Document:

Exhibit 10.4

 

Execution Version

 

 

 

	 

         

         

         

        AMENDED
        AND RESTATED

        

        AGREEMENT OF LIMITED PARTNERSHIP

        

        OF

        

        FALCON MINERALS OPERATING PARTNERSHIP, LP.

         

         

         

         

         

        Dated
        as of August 23, 2018

         

         

         

         

         

 

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

 

 

 

     

     

    

 

Table
of Contents

 

	 	Page
	Article I.
    DEFINITIONS	2
	Article II.
    ORGANIZATIONAL MATTERS	15
	Section 2.01   Formation
    of Partnership	15
	Section 2.02   Amended
    and Restated Limited Partnership Agreement	15
	Section 2.03   Name	16
	Section 2.04   Purpose	16
	Section 2.05   Principal
    Office; Registered Office	16
	Section 2.06   Term	16
	Section 2.07   No
    Joint Venture	16
	 	 
	Article III.
    PARTNERS; UNITS; CAPITALIZATION	16
	Section 3.01   Partners	16
	Section 3.02   Units	17
	Section 3.03   Corporation
    Contribution and Royal Contribution	17
	Section 3.04   Authorization
    and Issuance of Additional Units	18
	Section 3.05   Repurchases
    or Redemptions	19
	Section 3.06   Certificates
    Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units	20
	Section 3.07   Negative
    Capital Accounts	20
	Section 3.08   No
    Withdrawal	20
	Section 3.09   Loans
    From Partners	20
	Section 3.10   Tax
    Treatment of Corporate Stock Option Plans and Equity Plans	21
	Section 3.11   Dividend
    Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan	22
	 	 
	Article IV.
    DISTRIBUTIONS	23
	Section 4.01   Distributions	23
	Section 4.02   Restricted
    Distributions	23
	 	 
	Article V.
    CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS	23
	Section 5.01   Capital
    Accounts	23
	Section 5.02   Book
    Allocations	25
	Section 5.03   Regulatory
    and Special Allocations	25
	Section 5.04   Tax
    Allocations	26
	Section 5.05   Withholding;
    Indemnification and Reimbursement for Payments on Behalf of a Partner	28
	 	 
	Article VI.
    MANAGEMENT	29
	Section 6.01   Authority
    of General Partner	29
	Section 6.02   Actions
    of the General Partner	30
	Section 6.03   Transfer
    and Withdrawal of General Partner	30
	Section 6.04   Transactions
    Between Partnership and General Partner	31
	Section 6.05   Reimbursement
    for Expenses	31
	Section 6.06   Delegation
    of Authority	31
	Section 6.07   Limitation
    of Liability of the General Partner	32
	Section 6.08   Investment
    Company Act	33
	Section 6.09   Outside
    Activities of the Corporation and the General Partner	33
	Section 6.10   Standard
    of Care	33

 

     

     

    

	 	 
	Article VII.
    RIGHTS AND OBLIGATIONS OF PARTNERS	34
	Section 7.01   Limitation
    of Liability and Duties of Partners; Investment Opportunities	34
	Section 7.02   Lack
    of Authority	35
	Section 7.03   No
    Right of Partition	35
	Section 7.04   Indemnification	35
	Section 7.05   Limited
    Partners’ Right to Act	36
	Section 7.06   Inspection
    Rights	37
	 	 
	Article VIII.
    BOOKS, RECORDS, ACCOUNTING AND REPORTS	37
	Section 8.01   Records
    and Accounting	37
	Section 8.02   Fiscal
    Year	37
	Section 8.03   Reports	37
	 	 
	Article IX.
    TAX MATTERS	38
	Section 9.01   Preparation
    of Tax Returns	38
	Section 9.02   Tax
    Elections	38
	Section 9.03   Tax
    Controversies	38
	 	 
	Article X.
    RESTRICTIONS ON TRANSFER OF UNITS	39
	Section 10.01   Transfers
    by Partners	39
	Section 10.02   Permitted
    Transfers	39
	Section 10.03   Restricted
    Units Legend	40
	Section 10.04   Transfer	40
	Section 10.05   Assignee’s
    Rights	41
	Section 10.06   Assignor’s
    Rights and Obligations	41
	Section 10.07   Overriding
    Provisions	42
	 	 
	Article XI.
    REDEMPTION AND EXCHANGE RIGHTS	43
	Section 11.01   Redemption
    Right of a Limited Partner	43
	Section 11.02   Contribution
    of the Corporation	46
	Section 11.03   Exchange
    Right of the Corporation	46
	Section 11.04   Reservation
    of Shares of Class A Common Stock; Listing; Certificate of the Corporation	46
	Section 11.05   Effect
    of Exercise of Redemption or Exchange Right	47
	Section 11.06   Tax
    Treatment	47
	 	 
	Article XII.
    ADMISSION OF LIMITED PARTNERS	47
	Section 12.01   Substituted
    Limited Partners	47
	Section 12.02   Additional
    Limited Partners	47

 

     

     

    

 

	Article XIII.
    WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS	48
	Section 13.01   Withdrawal
    and Resignation of Limited Partners	48
	 	 
	Article XIV.
    DISSOLUTION AND LIQUIDATION	48
	Section 14.01   Dissolution	48
	Section 14.02   Liquidation
    and Termination	48
	Section 14.03   Deferment;
    Distribution in Kind	49
	Section 14.04   Cancellation
    of Certificate	49
	Section 14.05   Reasonable
    Time for Winding Up	50
	Section 14.06   Return
    of Capital	50
	 	 
	Article XV.
    VALUATION	50
	Section 15.01   Determination	50
	Section 15.02   Dispute
    Resolution	50
	 	 
	Article XVI.
    GENERAL PROVISIONS	51
	Section 16.01   Power
    of Attorney	51
	Section 16.02   Confidentiality	51
	Section 16.03   Amendments	52
	Section 16.04   Title
    to Partnership Assets.	52
	Section 16.05   Addresses
    and Notices	53
	Section 16.06   Binding
    Effect; Intended Beneficiaries	53
	Section 16.07   Creditors	53
	Section 16.08   Waiver	53
	Section 16.09   Counterparts	53
	Section 16.10   Applicable
    Law	53
	Section 16.11   Severability	53
	Section 16.12   Further
    Action	54
	Section 16.13   Delivery
    by Electronic Transmission	54
	Section 16.14   Right
    of Offset	54
	Section 16.15   Effectiveness	54
	Section 16.16   Entire
    Agreement	54
	Section 16.17   Remedies	54
	Section 16.18   Descriptive
    Headings; Interpretation	55

 

Schedules

Schedule
1 – Initial Schedule of Limited Partners

 

Exhibits

Exhibit
A – Form of Joinder Agreement

 

     

     

    

 

AMENDED
AND RESTATED

AGREEMENT
OF LIMITED PARTNERSHIP

FALCON MINERALS OPERATING PARTNERSHIP, LP

 

This
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this “Agreement”) of Falcon Minerals Operating
Partnership, LP, a Delaware limited partnership (the “Partnership”), dated as of August 23, 2018, is adopted,
executed and agreed to by and among Falcon Minerals GP, LLC, a Delaware limited liability company, as the sole general partner
of the Partnership, and each of the Limited Partners (as defined herein) set forth on the signature pages hereto.

 

WHEREAS,
the Partnership was formed as a limited partnership pursuant to and in accordance with the Delaware Act (as defined herein) by
filing a Certificate of Limited Partnership of the Partnership (the “Certificate”) with the Secretary
of State of the State of Delaware on May 31, 2018; and

 

WHEREAS,
prior to the execution of this Agreement, the Partnership was named “Osprey Minerals Operating Partnership, LP”;

 

WHEREAS,
the General Partner, as the sole general partner of the Partnership, entered into an Agreement of Limited Partnership of the Partnership,
dated as of May 31, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time to
but excluding the date hereof, together with all schedules, exhibits and annexes thereto, the “Initial Limited Partnership
Agreement”), with Falcon Energy Acquisition Corp., a Delaware corporation and formerly named Osprey Energy Acquisition
Corp. (the “Corporation”), as the sole limited partner of the Partnership;

 

WHEREAS,
the Corporation entered into a Contribution Agreement, dated as of June 3, 2018 (the “Contribution Agreement”),
by and among Royal Resources L.P., a Delaware limited partnership (“Royal LP”), Royal Resources GP L.L.C.,
a Delaware limited liability company (“Royal GP”, and collectively with Royal LP, “Royal”),
Noble Royalties Acquisition Co., LP, a Delaware limited partnership (“NRAC”), Hooks Ranch Holdings LP,
a Delaware limited partnership (“Hooks Holdings”), DGK ORRI Holdings, LP, a Delaware limited partnership
(“DGK Holdings”), DGK ORRI GP LLC, a Delaware limited liability company (“DGK GP”),
Hooks Holding Company GP, LLC, a Delaware limited liability company (“Hooks GP”, and collectively with
NRAC, Hooks Holdings, DGK Holdings and DGK GP, the “Royal Contributors” and each a “Royal
Contributor”), and the Corporation;

 

WHEREAS,
the Contribution Agreement provides that, at the Closing, the Corporation shall contribute to the Partnership, as a capital contribution,
cash as set forth in the Contribution Agreement in exchange for the issuance by the Partnership to the Corporation of (a) a number
of Common Units (as defined below) equal to the number of shares of Class A Common Stock (as defined below) outstanding at the
Closing after the consummation of the Transactions (as defined below) and (b) a number of Warrants (as defined below) equal to
the number of Corporation Warrants (as defined below) outstanding at the Closing after the consummation of the Transactions (such
contribution, the “Corporation Contribution”);

 

     

     

    

 

WHEREAS,
the Contribution Agreement further provides that, at the Closing, (a) Hooks Holdings will contribute to the Partnership 100% of
the limited partnership interests of VickiCristina, L.P., a Delaware limited partnership (“VickiCristina”,
and such interests, the “VickiCristina Interests”), (b) Hooks GP will contribute to the Partnership
(or another Subsidiary of the Corporation designated by the Corporation) 100% of the general partnership interests of VickiCristina
(such interests, the “VickiCristina GP Interests”), (c) DGK Holdings will contribute to the Partnership
100% of the limited partnership interests of DGK ORRI Company, L.P., a Delaware limited partnership (“DGK”,
and such interests, the “DGK Interests”), (d) DGK GP will contribute to the Partnership (or another
Subsidiary of the Corporation designated by the Corporation) 100% of the general partnership interests of DGK (such interests,
the “DGK GP Interests”), and (e) NRAC will contribute to the Partnership (i) 100% of the limited
partnership interests of Noble EF DLG LP, a Texas limited partnership (“DLG”, and such interests, the
“DLG Interests”), (ii) 100% of the membership interests of Noble EF DLG GP LLC, a Texas limited liability
company and sole general partner of DLG (“DLG GP”, and such interests, the “DLG GP Interests”),
(iii) 100% of the limited partnership interests of Noble EF LP, a Texas limited partnership (“EF”, and
such interests, the “EF Interests”), (iv) 100% of the membership interests of Noble EF GP LLC, a Texas
limited liability company and sole general partner of EF (“EF GP”, and such interests, the “EF
GP Interests”), (v) 100% of the Class A limited partnership interests of Noble Marcellus LP, a Delaware limited
partnership (“Marcellus”, and such interests, the “Marcellus Interests”),
and (vi) 100% of the membership interests of Noble Marcellus GP, LLC, a Delaware limited liability company and sole general partner
of Marcellus (“Marcellus GP”, and such interests, the “Marcellus GP Interests”),
in each of cases (a), (b), (c), (d) and (e) in exchange for a combination of Common Units and cash as set forth in the Contribution
Agreement (such contribution, the “Royal Contribution”); and

 

WHEREAS,
the parties are entering into this Agreement to amend and restate the Initial Limited Partnership Agreement effective as of the
Effective Time to reflect (a) the change in name of the Partnership to “Falcon Minerals Operating Partnership, LP”;
(b) the Corporation Contribution and the Royal Contribution and the admission of the Royal Contributors as Limited Partners
and (c) the rights and obligations of the Partners that are enumerated and agreed upon in the terms of this Agreement effective
as of the Effective Time, at which time the Initial Limited Partnership Agreement shall be superseded entirely by this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants, rights and obligations set forth herein and other good and valuable consideration,
the receipt and sufficiency of which each Partner (as defined herein) hereby acknowledges and confesses, the parties hereto hereby
agree as follows:

 

Article I.

DEFINITIONS

 

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

 

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

 

    -2-

     

    

  

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

 

		(a)	reduced
                                         for any items described in Treasury Regulations Section 1.704- 1(b)(2)(ii)(d)(4),
                                         (5), and (6); and

 

		(b)	increased
                                         for any amount such Partner is obligated to contribute or is treated as being obligated
                                         to contribute to the Partnership pursuant to Treasury Regulations Section 1.704-1(b)(2)(ii)(c)
                                         (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i)(5)
                                         (relating to minimum gain).

 

“Adjusted
Taxable Income” shall mean, for a Fiscal Year, Fiscal Quarter or other Fiscal Period, the total federal taxable
income allocated by the Partnership to all Partners for such Fiscal Year, Fiscal Quarter or other Fiscal Period; provided, that
such taxable income shall be computed by not taking into account (i) any special basis adjustment under Section 743 of the Code
with respect to any Partner resulting from an election by the Partnership under Section 754 of the Code and (ii) any income, gain,
loss or deduction under Section 704(c) of the Code with respect to any Partner.

 

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

 

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

 

“Aggregate
Tax Distribution Amount” shall mean, for each Fiscal Year or Fiscal Quarter of the Partnership, an amount equal
to the product of (i) the Partnership’s Adjusted Taxable Income for the portion of the Fiscal Year ending on the last day
of such Fiscal Year or Fiscal Quarter, as applicable, and (ii) the Tax Rate.

 

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

 

“Appraisers”
has the meaning set forth in Section 15.02.

 

“Assignee”
means a Person to whom a Limited Partner Interest has been transferred but who has not become a Limited Partner pursuant to Article XII.

 

“Base
Rate” means, on any date, a variable rate per annum equal to the rate of interest most recently published by The
Wall Street Journal as the “prime rate” at large U.S. money center banks.

 

    -3-

     

    

 

“Black-Out
Period” means any “black-out” or similar period under the Corporation’s policies covering trading
in the Corporation’s securities to which the applicable Redeemed Partner is subject, which period restricts the ability
of such Redeemed Partner to immediately resell shares of Class A Common Stock to be delivered to such Redeemed Partner in
connection with a Share Settlement.

 

“Blackstone
Funds” means the private equity funds, parallel investment entities and/or alternative investment entities owned,
managed or controlled by Blackstone Management Partners, L.L.C. or any of its Affiliates that are direct holders of equity interests
in Royal LP.

 

“Blackstone
Parties” means the Royal Contributors, Royal, Blackstone Management Partners, L.L.C. and any of their respective
Affiliates.

 

“Book
Value” means, with respect to any Partnership property, the Partnership’s adjusted basis for U.S. federal
income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulations Sections
1.704-1(b)(2)(iv)(d)-(g) and 1.704-1(b)(2)(iv)(s); provided, that if any noncompensatory options (including the Warrants)
are outstanding upon the occurrence of any adjustment described herein, the Partnership shall adjust the Book Values of its properties
in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2).

 

“Business
Day” means any day other than a Saturday or a Sunday or a day on which banks located in New York City, New York
generally are authorized or required by Law to close.

 

“Capital
Account” means the capital account maintained for a Partner in accordance with Section 5.01.

 

“Capital
Contribution” means, with respect to any Partner, the amount of any cash, cash equivalents, promissory obligations
or the Fair Market Value of other property that such Partner contributes (or is deemed to contribute) to the Partnership pursuant
to Article III hereof.

 

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

 

“Change
of Control Transaction” means (a) a sale of all or substantially all of the Partnership’s assets determined
on a consolidated basis, (b) a sale of a majority of the Partnership’s outstanding Units (other than (i) to the
Corporation or (ii) in connection with a Redemption or Direct Exchange in accordance with Article XI) or (c) a
sale of a majority of the outstanding voting securities of any Material Subsidiary of the Partnership; in any such case, whether
by merger, recapitalization, consolidation, reorganization, combination or otherwise; provided, however, that neither (w) a
transaction solely between the Partnership or any of its wholly-owned Subsidiaries, on the one hand, and the Partnership or any
of its wholly-owned Subsidiaries, on the other hand, nor (x) a transaction solely for the purpose of changing the jurisdiction
of domicile of the Partnership, nor (y) a transaction solely for the purpose of changing the form of entity of the Partnership,
nor (z) a sale of a majority of the outstanding shares of Class A Common Stock, whether by merger, recapitalization,
consolidation, reorganization, combination or otherwise, shall in each case of clauses (w), (x), (y) and (z) constitute a
Change of Control Transaction.

 

    -4-

     

    

 

“Class A
Common Stock” means the Class A Common Stock, par value $0.0001 per share, of the Corporation.

 

“Class C
Common Stock” means the Class C Common Stock, par value $0.0001 per share, of the Corporation.

 

“Closing”
means the “Closing” as defined in Section 1.1 of the Contribution Agreement.

 

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

 

“Common
Stock” means all classes and series of common stock of the Corporation, including the Class A Common Stock
and the Class C Common Stock.

 

“Common
Unit” means a Unit representing a fractional part of the Limited Partner Interests of the Limited Partners and having
the rights and obligations specified with respect to the Common Units in this Agreement.

 

“Contributed
Interests” means, collectively, the VickiCristina Interests, the VickiCristina GP Interests, the DGK Interests,
the DGK GP Interests, the DLG Interests, the DLG GP Interests, the EF Interests, the EF GP Interests, the Marcellus Interests
and the Marcellus GP Interests.

 

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

 

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

 

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

 

“Corporate
Charter” means the Second Amended and Restated Certificate of Incorporation of the Corporation, which is effective
substantially concurrently with the effectiveness of this Agreement, as it may be amended, restated, supplemented or otherwise
modified from time to time.

 

“Corporation”
has the meaning set forth in the recitals to this Agreement, together with its successors and assigns.

 

“Corporation
Warrants” means the “Buyer Warrants” as defined in Section 1.1 of the Contribution Agreement.

 

“Credit
Agreement” means any senior credit facility or obligation of the Partnership or any of its Subsidiaries, as borrower,
as may be subsequently amended, restated, supplemented or otherwise modified from time to time and including any one or more refinancings
or replacements thereof, in whole or in part, with any other debt facility or debt obligation).

 

“Delaware
Act” means the Delaware Revised Uniform Limited Partnership Act, 6 Del.L. § 17-101, et seq., as it may
be amended from time to time, and any successor thereto.

 

    -5-

     

    

 

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

 

“Depreciation”
means, for each Taxable Year or other Fiscal Period, an amount equal to the depreciation, amortization or other cost recovery
deduction (excluding depletion) allowable for U.S. federal income tax purposes with respect to property for such Taxable Year
or other Fiscal Period, except that (a) with respect to any such property the Book Value of which differs from its adjusted
tax basis for U.S. federal income tax purposes and which difference is being eliminated by use of the “remedial method”
pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such Taxable Year or other Fiscal Period shall be the
amount of book basis recovered for such Taxable Year or other Fiscal Period under the rules prescribed by Treasury Regulations
Section 1.704-3(d)(2), and (b) with respect to any other such property the Book Value of which differs from its adjusted
tax basis at the beginning of such Taxable Year or other Fiscal Period, Depreciation for such Taxable Year or other Fiscal Period
shall be an amount which bears the same ratio to such beginning Book Value as the U.S. federal income tax depreciation, amortization,
or other cost recovery deduction for such Taxable Year or other Fiscal Period bears to such beginning adjusted tax basis; provided,
however, that if the adjusted tax basis of any property at the beginning of such Taxable Year or other Fiscal Period is
zero dollars ($0.00), Depreciation with respect to such property shall be determined with reference to such beginning Book Value
using any reasonable method selected by the General Partner.

 

“DGK
Interests” has the meaning set forth in the recitals.

 

“DGK
GP” has the meaning set forth in the recitals.

 

“DGK
GP Interests” has the meaning set forth in the recitals.

 

“Direct
Exchange” has the meaning set forth in Section 11.03(a).

 

“Discount”
has the meaning set forth in Section 6.05.

 

“Distributable
Cash” shall mean, as of any relevant date on which a determination is being made by the General Partner regarding
a potential distribution pursuant to Section 4.01(a), the amount of cash that could be distributed by the Partnership
for such purposes in accordance with the Credit Agreement (and without otherwise violating any applicable provisions of the Credit
Agreement or any other debt financing of the Partnership or its Subsidiaries).

 

“Distribution”
(and, with a correlative meaning, “Distribute”) means each distribution made by the Partnership to a
Limited Partner with respect to such Limited Partner’s Units, whether in cash, property or securities of the Partnership
and whether by liquidating distribution or otherwise; provided, however, that none of the following shall be a Distribution:
(a) any recapitalization that does not result in the distribution of cash or property to Limited Partners or any exchange
of securities of the Partnership, and any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or
otherwise) of any outstanding Units, (b) any other payment made by the Partnership to a Limited Partner in redemption of
all or a portion of such Limited Partner’s Units or (c) any amounts payable pursuant to Section 6.05.

 

“DLG
Interests” has the meaning set forth in the recitals.

 

    -6-

     

    

 

“DLG
GP Interests” has the meaning set forth in the recitals.

 

“Effective
Time” has the meaning set forth in Section 16.15.

 

“EF
Interests” has the meaning set forth in the recitals.

 

“EF
GP Interests” has the meaning set forth in the recitals.

 

“Equity
Plan” means any stock or equity purchase plan, restricted stock or equity plan or other similar equity compensation
plan now or hereafter adopted by the Partnership or the Corporation.

 

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

 

“Event
of Withdrawal” means the expulsion, bankruptcy or dissolution of a Partner or the occurrence of any other event
that terminates the continued partnership of a Partner in the Partnership. “Event of Withdrawal” shall not include
an event that does not terminate the existence of such Partner under applicable state law (or, in the case of a trust that is
a Partner, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Limited Partner Interests
of such trust that is a Limited Partner).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exchange
Election Notice” has the meaning set forth in Section 11.03(b).

 

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

 

“Fiscal
Period” means any interim accounting period within a Taxable Year established by the Partnership and which is permitted
or required by Section 706 of the Code.

 

“Fiscal
Quarter” shall mean (i) the period commencing on the date of this Agreement and ending on quarter end, (ii)
any subsequent three-month period commencing on each of January 1, April 1, July 1, and October 1 and ending on the last date
before the next such date and (iii) the period commencing on the immediately preceding January 1, April 1, July 1, or October
1, as the case may be, and ending on the date on which all property is distributed to the Partners pursuant to Article XIV hereof.

 

    -7-

     

    

 

“Fiscal
Year” means the Partnership’s annual accounting period established pursuant to Section 8.02.

 

“General
Partner” means Falcon Minerals GP, LLC (formerly named Osprey Minerals GP, LLC), a Delaware limited liability company,
and its successors and permitted assigns as general partner of the Partnership. The General Partner, in its capacity as such,
has no obligation to make Capital Contributions or right to receive Distributions under this Agreement.

 

“General
Partner Change of Control” shall be deemed to have occurred if or upon:

 

		(a)	both
                                         the stockholders of the Corporation and the Corporate Board approve, in accordance with
                                         the Corporation’s certificate of incorporation and applicable law, the sale, lease
                                         or transfer, in one or a series of related transactions, of all or substantially all
                                         of the Corporation’s assets (determined on a consolidated basis), including a sale
                                         of all of the equity interests in the Partnership, to any Person or group (as such term
                                         is used in Section 13(d)(3) of the Exchange Act), other than to any directly or
                                         indirectly wholly owned Subsidiary of the Corporation, and such sale, lease or transfer
                                         is consummated;

 

		(b)	both
                                         the stockholders of the Corporation and the Corporate Board approve, in accordance with
                                         the Corporation’s certificate of incorporation and applicable law, a merger or
                                         consolidation of the Corporation with any other Person, other than a merger or consolidation
                                         which would result in the Voting Securities of the Corporation outstanding immediately
                                         prior thereto continuing to represent (either by remaining outstanding or by being converted
                                         into Voting Securities of the surviving entity) at least 50.01% of the total voting power
                                         represented by the Voting Securities of the Corporation or such surviving entity outstanding
                                         immediately after such merger or consolidation, and such merger or consolidation is consummated;
                                         or

 

		(c)	the
                                         acquisition, directly or indirectly, by any Person or group (as such term is used in
                                         Section 13(d)(3) of the Exchange Act) (other than (a) a trustee or other fiduciary
                                         holding securities under an employee benefit plan of the Corporation, or (b) a corporation
                                         or other entity owned, directly or indirectly, by all of the stockholders of the Corporation
                                         in substantially the same proportions as their ownership of stock of the Corporation)
                                         of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of at least
                                         50.01% of the aggregate voting power of the Voting Securities of the Corporation; provided,
                                         that the Corporate Board recommends or otherwise approves or determines that such acquisition
                                         is in the best interests of the Corporation and its stockholders.

