate Taxpayer.
If the Corporate Taxpayer and the Information Parties, for any reason, are unable to successfully resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of such Objection
Notice, the Corporate Taxpayer and the Information Parties shall employ the Reconciliation Procedures under Section 7.10 or Resolution of Disputes procedures under Section 7.9, as applicable. 

(b)    The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in
connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to
the Information Parties, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a
carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporate Taxpayer Return filed for such
Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to each
Information Party within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence. For the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes
final 

  
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pursuant to Section 2.3(a), the Amended Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which the amendment
relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs. 

Section 2.4    Section 754 Election. In its capacity as the sole managing member of Liberty LLC, the Corporate
Taxpayer will ensure that, on and after the date hereof and continuing throughout the term of this Agreement, Liberty LLC and any of its eligible Subsidiaries will have in effect an election pursuant to Section 754 of the Code (and under any
similar provisions of applicable U.S. state or local law). 
 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.1    Payments. 

(a)    Within five (5) calendar days after a Tax Benefit Payment Schedule delivered to the Information Parties becomes
final in accordance with Section 2.3(a), the Corporate Taxpayer shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder determined pursuant to Section 3.1(b) for such
Taxable Year. Each such payment shall be made by check, by wire transfer of immediately available funds to the bank account previously designated by such TRA Holder to the Corporate Taxpayer, or as otherwise agreed by the Corporate Taxpayer and such
TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including, without limitation, U.S. federal or state estimated income Tax payments. 

(b)    A “Tax Benefit Payment” in respect of a TRA Holder for a Taxable Year means an amount, not less
than zero, equal to the sum of the portion of the Net Tax Benefit Attributable to such TRA Holder and the Accrued Amount with respect thereto. A Net Tax Benefit is “Attributable” to a TRA Holder to the extent that it is derived from
any Basis Adjustment or Imputed Interest that is attributable to the Units acquired or deemed acquired by the Corporate Taxpayer in an Exchange undertaken by or with respect to such TRA Holder. Subject to Section 3.3, the
“Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the sum of (i) the total amount of payments
previously made under this Section 3.1 (excluding payments attributable to Accrued Amounts) and (ii) the total amount of Tax Benefit Payments previously made under Section 3.1 of the Blocker Holders TRA and the
corresponding provision of any Post-IPO TRA; provided, for the avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously made Tax Benefit Payment. The
“Accrued Amount” with respect to any portion of a Net Tax Benefit shall equal an amount determined in the same manner as interest on such portion of the Net Tax Benefit for a Taxable Year calculated at the Agreed Rate from the due
date (without extensions) for filing the Corporate Taxpayer Return for such Taxable Year until the Payment Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount shall not be treated as interest but shall instead be treated as
additional consideration for the acquisition of Units in an Exchange unless otherwise required by law. 

  
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 (c)    Notwithstanding any provision of this Agreement to the contrary,
unless a TRA Holder elects for the provisions of this Section 3.1(c) not to apply to any Exchange by notifying the Corporate Taxpayer in writing on or before the due date for providing the Exchange Notice with respect to
such Exchange (or, with respect to an Exchange in connection with the IPO, on or before the IPO Date), the aggregate Tax Benefit Payments to be made to such TRA Holder with respect to any Exchange shall be limited to (i) 100%, or such other
percentage such TRA Holder elects to apply by notifying the Corporate Taxpayer in writing on or before the due date for providing the Exchange Notice with respect to such Exchange (or, with respect to an Exchange in connection with the IPO, on or
before the IPO Date), of (ii) the amount equal to the sum of (A) any cash, excluding any Tax Benefit Payments, received by such TRA Holder in such Exchange and (B) the aggregate Market Value of the Class A Shares received by such
TRA Holder in such Exchange, provided, for the avoidance of doubt, that such amount shall not include any Imputed Interest with respect to such Exchange. The Corporate Taxpayer and the TRA Holders acknowledge and agree that as of the date of this
Agreement and as of the date of any future Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. federal income or other applicable tax purposes. 

Section 3.2    No Duplicative Payments. It is intended that the provisions of this Agreement will not result
in duplicative payment of any amount (including interest) required under the Tax Receivable Agreements. It is also intended that the provisions of the Tax Receivable Agreements will result in 85% of the Cumulative Net Realized Tax Benefit, and the
Accrued Amount thereon, being paid to the Persons to whom payments are due pursuant to the Tax Receivable Agreements. The provisions of this Agreement shall be construed in the appropriate manner to achieve these fundamental results. 

Section 3.3    Pro Rata Payments; Coordination of Benefits with Other Tax Receivable Agreements. 

(a)    Notwithstanding anything in Section 3.1 to the contrary, to the extent that the aggregate
amount of the Corporate Taxpayer’s tax benefit subject to the Tax Receivable Agreements is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income to fully utilize available deductions and
other attributes, the limitation on the tax benefit for the Corporate Taxpayer shall be allocated as follows: (i) first among any Post-IPO TRAs (and among all Persons eligible for payments thereunder in
the manner set forth in such Post-IPO TRAs) and (ii) to the extent of any remaining limitation on tax benefit for the Corporate Taxpayer after the application of clause (i), among this Agreement and the
Blocker Holders TRA (and among all Persons eligible for payments thereunder) in proportion to the respective amounts of Net Tax Benefit that would have been determined under this Agreement and the Blocker Holders TRA if the Corporate Taxpayer had
sufficient taxable income so that there were no such limitation. 
 (b)    After taking into account
Section 3.3(a), if for any reason the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due under the Tax Receivable Agreements in respect of a particular Taxable Year, then,
(i) the Corporate Taxpayer will first pay all amounts due under this Agreement and the Blocker Holders TRA to each Person to whom a payment is due under each such Tax Receivable Agreement in respect of

  
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such Taxable Year, without favoring one obligation over the other (provided that, no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of
prior Taxable Years have been made in full), and (ii) after fulfilling the obligations set forth in clause (i) of this Section 3.3(b), the Corporate Taxpayer will then pay all amounts due under any Post-IPO TRA in respect of such Taxable Year (provided that, no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in
full). 
 (c)    To the extent the Corporate Taxpayer makes a payment to a TRA Holder in respect of a particular Taxable
Year under Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and Section 3.3(b), but excluding payments attributable to Accrued Amounts) in an amount in
excess of the amount of such payment that should have been made to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section 3.1(a) until such TRA Holder
has foregone an amount of payments equal to such excess and (ii) the Corporate Taxpayer will pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under the Tax Receivable Agreements in a
manner such that each such Person to whom a payment is due under the Tax Receivable Agreements, to the maximum extent possible, receives aggregate payments under Section 3.1(a) or the comparable section of the other Tax
Receivable Agreement(s), as applicable (in each case, taking into account Section 3.3(a) and Section 3.3(b) or the comparable section of the other Tax Receivable Agreement(s), but excluding
payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess payment to such TRA Holder. 

(d)    The parties hereto agree that the parties to the Blocker Holders TRA and any
Post-IPO TRA are expressly made third party beneficiaries of the provisions of this Section 3.3. 

ARTICLE IV 

TERMINATION 

Section 4.1    Early Termination at Election of the Corporate Taxpayer. The Corporate Taxpayer may terminate
this Agreement at any time by paying (i) to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.5(b) and (ii) to each Blocker Holder the Early Termination Payment under the
Blocker Holders TRA (such termination, an “Early Termination”); provided that the Corporate Taxpayer may withdraw any notice of exercise of its termination rights under this Section 4.1 prior to the
time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payment by the Corporate Taxpayer, the Corporate Taxpayer shall not have any further payment obligations under this Agreement, other than for any Tax
Benefit Payment previously due and payable but unpaid as of the Early Termination Notice and, except to the extent included in the Early Termination Payment, any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the
Early Termination Date. Upon payment of all amounts provided for in this Section 4.1, this Agreement shall terminate. 

Section 4.2    Early Termination upon Change of Control. In the event of a Change of Control, all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of the Change of Control 

  
 15 

 
and shall include, but not be limited to the following: (a) payment of the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the effective date of
a Change of Control, (b) payment of any Tax Benefit Payment in respect of a TRA Holder agreed to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid as of the Early Termination Notice, and (c) except to the extent
included in the Early Termination Payment, payment of any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the effective date of a Change of Control. In the event of a Change of Control, the Early Termination Payment
shall be calculated utilizing the Valuation Assumptions and by substituting in each case the terms “the closing date of a Change of Control” for an “Early Termination Date.” 

