Document:

Pledge and Security Agreement

 Exhibit 10.2 
 Pledge and Security Agreement 
 As of August 9, 2011,
for value received, the undersigned (“Debtor”) pledges, assigns and grants to Comerica Bank, whose address is 1601 Elm Street, 2nd Floor, Dallas, Texas 75201, in its capacity as Agent (“Agent”), for the benefit of Agent and for
the ratable benefit of the Lenders, a continuing security interest and lien (any pledge, assignment, security interest or other lien arising hereunder is sometimes referred to herein as a “security interest”) in the Collateral (as defined
below) to secure payment when due, whether by stated maturity, demand, acceleration or otherwise, of all Obligations (as defined in the Credit Agreement). Debtor became the parent company of the Borrower (hereinafter defined) as a result of the
reorganization of Borrower into a holding company structure (the “Reorganization”). As a condition to the Agent’s consent to the Reorganization, Debtor is required to deliver this Agreement to Agent and to guarantee the Obligations.
Reference is made to that certain Amended and Restated Credit Agreement dated May 19, 2011, among MRC Energy Company (formerly known as Matador Resources Company, a wholly-owned subsidiary of Debtor) (the “Borrower”), Agent and the
Lenders signatories thereto (as amended or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein will have the meanings given such terms in the Credit Agreement.
Obligations include without limit any and all obligations or liabilities of the Borrower and/or Debtor to the Agent or the Lenders, whether absolute or contingent, direct or indirect, voluntary or involuntary, liquidated or unliquidated, joint or
several, known or unknown, arising under the Credit Agreement or any other Loan Document; any and all amendments, modifications, renewals and/or extensions of any of the above; all reasonable costs incurred by Agent or any Lender in establishing,
determining, continuing, or defending the validity or priority of any security interest, or in pursuing its rights and remedies under this Agreement or under any other agreement between Agent or the Lenders and the Borrower and/or Debtor or in
connection with any proceeding involving Agent or the Lenders as a result of any financial accommodation to the Borrower and/or Debtor; and all other reasonable costs of collecting Obligations, including without limit reasonable attorneys’
fees. Debtor agrees to pay Agent or the Lenders all such costs incurred by the Agent or any Lender, immediately upon demand, and until paid all costs shall bear interest at the Default Rate (to the fullest extent such rate does not exceed the
Maximum Rate) applicable to the Obligations. Any reference in this Agreement to attorneys’ fees shall be deemed a reference to reasonable fees, costs, and expenses, whether or not a suit or action is instituted, and to court costs if a suit or
action is instituted, and whether attorneys’ fees or court costs are incurred at the trial court level, on appeal, in a bankruptcy, administrative or probate proceeding or otherwise. Debtor further covenants, agrees, represents and warrants as
follows: 
  

	1.	 Collateral shall mean all of the following property Debtor now or later owns or has an interest in, wherever located:

  

	 	(a)	 (i) all of Debtor’s interests (the “Pledged Equity Interests”) in any limited liability company, general partnership, limited
partnership, limited liability partnership, other partnership, or corporation and listed on Schedule 1 hereto (the 

  
 PLEDGE AND SECURITY
AGREEMENT 

	 	 
“Subsidiaries”), and all proceeds, interest, profits, and other payments or rights to payment attributable to the Pledged Equity Interests; 

(ii) all distributions, cash, instruments, certificates and other property now or hereafter received, receivable or
otherwise made with respect to or in exchange for the Pledged Equity Interests, including interim distributions, returns of capital, loan repayments, and payments made in liquidation of the Pledged Equity Interests, and whether or not the same arise
or are payable under any agreement or certificate forming any of the Subsidiaries or any other agreement governing the Subsidiaries or the relations among the partners of the Subsidiaries, if applicable (any and all such proceeds, interest, profits,
payments, rights to payment, distributions, cash, instruments, certificates, other property, interim distributions, returns of capital, loan repayments, and payments made in liquidation being herein called the “Subsidiary Rights to
Payments”, and any and all such agreements, certificates, and other agreements being herein called the “Subsidiary Agreements”); 
 (iii) all other interests and rights of Debtor in the Pledged Equity Interests, whether under the Subsidiary Agreements or otherwise, including without limitation any right to cause the dissolution of any
of the Subsidiaries or to appoint or nominate a successor to Debtor in the Subsidiaries, if applicable (all such other interests and rights being herein called the “Other Subsidiary Rights”); 

 

	 	(b)	 all books, records, ledger cards, files, correspondence, software, computer printouts, and similar items that at any time evidence or contain
information relating to the Pledged Equity Interests or are otherwise necessary or helpful in the collection thereof or realization thereon; and 

  

	 	(c)	 all additions, attachments, accessions, parts, replacements, substitutions, renewals, interest, dividends, distributions, warrants, options, rights,
cash, rights of any kind (including but not limited to stock splits, stock rights, voting and preferential rights), products, and proceeds of or pertaining to the above including, without limit, cash or other property which were proceeds and are
recovered by a bankruptcy trustee or otherwise as a preferential transfer by Debtor. 

 In the definition of
Collateral, a reference to a type of collateral shall not be limited by a separate reference to a more specific or narrower type of that Collateral. 

  
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PLEDGE AND SECURITY AGREEMENT 

	2.	 Warranties, Covenants and Agreements. Debtor warrants, covenants and agrees as follows: 

 

	 	2.1	 Prior to or concurrently with the execution and delivery of this Agreement, Debtor shall deliver to Agent all certificate(s) identified in
Exhibit A hereof and evidencing any of the Pledged Equity Interests and shall be accompanied by undated stock powers duly executed in blank. 

  

	 	2.2	 Upon the occurrence and continuance of an Event of Default, if Debtor shall become entitled to receive or shall receive any stock certificate
(including, without limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase, or reduction of capital or issued in connection with any reorganization), option or rights, whether as
an addition to, in substitution of, or in exchange for any Collateral or otherwise, then Debtor agrees to accept the same as Agent’s agent and to hold the same in trust for Agent, and to deliver the same forthwith to Agent in the exact form
received, with the appropriate endorsement of Agent when necessary and/or appropriate undated stock powers duly executed in blank, to be held by Agent as additional Collateral for the Obligations, subject to the terms hereof. When an Event of
Default exists, any sums paid upon or in respect of the Collateral upon the liquidation or dissolution of the issuer thereof shall be paid over to Agent to be held by it as additional Collateral for the Obligations subject to the terms hereof; and
in case any distribution of capital shall be made on or in respect of the Collateral or any property shall be distributed upon or with respect to the Collateral pursuant to any recapitalization or reclassification of the capital of the issuer
thereof or pursuant to any reorganization of the issuer thereof, the property so distributed shall be delivered to the Agent to be held by it, as additional Collateral for the Obligations, subject to the terms hereof. All sums of money and property
so paid or distributed in respect of the Collateral that are received by Agent shall, until paid or delivered to Agent, be held by Debtor in trust as additional security for the Obligations. 

 

	 	2.3	 Debtor shall not consent to or approve the issuance of any additional shares of any class of capital stock of the issuer of the Pledged Equity
Interests, or any securities convertible into, or exchangeable for, any such shares or any warrants, options, rights, or other commitments entitling any person or entity to purchase or otherwise acquire any such shares. 

 

	 	2.4	 Debtor shall furnish to Agent, in form and at intervals as Agent may reasonably request, any information Agent may reasonably request and allow
Agent to examine, inspect, and copy any of Debtor’s books and records. Debtor shall, at the reasonable request of Agent, mark its records and the Collateral to clearly indicate the security interest of Agent under this Agreement.

  

	 	2.5	 At the time any Collateral becomes, or is represented to be, subject to a security interest in favor of Agent or any Lender, Debtor shall be deemed
to have 

  
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PLEDGE AND SECURITY AGREEMENT 

	 	 
warranted that (a) Debtor is the lawful owner of the Collateral and has the right and authority to subject it to a security interest granted to Agent or any Lender; (b) none of the
Collateral is subject to any security interest other than that in favor of Agent or any Lender; (c) there are no financing statements on file, other than in favor of Agent; (d) no person, other than Agent, has possession or control (as
defined in the Uniform Commercial Code) of any Collateral of such nature that perfection of a security interest may be accomplished by control; (e) Debtor acquired its rights in the Collateral in the ordinary course of its business; and
(f) except for compliance with applicable federal and state securities laws and regulations promulgated thereunder, the Collateral is not subject to any restriction on transfer or assignment, Debtor has the unrestricted right to pledge the
Collateral as contemplated hereby, and all of the Collateral has been duly and validly issued and is fully paid and nonassessable. 

  

	 	2.6	 Debtor will keep the Collateral free at all times from all claims, liens, security interests and encumbrances other than those in favor of Agent and
the Lenders. Debtor will not, without the prior written consent of Agent, sell, transfer or lease, or permit to be sold, transferred or leased, any or all of the Collateral. 

 

	 	2.7	 Debtor will do all acts and will execute or cause to be executed all writings reasonably requested by Agent to establish, maintain and continue an
exclusive, perfected and first security interest of Agent and the Lenders in the Collateral. Debtor agrees that Agent and the Lenders have no obligation to acquire or perfect any lien on or security interest in any asset(s), whether realty or
personalty, to secure payment of the Obligations. 

  

	 	2.8	 Debtor will pay within the time that they can be paid without interest or penalty all taxes, assessments and similar charges which at any time are
or may become a lien, charge, or encumbrance upon any Collateral, except to the extent contested in good faith and bonded in a manner satisfactory to Agent. If Debtor fails to pay any of these taxes, assessments, or other charges in the time
provided above, Agent has the option (but not the obligation) to do so, and Debtor agrees to repay all amounts so expended by Agent immediately upon demand, together with interest at the Default Rate (to the fullest extent such rate does not exceed
the Maximum Rate). 

  

	 	2.9	 If Agent, acting in its sole discretion, redelivers Collateral to Debtor or Debtor’s designee for the purpose of (a) the ultimate sale or
exchange thereof; or (b) presentation, collection, renewal, or registration of transfer thereof; such redelivery shall be in trust for the benefit of Agent and the Lenders and shall not constitute a release of Agent’s or the Lenders’
security interest in it or in the proceeds or products of it unless Agent specifically so agrees in writing. If Debtor requests any such redelivery, Debtor will deliver with such request a duly executed financing statement in form and substance
satisfactory to Agent. Any proceeds of Collateral coming into Debtor’s possession as a result of any such redelivery shall be held in trust for Agent and immediately delivered to Agent for

  
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PLEDGE AND SECURITY AGREEMENT 

	 	 
application on the Obligations. Agent may (in its sole discretion) deliver any or all of the Collateral to Debtor, and such delivery by Agent shall discharge Agent from all liability or
responsibility for such Collateral except for any liability which arises from the gross negligence or willful misconduct of the Agent. Agent, at its option, may require delivery of any Collateral to Agent at any time with such endorsements or
assignments of the Collateral as Agent may reasonably request. 