 

    -8-

     

    

 

“General
Partner Interest” means the non-economic management interest of the General Partner in the Partnership (in its capacity
as a general partner without reference to any Limited Partner Interest held by it) and includes any and all rights, powers and
benefits to which the General Partner is entitled as provided in this Agreement, together with all obligations of the General
Partner to comply with the terms and provisions of this Agreement. The General Partner Interest does not include any rights to
Profits or Losses or any rights to receive Distributions from operations or upon the liquidation or winding-up of the Partnership.

 

“Governmental
Entity” means (a) the United States of America, (b) any other sovereign nation, (c) any state, province,
district, territory or other political subdivision of (a) or (b) of this definition, including any county, municipal or other
local subdivision of the foregoing, or (d) any entity exercising executive, legislative, judicial, regulatory or administrative
functions of government on behalf of (a), (b) or (c) of this definition.

 

“Hooks
GP” has the meaning set forth in the recitals.

 

“Hooks
Holdings” has the meaning set forth in the recitals.

 

“Indemnified
Person” has the meaning set forth in Section 7.04(a).

 

“Independent
Directors” means the members of the Corporate Board who qualify as an independent director pursuant to applicable
SEC Guidance and the rules of the stock exchange on which the Common Shares are traded.

 

“Initial
Limited Partnership Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Investment
Company Act” means the U.S. Investment Company Act of 1940, as amended from time to time.

 

“Joinder”
means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement.

 

“Law”
means all laws, statutes, ordinances, rules and regulations of any Governmental Entity, any foreign country and each state, commonwealth,
city, county, municipality, regulatory body, agency or other political subdivision thereof.

 

“Limited
Partner” means, as of any date of determination, (a) each of the partners named on the Schedule of Limited
Partners and (b) any Person admitted to the Partnership as a Substituted Limited Partner or Additional Limited Partner in
accordance with Article XII, but in each case only so long as such Person is shown on the Partnership’s books
and records as the owner of one or more Units.

 

“Limited
Partner Interest” means the interest of a Partner in Profits, Losses and Distributions.

 

“Losses”
means items of Partnership loss or deduction determined according to Section 5.01(b).

 

    -9-

     

    

 

“Majority
Partners” means the Limited Partners (which may include the General Partner if it is also a Limited Partner) holding
a majority of the Units then outstanding; provided that, if as of any date of determination, a majority of the Units are
then held by the General Partner or any of its Affiliates controlled by the Corporation, then “Majority Partners”
shall mean the General Partner together with Partners holding a majority of the Units (excluding Units held by the General Partner
and its controlled Affiliates) then outstanding.

 

“Marcellus
Interests” has the meaning set forth in the recitals.

 

“Marcellus
GP Interests” has the meaning set forth in the recitals.

 

“Market
Price” means, with respect to a share of Class A Common Stock as of a specified date, the last sale price per
share of Class A Common Stock, regular way, or if no such sale took place on such day, the average of the closing bid and
asked prices per share of Class A Common Stock, regular way, in either case as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on the Stock Exchange or, if the Class A Common
Stock is not listed or admitted to trading on the Stock Exchange, as reported on the principal consolidated transaction reporting
system with respect to securities listed on the principal national securities exchange on which the Class A Common Stock
is listed or admitted to trading or, if the Class A Common Stock is not listed or admitted to trading on any national securities
exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no
longer in use, the principal other automated quotation system that may then be in use or, if the Class A Common Stock is
not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker
making a market in the Class A Common Stock selected by the Corporate Board or, in the event that no trading price is available
for the shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good
faith by the Corporate Board.

 

“Material
Subsidiary” means any direct or indirect Subsidiary of the Partnership that, as of any date of determination, represents
more than (a) 50% of the consolidated net tangible assets of the Partnership or (b) 50% of the consolidated net income of the
Partnership before interest, taxes, depreciation and amortization.

 

“Maximum
Redeemed Unit Amount” means, as of the applicable date of determination, a number of Common Units held by the applicable
Limited Partner that would cause the ratio of (a) (i) the number of Common Units the applicable Limited Partner is seeking to
have redeemed plus (ii) the aggregate number of Common Units previously that were redeemed pursuant to a Redemption or
exchanged pursuant to a Direct Exchange by such Limited Partner, its Affiliates or its Relatives divided by (b) the aggregate
number of Common Units directly or indirectly legally or beneficially owned by such Limited Partner, its Affiliates and its Relatives
after giving effect to the Closing and any issuance of Common Units pursuant to Section 2.6 of the Contribution Agreement, to
be equal to the ratio of (x) the aggregate number of Common Units previously directly or indirectly legally or beneficially owned
by the Blackstone Funds that have been redeemed pursuant to a Redemption or exchanged pursuant to a Direct Exchange as of such
date divided by (y) the aggregate number of Common Units directly or indirectly legally or beneficially owned by the Blackstone
Funds after giving effect to the Closing and any issuance of Common Units pursuant to Section 2.6 of the Contribution Agreement.

 

    -10-

     

    

 

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

 

“Optionee”
means a Person to whom a stock option is granted under any Stock Option Plan.

 

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

 

“Partner”
means the General Partner or any Limited Partner.

 

“Partner
Minimum Gain” means “partner nonrecourse debt minimum gain” as defined in Treasury Regulations Section
1.704-2(i)(3).

 

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

 

“Partnership
Employee” means an employee of, or other service provider to, the Partnership or any Subsidiary, in each case acting
in such capacity.

 

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

 

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

 

“Percentage
Interest” means, with respect to a Partner at a particular time, such Partner’s percentage interest in the
Partnership determined by dividing such Partner’s Units by the total Units of all Partners at such time. The Percentage
Interest of each Partner shall be calculated to the 4th decimal place, and the Percentage Interest with respect to the General
Partner Interest shall at all times be zero.

 

“Permitted
Transfer” has the meaning set forth in Section 10.02.

 

“Person”
means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association,
joint venture or any other organization or entity, whether or not a legal entity.

 

“Pro
rata,” “proportional,” “in proportion to,” and other similar
terms, means, with respect to the holder of Units, pro rata based upon the number of such Units held by such holder as compared
to the total number of Units outstanding.

 

“Profits”
means items of Partnership income and gain determined according to Section 5.01(b).

 

“Quarterly
Tax Distribution Amount” shall mean, for each Partner for each of the first three (3) Fiscal Quarters of each Fiscal
Year of the Partnership during the term of the Partnership, an amount equal to the product of (i) such Partner’s Percentage
Interest and (ii) the excess of (x) the Aggregate Tax Distribution Amount for such Fiscal Quarter and prior Fiscal Quarters of
the applicable Fiscal Year over (y) the aggregate of all prior Quarterly Tax Distribution Amounts with respect to prior Fiscal
Quarters of the applicable Fiscal Year.

 

    -11-

     

    

 

“Reclassification
Event” means any of the following: (i) any reclassification or recapitalization of Common Stock (other than
a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination or any transaction subject to Section 3.04), (ii) any merger, consolidation or other combination involving
the Corporation, or (iii) any sale, conveyance, lease, or other disposal of all or substantially all the properties and assets
of the Corporation to any other Person, in each of clauses (i), (ii) or (iii), as a result of which holders of Common Stock shall
be entitled to receive cash, securities or other property for their shares of Common Stock.

 

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

 

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

 

“Redeeming
Persons” has the meaning set forth in Section 11.01(f).

 

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

 

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

 

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

 

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

 

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

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of the date hereof, by and among the
Corporation and the Contributors.

 

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

 

“Relative”
means, with respect to any natural person: (a) such natural person’s spouse; (b) any lineal descendant, parent,
grandparent, great grandparent or sibling or any lineal descendant of such sibling (in each case whether by blood or legal adoption);
and (c) the spouse of a natural person described in clause (b) of this definition.

 

“Revised
Partnership Audit Provisions” shall mean Section 1101 of Title XI (Revenue Provisions Related to Tax Compliance)
of the Bipartisan Budget Act of 2015, H.R. 1314, Public Law Number 114-74.

 

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

 

“Royal
Entities” means, collectively, VickiCristina, DGK, DLG, DLG GP, EF, EF GP, Marcellus and Marcellus GP.

 

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

 

    -12-

     

    

 

“SEC”
means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

 

“SEC
Guidance” means (a) any publicly available written or oral interpretations, questions and answers, guidance and
forms of the SEC, (b) any oral or written comments, requirements or requests of the SEC or its staff, (c) the Securities Act and
the Exchange Act and (d) any other rules, bulletins, releases, manuals and regulations of the SEC.

 

“Securities
Act” means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any successor
to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall
be deemed to include any corresponding provisions of future Law.

 

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

 

“Share
Settlement” means a number of shares of Class A Common Stock equal to the number of Redeemed Units.

 

“Simulated
Basis” means, with respect to each Depletable Property, the Book Value of such property. For purposes of such computation,
the Simulated Basis of each Depletable Property (including any additions to such Simulated Basis resulting from expenditures required
to be capitalized in such Simulated Basis) shall be allocated to each Partner in accordance with such Partner’s relative
Percentage Interest as of the time such Depletable Property (or such addition to such Simulated Basis resulting from expenditures
required to be capitalized in such Simulated Basis) is acquired (or expended) by the Partnership, and shall be reallocated among
the Partners in accordance with the Partners’ Percentage Interests as determined immediately following the occurrence of
an event giving rise to an adjustment to the Book Value of the Partnership’s Depletable Properties pursuant to the definition
of Book Value. Upon a transfer by a Partner of any Units, a portion of the Simulated Basis allocated to such Partner shall be
reallocated to the transferee in accordance with the relative Percentage Interest transferred.

 

“Simulated
Depletion” means, with respect to each Depletable Property, a depletion allowance computed in accordance with U.S.
federal income tax principles and in a manner specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2), using the
depletion method selected by the General Partner. For purposes of computing Simulated Depletion with respect to any Depletable
Property, in no event shall such allowance, in the aggregate, exceed the Simulated Basis of such Depletable Property. If the Book
Value of a Depletable Property is adjusted pursuant to the definition of Book Value during a Taxable Year or other Fiscal Period,
following such adjustment Simulated Depletion shall thereafter be calculated under the foregoing provisions based upon such adjusted
Book Value.

 

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

 

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

 

    -13-

     

    

 

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

 

“Stock
Exchange” means the NASDAQ Capital Market.

 

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

 

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

 

“Substituted
Limited Partner” means a Person that is admitted as a Limited Partner to the Partnership pursuant to Section 12.01
with all of the rights of a Limited Partner and who is shown as a Limited Partner on the books and records of the Partnership.

 

“Tax
Rate” shall mean 50%.

 

“Taxable
Year” means the Partnership’s accounting period for U.S. federal income tax purposes determined pursuant to
Section 9.02.

 

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

 

“Transactions”
means the “Transactions” as defined in Section 1.1 of the Contribution Agreement.

 

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

 

“Treasury
Regulations” means the regulations promulgated under the Code and any corresponding provisions of succeeding regulations.

 

    -14-

     

    

 

“Unit”
means a Limited Partner Interest of a Limited Partner or a permitted Assignee in the Partnership and shall include Common Units,
but shall not include the General Partner Interest.

 

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

 

“Unvested
Corporate Shares” means shares of Class A Common Stock issued pursuant to an Equity Plan that are not vested
pursuant to the terms thereof or any award or similar agreement relating thereto.

 

“Value”
means (a) for any Stock Option Plan, the Market Price for the Trading Day immediately preceding the date of exercise of a
stock option under such Stock Option Plan and (b) for any Equity Plan other than a Stock Option Plan, the Market Price for
the Trading Day immediately preceding the Vesting Date.

 

“Vesting
Date” has the meaning set forth in Section 3.10(c).

 

“VickiCristina
Interests” has the meaning set forth in the recitals.

 

“VickiCristina
GP Interests” has the meaning set forth in the recitals.

 

“Voting
Securities” means any Equity Securities of the Corporation that are entitled to vote generally in matters submitted
for a vote of the Corporation’s stockholders or generally in the election of the Corporate Board.

 

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

 

“Year
End Tax Distribution Amount” shall mean with respect to a Partner for any Fiscal Year, an amount equal to the product
of (i) such Partner’s Percentage Interest and (ii) the excess of (x) the Aggregate Tax Distribution Amount for such Fiscal
Year over (y) the aggregate amount of all prior Quarterly Tax Distribution Amounts with respect to such Fiscal Year.

 

Article II.

ORGANIZATIONAL MATTERS

 

Section 2.01 Formation
of Partnership. The Partnership was formed on May 31, 2018 pursuant to the provisions of the Delaware Act.

 

Section 2.02 Amended
and Restated Limited Partnership Agreement. The Partners hereby execute this Agreement for the purpose of continuing the affairs
of the Partnership and the conduct of its business in accordance with the provisions of the Delaware Act. The Partners hereby
agree that during the term of the Partnership set forth in Section 2.06, the rights and obligations of the Partners
with respect to the Partnership will be determined in accordance with the terms and conditions of this Agreement and the Delaware
Act. On any matter upon which this Agreement is silent, the Delaware Act shall control. No provision of this Agreement shall be
in violation of the Delaware Act and, to the extent any provision of this Agreement is in violation of the Delaware Act, such
provision shall be void and of no effect to the extent of such violation without affecting the validity of the other provisions
of this Agreement; provided, however, that where the Delaware Act provides that a provision of the Delaware Act shall apply
“unless otherwise provided in a limited partnership agreement” or words of similar effect, the relevant provisions
of this Agreement shall in each instance control; provided further, that notwithstanding the foregoing, Section 15-120
of the Delaware Act shall not apply or be incorporated into this Agreement.

 

    -15-

     

    

 

Section 2.03 Name.
The name of the Partnership shall be “Falcon Minerals Operating Partnership, LP.” The General Partner in its sole
discretion may change the name of the Partnership at any time and from time to time. Notification of any such change shall be
given to all of the Partners and, to the extent practicable, to all of the holders of any Equity Securities then outstanding.
The Partnership’s business may be conducted under its name and/or any other name or names deemed advisable by the General
Partner.

 

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

 

Section 2.05 Principal
Office; Registered Office. The principal office of the Partnership shall be at 1845 Walnut Street, 10th Floor, Philadelphia,
Pennsylvania 19103, or such other place as the General Partner may from time to time designate. The address of the registered
office of the Partnership in the State of Delaware shall be 1000 North King Street, in the City of Wilmington, Delaware 19801,
and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be
the Corporation Guarantee and Trust Company. The General Partner may from time to time change the Partnership’s registered
agent and registered office in the State of Delaware.

 

Section 2.06 Term.
The term of the Partnership commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue
in existence until termination and dissolution of the Partnership in accordance with the provisions of Article XIV.

 

Section 2.07 No
Joint Venture. The Partners intend that the Partnership not be a joint venture, and that no Partner be a joint venturer of
any other Partner by virtue of this Agreement, and neither this Agreement nor any other document entered into by the Partnership
or any Partner relating to the subject matter hereof shall be construed to suggest otherwise.

 

Article III.

PARTNERS; UNITS; CAPITALIZATION

 

Section 3.01 Partners.

 

(a) The
Corporation previously was admitted as a Limited Partner and shall remain a Limited Partner of the Partnership and the General
Partner previously was admitted as the sole general partner of the Partnership and shall remain the sole general partner of the
Partnership, in each case, upon the Effective Time. At the Effective Time and concurrently with the Royal Contribution, each Royal
Contributor shall be admitted to the Partnership as a Limited Partner.

 

    -16-

     

    

 

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

 

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

 

Section 3.02
Units. Interests in the Partnership shall be represented by Units, or such other securities of the Partnership, in each case
as the General Partner may establish in its discretion in accordance with the terms and subject to the restrictions hereof. Immediately
after the Effective Time, the Units will be comprised of a single class of Common Units. Without limiting the foregoing, to the
extent required pursuant to Section 3.04(a), the General Partner may create one or more classes or series of Common
Units or preferred Units solely to the extent they are in the aggregate substantially equivalent to a class of common stock of
the Corporation or class or series of preferred stock of the Corporation.

 

Section 3.03 Corporation
Contribution and Royal Contribution.

 

(a) Corporation
Contribution. Pursuant to the Contribution Agreement, at the Closing and prior to giving effect to Section 3.04,
the Corporation contributed, assigned, transferred, conveyed and delivered to the Partnership cash in the aggregate amount of
$382,217,254.88 in exchange for (i) 45,855,000 Common Units and (ii) warrants (the “Warrants”) exercisable
for a number of Common Units equal to the number of shares of Class A Common Stock underlying the warrants of the Corporation
outstanding immediately prior to such issuance of Warrants pursuant to this Section 3.03(b) (collectively, the “Unit
Purchase”). Each Warrant shall be treated as a “noncompensatory option” within the meaning of Treasury
Regulations Sections 1.721-2(f) and 1.761-3(b)(2) and shall not be treated as a partnership interest pursuant to Treasury Regulations
Section 1.761-3(a) unless otherwise required pursuant to a “determination” within the meaning of Section 1313
of the Code (or analogous provision of state, local or non-U.S. Law).

 

(b) Royal
Contribution. Pursuant to the Contribution Agreement, at the Closing and prior to giving effect to Section 3.04,
each Royal Contributor contributed, assigned, transferred, conveyed and delivered to the Partnership, free and clear of all Liens
(other than transfer restrictions under applicable securities Laws) the Contributed Interests owned by each such Royal Contributor
and, was issued the number of Common Units set forth next to each such Royal Contributor’s name on Schedule 1, which
Common Units are hereby issued and outstanding as of the Effective Time (the “Contribution”).

 

    -17-

     

    

 

Section 3.04 Authorization
and Issuance of Additional Units. 

 

(a) If
at any time the Corporation issues a share of its Class A Common Stock or any other Equity Security of the Corporation (other
than Class C Common Stock), (i) the Partnership shall issue to the Corporation one Common Unit (if the Corporation issues
a share of Class A Common Stock), or such other Equity Security of the Partnership (if the Corporation issues Equity Securities
other than Class A Common Stock) corresponding to such Equity Securities issued by the Corporation, and with substantially
the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of
such Equity Securities of the Corporation and (ii) the net proceeds received by the Corporation with respect to the issuance
of the corresponding share of Class A Common Stock or other Equity Security, if any, shall be concurrently contributed by
the Corporation to the Partnership as a Capital Contribution; provided, that if the Corporation elects to effect a Direct
Exchange pursuant to Section 11.03, then the Partnership shall not issue any new Common Units in connection therewith.
Notwithstanding the foregoing, this Section 3.04(a) shall not apply to (i) (A) the issuance and distribution
to holders of shares of Class A Common Stock of rights to purchase Equity Securities of the Corporation under a “poison
pill” or similar shareholders rights plan or (B) the issuance under the Corporation’s Equity Plans or Stock Option
Plans of any warrants, options, other rights to acquire Equity Securities of the Corporation or rights or property that may be
converted into or settled in Equity Securities of the Corporation, but shall in each of the foregoing cases apply to the issuance
of Equity Securities of the Corporation in connection with the exercise or settlement of such rights, warrants, options or other
rights or property or (ii) the issuance of Equity Securities pursuant to any Equity Plan (other than a Stock Option Plan)
that are restricted, subject to forfeiture or otherwise unvested upon issuance, but shall apply on the applicable Vesting Date
with respect to such Equity Securities. Except pursuant to Article XI, (x) the Partnership may not issue any
additional Common Units to the Corporation or any of its Subsidiaries unless substantially simultaneously the Corporation or such
Subsidiary issues or sells an equal number of shares of the Corporation’s Class A Common Stock to another Person, and
(y) the Partnership may not issue any other Equity Securities of the Partnership to the Corporation or any of its Subsidiaries
(other than the issuance of Warrants pursuant to Section 3.03(b)) unless substantially simultaneously the Corporation
or such Subsidiary issues or sells, to another Person, an equal number of shares of a new class or series of Equity Securities
of the Corporation or such Subsidiary with substantially the same rights to dividends and distributions (including distributions
upon liquidation) and other economic rights as those of such Equity Securities of the Partnership.

 

(b) The
Partnership shall only be permitted to issue additional Units or other Equity Securities in the Partnership to the Persons and
on the terms and conditions provided for in Section 3.02, this Section 3.04 and Section 3.11.

 

    -18-

     

    

 

(c) The
Partnership shall not in any manner effect any subdivision (by equity split, equity distribution, reclassification, recapitalization
or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Common
Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Common Stock, with corresponding
changes made with respect to any other exchangeable or convertible securities. The Corporation shall not in any manner effect
any subdivision (by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock
split, reclassification, recapitalization or otherwise) of the outstanding Common Stock unless accompanied by an identical subdivision
or combination, as applicable, of the outstanding Common Units, with corresponding changes made with respect to any other exchangeable
or convertible securities. The Partnership shall not in any manner effect any subdivision (by equity split, equity distribution,
reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or
otherwise) of any outstanding Equity Securities of the Partnership (other than the Common Units) unless accompanied by an identical
subdivision or combination, as applicable, of the corresponding Equity Securities of the Corporation, with corresponding changes
made with respect to any other exchangeable or convertible securities. The Corporation shall not in any manner effect any subdivision
(by stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
recapitalization or otherwise) of any outstanding Equity Securities of the Corporation (other than the Common Stock) unless accompanied
by an identical subdivision or combination, as applicable, of the corresponding Equity Securities of the Partnership, with corresponding
changes made with respect to any other exchangeable or convertible securities.

 

Section 3.05 Repurchases
or Redemptions. The Corporation or any of its Subsidiaries may not redeem, repurchase or otherwise acquire (i) any shares
of Class A Common Stock unless substantially simultaneously the Partnership redeems, repurchases or otherwise acquires from
the Corporation an equal number of Common Units for the same price per security or (ii) any other Equity Securities of the
Corporation unless substantially simultaneously the Partnership redeems, repurchases or otherwise acquires from the Corporation
an equal number of Equity Securities of the Partnership of a corresponding class or series with substantially the same rights
to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities
of the Corporation for the same price per security. The Partnership may not redeem, repurchase or otherwise acquire (A) any
Common Units from the Corporation or any of its Subsidiaries unless substantially simultaneously the Corporation or such Subsidiary
redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same price per security
from holders thereof, or (B) any other Equity Securities of the Partnership from the Corporation or any of its Subsidiaries
unless substantially simultaneously the Corporation or such Subsidiary redeems, repurchases or otherwise acquires for the same
price per security an equal number of Equity Securities of the Corporation of a corresponding class or series with substantially
the same rights to dividends and distributions (including distribution upon liquidation) and other economic rights as those of
such Equity Securities of the Corporation. Notwithstanding the foregoing, to the extent that any consideration payable by the
Corporation in connection with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities
of the Corporation or any of its Subsidiaries consists (in whole or in part) of shares of Class A Common Stock or such other
Equity Securities (including in connection with the cashless exercise of an option or warrant), then the redemption or repurchase
of the corresponding Common Units or other Equity Securities of the Partnership shall be effectuated in an equivalent manner.

 

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Section 3.06 Certificates
Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units. 

 

(a) Units
shall not be certificated unless otherwise determined by the General Partner. If the General Partner determines that one or more
Units shall be certificated, each such certificate shall be signed by or in the name of the Partnership, by the Chief Executive
Officer and any other officer designated by the General Partner, representing the number of Units held by such holder. Such certificate
shall be in such form (and shall contain such legends) as the General Partner may determine. Any or all of such signatures on
any certificate representing one or more Units may be a facsimile, engraved or printed, to the extent permitted by applicable
Law. The General Partner agrees that it shall not elect to treat any Unit as a “security” within the meaning of Article
8 of the Uniform Commercial Code unless thereafter all Units then outstanding are represented by one or more certificates.

 

(b) If
Units are certificated, the General Partner may direct that a new certificate representing one or more Units be issued in place
of any certificate theretofore issued by the Partnership alleged to have been lost, stolen or destroyed, upon delivery to the
General Partner of an affidavit of the owner or owners of such certificate, setting forth such allegation. The General Partner
may require the owner of such lost, stolen or destroyed certificate, or such owner’s legal representative, to give the Partnership
a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction
of any such certificate or the issuance of any such new certificate.

 

(c) Upon
surrender to the Partnership or the transfer agent of the Partnership, if any, of a certificate for one or more Units, duly endorsed
or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof,
the Partnership shall issue a new certificate representing one or more Units to the Person entitled thereto, cancel the old certificate
and record the transaction upon its books. Subject to the provisions of this Agreement, the General Partner may prescribe such
additional rules and regulations as it may deem appropriate relating to the issue, Transfer and registration of Units.

 

Section 3.07 Negative
Capital Accounts. No Partner shall be required to pay to any other Partner or the Partnership any deficit or negative balance
which may exist from time to time in such Partner’s Capital Account (including upon and after dissolution of the Partnership).

 

Section 3.08 No
Withdrawal. No Person shall be entitled to withdraw any part of such Person’s Capital Contribution or Capital Account
or to receive any Distribution from the Partnership, except as expressly provided in this Agreement.

 

Section 3.09
Loans From Partners. Loans by Partners to the Partnership shall not be considered Capital Contributions. Subject to the provisions
of Section 3.01(c), the amount of any such advances shall be a debt of the Partnership to such Partner and shall be
payable or collectible in accordance with the terms and conditions upon which such advances are made.

 

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Section 3.10 Tax
Treatment of Corporate Stock Option Plans and Equity Plans.