Section 4.3    Breach of Agreement. 

(a)    In the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a
result of failure to make any payment within three (3) months of the date when due, as a result of failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case
commenced under the Bankruptcy Code or otherwise, all obligations hereunder shall be automatically accelerated and shall be immediately due and payable, and such obligations shall be calculated as if an Early Termination Notice had been delivered on
the date of such breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment previously due
and payable but unpaid as of the date of the breach, and (iii) except to the extent included in the Early Termination Payment, any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the date of the breach; provided
that procedures similar to the procedures of Section 4.4 shall apply with respect to the determination of the amount payable by the Corporate Taxpayer pursuant to this sentence. 

(b)    The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months
of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under this Agreement to make
a payment due pursuant to this Agreement within three (3) months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, except in the case of an Early Termination Payment or any payment treated as an Early
Termination Payment, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds to make such payment; provided that the
interest provisions of Section 5.2 shall apply to such late payment (unless the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by any existing credit agreement to
which Liberty LLC or any Subsidiary of Liberty LLC is a party, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate); and provided further that it shall be a breach of this
Agreement, and the provisions of Section 4.3(a) shall apply as of the original due date of the Tax Benefit Payment, if the Corporate Taxpayer makes any distribution of cash or other property to its stockholders while any
Tax Benefit Payment is due and payable but unpaid. 

  
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 Section 4.4    Early Termination Notice. If the Corporate
Taxpayer chooses to exercise its right of early termination under Section 4.1 above, the Corporate Taxpayer shall deliver to each Information Party notice of such intention to exercise such right (the “Early
Termination Notice”). Upon delivery of the Early Termination Notice or the occurrence of an event described in Section 4.2 or Section 4.3(a), the Corporate Taxpayer shall deliver
(i) a schedule showing in reasonable detail the calculation of the Early Termination Payment (the “Early Termination Schedule”) and (ii) any other work papers reasonably requested by each Information Party. In addition,
the Corporate Taxpayer shall allow each Information Party reasonable access at no cost to the appropriate representatives of the Corporate Taxpayer in connection with a review of such Early Termination Schedule. The Early Termination Schedule shall
become final and binding on all parties thirty (30) calendar days from the first date on which all Information Parties have received such Schedule or amendment thereto unless (x) any Information Party, within thirty (30) calendar days
after receiving the Early Termination Schedule, provides the Corporate Taxpayer and each other Information Party with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”) or (y) each
Information Party provides a written waiver of such right of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule becomes binding on the date waivers from all Information Parties have been
received by the Corporate Taxpayer (the “Early Termination Effective Date”). If the Corporate Taxpayer and the Information Parties, for any reason, are unable to successfully resolve the issues raised in such notice within thirty
(30) calendar days after receipt by the Corporate Taxpayer of the Material Objection Notice, the Corporate Taxpayer and the Information Parties shall employ the Reconciliation Procedures under Section 7.10 or
Resolution of Disputes procedures under Section 7.9, as applicable. 

Section 4.5    Payment upon Early Termination. 

(a)    Subject to its right to withdraw any notice of Early Termination pursuant to Section 4.1,
within three (3) calendar days after the Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Holder its Early Termination Payment. Each such payment shall be made by check, by wire transfer of immediately available
funds to a bank account or accounts designated by such TRA Holder, or as otherwise agreed by the Corporate Taxpayer and such TRA Holder. 

(b)    The “Early Termination Payment” shall equal, with respect to each TRA Holder, the present value,
discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer to such TRA Holder beginning from the Early Termination Date and assuming that the
Valuation Assumptions are applied. 
 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.1    Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax
Benefit Payment, Early Termination Payment or any payment pursuant to Section 4.2 or Section 5.2 resulting from a Change of Control shall rank subordinate and junior in right of payment to any
principal, interest or other amounts due and payable in respect of any obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer and 

  
 17 

 
its Subsidiaries (such obligations, “Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior
Obligations. For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due is governed by
Section 4.3. 
 Section 5.2    Late Payments by the Corporate Taxpayer. The amount
of all or any portion of any Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement shall be payable together with any interest thereon, computed
at the Default Rate (or, if so provided in Section 4.3(b), at the Agreed Rate) and commencing from the date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and
payable. 
 ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION 

Section 6.1    Participation in the Corporate Taxpayer’s and Liberty LLC’s
Tax Matters. Except as otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer and Liberty LLC, including without limitation preparing,
filing or amending any Tax Return and defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer (i) shall notify each Information Party of, and keep each Information Party reasonably
informed with respect to, the portion of any audit, examination, or any other administrative or judicial proceeding (a “Tax Proceeding”) of the Corporate Taxpayer or Liberty LLC by a Taxing Authority the outcome of which is
reasonably expected to affect the rights and obligations of the TRA Holders under this Agreement, (ii) shall provide each Information Party with reasonable opportunity to provide information and other input to the Corporate Taxpayer, Liberty
LLC and their respective advisors concerning the conduct of any such portion of a Tax Proceeding, provided, however, that the Corporate Taxpayer shall not settle or otherwise resolve any part of a Tax Proceeding described in the previous
clause that relates to a Basis Adjustment or the deduction of Imputed Interest (and in each case, that could have a material effect on the TRA Holders’ rights under this Agreement) without the consent of the relevant Information Party, which
consent shall not be unreasonably withheld, conditioned or delayed; provided further, that the Corporate Taxpayer and Liberty LLC shall not be required to take any action, or refrain from taking any action, that is inconsistent with any
provision of the Liberty LLC Agreement. 
 Section 6.2    Consistency. The Corporate Taxpayer and, unless
otherwise required by applicable law, each of the TRA Holders, agree to report, and to cause their respective Subsidiaries to report, for all purposes, including U.S. federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments and each Tax Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly characterized as
“deemed” or in a similar manner by the terms of this Agreement, in a manner consistent with the description of any Tax characterization herein (including as set forth in Section 2.2(b) and
Section 3.1(b)) and any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement, as finally 

  
 18 

 
determined pursuant to Section 2.3). If the Corporate Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such
treatment within thirty (30) calendar days, the Corporate Taxpayer and such TRA Holder shall employ the Reconciliation Procedures under Section 7.10 or Resolution of Disputes procedures under
Section 7.9, as applicable. 
 Section 6.3    Cooperation. Each TRA Holder shall
use commercially reasonable efforts to (i) furnish to the Corporate Taxpayer in a timely manner such information, documents and other materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or
computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the Corporate Taxpayer and its representatives to provide explanations of documents
and materials and such other information as the Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (i) above, and (iii) reasonably cooperate in connection with any
such matter. The Corporate Taxpayer shall reimburse each TRA Holder for any reasonable third-party costs and expenses incurred pursuant to this Section 6.3. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1    Notices. All notices, requests, claims, demands and other communications hereunder shall be in
writing and shall be deemed duly given and received (i) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next
Business Day) or (ii) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or
pursuant to such other instructions as may be designated in writing by the party to receive such notice: 
 If to the Corporate Taxpayer,
to: 
 Liberty Oilfield Services Inc. 

950 17th Street, Suite 2000 

Denver, CO 80202 
 Facsimile:
[●] 
 Attention: General Counsel 

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

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, TX 77002 
 Facsimile:
(713) 615-5861 
 Attention: David P. Oelman 

If to Riverstone Agent, to: 

R/C IV Liberty Holdings, L.P. 

  
 19 

 712 Fifth Avenue, 36th Floor 

New York, NY 10019 
 Facsimile:
(212) 993-0077 
 Attention: General Counsel 

If to Laurel Road Agent, to: 

Laurel Road, LLC 
 865 S.
Figueroa St., Suite 700 
 Los Angeles, CA 90017 

Facsimile: (213) 452-2851 

Attention: Peter Carlton 
 If to
the Agent other than Riverstone Agent and Laurel Road Agent, to: 
 C. Mark Pearson 

1650 Fillmore Street, Apt 2007 

Denver, CO 80206 
 If to a TRA
Holder that is or was a member of Liberty LLC, to: 
 The address set forth in the records of Liberty LLC. 

Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

Section 7.2    Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.
Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

Section 7.3    Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their
respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, except
as expressly provided in Section 3.3. 
 Section 7.4    Governing Law. This
Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

Section 7.5    Severability. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or 

  
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legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the greatest extent possible. 
 Section 7.6    Successors;
Assignment. 
 (a)    No TRA Holder may assign this Agreement to any person without such person executing and
delivering a joinder to this Agreement in connection with assignment whereby such person agrees to succeed to the applicable portion of such TRA Holder’s interest in this Agreement and to become a party for all purposes of this Agreement. 

(b)    The Person designated as the Agent in clause (iii) of the definition of “Agent” may not be changed
without the prior written consent of the Corporate Taxpayer and the Majority TRA Holders (for this purpose, calculated by excluding the Represented Holders and any Significant Holder). 

(c)    Except as otherwise specifically provided herein, all of the terms and provisions of this Agreement shall be
binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporate Taxpayer shall cause any direct or
indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place. 

Section 7.7    Amendments; Waivers. No provision of this Agreement may be amended unless such amendment is
approved in writing by each of the Corporate Taxpayer and the Majority TRA Holders; provided, however, that no such amendment shall be effective if (i) such amendment would have a disproportionate effect on the payments certain TRA
Holders will or may receive under this Agreement unless all such disproportionately affected TRA Holders consent in writing to such amendment or (ii) such amendment would have a material and adverse disproportionate effect on the payments the
Blocker Holders will or may receive under the Blocker Holders TRA unless the Blocker Holders Agent consents in writing to such amendment (such consent not to be unreasonably withheld, conditioned or delayed). No provision of this Agreement may be
waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective. 

Section 7.8    Titles and Subtitles. The titles of the sections and subsections of this Agreement are for
convenience of reference only and are not to be considered in construing this Agreement. 

Section 7.9    Resolution of Disputes. 

(a)    Any and all disputes which are not governed by Section 7.10, including any ancillary
claims of any party, arising out of, relating to or in connection with the validity, 

  
 21 

 
negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this
Section 7.9 and Section 7.10) (each a “Dispute”) shall be governed by this Section 7.9. The parties hereto shall attempt in good faith to resolve all
Disputes by negotiation. If a Dispute between the parties hereto cannot be resolved in such manner, such Dispute shall be finally settled by arbitration conducted by a single arbitrator in accordance with the then-existing rules of arbitration of
the American Arbitration Association. If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) calendar days of the receipt of the request for arbitration, the American Arbitration Association shall make the
appointment. The arbitrator shall be a lawyer admitted to the practice of law in a U.S. state, or a nationally recognized expert in the relevant subject matter, and shall conduct the proceedings in the English language. Performance under this
Agreement shall continue if reasonably possible during any arbitration proceedings. In addition to monetary damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance of any obligation
under this Agreement. The arbitrator is not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. The award
shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over a
party or any of its assets. 
 (b)    Notwithstanding the provisions of Section 7.9(a), the
Corporate Taxpayer may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an
arbitration award and, for the purposes of this Section 7.9(b), each Information Party and each TRA Holder (i) expressly consents to the application of Section 7.9(c) to any such action or
proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the
Corporate Taxpayer as agent of such party for service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise such party in writing of any such service of process,
shall be deemed in every respect effective service of process upon such party in any such action or proceeding. 

(c)    EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN DELAWARE FOR THE PURPOSE OF ANY
JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.9 OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS
AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that
the fora designated by this Section 7.9(c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(d)    The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or
hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in Section 7.9(c) and such parties agree not to plead or claim the
same. 

  
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 Section 7.10    Reconciliation. In the event that any Information
Party or any TRA Holder (as applicable, the “Disputing Party”) and the Corporate Taxpayer are unable to resolve a disagreement with respect to the calculations required to produce the schedules described in
Section 2.3, Section 4.4 and Section 6.2 (but not, for the avoidance doubt, with respect to any legal interpretation with respect to such provisions or schedules) within
the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to the Expert. The Expert shall be a partner or principal in a nationally recognized
accounting or law firm, and unless the Corporate Taxpayer and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or the Disputing
Party or other actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be
appointed by the American Arbitration Association. The Expert shall resolve (a) any matter relating to the Exchange Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar
days, (b) any matter relating to a Tax Benefit Payment Schedule or an amendment thereto within fifteen (15) calendar days, and (c) any matter related to treatment of any tax related item as contemplated in Section 6.2 within
fifteen (15) calendar days, or, in each case, as soon thereafter as is reasonably practicable after such matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any
payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, any portion of such payment that is not under dispute shall be paid on the date
prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return
shall be borne by the Corporate Taxpayer except as provided in the next sentence. The Corporate Taxpayer and the Disputing Party shall each bear its own costs and expenses of such proceeding, unless (i) the Expert adopts such Disputing
Party’s position, in which case the Corporate Taxpayer shall reimburse such Disputing Party for any reasonable out-of-pocket costs and expenses in such proceeding,
or (ii) the Expert adopts the Corporate Taxpayer’s position, in which case such Disputing Party shall reimburse the Corporate Taxpayer for any reasonable
out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this
Section 7.10 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.10 shall be binding on the
Corporate Taxpayer and its Subsidiaries and the Disputing Party and may be entered and enforced in any court having jurisdiction. 

Section 7.11    Withholding. The Corporate Taxpayer shall be entitled to deduct and withhold from any payment
payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of U.S. federal, state, local or
non-U.S. tax law; provided, that the Corporate Taxpayer and each TRA Holder shall cooperate to reduce or eliminate any such deduction or withholding, including by providing or obtaining any certificates or
other documentation that would reduce or eliminate any such deduction or withholding to the extent 

  
 23 

 
such party is legally entitled to do so. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be
treated for all purposes of this Agreement as having been paid to the relevant TRA Holder. 

Section 7.12    Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate Assets.

 (a)    If the Corporate Taxpayer becomes a member of an affiliated or consolidated group of corporations that files a
consolidated income Tax Return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax law, then, subject to the application of the Valuation Assumptions upon a Change of Control: (i) the
provisions of this Agreement shall be applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable
income of the group as a whole. 
 (b)    If the Corporate Taxpayer (or any other entity that is obligated to make a Tax
Benefit Payment or Early Termination Payment hereunder), Liberty LLC or any of Liberty LLC’s direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income tax purposes (but only to the extent
such Subsidiaries are not held through any entity treated as a corporation for U.S. federal income tax purposes) (a “Transferor”) transfers one or more Reference Assets to a corporation (or a Person classified as a corporation for
U.S. federal income tax purposes) with which the Transferor does not file a consolidated Tax Return pursuant to Section 1501 of the Code, the Transferor, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination
Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such Reference Assets in a fully taxable transaction on the date of such
contribution. The consideration deemed to be received by the Transferor shall be equal to the fair market value of the transferred Reference Assets, plus, without duplication, (i) the amount of debt to which any such Reference Asset is subject,
in the case of a transfer of an encumbered Reference Asset or (ii) the amount of debt allocated to any such Reference Asset, in the case of a contribution of a partnership interest. For purposes of this Section 7.12(b), a transfer of a
partnership interest shall be treated as a transfer of the Transferor’s share of each of the assets and liabilities of that partnership. 

Section 7.13    Confidentiality. 

