Document:

EX-10.5

 Exhibit 10.5 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY OPERATING AGREEMENT 

OF 
 LIBERTY OILFIELD
SERVICES NEW HOLDCO LLC 
 DATED AS OF               , 2017

 THE LIMITED LIABILITY COMPANY INTERESTS IN LIBERTY OILFIELD SERVICES NEW HOLDCO LLC HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH
INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND
ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING
MEMBER AND THE APPLICABLE MEMBER. THE LIMITED LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT, AND ANY OTHER TERMS AND
CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN
INDEFINITE PERIOD OF TIME. 
  
  

 Table of Contents 

 

							
	 ARTICLE I
	 	DEFINITIONS	  	 	2	 
			
	 Section 1.1
	 	 Definitions
	  	 	2	 
	 Section 1.2
	 	 Interpretive Provisions
	  	 	13	 
			
	 ARTICLE II
	 	 ORGANIZATION OF THE LIMITED LIABILITY COMPANY
	  	 	14	 
			
	 Section 2.1
	 	 Formation
	  	 	14	 
	 Section 2.2
	 	 Filing
	  	 	14	 
	 Section 2.3
	 	 Name
	  	 	14	 
	 Section 2.4
	 	 Registered Office; Registered Agent
	  	 	14	 
	 Section 2.5
	 	 Principal Place of Business
	  	 	15	 
	 Section 2.6
	 	 Purpose; Powers
	  	 	15	 
	 Section 2.7
	 	 Term
	  	 	15	 
	 Section 2.8
	 	 Intent
	  	 	15	 
			
	 ARTICLE III
	 	CLOSING TRANSACTIONS	  	 	15	 
			
	 Section 3.1
	 	 Transactions In Connection With the Reorganization Agreement
	  	 	15	 
			
	 ARTICLE IV
	 	OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	  	 	15	 
			
	 Section 4.1
	 	 Authorized Units; General Provisions With Respect to Units
	  	 	15	 
	 Section 4.2
	 	 Voting Rights
	  	 	18	 
	 Section 4.3
	 	 Capital Contributions; Unit Ownership
	  	 	18	 
	 Section 4.4
	 	 Capital Accounts
	  	 	19	 
	 Section 4.5
	 	 Other Matters
	  	 	20	 
	 Section 4.6
	 	 Redemption of Units
	  	 	20	 
			
	 ARTICLE V
	 	ALLOCATIONS OF PROFITS AND LOSSES	  	 	27	 
			
	 Section 5.1
	 	 Profits and Losses
	  	 	27	 
	 Section 5.2
	 	 Special Allocations
	  	 	27	 
	 Section 5.3
	 	 Allocations for Tax Purposes in General
	  	 	29	 
	 Section 5.4
	 	 Other Allocation Rules
	  	 	30	 
			
	 ARTICLE VI
	 	DISTRIBUTIONS	  	 	31	 
			
	 Section 6.1
	 	 Distributions
	  	 	31	 
	 Section 6.2
	 	 Tax-Related Distributions
	  	 	32	 
	 Section 6.3
	 	 Distribution Upon Withdrawal
	  	 	32	 
			
	 ARTICLE VII
	 	MANAGEMENT	  	 	33	 
			
	 Section 7.1
	 	 The Managing Member; Fiduciary Duties
	  	 	33	 

  
 i 

							
	 Section 7.2
	 	 Officers
	  	 	33	 
	 Section 7.3
	 	 Warranted Reliance by Officers on Others
	  	 	34	 
	 Section 7.4
	 	 Indemnification
	  	 	34	 
	 Section 7.5
	 	 Maintenance of Insurance or Other Financial Arrangements
	  	 	35	 
	 Section 7.6
	 	 Resignation or Termination of Managing Member
	  	 	35	 
	 Section 7.7
	 	 No Inconsistent Obligations
	  	 	36	 
	 Section 7.8
	 	 Reclassification Events of PubCo
	  	 	36	 
	 Section 7.9
	 	 Certain Costs and Expenses
	  	 	36	 
		