 

(a) Options
Granted to Persons other than Partnership Employees. If at any time or from time to time, in connection with any Stock Option
Plan, a stock option granted over shares of Class A Common Stock to a Person other than a Partnership Employee is duly exercised,
notwithstanding the amount of the Capital Contribution actually made pursuant to Section 3.04(a), solely for U.S.
federal (and applicable state and local) income tax purposes, the Corporation shall be deemed to have contributed to the Partnership
as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of additional Common Units,
an amount equal to the Value of a share of Class A Common Stock as of the date of such exercise multiplied by the number
of shares of Class A Common Stock then being issued by the Corporation in connection with the exercise of such stock option.

 

(b) Options
Granted to Partnership Employees. If at any time or from time to time, in connection with any Stock Option Plan, a stock option
granted over shares of Class A Common Stock to a Partnership Employee is duly exercised, solely for U.S. federal (and applicable
state and local) income tax purposes, the following transactions shall be deemed to have occurred:

 

(i) The
Corporation shall have sold to the Optionee, and the Optionee shall have purchased from the Corporation, the number of shares
of Class A Common Stock equal to the number of shares of Class A Common Stock as to which such stock option is exercised
multiplied by the following: (x) the exercise price payable by the Optionee in connection with the exercise of such stock
option divided by (y) the Value of a share of Class A Common Stock at the time of such exercise.

 

(ii) The
Corporation shall have sold to the Partnership (or, if the Optionee is an employee of, or other service provider to, a Subsidiary,
the Corporation shall sell to such Subsidiary), and the Partnership (or such Subsidiary, as applicable) shall have purchased from
the Corporation, a number of shares of Class A Common Stock equal to the excess of (x) the number of shares of Class A
Common Stock as to which such stock option is being exercised over (y) the number of shares of Class A Common Stock
sold pursuant to Section 3.10(b)(i) hereof. The purchase price per share of Class A Common Stock for such sale
of shares of Class A Common Stock to the Partnership (or such Subsidiary) shall be the Value of a share of Class A Common
Stock as of the date of exercise of such stock option.

 

(iii) The
Partnership shall have transfered to the Optionee (or, if the Optionee is an employee of, or other service provider to, a Subsidiary,
the Subsidiary shall have transferred to the Optionee) at no additional cost to such Partnership Employee and as additional compensation
to such Partnership Employee, the number of shares of Class A Common Stock described in Section 3.10(b)(ii).

 

(iv) The
Corporation shall have contributed any amounts deemed received by the Corporation pursuant to Section 3.10(b)(i) and
any amount deemed to be received by the Partnership pursuant to Section 3.10(b)(ii) in connection with the exercise
of such stock option.

 

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The
transactions described in this Section 3.10(b) are intended to comply with the provisions of Treasury Regulations
Section 1.1032-3 and shall be interpreted consistently therewith.

 

(c) Restricted
Stock Granted to Partnership Employees. If at any time or from time to time, in connection with any Equity Plan (other than
a Stock Option Plan), any shares of Class A Common Stock are issued to a Partnership Employee (including any shares of Class A
Common Stock that are subject to forfeiture in the event such Partnership Employee terminates his or her employment with the Partnership
or any Subsidiary) in consideration for services performed for the Partnership or any Subsidiary, on the date (such date, the
“Vesting Date”) that the Value of such shares is includible in taxable income of such Partnership Employee,
the following events will be deemed to have occurred solely for U.S. federal (and applicable state and local) income tax purposes:
(a) the Corporation shall have sold such shares of Class A Common Stock to the Partnership (or, if such Partnership
Employee is an employee of, or other service provider to, a Subsidiary, to such Subsidiary) for a purchase price equal to the
Value of such shares of Class A Common Stock, (b) the Partnership (or such Subsidiary) shall have delivered such shares
of Class A Common Stock to such Partnership Employee, (c) the Corporation shall have contributed the purchase price
for such shares of Class A Common Stock to the Partnership as a Capital Contribution, and (d) in the case where such
Partnership Employee is an employee of a Subsidiary, the Partnership shall have contributed such amount to the capital of the
Subsidiary.

 

(d) Future
Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain the Corporation from
adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates
of the Corporation, the Partnership or any of their respective Affiliates. The Partners acknowledge and agree that, in the event
that any such plan is adopted, modified or terminated by the Corporation, amendments to this Section 3.10 may become
necessary or advisable and that any approval or consent to any such amendments requested by the Corporation shall be deemed granted
by the General Partner without the requirement of any further consent or acknowledgement of any other Partner.

 

(e) Anti-dilution
Adjustments. For all purposes of this Section 3.10, the number of shares of Class A Common Stock and the
corresponding number of Common Units shall be determined after giving effect to all anti-dilution or similar adjustments that
are applicable, as of the date of exercise or vesting, to the option, warrant, restricted stock or other equity interest that
is being exercised or becomes vested under the applicable Stock Option Plan or other Equity Plan and applicable award or grant
documentation.

 

Section 3.11
Dividend Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan. Except as may otherwise be provided
in this Article III, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment
plan, cash option purchase plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized
by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects
instead to issue new shares of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation
to the Partnership in exchange for additional Units. Upon such contribution, the Partnership will issue to the Corporation a number
of Units equal to the number of new shares of Class A Common Stock so issued.

 

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Article IV.

DISTRIBUTIONS

 

Section 4.01 Distributions.

 

(a) Distributable
Cash; Other Distributions. To the extent permitted by applicable Law and hereunder, Distributions to Limited Partners may
be declared by the General Partner out of Distributable Cash or other funds or property legally available therefor in such amounts
and on such terms (including the payment dates of such Distributions) as the General Partner shall determine using such record
date as the General Partner may designate; such Distributions shall be made to the Limited Partners as of the close of business
on such record date on a pro rata basis in accordance with each Limited Partner’s Percentage Interest as of the close of
business on such record date; provided, however, that the General Partner shall have the obligation to make Distributions
as set forth in Section 4.01(b) and Section 14.02; and provided further that, notwithstanding any
other provision herein to the contrary, no Distributions shall be made to any Limited Partner to the extent such Distribution
would violate Section 15-309 of the Delaware Act. Promptly following the designation of a record date and the declaration
of a Distribution pursuant to this Section 4.01(a), the General Partner shall give notice to each Limited Partner
of the record date, the amount and the terms of the Distribution and the payment date thereof.

 

(b) Tax
Distributions. Notwithstanding Section 4.01 hereof, but subject to Section 5.05 hereof, the General Partner shall cause the
Partnership to distribute to each of the Partners as promptly as practicable (and in any event within forty-five (45) days)
after the end of each of the first three (3) Fiscal Quarters of each Fiscal Year of the Partnership such Partner’s Quarterly
Tax.

 

(c)
Distribution Amount for such Fiscal Quarter. In addition, the Partnership shall distribute to each Partner as promptly
as practicable (and in any event within one hundred twenty (120) days) after the end of each Fiscal Year an amount equal to such
Partner’s Year End Tax Distribution Amount for such Fiscal Year.

 

Section 4.02 Restricted
Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Partnership shall not make any
Distribution to any Partner on account of any Limited Partner Interest if such Distribution would violate any applicable Law or
the terms of the Credit Agreement or other debt financing of the Partnership or its Subsidiaries.

 

Article V.

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS

 

Section 5.01 Capital
Accounts. 

 

(a) The
Partnership shall maintain a separate Capital Account for each Partner according to the rules of Treasury Regulations Section 1.704-1(b)(2)(iv).
For this purpose, the Partnership may (in the discretion of the General Partner), upon the occurrence of the events specified
in Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and Treasury Regulations Section 1.704-1(b)(2)(iv)(g), increase
or decrease the Capital Accounts in accordance with the rules of such Treasury Regulations to reflect a revaluation of Partnership
property. The Capital Account balance of each of the Partners as of the date hereof, as adjusted in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(f), is its respective “Contribution Closing Capital Account Balance” set forth on the
Schedule of Limited Partners.

 

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(b) The
Capital Account of each Partner shall be increased by (i) the amount of any cash and the fair market value of any property contributed
to the Partnership by such Partner (net of any liability secured by such contributed property that the Partnership is considered
to assume or take subject to); and (ii) the amounts of Profit allocated to such Partner pursuant to Section 5.02 and
any items in the nature of income or gain that are specially allocated to such Partner pursuant to Section 5.03. The
Capital Account of each Partner shall be reduced by (i) the amount of any cash and the fair market value of any property distributed
to such Partner by the Partnership (net of liabilities secured by such distributed property that such Partner is considered to
assume or take subject to); and (ii) the amounts of Loss allocated to such Partner pursuant to Section 5.02 and any
items in the nature of loss or deduction that are specially allocated to such Partner pursuant to Section 5.03. The
Capital Account of each Partner shall otherwise be adjusted in accordance with the rules set forth in Treasury Regulations Section
1.704-1(b)(2)(iv). If any property other than cash is distributed to a Partner, the Capital Account of such Partner shall be adjusted
as if the property had instead been sold by the Partnership for a price equal to its fair market value, and the proceeds thereafter
distributed to such Partner.

 

(c) For
purposes of computing the amount of any item of Profit or Loss, the determination, recognition and classification of any such
item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes (including any
method of depreciation, cost recovery or amortization used for this purpose); provided, however, that:

 

(i) the
computation of all items of income, gain, loss and deduction shall include those items described in Code Section 705(a)(l)(B)
or Code Section 705(a)(2)(B) and Treasury Regulations Section 1.704-1(b)(2)(iv)(i), without regard to the fact that
such items are not includable in gross income or are not deductible for U.S. federal income tax purposes;

 

(ii) if
the Book Value of any Partnership property is adjusted pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(e) or (f),
the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property;

 

(iii) items
of income, gain, loss or deduction attributable to the disposition of Partnership property having a Book Value that differs from
its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property;

 

(iv) in
lieu of depreciation, amortization and other cost recovery deductions (excluding depletion with respect to a Depletable Property),
there shall be taken into account Depreciation for such Taxable Year or other Fiscal Period;

 

(v) to
the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Sections 732(d), 734(b) or 743(b)
is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital
Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases such basis);

 

    -24-

     

    

 

(vi) Simulated
Gains with respect to Depletable Properties shall be taken into account in lieu of actual gains on such Depletable Properties;
and

 

(vii) items
specifically allocated under Section 5.03 shall be excluded.

 

Section 5.02
Book Allocations. After giving effect to the allocations under Section 5.03, Profits and Losses (or items thereof)
for any Taxable Year or other Fiscal Period shall be allocated among the Capital Accounts of the Partners pro rata in accordance
with their Percentage Interests.

 

Section 5.03 Regulatory
and Special Allocations.

 

(a) Partner
nonrecourse deductions (as defined in Treasury Regulations Section 1.704-2(i)(2)) attributable to partner nonrecourse debt
(as defined in Treasury Regulations Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulations
Section 1.704-2(i). If there is a net decrease during a Taxable Year in Partner Minimum Gain, Profits for such Taxable Year
(and, if necessary, for subsequent Taxable Years) shall be allocated to the Partners in the amounts and of such character as determined
according to Treasury Regulations Section 1.704-2(i)(4). This Section 5.03(a) is intended to comply with the
minimum gain chargeback requirements set forth in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently
therewith.

 

(b) Nonrecourse
deductions (as determined according to Treasury Regulations Section 1.704-2(b)(1)) for any Taxable Year shall be allocated
pro rata among the Partners in accordance with their Percentage Interests. Except as otherwise provided in Treasury Regulations
Section 1.704-2(f), if there is a net decrease in the Partnership Minimum Gain during any Taxable Year, each Partner shall be
allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character
as determined according to Treasury Regulations Section 1.704-2(g). This Section 5.03(b) is intended to be a
minimum gain chargeback provision that complies with the requirements of Treasury Regulations Section 1.704-2(f), and shall
be interpreted in a manner consistent therewith.

 

(c) If
any Partner that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of
Section 5.03(a) and 5.03(b) but before the application of any other provision of this Article V,
then Profits for such Taxable Year shall be allocated to such Partner in proportion to, and to the extent of, such Adjusted Capital
Account Deficit. This Section 5.03(c) is intended to be a qualified income offset provision as described in Treasury
Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith.

 

(d) If
any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum of (i) the amount such Partner
is obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such
Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible,
provided that an allocation pursuant to this provision shall be made only if and to the extent that such Partner would have a
deficit Capital Account in excess of such sum after all other allocations provided for in this Agreement have been made as if
Section 5.03(c) and this Section 5.03(d) were not in the Agreement.

 

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

 

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

 

(g) Simulated
Depletion for each Depletable Property and Simulated Loss upon the disposition of a Depletable Property shall be allocated among
the Partners in proportion to their shares of the Simulated Basis in such property.

 

(h) The
allocations set forth in Section 5.03(a) through and including Section 5.03(d) (the “Regulatory
Allocations”) are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury
Regulations. The Regulatory Allocations may not be consistent with the manner in which the Partners intend to allocate Profit
and Loss of the Partnership or make Distributions. Accordingly, notwithstanding the other provisions of this Article V,
but subject to the Regulatory Allocations, income, gain, deduction and loss shall be reallocated among the Partners so as to eliminate
the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Partners to be in the amounts
(or as close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain, deduction and
loss) had been allocated without reference to the Regulatory Allocations. If in any Taxable Year or other Fiscal Period there
is a decrease in Partnership Minimum Gain, or in Partner Minimum Gain, and application of the minimum gain chargeback requirements
set forth in Section 5.03(a) or Section 5.03(b) would cause a distortion in the economic arrangement among
the Partners, the Partners may, if they do not expect that the Partnership will have sufficient other income to correct such distortion,
request the Internal Revenue Service to waive either or both of such minimum gain chargeback requirements. If such request is
granted, this Agreement shall be applied in such instance as if it did not contain such minimum gain chargeback requirement.

 

Section 5.04 Tax
Allocations.

 

(a) The
income, gains, losses, deductions and credits of the Partnership will be allocated, for U.S. federal (and applicable state and
local) income tax purposes, among the Partners in accordance with the allocation of such income, gains, losses, deductions and
credits among the Partners for computing their Capital Accounts; provided, that if any such allocation is not permitted
by the Code or other applicable Law, the Partnership’s subsequent income, gains, losses, deductions and credits will be
allocated among the Partners so as to reflect as nearly as possible the allocation set forth herein in computing their Capital
Accounts.

 

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(b) Cost
and percentage depletion deductions with respect to each Depletable Property shall be computed separately by the Partners rather
than the Partnership. For purposes of such computations, the U.S. federal income tax basis of each Depletable Property shall be
allocated to each Partner in accordance with such Partner’s Percentage Interest as of the time such Depletable Property
is acquired by the Partnership, and shall be reallocated among the Partners in accordance with such Partner’s Percentage
Interest as determined immediately following the occurrence of an event giving rise to an adjustment to the Book Values of the
Partnership’s Depletable Properties pursuant to the definition of Book Value (or at the time of any material additions to
the U.S. federal income tax basis of such Depletable Property). Such allocations are intended to be applied in accordance with
the “partners’ interests in partnership capital” under Section 613A(c)(7)(D) of the Code; provided
that the Partners understand and agree that the General Partner may authorize special allocations of tax basis, income, gain,
deduction or loss, as computed for U.S. federal income tax purposes, in order to eliminate differences between Simulated Basis
and adjusted U.S. federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with
the principles of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations
under Section 704(b) that apply the principles of Section 704(c), using the “remedial method”, as described
in Treasury Regulations Section 1.704-3(d).

 

(c) For
purposes of the separate computation of gain or loss by each Partner on a taxable Disposition of Depletable Property, the amount
realized from such Disposition shall be allocated (i) first, to the Partners in an amount equal to the Simulated Basis in
such Depletable Property and in the same proportion as their shares thereof were allocated and (ii) second, any remaining
amount realized shall be allocated consistent with the allocation of Simulated Gains; provided, however, that the
Partners understand and agree that the General Partner may authorize special allocations of tax basis, income, gain, deduction
or loss, as computed for U.S. federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted
U.S. federal income tax basis with respect to Depletable Properties, in such manner as determined consistent with the principles
of Section 704(c) of the Code, the Treasury Regulations thereunder and the portions of the Treasury Regulations under Section 704(b)
that apply the principles of Section 704(c), using the “remedial method”, as described in Treasury Regulations
Section 1.704-3(d). The provisions of this Section 5.04(c) and the other provisions of this Agreement relating
to allocations under Section 613A(c)(7)(D) of the Code are intended to comply with Treasury Regulations Section 1.704-1(b)(4)(v)
and shall be interpreted and applied in a manner consistent with such Treasury Regulations.

 

(d) Each
Partner shall, in a manner consistent with this Article V, separately keep records of its share of the adjusted tax
basis in each Depletable Property, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable
with respect to such property and use such adjusted tax basis in the computation of its cost depletion or in the computation of
its gain or loss on the disposition of such property by the Partnership. Upon the request of the Partnership, each Partner may
advise the Partnership of its adjusted tax basis in each Depletable Property and any depletion computed with respect thereto,
both as computed in accordance with the provisions of this subsection. The Partnership may rely on such information and, if it
is not provided by the Partner, may make such reasonable assumptions as it shall determine with respect thereto.

 

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(e) Items
of Partnership taxable income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership
shall be allocated among the Partners in accordance with Code Section 704(c) so as to take account of any variation between
the adjusted basis of such property to the Partnership for U.S. federal income tax purposes and its Book Value using the “remedial
method”, as described in Treasury Regulations Section 1.704-3(d).

 

(f) If
the Book Value of any Partnership asset is adjusted pursuant to Section 5.01(b), subsequent allocations of items of
taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis
of such asset for U.S. federal income tax purposes and its Book Value in the same manner as under Code Section 704(c) using
the “remedial method”, as described in Treasury Regulations Section 1.704-3(d).

 

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

 

(h) Allocations
of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Partners pro rata as determined
by the General Partner taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii).

 

(i) For
purposes of determining a Partner’s pro rata share of the Partnership’s “excess nonrecourse liabilities”
within the meaning of Treasury Regulations Section 1.752-3(a)(3), each Partner’s interest in income and gain shall
be in proportion to its Percentage Interests.

 

(j) Allocations
pursuant to this Section 5.04 are solely for purposes of U.S. federal (and applicable state and local) income taxes
and shall not affect, or in any way be taken into account in computing, any Partner’s Capital Account or share of Profits,
Losses, Distributions or other Partnership items pursuant to any provision of this Agreement.

 

Section 5.05
Withholding; Indemnification and Reimbursement for Payments on Behalf of a Partner. The Partnership and its Subsidiaries may
withhold from distributions, allocations or portions thereof if it is required to do so by any applicable Law, and each Partner
hereby authorizes the Partnership and its Subsidiaries to withhold or pay on behalf of or with respect to such Partner any amount
of U.S. federal, state, or local or non-U.S. taxes that the General Partner determines, in good faith, that the Partnership or
any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Partner pursuant
to this Agreement. In addition, if the Partnership is obligated to pay any other amount to a Governmental Entity (or otherwise
makes a payment to a Governmental Entity) that is specifically attributable to a Partner (including U.S. federal income taxes
as a result of Partnership obligations pursuant to the Revised Partnership Audit Provisions with respect to items of income, gain,
loss deduction or credit allocable or attributable to such Partner, state personal property taxes and state unincorporated business
taxes, but excluding payments such as professional association fees and the like made voluntarily by the Partnership on behalf
of any Partner based upon such Partner’s status as an employee of the Partnership), then such tax shall be treated as an
amount of taxes withheld or paid with respect to such Partner pursuant to this Section 5.05. For all purposes under
this Agreement, any amounts withheld or paid with respect to a Partner pursuant to this Section 5.05 shall be treated
as having been distributed to such Partner at the time such withholding or payment is made. Further, to the extent that the cumulative
amount of such withholding or payment for any period exceeds the distributions to which such Partner is entitled for such period,
such Partner shall indemnify the Partnership in full for the amount of such excess. The General Partner may offset Distributions
to which a Person is otherwise entitled under this Agreement against such Person’s obligation to indemnify the Partnership
under this Section 5.05. A Partner’s obligation to indemnify the Partnership under this Section 5.05
shall survive the termination, dissolution, liquidation and winding up of the Partnership, and for purposes of this Section 5.05,
the Partnership shall be treated as continuing in existence. The Partnership may pursue and enforce all rights and remedies it
may have against each Partner under this Section 5.05, including instituting a lawsuit to collect amounts owed under
such indemnity with interest accruing from the date such withholding or payment is made by the Partnership at a rate per annum
equal to the sum of the Base Rate (but not in excess of the highest rate per annum permitted by Law). Any income from such indemnity
(and interest) shall not be allocated to or distributed to the Partner paying such indemnity (and interest). Each Partner hereby
agrees to furnish to the Partnership such information and forms as required or reasonably requested in order to comply with any
laws and regulations governing withholding of tax or in order to claim any reduced rate of, or exemption from, withholding to
which the Partner is legally entitled.

 

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Article VI.

MANAGEMENT

 

Section 6.01 Authority
of General Partner.

 

(a) Except
for situations in which the approval of any Limited Partner(s) is specifically required by this Agreement, (i) all management
powers over the business and affairs of the Partnership shall be exclusively vested in the General Partner and (ii) the General
Partner shall conduct, direct and exercise full control over all activities of the Partnership. Except as otherwise expressly
provided for herein and subject to the other provisions of this Agreement, no Limited Partner has the right or power to participate
in the management or affairs of the Partnership, nor does any Limited Partner have the power to sign for or bind the Partnership
or deal with third parties on behalf of the Partnership without the consent of the General Partner.

 

(b) The
day-to-day business and operations of the Partnership shall be overseen and implemented by officers of the Partnership (each,
an “Officer” and collectively, the “Officers”), subject to the limitations
imposed by the General Partner. An Officer may, but need not, be a Partner or an officer of the Corporation. Each Officer shall
be appointed by the General Partner and shall hold office until his or her successor shall be duly designated and shall qualify
or until his or her death or until he shall resign or shall have been removed in the manner hereinafter provided. Any one Person
may hold more than one office. Subject to the other provisions in this Agreement (including in Section 6.06 below),
the salaries or other compensation, if any, of the Officers of the Partnership shall be fixed from time to time by the General
Partner. The authority and responsibility of the Officers shall include, but not be limited to, such duties as the General Partner
may, from time to time, delegate to them and the carrying out of the Partnership’s business and affairs on a day-to-day
basis. An Officer may also perform one or more roles as an officer of the General Partner. Subject to any agreement between the
Corporation or the Partnership and an Officer regarding such Officer’s service or employment, the General Partner may remove
any such Officer from office at any time, with or without cause. If any vacancy shall occur in any office, for any reason whatsoever,
then the General Partner shall have the right to appoint a new Officer to fill the vacancy.

 

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

 

(d) Notwithstanding
any other provision of this Agreement, neither the General Partner nor any Officer authorized by the General Partner shall have
the authority, on behalf of the Partnership, either directly or indirectly, without the prior approval of each Partner, to take
any action that would result in the failure of the Partnership to be taxable as a partnership for purposes of federal income tax,
or take any position inconsistent with treating the Partnership as a partnership for purposes of federal income tax, except as
required by Law.

 

Section 6.02
Actions of the General Partner. The General Partner may act through any Officer or through any other Person or Persons to
whom authority and duties have been delegated pursuant to Section 6.06. 

 

Section 6.03 Transfer
and Withdrawal of General Partner. 

 

(a) Except
in connection with a General Partner Change of Control, the General Partner shall not have the right to transfer or assign the
General Partner Interest, and the General Partner shall not have the right to withdraw from the Partnership; provided,
that, without the consent of any of the Limited Partners, the General Partner may be reconstituted as or converted into a corporation,
partnership or other form of entity (any such reconstituted or converted entity being deemed to be the General Partner for all
purposes hereof) by merger, consolidation, conversion or otherwise, or transfer or assign the General Partner Interest (in whole
or in part) to one of its Affiliates that is a wholly owned Subsidiary of the Corporation so long as such other entity or Affiliate
shall have assumed in writing the obligations of the General Partner under this Agreement. In the event of an assignment or other
transfer of all of the General Partner Interest in accordance with this Section 6.03, such assignee or transferee
shall be substituted in the General Partner’s place as general partner of the Partnership in all respects under this Agreement
and immediately thereafter the General Partner shall withdraw as a general partner of the Partnership (but shall remain entitled
to exculpation and indemnification pursuant to Section 6.07 and Section 7.04 with respect to events occurring
on or prior to such date).

 

(b) Except
as otherwise contemplated by Section 6.03(a), no assignee or transferee shall become the general partner of the Partnership
by virtue of such assignee’s or transferee’s receiving all or a portion of any interest in the Partnership from the
General Partner or another assignee or transferee from the General Partner without the written consent of all of the Partners
to such substitution, which consent may be given or withheld, or made subject to such conditions as each Partner deems appropriate
in its sole discretion.

 

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Section 6.04
Transactions Between Partnership and General Partner. The General Partner may cause the Partnership to contract and deal with
the General Partner, or any Affiliate of the General Partner, or any Blackstone Party or Affiliate of any Blackstone Party, provided
such contracts and dealings are on terms comparable to and competitive with those available to the Partnership from others
dealing at arm’s length and are approved by (a) the Partners holding a majority of the Units (excluding Units held by the
General Partner and its controlled Affiliates) then outstanding and (b) a majority of the Independent Directors, and, in each
case, otherwise are permitted by the Credit Agreement.