(a)    Each Information Party and each TRA Holder and each of such TRA Holder’s assignees acknowledges and agrees that
certain information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this
Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning Liberty
LLC and its Affiliates and successors or the TRA Holders, learned by any Information Party or any TRA Holder heretofore or hereafter; provided that, for the avoidance of doubt, an Agent may disclose information received by it in the ordinary
course of such Agent’s duties as Agent to the TRA Holders for which it is an Agent. This Section 7.13 shall not apply to (i) any information that has been made publicly

  
 24 

 
available by the Corporate Taxpayer or any of its Affiliates, becomes public knowledge (except as a result of an act of an Information Party or a TRA Holder in violation of this Agreement) or is
generally known to the business community and (ii) the disclosure of information (A) as may be proper in the course of performing an Information Party’s or a TRA Holder’s obligations, or monitoring or enforcing an Information
Party’s or a TRA Holder’s rights, under this Agreement, (B) as part of a TRA Holder’s normal reporting, rating or review procedure (including normal credit rating and pricing process), or in connection with a TRA Holder’s or
such TRA Holder’s Affiliates’ normal fund raising, marketing, informational or reporting activities, or to a TRA Holder’s (or any of its Affiliates’) Affiliates, auditors, accountants, attorneys or other agents, (C) to any
bona fide prospective assignee of a TRA Holder’s rights under this Agreement, or prospective merger or other business combination partner of a TRA Holder, provided that such assignee or merger partner agrees to be bound by the provisions
of this Section 7.13, (D) as is required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation;
provided that any TRA Holder required to make any such disclosure to the extent legally permissible shall provide the Corporate Taxpayer prompt notice of such disclosure, or to regulatory authorities or similar examiners conducting regulatory
reviews or examinations (without any such notice to the Corporate Taxpayer), or (E) to the extent necessary for a TRA Holder to prepare and file its Tax Returns, to respond to any inquiries regarding such Tax Returns from any Taxing Authority
or to prosecute or defend any Tax Proceeding with respect to such Tax Returns. Notwithstanding anything to the contrary herein, each Information Party (and each employee, representative or other agent of such Information Party or its assignees, as
applicable) and each TRA Holder and each of its assignees (and each employee, representative or other agent of such TRA Holder or its assignees, as applicable) may disclose to any and all Persons, without limitation of any kind, the Tax treatment
and Tax structure of the Corporate Taxpayer, Liberty LLC, the Information Parties, the TRA Holders and their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that are provided to the
Information Parties or any TRA Holder relating to such Tax treatment and Tax structure. 
 (b)    If an Information
Party or an assignee or a TRA Holder or an assignee commits a breach, or threatens to commit a breach, of any of the provisions of this Section 7.13, the Corporate Taxpayer shall have the right and remedy to have the
provisions of this Section 7.13 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any
such breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its Subsidiaries or the TRA Holders and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall
be in addition to, and not in lieu of, any other rights and remedies available at law or in equity. 

Section 7.14    No More Favorable Terms. None of the Corporate Taxpayer or any of its Subsidiaries will enter
into any additional agreement providing rights similar to this Agreement or the Blocker Holders TRA if such agreement provides terms that are more favorable to the counterparty under such agreement than those provided to the TRA Holders under this
Agreement; provided, however, that the Corporate Taxpayer (or any of its Subsidiaries) may enter into such an agreement if this Agreement is amended to make such more favorable terms available to the TRA Holders. 

  
 25 

 Section 7.15    Agreement Parity. Notwithstanding anything in
this Agreement to the contrary, (i) no amendment may be made to the Blocker Holders TRA unless a substantially similar amendment is made to this Agreement, (ii) any and all copies of amendments and / or waivers to the Blocker Holders TRA
must be provided to the TRA Holders, and (iii) all documentation delivered by the Corporate Taxpayer to both the TRA Holders and the Blocker Holders, or such parties’ respective Information Party, must be substantially the same. 

Section 7.16    Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an
actual or proposed change in law, a TRA Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Holder upon any Exchange to
be treated as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax consequences to such TRA Holder and/or its direct or indirect owners,
then at the election of such TRA Holder and to the extent specified by such TRA Holder, this Agreement (i) shall cease to have further effect, (ii) shall not apply to an Exchange by such TRA Holder occurring after a date specified by it,
or (iii) shall otherwise be amended in a manner determined by such TRA Holder to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment shall not result in an increase in or
acceleration of payments under this Agreement at any time as compared to the amounts and times of payments that would have been due in the absence of such amendment. 

Section 7.17    Several Obligations. Notwithstanding anything to the contrary in this Agreement, the parties
hereto agree that (i) the representations and warranties of each TRA Holder made in this Agreement are being made on a several, and not joint, basis, (ii) the obligations of each TRA Holder under this Agreement are several obligations of
each of them, and (iii) no TRA Holders shall have any liability for the breach of any representation, warranty, covenant, or obligation by any other TRA Holder. 

Signature Pages Follow 

  
 26 

 IN WITNESS WHEREOF, the Corporate Taxpayer, the Agents, and the TRA Holders have duly executed this Agreement as
of the date first written above. 
  

			
	CORPORATE TAXPAYER:
	
	LIBERTY OILFIELD SERVICES INC.
		
	By:	 	 /s/ Michael Stock

	Name:	 	Michael Stock
	Title:	 	Chief Financial Officer

  
 Signature Page 1 to Tax
Receivable Agreement 

 
			
	RIVERSTONE AGENT, AS AN AGENT:
	
	R/C IV LIBERTY HOLDINGS, L.P.
	By: Riverstone/Carlyle Energy Partners IV, L.P., its general partner
	By: R/C Energy GP IV, LLC, its general partner
		
	By:	 	 /s/ Thomas Walker

	Name:	 	Thomas Walker
	Title:	 	Authorized Person
	
	LAUREL ROAD AGENT, AS AN AGENT:
	
	LAUREL ROAD, LLC
		
	By:	 	 /s/ Peter Carlton

	Name:	 	Peter Carlton
	Title:	 	Managing Director of Oakmont Corp., its Administrator
	
	C. MARK PEARSON, AS AN AGENT:
	
	 /s/ C. Mark Pearson

	Name: C. Mark Pearson
	
	R/C IV LIBERTY HOLDINGS, L.P.
	By: Riverstone/Carlyle Energy Partners IV, L.P., its general partner
	By: R/C Energy GP IV, LLC, its general partner
		
	By:	 	 /s/ Thomas Walker

	Name:	 	Thomas Walker
	Title:	 	Managing Director
	
	RIVERSTONE/CARLYLE ENERGY PARTNERS IV, L.P.
	By: R/C Energy GP IV, LLC, its general partner
		
	By:	 	 /s/ Thomas Walker

	Name:	 	Thomas Walker
	Title:	 	Managing Director

  
 Signature Page 1 to Tax
Receivable Agreement 

 
			
	LAUREL ROAD, LLC
		
	By:	 	 /s/ Peter Carlton

	Name:	 	Peter Carlton
	Title:	 	Managing Director of Oakmont Corp., its Administrator
	
	LAUREL ROAD II, LLC
		
	By:	 	 /s/ Peter Carlton

	Name:	 	Peter Carlton
	Title:	 	Managing Director of Oakmont Corp., its Administrator
	
	C. MARK PEARSON
	
	 /s/ C. Mark Pearson

	Name: C. Mark Pearson

  
 Signature Page 1 to Tax
Receivable AgreementEX-10.4

 Exhibit 10.4 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of January 17, 2018, is entered into by
and among Liberty Oilfield Services Inc., a Delaware corporation (the “Company”), and each of the other parties listed on the signature pages hereto (the “Initial Holders” and, together with the
Company, the “Parties”). 
 WHEREAS, in connection with, and in consideration of, the transactions
contemplated by the Company’s Registration Statement on Form S-1 (File No. 333-216050), the Initial Holders have requested, and the Company has agreed to
provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows: 

1.    Certain Definitions. As used in this Agreement, the following terms have the meanings
indicated: 
 “Affiliate” means, with respect to any specified Person, a Person that directly or indirectly Controls
or is Controlled by, or is under common Control with, such specified Person. For purposes hereof, the Company and its subsidiaries shall not be deemed to be an Affiliate of Riverstone. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under
Rule 405. 
 “Board” means the board of directors of the Company. 

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

“Commission” means the Securities and Exchange Commission or any other federal agency then administering the
Securities Act or Exchange Act. 
 “Common Stock” means the Class A common stock, par value $0.01
per share, of the Company. 
 “Company Securities” means any equity interest of any class or series in
the Company. 
 “Control” (including the terms “Controls,” “Controlled
by” and “under common Control with”) means the possession, direct or indirect, of the power to (a) direct or cause the direction of the management and policies
of a Person, whether through the ownership of voting securities, by contract or otherwise or (b) vote 10% or more of the securities having ordinary voting power for the election of directors of a Person. 