	 ARTICLE VIII ROLE OF MEMBERS
	  	 	37	 
			
	 Section 8.1
	 	 Rights or Powers
	  	 	37	 
	 Section 8.2
	 	 Voting
	  	 	37	 
	 Section 8.3
	 	 Various Capacities
	  	 	38	 
			
	 ARTICLE IX
	 	TRANSFERS OF INTERESTS	  	 	39	 
			
	 Section 9.1
	 	 Restrictions on Transfer
	  	 	39	 
	 Section 9.2
	 	 Notice of Transfer
	  	 	40	 
	 Section 9.3
	 	 Transferee Members
	  	 	40	 
	 Section 9.4
	 	 Legend
	  	 	41	 
			
	 ARTICLE X
	 	ACCOUNTING	  	 	41	 
			
	 Section 10.1
	 	 Books of Account
	  	 	41	 
	 Section 10.2
	 	 Tax Elections
	  	 	42	 
	 Section 10.3
	 	 Tax Returns; Information
	  	 	42	 
	 Section 10.4
	 	 Tax Matters Member and Company Representative
	  	 	43	 
	 Section 10.5
	 	 Withholding Tax Payments and Obligations
	  	 	43	 
			
	 ARTICLE XI
	 	DISSOLUTION AND TERMINATION	  	 	44	 
			
	 Section 11.1
	 	 Liquidating Events
	  	 	44	 
	 Section 11.2
	 	 Bankruptcy
	  	 	45	 
	 Section 11.3
	 	 Procedure
	  	 	45	 
	 Section 11.4
	 	 Rights of Members
	  	 	46	 
	 Section 11.5
	 	 Notices of Dissolution
	  	 	46	 
	 Section 11.6
	 	 Reasonable Time for Winding Up
	  	 	46	 
	 Section 11.7
	 	 No Deficit Restoration
	  	 	46	 
			
	 ARTICLE XII
	 	GENERAL	  	 	47	 
			
	 Section 12.1
	 	 Amendments; Waivers
	  	 	47	 
	 Section 12.2
	 	 Further Assurances
	  	 	48	 
	 Section 12.3
	 	 Successors and Assigns
	  	 	48	 
	 Section 12.4
	 	 Entire Agreement
	  	 	48	 
	 Section 12.5
	 	 Rights of Members Independent
	  	 	48	 
	 Section 12.6
	 	 Governing Law
	  	 	48	 
	 Section 12.7
	 	 Jurisdiction and Venue
	  	 	48	 
	 Section 12.8
	 	 Headings
	  	 	49	 

  
 ii 

							
	 Section 12.9
	 	 Counterparts
	  	 	49	 
	 Section 12.10
	 	 Notices
	  	 	49	 
	 Section 12.11
	 	 Representation By Counsel; Interpretation
	  	 	50	 
	 Section 12.12
	 	 Severability
	  	 	50	 
	 Section 12.13
	 	 Expenses
	  	 	50	 
	 Section 12.14
	 	 No Third Party Beneficiaries
	  	 	50	 

  
 iii 

 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY OPERATING AGREEMENT 

OF 
 LIBERTY OILFIELD
SERVICES NEW HOLDCO LLC 
 This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT (as amended,
supplemented or restated from time to time, this “Agreement”) is entered into as of                 , 2017, by and among Liberty Oilfield
Services New HoldCo LLC, a Delaware limited liability company (the “Company”), and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act. Capitalized terms used
herein and not otherwise defined have the respective meanings set forth in Section 1.1. 
 RECITALS 

WHEREAS, the Company was formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of
the State of Delaware on December 21, 2016 and is currently governed by the First Amended and Restated Limited Liability Company Operating Agreement of the Company, dated as
of                 , 2017 (the “Existing LLC Agreement”); 

WHEREAS, pursuant to the terms of the Reorganization Agreement, the parties thereto have agreed to consummate the
reorganization of the Company contemplated by the Reorganization Agreement and to take the other actions contemplated in the Reorganization Agreement (collectively, the “Reorganization”); 