 

Section 6.05
Reimbursement for Expenses. The Limited Partners acknowledge and agree that the General Partner is and will continue to be
a wholly owned Subsidiary of the Corporation, whose Class A Common Stock is and will continue to be publicly traded, and
therefore the General Partner and the Corporation will have access to the public capital markets and that such status and the
services performed by the General Partner and the Corporation, if any, will inure to the benefit of the Partnership and all Limited
Partners; therefore, the Partnership shall pay for and reimburse, without duplication, the General Partner and the Corporation
amounts with respect to any fees, expenses and costs incurred by the General Partner or the Corporation on behalf of the Partnership,
including all fees, expenses and costs of the Corporation being a public company (including public reporting obligations, proxy
statements, stockholder meetings, stock exchange fees, transfer agent fees, SEC and FINRA filing fees and offering expenses) and
maintaining its corporate existence, it being acknowledged and agreed that such payments and reimbursements shall not be treated
as Distributions. To the extent practicable, expenses incurred by the General Partner or the Corporation on behalf of or for the
benefit of the Partnership shall be billed directly to and paid by the Partnership. If and to the extent any advances or reimbursements
to the General Partner or the Corporation or any of their respective Affiliates by the Partnership pursuant to this Section 6.05
constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Partnership),
such amounts shall be treated as “guaranteed payments” within the meaning of Code Section 707(c) and shall not
be treated as distributions for purposes of computing the Limited Partners’ Capital Accounts.

 

Section 6.06 Delegation
of Authority. The General Partner (a) may, from time to time, delegate to one or more Persons such authority and duties
as the General Partner may deem advisable, and (b) may assign titles (including chief executive officer, president, chief
executive officer, chief financial officers, chief operating officer, vice president, secretary, assistant secretary, treasurer
or assistant treasurer) and delegate certain authority and duties to such Persons as the same may be amended, restated or otherwise
modified from time to time, in each case subject to the terms of this Agreement. Any number of titles may be held by the same
individual. The salaries or other compensation, if any, of such agents of the Partnership shall be fixed from time to time by
the General Partner, subject to the other provisions in this Agreement.

 

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Section 6.07 Limitation
of Liability of the General Partner.

 

(a) Except
as otherwise provided herein or in an agreement entered into by such Person and the Partnership, neither the General Partner nor
any of the General Partner’s Affiliates shall be liable to the Partnership or to any Partner that is not the General Partner,
in such Partner’s capacity as a partner of the Partnership, for any act or omission performed or omitted by the General
Partner in its capacity as the general partner of the Partnership pursuant to authority granted to the General Partner by this
Agreement; provided, however, that, except as otherwise provided herein, such limitation of liability shall not apply to
the extent the act or omission was attributable to the General Partner’s bad faith, willful misconduct or violation of Law
in which the General Partner acted with knowledge that its conduct was unlawful. The General Partner may exercise any of the powers
granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents,
and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as such agent was selected
in good faith and with reasonable care). The General Partner shall be entitled to rely upon the advice of legal counsel, independent
public accountants and other experts, including financial advisors, and any act of or failure to act by the General Partner in
good faith reliance on such advice shall in no event subject the General Partner to liability to the Partnership or any Partner
that is not the General Partner.

 

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

 

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

 

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

 

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Section 6.08 Investment
Company Act. The General Partner shall use its best efforts to ensure that the Partnership shall not be subject to registration
as an investment company pursuant to the Investment Company Act.

 

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

 

Section 6.10 Standard
of Care. Except to the extent otherwise expressly set forth in this Agreement, the General Partner shall, in connection with
the performance of its duties in its capacity as the General Partner, have the same fiduciary duties to the Partnership and the
Partners as would be owed to a Delaware corporation and its stockholders by its directors, and shall be entitled to the benefit
of the same presumptions in carrying out such duties as would be afforded to a director of a Delaware corporation (as such duties
and presumptions are defined, described and explained under the Laws of the State of Delaware as in effect from time to time).
The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities
of the General Partner otherwise existing at law or in equity, are agreed by the Partners to replace, to the fullest extent permitted
by applicable Law, such other duties and liabilities of the General Partner.

 

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Article VII.

RIGHTS AND OBLIGATIONS OF PARTNERS

 

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

 

(a) Except
as provided in this Agreement or in the Delaware Act, no Partner (including the General Partner) shall be obligated personally
for any debt, obligation or liability solely by reason of being a Partner or acting as the General Partner of the Partnership;
provided that, in the case of the General Partner, this sentence shall not in any manner limit the liability of any Partner
to the Partnership or any other Partner attributable to a breach by the such Partner of any terms of this Agreement. Notwithstanding
anything contained herein to the contrary, the failure of the Partnership to observe any formalities or requirements relating
to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be
grounds for imposing personal liability on the Partners for liabilities of the Partnership.

 

(b) In
accordance with the Delaware Act and the laws of the State of Delaware, a Partner may, under certain circumstances, be required
to return amounts previously distributed to such Partner. It is the intent of the Partners that no Distribution to any Partner
pursuant to Article IV shall be deemed a return of money or other property paid or distributed in violation of the Delaware
Act. The payment of any such money or Distribution of any such property to a Partner shall be deemed to be a compromise within
the meaning of Section 17-502(b) of the Delaware Act, and, to the fullest extent permitted by Law, any Partner receiving
any such money or property shall not be required to return any such money or property to the Partnership or any other Person.
However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Partner is obligated
to make any such payment, such obligation shall be the obligation of such Partner and not of any other Partner.

 

(c) Notwithstanding
any other provision of this Agreement (subject to Section 6.07 and except as set forth in Section 6.10,
in each case with respect to the General Partner), to the extent that, at law or in equity, any Partner (or such Partner’s
Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary or trustee of such Partner
or of any Affiliate of such Partner (each Person described in this parenthetical, a “Related Person”))
has duties (including fiduciary duties) to the Partnership, to another Partner (including the General Partner), to any Person
who acquires an interest in a Limited Partner Interest or to any other Person bound by this Agreement, but in in each case other
than any duties (including fiduciary duties) owed the Corporation and its stockholders, all such duties (including fiduciary duties)
are hereby eliminated, to the fullest extent permitted by law, and replaced with the duties or standards expressly set forth herein,
if any. Such elimination of duties (including fiduciary duties) to the Partnership, each of the Partners (including the General
Partner), each other Person who acquires an interest in a Limited Partner Interest and each other Person bound by this Agreement
and replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Partnership, each
of the Partners (including the General Partner), each other Person who acquires an interest in a Limited Partner Interest and
each other Person bound by this Agreement.

 

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

 

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

 

Section 7.03 No
Right of Partition. No Partner, other than the General Partner, shall have the right to seek or obtain partition by court
decree or operation of Law of any Partnership property, or the right to own or use particular or individual assets of the Partnership.

 

Section 7.04 Indemnification.

 

(a) Subject
to Section 5.05, the Partnership hereby agrees to indemnify and hold harmless any Person (each an “Indemnified
Person”) to the fullest extent permitted under the Delaware Act, as the same now exists or may hereafter be amended,
substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such amendment,
substitution or replacement permits the Partnership to provide broader indemnification rights than the Partnership is providing
immediately prior to such amendment), against all expenses, liabilities and losses (including attorneys’ fees, judgments,
fines, excise taxes or penalties) reasonably incurred or suffered by such Person (or one or more of such Person’s Affiliates)
by reason of the fact that such Person is or was a Partner or is or was serving as the General Partner, Officer, employee or other
agent of the Partnership or is or was serving at the request of the Partnership as a manager, officer, director, principal, member,
employee or agent of another corporation, partnership, joint venture, limited liability company, trust or other enterprise; provided,
however, that no Indemnified Person shall be indemnified for any expenses, liabilities and losses suffered that are attributable
to such Indemnified Person’s or its Affiliates’ bad faith, willful misconduct or violation of Law in which such Indemnified
Person acted with knowledge that its conduct was unlawful, or for any present or future breaches of any representations, warranties,
covenants or obligations by such Indemnified Person or its Affiliates contained herein or in the other agreements with the Partnership.
Expenses, including attorneys’ fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by
the Partnership in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking
by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person
is not entitled to be indemnified by the Partnership.

 

(b) The
right to indemnification and the advancement of expenses conferred in this Section 7.04 shall not be exclusive of
any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the General Partner
or otherwise.

 

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(c) The
Partnership shall maintain directors’ and officers’ liability insurance, or substantially equivalent insurance, at
its expense, to protect any Indemnified Person against any expense, liability or loss described in Section 7.04(a)
whether or not the Partnership would have the power to indemnify such Indemnified Person against such expense, liability or loss
under the provisions of this Section 7.04. The Partnership shall use its commercially reasonable efforts to purchase
and maintain property, casualty and liability insurance in types and at levels customary for companies of similar size engaged
in similar lines of business, as determined in good faith by the General Partner.

 

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

 

Section 7.05
Limited Partners’ Right to Act. For matters that require the approval of the Limited Partners, the Limited Partners
shall act through meetings and written consents as described in paragraphs (a), (b) and (c) below: 

 

(a) Except
as otherwise expressly provided by this Agreement, acts by the Limited Partners holding a majority of the outstanding Units, voting
together as a single class, shall be the acts of the Limited Partners. Any Limited Partner entitled to vote at a meeting of Limited
Partners may authorize another person or persons to act for it by proxy. An electronic mail, telegram, telex, cablegram or similar
transmission by the Limited Partner, or a photographic, photostatic, facsimile or similar reproduction of a writing executed by
the Limited Partner shall (if stated thereon) be treated as a proxy executed in writing for purposes of this Section 7.05(a).
No proxy shall be voted or acted upon after eleven months from the date thereof, unless the proxy provides for a longer period.
A proxy shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable and that the proxy is coupled
with an interest. Should a proxy designate two or more Persons to act as proxies, unless that instrument shall provide to the
contrary, a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and
may exercise all the powers of voting or giving consents thereby conferred, or, if only one be present, then such powers may be
exercised by that one; or, if an even number attend and a majority do not agree on any particular issue, the Partnership shall
not be required to recognize such proxy with respect to such issue if such proxy does not specify how the votes that are the subject
of such proxy are to be voted with respect to such issue.

 

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(b) The
actions by the Limited Partners permitted hereunder may be taken at a meeting called by the General Partner or by the Limited
Partners holding a majority of the Units entitled to vote on such matter on at least 48 hours’ prior written notice to the
other Limited Partners entitled to vote, which notice shall state the purpose or purposes for which such meeting is being called.
The actions taken by the Limited Partners entitled to vote or consent at any meeting (as opposed to by written consent), however
called and noticed, shall be as valid as though taken at a meeting duly held after regular call and notice if (but not until),
either before, at or after the meeting, the Limited Partners entitled to vote or consent as to whom it was improperly held signs
a written waiver of notice or a consent to the holding of such meeting or an approval of the minutes thereof. The actions by the
Limited Partners entitled to vote or consent may be taken by vote of the Limited Partners entitled to vote or consent at a meeting
or by written consent, so long as such consent is signed by Limited Partners having not less than the minimum number of Units
that would be necessary to authorize or take such action at a meeting at which all Limited Partners entitled to vote thereon were
present and voted. Prompt notice of the action so taken, which shall state the purpose or purposes for which such consent is required
and may be delivered via email, without a meeting shall be given to those Limited Partners entitled to vote or consent who have
not consented in writing; provided, however, that the failure to give any such notice shall not affect the validity of
the action taken by such written consent. Any action taken pursuant to such written consent of the Limited Partners shall have
the same force and effect as if taken by the Limited Partners at a meeting thereof.

 

Section 7.06 Inspection
Rights. The Partnership shall permit each Partner and each of its designated representatives to visit and inspect (i) the
books and records of the Partnership, including its partner ledger and a list of its Partners and (ii) the books and records
of its Subsidiaries. The Partners have no other inspection rights.

 

Article VIII.

BOOKS, RECORDS, ACCOUNTING AND REPORTS

 

Section 8.01
Records and Accounting. The Partnership shall keep, or cause to be kept, appropriate books and records with respect to the
Partnership’s business, including all books and records necessary to provide any information, lists and copies of documents
required to be provided pursuant to Section 8.03 or pursuant to applicable Laws. All matters concerning (a) the
determination of the relative amount of allocations and Distributions among the Limited Partners pursuant to Articles III
and IV and (b) accounting procedures and determinations, and other determinations not specifically and expressly provided
for by the terms of this Agreement, shall be determined by the General Partner, whose determination shall be final and conclusive
as to all of the Limited Partners absent manifest clerical error.

 

Section 8.02
Fiscal Year. The Fiscal Year of the Partnership shall end on December 31 of each year or such other date as may be established
by the General Partner; provided that the Partnership shall have the same Fiscal Year for accounting purposes as its Taxable
Year for U.S. federal income tax purposes.

 

Section 8.03 Reports.
The Partnership shall deliver or cause to be delivered, within ninety (90) days after the end of each Fiscal Year, to each
Person who was a Partner at any time during such Fiscal Year, all information reasonably necessary for the preparation of such
Person’s United States federal and applicable state income tax returns.

 

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Article IX.

TAX MATTERS

 

Section 9.01
Preparation of Tax Returns. The General Partner shall arrange, at the Partnership’s expense, for the preparation and
timely filing of all tax returns required to be filed by the Partnership. On or before March 15, June 15, September 15,
and December 15 of each Taxable Year, the Partnership shall send to each Person who was a Partner at any time during the
prior quarter, an estimate of such Partner’s state tax apportionment information and allocations to the Partners of taxable
income, gains, losses, deductions and credits for the prior quarter, which estimate shall have been reviewed by the Partnership’s
outside tax accountants. In addition, no later than the later of (i) March 15 following the end of the prior Taxable
Year, and (ii) thirty (30) Business Days after the issuance of the final financial statement report for a Fiscal Year by
the Partnership’s auditors but in no event later than April 15 following the end of the prior Taxable Year, the Partnership
shall send to each Person who was a Partner at any time during such Taxable Year, a statement showing such Partner’s (A) final
state tax apportionment information, (B) allocations to the Partners of taxable income, gains, losses, deductions and credits
for such Taxable Year, (C) a completed IRS Schedule K-1 and (D) all other information reasonably requested and necessary
for the preparation of such Partner’s U.S. federal (and applicable state and local) income tax returns, provided
that if a complete IRS Schedule K-1 is not issued by March 15 following the end of the relevant Taxable Year, the General
Partner shall cause the Partnership to provide each Partner a draft IRS Schedule K-1 for the relevant Taxable Year by March 15
following the end of such Taxable Year. Each Partner shall notify the Partnership, and the Partnership shall take reasonable efforts
to notify each of the other Partners, upon receipt of any notice of tax examination of the Partnership by U.S. federal, state
or local authorities. Subject to the terms and conditions of this Agreement, in its capacity as Partnership Representative (as
applicable), the General Partner shall have the authority to prepare the tax returns of the Partnership using the elections set
forth in Section 9.02 and such other permissible methods and elections as it determines in its reasonable discretion.

 

Section 9.02 Tax
Elections. The Partnership and any eligible Subsidiary shall make an election pursuant to Section 754 of the Code, shall
not thereafter revoke such election. In addition, the Partnership (and any eligible Subsidiary) shall make the following elections
on the appropriate forms or tax returns:

 

(a) to
adopt the calendar year as the Partnership’s Taxable Year, if permitted under the Code;

 

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

 

(c) to
elect to amortize the organizational expenses of the Partnership as permitted by Code Section 709(b).

 

Each
Partner will upon request supply any information reasonably necessary to give proper effect to any such elections.

 

Section 9.03
Tax Controversies. The General Partner shall be designated and may, on behalf of the Partnership, at any time, and without
further notice to or consent from any Partner, act as the “partnership representative” of the Partnership, within
the meaning given to such term in Section 6223 of the Code, and any corresponding or similar role for relevant state and
local tax purposes (the General Partner, in such capacity, the “Partnership Representative”). The Partnership
Representative shall have the right and obligation to take all actions authorized and required, respectively, by the Code or any
applicable state or local Law with respect to Taxes for the Partnership Representative, and is authorized and required to represent
the Partnership (at the Partnership’s expense) in connection with all examinations of the Partnership’s affairs by
tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional
services reasonably incurred in connection therewith. Without the consent of the Limited Partners, the Partnership Representative
shall not make any election apply the “alternative to payment of imputed underpayment by partnership” under Section 6226
of the Code to pass the underpayment adjustment of the Partnership to any partners of the reviewed year. Each Partner agrees to
cooperate with the Partnership and to do or refrain from doing any or all things reasonably requested by the Partnership with
respect to the conduct of such proceedings. The Partnership Representative shall keep all Partners fully advised on a current
basis of any contacts by or discussions with the tax authorities.

 

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Article X.

RESTRICTIONS ON TRANSFER OF UNITS

 

Section 10.01
Transfers by Partners. No holder of Units may Transfer any interest in any Units, except Transfers (a) pursuant to and
in accordance with Section 10.02 or (b) approved in writing by the General Partner. Notwithstanding the foregoing,
this Article X shall not apply to any Redemption pursuant to Section 11.01 or exchange pursuant to Section 11.03.

 

Section 10.02
Permitted Transfers. The restrictions contained in Section 10.01 shall not apply to any Transfer (each, a “Permitted
Transfer”) (i) by a Limited Partner to a Controlled Affiliate of such Limited Partner, (ii) by a Royal Contributor
to the direct holders of equity interests in such Royal Contributor, and if any such holder as of the date hereof is a Blackstone
Party, to the direct holders of equity interests in such Blackstone Party as of the date hereof, (iii) to an Affiliate of, or
a direct holder of equity interests in, Royal LP, (iv) by any individual transferee pursuant to clause (ii) or (iii) of this sentence
to any Controlled Affiliate of such transferee or any trust, family partnership or family limited liability company, the sole
beneficiaries, partners or members of which are such transferee or Relatives of such transferee for bona fide estate planning
purposes, (v) to an Affiliate of any Blackstone Party, (vi) in the case of an individual Partner, upon death or incapacity to
such Partner’s estate, executors, trustees, administrators and personal representatives, and then to such Partner’s
legal representatives, heirs, beneficiaries or legatees (whether or not such recipients are a spouse, children, spouses of children,
grandchildren, spouses of grandchildren, parents or siblings of such Partner) or (vii) pursuant to a Redemption or Direct Exchange
in accordance with Article XI hereof; provided, however, that (A) the restrictions contained in this Agreement
will continue to apply to Units after any Permitted Transfer of such Units and (B) in the case of the foregoing clauses (i)
the transferees of the Units so Transferred shall agree in writing to be bound by the provisions of this Agreement, and the transferor
will deliver a written notice to the Partnership and the Partners, which notice will disclose in reasonable detail the identity
of the proposed transferee. In the case of a Permitted Transfer (other than a Redemption or Direct Exchange) by any Limited Partner
(other than the Corporation) of Common Units to a transferee in accordance with this Section 10.02, such Limited Partner
(or any subsequent transferee of such Limited Partner) shall be required to also transfer a number of shares of Class C Common
Stock corresponding to the number of such Limited Partner’s (or subsequent transferee’s) Common Units that were transferred
in the transaction to such transferee; and, in the case of a Redemption or Direct Exchange, a number of shares of Class C
Common Stock owned by such Limited Partner corresponding to the number of such Limited Partner’s Common Units that were
transferred in such Redemption or Direct Exchange shall be surrendered by such Limited Partner to the Corporation and cancelled
by the Corporation. All Permitted Transfers are subject to the additional limitations set forth in Section 10.07(b).

 

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

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON AUGUST 23, 2018, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO
SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF FALCON
MINERALS OPERATING PARTNERSHIP, LP, AS MAY BE AMENDED AND MODIFIED FROM TIME TO TIME, AND FALCON MINERALS OPERATING PARTNERSHIP,
LP RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY
TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY FALCON MINERALS OPERATING PARTNERSHIP, LP TO THE HOLDER HEREOF UPON
WRITTEN REQUEST AND WITHOUT CHARGE.”

 

The
Partnership shall imprint such legend on certificates (if any) evidencing Units.

 

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

 

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Section 10.05 Assignee’s
Rights.

 

(a) The
Transfer of a Limited Partner Interest in accordance with this Agreement shall be effective as of the date of its assignment (assuming
compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records
of the Partnership. Profits, Losses and other Partnership items shall be allocated between the transferor and the Assignee according
to Code Section 706, using any permissible method as determined in the reasonable discretion of the General Partner. Distributions
made before the effective date of such Transfer shall be paid to the transferor, and Distributions made after such date shall
be paid to the Assignee.

 

(b) Unless
and until an Assignee becomes a Limited Partner pursuant to Article XII, the Assignee shall not be entitled to any
of the rights granted to a Limited Partner hereunder or under applicable Law, other than the rights granted specifically to Assignees
pursuant to this Agreement; provided, however, that, without relieving the transferring Limited Partner from any such limitations
or obligations as more fully described in Section 10.06, such Assignee shall be bound by any limitations and obligations
of a Limited Partner contained herein that a Limited Partner would be bound on account of the Assignee’s Limited Partner
Interest (including the obligation to make Capital Contributions on account of such Limited Partner Interest).

 

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

 

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Section 10.07 Overriding
Provisions.

 

(a) Any
Transfer of any Limited Partner Interest in violation of this Article X shall be null and void ab initio, and the provisions
of Section 10.05 and 10.06 shall not apply to any such Transfers. Any Person to whom a Transfer of such Limited
Partner Interest is made or attempted in violation of this Article X shall not become a Limited Partner with respect to
such Limited Partner Interest, shall not be entitled to vote such Limited Partner Interest on any matters coming before the Limited
Partners and shall not have any other rights in or with respect to such Limited Partner Interest. The General Partner shall promptly
amend the Schedule of Limited Partners to reflect any Permitted Transfer pursuant to this Article X.

 

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

 

(i) result
in the violation of the Securities Act, or any other applicable U.S. federal or state or non-U.S. Laws;

 

(ii) subject
the Partnership to registration as an investment company under the Investment Company Act;

 

(iii) in
the reasonable determination of the General Partner, be a violation of or a default (or an event that, with notice or the lapse
of time or both, would constitute a default) under, or result in an acceleration of any indebtedness under, any promissory note,
mortgage, loan agreement, indenture or similar instrument or agreement to which the Partnership or the General Partner is a party;

 

(iv) cause
the Partnership to lose its status as a partnership for U.S. federal income tax purposes or, without limiting the generality of
the foregoing, cause the Partnership to be treated as a “publicly traded partnership” or to be taxed as a corporation
pursuant to Section 7704 of the Code and any applicable Treasury Regulations issued thereunder, or any successor provision
of the Code;

 

(v) be
a Transfer to a Person who is not legally competent or who has not achieved his or her majority under applicable Law (excluding
trusts for the benefit of minors); or

 

(vi) result
in the Partnership having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1)
(determined pursuant to the rules of Treasury Regulations Section 1.7704-1(h)(3)).

 

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Article XI.

REDEMPTION AND EXCHANGE RIGHTS

 

Section 11.01 Redemption
Right of a Limited Partner. 

 

(a) Each
Limited Partner (other than the Corporation) shall be entitled to cause the Partnership to redeem (a “Redemption”)
all or any portion of its Common Units (the “Redemption Right”) on the terms and conditions set forth
in this Article XI. A Limited Partner desiring to exercise its Redemption Right (the “Redeemed Partner”)
shall exercise such right by giving written notice (the “Redemption Notice”) to the Partnership with
a copy to the Corporation and Royal LP (the date of the delivery of such Redemption Notice, the “Redemption Notice
Date”). The Redemption Notice shall specify the number of Common Units (the “Redeemed Units”)
that the Redeemed Partner intends to have the Partnership redeem. Notwithstanding the foregoing or anything to the contrary herein,
other than with the prior written consent of Royal (which consent may be withheld or granted in Royal’s sole discretion),
a Limited Partner shall only be entitled to exercise its Redemption Right with respect to a number of Common Units up to the Maximum
Redeemed Unit Amount as of the Redemption Notice Date (and in the event a Limited Partner submits a Redemption Notice specifying
a number of Common Units to be redeemed in excess of the Maximum Redeemed Unit Amount, the number of “Redeemed Units”
for purposes of such Redemption Notice shall be deemed to equal either the Maximum Redeemed Unit Amount or such amount as consented
to in writing by Royal LP). The Redemption shall be completed on the date that is three (3) Business Days following the later
of (i) delivery of the applicable Redemption Notice and (ii) with respect to any Common Units to be redeemed in excess of the
Maximum Redeemed Unit Amount, delivery by Royal of its written consent, if any, to such Redemption (the date of such completion,
the “Redemption Date”); provided that the Partnership, the Corporation and the Redeemed Partner
may (subject to the consent right of Royal in the foregoing sentence) change the number of Redeemed Units and/or the Redemption
Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them;
provided further that (a) a Redemption Notice may be conditioned on the closing of an underwritten distribution of
the shares of Class A Common Stock that may be issued in connection with such proposed Redemption; and (b) if the record
date for any Partnership Distributions (as defined in the Charter) for any period would occur prior to any Redemption, then the
Redemption Date for such Redemption shall in no event be earlier than the Business Day immediately following the record date designated
by the Corporate Board for the corresponding Pass-Through Distribution (as defined in the Charter). Unless the Corporation has
elected to effect a Direct Exchange as provided in Section 11.03, on the Redemption Date (to be effective immediately
prior to the close of business on the Redemption Date) (1) the Redeemed Partner shall transfer and surrender the Redeemed
Units to the Partnership and a corresponding number of shares of Class C Common Stock to the Corporation, in each case free
and clear of all liens and encumbrances, (2) the Partnership shall (A) cancel the Redeemed Units, (B) transfer
to the Redeemed Partner the consideration to which the Redeemed Partner is entitled under Section 11.01(b), and (C) if
the Units are certificated, issue to the Redeemed Partner a certificate for a number of Common Units equal to the difference (if
any) between the number of Common Units evidenced by the certificate surrendered by the Redeemed Partner pursuant to clause (1) of
this Section 11.01(a) and the Redeemed Units and (3) the Corporation shall cancel such shares of Class C
Common Stock.