  

	 	2.10	 At any time during the existence of an Event of Default and without notice, Agent may (a) cause any or all of the Collateral to be transferred
to its name or to the name of its nominees; (b) receive or collect by legal proceedings or otherwise all dividends, interest, principal payments and other sums and all other distributions at any time payable or receivable on account of the
Collateral, and hold the same as Collateral, or apply the same to the Obligations, the manner and distribution of the application to be in the sole discretion of Agent; (c) enter into any extension, subordination, reorganization, deposit,
merger or consolidation agreement or any other agreement relating to or affecting the Collateral, and deposit or surrender control of the Collateral, and accept other property in exchange for the Collateral and hold or apply the property or money so
received pursuant to this Agreement; and (d) take such actions in its own name or in Debtor’s name as Debtor’s agent, which it deems necessary or appropriate in its sole discretion to establish exclusive control (as defined in the
Uniform Commercial Code) over any Collateral of such nature that perfection of the Agent’s or any Lender’s security interest may be accomplished by control. 

 

	 	2.11	 To the extent permitted by Section 14(h) of the Credit Agreement, Agent may assign any of the Obligations and deliver any or all of the
Collateral to its assignee, who then shall have with respect to Collateral so delivered all the rights and powers of Agent under this Agreement, and after that Agent shall be fully discharged from all liability and responsibility with respect to
Collateral so delivered except to the extent any such liability results from the gross negligence or willful misconduct of the Agent. 

  

	 	2.12	 The undersigned agrees that no security or guarantee now or later held by Agent or any Lender for the payment of any indebtedness, whether from the
Borrower, any guarantor, or otherwise, and whether in the nature of a security interest, pledge, lien, assignment, setoff, suretyship, guaranty, indemnity, insurance or otherwise, shall affect in any manner the unconditional pledge of the
undersigned under this Agreement, and Agent, in its sole discretion, without notice to the undersigned, may release, exchange, modify, enforce and otherwise deal with any security or guaranty without affecting in any manner the unconditional pledge
of the undersigned under this Agreement. The undersigned acknowledges and agrees that Agent and the Lenders have no obligation to acquire or perfect any lien on or security interest in any assets, whether realty or personalty, or to obtain any
guaranty to secure payment of the Obligations, and the undersigned is not relying upon any guaranty which Agent has or may have or assets in which Agent 

  
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PLEDGE AND SECURITY AGREEMENT 

	 	 
or any Lender has or may have a lien or security interest for payment of the Obligations. 

  

	 	2.13	 The undersigned may terminate its/their pledge under this Agreement as to future indebtedness (except as provided below) by (and only by) delivering
written notice of termination to an officer of Agent and receiving from an officer of Agent written acknowledgment of delivery; provided, the termination shall not be effective until the opening of business on the fifth (5th) day following
written acknowledgment of delivery. Any termination shall not affect in any way Agent’s rights under this Agreement as to any Obligations existing at the effective date of termination or any Obligations created after that pursuant to any
commitment or agreement of Agent or pursuant to any Borrower loan with Agent existing at the effective date of termination (whether advances or readvances by Agent are optional or obligatory), or any modifications, extensions or renewals of any of
the Obligations, whether in whole or in part, and as to all of the Obligations and modifications, extensions or renewals of it, this Agreement shall continue effective until the same shall have been fully satisfied. 

 

	 	2.14	 The undersigned agrees to reimburse Agent upon demand for all reasonable costs and expenses (including, without limit, reasonable attorneys’
fees) incurred in enforcing any of the duties or obligations of the undersigned under this Agreement or in establishing, determining, continuing or defending the validity or priority of Agent’s security interest under this Agreement.

  

	3.	 Collection of Proceeds. 

  

	 	3.1	 Debtor agrees to collect and enforce payment of all Collateral until Agent shall direct Debtor to the contrary. Immediately upon notice to Debtor by
Agent and at all times after that, Debtor agrees to fully and promptly cooperate and assist Agent in the collection and enforcement of all Collateral and to hold in trust for Agent and the Lenders all payments received in connection with Collateral
and from the sale, lease or other disposition of any Collateral, all rights by way of suretyship or guaranty and all rights in the nature of a lien or security interest which Debtor now or later has regarding Collateral. Immediately upon and after
such notice, Debtor agrees, subject to the right of Debtor to receive cash dividends under Section 4.8 hereof, to (a) endorse to Agent and immediately deliver to Agent all payments received on Collateral or from the sale, lease or other
disposition of any Collateral or arising from any other rights or interests of Debtor in the Collateral, in the form received by Debtor without commingling with any other funds, and (b) immediately deliver to Agent all property in Debtor’s
possession or later coming into Debtor’s possession through enforcement of Debtor’s rights or interests in the Collateral. During the existence of an Event of Default, Debtor irrevocably authorizes Agent or any Agent employee or agent to
endorse the name of Debtor upon any checks or other items which are received in payment for any Collateral, and to do any and all things necessary in order to reduce these items to money. Agent shall at all times have

  
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PLEDGE AND SECURITY AGREEMENT 

	 	 
the right to exchange any certificates representing Collateral for certificates of smaller or larger denominations for any purpose consistent with this Agreement. Agent and the Lenders shall have
no duty as to the collection or protection of Collateral or the proceeds of it, or as to the preservation of any related rights, beyond the use of reasonable care in the custody and preservation of Collateral in the possession of Agent or any
Lender. Debtor agrees to take all steps necessary to preserve rights against prior parties with respect to the Collateral. Nothing in this Section 3.1 shall be deemed a consent by Agent to any sale, lease or other disposition of any Collateral.

  

	4.	 Defaults, Enforcement and Application of Proceeds. 

 

	 	4.1	 Upon the occurrence of any of the following events (each an “Event of Default”), Debtor shall be in default under this Agreement:

  

	 	(a)	 Any Event of Default under and as defined in the Credit Agreement; or 

 

	 	(b)	 Any failure or neglect to comply with, or breach of or default under, any term of this Agreement if such failure, neglect, breach or default
continues uncured after 30 days following notice thereof from Agent to Debtor. 

  

	 	4.2	 Upon the occurrence of any Event of Default, Agent may at its discretion and without prior notice to Debtor declare any or all of the Obligations to
be immediately due and payable, and shall have and may exercise any right or remedy available to it including, without limitation, any rights and remedies described in the Credit Agreement and any one or more of the following rights and remedies:

  

	 	(a)	 Exercise all the rights and remedies upon default, in foreclosure and otherwise, available to secured parties under the provisions of the Uniform
Commercial Code and other applicable law; 

  

	 	(b)	 Institute legal proceedings to foreclose upon the lien and security interest granted by this Agreement, to recover judgment for all amounts then due
and owing as Obligations, and to collect the same out of any Collateral or the proceeds of any sale of it; 

  

	 	(c)	 Institute legal proceedings for the sale, under the judgment or decree of any court of competent jurisdiction, of any or all Collateral; and/or

  

	 	(d)	 Personally or by agents, attorneys, or appointment of a receiver, enter upon any premises where Collateral may then be located, and take possession
of all or any of it and/or render it unusable; and without being responsible for loss or damage to such Collateral, hold, operate, sell, lease, or dispose of all or any Collateral at one or more public or private sales, leasings or other
dispositions, at places and times and on terms and conditions as Agent may deem fit, without any previous 

  
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PLEDGE AND SECURITY AGREEMENT 

	 	 
demand or advertisement; and except as provided in this Agreement, and any obligation of a prospective purchaser or lessee to inquire as to the power and authority of Agent to sell, lease, or
otherwise dispose of the Collateral or as to the application by Agent of the proceeds of sale or otherwise, which would otherwise be required by, or available to Debtor under, applicable law are expressly waived by Debtor to the fullest extent
permitted. 

 At any sale pursuant to this Section 4.2, whether under the power of sale,
by virtue of judicial proceedings or otherwise, it shall not be necessary for Agent or a public officer under order of a court to have present physical or constructive possession of Collateral to be sold. The recitals contained in any conveyances
and receipts made and given by Agent or the public officer to any purchaser at any sale made pursuant to this Agreement shall, to the extent permitted by applicable law, be presumed (absent manifest error) to establish the truth and accuracy of the
matters stated (including, without limit, as to the amounts of the principal of and interest on the Obligations, the accrual and nonpayment of it and advertisement and conduct of the sale); and all prerequisites to the sale shall be presumed to have
been satisfied and performed. Upon any sale of any Collateral, the receipt of the officer making the sale under judicial proceedings or of Agent shall be sufficient discharge to the purchaser for the purchase money, and the purchaser shall not be
obligated to see to the application of the money. Any sale of any Collateral under this Agreement shall be a perpetual bar against Debtor with respect to that Collateral. At any sale or other disposition of the Collateral pursuant to this
Section 4.2, Agent disclaims all warranties which would otherwise be given under the Uniform Commercial Code, including without limit a disclaimer of any warranty relating to title, possession, quiet enjoyment or the like, and Agent may
communicate these disclaimers to a purchaser at such disposition. This disclaimer of warranties will not render the sale commercially unreasonable. 
  

	 	4.3	 The proceeds of any sale or other disposition of Collateral authorized by this Agreement shall be applied by Agent as described in the Credit
Agreement. Debtor shall remain liable for any deficiency, which it shall pay to Agent immediately upon demand. Debtor agrees that Agent shall be under no obligation to accept any noncash proceeds in connection with any sale or disposition of
Collateral unless failure to do so would be commercially unreasonable. If Agent agrees in its sole discretion to accept noncash proceeds (unless the failure to do so would be commercially unreasonable), Agent may ascribe any commercially reasonable
value to such proceeds. Without limiting the foregoing, Agent may apply any reasonable discount factor in determining the present value of proceeds to be received in the future or may elect to apply proceeds to be received in the future only as and
when such proceeds are actually received in cash by Agent. 

  

	 	4.4	 Nothing in this Agreement is intended, nor shall it be construed, to preclude Agent from pursuing any other remedy provided by law or in equity for
the collection of the Obligations or for the recovery of any other sum to which Agent 

  
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PLEDGE AND SECURITY AGREEMENT 

	 	 
may be entitled for the breach of this Agreement by Debtor. Nothing in this Agreement shall reduce or release in any way any rights or security interests of Agent contained in any existing
agreement between the Borrower, Debtor, or any Guarantor and Agent. 

  

	 	4.5	 No waiver of default or consent to any act by Debtor shall be effective unless in writing and signed by an authorized officer of Agent. No waiver of
any default or forbearance on the part of Agent in enforcing any of its rights under this Agreement shall operate as a waiver of any other default or of the same default on a future occasion or of any rights. 

 

	 	4.6	 Debtor authorizes Agent or any agent of Agent, in its own name, at Debtor’s expense, to do any of the following during the existence of an
Event of Default, as Agent, in its sole discretion, deems appropriate: 

 (i) to demand, sue
for, collect, or receive in the name of Debtor or in its own name, any money or property at any time payable or receivable on account of or in exchange for any of the Collateral and, in connection therewith, endorse checks, notes, drafts,
acceptances, money orders, or any other instruments for the payment of money under the Collateral; 
 (ii) to pay
or discharge taxes, liens, security interests, or other encumbrances levied or placed on or threatened against the Collateral; 
 (iii) to direct account debtors and any other parties liable for any payment under any of the Collateral to make payment of any and all monies due and to become due thereunder directly to Agent or as
Agent shall direct; 
 (iv) to receive payment of and receipt for any and all monies, claims, and other
amounts due and to become due at any time in respect of or arising out of any Collateral; 
 (v) to sign and
endorse any drafts, assignments, proxies, stock powers, verifications, notices, and other documents relating to the Collateral; 
 (vi) to commence and prosecute any suit, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any part thereof and to enforce any other right
in respect of any Collateral; 
 (vii) to defend any suit, action, or proceeding brought against Debtor with
respect to any Collateral; 
 (viii) to settle, compromise, or adjust any suit, action, or proceeding
described above and, in connection therewith, to give such discharges or releases as Agent may deem appropriate; 

(ix) to exchange any of the Collateral for other property upon any merger,

  
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PLEDGE AND SECURITY AGREEMENT 

 
consolidation, reorganization, recapitalization, or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Collateral with any committee, depositary, transfer
agent, registrar, or other designated agency upon such terms as Agent may determine; 
 (x) to add or
release any guarantor, indorser, surety, or other party to any of the Collateral or the Obligations; 

(xi) to renew, extend, or otherwise change the terms and conditions of any of the Collateral or Obligations;

 (xii) to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though Agent were the absolute owner thereof for all purposes, and to do, at Agent’s option and Debtor’s expense, at any time, or from time to time, all acts and things which Agent reasonably deems
necessary to protect, preserve, or realize upon the Collateral and Agent’s security interest therein; and 

(xiii) to do and perform any act on behalf of Debtor permitted or required under this Agreement. 