WHEREAS, the Members of the Company consist of those Persons listed on Exhibit A as of the date hereof; 

 WHEREAS, in connection with the Reorganization, Liberty Oilfield Services Inc., a Delaware corporation (together
with any successor, “PubCo”), will issue shares of Class A Common Stock to the public in the initial underwritten public offering of shares of its stock (the “IPO”) in exchange for cash (the
“Proceeds”); 
 WHEREAS, PubCo will use a portion of the Proceeds to purchase Units from
certain continuing Members of the Company, will transfer a portion of the Proceeds to certain former Members of the Company in connection with their transfer of Units to PubCo and will contribute the remaining net Proceeds to the Company in exchange
for a number of Units such that the total number of Units held by PubCo (and its wholly owned Subsidiaries) equals the number of shares of Class A Common Stock outstanding after the IPO (including any shares of Class A Stock issued
pursuant to the exercise of any underwriters’ option) and related transactions; 
 WHEREAS, taking into account
any purchase of Units from the continuing Members of the Company in connection with the IPO, PubCo will sell a number of shares of its Class B Common Stock to each Member of the Company (other than PubCo and its wholly owned Subsidiaries) equal
to the number of outstanding Units held by such Member in exchange for a 

  
 1 

 
cash payment equal to the par value of such shares; provided that to the extent that any underwriters’ option is exercised, any shares of Class B Common Stock relating to additional
Units that are purchased from the continuing Members of the Company will be forfeited; 
 WHEREAS, each Unit (other
than any Unit held by PubCo and its wholly owned Subsidiaries) may be redeemed, at the election of the holder of such Unit (together with the transfer and surrender by such holder of one share of Class B Common Stock), for one share of
Class A Common Stock in accordance with the terms and conditions of this Agreement; 
 WHEREAS, the Members of
the Company desire that PubCo become the sole managing Member of the Company (in its capacity as managing Member as well as in any other capacity, the “Managing Member”); 

WHEREAS, the Members of the Company desire to amend and restate the Existing LLC Agreement; and 

WHEREAS, this Agreement shall supersede the Existing LLC Agreement in its entirety as of the date hereof. 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable
consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement and the Schedules and Exhibits attached to this
Agreement, the following definitions shall apply: 
 “Act” means the Delaware Limited Liability
Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (or any corresponding provisions of succeeding law). 

“Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before
any Governmental Entity. 
 “Adjusted Basis” has the meaning given such term in Section 1011 of
the Code. 
 “Adjusted Capital Account Deficit” means the deficit balance, if any, in such
Member’s Capital Account at the end of any Fiscal Year or other taxable period, with the following adjustments: 
  

	 	(a)	 credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations
Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and 

 

	 	(b)	 debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

  
 2 

 This definition of Adjusted Capital Account Deficit is intended to comply with the provisions of
Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls,
is controlled by, or is under common control with, such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and (b) none of the Company or
any of its Subsidiaries shall be deemed an Affiliate of any Member. 
 “Agreement” is defined in the
preamble to this Agreement. 
 “Assumed Tax Liability” means, with respect to any Member for any
Fiscal Year or other taxable period, the product of (a) the U.S. federal taxable income (taking into account all items of income, gain, loss and deduction of the Company) allocated by the Company to such Member in such Fiscal Year or other
taxable period (other than, for the avoidance of doubt, taxable income incurred by any Member in connection with the receipt of a guaranteed payment for services by such Member) (taking into account for purposes of clause (a) adjustments
and allocations under Sections 704(c), 734 and 743 of the Code); multiplied by (b) the highest applicable U.S. federal, state and local income tax rate (including any tax rate imposed on “net investment income” by
Section 1411 of the Code) applicable to an individual or, if higher, a corporation, resident in New York, New York, with respect to the character of U.S. federal taxable income or loss allocated by the Company to such Member (e.g.,
capital gains or losses, dividends, ordinary income, etc.); provided that, in the case of PubCo, such Assumed Tax Liability for a Fiscal Year or other taxable period shall in no event be less than an amount that will enable PubCo to meet its
U.S. federal, state and local and non-U.S. tax obligations and its obligations under the Tax Receivable Agreements for such Fiscal Year or other taxable period. The Managing Member shall reasonably determine
the Assumed Tax Liability for each Member based on such assumptions as the Managing Member deems necessary; provided, that such assumptions shall in no event be inconsistent with the terms of this definition. 