 

(b) In
exchange for its Redeemed Units, a Redeemed Partner shall be entitled to receive the Share Settlement.

 

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

 

(d) The
amount of the Share Settlement that a Redeemed Partner is entitled to receive under Section 11.01(b) shall not be
adjusted on account of any Distributions previously made with respect to the Redeemed Units or dividends or other distributions
previously paid with respect to Class A Common Stock; provided, however, that if a Redeemed Partner causes the Partnership
to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with respect to the
Redeemed Units but prior to payment of such Distribution, the Redeemed Partner shall be entitled to receive such Distribution
with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeemed Partner transferred and surrendered
the Redeemed Units to the Partnership prior to such date.

 

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(e) If
a Reclassification Event occurs, the General Partner or its successor, as the case may be, shall, as and to the extent necessary,
amend this Agreement in compliance with Section 16.03, and enter into any necessary supplementary or additional agreements,
to ensure that, following the effective date of the Reclassification Event: (i) the rights of holders of Common Units (other
than the Corporation) set forth in this Section 11.01 provide that each Common Unit is redeemable for the same amount
and same type of property, securities or cash (or combination thereof) that one share of Class A Common Stock becomes exchangeable
for or converted into as a result of the Reclassification Event (taking into account any adjustment as a result of any subdivision
(by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse
split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the record
date or effective time for such Reclassification Event) and (ii) the Corporation or the successor to the Corporation, as
applicable, is obligated to deliver such property, securities or cash upon such redemption. The Corporation shall not consummate
or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to comply with the obligations
of the Corporation (in whatever capacity) under this Agreement.

 

(f) In
connection with a General Partner Change of Control, the Corporation shall have the right to require each Limited Partner (other
than the Corporation) to effect a Redemption of some or all of such Limited Partner’s Common Units and a corresponding number
of shares of Class C Common Stock. Any Redemption pursuant to this Section 11.01(f) shall be effective immediately
prior to the consummation of the General Partner Change of Control (and shall not be effective if such General Partner Change
of Control is not consummated) (the “Change of Control Redemption Date”). From and after the Change
of Control Redemption Date, (i) the Common Units and shares of Class C Common Stock subject to such Redemption shall
be deemed to be transferred to the Corporation on the Change of Control Redemption Date and (ii) such Limited Partner shall
cease to have any rights with respect to the Common Units and shares of Class C Common Stock subject to such Redemption (other
than the right to receive shares of Class A Common Stock pursuant to such Redemption). The Corporation shall provide written
notice of an expected General Partner Change of Control to all Partners within the earlier of (x) five (5) Business Days
following the execution of the agreement with respect to such General Partner Change of Control and (y) ten (10) Business
Days before the proposed date upon which the contemplated General Partner Change of Control is to be effected, indicating in such
notice such information as may reasonably describe the General Partner Change of Control transaction, subject to applicable law,
including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration
to be paid for shares of Class A Common Stock in the General Partner Change of Control, any election with respect to types
of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection
with such General Partner Change of Control, and the number of Common Units and shares of Class C Common Stock held by such
Limited Partner that the Corporation intends to require to be subject to such Redemption. Following delivery of such notice and
on or prior to the Change of Control Redemption Date, the Limited Partners shall take all actions reasonably requested by the
Corporation to effect such Redemption, including taking any action and delivering any document required pursuant to Section 11.01(a)
to effect a Redemption; provided that (A) no Limited Partner shall be required to make any representations or warranties
in connection with such Redemption other than representations and warranties as to (1) such Limited Partner’s ownership
of its Common Units and the corresponding number of shares of Class C Common Stock to be redeemed free and clear of liens,
(2) such Limited Partner’s power and authority to effect such Redemption, and (3) such matters pertaining to compliance
with securities laws as the Corporation may reasonably require; and (B) any indemnification or other obligations assumed
or incurred in connection with a Redemption shall be several and not joint and shall be allocated among all Limited Partners participating
in such Redemption (collectively, the “Redeeming Persons”) in the same proportion as the consideration
payable to each such Redeeming Person in each case other than with respect to representations made individually by the indemnifying
Limited Partner (e.g., representations as to title or authority of such Limited Partner).

 

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Section 11.02
Contribution of the Corporation. Subject to Section 11.03, in connection with the exercise of a Redeemed Partner’s
Redemption Rights under Section 11.01(a), the Corporation shall contribute to the Partnership the consideration the
Redeemed Partner is entitled to receive under Section 11.01(b). Unless the Corporation has elected to effect a Direct
Exchange as provided in Section 11.03, on the Redemption Date (to be effective immediately prior to the close of business
on the Redemption Date) (i) the Corporation shall make its Capital Contribution to the Partnership (in the form of the Share
Settlement) required under this Section 11.02, and (ii) the Partnership shall issue to the Corporation a number
of Common Units equal to the number of Redeemed Units surrendered by the Redeemed Partner.

 

Section 11.03 Exchange
Right of the Corporation.

 

(a) Notwithstanding
anything to the contrary in this Article XI, the Corporation may, in its sole and absolute discretion, elect to effect
on the Redemption Date the exchange of Redeemed Units for the Share Settlement, at the Corporation’s option, through a direct
exchange of such Redeemed Units and the Share Settlement between the Redeemed Partner and the Corporation (a “Direct
Exchange”). Upon such Direct Exchange pursuant to this Section 11.03, the Corporation shall acquire
the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such Units.

 

(b) The
Corporation may, at any time prior to a Redemption Date, deliver written notice (an “Exchange Election Notice”)
to the Partnership and the Redeemed Partner setting forth its election to exercise its right to consummate a Direct Exchange;
provided that such election does not prejudice the ability of the parties to consummate a Redemption or Direct Exchange
on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time; provided that any such
revocation does not prejudice the ability of the parties to consummate a Redemption on the Redemption Date. The right to consummate
a Direct Exchange in all events shall be exercisable for all the Redeemed Units that would have otherwise been subject to a Redemption.
Except as otherwise provided by this Section 11.03, a Direct Exchange shall be consummated pursuant to the same timeframe
and in the same manner as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange
Election Notice.

 

Section 11.04
Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation. At all times the Corporation
shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance
upon a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such Redemption
or Direct Exchange pursuant to Share Settlements; provided that nothing contained herein shall be construed to preclude
the Corporation from satisfying its obligations in respect of any such Redemption or Direct Exchange by delivery of purchased
Class A Common Stock (which may or may not be held in the treasury of the Corporation). The Corporation shall deliver Class A
Common Stock that has been registered under the Securities Act with respect to any Redemption or Direct Exchange to the extent
a registration statement is effective and available for such shares. The Corporation shall use its commercially reasonable efforts
to list the Class A Common Stock required to be delivered upon any such Redemption or Direct Exchange prior to such delivery
upon each national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of
such Redemption or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable
securities Laws). The Corporation covenants that all Class A Common Stock issued upon a Redemption or Direct Exchange will,
upon issuance, be validly issued, fully paid and non-assessable.

 

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Section 11.05 Effect
of Exercise of Redemption or Exchange Right. This Agreement shall continue notwithstanding the consummation of a Redemption
or Direct Exchange and all governance or other rights set forth herein shall be exercised by the remaining Partners and the Redeemed
Partner (to the extent of such Redeemed Partner’s remaining interest in the Partnership). No Redemption or Direct Exchange
shall relieve such Redeemed Partner of any prior breach of this Agreement.

 

Section 11.06 Tax
Treatment. Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a Redemption or a Direct
Exchange, as the case may be, shall be treated as a direct exchange between the Corporation and the Redeemed Partner for U.S.
federal (and applicable state and local) income tax purposes. The issuance of shares of Class A Common Stock or other securities
upon a Redemption or Direct Exchange shall be made without charge to the Redeemed Partner for any stamp or other similar tax in
respect of such issuance.

 

Article XII.

ADMISSION OF LIMITED PARTNERS

 

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

 

Section 12.02
Additional Limited Partners. Subject to the provisions of Article III and Article X, any Person may
be admitted to the Partnership as an additional Limited Partner (any such Person, an “Additional Limited Partner”)
only upon furnishing to the General Partner (a) a Joinder (or other counterpart to this Agreement acceptable to the General
Partner) and counterparts of any applicable Other Agreements and (b) such other documents or instruments as may be reasonably
necessary or appropriate to effect such Person’s admission as a Limited Partner (including entering into such documents
as the General Partner may deem appropriate in its reasonable discretion). Such admission shall become effective on the date on
which the General Partner determines in its reasonable discretion that such conditions have been satisfied and when any such admission
is shown on the books and records of the Partnership.

 

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Article XIII.

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

 

Section 13.01
Withdrawal and Resignation of Limited Partners. No Limited Partner shall have the power or right to withdraw or otherwise
resign as a Limited Partner from the Partnership prior to the dissolution and winding up of the Partnership pursuant to Article XIV.
Any Limited Partner, however, that attempts to withdraw or otherwise resign as a Limited Partner from the Partnership without
the prior written consent of the General Partner upon or following the dissolution and winding up of the Partnership pursuant
to Article XIV, but prior to such Limited Partner receiving the full amount of Distributions from the Partnership
to which such Limited Partner is entitled pursuant to Article XIV, shall be liable to the Partnership for all damages
(including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or
resignation of such Partner. Upon a Transfer of all of a Limited Partner’s Units in a Transfer permitted by this Agreement,
subject to the provisions of Section 10.06, such Limited Partner shall cease to be a Partner.

 

Article XIV.

DISSOLUTION AND LIQUIDATION

 

Section 14.01 Dissolution.
The Partnership shall not be dissolved by the admission of Additional Limited Partners or Substituted Limited Partners or the
attempted withdrawal or resignation of a Partner. The Partnership shall dissolve, and its affairs shall be wound up, upon:

 

(a) the
unanimous decision of the General Partner together with all the Partners to dissolve the Partnership;

 

(b) a
Change of Control Transaction that is not approved by the Majority Partners;

 

(c) a
dissolution of the Partnership under Section 17-801(4) of the Delaware Act; or

 

(d) the
entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Delaware Act.

 

Except
as otherwise set forth in this Article XIV, the Partnership is intended to have perpetual existence. An Event of Withdrawal
shall not cause a dissolution of the Partnership and the Partnership shall continue in existence subject to the terms and conditions
of this Agreement.

 

Section 14.02 Liquidation
and Termination. On dissolution of the Partnership, the General Partner shall act as liquidator or may appoint one or more
Persons as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Partnership and make final distributions
as provided herein and in the Delaware Act. The costs of liquidation shall be borne as a Partnership expense. Until final distribution,
the liquidators shall continue to operate the Partnership properties with all of the power and authority of the General Partner.
The steps to be accomplished by the liquidators are as follows:

 

(a) as
promptly as possible after dissolution and again after final liquidation, the liquidators shall cause a proper accounting to be
made by a recognized firm of certified public accountants of the Partnership’s assets, liabilities and operations through
the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

 

(b) the
liquidators shall cause notice of liquidation to be mailed to each known creditor of and claimant against the Partnership;

 

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(c) the
liquidators shall pay, satisfy or discharge from Partnership funds, or otherwise make adequate provision for payment and discharge
thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidators
may reasonably determine): first, all expenses incurred in liquidation; and second, all of the debts, liabilities and obligations
of the Partnership; and

 

(d) all
remaining assets of the Partnership shall be distributed to the Partners in accordance with Article IV by the end
of the Taxable Year during which the liquidation of the Partnership occurs (or, if later, by ninety (90) days after the date
of the liquidation). The distribution of cash and/or property to the Partners in accordance with the provisions of this Section 14.02
and Section 14.03 below constitutes a complete return to the Partners of their Capital Contributions, a complete
distribution to the Partners of their interest in the Partnership and all the Partnership’s property and constitutes a compromise
to which all Partners have consented within the meaning of the Delaware Act. To the extent that a Partner returns funds to the
Partnership, it has no claim against any other Partner for those funds. In no event shall a Limited Partner be entitled to exercise
any Redemption Rights, and no Redemptions shall be effected, on or after the earlier of the record date for and the effective
date of the distribution of cash and/or property to the Partners in accordance with the provisions of this Section 14.02
and Section 14.03

 

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

 

Section 14.04
Cancellation of Certificate. On completion of the distribution of Partnership assets as provided herein, the Partnership is
terminated (and the Partnership shall not be terminated prior to such time), and the General Partner (or such other Person or
Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary of State of Delaware,
cancel any other filings made pursuant to this Agreement that are or should be canceled and take such other actions as may be
necessary to terminate the Partnership. The Partnership shall be deemed to continue in existence for all purposes of this Agreement
until it is terminated pursuant to this Section 14.04.

 

    -49-

     

    

 

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

 

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

 

Article XV.

VALUATION

 

Section 15.01
Determination. “Fair Market Value” of a specific Partnership asset will mean the amount which the
Partnership would receive in an all-cash sale of such asset in an arms-length transaction with a willing unaffiliated third party,
with neither party having any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event
occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes payable
in connection with such sale), as such amount is determined by the General Partner (or, if pursuant to Section 14.02,
the liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent.

 

Section 15.02
Dispute Resolution. If any Limited Partner or Limited Partners dispute the accuracy of any determination of Fair Market Value
in accordance with Section 15.01, and the General Partner and such Limited Partner(s) are unable to agree on the determination
of the Fair Market Value of any asset of the Partnership, the General Partner and such Limited Partner(s) shall each select a
nationally recognized investment banking firm experienced in valuing securities of closely-held companies such as the Partnership
in the Partnership’s industry (the “Appraisers”), who shall each determine the Fair Market Value
of the asset or the Partnership (as applicable) in accordance with the provisions of Section 15.01. The Appraisers
shall be instructed to give written notice of their determination of the Fair Market Value of the asset or the Partnership (as
applicable) within thirty (30) days of their appointment as Appraisers. If Fair Market Value as determined by an Appraiser
is higher than Fair Market Value as determined by the other Appraiser by 10% or more, and the General Partner and such Limited
Partner(s) do not otherwise agree on a Fair Market Value, the original Appraisers shall designate a third Appraiser meeting the
same criteria used to select the original two, and the Fair Market Value shall be the average of the Fair Market Values determined
by all three Appraisers, unless the General Partner and such Limited Partner(s) otherwise agree on a Fair Market Value. If Fair
Market Value as determined by an Appraiser is within 10% of the Fair Market Value as determined by the other Appraiser (but not
identical), and the General Partner and such Limited Partner(s) do not otherwise agree on a Fair Market Value, the General Partner
shall select the Fair Market Value of one of the Appraisers. The fees and expenses of the Appraisers shall be borne by the Partnership.

 

    -50-

     

    

 

Article XVI.

GENERAL PROVISIONS

 

Section 16.01 Power
of Attorney. 

 

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

 

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

 

(ii) sign,
execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments appropriate or
necessary, in the reasonable judgment of the General Partner, to evidence, confirm or ratify any vote, consent, approval, agreement
or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement, in the reasonable
judgment of the General Partner, to effectuate the terms of this Agreement.

 

(b) The
foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity,
dissolution, bankruptcy, insolvency or termination of any Limited Partner who is an individual and the transfer of all or any
portion of his, her or its Limited Partner Interest and shall extend to such Limited Partner’s heirs, successors, assigns
and personal representatives.

 

Section 16.02
Confidentiality. Each of the Partners agree to hold the Partnership’s Confidential Information in confidence and may
not use such information except in furtherance of the business of the Partnership or as otherwise authorized separately in writing
by the General Partner. “Confidential Information” as used herein includes, but is not limited to, ideas,
financial product structuring, business strategies, innovations and materials, all aspects of the Partnership’s business
plan, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners,
software code and system and product designs, employees and their identities, equity ownership, the methods and means by which
the Partnership plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated
with the Partnership’s business, in each case obtained by a Partner from the Partnership or any of its Affiliates or representatives.
With respect to any Partner, Confidential Information does not include information or material that: (a) is rightfully in
the possession of such Partner at the time of disclosure by the Partnership; (b) before or after it has been disclosed to
such Partner by the Partnership, becomes part of public knowledge, not as a result of any action or inaction of such Partner in
violation of this Agreement; (c) is approved for release by written authorization of the Chief Executive Officer of the Partnership
or of the Corporation; (d) is disclosed to such Partner or its representatives by a third party not, to the knowledge of
such Partner, in violation of any obligation of confidentiality owed to the Partnership with respect to such information; or (e) is
or becomes independently developed by such Partner or its representatives without use of or reference to the Confidential Information.

 

    -51-

     

    

 

Section 16.03
Amendments. This Agreement may be amended or modified solely by the General Partner. Notwithstanding the foregoing, no amendment
or modification (a) to this Section 16.03 may be made without the prior written consent of each of the Partners,
(b) that modifies the limited liability of any Partner, or increases the liabilities or obligations of any Partner, in each
case, may be made without the consent of each such affected Partner, (c) that materially alters or changes any rights, preferences
or privileges of any Limited Partner Interests in a manner that is different or prejudicial relative to any other Limited Partner
Interests, may be made without the approval of a majority in interest of the Partners holding the Limited Partner Interests affected
in such a different or prejudicial manner (excluding any such Limited Partner Interests held by the General Partner or any Affiliates
controlled by the General Partner), (d) that materially alters or changes any rights, preferences or privileges of a holder of
any class of Limited Partner Interests in a manner that is different or prejudicial relative to any other holder of the same class
of Limited Partner Interests, may be made without the approval of the holder of Limited Partner Interests affected in such a different
or prejudicial manner, (e) that materially and adversely alters or changes any rights, preferences or privileges of a holder of
the General Partner or the Corporation, may be made without the approval of a majority of the Independent Directors, (f) that
materially and disproportionately adversely affects the holders of any Limited Partner Interests as compared to the Corporation
or any of its controlled Affiliates holding Limited Partner Interests, without the approval of the Blackstone Parties for so long
as the Blackstone Parties and their Affiliates in the aggregate own at least five percent (5)% of the outstanding Limited Partner
Interests; and (g) to any of the terms and conditions of this Agreement which terms and conditions expressly require the
approval or action of certain Persons may be made without obtaining the consent of the requisite number or specified percentage
of such Persons who are entitled to approve or take action on such matter; provided, that the General Partner, acting alone,
may amend this Agreement to reflect the issuance of additional Units or Equity Securities in accordance with Section 3.04.

 

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

 

    -52-

     

    

 

Section 16.05
Addresses and Notices. Any notice provided for in this Agreement will be in writing and will be either personally delivered,
or received by certified mail, return receipt requested, or sent by reputable overnight courier service (charges prepaid) to the
Partnership at the address set forth below and to any other recipient and to any Partner at such address as indicated by the Partnership’s
records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice
to the sending party. Notices will be deemed to have been given hereunder when delivered personally or sent by telecopier (provided
confirmation of transmission is received), three (3) days after deposit in the U.S. mail and one (1) day after deposit
with a reputable overnight courier service. The Partnership’s address is:

 

Falcon Minerals Operating Partnership, LP

c/o Falcon Minerals Corporation,

1845 Walnut Street, 10th Floor

Philadelphia, PA 19103

Attention: Jeffrey F. Brotman

Facsimile: (215) 640-6344

 

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

 

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

 

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

 

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

 

Section 16.10 Applicable
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving
effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any dispute relating hereto
shall be heard in the state or federal courts of the State of Delaware, and the parties agree to jurisdiction and venue therein.

 

Section 16.11 Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
Law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness
or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

    -53-

     

    

 

Section 16.12 Further
Action. The parties shall execute and deliver all documents, provide all information and take or refrain from taking such
actions as may be reasonably necessary or appropriate to achieve the purposes of this Agreement.

 

Section 16.13 Delivery
by Electronic Transmission. This Agreement and any signed agreement or instrument entered into in connection with this Agreement
or contemplated hereby, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic transmission,
including by a facsimile machine or via email, shall be treated in all manner and respects as an original agreement or instrument
and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute
original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise
the use of electronic transmission by a facsimile machine or via email to deliver a signature or the fact that any signature or
agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of
a contract and each such party forever waives any such defense.

 

Section 16.14
Right of Offset. Whenever the Partnership is to pay any sum (other than pursuant to Article IV) to any Partner,
any amounts that such Partner owes to the Partnership which are not the subject of a good faith dispute may be deducted from that
sum before payment. The distribution of Units to the Corporation shall not be subject to this Section 16.14.

 

Section 16.15
Effectiveness. This Agreement shall be effective immediately upon the Closing (the “Effective Time”).
The Initial Limited Partnership Agreement shall govern the rights and obligations of the Partnership and the other parties to
this Agreement in their capacity as Partners prior to the Effective Time.

 

Section 16.16 Entire
Agreement. This Agreement and those documents expressly referred to herein (including the Registration Rights Agreement and
the Contribution Agreement) embody the complete agreement and understanding among the parties and supersede and preempt any prior
understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject
matter hereof in any way. For the avoidance of doubt, the Initial Limited Partnership Agreement is superseded by this Agreement
as of the Effective Time and shall be of no further force and effect thereafter.

 

Section 16.17 Remedies.
Each Partner shall have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has
been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any
Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to
enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights granted by Law.

 

    -54-

     

    

 

Section 16.18 Descriptive
Headings; Interpretation. The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.
The use of the word “including” in this Agreement shall be by way of example rather than by limitation. Reference
to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time
to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding
sentence, no amendment or other modification to any agreement, document or instrument that requires the consent of any Person
pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless such Person has consented
in writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion
thereof. The use of the words “or,” “either” and “any” shall not be exclusive. The parties
hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.
Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent
of such conflict.

 

[Signature
Pages Follow]

 

    -55-

     

    

 

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

 

	 	GENERAL PARTNER:
	 	 	 
	 	FALCON MINERALS GP, LLC
	 	 	 
	 	By:	/s/
    Jonathan Z. Cohen
	 	Name:	Jonathan Z. Cohen
	 	Title:	Chief Executive Officer

 

 

[Signature
Page to Amended and Restated Agreement of Limited Partnership]

 

     

     

    

 

	 	LIMITED PARTNERS:
	 	 
	 	FALCON ENERGY
    ACQUISITION CORP.
	 	 
	 	By:	/s/ Jonathan Z. Cohen

	 	 	Name: Jonathan Z. Cohen 
	 	 	Title: Chief Executive Officer
	 	 	 
	 	NOBLE ROYALTIES
    ACQUISITION CO. L.P.
	 	 	 
	 	By:	Noble Royalties Acquisition
    Co. GP, LLC,
	 	its general partner
	 	 	 
	 	By:	/s/
Angelo Acconcia
	 	 	Name: Angelo Acconcia
	 	 	Title: Chief Financial Officer and Treasurer
	 	 	 
	 	HOOKS RANCH
    HOLDINGS LP
	 	 	 
	 	By:	Hooks Holding Company GP,
    LLC,
	 	its general partner
	 	 
	 	By:	Royal Resources L.P.,

	 	its sole member
	 	 
	 	By:	Royal Resources GP L.L.C.,
	 	its general partner
	 	 
	 	By:	/s/ Angelo Acconcia
	 	 	Name: Angelo Acconcia
	 	 	Title: Chief Financial Officer and Treasurer
	 	 	 
	 	DGK ORRI HOLDINGS,
    LP
	 	 	 
	 	By:	 DGK ORRI GP LLC,
	 	its general partner
	 	 	 
	 	By:	Royal Resources GP L.L.C.,
	 	its sole member
	 	 
	 	By:	/s/
Angelo Acconcia
	 	 	Name: Angelo Acconcia
	 	 	Title: Chief Financial Officer and Treasurer

 

 

[Signature
Page to Amended and Restated Agreement of Limited Partnership]

 

     

     

    

 

SCHEDULE
1*

SCHEDULE OF LIMITED PARTNERS

 

	Partner	 	Common Units	 	 	Percentage Interest	 	 	Closing Capital Account Balance**	 	 	Additional Cash Capital Contributions	 	 	Additional Non-Cash Capital Contributions	 	 	Capital Accounts	 
	Falcon Energy Acquisition Corp.	 	 	45,855,000	 	 	 	53.4098	%	 	 	    	 	 	 	     	 	 	 	      	 	 	 	         	 
	Noble Royalties Acquisition Co. L.P.	 	 	15,617,080	 	 	 	18.1901	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Hooks Ranch Holdings LP	 	 	18,107,800	 	 	 	21.0911	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	DGK ORRI Holdings, LP	 	 	6,275,120	 	 	 	7.3090	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

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

 

		**	Closing Capital Account Balances to be determined at a
later date as necessary.

 

     

     

    

 

EXHIBIT
A

FORM OF JOINDER AGREEMENT

 

This
JOINDER AGREEMENT, dated as of         ,
20        (this “Joinder”), is delivered pursuant to that certain
Amended and Restated Agreement of Limited Partnership of Falcon Minerals Operating Partnership, LP (the “Partnership”),
dated as of August 23, 2018 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Partnership Agreement”). Capitalized terms
used but not otherwise defined herein have the respective meanings set forth in the Partnership Agreement.