  
 1 

 “Effective Date” means the time and date that a
Registration Statement is first declared effective by the Commission or otherwise becomes effective. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 

“Holder” means (a) R/C Holdings unless and until R/C Holdings ceases to hold any Registrable Securities,
(b) R/C Partnership unless and until R/C Partnership ceases to hold any Registrable Securities, (c) Laurel Road I unless and until Laurel Road I ceases to hold any Registrable Securities, (d) Laurel Road II unless and until Laurel
Road II ceases to hold any Registrable Securities, (e) SH Ventures, unless and until SH Ventures ceases to hold any Registrable Securities, (f) each of Christopher A. Wright, C. Mark Pearson, Paul G. Vitek, Duane Fadness, Bob Schulz, Larry
Griffin, Leen Weijers, Jim Brady, Glenn Dighero, Tim Hohn, Jason Galacia, S. Scott Tiedgen, Michael Stock, Ron Gusek, Tom Riedel and SRE, in each case unless and until such Person ceases to hold any Registrable Securities, and (g) any holder of
Registrable Securities to whom registration rights conferred by this Agreement have been transferred in compliance with Section 9(e) hereof; provided, that any Person referenced in clause (g) shall be a Holder only if
such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 
 “Initiating
Holder” means the Sponsoring Holder delivering the Demand Notice or the Underwritten Offering Notice, as applicable. 

“Laurel” means Laurel Road I and Laurel Road II. 

“Laurel Road I” means Laurel Road, LLC, a California limited liability company. 

“Laurel Road II” means Laurel Road II, LLC, a California limited liability company. 

“Material Adverse Change” means (a) any general suspension of trading in, or
limitation on prices for, securities on any national securities exchange or in the over-the-counter market in the United States, (b) the declaration of a banking
moratorium or any suspension of payments in respect of banks in the United States, (c) a material outbreak or escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the
United States of a national emergency or war or a change in national or international financial, political or economic conditions, or (d) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the
business, properties, assets, liabilities, condition (financial or otherwise), operations, results of operations or prospects of the Company and its subsidiaries taken as a whole. 

“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or
partial proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened. 

  
 2 

 “Prospectus” means the prospectus included in a Registration Statement
(including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“R/C Holdings” means R/C IV Liberty Oilfield Services Holdings, L.P., a Delaware limited partnership.

 “R/C Partnership“ means R/C Energy IV Direct Partnership, L.P., a Delaware limited partnership. 

“Registrable Securities” means the Shares; provided, however, that Registrable Securities shall not
include: (a) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the registration and other rights hereunder;
(b) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive “restricted securities” as
defined in Rule 144; and (c) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise). 

“Registration Statement” means a registration statement of the Company in the form required to register
under the Securities Act and other applicable law for the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder included therein, and including any Prospectus, amendments and supplements to each
such registration statement or Prospectus, including pre- and post-effective amendments (including a shelf takedown prospectus to the extent requested by a Sponsoring Holder in connection with a Demand Request
at a time that a Shelf Registration Statement, or other Registration Statement pursuant to which the applicable Registrable Securities may be offered on a continuous or delayed basis, is effective), all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Riverstone”
means R/C Holdings and R/C Partnership. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the
Securities Act. 
 “Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act. 

  
 3 

 “Securities Act” means the Securities Act of 1933, as amended. 

“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes
applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder. 
 “Shares”
means the shares of Common Stock held by the Holders as of the date hereof and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any
stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company. 

“Shelf Registration Statement” means a Registration Statement of the Company filed with the Commission on Form S-3, or Form S-1 if Form S-3 is not available for use by the Company at such time (or any successor form or other appropriate form
under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable. 

“SH Ventures” means SH Ventures LOS, LLC, a Delaware limited liability company. 

“Sponsoring Holder” means (a) Riverstone unless and until Riverstone ceases to hold any Registrable
Securities, (b) Laurel unless and until Laurel ceases to hold any Registrable Securities, (c) SH Ventures unless and until SH Ventures ceases to hold any Registrable Securities, and (d) any holder of Registrable Securities to whom
registration rights of a “Sponsoring Holder” conferred by this Agreement have been transferred in compliance with Section 9(e) hereof; provided, that any Person referenced in clause (d) shall be a Sponsoring
Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 

“SRE” means SRE Investing LLC, a Colorado limited liability company. 

“Trading Market” means the principal national securities exchange on which Registrable Securities are
listed. 
 “Transfer,” means any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation or other
encumbrance, or any other disposition (whether voluntary or involuntary or by operation of law), of Registrable Securities (or any interest (pecuniary or otherwise) therein or right thereto), including derivative or similar transactions or
arrangements whereby a portion or all of the economic interest in, or risk of loss or opportunity for gain with respect to, Registrable Securities are transferred or shifted to another Person. 

“Underwritten Offering” means an underwritten offering of Common Stock for cash (whether a Requested
Underwritten Offering or in connection with a public offering of Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8 or an offering on any registration statement form that does not permit secondary sales. 

  
 4 

 “VWAP” means, as of a specified date and in respect of Registrable
Securities, the volume weighted average price for such security on the Trading Market for the five trading days immediately preceding, but excluding, such date. 

“WKSI” means a “well known seasoned issuer” as defined under Rule 405. 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or
neuter forms; (b) references to Sections refer to sections of this Agreement; (c) the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words “without
limitation”; (d) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) unless the context otherwise
requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have
correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions consolidating,
amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days unless otherwise
indicated. 
 2.    Registration. 

(a)    Demand Registration. 

(i)    Any Sponsoring Holder shall have the option and right, exercisable by delivering a written notice to
the Company (a “Demand Notice”), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the
offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement
(a “Demand Registration”). The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition
thereof. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the dollar amount of the Registrable Securities of the Initiating Holder to be included therein is
reasonably likely to result in gross sale proceeds of at least $10 million based on the VWAP (the “Minimum Amount”) as of the date of the Demand Notice. 

(ii)    Within five Business Days (or if the Registration Statement will be a Shelf Registration Statement,
within two Business Days) after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all Holders and, within 30 days after receipt of the Demand Notice (except if the Company is not then eligible to
register for resale the Registrable Securities on Form S-3, in which case, within 90 days thereof), shall, subject to the limitations of this Section 2(a), file a Registration
Statement in accordance with the terms and conditions of the Demand 

  
 5 

 
Notice, which Registration Statement shall cover all of the Registrable Securities that the Holders shall in writing request to be included in the Demand Registration (such request to be given to
the Company within three Business Days (or if the Registration Statement will be a Shelf Registration Statement, within one Business Day) after receipt of notice of the Demand Notice given by the Company pursuant to this
Section 2(a)(ii)). The Company shall use reasonable best efforts to cause such Registration Statement to become and remain effective under the Securities Act until the earlier of (A) 180 days (or two years if a Shelf
Registration Statement is requested) after the Effective Date or (B) the date on which all Registrable Securities covered by such Registration Statement have been sold (the “Effectiveness Period”);
provided, however, that such period shall be extended for a period of time equal to the period the Holders refrain from selling any securities included in such Registration Statement at the request of an underwriter of the Company or the Company
pursuant to this Agreement. 
 (iii)    Subject to the other limitations contained in this Agreement, the
Company is not obligated hereunder to effect (A) a Demand Registration within 90 days after the closing of any Underwritten Offering, (B) more than a total of one Demand Registration for which Laurel (or any transferee thereof in
accordance with Section 9(e)) is the Initiating Holder, (C) more than a total of one Demand Registration for which SH Ventures (or any transferee thereof in accordance with Section 9(e)) is
the Initiating Holder, and (D) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder shall have become and remains effective under the
Securities Act and is sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended timing and method or methods of distribution
thereof specified in the Demand Notice. Riverstone (or any transferee thereof in accordance with Section 9(e)) shall be permitted to be the Initiating Holder for an unlimited number of Demand Registrations (including any
demands for registration of the offer and sale of Registrable Securities on Form S-3 (so long as the Company is eligible to use Form S-3)). No Demand Registration shall
be deemed to have occurred for purposes of this Section 2(a)(iii) if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire Effectiveness Period, in which case
the Initiating Holder shall be entitled to an additional Demand Registration in lieu thereof. Further, a Demand Registration shall not constitute a Demand Registration of the Initiating Holder for purposes of this
Section 2(a)(iii) if, as a result of Section 2(a)(vi)(A), there is included in the Demand Registration less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP
measured on the effective date of the related Registration Statement of $10 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable
Demand Notice. 
 (iv)    A Holder may withdraw all or any portion of its Registrable Securities included
in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from the Initiating Holder that the Initiating Holder is withdrawing an amount of its
Registrable Securities from the Demand Registration such that the remaining amount of Registrable Securities of the Initiating Holder to be included in the Demand 

  
 6 

 
Registration is reasonably likely to result in gross sale proceeds below the Minimum Amount, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.
Such registration nonetheless shall be deemed a Demand Registration with respect to the Initiating Holder for purposes of Section 2(a)(iii) unless (A) the Initiating Holder shall have paid or reimbursed the Company for
its pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection with the withdrawn registration of such
Registrable Securities (based on the number of securities the Initiating Holder sought to register, as compared to the total number of securities included in such Demand Registration) or (B) the withdrawal is made following the occurrence of a
Material Adverse Change or pursuant to the Company’s request for suspension pursuant to Section 3(o). 