“beneficially own” and “beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act. 
 “Bipartisan Budget
Act of 2015” means Title XI of the Bipartisan Budget Act of 2015, as may be amended from time to time (or any corresponding provisions of succeeding law), and any related provisions of law, including court decisions, regulations and
administrative guidance. 
 “Board” means the board of directors of PubCo. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required
or authorized by Law to be closed in the City of New York. 
 “Call Election Notice” is defined in
Section 4.6(f)(ii). 

  
 3 

 “Call Right” has the meaning set forth in Section
4.6(f)(i). 
 “Capital Account” means, with respect to any Member, the Capital Account
maintained for such Member in accordance with Section 4.4. 
 “Capital
Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed to the Company by such Member. Any reference to the Capital Contribution of a Member
will include any Capital Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in respect of Units Transferred to such Member. 

“Cash Election” is defined in Section 4.6(a)(iii) and shall also include PubCo’s election
to purchase Units for cash pursuant to an exercise of its Call Right set forth in Section 4.6(g). 
 “Cash
Election Amount” means with respect to a particular Redemption for which a Cash Election has been made, (i) if the Class A Common Stock trades on a securities exchange or automated or electronic quotation system, an amount of
cash equal to the product of (A) the number of shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made and (B) the average of the volume-weighted closing price for a share
of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the thirty
(30) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for any stock splits, reverse splits, stock dividends or
similar events affecting the Class A Common Stock; and (ii) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (A) the
number of shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made and (B) the fair market value of one share of Class A Common Stock, as determined by the Managing Member in
good faith, that would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller, with neither party having any compulsion to buy or sell, and without regard to the particular circumstances of
the buyer or seller. 
 “Change of Control Redemption Date” is defined in Section 4.6(g). 

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

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

  
 4 

 “Closing Date Capital Account Balance” means, with
respect to any Member, the positive Capital Account balance of such Member as of the date hereof, the amount or deemed value of which is set forth on Exhibit A. 

“Code” means the United States Internal Revenue Code of 1986, as amended from time to time (or any
corresponding provisions of succeeding law). 
 “Commission” means the U.S. Securities and Exchange
Commission. 
 “Company” is defined in the preamble to this Agreement. 

“Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury
Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of
Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis,
Company Minimum Gain shall be determined with reference to such Gross Asset Value. 
 “Company
Representative” has the meaning assigned to the term “partnership representative” in Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder. 

“Contract” means any written agreement, contract, lease, sublease, license, sublicense, obligation,
promise or undertaking. 
 “control” (including the terms “controlled by” and “under
common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of the
affairs or management of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract, credit arrangement or otherwise. 

“Debt Securities” means, with respect to PubCo, any and all debt instruments or debt securities that
are not convertible or exchangeable into Equity Securities of PubCo. 
 “Depreciation” means, for
each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any
such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such Fiscal Year or other taxable period shall be the amount of book basis recovered for such Fiscal Year or other taxable period under the rules prescribed by Treasury Regulations
Section 1.704-3(d)(2), and (b) with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at the beginning of such Fiscal
Year or other taxable period, 

  
 5 

 
Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such
Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided, however, that if the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is
zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Tax Matters Member. 