 

	 	4.7	 Unless and until an Event of Default shall have occurred and be continuing, Debtor shall be entitled to exercise any and all voting rights relating
or pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement. Agent shall execute and deliver to Debtor all such proxies and other instruments as Debtor may reasonably request for the purpose
of enabling Debtor to exercise the voting rights which it is entitled to exercise pursuant to this Section. 

  

	 	4.8	 Unless an Event of Default shall have occurred and be continuing, Debtor shall be entitled to receive and retain all cash dividends and
distributions paid on the Collateral to the extent and only to the extent that such dividends and distributions are paid out of earned surplus. 

  

	 	4.9	 During the existence of an Event of Default, Agent shall have the right, but shall not be obligated to, exercise or cause to be exercised all
voting, consensual, and other powers of ownership pertaining to the Collateral, and Debtor shall deliver to Agent, if reasonably requested by Agent, irrevocable proxies with respect to the Collateral in form satisfactory to Agent.

  

	 	4.10	 Debtor hereby acknowledges and confirms that Agent may be unable to effect a public sale of any or all of the Collateral by reason of certain
prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers who will be obligated to agree, among
other things, to acquire any shares of the Collateral for their own respective accounts for investment and not with a view to distribution or resale thereof. 

  
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PLEDGE AND SECURITY AGREEMENT 

	 	 
Debtor further acknowledges and confirms that any such private sale may result in prices or other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such
circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner, and Agent shall be under no obligation to take any steps in order to permit the Collateral to be sold at a public sale. Agent
shall be under no obligation to delay a sale of any of the Collateral for any period of time necessary to permit any issuer thereof to register such Collateral for public sale under the Securities Act of 1933, as amended, or under applicable state
securities laws. 

  

	 	4.11	 Upon the occurrence of an Event of Default, Debtor also agrees, upon request of Agent, to assemble the Collateral and make it available to Agent at
any place designated by Agent which is reasonably convenient to Agent and Debtor. 

  

	5.	 Miscellaneous. 

  

	 	5.1	 Until Agent is advised in writing by Debtor to the contrary, all notices, requests and demands required under this Agreement or by law shall be
given to, or made upon, Debtor at the first address indicated in Section 5.15 below. 

  

	 	5.2	 Debtor will give Agent not less than 30 days prior written notice of all contemplated changes in Debtor’s name, location, chief executive
office, principal place of business, and/or location of any Collateral, and Debtor shall promptly take all necessary steps reasonably requested by Agent to maintain the perfection of Agent’s security interest in the Collateral.

  

	 	5.3	 Agent assumes no duty of performance or other responsibility under any contracts contained within the Collateral. 

 

	 	5.4	 Agent has the right to sell, assign, transfer, negotiate or grant participations or any interest in, any or all of the Obligations and any related
obligations, including without limit this Agreement. In connection with the above, subject to any restrictions in the Credit Agreement, Agent may disclose all documents and information which Agent now or later has relating to Debtor, the Obligations
or this Agreement, however obtained. Debtor further agrees that Agent may provide information relating to this Agreement or relating to Debtor or the Obligations to the Agent’s parent, affiliates, subsidiaries, and service providers but subject
to any restrictions in the Credit Agreement and solely for purposes relating to this Agreement. 

  

	 	5.5	 In addition to Agent’s other rights, any indebtedness owing from Agent to Debtor can be set off and applied by Agent on any Obligations at any
time(s) either before or after maturity or demand with notice to Debtor, provided that Agent’s failure to give such notice shall not affect the validity thereof. Any such action shall not constitute acceptance of collateral in discharge
of any portion of the Obligations. 

  
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PLEDGE AND SECURITY AGREEMENT 

	 	5.6	 Debtor, to the extent not expressly prohibited by applicable law, waives any right to require the Agent to: (a) proceed against any person or
property; or (b) pursue any other remedy in the Agent’s power. Debtor waives, to the extent allowed by law, notice of acceptance of this Agreement and presentment, demand, protest, notice of protest, dishonor, notice of dishonor, notice of
default, notice of intent to accelerate or demand payment or notice of acceleration of any Obligations, any and all other notices to which the undersigned might otherwise be entitled, and diligence in collecting any Obligations, and agree(s) that
the Agent may, once or any number of times, modify the terms of any Obligations, compromise, extend, increase, accelerate, renew or forbear to enforce payment of any or all Obligations, or permit the Borrower to incur additional Obligations, all
without notice to Debtor and without affecting in any manner the unconditional obligation of Debtor under this Agreement. Debtor unconditionally and irrevocably waives each and every defense (other than payment) of any nature which, under principles
of guaranty or otherwise, would operate to impair or diminish in any way the obligation of Debtor under this Agreement, and acknowledges that such waiver is by this reference incorporated into each security agreement, collateral assignment, pledge
and/or other document from Debtor now or later securing the Obligations, and acknowledges that as of the date of this Agreement no such defense or setoff exists. 

 

	 	5.7	 Debtor waives any and all rights (whether by subrogation, indemnity, reimbursement, or otherwise) to recover from the Borrower any amounts paid or
the value of any Collateral given by Debtor pursuant to this Agreement until such time as all of the Obligations have been fully paid. 

  

	 	5.8	 In the event that applicable law shall obligate Agent to give prior notice to Debtor of any action to be taken under this Agreement, Debtor agrees
that a written notice given to Debtor at least ten days before the date of the act shall be reasonable notice of the act and, specifically, reasonable notification of the time and place of any public sale or of the time after which any private sale,
lease, or other disposition is to be made, unless a shorter notice period is reasonable under the circumstances. A notice shall be deemed to be given under this Agreement when delivered to Debtor or three Business Days after being placed in an
envelope addressed to Debtor and deposited, with postage prepaid, in a post office or official depository under the exclusive care and custody of the United States Postal Service or one Business Day after being delivered to an overnight courier. The
mailing shall be by overnight courier, certified, or first class mail. 

  

	 	5.9	 Notwithstanding any prior revocation, termination, surrender, or discharge of this Agreement in whole or in part, the effectiveness of this
Agreement shall automatically continue or be reinstated in the event that any payment received or credit given by Agent or the Lenders in respect of the Obligations is returned, disgorged, or rescinded under any applicable law, including, without
limitation, bankruptcy or insolvency laws, in which case this Agreement shall be enforceable against Debtor as if the returned, disgorged, or rescinded payment or credit had 

  
 12 

PLEDGE AND SECURITY AGREEMENT 

	 	 
not been received or given by Agent, and whether or not Agent or any Lender relied upon this payment or credit or changed its position as a consequence of it. In the event of continuation or
reinstatement of this Agreement, Debtor agrees upon demand by Agent to execute and deliver to Agent those documents which Agent reasonably determines are appropriate to further evidence (in the public records or otherwise) this continuation or
reinstatement, although the failure of Debtor to do so shall not affect in any way the reinstatement or continuation. 

  

	 	5.10	 This Agreement and all the rights and remedies of Agent and the Lenders under this Agreement shall inure to the benefit of Agent’s and the
Lenders’ successors and assigns and to any other holder who derives from Agent title to or an interest in the Obligations or any portion of it, and shall bind Debtor and the heirs, legal representatives, successors, and assigns of Debtor.
Nothing in this Section 5.10 is deemed a consent by Agent to any assignment by Debtor. 

  

	 	5.11	 If there is more than one Debtor, all undertakings, warranties and covenants made by Debtor and all rights, powers and authorities given to or
conferred upon Agent are made or given jointly and severally. 

  

	 	5.12	 Except as otherwise provided in this Agreement, all terms in this Agreement have the meanings assigned to them in Article 9 (or, absent definition
in Article 9, in any other Article) of the Uniform Commercial Code as those meanings may be amended, revised or replaced from time to time. “Uniform Commercial Code” means the Texas Business and Commerce Code as amended, revised or
replaced from time to time. Notwithstanding the foregoing, the parties intend that the terms used herein which are defined in the Uniform Commercial Code have, at all times, the broadest and most inclusive meanings possible. Accordingly, if the
Uniform Commercial Code shall in the future be amended or held by a court to define any term used herein more broadly or inclusively than the Uniform Commercial Code in effect on the date of this Agreement, then such term, as used herein, shall be
given such broadened meaning. If the Uniform Commercial Code shall in the future be amended or held by a court to define any term used herein more narrowly, or less inclusively, than the Uniform Commercial Code in effect on the date of this
Agreement, such amendment or holding shall be disregarded in defining terms used in this Agreement. 

  

	 	5.13	 No single or partial exercise, or delay in the exercise, of any right or power under this Agreement, shall preclude other or further exercise of the
rights and powers under this Agreement. The unenforceability of any provision of this Agreement shall not affect the enforceability of the remainder of this Agreement. This Agreement constitutes the entire agreement of Debtor and Agent with respect
to the subject matter of this Agreement. No amendment or modification of this Agreement shall be effective unless the same shall be in writing and signed by Debtor and an authorized officer of Agent. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE 

  
 13 

PLEDGE AND SECURITY AGREEMENT 

	 	 
INTERNAL LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES. 

  

	 	5.14	 To the extent that any of the Obligations is payable upon demand, nothing contained in this Agreement shall modify the terms and conditions of the
Obligations nor shall anything contained in this Agreement prevent Agent from making demand, without notice and with or without reason, for immediate payment of any or all of the Obligations at any time(s), whether or not an Event of Default has
occurred. 

  

	 	5.15	 Debtor represents and warrants that Debtor’s exact name is the name set forth in this Agreement. Debtor further represents and warrants the
following and agrees that Debtor is, and at all times shall be, located in the following place: 

 Debtor, Matador Resources Company, is a registered organization which is organized under the laws of one of the states comprising the United States (e.g. corporation, limited partnership, registered
limited liability partnership or limited liability company), and Debtor is located (as determined pursuant to the Uniform Commercial Code) in the state under the laws of which it was organized, which is: Texas. 

 

	 	5.16	 A carbon, photographic or other reproduction of this Agreement shall be sufficient as a financing statement under the Uniform Commercial Code and
may be filed by Agent in any filing office. 

  

	 	5.17	 This Agreement shall be terminated only upon the payment in full of the non-contingent Obligations, the termination of any continuing commitment of
the Lenders under the Credit Agreement to make additional Loans thereunder and the termination or expiration of all outstanding Letters of Credit, but the obligations contained in Section 2.14 of this Agreement shall survive termination. Upon
termination of this Agreement, upon reasonable request by Debtor, Agent shall promptly execute, deliver and file (to the extent necessary) termination statements and other instruments to evidence release of the liens and security interests created
hereunder and return to Debtor any of the Collateral in its possession. 