(v)    The Company may include in any such Demand Registration other Company Securities for sale for its
own account or for the account of any other Person, subject to Section 2(a)(vi) and Section 2(c)(iii). 

(vi)    In the case of a Demand Registration not being underwritten, if the Initiating Holder advises the
Company that in its reasonable opinion the aggregate number of securities requested to be included exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, the Company shall include in such Demand Registration only that number of securities that in the reasonable opinion of the Initiating Holder will not have such adverse effect, with such
number to be allocated as follows: (A) first, pro-rata among all Holders (including the Initiating Holder) that have requested to participate in such Demand Registration based on the relative number of
Registrable Securities then held by each such Holder; (B) second, if there remains availability for additional securities to be included in such Demand Registration, the Company; and (C) third, if there remains availability for additional
securities to be included in such Demand Registration, any other holders entitled to participate in such Demand Registration, if applicable, based on the relative number of securities such holder is entitled to include in such Demand Registration.

 (vii)    Following the consummation of the initial underwritten public offering of shares of Common
Stock, the Company shall use its reasonable best efforts to qualify for registration on Form S-3. To the extent an Automatic Shelf Registration Statement has been filed, the Company shall use commercially
reasonable efforts to remain a WKSI and not become an ineligible issuer (as defined in Rule 405 under the Securities Act) during the period during which such Automatic Shelf Registration Statement is required to remain effective. If the Automatic
Shelf Registration Statement has been outstanding for at least three years, at the end of the third year the Company shall refile a new Automatic Shelf Registration Statement covering the Registrable Securities that remain unsold. If at any time
when the Company is required to re-evaluate its WKSI status, the Company determines that it is not a WKSI, the Company shall use commercially reasonable efforts to refile the Shelf Registration Statement on
Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is
required to be kept effective. Subject to the limitations contained in this Agreement, the Company shall 

  
 7 

 
effect any Demand Registration on such appropriate registration form of the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable
Securities in accordance with the intended method or methods of disposition specified in the Demand Notice; provided, that if the Company becomes, and is at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration for any offering
and selling of Registrable Securities shall be effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 or any equivalent or successor form under the Securities Act (if
available to the Company). If at any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the
Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place. 

(viii)    Without limiting Section 3, in connection with any Demand Registration
pursuant to and in accordance with this Section 2(a), the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses,
certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the securities subject to such Demand Registration, including under the securities laws of such jurisdictions as the Holders shall
reasonably request; provided, however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such
jurisdiction solely as a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities
subject to such Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of
such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof. 

(ix)    In the event a Holder transfers Registrable Securities included on a Registration Statement and
such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such transferee to offer and
sell such Registrable Securities pursuant to such Registration Statement; provided, that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration Statement includes
only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from a Person for whom Registrable Securities have been registered on (but not yet
sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder. 

(b)    Requested Underwritten Offering. Any Sponsoring Holder then able to effectuate a Demand Registration
pursuant to the terms of Section 2(a) (or who has previously effectuated a Demand Registration pursuant to Section 2(a) but has not engaged in an Underwritten Offering in respect of such Demand
Registration) shall have the option and right, 

  
 8 

 
exercisable by delivering written notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten Offering
Notice”), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new
Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a “Requested Underwritten Offering”); provided, that if the Requested Underwritten
Offering is pursuant to a new Demand Registration, then the dollar amount of the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering is reasonably likely to result in gross sale proceeds
at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice, and if the Requested Underwritten Offering is pursuant to an effective Demand Registration, then the dollar amount of the Registrable Securities of such
Initiating Holder requested to be included in such Requested Underwritten Offering is reasonably likely to result in gross sale proceeds at least equal to 25 percent of the Minimum Amount as of the date of such Underwritten Offering Notice. The
Underwritten Offering Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Requested Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten
Offering shall be designated by the Company; provided, however, that such designated managing underwriter or managing underwriters shall be reasonably acceptable to the Initiating Holder. Notwithstanding the foregoing, the Company is not obligated
to effect a Requested Underwritten Offering within 90 days after the closing of an Underwritten Offering. Any Requested Underwritten Offering (other than the first Requested Underwritten Offering made in respect of a prior Demand Registration) shall
constitute a Demand Registration of the Initiating Holder for purposes of Section 2(a)(iii) (it being understood that if requested concurrently with a Demand Registration then, together, such Demand Registration and
Requested Underwritten Offering shall count as one Demand Registration); provided, however, that a Requested Underwritten Offering shall not constitute a Demand Registration of the Initiating Holder for purposes of
Section 2(a)(iii) if, as a result of Section 2(c)(iii)(A), the Requested Underwritten Offering include less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP
measured on the effective date of the related Registration Statement of $10 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable
Underwritten Offering Notice. 
 (c)    Piggyback Registration and Piggyback Underwritten Offering. 

(i)    If the Company shall at any time propose to file a registration statement under the Securities Act
with respect to an offering of Common Stock (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with
an exchange offer or any employee benefit or dividend reinvestment plan and other than a Demand Registration), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in
any event at least five Business Days, except if the registration statement will be a Shelf Registration Statement, at least two Business Days, before) the anticipated filing date (the “Piggyback Registration Notice”). The
Piggyback Registration Notice shall offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a “Piggyback Registration”).
The Company shall use commercially reasonable efforts to 

  
 9 

 
include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein (“Piggyback Registration
Request”) within three Business Days or, if the Piggyback Registration will be on a Shelf Registration Statement, within one Business Day, after sending the Piggyback Registration Notice. Each Holder shall be permitted to withdraw all
or part of such Holder’s Registrable Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided, that (A) such request must be made in writing prior to the effectiveness of such
registration statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made.
Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of Common Stock, all upon the
terms and conditions set forth herein. 
 (ii)    If the Company shall at any time propose to conduct an
Underwritten Offering (including a Requested Underwritten Offering), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days,
except if the Underwritten Offering will be made pursuant to a Shelf Registration Statement, at least two Business Days, before) the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance,
including the proposed offering price or range of offering prices (if known), the anticipated filing date of the related registration statement (if applicable) and the number of shares of Common Stock that are proposed to be registered (the
“Underwritten Offering Piggyback Notice”). The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related registration, if applicable) the number of
Registrable Securities as they may request in writing (an “Underwritten Piggyback Offering”); provided, however, that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an
effective Shelf Registration Statement other than an Automatic Shelf Registration Statement, only Registrable Securities of Holders which are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback
Offering. The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein (“Underwritten
Offering Piggyback Request”) within three Business Days or, if such Underwritten Piggyback Offering will be made pursuant to a Shelf Registration Statement, within one Business Day after sending the Underwritten Offering Piggyback
Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten Piggyback Offering at any time prior to the effectiveness of the applicable registration statement, and such Holder
shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein. 