 

		1.	Joinder
                                         to the Partnership Agreement. Upon the execution of this Joinder by the undersigned
                                         and delivery hereof to the General Partner, the undersigned hereby is and hereafter will
                                         be a Limited Partner under the Partnership Agreement and a party thereto, with all the
                                         rights, privileges and responsibilities of a Limited Partner thereunder. The undersigned
                                         hereby agrees that it shall comply with and be fully bound by the terms of the Partnership
                                         Agreement as if it had been a signatory thereto as of the date thereof.

 

		2.	Incorporation
                                         by Reference. All terms and conditions of the Partnership Agreement are hereby incorporated
                                         by reference in this Joinder as if set forth herein in full.

 

		3.	Address.
                                         All notices under the Partnership Agreement to the undersigned shall be direct to:

 

[Name]

[Address]

[City, State, Zip Code]

Attn:

Facsimile:

E-mail:

 

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

 

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

 

Acknowledged
and agreed

as of the date first set forth above:

 

	FALCON MINERALS GP, LLC	 
	 	 	 
	By:	     	 
	Name:	 	 
	Title:Exhibit 10.5

 

EXECUTION VERSION

CONFIDENTIAL

 

 

 

 

 

 

MASTER MANAGEMENT SERVICES AGREEMENT

 

Effective as of December 10, 2016

 

by and among

 

ROYAL RESOURCES L.P.

 

RIVERBEND NATURAL RESOURCES, L.P.

 

BLACKSTONE MANAGEMENT PARTNERS, LLC

 

and

 

RIVERBEND OIL & GAS, L.L.C.

 

 

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	SECTION 1. DEFINITIONS; CONSTRUCTION	 	1
	 	 	 
	SECTION 2. APPOINTMENT AND DUTIES OF THE MANAGER; SERVICES	 	5
	 	 	 
	SECTION 3. EMPLOYEES OF THE MANAGER	 	7
	 	 	 
	SECTION 4. PROHIBITED ACTIVITIES	 	7
	 	 	 
	SECTION 5. STANDARD OF CARE	 	7
	 	 	 
	SECTION 6.
    PROCUREMENT OF GOODS AND SERVICES BY PARTIES; AFFILIATE TRANSACTIONS	 	7
	 	 	 
	SECTION 7. SERVICE PROVIDER INFORMATION	 	7
	 	 	 
	SECTION 8. NO COMMINGLING OF ASSETS	 	8
	 	 	 
	SECTION 9. INSURANCE	 	8
	 	 	 
	SECTION 10. MANAGER EXPENSES; INVOICING	 	8
	 	 	 
	SECTION 11. BOOKS, RECORDS AND REPORTING	 	10
	 	 	 
	SECTION 12. BUDGETS	 	11
	 	 	 
	SECTION 13. LIMITATIONS ON LIABILITY; INDEMNIFICATION	 	12
	 	 	 
	SECTION 14. TERM AND TERMINATION; TRANSITION	 	15
	 	 	 
	SECTION 15. CONFIDENTIALITY	 	17
	 	 	 
	SECTION 16. NONSOLICIT	 	18
	 	 	 
	SECTION 17. ASSIGNMENT; BINDING EFFECT	 	18
	 	 	 
	SECTION 18. INDEPENDENT CONTRACTOR; NO JOINT VENTURE	 	19
	 	 	 
	SECTION 19. GOVERNING LAW; SEVERABILITY	 	19
	 	 	 
	SECTION 20. JUDICIAL PROCEEDINGS	 	19
	 	 	 
	SECTION 21. NO WAIVER; CUMULATIVE REMEDIES	 	20
	 	 	 
	SECTION 22. NOTICES	 	20
	 	 	 
	SECTION 23. COMPLIANCE	 	21
	 	 	 
	SECTION 24. ENTIRE AGREEMENT; AMENDMENTS	 	22
	 	 	 
	SECTION 25. COUNTERPARTS	 	22
	 	 	 
	SECTION 26. HEADINGS	 	22
	 	 	 
	SECTION 27. NO RECOURSE	 	22

 

    i

     

    

 

MASTER
MANAGEMENT SERVICES AGREEMENT

 

This MASTER MANAGEMENT
SERVICES AGREEMENT is made and entered into on March __, 2017, and deemed to be effective as of, December 10, 2016 (as amended
or supplemented from time to time in accordance herewith, this “Agreement”), by and between Royal Resources
L.P., a Delaware limited partnership (“Royal”), Riverbend Natural Resources, L.P., a Delaware limited partnership
(the “Opportunities Partnership”), Blackstone Management Partners, LLC a Delaware limited liability company
(“Blackstone”), and Riverbend Oil & Gas, L.L.C., a Texas limited liability company (the “Manager”).

 

RECITALS

 

WHEREAS, Royal, the
Opportunities Partnership, Blackstone and the Manager entered into that certain Master Management Services Agreement, dated as
of December 9, 2013 (the “Original MSA”);

 

WHEREAS, the Original
MSA expired by its terms as of December 9, 2016 and the Parties desire to enter into this Agreement to reflect the Services to
be provided by the Manager to Royal, the Opportunities Partnership and each Additional Service Entity, if any, and the obligations
of the Parties with respect thereto, effective as of December 10, 2016;

 

WHEREAS, certain Manager
Parties were issued equity interests in Royal which have vested in full in accordance with their respective Equity Plans (the “Vested
Incentive Interests”); and

 

WHEREAS, Blackstone
and Royal desire to amend the Second Amended and Restated Limited Partnership Agreement of Royal, dated December 9, 2013 in accordance
with Exhibit C attached hereto, to provide certain of the Manager Parties additional incentives to perform the Services by granting
such Manager Parties additional equity interests in Royal to vest pursuant to the terms of the Class C Equity Plan of Royal, as
amended in accordance with Exhibit C (the “Additional Incentive Interests”).

 

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

 

SECTION 1. DEFINITIONS;
CONSTRUCTION.

 

(a) The following
capitalized terms as used in this Agreement have the respective

 

meanings set forth below:

 

“Action” has the meaning set forth
in Section 13(b).

 

“Additional Incentive Interests”
has the meaning set forth in the Recitals.

 

“Additional
Royal Investments” means any acquisition of oil and gas assets or related interests by Royal or any of its subsidiaries
that is consummated after the date hereof.

 

“Additional Service Entity” has
the meaning set forth in Section 2(c).

 

    	 	1	 

     

    

 

“Affiliate”
means, in respect of a person, each entity that, directly or indirectly, controls, is controlled by or is under common control
with such person.

 

“Agreement” has the meaning set
forth in the Preamble.

 

“Allocable Overhead Costs” has
the meaning set forth in Section 10(a).

 

“Audit Right” has the meaning
set forth in Section 11(b). “Blackstone” has the meaning set forth in the Preamble.

 

“Blackstone
Group” shall mean Blackstone, the Service Entities and each of their respective Affiliates.

 

“Budget” has the meaning set forth
in Section 12(a)(i).

 

“Cause” has the meaning set forth
in each applicable Equity Plan.

 

“Confidential
Information” means all confidential and proprietary information (irrespective of the form of communication) obtained
by or on behalf of the Manager about the Blackstone Group, any portfolio company of Blackstone or its Affiliates, any Investment
of the Service Entities, the business of any Service Entity or otherwise in connection with this Agreement, other than information
which (i) was or becomes generally available to the public other than as a result of a breach of this Agreement by the Manager,
(ii) was or becomes available to the Manager from a source other than members of the Blackstone Group or their respective representatives,
provided that such source is not known by the Manager to be bound by a confidentiality agreement with, or other obligation of secrecy
to, a member of the Blackstone Group prior to disclosure to the Manager, or (iii) was independently developed by the Manager without
violating any of the Manager’s obligations under this Agreement (including the activities pertaining thereto).

 

“Expense Statement” has the meaning
set forth in Section 10(d).

 

“Equity Plan”
means any of (i) the Class C Equity Plan pursuant to the Limited Partnership Agreement of Royal, (ii) the Series C Equity Plan
pursuant to the Limited Partnership Agreement of the Opportunities Partnership or (iii) the equity plan of an Additional Service
Entity, if any.

 

“FCPA” has the meaning set forth
in Section 23(b).

 

“Good Reason” has the meaning
set forth in each applicable Equity Plan. “Indemnified Party” has the meaning set forth in Section 13(b).

 

“Investments”
means, as of any date, the assets and businesses of a Service Entity for which the Manager provides Services, directly or indirectly,
pursuant to the terms of this Agreement.

 

    	 	2	 

     

    

 

“knowledge”
and “knowingly” mean, in respect of the Manager or any of its Affiliates, the actual knowledge of the senior
managers of the Manager (including, without limitation, the Manager Control Parties) with oversight responsibility for the applicable
personnel or subject matter, after reasonable investigation by such senior manager consistent with their oversight responsibility.

 

“Liabilities” has the meaning set
forth in Section 13(b).

 

“Malfeasance”
means (i) with respect to the Manager, (A) any act or omission by it or its Affiliates (for this purpose only, not including employees,
agents and subcontractors of the Manager) that constitutes fraud, willful misconduct, gross negligence or bad faith in connection
with the activities under this Agreement, (B) the publishing of any oral or written statements about any member of the Blackstone
Group that are malicious, obscene, threatening, harassing, intimidating or discriminatory and which are designed to result in material
harm to any member of Blackstone Group; provided, however, that the foregoing restrictions shall not apply to with respect to Manager’s
communication with federal, state or local governmental agencies as may be legally required or otherwise protected by law; or (C)
a material breach of Section 15 of this Agreement, or any of the foregoing described in (A) through (C) of an employee, agent or
subcontractor of the Manager or its Affiliates that the Manager, after obtaining knowledge of the act or omission and a reasonable
opportunity to remedy such act or omission, knowingly permits or knowingly condones, and (ii) with respect to any person other
than Manager, either (A) any act or omission by such person which constitutes fraud, willful misconduct, gross negligence or bad
faith in connection with the activities under this Agreement, (B) the publishing of any oral or written statements about any member
of the Blackstone Group that are malicious, obscene, threatening, harassing, intimidating or discriminatory and which are designed
to result in material harm to any member of Blackstone Group; provided, however, that the foregoing restrictions shall not apply
to with respect to such person’s communication with federal, state or local governmental agencies as may be legally required
or otherwise protected by law; or (C) a material breach of Section 15 or (x) any act or omission by such person’s Affiliate
which constitutes fraud, willful misconduct, gross negligence or bad faith in connection with the activities under this Agreement,
(y) the publishing of any oral or written statements about any member of the Blackstone Group by such person’s Affiliate
that are malicious, obscene, threatening, harassing, intimidating or discriminatory and which are designed to result in material
harm to any member of Blackstone Group; provided, however, that the foregoing restrictions shall not apply to with respect to such
person’s communication with federal, state or local governmental agencies as may be legally required or otherwise protected
by law; or (z) a material breach of Section 15 of this Agreement by such person’s Affiliate, so long as such person knowingly
permitted or knowingly condoned such act or omission by its Affiliate.

 

“Manager” has the meaning set forth
in the Preamble.

 

“Manager Control
Party” means any of Randolph Newcomer, Jr., Scott Rice, Mark Dutcher and Irene Deck, so long as each is an employee of
the Manager or any of its Affiliates, and “Manager Control Parties” means collectively, all of such persons.

 

“Manager Expenses” has the meaning
set forth in Section 10(a).

 

    	 	3	 

     

    

 

“Manager
Parties” means the Manager and its employees (including the Manager Control Parties).

 

“Opportunities”
means any opportunity to acquire an interest in (whether by lease, purchase, farm-in, acquisition, swap, development, reversion
or otherwise) mineral interests (whether leased or unleased) and/or royalty interests to the extent such interests are partially
or wholly within the blue area shown on Exhibit B hereto (which, for the avoidance of doubt will terminate and have no further
force or effect upon the termination of this Agreement); provided, further, that the term “Opportunities” shall not
include (x) those transactions set forth on Exhibit C to the Limited Partnership Agreement of the Opportunities Partnership, dated
as of December 9, 2013 and (y) any working interests.

 

“Opportunities Partnership” has
the meaning set forth in the Preamble.

 

“Opportunities
Partnership General Partner” means Riverbend Natural Resources GP, LLC, a Delaware limited liability company.

 

“Out of Pocket Expenses” has the
meaning set forth in Section 10(a).

 

“Parties”
means, collectively, Royal, the Opportunities Partnership, the Manager, Blackstone and each Additional Service Entity that becomes
a party to this Agreement in accordance with Section 2(c) (each, individually, a “Party”).

 

“Quarterly Report” has the
meaning set forth in Section 11(c). “Royal” has the meaning set forth in the Preamble.

 

“Royal General
Partner” means Royal Resources GP L.L.C., a Delaware limited liability company.

 

“Service Entities”
means Royal, the Opportunities Partnership and any Additional Service Entity that becomes a party to this Agreement in accordance
with Section 2(c), and each of their respective subsidiaries, and “Service Entity” means any one of the foregoing.

 

“Services”
means those services, (i) with respect to the business of Royal and its subsidiaries, set forth in Schedule I, (ii) with respect
to the Opportunities Partnership and its subsidiaries, set forth in Schedule II and (iii) with respect to an Additional Service
Entity and its subsidiaries, as agreed by the Manager and such Additional Service Entity, in each case as may be modified from
time to time pursuant to Section 2, or as the Service Entity (or its general partner acting on its behalf) and the Manager reasonably
determine may be necessary or useful for the day-to-day management, monitoring and operation of the businesses of such Service
Entity from time to time.

 

“Vested Incentive Interests” has
the meaning set forth in the Recitals.

 

(b) Unless the context requires
otherwise: (i) the singular form of nouns, pronouns and verbs include the plural and vice-versa; (ii) the terms
“include,” “includes” and “including” and words of like import will be deemed to be
followed by the words “without limitation”; and (iii) the terms
“hereof,” “herein” and “hereunder” refer to this Agreement as a whole and not to any
particular provision of this Agreement.

 

    	 	4	 

     

    

 

SECTION 2. APPOINTMENT AND DUTIES OF THE
MANAGER; SERVICES.

 

(a)
Royal Services. Pursuant to the terms of and conditions of this Agreement and the Budget, Royal hereby engages the Manager
to perform the Services set forth in Schedule I and to provide all personnel not otherwise provided by Royal reasonable and necessary
to perform such Services, and the Manager hereby accepts such engagement and agrees to (i) perform such Services consistent with
the terms and conditions of this Agreement and (ii) provide any personnel not otherwise provided by Royal as may be reasonable
and necessary to perform such Services. Following the date hereof, in the event Royal consummates any Additional Royal Investments,
upon the election of Royal General Partner and with the mutual consent of the Manager, the scope of the Services set forth in Schedule
I shall be expanded to encompass any additional Services reasonably required with respect to such Additional Royal Investments
and the Budget, both to the extent required, shall be revised in accordance with Section 12(b).

 

(b)
Opportunities Partnership Services. Pursuant to the terms of and conditions of this Agreement and the Budget, the Opportunities
Partnership hereby engages the Manager to perform the Services set forth in Schedule II and to provide all personnel not otherwise
provided by the Opportunities Partnership reasonable and necessary to perform such Services, and the Manager hereby accepts such
engagement and agrees to (i) perform such Services consistent with the terms and conditions of this Agreement and (ii) provide
any personnel not otherwise provided by the Opportunities Partnership as may be reasonable and necessary to perform the Services.

 

(c) Additional
Service Entities. If, after the date hereof, Blackstone identifies any Affiliate of Blackstone or additional investment
opportunity for which Blackstone desires the Manager to provide Services (each, an “Additional Service
Entity”), (i) such Additional Service Entity shall enter into a customary joinder to this Agreement which shall
define the Services mutually agreed to by Blackstone and the Manager to be provided (including any additional insurance
requirements), the Manager's consent to such additional Services not to be unreasonably withheld, conditioned or delayed, and
provide that such Services will be furnished pursuant to the terms of this Agreement, (ii) Blackstone and the Manager will
use commercially reasonable efforts to agree on such additional compensation to Manager (including but not limited to
additional incentive or other equity interests) for providing Services to such Additional Service Entity, (iii) such
Additional Service Entity and the Manager will agree to an appropriate budget for such Additional Service Entity and, to the
extent required, an amended Budget and (iv) the Manager shall allocate any Allocable Overhead Costs reflected in the Budget
between the existing Service Entities and such Additional Service Entity in accordance with the policies and procedures
provided by Blackstone to Manager from time to time, and such Allocable Overhead Costs and other budgeted expenses shall be
paid in accordance with Section 10.

 

    	 	5	 

     

    

 

(d) Allocation of Resources.
During the term of this Agreement, the Manager and the Manager Control Parties shall provide the Services pursuant to this
Agreement and allocate a sufficient amount of their time, focus, resources and effort as the Manager and such Manager Control
Parties may determine is necessary to perform such Services under the then-current Budget agreed to by the Parties (attached
hereto as Exhibit A and which shall go into effect on January 1, 2017), which allocation to the
Services relative to the amount of time allocated to providing services to third parties shall be commensurate with the
Services required in accordance with the Budget; provided, that, such allocation to the Services shall be, at all times,
greater than 50% of time allocated to providing services to all third parties, including Blackstone. To the extent that the
Manager or the Manager Control Parties are providing the Services in a manner such that the Budget materially understates or
overstates the amount of time, focus, resources and effort allocated to providing the Services, then the Parties will
promptly amend any applicable budgets as necessary in order to accurately reflect the actual amount of time, focus, resources
and effort allocated to the Services with (i) any amounts paid in respect of any such overstatements to be offset against
payments made in connection with the applicable subsequent budget(s) and (ii) any deficient amounts not paid in respect to
any understatements to be paid in connection with the applicable subsequent budgets.

 

(e)
Referral of Opportunities. For so long as the Manager is providing Services to Royal and/or the Opportunities Partnership,
the Manager and each of its Affiliates (including the Manager Control Parties) shall present to Blackstone all potential Opportunities
of which it becomes aware and shall (i) not acquire any Opportunities for their own account or (ii) otherwise compete with the
business of the Service Entities within the blue area shown on Exhibit B hereto, but only to the extent such Service Entities are
operating within such blue area. Notwithstanding the preceding sentence, if any Opportunity is presented to Blackstone by written
notice and Blackstone does not approve and intend to pursue in good faith such Opportunity within 10 calendar days following the
date of such notice, then the Manager, any Manager Control Party or any of their respective Affiliates may pursue such Opportunity
(including competing with the Service Entities) only with the prior written consent of Blackstone. To the extent Blackstone elects
to pursue such Opportunity through any of the Service Entities, Blackstone and the Manager will (x) jointly pursue such Opportunity;
provided, that, Manager’s involvement in such Opportunity shall be at the sole discretion of Blackstone; (y) use commercially
reasonable efforts to agree on additional compensation to Manager pursuant to such joint pursuit of any such Opportunity (including
but not limited to additional incentive or other equity interests and/or opportunities for co-investment) and (z) use commercially
reasonable efforts to agree on any necessary amendments to the Budget for providing Services to the relevant Service Entities in
pursuit of, and following the consummation of, such Opportunity, as applicable.

 

(f)
Authority for Acquisitions. The Manager shall not cause any Service Entity to consummate an acquisition of any assets
without the prior consent of such Service Entity’s general partner and compliance with the applicable Budget.

 

(g)
Suspension of Services. Subject to the Parties making provision for compliance with existing contractual obligations
with respect to any Investments, the Service Entity for which any Services are being provided may temporarily or permanently exclude
any particular service from the scope of the Services upon at least thirty (30) days’ notice to the Manager.

 

    	 	6	 

     

    

 

SECTION 3. EMPLOYEES OF
THE MANAGER. The Manager shall select, employ, pay compensation to, supervise and direct all personnel and employees of the
Manager necessary for the performance of the Services, in each case in accordance with the terms of the Budget. Notwithstanding
the foregoing, (i) Blackstone shall have the right to approve the identification or addition of any employee or personnel of the
Manager providing the Services and any proposed compensation or terms and conditions thereof, as
well as the inclusion of such compensation in the Budget and (ii) after prior consultation with the Manager, Blackstone may at
any time, in its sole discretion with or without cause, direct that the Manager remove any particular employee or agent of the
Manager from provision of the Services, and, following any such removal and the payment of all amounts properly owed to such employee
or agent as of the date of such removal, the salary and other costs related to such employee or agent shall be excluded from the
calculation of Allocable Overhead Costs or Out of Pocket Expenses, as applicable. Notwithstanding the foregoing, the Manager (i)
shall not terminate any Manager Control Party without Cause without the prior written consent of Blackstone and (ii) shall use
its commercially reasonable efforts to cure any circumstances which would constitute Good Reason with respect to any Manager Control
Party.

 

SECTION 4. PROHIBITED ACTIVITIES.
The Manager shall not undertake any activity which would (i) violate any applicable law or regulation in any material respect
which would result in adverse consequences for any Service Entity, (ii) violate, in any material respect, any contracts,
leases, orders, security instruments and other agreements to which, to the Manager’s knowledge, a member of the
Blackstone Group or any of its Investments is bound or (iii) in any manner intentionally disparage the reputation of any
member of the Blackstone Group.

 

SECTION 5. STANDARD OF CARE. The
Manager shall perform the Services in accordance with any non-conflicting instructions (provided that, if the Manager
receives conflicting instructions from Blackstone or any Service Entity it shall promptly notify Blackstone of such conflict
and Blackstone shall provide subsequent non-conflicting instructions, which shall be controlling) issued to the Manager by
Blackstone or the Service Entities and with that degree of care, diligence and skill that a reasonably prudent manager
involved in the identifying, development, assessment or execution of investments in oil and gas interests comparable to those
of the Service Entities. The Manager shall perform all Services in accordance with the applicable Budget and use its
commercially reasonable efforts to control Out of Pocket Expenses.

 

SECTION 6. PROCUREMENT OF GOODS AND SERVICES
BY PARTIES; AFFILIATE TRANSACTIONS. The Parties hereby agree that in discharging their respective obligations hereunder, the
Manager may, subject to the terms of this Section 6 and the other provisions of this Agreement, engage any qualified third party
to perform the Services (or any part of the Services) on its behalf solely with the prior written consent of the Service Entities
for which such Services will be provided; provided that (i) the Manager acts prudently in selecting and appointing any such person
and regularly reviews and monitors any Services performed by such person, (ii) in no case shall the performance of Services by
such person relieve the Manager of its obligations hereunder and (iii) any Services performed by such person shall be performed
in a manner consistent with the standard of care applicable to the Manager set forth in Section 5. The expenses incurred pursuant
to this Section 6 shall be included in, and be consistent with, the Budget of each Service Entity, as applicable.

 

SECTION 7. SERVICE
PROVIDER INFORMATION. It is contemplated by the Parties that, during the term of this Agreement, the Parties will be
required to provide each other certain notices, information and data necessary for the Manager to perform the Services and
for the Parties to perform their respective obligations under this Agreement. The Manager shall be  permitted
to rely on any information or data provided by the Service Entities, Blackstone and any of their respective Affiliates,
directors, employees, or agents or other representatives identified by the Service Entities and Blackstone, to the Manager in
connection with the performance of its duties and provision of Services under this Agreement, except to the extent that the
Manager has actual knowledge that such information or data is inaccurate or incomplete.

 

    	 	7	 

     

    

 

SECTION 8. NO COMMINGLING OF ASSETS.
To the extent the Manager shall have charge or possession of any of the Blackstone Group’s assets in connection with
the provision of the Services pursuant to this Agreement, the Manager shall (a) hold such assets in the name and for the
benefit of the appropriate member of the Blackstone Group and (b) separately maintain, and not commingle, such assets with
any assets of the Manager or any other person.

 

SECTION 9. INSURANCE. The Manager
shall obtain and maintain during the term of this Agreement, from insurers who are acceptable to the Opportunities
Partnership, insurance coverages with respect to the Services to be performed for the Opportunities Partnership in the types
and minimum limits as the Manager and the Opportunities Partnership determine to be appropriate and with such terms as are
consistent with standard practice in the oil and gas industry or as may be agreed by the Parties; provided that all expenses,
including premium and deductibles, related to such insurance coverages shall be deemed Out of Pocket Expenses allocable to
the Opportunities Partnership for the purposes hereof. The Manager agrees that (i) it will consult with the Opportunities
Partnership prior to obtaining any such insurance coverage, (ii) it will provide the Opportunities Partnership, upon the
Opportunities Partnership’s request from time to time or at any time, with certificates of insurance evidencing such
insurance coverage and (iii) upon request of the Opportunities Partnership, it shall furnish the Opportunities Partnership
with copies of the policies providing for such insurance coverage. Except with respect to workers’ compensation
coverage, the policies shall name the Manager and the Opportunities Partnership as insureds or additional insureds and, if
permitted by the insurers, shall contain waivers by the insurers of any and all rights of subrogation to pursue any claims or
causes of action against Manager and the Opportunities Partnership.