  

	 	5.18	 Debtor agrees to reimburse the Agent upon demand for any and all reasonable costs and expenses (including, without limit, court costs, legal
expenses and reasonable attorneys’ fees, whether or not suit is instituted and, if suit is instituted, whether at the trial court level, appellate level, in a bankruptcy, probate or administrative proceeding or otherwise) incurred in enforcing
or attempting to enforce this Agreement or in exercising or attempting to exercise any right or remedy under this Agreement or incurred in any other matter or proceeding relating to this Agreement. 

  
 14 

PLEDGE AND SECURITY AGREEMENT 

	6.	 THIS WRITTEN LOAN AGREEMENT (AS DEFINED BY SECTION 26.02 OF THE TEXAS BUSINESS AND COMMERCE CODE) REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK. 
 SIGNATURE PAGE FOLLOWS.] 

  
 15 

PLEDGE AND SECURITY AGREEMENT 

									
	DEBTOR:	 		 	AGENT:
			
	MATADOR RESOURCES COMPANY	 		 	COMERICA BANK
					
	By:	 	/s/ Joseph Wm. Foran 	 		 	By:	 	/s/ James A. Morgan 

									
	Signature of:	 	Joseph Wm. Foran 	 		 	Signature of:	 	James A. Morgan 
	Its 	 	Chief Executive Officer	 		 	Its	 	Vice President 
				
	Address of Debtor:	 		 		 	
				
	5400 LBJ Freeway, Suite 1500	 		 		 	
	Dallas, Texas 75240	 		 		 	

  
 PLEDGE AND SECURITY
AGREEMENT 

 SCHEDULE 1 

The Subsidiaries 
 MRC Energy Company, a Texas corporation 

  
 PLEDGE AND SECURITY
AGREEMENT 

 EXHIBIT A 

Stock Certificate no. 1 for 1,000 shares of common stock of MRC Energy Company issued to Matador Resources Company on August 9, 2011

  
 PLEDGE AND SECURITY
AGREEMENTEmployment Agreement - Foran

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into on August 9, 2011, to be effective as of the Effective Date (as defined below) by and between Matador Resources Company, a Texas corporation (“Matador”), acting through its
Board of Directors (the “Board”), and Joseph Wm. Foran (“Employee”). For purposes of this Agreement, the “Effective Date” shall mean the date of filing with the United States Securities and Exchange
Commission of Matador’s first registration statement following the date hereof with respect to an underwritten public offering of its equity securities, or such other date as the Board and Employee may agree. 

WHEREAS, Matador and Employee desire to enter into this Agreement to set forth the terms and conditions of
Employee’s employment with Matador; 
 NOW, THEREFORE, the parties hereto, in consideration of the mutual
covenants and promises hereinafter contained, do hereby agree as follows: 
 1. Employment. Matador
hereby agrees to employ Employee in the capacity of Chief Executive Officer, or in such other position or positions of the same or greater stature as the Board may direct or desire, to the extent reasonably acceptable to Employee, and Employee
hereby accepts such employment, on the terms and subject to the conditions set forth herein. 
 2.
Duties. Employee’s principal duties and responsibilities shall be to manage, generally, all of Matador’s operations, which duties and responsibilities are more fully described in Matador’s Bylaws, and such other duties
consistent with his position as Chief Executive Officer and such other duties that are reasonably assigned to Employee from time to time by the Board. Employee agrees to perform such services and duties and hold such offices as may be reasonably
assigned to him from time to time by the Board, consistent with his position, and to devote substantially his full time, energies and best efforts to the performance thereof to the exclusion of all other business activities, except reasonable and
normal work for his personal affairs and estate and any other activities to which Matador may consent, and except for services to charitable, civic and/or professional organizations, to the extent such service does not materially and adversely
impact Employee’s service to Matador. Employee shall also have the authority to hire or terminate any employee. 
 3. Term. Employee’s employment shall be under the terms and conditions of this Agreement and shall expire at the end of twenty-four (24) months from the Effective Date (the
“Term”), subject to earlier termination as provided herein; provided, however, that the Term shall be extended automatically at the end of each month by one additional month unless by such date Matador or Employee
gives written notice to the other that the Term shall not be further extended. Such notice must indicate that it shall have the effect of preventing any further extension of the Term. 

4. Salary and Other Compensation. As compensation for the services to be rendered by Employee to Matador pursuant
to this Agreement, Employee shall be paid the following compensation and other benefits: 

 (a) Base Salary. Employee shall receive an annualized
salary of $550,000 per year, payable in installments in accordance with Matador’s then standard payroll practices, or such higher compensation as may be established by Matador from time to time (“Base Salary”); provided,
however, that until the earlier of (i) the consummation of Matador’s first underwritten public offering of its equity securities following the date hereof or (ii) immediately prior to a Change of Control (as defined below), the
Base Salary shall continue to be the annualized salary of Employee as of the date hereof. Should Employee become “Partially Disabled,” which for purposes hereof means the inability because of any physical or emotional illness
lasting no more than 90 days to perform his assigned duties under this Agreement for no less than 20 hours per week (and including any period of short term total absence due to illness or injury, including recovery from surgery, but in no event
lasting more than the 90-day period of Partial Disability), and if Employee, during any period of Partial Disability, receives any periodic payments representing lost compensation under any health and accident policy or under any salary continuation
insurance policy, the premiums for which have been paid by Matador, the amount of Base Salary that Employee would be entitled to receive from Matador during the period of Partial Disability shall be decreased by the amounts of such payments.
Notwithstanding the foregoing, should Employee become Totally Disabled, as defined in Section 12(b), during a period of Partial Disability, the provisions in Sections 12 and 14 with respect to Total Disability shall control. 

(b) Annual Incentive Compensation. Employee shall be entitled to participate in the annual
incentive plan for management maintained by Matador at a level to provide Employee with annual incentive compensation commensurate with Employee’s position and responsibilities, as determined by, and based on such performance objectives as
established by the Nominating, Compensation and Planning Committee of the Board (the “NCP Committee”) and the Board, in their sole discretion. 

(c) Long-Term Incentive Compensation. Employee shall be entitled to participate in Matador’s
2011 Long-Term Incentive Plan, or such other equity incentive plan as may exist in the future, with awards under any such plan to be determined by the NCP Committee or the Board, in their discretion. 

(d) Employee Benefit Plans. Employee shall be eligible to participate, to the extent he may be
eligible pursuant to the terms of any such plan, in any profit sharing, retirement, insurance or other employee benefit plan maintained by Matador for the benefit of officers and senior management of Matador, at the officer/senior management level.

 5. Life Insurance. Matador, in its discretion, may apply for and procure in its own name and for its
own benefit, life insurance on the life of Employee in any amount or amounts considered advisable by Matador, and Employee shall submit to any medical or other examination and execute and deliver any application or other instrument in writing,
reasonably necessary to effectuate such insurance. 

  
 2 

 6. Expenses. Matador shall pay, or reimburse Employee, for the
reasonable and necessary business expenses of Employee, to the extent incurred in accordance with all applicable expense reimbursement policies of Matador. 
 7. Vacations and Leave. Employee shall be entitled to four (4) weeks paid vacation per year, to be accrued and used in accordance with Matador’s vacation policy in effect from time to
time. 
 8. Non-Disclosure of Confidential Information. Matador shall provide Employee Confidential
Information, which Employee may use in the performance of his job duties with Matador. “Confidential Information,” whether electronic, oral or in written form, includes without limitation: all geological and geophysical reports and
related data such as maps, charts, logs, seismographs, seismic records and other reports and related data, calculations, summaries, memoranda and opinions relating to the foregoing, production records, electric logs, core data, pressure data, lease
files, well files and records, land files, abstracts, title opinions, title or curative matters, contract files, notes, records, drawings, manuals, correspondence, financial and accounting information, customer lists, statistical data and
compilations, patents, copyrights, trademarks, trade names, inventions, formulae, methods, processes, agreements, contracts, manuals or any documents relating to the business of Matador and information or data regarding Matador’s systems,
operations, business, finances, prospects, properties or prospective properties; provided, however, that Confidential Information shall not include any information that is or becomes publicly available, or is otherwise generally known
in Matador’s industry, other than as a result of any disclosure by Employee that is inconsistent with his duties pursuant to this Agreement. As a material inducement to Matador to enter into this Agreement and to pay to Employee the
compensation stated in Section 4, Employee covenants and agrees that he shall not, at any time during or following the term of his employment, directly or indirectly divulge or disclose for any purpose whatsoever, other than as may be required
by law, any Confidential Information that has been obtained by, or disclosed to, him as a result of his employment by Matador, or use such Confidential Information for any reason other than to perform his duties pursuant to this Agreement.

 9. Noncompetition Agreement. Employee acknowledges and agrees that the Confidential Information
Matador shall provide Employee will enable Employee to injure Matador if Employee should compete with Matador. Therefore, Employee hereby agrees that during Employee’s employment, and (i) if Matador terminates Employee’s employment
for Total Disability, or if Employee terminates his employment for Good Reason, then for a period of six (6) months thereafter, or (ii) if Matador terminates Employee’s employment for Just Cause, Employee terminates his employment
during the Term other than for Good Reason or Employee is entitled to severance pay pursuant to Section 14(b) or Section 14(c) (other than if Employee terminates his employment for Good Reason), then for a period of twelve (12) months
thereafter (the period specified in clause (i) or (ii), as applicable, being referred to herein as the “Restricted Period”), Employee shall not, without Matador’s prior written consent (which consent, in the event Employee
terminates his employment other than for Good Reason, may not be unreasonably withheld, but in each other situation described in clauses (i) and (ii) above, may be withheld in its sole discretion), directly or indirectly: (a) invest
in (other than investments in publicly-owned companies which constitute not more than 1% of the voting securities of any such company) a Competing Business with Significant Assets in the Restricted Area (each as

  
 3 

 
defined below), or (b) participate in a Competing Business as a manager, employee, director, officer, consultant, independent contractor, or other capacity or otherwise provide, directly or
indirectly, services or assistance to a Competing Business in a position that involves input into or direction of the Competing Business’s decisions within the Restricted Area. “Competing Business” means any person or entity
engaged in oil and natural gas exploration, development, production and acquisition activities. “Significant Assets” means oil and natural gas reserves with an aggregate fair market value of $25 million or more. “Restricted
Area” means a one-mile radius of any oil and natural gas reserves held by Matador as of the end of Employee’s employment, plus any county or parish where Matador, together with its subsidiaries, has Significant Assets as of the
end of Employee’s employment. 
 10. Reasonableness of Restrictions 

(a) Employee has carefully read and considered the provisions of Sections 8 and 9, and, having done
so, agrees that the restrictions set forth in those Sections are fair and reasonable and are reasonably required for the protection of the interests of Matador and its parent or subsidiary corporations, officers, directors, and shareholders.

 (b) In the event that, notwithstanding the foregoing, any of the provisions of
Sections 8 or 9 shall be held to be invalid or unenforceable, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included therein. In the event that
any provision of Sections 8 or 9 shall be declared by a court of competent jurisdiction to exceed the maximum restrictiveness such court deems reasonable and enforceable, the time period, the areas of restriction and/or related aspects deemed
reasonable and enforceable by the court shall become and thereafter be the maximum restriction in such regard, and the restriction shall remain enforceable to the fullest extent deemed reasonable by such court. 