“DGCL” means the General Corporation Law of the State of Delaware, as amended from time to time (or
any corresponding provisions of succeeding law). 
 “Discount” has the meaning set forth in
Section 7.9. 
 “Effective Time” means 12:01 a.m. Central Daylight Time on
the date of the initial closing of the IPO. 
 “Equity Securities” means (a) with respect to a
partnership, limited liability company or similar Person, any and all units, interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments
convertible, exchangeable or exercisable into any such units, interests, rights or other ownership interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of
corporate stock, including all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing. 

“ERISA” means the Employee Retirement Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated
thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law). 

“Existing LLC Agreement” is defined in the recitals to this Agreement. 

“Fair Market Value” means the fair market value of any property as determined in good faith by the
Managing Member after taking into account such factors as the Managing Member shall deem appropriate. 
 “Federal
Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder. 

“Fiscal Year” means the fiscal year of the Company, which shall end on December 31 of each
calendar year unless, for U.S. federal income tax purposes, another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes. 

“GAAP” means U.S. generally acceptable accounting principles at the time. 

  
 6 

 “Good Faith” means a Person having acted in good faith
and in a manner such Person reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct was unlawful. 

“Governmental Entity” means any federal, national, supranational, state, provincial, local, foreign or
other government, governmental, stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

“Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal
income tax purposes, except as follows: 
  

	 	(a)	 the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair
Market Value of such asset as of the date of such contribution; 

  

	 	(b)	 the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market
Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the
performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in
the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1) (other than pursuant to Code Section 708(b)(1)(B)), (iv) the acquisition
of an interest in the Company by any new or existing Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other
event to the extent determined by the Managing Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section
1.704-1(b)(2)(iv)(q); provided, however, that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if the Managing Member reasonably determines that such
adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company. If any noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the
Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and
1.704-1(b)(2)(iv)(h)(2); 

  

	 	(c)	 the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair
Market Value of such asset on the date of such distribution; 

  

	 	(d)	 the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the
Adjusted Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such 

  
 7 

	 	 
adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subsection
(f) in the definition of “Profits” or “Losses” below or Section 5.2(h); provided, however, that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the
extent the Managing Member determines that an adjustment pursuant to subsection (b) of this definition is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d);
and 

  

	 	(e)	 if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to subsections
(a), (b) or (d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits, Losses and
other items allocated pursuant to Article V. 

 “Indebtedness” means
(a) all indebtedness for borrowed money (including capitalized lease obligations, sale-leaseback transactions or other similar transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or
similar instrument, (c) notes payable and (d) lines of credit and any other agreements relating to the borrowing of money or extension of credit. 

“Interest” means the entire interest of a Member in the Company, including the Units and all of such
Member’s rights, powers and privileges under this Agreement and the Act. 
 “IPO” is defined in
the recitals to this Agreement. 
 “Law” means any federal, national, supranational, state,
provincial, local or similar statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law). 

“Legal Action” is defined in Section 12.7. 

“Liability” means any liability or obligation, whether known or unknown, asserted or unasserted,
absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted. 

“Liquidating Event” is defined in Section 11.1. 

“Managing Member” is defined in the recitals to this Agreement. 

“Member” means any Person that executes this Agreement as a Member, and any other Person admitted to
the Company as an additional or substituted Member, that has not made a disposition of such Person’s entire Interest. 

“Member Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain”
set forth in Treasury Regulations Section 1.704-2(i). It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same
manner as required for such determination of Company Minimum Gain under Treasury Regulations Sections 1.704-2(d) and 1.704-2(g)(3). 

  
 8 

 “Member Nonrecourse Debt” has the meaning of
“partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4). 

“Member Nonrecourse Deductions” has the meaning of “partner nonrecourse deductions” set
forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“National Securities Exchange” means an exchange registered with the Commission under the Exchange
Act. 
 “Nonrecourse Deductions” has the meaning assigned that term in Treasury Regulations Section 1.704-2(b). 
 “Nonrecourse Liability” is defined in Treasury
Regulations Section 1.704-2(b)(3). 
 “Officer” means each
Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2. 