 

SECTION 10. MANAGER EXPENSES; INVOICING.

 

(a) Expenses. Subject to Section 12(c)(i)
and to the extent not otherwise reimbursed or paid to the Manager by a third party or another Service Entity, each of Royal, the
Opportunities Partnership and each Additional Service Entity shall pay or reimburse the Manager, as applicable, for (i) all reasonable
documented out-of-pocket third party expenses reasonably incurred by the Manager for the benefit of such Service Entity which
are not included in the Budget (“Out of Pocket Expenses”); provided that the Manager shall provide an accounting
and reconciliation of Out of Pocket Expenses payable by such Service Entity on a quarterly basis; provided further, that in no
event shall the Manager be authorized to incur Out of Pocket Expenses in excess of five percent (5%) of the portion of the Budget
allocable to such fiscal quarter, without Blackstone’s prior approval and (ii) such Service Entity’s pro rata portion
of the documented reasonable general and administrative overhead costs of the Manager that are incurred in accordance with the
Budget and that are allocated to such Service Entity pursuant to Section 10(b) (“Allocable Overhead Costs”
and together with the Out of Pocket Expenses, collectively, the “Manager Expenses”); provided that, the Allocable
Overhead Costs attributable to any Service Entity do not exceed the applicable amounts set forth in the Budget that are allocated
to such Service Entity pursuant to Section 10(b) (or such other limits as may be agreed to by the general partner of such Service
Entity from time to time). Notwithstanding anything to the contrary provided herein, Manager shall not be deemed to be in breach
of the terms of this Agreement due to the incurrence of Out of Pocket Expenses by a Service Entity in excess of five percent (5%)
of the portion of the Budget allocable to such fiscal quarter to the extent such Out of Pocket Expenses are incurred pursuant
to an agreement entered into by Blackstone without consultation with Manager and for which Manager does not supervise pursuant
to the terms of this Agreement.

 

    	 	8	 

     

    

 

(b)
Allocation of Costs. Each Expense Statement shall set forth the Manager’s proposed good faith allocation of all
Out of Pocket Expenses and Allocable Overhead Costs between the Service Entities. Blackstone shall approve such proposed calculation
in its sole discretion or propose an alternate allocation which shall thereafter be deemed the appropriate allocation of such costs
and expenses.

 

(c)
Payments to the Manager. On or before the first day of each quarterly period, each Service Entity shall pay to the Manager
in advance the projected amount of Allocable Overhead Costs that will be owed by such Service Entity for such quarterly period,
which projection shall be based on the amount set forth in the Budget and with the allocation determined pursuant to Section 10(b)
for such quarterly period (but which may be adjusted by such amounts as the Parties may mutually agree in order to account for
discrepancies, if any, between the Allocable Overhead Costs actually expended in a prior monthly period, as reflected on the Expense
Statement, and the amounts previously funded by the Service Entities for such quarterly period). The Manager shall submit to each
Service Entity on a quarterly basis a summary relating to the incurrence of any Out of Pocket Expenses for the preceding quarter
and a reconciliation with the Budget and, within ten days following the receipt thereof, such Service Entity shall either (i) subject
to Section 10(a) above, reimburse Manager for such Out of Pocket Expenses to the extent the Manager has previously paid such Out
of Pocket Expenses from its own funds, or (ii) directly pay to the invoicing party such Out of Pocket Expenses. Royal shall, on
the date hereof, advance to Manager funds for the first fiscal quarter of 2017, to include budgeted quarterly expenses and third-party
expenses as reasonably agreed between Royal and Manager, in respect of the Manager Expenses to be incurred during such period,
the entire amount of which, notwithstanding anything to the contrary in this Section 10, shall be allocated to Royal.

 

(d)
Billing Statements. The Manager shall prepare a quarterly statement for each Service Entity for each quarterly period
setting forth the Manager Expenses allocated to such Service Entity and relating to such quarterly period and any adjustment necessary
to correct prior billings (each, an “Expense Statement”) and shall submit such Expense Statement to the applicable
Service Entity within thirty (30) days of the end of the applicable quarterly period. The Expense Statement shall also provide
reasonably detailed documentation supporting the billed Manager Expenses.

 

(e) Billing Dispute
Resolution. If any Service Entity disputes any expense or expenses included on the Expense Statement, including on the
ground that the same was not a reasonable or appropriate cost incurred by the Manager in connection with the Services, the
Manager shall be promptly notified of the exceptions taken; provided that, with respect to any disputed third party invoice
for Out of Pocket Expenses, such Service Entity shall pay the undisputed portion of such
invoice. The Manager and the Service Entities shall use their commercially reasonable efforts to resolve the payment dispute
within sixty (60) days after notice of such dispute. If the payment dispute is not resolved within such 60-day period, the
applicable Service Entity and the Manager shall promptly submit such dispute to binding arbitration pursuant to the rules and
procedures of the American Arbitration Association and use their respective commercially reasonable efforts to cause a
neutral arbitrator to resolve the dispute on an expedited basis, and in any event as soon as practicable. The provisions of
this Section 10(e) shall survive the expiration or earlier termination of this Agreement.

 

    	 	9	 

     

    

 

(f) Obligations Several. The
obligations of payment set forth in this Section 10 are several and not joint, and each Service Entity shall be individually
liable to Manager for the payments required to be made by such Service Entity to the Manager hereunder. Blackstone and its
Affiliates, other than the Service Entities, shall have no liability with respect to payments required to be made
hereunder.

 

SECTION 11. BOOKS, RECORDS AND REPORTING.

 

(a) Books
and Records. The Manager shall maintain accurate books and records regarding the performance of the Services and its
calculation of the Manager Expenses in accordance with, and for the periods required by, generally applicable accounting
practices and applicable law. The Service Entities shall assist the Manager with the preparation of all financial statements
for which the Manager is required to prepare either by applicable law, by this Agreement or at the reasonable request of any
Service Entity.

 

(b) Audit
Right. At any time during the term of this Agreement, any Service Entity or Blackstone shall have the right,
exercisable at its option and expense, to review and copy the books and records maintained by the Manager relating to the
Service Entities, their respective businesses and the Services and, if necessary to verify the performance by the Manager of
its obligations under this Agreement, and to audit and examine such books and records (the “Audit Right”);
provided that in no event shall the Audit Right be construed as extending to the books and records of the Manager relating to
any business conducted by the Manager that is not reasonably related to the Service Entities and the Services. The Service
Entities and Blackstone may exercise the Audit Right from time to time during normal business hours through such auditors as
the Service Entities or Blackstone may determine in their sole discretion by providing reasonable prior written notice to the
Manager. To the extent any Service Entity or Blackstone exercises its Audit Right, it shall use its commercially reasonable
efforts to conduct such audit or examination in a manner that minimizes inconvenience and disruption to the Manager. The
Service Entities and Blackstone shall be limited to exercising the Audit Right twice per calendar year unless the Manager
otherwise consents to a more frequent exercise of the Audit Right. The Audit Right shall not extend to the books and records
of the Manager relating to general and administrative overhead costs of the Manager for any quarter unless such expenses
allocated to any Service Entity exceed by more than five percent (5%) the quarterly budgeted amounts with respect to such
Service Entity for such quarter.

 

    	 	10	 

     

    

 

(c) Following the
date hereof, the Manager shall prepare (i) those financial and operational reports as a Service Entity may request from time
to time and as further described in the Schedules to this Agreement and (ii) a quarterly report for each calendar quarter
(the “Quarterly Report”), which shall be submitted to Blackstone, Royal General Partner, Opportunities
Partnership General Partner and the general partner of each Additional Service Entity within thirty (30) days of the end of
each such calendar quarter. Each Quarterly Report shall include the following information in the aggregate and with respect
to each Service Entity:

 

(i) a reconciliation report setting
forth any material discrepancies or variances between (x) amounts included in the operating statement and/or report of financial
condition of the Service Entity for such quarterly period and year-to-date and (y) the budgeted or projected amounts, as reflected
in the Budgets, for the corresponding periods to which such amounts relate;

 

(ii) a
summary of the operating and financial performance of the Service Entities for such quarterly period and
year-to-date, including a discussion of any material discrepancies or variances described in the preceding clause (i);
and

 

(iii) such other information
as Blackstone or the Service Entities shall reasonably request, including any information required in order for Blackstone or
the Service Entities to enter into financing or hedging arrangements or perform its obligations thereunder.

 

SECTION 12. BUDGETS.

 

(a) Budget. Blackstone and the
Manager have agreed to the budget for the general and administrative overhead costs of the Manager (which includes annual
salaries and bonuses, office space, general and administration expenses and other customary overhead costs but in no event
shall include any Out of Pocket Expenses or incentive equity granted by a Service Entity to any employee or Affiliate of the
Manager) as well as the expense budget for the Service Entities with sufficient allocation of cost between each Service
Entity that is set forth on Exhibit A for the period beginning on January 1, 2017 and ending on December 31, 2017.
Thereafter, no later than four weeks prior to the commencement of the next twelve-month period, the Manager shall prepare and
submit to Blackstone for approval the report for such twelve-month period and, with respect to such report, include:

 

(i) a semi-annual
general and administrative overhead costs budget for the Manager (which, for the avoidance of doubt, shall not include Out of
Pocket Expenses) for the next twelve month period (such budget and each budget set forth on Exhibit A, as each may be amended
or modified from time to time with the approval of Blackstone and the Manager, a “Budget”);

 

(ii) a reconciliation
report setting forth any material variances between (x) amounts included in the Budget and (y) the then-expected amounts for
the full, current twelve-month period; and

 

(iii) a line-item
allocation of all general and administrative overhead costs set forth in the Budget calculated on the basis of the resources
allocated by Manager in providing the Services to each Service Entity and in accordance with Section 10(b).

 

(b) Additional Services. To the extent
(i) Royal consummates any Additional Royal Investments, (ii) an Additional Service Entity consummates an investment not then contemplated
in the current operating Budget for such Additional Service Entity or (iii) Blackstone or the Service
Entities request that the Manager perform additional services not listed on Schedule I or Schedule II or otherwise contemplated
by the then current Budget, the Manager and Blackstone shall agree upon an amended Budget, solely to the extent required in connection
with any such additional investment.

 

    	 	11	 

     

    

 

(c)
Certain Budget Matters.

 

(i) The Manager shall use
its commercially reasonable efforts to perform the Services in accordance with the Budget and shall notify Blackstone
promptly if at any time the actual performance of the Manager is anticipated to deviate in any material respect from the
applicable Budget (where “material respect” mean any deviation of more than 10% from material line items set
forth in such Budget). In the event of a material anticipated deviation from a Budget, the Manager shall update the Budget
and promptly submit such updated Budget to Blackstone for approval, which approval shall not be unreasonably withheld,
conditioned or delayed; provided that, disapproval of a deviation from a material line item set forth in such Budget that is
less than 10% of the amount of such line item set forth in the applicable Budget shall be deemed unreasonable for purposes of
this Section 12(c)(i).

 

(ii) Notwithstanding the
foregoing, from time to time and at any time, by providing written advance notice to the Manager, Blackstone or the Service
Entities may require the Manager to seek their prior consent (written or otherwise) with respect to the incurrence of any
commitments or expenses in connection with a specific project or expenditure.

 

SECTION 13. LIMITATIONS ON LIABILITY; INDEMNIFICATION.

 

(a)
To the fullest extent permitted by law, neither the Manager nor any of its Affiliates, nor the officers, directors, employees,
partners, stockholders, members or agents of any of the foregoing, shall be liable to any member of the Blackstone Group for any
losses sustained or liabilities incurred as a result of any act or omission taken or not taken by the Manager or any such other
person in performing or otherwise relating to the Services (including any liability for any acts or omissions of its Affiliates)
to the extent (i) the act or failure to act of the Manager or such other person was in good faith and in a manner such person believed
to be in, or not contrary to, the best interests of the Blackstone Group, and (ii) the conduct of the Manager or such other person
did not constitute Malfeasance. The Manager shall not be liable to any member of the Blackstone Group for any action taken by any
third party provider to the Blackstone Group, provided the Manager has selected and monitored such third party provider as provided
in Section 6.

 

    	 	12	 

     

    

 

(b) To the fullest
extent permitted by law, each Service Entity, severally and not jointly, hereby agrees to indemnify and hold harmless the
Manager and each of its Affiliates (and all directors, officers, partners, employees, stockholders, members and agents (to
the extent agreed by the Manager) of the foregoing) (each, an “Indemnified Party”) to the fullest extent
permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, reasonable expenses of
any nature (including reasonable costs of investigation and reasonable attorneys’ fees and disbursements), judgments,
fines, settlements and other amounts, of any nature whatsoever, known or unknown, liquidated or unliquidated (collectively, “Liabilities”) arising from any and all claims, demands,
actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which the Indemnified Party may
be involved, or threatened to be involved as a party or otherwise, relating to the Services or the performance or
nonperformance of any act concerning the activities of the Manager hereunder (each, an “Action”), except
to the extent the act or failure to act of the Indemnified Party (i) was not in good faith or not in a manner such
Indemnified Party believed to be in, or not contrary to, the best interests of the Blackstone Group or the Service Entities
or (ii) constituted Malfeasance; and provided, further, that that no Indemnified Party shall be entitled to indemnification
with respect to any claim or dispute between the Parties (or their Affiliates) relating to a breach by such Indemnified Party
of this Agreement (excluding any breach of the standard of care for performing the Services which does not constitute
Malfeasance), or for any breach of any confidentiality obligation to a third party that is not at the express direction of
Blackstone or the Service Entities. The termination of an action, suit or proceeding by judgment, order, settlement or upon a
plea of nolo contendere or its equivalent shall not, in and of itself, create a presumption or otherwise constitute evidence
that the Indemnified Party is not entitled to indemnification hereunder. The Indemnified Party will give Blackstone and the
applicable Service Entities prompt notice of any Action, setting forth therein in reasonable detail the basis for such Action
(and will provide Blackstone such information with respect thereto that Blackstone and the applicable Service Entities may
reasonably request), and the applicable Service Entities shall have the right to undertake the defense of any Action brought
by a third party by counsel chosen by it and reasonably satisfactory to the Indemnified Party; provided, however, that the
Indemnified Party will reasonably cooperate with the applicable Service Entities in defending such Action. If a Service
Entity undertakes such defense in respect of such third party Action, the Indemnified Party shall have the right to
participate in the defense thereof and to employ counsel, at its own expense, separate from the counsel employed by
such Service Entity, it being understood that such Service Entity shall control such defense and any settlement of the
Action.

 

(c)
If a Service Entity shall have assumed the defense of the third party Action, such Service Entity shall not consent to the
entry of judgment, admit any liability with respect to, or settle, compromise or discharge, such third party Action without the
Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld) unless: (x) there is no finding
or admission of any violation of applicable law or any violation of the rights of any person and no effect on any other claims
that may be made against the Indemnified Party or any of its Affiliates; (y) there is no imposition of a consent order, decree
or injunction that would restrict the future activity of the Indemnified Party or its Affiliates; and (z) the sole relief provided
is monetary damages that are concurrently paid in full by the indemnifying party and a full and complete release is provided to
the Indemnified Party and its Affiliates.

 

(d) Subject to the provisions
of Section 13(b), expenses incurred by an Indemnified Party in defending any Action for which indemnification is expressly granted
pursuant to Section 13 shall be advanced by the appropriate Service Entities prior to any judgment or settlement of such Action
(but not during any appeal therefrom) entered by any court of competent jurisdiction which includes a finding that such Indemnified
Party’s conduct constituted Malfeasance or was otherwise not entitled to indemnification hereunder in respect thereof, but
only if prior to making an advance such Service Entities have received a written commitment by or on behalf of the Indemnified
Party to repay such advances to the extent that, and at such time as, it has been determined by a final, non-appealable judgment
or settlement entered by any court of competent jurisdiction that (a) the act or failure to act of the Indemnified Party was not
in good faith or not in a manner it believed to be in, or not contrary to, the best interests of
Blackstone and the Service Entities, or (b) the Indemnified Party’s conduct constituted Malfeasance.

 

    	 	13	 

     

    

 

(e)
Notwithstanding anything in this Agreement to the contrary, the Service Entities shall not be liable to any Indemnified
Party, and the Manager and the other Indemnified Parties shall not be liable to the Service Entities, for punitive, special, exemplary
or consequential damages, including damages for loss of profits, loss of use or revenue or losses by reason of cost of capital,
arising out of or relating to this Agreement or the transactions contemplated hereby, regardless of whether based on contract,
tort (including negligence), strict liability, violation of any applicable deceptive trade practices act or similar law or any
other legal or equitable principle, and the Manager and the Service Entities hereby release each other from liability for any such
damages; provided, however, that the foregoing shall not apply to any such damages that the Manager or any other Indemnified Party
is required to pay to a third party and that otherwise would have been within the scope of the indemnification provided in Section
13(b) above.

 

(f)  
If there is a reasonable probability that an Action brought by a third party may materially and adversely affect the Indemnified
Party other than as a result of money damages or other money payments, the Indemnified Party shall have the absolute right, at
its own cost and expense, to defend, compromise or settle such Action; provided, however, that if such Action is settled without
the appropriate Service Entities’ consent (not to be unreasonably withheld), the Indemnified Party shall be deemed to have
waived all rights hereunder against the Service Entities for Liabilities arising out of such Action.

 

(g)
In the event that any employee of the Manager engages in Malfeasance, the Manager shall, promptly upon the Manager having
knowledge of such Malfeasance, (i) notify Blackstone and the Service Entities, (ii) take appropriate action to discipline and,
if requested by Blackstone or the Service Entities and permissible in accordance with applicable law, immediately terminate such
employee’s provision of the Services to the Service Entities; provided, however, that, such employee shall forfeit any Additional
Incentive Interests and/or Vested Incentive Interests (whether vested or unvested) granted to such employee and (iii) if any Manager
Control Party knowingly permits or knowingly condones such employee’s Malfeasance, indemnify and reimburse the appropriate
Service Entities in full in cash for any liabilities, costs, expenses or losses incurred as a result of such Malfeasance, including
any costs incurred in the termination of employment and/or discipline of such employee or personnel. For the avoidance of doubt,
any amount payable pursuant to Section 13(g)(iii) shall be the sole responsibility of the Manager and shall not be charged to,
or otherwise subject to reimbursement from, any Service Entity. Notwithstanding anything to the contrary contained herein, if a
claim of Malfeasance with respect to an employee of the Manager is not asserted by Blackstone or a Service Entity by the earlier
of (x) the 60th day following the termination of such employee, or (y) the 60th day following the termination of this Agreement,
then, notwithstanding anything to the contrary in the Equity Plans, such alleged Malfeasance shall not result in the forfeiture
of the Additional Incentive Interests; provided, however, that if such alleged Malfeasance is a result of the actions described
in part (i)(A), (ii)(A) or (ii)(C)(x) of the definition of Malfeasance, such 60-day period described in (x) and (y) of this sentence
shall be extended to the second anniversary of the applicable termination.

 

    	 	14	 

     

    

 

(h) The provisions of this Section 13 shall
survive any termination of this Agreement for six (6) years.

 

(i) The obligations of the Service
Entities under this Section 13 are several and not joint. For the avoidance of doubt, no member of the Blackstone Group,
other than the Service Entities, shall have any liability to any person pursuant to this Section 13.

 

SECTION 14. TERM AND TERMINATION; TRANSITION.

 

(a) Unless earlier
terminated in accordance with Section 14(b), this Agreement shall automatically terminate and have no further force and
effect on the date which is two (2) years from the date of this Agreement; provided that, at any time prior to the initial
termination of this Agreement, but in no event later than November 1, 2018, Blackstone may, in its sole discretion, elect for
the term of this Agreement to be extended for an additional one (1) year, and upon such election this Agreement shall
continue in full force and effect during such additional period.

 

(b) This
Agreement may be terminated as follows:

 

(i) by
Blackstone with respect to the entirety of this Agreement or by a Service Entity with respect to such Service Entity (A) at
any time upon 30 days prior written notice to the Manager for any reason or (B) if the Manager has breached in any
material respect this Agreement and such breach, if reasonably curable, is not cured within thirty (30) days after the
Manager’s receipt of written notice of such breach from Blackstone or a Service Entity or such longer period of time
(not to exceed 90 days) as may reasonably be required to cure such breach (provided that the Manager takes reasonable actions
to attempt to cure such breach as soon as reasonably practicable and proceeds with due diligence to cure such breach);

 

(ii) by
the Manager (A) with respect to the entirety of this Agreement at any time after December 10, 2017 but prior to December
10, 2018, upon 30 days prior written notice to Blackstone; provided, however, that upon any termination pursuant to this
Section 14(b)(ii)(A), any and all Additional Incentive Interests (whether vested or unvested) granted to the Manager Parties
in relation to this Agreement only shall be forfeited but not any Vested Incentive Interests, (B) with respect to the
entirety of this Agreement at any time after December 10, 2018, upon 30 days prior written notice to Blackstone; provided,
however, that upon any termination pursuant to this Section 14(b)(ii)(B), any and all Additional Incentive Interests (whether
vested or unvested) granted to the Manager Parties in relation to this Agreement after December 10, 2018 only shall be
forfeited, but not any Additional Incentive Interests earned up to December 10, 2018 nor any Vested Incentive Interests or
(C) with respect to any Service Entity, upon written notice to such Service Entity if such Service Entity has breached in any
material respect this Agreement, the Manager did not cause such Service Entity to commit such breach and such breach, if
reasonably curable, is not cured within 30 days after such Service Entity’s receipt of notice of such breach or such
longer period of time (not to exceed 90 days) as may reasonably be required to cure such breach (provided that such Service
Entity takes reasonable actions to attempt to cure such breach as soon as reasonably practicable and proceeds with due
diligence to cure such breach); provided, however, that the foregoing shall not apply to bona fide disputes concerning the
amount  or
applicability of a Manager Expense or any claim for indemnity or advancement of expenses hereunder; or

 

    	 	15	 

     

    

 

(iii) automatically
with respect to the entirety of this Agreement so long as such event is not caused by a Service Entity materially breaching its
obligations under Section 10, if the Manager makes a general assignment for the benefit of its creditors, institutes proceedings
to be adjudicated voluntarily bankrupt, consents to the filing of a petition for bankruptcy against it, is adjudicated by a court
of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing
of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a
receiver, liquidator, trustee or assignee in bankruptcy or insolvency.

 

(c)
Upon any termination of this Agreement in accordance with this Section 14, all rights and obligations under this Agreement
shall cease except for (i) rights or obligations that are expressly stated to survive a termination of this Agreement and (ii)
liabilities and obligations that have accrued prior to such termination, including the obligation to pay any amounts that have
become due and payable prior to, or in connection with, such termination, including the obligation to pay any portion of the Manager
Expenses that has accrued prior to such termination, regardless of whether any such portions have otherwise become payable; provided
that in the event that a Service Entity disputes any such amount, including on the ground that the same was not a reasonable or
appropriate cost incurred by the Manager in connection with the Services, the undisputed portion shall be paid and the disputed
portion shall be dealt with in the manner provided in Section 10(e). For the avoidance of doubt, upon any termination of this Agreement
in accordance with this Section 14, any Additional Incentive Interests granted in relation to this Agreement only will cease to
vest following the end of the transition services period identified pursuant to Section 14(d) below. Notwithstanding anything to
the contrary contained herein, in addition to other payments to be made pursuant to this Section 14, for 90 days after the termination
of this Agreement pursuant to Section 14(b)(i)(A), Blackstone and the Service Entities, as applicable, shall pay Manager in accordance
with the then current Budget agreed to by the Parties and the payment terms hereof; provided, however, that Manager shall not incur
additional Out of Pocket Expenses during such 90 day term; provided, further, that no such payment shall be due to Manager if this
Agreement is terminated pursuant to the sale of any of the Services Entities.

 

(d) Upon any termination
of this Agreement, if requested by Blackstone or the terminating Service Entity in writing prior to such termination, the Manager
shall, for a period of six months following the termination (or, if shorter, such period as Blackstone or the terminating Service
Entity may identify in writing delivered to the Manager prior to such termination), (A) provide Blackstone and the terminating
Service Entity reasonable assistance to transition the Manager’s duties under this Agreement to one or more successor manager(s)
designated by Blackstone or the terminating Service Entity and (B) continue to provide such Services as Blackstone or the terminating
Service Entity (or its successor(s)) may reasonably request in order to operate and maintain the Investments until the transition
of each such Service to the successor manager(s) has been completed. In providing transition services hereunder, Manager shall
use the same degree of care used in performing the Services in accordance with this Agreement. The terminating Service Entity
will reimburse Manager for its Manager Expenses in connection with such transition services in accordance
with Section 10, and the other terms of this Agreement shall continue to apply with respect to the provision of such transition
services.

 

    	 	16	 

     

    

 

SECTION 15. CONFIDENTIALITY.