(c) Sections 8 and 9 shall survive the termination of this Agreement. If Employee is found by a court of
competent jurisdiction or arbitrator to have materially violated any of the restrictions contained in Section 9, the restrictive period will be suspended and will not run in favor of Employee during such period that Employee shall have been
found to be in material violation thereof. 
 11. Remedies for Breach of Employee’s Covenants of
Non-Disclosure and Non-Competition. In the event of a breach or threatened breach of any of the covenants in Sections 8 or 9, then Matador shall be entitled to seek a temporary restraining order and injunctive relief restraining Employee
from the commission of any breach. 
 12. Termination. Employment of Employee under this Agreement may be
terminated: 
 (a) By Employee’s death. 

(b) If Employee is Totally Disabled. For the purposes of this Agreement, Employee is totally disabled if
he is “Totally Disabled” as defined in and 

  
 4 

 
for the period necessary to qualify for benefits under any disability income insurance policy and any replacement policy or policies covering Employee and Employee has been declared to be Totally
Disabled by the insurer. 
 (c) By mutual agreement of Employee and Matador. 

(d) By the dissolution and liquidation of Matador (other than as part of a reorganization, merger,
consolidation or sale of all or substantially all of the assets of Matador whereby the business of Matador is continued). 
 (e) By Matador for Just Cause. This Agreement and Employee’s employment with Matador may be terminated for Just Cause at any time in accordance with Section 13. For purposes of this Agreement,
“Just Cause” shall mean only the following: (i) Employee’s continued and material failure to perform the duties of his employment consistent with Employee’s position, except as a result of being Partially Disabled
(during any period of Partial Disability) or Totally Disabled, (ii) Employee’s failure to perform his material obligations under this Agreement, except as a result of being Partially Disabled (during any period of Partial Disability) or
Totally Disabled, or a material breach by the Employee of Matador’s written policies concerning discrimination, harassment or securities trading, (iii) Employee’s refusal or failure to follow lawful directives of the Board, except as
a result of being Partially Disabled (during any period of Partial Disability) or Totally Disabled, (iv) Employee’s commission of an act of fraud, theft, or embezzlement, (v) Employee’s indictment for or conviction of a felony or
other crime involving moral turpitude, or (vi) Employee’s intentional breach of fiduciary duty; provided, however, that Employee shall have thirty (30) days after written notice from the Board (or NCP Committee) to
remedy any actions alleged under subsections (i), (ii) or (iii) in the manner reasonably specified by the Board (or NCP Committee). For the avoidance of doubt, the parties acknowledge and agree that a termination by Matador for Just Cause
shall have priority over the other provisions of this Section 12, and Matador shall have the right, to the extent raised by Matador within twelve (12) months following Employee’s termination, to “claw back” any benefits paid
to Employee based on a termination pursuant to any other provision of this Section 12, in the event that Matador subsequently discovers the existence of facts or circumstances that would have been grounds for Employee’s termination for
Just Cause; provided, however, that the foregoing shall not modify in any way Employee’s rights to dispute any termination for Just Cause, or to have any such dispute resolved by mediation or arbitration, as provided herein.

 (f) At the end of the Term. 

(g) By Employee for Good Reason. This Agreement and Employee’s employment with Matador may be
terminated at any time, at the election of Employee, for Good Reason in accordance with Section 13, and such termination for Good Reason shall be treated as an involuntary separation from service within the meaning of Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the Treasury Regulations promulgated thereunder. As used in this 

  
 5 

 
Agreement, “Good Reason” shall mean (i) the assignment to Employee of duties inconsistent with the title of Chief Executive Officer or his then-current office, or a material
diminution in Employee’s then current authority, duties or responsibilities; (ii) a diminution of Employee’s then current Base Salary or other action or inaction that constitutes a material breach of this Agreement by Matador; or
(iii) the relocation of Matador’s principal executive offices to a location more than thirty (30) miles from Matador’s current principal executive offices or the transfer of Employee to a place other than Matador’s principal
executive offices (excepting required travel on Matador’s business). Within thirty (30) days from the date Employee knows of the actions constituting Good Reason as defined in this Section 12(g), Employee shall give Matador written
notice thereof, and provide Matador with a reasonable period of time, in no event exceeding thirty (30) days, after receipt of such notice to remedy the alleged actions constituting Good Reason; provided, however, that Matador
shall not be entitled to notice of, and the opportunity to remedy, the recurrence of any alleged actions (or substantially similar actions) constituting Good Reason in the event that Employee has previously provided notice of such prior alleged
actions (or substantially similar actions) to Matador and provided Matador an opportunity to cure such prior actions (or substantially similar actions). In the event Matador does not cure the alleged actions, if Employee does not terminate this
Agreement and his employment within sixty (60) days following the last day of Matador’s cure period, Employee shall not be entitled to terminate his employment for Good Reason based upon the occurrence of such actions; provided,
however, that any recurrence of such actions (or substantially similar actions) may constitute Good Reason. Any corrective measures undertaken by Matador are solely within its discretion and do not concede or indicate agreement that the
actions described in Employee’s written notice constitute Good Reason within the meaning of this Section 12(g). 
 (h) By Employee other than for Good Reason. This Agreement and Employee’s employment with Matador may be terminated at any time, at the election of Employee, other than for Good Reason. 

(i) Change in Control. In the event of a Change in Control and Employee is terminated by Matador without
Just Cause, or Employee terminates his employment with or without Good Reason, within 30 days prior to or twelve (12) months following the Change in Control. As used in this Section 12(i) and Section 14, the term “Change in
Control” shall mean a change in control event for purposes of Section 409A of the Code, as defined in Treasury Regulation Section 1.409A-3(i)(5) and any successor provision thereto, which currently is the following: 

(i) A change in ownership of Matador occurs on the date that any Person other than (1) Matador or any subsidiaries,
(2) a trustee or other fiduciary holding securities under an employee benefit plan of Matador or any of its Affiliates, (3) an underwriter temporarily holding stock pursuant to an offering of such stock, or (4) a corporation owned,
directly or indirectly, by the shareholders of Matador in substantially the same proportions as their ownership of Matador’s stock, acquires ownership of Matador’s 

  
 6 

 
stock that, together with stock held by such Person, constitutes more than 50% of the total fair market value or total voting power of Matador’s stock. However, if any Person is considered
to own already more than 50% of the total fair market value or total voting power of Matador’s stock, the acquisition of additional stock by the same Person is not considered to be a Change in Control. In addition, if any Person has effective
control of Matador through ownership of 30% or more of the total voting power of Matador’s stock, as described in Section 12(i), subsection (ii), below, the acquisition of additional control of Matador by the same Person is not considered
to cause a Change in Control pursuant to this Section 12(i), subsection (i); 
 (ii) Even though Matador may
not have undergone a change in ownership under Section 12(i), subsection (i), above, a change in the effective control of Matador occurs on either of the following dates: 

a) the date that any Person acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition by such Person) ownership of Matador’s stock possessing 30% or more of the total voting power of Matador’s stock. However, if any Person owns 30% or more of the total voting power of Matador’s stock, the acquisition of
additional control of Matador by the same Person is not considered to cause a Change in Control pursuant to this Section 12(i), subsection (ii), clause a); or 

b) the date during any 12-month period when a majority of members of the Board is replaced by directors whose appointment
or election is not endorsed by a majority of the Board before the date of appointment or election; provided, however, that any such director shall not be considered to be endorsed by the Board if his or her initial assumption of office occurs as a
result of an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (iii) A change in the ownership of a substantial portion of Matador’s assets occurs on the date that a Person acquires (or has acquired during the 12-month period ending on the date of the most
recent acquisition by such Person) assets of Matador, that have a total gross fair market value equal to at least 40% of the total gross fair market value of all of Matador’s assets immediately before such acquisition or acquisitions. However,
there is no Change in Control where there is such a transfer to an entity that is controlled by the shareholders of Matador immediately after the transfer, through a transfer to a) a shareholder of Matador

  
 7 

 
(immediately before the asset transfer) in exchange for or with respect to Matador’s stock; b) an entity, at least 50% of the total value or voting power of the stock of which is owned,
directly or indirectly, by Matador; c) a Person that owns, directly or indirectly, at least 50% of the total value or voting power of Matador’s outstanding stock; or d) an entity, at least 50% of the total value or voting power of the stock of
which is owned by a Person that owns, directly or indirectly, at least 50% of the total value or voting power of Matador’s outstanding stock. 
 (iv) For the purposes of this definition of Change in Control only: 
 “Person” shall have the meaning given in Section 7701(a)(1) of the Code. Person shall include more than one Person acting as a group as defined in the Final Treasury Regulations
issued under Section 409A of the Code. 
 (v) As noted, the definition of Change in Control as set forth in
this Section 12(i) shall be interpreted in accordance with the Treasury Regulations under Section 409A of the Code, it being the intent of the parties that this Section 12(i) shall be in compliance with the requirements of said Code
Section and said Regulations. Notwithstanding the definition of Change in Control as set forth in this Section 12(i), no Change in Control shall be deemed to have occurred as a result of the sale of any equity securities by Matador in any
registered public offering. 
 13. Notice of Termination/Date of Termination. Termination of
Employee’s employment by Matador for Just Cause or by Employee for Good Reason or other than for Good Reason shall be accompanied by written notice of the reason for such termination. Such notice shall indicate a specific termination provision
in this Agreement which is relied upon, describe the basis for such termination, if any, and the Date of Termination. If Employee’s employment is terminated by Employee other than for Good Reason, the Date of Termination shall be not less than
thirty (30) days following such written notice. As used in this Agreement, “Date of Termination” shall mean a “Separation from Service” as defined in Section 16 hereof. 

14. Payments With Respect to Termination; Vesting of Equity Incentive Awards. Payments to Employee upon
termination shall be limited to the following: 
 (a) If Employee’s employment is terminated
by Matador upon death pursuant to Section 12(a), Total Disability pursuant to Section 12(b), mutual agreement pursuant to Section 12(c), dissolution and liquidation pursuant to Section 12(d), for Just Cause pursuant to
Section 12(e), at the end of the Term pursuant to Section 12(f), or by Employee other than for Good Reason pursuant to Section 12(h), Employee shall be entitled to all arrearages of Base Salary, accrued but unused vacation and
expenses as of the Date of Termination (the “Accrued Obligations”) payable in accordance with Matador’s customary payroll practices, plus (unless 

  
 8 

 
Employee’s employment is terminated by Matador for Just Cause or by Employee other than for Good Reason) an amount equal to the average annual amount of all bonuses paid to Employee with
respect to the prior two (2) calendar years, pro-rated based on the number of complete or partial months of Employee’s employment during the calendar year in which his employment terminates payable in a lump sum, subject to
Section 16(b), on the sixtieth (60th) day
following the Date of Termination, but shall not be entitled to further compensation. 
 (b) If
Employee’s employment is terminated by Matador for a reason other than as described in Section 14(a) or (c), or is terminated by Employee for Good Reason pursuant to Section 12(g), Matador shall (i) pay to Employee all Accrued
Obligations as required under applicable wage payment laws and in accordance with Matador’s customary payroll practices, and (ii) subject to Employee’s compliance with Sections 8 and 9, pay to Employee severance pay in an amount equal
to two (2) times his then-current Base Salary as of the Date of Termination, plus two (2) times an amount equal to the average annual amount of all bonuses paid to Employee with respect to the prior two (2) calendar years, in a lump
sum, (A) on the date which immediately follows six (6) months from the Date of Termination or, if earlier, (B) within thirty (30) days of Employee’s death, with the exact date of payment after Employee’s death to be
determined by Matador. Employee shall have no obligation to seek other employment, and any income so earned shall not reduce the foregoing amounts. 