“Permitted Transferee” means, with respect to any Member, (a) any Affiliate of such Member,
(b) any partner, shareholder or member of such Member, (c) any successor entity of such Member, (d) a trust established by or for the benefit of a Member of which only such Member and his or her immediate family members are
beneficiaries, (e) any Person established for the benefit of, and beneficially owned solely by, an entity Member or the sole individual direct or indirect owner of an entity Member, and (f) upon an individual Member’s death, an
executor, administrator or beneficiary of the estate of the deceased Member. 
 “Person” means any
individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

 “Plan Asset Regulations” means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time. 

“President and Chief Executive Officer” is defined in Section 7.2(b). 

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

“Proceeding” is defined in Section 7.4. 

“Proceeds” is defined in the recitals to this Agreement. 

“Profits” or “Losses” means, for each Fiscal Year or other taxable period, an
amount equal to the Company’s taxable income or loss for such year or period, determined in accordance 

  
 9 

 
with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or
loss), with the following adjustments (without duplication): 
  

	 	(a)	 any income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into
account in computing Profits or Losses shall be added to such taxable income or loss; 

  

	 	(b)	 any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss;

  

	 	(c)	 in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of
the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset
Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section 5.2, be taken into account for purposes of computing Profits or Losses; 

 

	 	(d)	 gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized
for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value; 

 

	 	(e)	 in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing
such taxable income or loss, there shall be taken into account Depreciation; 

  

	 	(f)	 to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in liquidation of a
Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of such
asset and shall be taken into account for purposes of computing Profits or Losses; and 

  

	 	(g)	 any items of income, gain, loss or deduction which are specifically allocated pursuant to the provisions of
Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated pursuant to Section 5.2 will be determined by
applying rules analogous to those set forth in subparagraphs (a) through (f) above. 

“Property” means all real and personal property owned by the Company from time to time, including both
tangible and intangible property. 

  
 10 

 “PubCo” is defined in the recitals to this Agreement.

 A “PubCo Change of Control” shall be deemed to have occurred if or upon: 

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

(b)        there is consummated a merger or consolidation of PubCo with any other
corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (i) the members of the Board immediately prior to the merger or consolidation do not constitute at least a majority of the members of
the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (ii) the voting securities of PubCo immediately prior to such merger or consolidation do not continue to
represent or are not converted into more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent
thereof; or 
 (c)        the stockholders of PubCo approve a plan of complete
liquidation or dissolution of PubCo or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by PubCo of all or substantially all of PubCo ’s assets, other than such sale or
other disposition by PubCo of all or substantially all of PubCo ’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of PubCo in substantially the same proportions as
their ownership of PubCo immediately prior to such sale. 
 Notwithstanding the foregoing, except with respect to clause
(b)(i) above, a “PubCo Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of PubCo
immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or
substantially all of the assets of PubCo immediately following such transaction or series of transactions. 

“PubCo Common Stock” means all classes and series of common stock of PubCo, including the Class A
Common Stock and the Class B Common Stock. 
 “Reclassification Event” means any of the
following: (a) any reclassification or recapitalization of PubCo Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or

  
 11 

 
any transaction subject to Section 4.1(g)), (b) any merger, consolidation or other combination involving PubCo, or (c) any sale, conveyance, lease, or other disposal of all or
substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of which holders of PubCo Common Stock shall be entitled to receive cash, securities or other property for their shares of
PubCo Common Stock. 
 “Redeeming Member” is defined in Section 4.6(a)(i). 

“Redemption” has the meaning set forth in Section 4.6(a)(i). 

“Redemption Date” means (a) the later of (i) the date that is five Business Days after the
Redemption Notice Date and (ii) if the Company or PubCo has made a valid Cash Election with respect to the relevant Redemption, the first Business Day on which the Company or PubCo has available funds to pay the Cash Election Amount, which in
no event shall be more than seven Business Days after the Redemption Notice Date, or (b) such later date (i) specified in the Redemption Notice or (ii) on which a contingency described in Section 4.6(a)(ii)(C) that is specified
in the Redemption Notice is satisfied. 
 “Redemption Notice” is defined in Section
4.6(a)(ii). 
 “Redemption Notice Date” is defined in Section 4.6(a)(ii). 