 

(a)
Protection of Confidential Information. The Manager Parties agree that all Confidential Information shall be kept confidential
by them and shall not be disclosed by it in any manner whatsoever; provided, however, that (i) any such Confidential Information
may be disclosed by the Manager solely to its managers, directors, partners, employees, advisors, counsel, accountants, agents
or any of its Affiliates who need to know such information for the purpose of the Manager’s provision of the Services or
otherwise complying with its obligations under this Agreement (it being understood that the Manager will inform such persons of
the confidential nature of such information, will direct and cause them to agree to treat such information in accordance with the
terms hereof and will be liable for any breach of this Section 15 by any such person), (ii) any disclosure of Confidential Information
may be made by the Manager to the extent Blackstone or a Service Entity consents in writing and (iii) the Manager may disclose
Confidential Information to the extent required by law or in response to legal process, applicable governmental regulations or
governmental agency request, but only that portion of such Confidential Information which, in the opinion of the Manager’s
counsel, is required or would be required to be furnished to avoid liability for contempt or the suffering of other material judicial
or governmental penalty or censure; provided that, the Manager notifies Blackstone and the Service Entities of its obligation to
provide such Confidential Information prior to disclosure (unless notification is prohibited by applicable law, regulation or court
order) and the Manager cooperates to protect the confidentiality of such Confidential Information.

 

(b)
Ownership. All Confidential Information belongs to Blackstone and the Service Entities. Any permitted use or disclosure
of any Confidential Information by the Manager Parties shall not be deemed to represent an assignment or grant of any right, title
or interest in such Confidential Information.

 

(c)
Remedies. The Parties agree and acknowledge that any unauthorized use of Confidential Information by the Manager Parties
would result in irreparable harm to the Blackstone Group. Therefore, if any Manager Party breaches any of its obligations with
respect to this Section 15, Blackstone and the Service Entities, in addition to any rights and remedies it may have, shall be entitled
to seek equitable, including injunctive, relief to protect its Confidential Information, without any requirement of posting a bond
or other security.

 

(d)
Return of Confidential Information. Upon termination of this Agreement for any reason, the Manager shall, and shall
cause its employees and representatives to, promptly return to Blackstone and the Service Entities all Confidential Information,
including all copies thereof, in its possession or control, or destroy or purge its own system and files of any such Confidential
Information (to the extent practicable) and deliver to Blackstone a written certificate signed by an officer of the Manager that
such destruction and purging have been carried out.

 

(e) Publicity. No
Manager Party shall, without the prior written consent of Blackstone, disclose to any third party the existence of this Agreement
(or the parties hereto and terms hereof) or that Blackstone has any interest in any of the Service Entities. All press releases
or other public communications of any nature whatsoever relating to the business of any Service Entity,
and the method of the release for publication thereof, shall be subject to the prior written consent of Blackstone in all respects.

 

    	 	17	 

     

    

 

(f) Survival.
The provisions of this Section 15 shall survive the termination of this Agreement for a period of three years thereafter,
unless any Confidential Information is subject to a longer-termed confidentiality agreement with a third party, in which case
this Section 15 shall survive as to such Confidential Information until the expiration or earlier termination of
such agreement.

 

(g)
Permitted Disclosure. A Manager Party may disclose (i) the existence of this Agreement and/or (ii) the identity of the
Parties to this Agreement to potential investors in the Manager or to any financial advisors, accountants, attorneys or similar
representatives of the Manager or its Affiliates; provided, further, that such Manager Party will make such potential investor
or representative aware of the confidential nature of this Agreement and the identity of the Parties. For the avoidance of doubt,
a Manager Party may not disclose any terms and conditions of this Agreement whatsoever.

 

SECTION 16. NONSOLICIT.
During the term of this Agreement and for twelve (12) months thereafter, Blackstone and the Service Entities hereby agree that,
without obtaining the prior written consent of the Manager, Blackstone, the Services Entities and their respective Affiliates will
not, directly or indirectly, solicit, interfere with or endeavor to entice away, offer to employ or employ any of the current officers,
employees or any person who is known by Blackstone, the Services Entities and their respective Affiliates to be, after due inquiry,
consultants of the Manager, so long as they are employed or engaged by the Manager and, in each case, to the extent such officer,
employee or consultant has spent a significant portion of his or her professional time during the last six (6) months on matters
relating to the Services rendered under this Agreement or if Blackstone, the Services Entities or any of their respective Affiliates
first became aware of such officer or employee through the Manager or the provision of the Services; provided, that, nothing in
this Section 16 shall apply to any officer, employee or consultant who (i) responds to general solicitations of employment or solicitations
by recruiting firms, in each case, not specifically directed towards employees of the Manager, (ii) contacts Blackstone, the Services
Entities or their respective Affiliates of his or her own initiative and without any direct solicitation from Blackstone, the Services
Entities or their respective Affiliates, (iii) was terminated by Manager or (iv) no longer is an officer, employee or consultant
of the Manager at the time discussions are initiated.

 

SECTION 17. ASSIGNMENT; BINDING EFFECT.

 

(a)
No Party to this Agreement shall have the right to assign or otherwise transfer its rights or obligations under this Agreement
(by operation of law or otherwise), except with the prior written consent of the other Parties hereto, and any attempted assignment,
transfer or delegation (except as provided herein) without such prior written consent shall be voidable at the sole option of such
other Party; provided that, Blackstone and the Service Entities may assign any of their rights or obligations hereunder to any
of their Affiliates without the Manager’s consent.

 

(b) Nothing expressed
or mentioned in this Agreement is intended or shall be construed to give any other person other than the parties hereto and
their respective permitted successors and assigns any legal or equitable right, remedy or claim
under, in or in respect of, this Agreement or any provision herein contained; provided that the Indemnified Parties are
express, intended third party beneficiaries of Section 13, to the extent set forth therein.

 

    	 	18	 

     

    

 

(c)
The Parties represent that the persons executing this Agreement on behalf of their respective organizations have specific
and express authority to execute this Agreement on behalf of their respective organizations and that the respective organizations
intend to be legally bound.

 

SECTION 18. INDEPENDENT
CONTRACTOR; NO JOINT VENTURE. In providing the services contemplated hereunder, the Manager is acting as and shall be considered
an independent contractor. Neither Manager, the Manager Control Parties nor any other employees or representatives of Manager are
entitled to participate in any compensation or benefit scheme of any member of the Blackstone Group, except as may be explicitly
provided for in the organizational documents (and any related agreements) of such entities. Nothing contained in this Agreement
shall be construed as creating any partnership or other form of joint venture or enterprise between any member of the Blackstone
Group, any of the Service Entities or their respective Affiliates and the Manager or impose any liability as such on any of them.
This Agreement confers no rights upon a Party except those expressly granted in this Agreement.

 

SECTION 19. GOVERNING LAW; SEVERABILITY.

 

(a)
This Agreement and the rights and obligations of the Parties under this Agreement shall be governed by, and construed and
interpreted in accordance with, the law of the State of Delaware, without regard to otherwise governing principles of conflicts
of law. In addition to any remedies at law, or expressly set forth herein, the Parties acknowledge that each Party shall be permitted,
to the extent possible under Delaware law, to pursue equitable remedies in respect of any breach of the terms of this Agreement,
including, without limitation, the right to enforce such terms specifically notwithstanding the availability of adequate money
damages.

 

(b)
If any provision of this Agreement (other than Section 27, which shall not be severable under any circumstances) is held
to be illegal, invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision
shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore,
in lieu of each such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement
a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and
enforceable.

 

SECTION 20. JUDICIAL PROCEEDINGS.

 

(a) In any judicial
proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the Parties
irrevocably and unconditionally submits to the exclusive jurisdiction of the state and federal courts located in the State of
Delaware for any actions, suits or proceedings arising out of or relating to or concerning this Agreement. In any such
judicial proceeding, the Parties agree that in addition to any method for the service of process
permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery
provided pursuant to the directions in Section 22.

 

    	 	19	 

     

    

 

(b) EACH OF THE PARTIES
HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR RELATING TO THE PARTNERSHIP OR ITS OPERATIONS.

 

SECTION 21. NO WAIVER;
CUMULATIVE REMEDIES. No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privileges hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law. No waiver of any provision hereto shall be effective unless it is in writing and is signed
by the party asserted to have granted such waiver.

 

SECTION 22. NOTICES.
Any notice or other communication hereunder will, unless otherwise expressly provided, be sufficiently given if in writing
and delivered (whether by registered mail, return receipt requested, or by a nationally-recognized overnight courier, or by
electronic mail with a copy to follow promptly by registered mail):

 

		(i)	In the case of a notice to the Manager, addressed as follows:

 

Riverbend Oil & Gas, L.L.C.

One Allen Center

500 Dallas, Suite 1250

Houston, Texas 77002

Attention: Randolph Newcomer, Jr.

 

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

 

Locke Lord LLP

2800 JPMorgan Chase Tower

600 Travis

Houston, Texas 77002

Attention: Mitchell
Tiras

mtiras@lockelord.com

 

		(ii)	In the case of a notice to any Service Entity or Blackstone, addressed as follows:

 

c/o Blackstone Management Partners L.L.C.

Attention: Chris Placca

345 Park Avenue
Avenue

New York, NY 10154

 

    	 	20	 

     

    

 

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

 

Kirkland
& Ellis LLP

Attn: Andrew T. Calder

    Rhett Van Syoc

600 Travis Street, Suite 3300

Houston, TX 77002

E-mail: andrew.calder@kirkland.com

      rhett.vansyoc@kirkland.com

 

SECTION 23. COMPLIANCE.

 

(a)
The Manager represents and warrants that the Manager is not subject to any contractual or other obligation that would limit
or prohibit the Manager’s ability to provide the Services, including, without limitation, any non-compete or other obligations
that the Manager may owe to any third-party. The Manager agrees that as the Manager undertakes the Services and is engaged by the
Service Entities pursuant to the terms of this Agreement, the Manager shall not, and shall ensure that none of its directors, officers,
agents, employees or other persons associated with or acting on behalf of the Manager or any of its Affiliates shall not, violate
in any material respect any law, regulation, agreement or other obligation the Manager or any such person may be subject to or
bound by from time to time.

 

(b)
The Manager has not made and will not make, and none of its Affiliates and, to the knowledge of the Manager, none of its
directors, officers, agents, employees or other person associated with or acting on behalf of the Manager or any of its Affiliates
have made or will make (i) any unlawful contribution, gift, or provide any entertainment to any foreign or U.S. government official
or employee; (ii) any payment or take any action that violates or would be in violation of any provision of any federal, state
or local or other applicable domestic or foreign law, rule or regulation regarding illegal payments or corrupt practices, or any
provision of the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”) (in the case of the FCPA, if any of
such persons had been or were subject to the FCPA, even if they are not currently so subject); or (iii) any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment.

 

(c)
The operations of the Manager and its Affiliates are and have been conducted at all times in compliance with the financial
recordkeeping and reporting requirements of the U.S. Currency and Foreign Transactions Reporting Act of 1970, as amended, and with
the money laundering statutes of all other applicable jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any governmental agency and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Manager or any of its Affiliates
with respect to such laws is pending or, to the knowledge of the Manager, threatened.

 

(d)
The Manager is not, and none of its Affiliates and, to the knowledge of the Manager, none of its directors, officers, agents,
employees, affiliate or other person associated with or acting on behalf of the Manager or any of its Affiliates are, currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

    	 	21	 

     

    

 

(e)
The Manager agrees to certify the Manager’s compliance with the provisions of this Section 23 if requested by
Blackstone or a Service Entity from time to time during the term of this Agreement.

 

SECTION 24. ENTIRE
AGREEMENT; AMENDMENTS. This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof
and supersedes all prior contracts or agreements with respect to such matters, whether oral or written. No amendments, changes
or modifications to this Agreement shall be valid unless they are in writing and signed by a duly authorized representative of
each of the Parties. No waiver of any right under this Agreement shall be valid unless in writing and signed by a duly authorized
representative of each of the Parties waiving such right.

 

SECTION 25. COUNTERPARTS.
This Agreement may be executed in any number of counterparts (including facsimile counterparts), all of which together shall constitute
a single instrument. It shall not be necessary that any counterpart be signed by each of the Parties so long as each counterpart
shall be signed by one or more of the Parties and so long as the other Parties shall sign at least one counterpart.

 

SECTION 26. HEADINGS. The
headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed part
of this Agreement.

 

SECTION 27. NO RECOURSE.
This Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out of or relate
to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are
expressly identified as parties hereto and no Affiliates of any Party shall have any liability for any obligations or liabilities
of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason
of the transactions contemplated hereby or in respect of any oral representations made or alleged to be made in connection herewith.

 

    	 	22	 

     

    

 

Executed as of the date first set forth above.

 

		RIVERBEND
    OIL & GAS, L.L.C.
	 	 	 	 
	 	By:	/s/ Randolph Newcomer, Jr.
	 	 	Name: 	Randolph Newcomer, Jr.
	 	 	Title:	President

 

    	 	23	 

     

    

 

	 	BLACKSTONE MANAGEMENT PARTNERS
    L.L.C.
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	Name:	Angelo G. Acconcia
	 	Title:	Senior Managing Director
	 	 	 
	 	ROYAL RESOURCES L.P.
	 	 	 
	 	By: Royal Resources GP L.L.C.,
    its general partner
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	Name:	Angelo G. Acconcia
	 	Title:	President
	 	 	 
	 	RIVERBEND NATURAL RESOURCES, L.P.
	 	 	 
	 	By: Riverbend Natural Resources
    GP, LLC, its general partner
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	Name:	Angelo G. Acconcia
	 	Title:	President

 

    	 	24	 

     

    

 

SCHEDULE I

 

ROYAL
SERVICES

 

This
Schedule sets forth below certain Services that are expected to or may be required in connection with the business of Royal. The
Manager shall consult with and advise Blackstone and Royal and Royal General Partner with respect to the applicability of the
following Services to the business of Royal and its subsidiaries and, as applicable and unless otherwise directed by Royal General
Partner, shall provide those Services. It is contemplated that the Manager, with the approval of Blackstone and compliance with
the Budget, may employ the personnel necessary to provide certain of these Services directly.

 

The
provision of any Services shall in all respects be subject to the terms and conditions set forth in this Agreement.

 

General
Services

 

All
management services that are reasonable, necessary or useful for the day-to-day management, monitoring and operation of the business
of Royal and its subsidiaries.

 

Additional
Royal Investments

 

	 	●	Perform diligence, investigate and analyze potential
Additional Royal Investments.

 

	 	●	Structure Additional Royal Investments and conduct negotiations
on behalf of Royal with third parties in connection with such Additional Royal Investments.

 

Preparation
for a Potential Sale

 

	 	●	Compile and prepare all materials and documentation
required to pursue and consummate a potential sale or initial public offering of Royal and/or its subsidiaries and their respective
assets.

 

	 	●	Assist in the marketing of Royal and its assets, including
without limitation by participating in “road shows,” holding meetings with and making calls to potential investors
and taking such other actions as shall be reasonably requested by Royal. Assist in negotiations on behalf of Royal.

 

	 	●	Potentially participate in a customary transition services
program, if required.

 

Blackstone
shall use all commercially reasonable efforts to promptly inform Manager of any potential sale, including any discussions of a
potential sale (whether by Blackstone internally or between Blackstone and third parties) so that Manager can allocate the necessary
time and resources for preparation for such potential sale.

 

     

     

    

 

Reporting

 

The
Manager shall deliver to Royal and Royal General Partner any reports required the periods identified below. The Manager shall
also deliver to Royal and Royal General Partner any reasonable reports requested for purposes of complying with such
person’s internal accounting and tax compliance programs and performance monitoring processes.

 

	 	●	Reserve reports for Royal and its subsidiaries as required
for audits, to meet reporting requirements of debt facilities, and as otherwise reasonably requested.

 

	 	●	The following financial reports in addition to those
set forth in the Agreement:

 

		○	Consolidated
                                         financial statements, including (a) a consolidated balance sheet, (b) a consolidated
                                         statement of operations, (c) a consolidated statement of partners’ equity and (d)
                                         a consolidated statement of cash flows, for each of, and for any of the subsidiaries
                                         of Royal, including KDG ORRI Holdings L.P., Hooks Ranch Holdings, L.P., DGK ORRI Holdings
                                         L.P. and Noble Royalties Acquisition Co., such reports to be furnished quarterly, within
                                         forty-five (45) business days after the end of each applicable quarter.

 

		○	Year-end
                                         audited financial statement with customary notes, audited by Deloitte or its successor,
                                         for Royal, such statement to be furnished within ninety (90) business days after the
                                         end of each applicable year.

 

		○	Year-end
                                         audited financial statement with customary notes, audited by Deloitte or its successor,
                                         for DGK ORRI Holdings L.P. and any subsidiary thereof, such statement to be furnished
                                         within ninety (90) business days after the end of each applicable year.

 

		○	A
                                         quarterly dashboard summary of each entity that tracks a number of metrics for the most
                                         recent month, quarter, and YTD periods. The dashboard will include production and financial
                                         summary information, acreage inventory detail, and acquisition detail as well as a snapshot
                                         showing production, net revenue, EBITDA and cash balance by entity (and any additional
                                         metrics as specified in the future). To be delivered within ~3-4 weeks of the end of
                                         the quarter.

 

     

     

    

 

SCHEDULE
II

 

OPPORTUNITIES
PARTNERSHIP SERVICES

 

This
Schedule sets forth below certain Services that are expected to or may be required in connection with the business of the Opportunities
Partnership and its subsidiaries. The Manager shall consult with and advise Blackstone and the Opportunities Partnership and the
Opportunities Partnership General Partner with respect to the applicability of the following Services to the business of the Opportunities
Partnership and its subsidiaries and, as applicable and unless otherwise directed by the Opportunities Partnership General Partner,
shall provide those Services. It is contemplated that the Manager, with the approval of Blackstone and compliance with the Budget,
may employ the personnel necessary to provide certain of these Services directly.

 

The
provision of any Services shall in all respects be subject to the terms and conditions set forth in this Agreement.

 

General
Services

 

All
management services that are reasonable, necessary or useful for the day-to-day management, monitoring and operation of the business
of the Opportunities Partnership.

 

Preparation
for a Potential Sale

 

	 	●	Compile and prepare all materials and documentation
required to pursue and consummate a potential sale of the Opportunities Partnership and/or its subsidiaries and their respective
assets.

 

	 	●	Assist in the marketing of the Opportunities Partnership
and its assets, holding meetings with and making calls to potential investors and taking such other actions as shall be reasonably
requested by the Opportunities Partnership. Assist in negotiations on behalf of the Opportunities Partnership.

 

	 	●	Potentially participate in a customary transition services
program, if required.

 

Blackstone
shall use all commercially reasonable efforts to promptly inform Manager of any potential sale, including any discussions of a
potential sale (whether by Blackstone internally or between Blackstone and third parties) so that Manager can allocate the necessary
time and resources for preparation for such potential sale.

 

Reporting

 

The
Manager shall deliver to the Opportunities Partnership and Opportunities Partnership General Partner any reports required pursuant
to the terms of this Agreement and each of the reports listed below at the times and for the periods identified below. The Manager
shall also deliver to the Opportunities Partnership and Opportunities Partnership General Partner any reasonable reports requested
for purposes of complying with such person’s internal accounting and tax compliance programs and performance monitoring
processes.

 

     

     

    

 

	 	●	Reserve reports for the Opportunities Partnership and
its subsidiaries as required for audits, to meet reporting requirements of debt facilities, and as otherwise reasonably requested.

 

	 	●	The following financial reports in addition to those
set forth in the Agreement:

 

		○	Consolidated
                                         financial statements, including (a) a consolidated balance sheet, (b) a consolidated
                                         statement of operations, (c) a consolidated statement of partners’ equity and (d)
                                         a consolidated statement of cash flows (including for any subsidiaries), such reports
                                         to be furnished quarterly, within forty-five (45) business days after the end of each
                                         applicable quarter.

 

		○	Year-end
                                         audited financial statement with customary notes, audited by Deloitte or its successor,
                                         such statement to be furnished within ninety (90) business days after the end of each
                                         applicable year.

 

		○	A
                                         quarterly dashboard summary of each entity that tracks a number of metrics for the most
                                         recent month, quarter, and YTD periods. The dashboard will include production and financial
                                         summary information, acreage inventory detail, and acquisition detail as well as a snapshot
                                         showing production, net revenue, EBITDA and cash balance by entity (and any additional
                                         metrics as specified in the future). To be delivered within ~3-4 weeks of the end of
                                         the quarter.

 

     

     

    

 

EXHIBIT
A

 

BUDGET

 

(January
1, 2017 through December 31, 2017)

 

	Riverbend Payroll & Benefits	 	 	 
	Base Salaries & Payroll Taxes	 	$	1,617,513	 
	401 K Match	 	$	48,000	 
	New Hires Payroll / Benefits / Sign-On	 	$	0	 
	Health Insurance	 	$	240,000	 
	Total Salaries & Benefits	 	$	1,905,513	 
	 	 	 	 	 
	Business Generation Expenses	 	 	 	 
	Meals & Entertainment	 	$	12,500	 
	Travel & Auto Mileage	 	$	12,500	 
	Advertising/Marketing	 	$	5,000	 
	Charitable Contributions	 	$	5,000	 
	 	 	$	35,000	 
	 	 	 	 	 
	Office Maintenance Costs	 	 	 	 
	Office Rent (Including Buildout)	 	$	210,000	 
	IT (Services & Licenses)	 	$	175,000	 
	Office Supplies	 	$	20,000	 
	Telephone/Internet	 	$	20,000	 
	Printing/Postage/Delivery/Bank Fees	 	$	45,000	 
	 	 	$	470,000	 
	 	 	 	 	 
	Recurring Capital Requirements	 	 	 	 
	 	 	 	 	 
	Computer Server / Software Upgrades	 	$	75,000	 
	Office Furniture & Fixtures	 	$	0	 
	 	 	$	75,000	 
	 	 	 	 	 
	Recurring General & Administrative	 	$	2,485,513	 
	 	 	 	 	 
	Non-Recurring G&A	 	 	 	 
	Proposed Bonus (Payable On December 15th) (A)	 	 	 	 
	Deferred 2014 Bonus Due	 	$	0	 
	Taxes & 401 K Bonus Match	 	 	 	 
	 	 	$	0	 
	Riverbend Oil & Gas	 	$	2,485,513	 

(A) To Be Approved & Discussed By BOD, Base Bonus Of $400K

 

     

     

    

 

EXHIBIT
B

 

OPPORTUNITIES
AREA

 

 

 

     

     

    

 

EXHIBIT
C

 

ROYAL
AMENDMENT

 

The
Second Amended and Restated Limited Partnership Agreement of Royal, dated December 9, 2013 (the “Royal LP Agreement”)
and the Class C Equity Plan of Royal shall be amended, effective as of December 10, 2016, to provide certain of the Manager Parties
(the “Management Equity Parties”) additional incentives to perform the Services by granting such Manager Parties
additional equity interests in Royal in accordance with the below terms (the “Additional Incentive Interests”).
Such Additional Incentive Interests shall be distributed to certain Manager Parties in Randolph Newcomer, Jr.’s sole and
absolute discretion. Notwithstanding anything herein, the terms of such agreements with respect to the Royal incentive interests
previously granted to certain Manager Parties, which have vested in full in accordance with the Class C Equity Plan of Royal (the
“Vested Incentive Interests”), shall not be changed except as necessary to clarify that such previously granted
interests are fully vested.

 

		●	The
                                         Management Equity Parties shall be granted an additional Riverbend Promote Percentage
                                         equal to 0.725% which shall vest quarterly over the term of two years, with such vesting
                                         to begin on December 10, 2016. If Blackstone and the Manager agree to extend the term
                                         of this Agreement by an additional year in accordance with Section 14(a), the Management
                                         Equity Parties shall be granted a second additional Riverbend Promote Percentage equal
                                         to 0.3625% which shall vest quarterly over the term of one year (such additional interests
                                         being the “Additional Riverbend Promote Percentages”), with such vesting
                                         to begin on December 10, 2018. For the avoidance of doubt, upon any termination of the
                                         Master Management Services Agreement in accordance with Section 14 therein, the Additional
                                         Riverbend Promote Percentages will cease to vest following the end of the transition
                                         services period identified pursuant to Section 14(d) of the Master Management Services
                                         Agreement; provided, however, that upon any termination pursuant to Section 14(b)(ii)(A)
                                         or Section 14(b)(ii)(B), the Management Equity Parties shall forfeit any and all Additional
                                         Riverbend Promote Percentages and any other Additional Incentive Interests (whether vested
                                         or unvested) granted by Blackstone pursuant to the Master Management Services Agreement,
                                         and in the manner described in Section 14(b)(ii)(A) and Section 14(b)(ii)(B), as applicable,
                                         but shall not forfeit any Vested Incentive Interests.

 

		●	The
                                         Additional Riverbend Promote Percentages shall participate in distributions after Operating
                                         Subsidiary Distributions (as defined in the Royal LP Agreement) made since the formation
                                         of Royal to the Class A Partners and Class B Partners of Royal (as defined in the Royal
                                         LP Agreement) (a) equals the product of the aggregate amount of Capital Contributions
                                         (as defined in the Royal LP Agreement) made to Royal by the Class A Partners of Royal
                                         (as defined in the Royal LP Agreement) and 1.50 and (b) any amounts of such Operating
                                         Subsidiary Distributions (as defined in the Royal LP Agreement) that are received by
                                         Royal have been distributed in accordance with the foregoing clause.

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