(c) If in contemplation of or following a Change in Control pursuant to Section 12(i),
Employee’s employment is terminated by Matador without Just Cause or is terminated by Employee with or without Good Reason, Matador shall (i) pay to Employee all Accrued Obligations as required under applicable wage payment laws and in
accordance with Matador’s customary payroll practices, and (ii) subject to Employee’s compliance with Sections 8 and 9, pay to Employee severance pay in an amount equal three (3) times the then-current Base Salary as of the Date
of Termination, plus three (3) times an amount equal to the average annual amount of all bonuses paid to Employee with respect to the prior two (2) calendar years, in a lump sum, (A) on the date which immediately follows six
(6) months from the Date of Termination or, if earlier, (B) within thirty (30) days of Employee’s death, with the exact date of payment after Employee’s death to be determined by Matador. Immediately prior to such
termination of employment, as contemplated in the prior sentence, all unvested equity incentive awards held by Employee shall vest, and the forfeiture provisions with respect to any such awards that are subject to forfeiture will terminate. Employee
shall have no obligation to seek other employment and any income so earned shall not reduce the foregoing amounts. 
 (d) Except with respect to any Accrued Obligations, which shall be paid in accordance with Section 14, as a condition to receiving any other payment under Section 14, and to the extent that
Employee is then living and not prevented from executing a release of claims due to any disability, Employee shall execute (and not revoke) a release of claims substantially in the form attached hereto (which release shall be provided to Employee
within five (5) business days following the 

  
 9 

 
Date of Termination and must be returned to Matador (and not revoked) within forty-five (45) days following the Date of Termination). If Employee fails or otherwise refuses to execute and
not revoke a release of claims within forty-five (45) days following the Date of Termination, and in all events prior to the date on which such other payment is to be first paid to him, Employee shall not be entitled to any such other payment,
except as required by applicable wage payment laws, until Employee executes and does not revoke for forty-five (45) days, a release of claims. 
 15. Timing of Payments with Respect to Termination. In the event that, without the express or implied consent of Employee, Matador fails to make, either intentionally or unintentionally, any
payment required pursuant to Section 14 at the time such payment is so required, and in addition to any other remedies that might be available to Employee under this Agreement or applicable law, including compliance with the requirements of
Section 409A of the Code regarding disputed payments and refusals to pay, Matador and Employee agree that the unpaid amount of any such required payment shall increase by five percent (5%) per month for each month, or portion thereof,
during which such payment is not made. Matador and Employee agree that any such increase is not interest, but is for purposes of compensating Employee for certain costs and expenses anticipated to be incurred by Employee in the event that any such
payment is not made when required, the actual amounts of which are difficult to estimate. Notwithstanding the foregoing, in the event that any such amount is held to be interest, Employee shall not be entitled to charge, receive or collect, nor
shall amounts received hereunder be credited so that Employee shall be paid, as interest a sum greater than interest at the Maximum Rate (as defined below). It is the intention of Matador and Employee that this Agreement shall comply with applicable
law. If Employee is deemed to have charged or received anything of value which is deemed to be interest under applicable law, and if such interest is deemed to exceed the maximum lawful amount, any amount which exceeds interest at the Maximum Rate
shall be applied to other amounts that might be owed to Employee by Matador or its affiliates, whether under this Agreement or otherwise, and if there are no such other amounts owed to Employee by Matador or its affiliates, any remaining excess
shall be paid to Matador. In determining whether any such deemed interest exceeds interest at the Maximum Rate, the total amount of interest shall be spread, prorated and amortized throughout the entire time during which such payment is due, until
payment in full. The term “Maximum Rate” means the maximum nonusurious rate of interest per annum permitted by whichever of applicable United States federal law or Texas law permits the higher interest rate, including to the extent
permitted by applicable law, any amendments thereof hereafter or any new law hereafter coming into effect to the extent a higher Maximum Rate is permitted thereby. 

16. Other Termination Provisions. 

(a) Separation from Service. Notwithstanding anything to the contrary in this Agreement, with
respect to any amounts payable to Employee under this Agreement that are treated as “non-qualified deferred compensation” subject to Section 409A of the Code in connection with a termination of Employee’s employment, in no
event shall a termination of employment occur under this Agreement unless such termination constitutes a Separation from Service. “Separation from Service” shall mean Employee’s “separation from service” with

  
 10 

 
Matador as such term is defined in Treasury Regulation Section 1.409A-1(h) and any successor provision thereto. 

(b) Section 409A Compliance. Notwithstanding anything contained in this Agreement to the
contrary, to the maximum extent permitted by applicable law, amounts payable to Employee pursuant to Section 14 shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9) (Separation Pay Plans) or Treasury Regulation
Section 1.409A-1(b)(4) (Short-Term Deferrals). However, to the extent any such payments are treated as non-qualified deferred compensation subject to Section 409A of the Code, then if Employee is deemed at the time of his Separation from
Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the benefits to which Employee is entitled under this Agreement is required in
order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Employee’s termination benefits shall not be provided to Employee prior to the earlier of (i) the expiration of the six-month period
measured from the date of Employee’s Separation from Service or (ii) the date of Employee’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 16(b) shall be paid in a lump sum to Employee. The
determination of whether Employee is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his Separation from Service shall made by Matador in accordance with the terms of
Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision thereto). 

(c) Section 280G Treatment. 

(i) (A) In the event it is determined that any payment, distribution or benefits of any type by Matador to
or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Change in Control Payments”), constitute “parachute payments” within
the meaning of Section 280G(b)(2) of the Code, Matador will provide Employee with a computation of (1) the maximum amount of the Change in Control Payments that could be made, without the imposition of the excise tax imposed by
Section 4999 of the Code (said maximum amount being referred to as the “Capped Amount”); (2) the value of the Change in Control Payments that could be made pursuant to the terms of this Agreement (all said payments,
distributions and benefits being referred to as the “Uncapped Amount”); (iii) the dollar amount of the excise tax (if any) including any interest or penalties with respect to such excise tax which Employee would become
obligated to pay pursuant to Section 4999 of the Code as a result of receipt of the Uncapped Amount (the “Excise Tax Amount”); and (iv) the net value of the Uncapped Amount after reduction by the Excise Tax Amount and the
estimated income taxes payable by Employee on the difference between the Uncapped Amount and the Capped Amount, assuming that Employee is paying the highest 

  
 11 

 
marginal tax rate for state, local and federal income taxes (the “Net Uncapped Amount”). 

(B) If the Capped Amount is greater than the Net Uncapped Amount, Employee shall be entitled to receive
or commence to receive payments equal to the Capped Amount; or if the Net Uncapped Amount is greater than the Capped Amount, Employee shall be entitled to receive or commence to receive payments equal to the Uncapped Amount. If Employee receives the
Uncapped Amount, then Employee shall be solely responsible for the payment of all income and excise taxes due from Employee and attributable to such Uncapped Amount, with no right of additional payment from Matador as reimbursement for any taxes.

 (ii) All determinations required to be made under Section 16(c)(i)(A) shall be made in
writing by the independent accounting firm agreed to by Matador and Employee on the date of the Change in Control (the “Accounting Firm”), whose determination shall be conclusive and binding upon Employee and Matador for all
purposes. For purposes of making the calculations required by Section 16(c)(i)(A), the Accounting Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code. Matador and Employee shall furnish to the Accounting Firm such information and documents as it reasonably may request in order to make determinations under Section 16(c)(i)(A).
If the Accounting Firm determines that no Excise Tax Amount is payable by Employee, it shall furnish Employee with an opinion that he has substantial authority not to report any excise tax pursuant to Section 4999 of the Code on his federal
income tax return. Matador shall bear all costs the Accounting Firm may reasonably incur in connection with any calculations contemplated by Section 16(c)(i)(A). 

(iii) (A) If the computations and valuations required to be provided by Matador to Employee pursuant to
Section 16(c)(i)(A) are on audit challenged by the Internal Revenue Service as having been performed in a manner inconsistent with the requirements of Sections 280G and 4999 of the Code or if Section 409A of the Code is determined to apply
to all or any part of the payments to which Employee or his survivors may be entitled under this Agreement and as a result of such audit or determination, (1) the amount of cash and the benefits provided for in Section 16(c)(i) remaining
to Employee after completion of such audit or determination is less than (2) the amount of cash and the benefits which were paid or provided to Employee on the basis of the calculations provided for in Section 16(c)(i)(A) (the difference
between (1) and (2) being referred to as the “Shortfall Amount”), then Employee shall be entitled to receive an additional payment (an “Indemnification Payment”) in an amount such that, after payment by
Employee of all taxes (including additional excise taxes under said Section 4999 of the Code and any 

  
 12 

 
interest and penalties imposed with respect to any taxes) imposed upon the Indemnification Payment and all reasonable attorneys’ and accountants’ fees incurred by Employee in connection
with such audit or determination, Employee retains an amount of the Indemnification Payment equal to the Shortfall Amount. Matador shall pay the Indemnification Payment to Employee in a lump sum cash payment within thirty (30) days of the
completion of such audit or determination. 
 (B) If the computations and valuations required to
be provided by Matador to Employee pursuant to Section 16(c)(i)(A) are on audit challenged by the Internal Revenue Service as having been performed in a manner inconsistent with the requirements of Sections 280G and 4999 of the Code and as a
result of such audit or determination, (1) the amount of cash and the benefits which were paid or provided to Employee on the basis of the calculations provided for in Section 16(c)(i)(A) is greater than (2) the amount of cash and the
benefits provided for in Section 16(c)(i) payable to Employee after completion of such audit or determination (the difference between (1) and (2) being referred to as the “Excess Amount”), then Employee shall repay to
Matador the Excess Amount in a lump sum cash payment within thirty (30) days of the completion of such audit or determination. 
 (C) Notwithstanding the foregoing provisions of this Section 16(c)(iii), (1) any payment made to or on behalf of Employee which relates to taxes imposed on Employee shall be made not later than
the end of the calendar year next following the calendar year in which such taxes are remitted by or on behalf of Employee, and (2) any payment made to or on behalf of Employee which relates to reimbursement of expenses incurred due to a tax
audit or litigation addressing the existence or amount of a tax liability shall be made by the end of the calendar year following the calendar year in which the taxes that are the subject of the audit or litigation are remitted to the taxing
authority, or where as a result of such audit or litigation no taxes are remitted, the end of the calendar year following the calendar year in which the audit is completed or there is a final and non-appealable settlement or other resolution of the
litigation, whichever is the last event to occur. 
 (d) Termination by Employee Other than
for Good Reason. If at any time Employee terminates his employment other than for Good Reason, Employee shall have no further obligation to Matador other than the provisions of Sections 8, 9, 14(d), 16(c)(iii)(B) and 21. 