(iii)    If the managing underwriter or managing underwriters of an Underwritten Offering advise the
Company and the Holders that in their reasonable opinion that the inclusion of all of the Holders’ Registrable Securities requested for 

  
 10 

 
inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other Common Stock proposed to be included in such offering) exceeds the number that can be
included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Underwritten Offering (and any related
registration, if applicable) only that number of shares of Common Stock proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the reasonable opinion of the managing underwriter or managing
underwriters, will not have such adverse effect, with such number to be allocated as follows: (A) in the case of a Requested Underwritten Offering, (1) first, pro-rata among all Holders (including
the Initiating Holder) that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, (2) second, if there remains availability for
additional shares of Common Stock to be included in such Underwritten Offering, the Company, and (3) third, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, any other holders
entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Common Stock then held by each such holder; and (B) in the case of any other Underwritten Offerings, (x) first, to the Company,
(y) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, pro-rata among all Holders desiring to include Registrable Securities in such
Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, and (z) third, if there remains availability for additional shares of Common Stock to be included in such registration, pro-rata among any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Common Stock then held by each such holder. If any Holder disapproves
of the terms of any such Underwritten Offering, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the pricing of such offering. Any Registrable
Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration. 

(iv)    The Company shall have the right to terminate or withdraw any registration initiated by it under
this Section 2(c) at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The registration expenses of such withdrawn registration shall be
borne by the Company in accordance with Section 6 hereof. 

3.    Registration and Underwritten Offering Procedures. The procedures to be followed by the
Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation, filing and
effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows: 

(a)    In connection with a Demand Registration, the Company will, at least three Business Days prior to the anticipated
filing of the Registration Statement and any related Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference

  
 11 

 
into the Registration Statement), (i) furnish to such Holders copies of all such documents prior to filing and (ii) use commercially reasonable efforts to address in each such document when
so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof. 

(b)    In connection with a Piggyback Registration, Underwritten Piggyback Offering or a Requested Underwritten Offering,
the Company will, at least three Business Days (or in the case of a Shelf Registration Statement or an offering that will be made pursuant to a Shelf Registration Statement, at least one Business Day) prior to the anticipated filing of any initial
Registration Statement that identifies the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and
provide information with respect thereto), as applicable, furnish to such Holders copies of any such Registration Statement or related Prospectus or amendment or supplement thereto that identify the Holders and any related Prospectus or any
amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto). The Company will also use commercially
reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof. 

(c)    The Company will use commercially reasonable efforts to as promptly as reasonably practicable (i) prepare and
file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary under applicable law to keep such Registration
Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such
additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders, (ii) cause the related Prospectus to be amended or supplemented by any required prospectus
supplement, and as so supplemented or amended to be filed pursuant to Rule 424, and (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably
practicable provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling stockholders but not any comments that would result in the
disclosure to such Holders of material and non-public information concerning the Company. 

(d)    The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act
with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 

(e)    The Company will notify such Holders who are included in a Registration Statement as promptly as reasonably
practicable: (i)(A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a
“review” of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and 

  
 12 

 
complete copies thereof and all written responses thereto to each of such Holders that pertain to such Holders as selling stockholders); and (C) with respect to each applicable Registration
Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration
Statement or Prospectus or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement
covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes any statement made in such Registration
Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case
of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading (provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that the Company either promptly files a prospectus supplement to
update the Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which, in either case, contains the requisite information that
results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading). 
 (f)    The Company will use commercially reasonable efforts to avoid the issuance of or, if issued,
obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.

 (g)    During the Effectiveness Period, the Company will furnish to each such Holder, without charge, at least one
conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; provided,
that the Company will not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 

(h)    The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses
(including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the Effectiveness Period. Subject to the terms of this Agreement, including
Section 9(b), the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such
Prospectus and any amendment or supplement thereto. 

  
 13 

 (i)    The Company will cooperate with such Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities
are unregistered or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request
in writing. In connection therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration
Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable
Securities without any such legend upon sale by the Holder of such Registrable Securities under the Registration Statement. 

(j)    Upon the occurrence of any event contemplated by Section 3(e)(v), as promptly as
reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(k)    With respect to Underwritten Offerings, (i) the right of any Holder to include such Holder’s Registrable
Securities in an Underwritten Offering shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) each
Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons
entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements. The Company hereby agrees with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof,
it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary
legal opinions, auditor “comfort” letters and reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company included in the Registration Statement if the Company has had its reserves
prepared, audited or reviewed by an independent petroleum engineer. 

  
 14 

 (l)    For a reasonable period prior to the filing of any Registration
Statement and throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company’s principal place of business or such other reasonable place, for inspection during normal business hours by a
representative or representatives of the selling Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other information and books and
records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client
privilege in such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that any information that is not generally publicly available at the time of
delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be
required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure. 

(m)    In connection with any Requested Underwritten Offering, the Company will use commercially reasonable efforts to
cause appropriate officers and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in presentations, meetings and road shows. 

(n)    Each Holder agrees to furnish to the Company any other information regarding the Holder and the distribution of
such securities as the Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering. 

(o)    Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration
Statement (or any amendment thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and
sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 60 days if (i) the Board determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending
transaction involving the Company (including a pending securities offering by the Company), (ii) the Board determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Board determines such
registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Blackout Period”); provided, however, that in no event shall
any Blackout Period together with any Suspension Period exceed an aggregate of 120 days in any 12-month period. 

(p)    In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide
to each Holder named as a selling securityholder in any Registration Statement a copy of any auditor “comfort” letters, customary legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas
reserves of the Company, in each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the effective date of such Registration
Statement. 

  
 15 

 4.    Standstill. At any time that the Company is
engaged in an Underwritten Offering of its securities (on its own behalf, on behalf of selling Holders or both), no Holder participating in such Underwritten Offering will Transfer any Registrable Securities on any securities exchange or in the over-the-counter or any other public trading market for whatever period of time the Company (upon the recommendation of its underwriters) requests by written notice to the
Holder; provided, however, that (excluding the Company’s initial public offering) such request shall not be for a period extending longer than 90 days after the later of (x) the effective date of the registration statement relating to such
Underwritten Offering, and (y) the date of the underwriting agreement relating to such Underwritten Offering, and this Section 4 shall not limit any Holder’s right to include Registrable Securities in any such
Underwritten Offering pursuant to any demand or piggyback registration rights, as applicable, that any Holder may have pursuant to this Agreement. 

5.    No Inconsistent Agreements; Additional Rights. The Company shall not hereafter enter
into, and is not currently a party to, any agreement with respect to its securities that is inconsistent in any material respect with the rights granted to the Holders by this Agreement. 

6.    Registration Expenses. All Registration Expenses incident to the Parties’
performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case,
excluding any Selling Expenses) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement. “Registration Expenses” shall include, without limitation, (a) all
registration and filing fees (including fees and expenses (i) with respect to filings required to be made with the Trading Market and (ii) in compliance with applicable state securities or “Blue Sky” laws), (b) printing
expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (c)
messenger, telephone and delivery expenses, (d) fees and disbursements of counsel, auditors, accountants and independent petroleum engineers for the Company, (e) Securities Act liability insurance, if the Company so desires such insurance,
(f) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, (g) fees and disbursements of one counsel for the Sponsoring Holders whose
Registrable Securities are included in a Registration Statement, which counsel shall be selected by the holders of a majority of the Registrable Securities held by the Sponsoring Holders included in such Registration Statement, and (h) all
expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.” In addition, the Company shall be responsible for all of its expenses incurred in connection with the
consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual
audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market. 

  
 16 

 7.    Indemnification. 

(a)    The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective direct and
indirect partners (including partners of partners and stockholders and members of partners), members, stockholders, officers, directors, employees and any agent thereof (collectively, “Holder Indemnified Persons”), to the
fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees of a single
counsel representing all the Holder Indemnified Persons or, if the representation of all the Holder Indemnified Persons by the same counsel would be inappropriate under applicable standards of professional conduct, then as many counsel as may be
needed under such standards of professional conduct to represent all the Holder Indemnified Persons) and expenses, judgments, taxes, fines, penalties, diminution in value, interest, settlements or other amounts of any kind or nature whatsoever
(including all amounts paid in investigation, defense or settlement of the foregoing and consequential damages) arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in
which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of or relating to any
untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in any preliminary prospectus (if the Company authorized the use of such preliminary prospectus
prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company
is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made
therein, in the light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is based upon or results
from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in
conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person or any underwriter specifically for use in the preparation thereof. The Company shall notify the Holders promptly of the institution,
threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full
force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the contrary herein, this
Section 7 shall survive any termination or expiration of this Agreement indefinitely. 