17. In-Kind Benefits and Reimbursements. Notwithstanding any thing to the contrary in this Agreement, in-kind
benefits and reimbursements provided under this Agreement during any tax year of Employee shall not affect in-kind benefits or reimbursements to be provided in any other tax year of Employee and are not subject to liquidation or exchange for another
benefit. Notwithstanding any thing to the contrary in this Agreement, reimbursement requests 

  
 13 

 
must be timely submitted by Employee and, if timely submitted, reimbursement payments shall be made to Employee as soon as administratively practicable following such submission, but in no event
later than the last day of Employee’s taxable year following the taxable year in which the expense was incurred. In no event shall Employee be entitled to any reimbursement payments after the last day of Employee’s taxable year following
the taxable year in which the expense was incurred. This paragraph shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Employee. 

18. Section 409A; Separate Payments. This Agreement is intended to be written, administered, interpreted and
construed in a manner such that no payment or benefits provided under the Agreement become subject to (a) the gross income inclusion set forth within Code Section 409A(a)(1)(A) or (b) the interest and additional tax set forth within
Code Section 409A(a)(1)(B) (together, referred to herein as the “Section 409A Penalties”), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of
Section 409A Penalties. In no event shall Matador be required to provide a tax gross-up payment to Employee or otherwise reimburse Employee with respect to Section 409A Penalties. For purposes of Section 409A of the Code (including,
without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that Employee may be eligible to receive under this Agreement shall be treated as a separate and distinct payment. 

19. Indemnification. Matador shall indemnify Employee to the extent permitted pursuant to the Certificate of
Formation of Matador, the Bylaws of Matador and any indemnification agreement between Matador and Employee that may be in effect from time to time during the Term, the terms of which are incorporated herein by reference. 

20. Resignation Upon Termination. In the event of termination of Employee’s employment for any reason,
Employee hereby shall be deemed upon such termination to have immediately resigned from all positions held in Matador, including without limitations any position as a director, officer, agent, trustee or consultant of Matador or any affiliate of
Matador and shall execute all documents reasonably necessary to further effectuate or document such resignation from such positions. 
 21. Cooperation. During and after Employee’s employment with Matador, Employee shall cooperate fully with Matador in the defense or prosecution of all claims or actions now in existence or
which may be brought in the future against or on behalf of Matador or its affiliates. Employee’s full cooperation in connection with such claims or actions shall include, but shall not be limited to, being available to meet with counsel to
Matador and/or its affiliates to prepare for discovery, trial or alternative dispute resolution proceedings, and to act as a witness on behalf of Matador and its affiliates. During and after Employee’s employment, Employee shall cooperate with
Matador and its affiliates in connection with any investigation or review by any federal, state or local regulatory authority. In addition, during and after Employee’s employment with Matador, Employee shall assist Matador in all reasonably
requested transition efforts in connection with Employee’s separation from Matador or the transfer of duties or responsibilities from Employee, including but not limited to execution and delivery of all documents that Matador reasonably
requests to be signed by Employee. Matador shall (a) pay Employee an amount equal to his Base Salary in effect immediately prior to his termination of employment, but in any case not to exceed $1,500 per day, pro rated based on the number of
days (and further 

  
 14 

 
pro rated for any partial day) that Employee is required to perform the foregoing obligations, and (b) reimburse Employee for any reasonable out-of-pocket expenses incurred by Employee in
connection therewith. 
 22. Waiver. A party’s failure to insist on compliance or enforcement of any
provision of this Agreement, shall not affect the validity or enforceability or constitute a waiver of future enforcement of that provision or of any other provision of this Agreement by that party or any other party. 

23. Governing Law; Venue; Arbitration. This Agreement shall in all respects be subject to, and governed by, the
laws of the State of Texas. 
 (a) Injunctive Relief. Matador and Employee agree and consent to
the personal jurisdiction of the state and local courts of Dallas County, Texas and/or the United States District Court for the Northern District of Texas in the event that Matador or Employee seeks injunctive relief with respect to any provision
hereof, and that those courts, and only those courts, shall have jurisdiction with respect thereto. Matador and Employee also agree that those courts are convenient forums for the parties and for any potential witnesses and that process issued out
of any such court or in accordance with the rules of practice of that court may be served by mail or other forms of substituted service to Matador at the address of its principal executive offices and to Employee at his last known address as
reflected in Matador’s records. 
 (b) All Other Disputes. In the event of any dispute,
claim, question or disagreement relating to this Agreement, other than one for which Matador or Employee seeks injunctive relief, the parties shall use their best efforts to settle the dispute, claim, question or disagreement. To this effect, they
shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to both parties. If such a dispute cannot be settled through negotiation, the parties
agree first to try in good faith to settle the dispute by mediation administered by the American Arbitration Association (the “AAA”) under its Commercial Mediation Rules before resorting to arbitration or some other dispute
resolution procedure. If the parties do not reach such solution through negotiation or mediation within a period of sixty (60) days after a claim is first made by a party, then, upon notice by either party to the other, all disputes, claims,
questions or disagreements shall be finally settled by arbitration administered by the AAA in accordance with the provisions of its Commercial Arbitration Rules. The arbitrator shall be selected by agreement of the parties or, if they do not agree
on an arbitrator within thirty (30) days after either party has notified the other of his or its desire to have the question settled by arbitration, then the arbitrator shall be selected pursuant to the procedures of the AAA, with such
arbitration taking place in Dallas, Texas. The determination reached in such arbitration shall be final and binding on all parties. Enforcement of the determination by such arbitrator may be sought in any court of competent jurisdiction. 

24. Substantially Prevailing Party. The substantially prevailing party in any legal proceeding, including
mediation and arbitration, based upon this Agreement shall be entitled to reasonable attorneys’ fees and costs, in addition to any other damages and relief allowed by law, 

  
 15 

 
from the substantially non-prevailing party; provided, however, that the maximum amount of fees and costs of all parties for which Employee shall be liable shall be $100,000.

 25. Severability. The invalidity or unenforceability of any provision in the Agreement
shall not in any way affect the validity or enforceability of any other provision and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had never been in the Agreement. 

26. Notice. Any and all notices required or permitted herein shall be deemed delivered if delivered
personally or if mailed by registered or certified mail to Matador at its principal place of business and to Employee at the address hereinafter set forth following Employee’s signature, or at such other address or addresses as either party may
hereafter designate in writing to the other. 
 27. Assignment. This Agreement, together
with any amendments hereto, shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, assigns, heirs and personal representatives, except that the rights and benefits of either of the parties under
this Agreement may not be assigned without the prior written consent of the other party. 
 28.
Amendments. This Agreement may be amended at any time by mutual consent of the parties hereto, with any such amendment to be invalid unless in writing, signed by Matador and Employee. 

29. Entire Agreement. This Agreement, along with Matador’s employee handbook, as it may be
amended from time to time, to the extent it does not specifically conflict with any provision of this Agreement, contains the entire agreement and understanding by and between Employee and Matador with respect to the employment of Employee, and no
representations, promises, agreements, or understandings, written or oral, relating to the employment of Employee by Matador not contained herein shall be of any force or effect. 

25. Burden and Benefit. This Agreement shall be binding upon, and shall inure to the benefit of,
Matador and Employee, and their respective heirs, personal and legal representatives, successors, and assigns. 
 26. References to Gender and Number Terms. In construing this Agreement, feminine or number pronouns shall be substituted for those masculine in form and vice versa, and plural terms shall be
substituted for singular and singular for plural in any place where the context so requires. 

27. Headings. The various headings in this Agreement are inserted for convenience only and are not
part of the Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 

  
 16 

 IN WITNESS WHEREOF, Matador and Employee have duly executed this Agreement
to be effective as of the Effective Date. 
  

			
	MATADOR RESOURCES COMPANY
		
	By:	 	/s/ David M. Laney 
		 	David M. Laney
		 	Chairman of Nominating, Compensation and Planning Committee
	
	Address for Notice:
	
	 One Lincoln Centre

5400 LBJ Freeway, Suite 1500
 Dallas, TX
75240

	Attention: Board of Directors
	
	EMPLOYEE:
	
	/s/ Joseph Wm. Foran
	Joseph Wm. Foran, individually
	
	Address for Notice:
	
	 
	
	 
	
	 

  
 Signature Page 

 (FORM) SEPARATION AGREEMENT AND RELEASE 

This Separation Agreement and Release (this “Agreement”) is entered into by Matador Resources Company, a
Texas corporation (“Matador” or the “Company”), and                      (“Employee”) as of
                     (the “Agreement Date”). Matador and Employee are referred to as the “Parties.” This
Agreement cancels and supersedes all prior agreements relating to Employee’s employment with Matador except as provided in this Agreement. 
 WHEREAS, Matador and Employee entered into an Employment Agreement as of August     , 2011 (the “Employment Agreement”). This Agreement is entered into by and
between Employee and Matador pursuant to the Employment Agreement; 
 WHEREAS, because of Employee’s
employment as an employee of Matador, Employee has obtained intimate and unique knowledge of all aspects of Matador’s business operations, current and future plans, financial plans and other confidential and proprietary information; 

WHEREAS, Employee’s employment with Matador and all other positions, if any, held by Employee in Matador or any of
its subsidiaries or affiliates, including officer positions, terminated effective as of [DATE] (the “Separation Date”); and 
 WHEREAS, except as otherwise provided herein, the Parties desire to finally, fully and completely resolve all disputes that now or may exist between them, including, but not limited to those concerning
the Employment Agreement (except for the post-termination obligations contained in the Employment Agreement), Employee’s job performance and activities while employed by Matador and Employee’s hiring, employment and separation from
Matador, and all disputes over benefits and compensation connected with such employment; 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

1. End of Employee’s Employment. Employee’s employment with Matador terminated on the Separation Date.

 2. Certain Payments and Benefits. 

(a) Accrued Obligations. In accordance with Matador’s customary payroll practices, Matador
shall pay Employee for all unpaid salary, unreimbursed business expenses, and any accrued but unused vacation through the Separation Date (“Accrued Obligations”). 