(b)    In connection with any Registration Statement in which a Holder participates, such Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors and any agent thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out
of or relating to any untrue or alleged untrue statement of a material fact contained in 

  
 17 

 
any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing
prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with
information relating to the Holder furnished in writing to the Company by such Holder for use therein. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the
Registrable Securities giving rise to such indemnification obligation 
 (c)    Any Person entitled to indemnification
hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such
indemnified and indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent will not be unreasonably withheld). Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder. 

(d)    If the indemnification provided for in this Section 7 is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to
the amount paid or payable by such indemnified party as a result of such Losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Holders, or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party, on the one hand, and of the
indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no
event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

  
 18 

 8.    Facilitation of Sales Pursuant to Rule 144.
To the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange
Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration
under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to
whether it has complied with such requirements. 
 9.    Miscellaneous. 

(a)    Remedies. In the event of actual or potential breach by the Company of any of its obligations under this
Agreement, each Holder, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that
monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such
breach, it shall waive the defense that a remedy at law would be adequate. 
 (b)    Discontinued Disposition.
Each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith discontinue disposition of
such Registrable Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(j) or until it is
advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such
Prospectus or Registration Statement (a “Suspension Period”). The Company may provide appropriate stop orders to enforce the provisions of this Section 9(b). 

(c)    Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written
instrument signed by the Company and Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative
to the other Holders shall require the consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder
in any manner impair the exercise of any such right. 
 (d)    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 9(d) prior to 5:00 p.m. in 

  
 19 

 
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, (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. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	  	Liberty Oilfield Services Inc.
		  	Attention: R. Sean Elliott
		  	950 17th Street, Suite 2000
		  	Denver, Colorado 80202
		  	E-mail: sean.elliott@libertyfrac.com
		
		  	With copy to:
		
		  	Vinson & Elkins LLP
		  	 Attention: David P. Oelman

                  E. Ramey Layne

		  	1001 Fannin Street, Suite 2500
		  	Houston, Texas 77002
		  	 E-mail: doelman@velaw.com

              rlayne@velaw.com

		
	If to any Person who is then the registered Holder:	  	To the address of such Holder as indicated on the signature page of this Agreement or, if different, as it appears in the applicable register for the Registrable Securities or as may be designated in writing by such Holder in
accordance with this Section 9(d).

 (e)    Successors and Assigns. This Agreement shall be binding upon and inure to
the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this Section 9(e), this Agreement, and any rights or
obligations hereunder, may not be assigned without the prior written consent of the Company and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any
portion of its Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect
to, in exchange for or in replacement of such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the
name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set
forth in this Agreement. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders. 

  
 20 

 (f)    No Third Party Beneficiaries. Nothing in this Agreement,
whether express or implied, shall be construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement. 

(g)    Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid
binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof. 

(h)    Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and
construed in accordance with, the internal laws of the State of Delaware. Each of the Parties irrevocably 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 for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit,
action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any such suit,
action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY WAIVES ANY RIGHT TO REQUEST A
TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

(i)    Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided
by law. 
 (j)    Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the Parties shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (k)    Entire Agreement. This Agreement constitutes the entire agreement among the Parties with
respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written. 

  
 21 

 (l)    Termination. Except for Section 7,
this Agreement shall terminate as to any Holder, when all Registrable Securities held by such Holder no longer constitute Registrable Securities. 

[Signature page follows.] 

  
 22 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	COMPANY:
	
	LIBERTY OILFIELD SERVICES INC.
		
	By:	 	 /s/ Michael Stock

	Name:	 	Michael Stock
	Title:	 	Chief Financial Officer

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
			
	HOLDERS:
	
	R/C IV LIBERTY OILFIELD SERVICES HOLDINGS, L.P.
		
	By:	 	Riverstone/Carlyle Energy Partners IV, L.P., its general partner
		
	By:	 	R/C ENERGY GP IV, LLC, its general partner
		
	By:	 	 /s/ Thomas Walker

	Name:	 	Thomas Walker
	Title:	 	Authorized Person
	
	Address for notice:
	
	R/C ENERGY IV DIRECT PARTNERSHIP, L.P.
		
	By:	 	Riverstone/Carlyle Energy Partners IV, L.P., its general partner
		
	By:	 	R/C ENERGY GP IV, LLC, its general partner
		
	By:	 	 /s/ Thomas Walker

	Name:	 	Thomas Walker
	Title:	 	Authorized Person
	
	Address for notice:
	
	RIVERSTONE/CARLYLE ENERGY PARTNERS IV, L.P.
	By:	 	R/C Energy GP IV, LLC, its general partner
		
	By:	 	 /s/ Thomas Walker

	Name:	 	Thomas Walker
	Title:	 	Authorized Person

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
			
	LAUREL ROAD, LLC
		
	By:	 	 /s/ Peter Carlton

	Name:	 	Peter Carlton
	Title:	 	Managing Director of Oakmont Corp., its Administrator
	
	Address for notice:
	
	LAUREL ROAD II, LLC
		
	By:	 	 /s/ Peter Carlton

	Name:	 	Peter Carlton
	Title:	 	Managing Director of Oakmont Corp., its Administrator
	
	Address for notice:
	
	CONCENTRIC EQUITY PARTNERS II, L.P
		
	By:	 	 /s/ Frank A. Reppenhagen

	Name:	 	Frank A. Reppenhagen
	Title:	 	General Partner
	
	Address for notice:
	
	GMT EXPLORATION, LLC
		
	By:	 	 /s/ William D. Lancaster

	Name:	 	William D. Lancaster
	Title:	 	President
	
	Address for notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

			
	SH Ventures LOS, LLC,
		
	By:	 	Shea Ventures, LLC,
		 	a California limited liability company
		 	Its Managing Member
		
	By:	 	 /s/ John Morrissey

	Name:	 	John Morrissey
	Title:	 	Managing Director
	
	Address for notice:
	
	BAY RESOURCE PARTNERS, L.P.
	
	By: GMT Capital Corp., as General Partner
		
	By:	 	 /s/ Harold Randall

	Name:	 	Harold Randall
	Title:	 	Chief Operating Officer
	
	Address for notice:
	
	BAY II RESOURCE PARTNERS, L.P.
	By: GMT Capital Corp., as General Partner
		
	By:	 	 /s/ Harold Randall

	Name:	 	Harold Randall
	Title:	 	Chief Operating Officer
	
	Address for notice:
	
	BRP LIBERTY, LLC
	By: Bay Resource Partners Offshore Master Fund, L.P., as Sole Member
	By: GMT Capital Offshore Management, LLC, as General Partner
	By: GMT Capital Corp., as Manager
		
	By:	 	 /s/ Harold Randall

	Name:	 	Harold Randall
	Title:	 	Chief Operating Officer
	
	Address for notice:

  

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Christopher A. Wright

	Christopher A. Wright
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ C. Mark Pearson

	C. Mark Pearson
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Paul G. Vitek

	Paul G. Vitek
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Duane Fadness

	Duane Fadness
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
			
	BOB SCHULZ
	
	By: Michael Stock, attorney-in-fact
	
	 /s/ Michael Stock

	Name:	 	Michael Stock
	
	Address for Notice:
	
	THOMAS E. CLAUGUS
	
	By: GMT Capital Corp., as Adviser
		
	By:	 	 /s/ Harold Randall

	Name:	 	Harold Randall
	Title:	 	Chief Operating Officer
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

	
	 /s/ Larry Griffin

	Larry Griffin
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

	
	 /s/ Leen Weijers

	Leen Weijers
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

	
	 /s/ Kevin Fisher

	Kevin Fisher
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Jim Brady    

	Jim Brady
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Glenn Dighero

	Glenn Dighero
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Tim Hohn

	Tim Hohn
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Jason Galacia

	Jason Galacia
	
	Address for Notice:

 / 

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

	
	 /s/ S. Scott Tiedgen

	S. Scott Tiedgen 
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Michael Stock    

	Michael Stock
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Ron Gusek

	Ron Gusek
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
	
	 /s/ Tom Riebel    

	Tom Riebel
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

			
	SRE INVESTING LLC
		
	By:	 	 /s/ Steven Enger    

	Name:	 	Steve Enger
	Title:	 	Member
	
	Address for Notice:

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT]

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