(b) Separation Payments. Subject to Employee’s consent to and fulfillment of Employee’s
obligations in this Agreement and, if applicable pursuant to the Section 14(b) or (c) of the Employment Agreement, Employee’s post-termination obligations in Sections 8 and 9 of the Employment Agreement, and provided that Employee
does not revoke this Agreement pursuant to Section 12 hereof, Matador shall pay Employee the amount of $[AMOUNT], minus normal payroll withholdings and taxes (“Separation Payment”), payable as provided in the Employment
Agreement. The Separation Payment will not be treated as compensation under Matador’s 401(k) Plan or any other retirement plan. 
 (c) Waiver of Additional Compensation or Benefits. Other than the 

  
 1 

 
compensation and payments provided for in this Agreement and the post-termination benefits provided for in the Employment Agreement, Employee shall not be entitled to any additional compensation,
benefits, payments or grants under any agreement, benefit plan, severance plan or bonus or incentive program established by Matador or any of Matador’s affiliates, other than any vested retirement plan benefits, any vested equity grants or
COBRA continuation coverage benefits. [TO BE MODIFIED, IF APPLICABLE, FOR OTHER BENEFITS.] Employee agrees that the release in Section 3 covers any claims Employee might have regarding Employee’s compensation, bonuses, stock options
or grants and any other benefits Employee may or may not have received during Employee’s employment with Matador. 
 3. General Release and Waiver. In consideration of the payments and other consideration provided for in this Agreement, that being good and valuable consideration, the receipt, adequacy and
sufficiency of which are acknowledged by Employee, Employee, on Employee’s own behalf and on behalf of Employee’s agents, administrators, representatives, executors, successors, heirs, devisees and assigns (collectively, the
“Releasing Parties”) hereby fully releases, remises, acquits and forever discharges Matador and all of its affiliates, and each of their respective past, present and future officers, directors, shareholders, equity holders, members,
partners, agents, employees, consultants, independent contractors, attorneys, advisers, successors and assigns (collectively, the “Released Parties”), jointly and severally, from any and all claims, rights, demands, debts,
obligations, losses, causes of action, suits, controversies, setoffs, affirmative defenses, counterclaims, third party actions, damages, penalties, costs, expenses, attorneys’ fees, liabilities and indemnities of any kind or nature whatsoever
(collectively, the “Claims”), whether known or unknown, suspected or unsuspected, accrued or unaccrued, whether at law, equity, administrative, statutory or otherwise, and whether for injunctive relief, back pay, fringe benefits,
reinstatement, reemployment, or compensatory, punitive or any other kind of damages, which any of the Releasing Parties ever have had in the past or presently have against the Released Parties, and each of them, arising from or relating to
Employee’s employment with Matador or its affiliates or the termination of that employment or any circumstances related thereto, or (except as otherwise provided below) any other matter, cause or thing whatsoever, including without limitation
all claims arising under or relating to employment, employment contracts, employee benefits or purported employment discrimination or violations of civil rights of whatever kind or nature, including without limitation all claims arising under the
Age Discrimination in Employment Act (“ADEA”), the Americans with Disabilities Act, as amended, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, the Rehabilitation Act of 1973, Title VII of the United States
Civil Rights Act of 1964, 42 U.S.C. § 1981, the Fair Labor Standards Act, the Employee Retirement Income Security Act, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and/or 1871, the Sarbanes-Oxley Act, the Genetic Information
Nondiscrimination Act, the Lily Ledbetter Act, the Texas Commission on Human Rights Act, the Texas Payday Law, the Texas Labor Code or any other applicable federal, state or local employment statute, law or ordinance, including, without limitation,
any disability claims under any such laws, claims for wrongful discharge, claims arising under state law, contract claims including breach of express or implied contract, alleged tortious conduct, claims relating to alleged fraud, breach of
fiduciary duty or reliance, breach of implied covenant of good faith and fair dealing, and any other claims arising under state or federal law, as well as any expenses, costs or attorneys’ fees. Employee further agrees that Employee will not
file or permit to be filed on Employee’s behalf any such claim. Notwithstanding the preceding sentence or any other provision of this Agreement, this release is not intended to interfere with

  
 2 

 
Employee’s right to file a charge with the Equal Employment Opportunity Commission (the “EEOC”), or other comparable agency, in connection with any claim Employee believes
Employee may have against Matador or its affiliates. However, by executing this Agreement, Employee hereby waives the right to recover in any proceeding Employee may bring before the EEOC or any state human rights commission or in any proceeding
brought by the EEOC or any state human rights commission on Employee’s behalf. This release shall not apply to any of Matador’s obligations under this Agreement or post-termination obligations under the Employment Agreement, any vested
retirement plan benefits, any vested equity grants or COBRA continuation coverage benefits. [TO BE MODIFIED, IF APPLICABLE, FOR OTHER SURVIVING ARRANGEMENTS.] Employee acknowledges that certain of the payments and benefits provided for in
Section 2 of this Agreement constitute good and valuable consideration for the release contained in this Section 3. 
 4. Return of Matador Property. Within 7 days of the Agreement Date, Employee shall, to the extent not previously returned or delivered: (a) return all equipment, records, files, programs or
other materials and property in Employee’s possession which belongs to Matador or any of its affiliates, including, without limitation, all computers, printers, laptops, personal data assistants, cell phones, credit cards, keys and access
cards; and (b) deliver all original and copies of Confidential Information (as defined in the Employment Agreement) in Employee’s possession and notes, materials, records, plans, technical data or other documents, files or programs
(whether stored in paper form, computer form, digital form, electronically or otherwise) in Employee’s possession that contain Confidential Information. By signing this Agreement, Employee represents and warrants that Employee has not retained
and has or will timely return and deliver all the items described or referenced in subsections (a) or (b) above; and, that should Employee later discover additional items described or referenced in subsections (a) or (b) above,
Employee will promptly notify Matador and return/deliver such items to Matador. 
 5. Non-Disparagement.
Employee agrees that Employee will not, directly or indirectly, disclose, communicate, or publish any disparaging information concerning Matador or the Released Parties, or cause others to disclose, communicate, or publish any disparaging
information concerning the same. Matador, on its own behalf and on behalf of its officers and directors, agrees that they will not, directly or indirectly, disclose, communicate or publish any disparaging information concerning Employee, or cause
others to disclose, communicate, or publish any disparaging information concerning Employee. Notwithstanding the foregoing, the provisions of this Section shall not apply with respect to any charge filed by Employee with the EEOC or other comparable
agency or in connection with any proceeding with respect to any claim not released by this Agreement. 

  
 3 

 6. Not An Admission of Wrongdoing. This Agreement shall not in any
way be construed as an admission by either Party of any acts of wrongdoing, violation of any statute, law or legal or contractual right. 
 7. Voluntary Execution of the Agreement. Employee and Matador represent and agree that they have had an opportunity to review all aspects of this Agreement, and that they fully understand all the
provisions of the Agreement and are voluntarily entering into this Agreement. Employee further represents that Employee has not transferred or assigned to any person or entity any claim involving Matador or any portion thereof or interest therein.

 8. Ongoing Obligations. Employee reaffirms and understands Employee’s ongoing obligations in the
Employment Agreement, including Sections 8, 9, 10, 11 and 21. 
 9. Binding Effect. This Agreement shall
be binding upon Matador and upon Employee and Employee’s heirs, administrators, representatives, executors, successors and assigns and Matador’s representatives, successors and assigns. In the event of Employee’s death, this Agreement
shall operate in favor of Employee’s estate and all payments, obligations and consideration will continue to be performed in favor of Employee’s estate. 

10. Severability. Should any provision of this Agreement be declared or determined to be illegal or invalid by any
government agency or court of competent jurisdiction, the validity of the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions shall remain in full force and effect. 

11. Entire Agreement. Except for the post-termination obligations in the Employment Agreement, any vested
retirement plan benefits, any equity grant agreements and COBRA continuation coverage benefits [TO BE MODIFIED, IF APPLICABLE, FOR OTHER SURVIVING ARRANGEMENTS.], this Agreement sets forth the entire agreement between the Parties, and fully
supersedes any and all prior agreements, understandings, or representations between the Parties pertaining to Employee’s employment with Matador, the subject matter of this Agreement or any other term or condition of the employment relationship
between Matador and Employee. Employee represents and acknowledges that in executing this Agreement, Employee does not rely, and has not relied, upon any representation(s) by Matador or its agents except as expressly contained in this Agreement or
the Employment Agreement. Employee and Matador agree that they have each used their own judgment in entering into this Agreement. 
 12. Knowing and Voluntary Waiver. Employee, by Employee’s free and voluntary act of signing below, (i) acknowledges that Employee has been given a period of twenty-one (21) days to
consider whether to agree to the terms contained herein, (ii) acknowledges that Employee has been advised to consult with an attorney prior to executing this Agreement, (iii) acknowledges that Employee understands that this Agreement
specifically releases and waives all rights and claims Employee may have under the ADEA, prior to the date on which Employee signs this Agreement, and (iv) agrees to all of the terms of this Agreement and intends to be legally bound thereby.
The Parties acknowledge and agree that each Party has reviewed and negotiated the terms and provisions of this Agreement and has contributed to its preparation (with advice of counsel). Accordingly, the rule of construction to the effect that
ambiguities are 

  
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resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both Parties and not in
favor of or against either Party, regardless of which Party generally was responsible for the preparation of this Agreement. 
 This Agreement will become effective, enforceable and irrevocable on the eighth day after the date on which it is executed by Employee (the “Effective Date”). During the seven-day period
prior to the Effective Date, Employee may revoke Employee’s agreement to accept the terms hereof by giving notice to Matador of Employee’s intention to revoke. If Employee exercises Employee’s right to revoke hereunder, Employee shall
not be entitled, except as required by applicable wage payment laws, including but not limited to the Accrued Obligations, to any payment hereunder until Employee executes and does not revoke a comparable release of claims, and to the extent such
payments or benefits have already been made, Employee agrees that Employee will immediately reimburse Matador for the amounts of such payments and benefits to which he is not entitled. 

13. Notices. All notices and other communications hereunder will be in writing. Any notice or other communication
hereunder shall be deemed duly given if it is delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth: 

If to Employee: 
 [EMPLOYEE] 
 [EMPLOYEE ADDRESS] 

If to Matador: 
 Matador Resources Company 
 One Lincoln Centre 

5400 LBJ Freeway, Suite 1500 
 Dallas, TX 75240 
 Attention: Board of Directors 

Any Party may change the address to which notices and other communications are to be delivered by giving the other Party notice.

 14. Governing Law; Venue; Arbitration. This section of the Agreement shall be governed by
Section 23 of the Employment Agreement. 
 15. Counterparts. This Agreement may be executed in
counterparts, each of which when executed and delivered (which deliveries may be by facsimile or other electronic method of delivery) shall be deemed an original and all of which together shall constitute one and the same instrument. 

  
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 16. No Assignment of Claims. Employee represents and agrees that
Employee has not transferred or assigned, to any person or entity, any claim involving Matador, or any portion thereof or interest therein. 
 17. No Waiver. This Agreement may not be waived, modified, amended, supplemented, canceled or discharged, except by written agreement of the Parties. Failure to exercise and/or delay in exercising
any right, power or privilege in this Agreement shall not operate as a waiver. No waiver of any breach of any provision shall be deemed to be a waiver of any preceding or succeeding breach of the same or any other provision, nor shall any waiver be
implied from any course of dealing between or among the Parties. 
 I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING

 AGREEMENT, THAT I UNDERSTAND ALL OF ITS TERMS AND THAT I AM 

RELEASING CLAIMS AND THAT I AM ENTERING INTO IT VOLUNTARILY. 

AGREED TO BY: 
  

									
				
	 	 		 		 	 
	[EMPLOYEE]	 		 	Date 	 	

 STATE OF TEXAS 
 COUNTY OF
                                 

Before me, a Notary Public, on this day personally appeared
                        , known to me to be the person whose name is subscribed to the foregoing instrument, and
acknowledges to me that he has executed this Agreement on behalf of himself and his heirs, for the purposes and consideration therein expressed. 
 Given under my hand and seal of office this              day of
                    ,             . 

 

			
	
	 
	Notary Public in and for the State of Texas

 (PERSONALIZED SEAL) 

  
 6 

 MATADOR RESOURCES COMPANY 

 

			
	
		
	By:	 	 
	Title:	 	 
	Date:	 	 

 STATE OF TEXAS 
 COUNTY OF
                                 

Before me, a Notary Public, on this day personally appeared
                                        
, known to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was the act of
                                        
, and that he has executed the same on behalf of said corporation for the purposes and consideration therein expressed, and in the capacity therein stated. 

Given under my hand and seal of office this
             day of                         
,             . 
  

	
	  
	Notary Public in and for the State of Texas

 (PERSONALIZED SEAL) 

  
 7

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