“Regulatory Allocations” is defined in Section 5.2(i). 

“Reorganization” is defined in the recitals to this Agreement. 

“Reorganization Agreement” means the Master Reorganization Agreement dated as
of             , 2017, by and among the Company, PubCo and the Persons listed on the signature pages thereto, as it may be amended, supplemented or restated from time to time. 

“Retraction Notice” is defined in Section 4.6(b)(i). 

“SEC” means the U.S. Securities and Exchange Commission, including any governmental body or agency
succeeding to the functions thereof. 
 “Securities Act” means the Securities Act of 1933, and the
rules and regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law). 

“Subsidiary” means, with respect to any specified Person, any other Person with respect to which such
specified Person (a) has, directly or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially owns, directly or indirectly, a majority of such
Person’s Equity Securities. 
 “Tax Distribution Date” means any date that is two Business Days
prior to the date on which estimated federal income tax payments are required to be made by calendar year corporate taxpayers and the due date for federal income tax returns of corporate calendar year taxpayers (without regard to extensions). 

  
 12 

 “Tax Distributions” means distributions required to be
made pursuant to Section 6.2(a). 
 “Tax Matters Member” means the “tax matters
partner” as defined in Code Section 6231(a)(7) and as appointed in Section 10.5. 

“Tax Receivable Agreements” means (a) the Tax Receivable Agreement dated as
of            by and among PubCo,            and            , as
agent, as the same may be amended, supplemented or restated from time to time, (b) the Tax Receivable Agreement dated as of            by and among
PubCo,            and            as agent, as the same may be amended, supplemented or restated from time to time, and
(c) any similar agreement entered into by PubCo after the date hereof. 
 “Trading Day” means a
day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been
suspended for the entire day). 
 “Transfer” means any sale, transfer, assignment, pledge,
encumbrance or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of Law) (a) any interest (legal or beneficial) in any Units or other Equity
Securities of the Company or (b) any equity or other interest (legal or beneficial) in any Member if substantially all of the assets of such Member consist solely of Units The terms “Transferee,” “Transferor,”
“Transferred,” and other forms of the word “Transfer” shall have the correlative meanings. 

“Transfer Agent” is defined in Section 4.6(a)(ii). 

“Treasury Regulations” means pronouncements, as amended from time to time, or their successor
pronouncements, which clarify, interpret and apply the provisions of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury. 

“Uniform Commercial Code” means the Uniform Commercial Code or any successor provision thereof as the
same may from time to time be in effect in the State of Delaware. 
 “Units” means the Units issued
hereunder and shall also include any equity security of the Company issued in respect of or in exchange for Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or
reorganization. 
 “Winding-Up Member” is defined in
Section 11.3(a). 
 Section 1.2    Interpretive Provisions.  For all
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(a)	 the terms defined in Section 1.1 are applicable to the singular as well as the
plural forms of such terms; 

  
 13 

	 	(b)	 all accounting terms not otherwise defined herein have the meanings assigned under GAAP;

  

	 	(c)	 all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.)
dollars and all payments hereunder shall be made in United States dollars; 

  

	 	(d)	 when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to
an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; 

  

	 	(e)	 whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”; 

  

	 	(f)	 “or” is not exclusive; 

 

	 	(g)	 pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and

  

	 	(h)	 the words “hereof”, “herein” and “hereunder” and words of similar import, when
used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement. 

ARTICLE II 

ORGANIZATION OF THE LIMITED LIABILITY COMPANY 

Section 2.1      Formation.  The Company has been formed as a
limited liability company subject to the provisions of the Act upon the terms, provisions and conditions set forth in this Agreement. 

Section 2.2      Filing.  The Company’s Certificate of
Formation has been filed with the Secretary of State of the State of Delaware in accordance with the Act. The Managing Member shall execute such further documents (including amendments to such Certificate of Formation) and take such further action
as is appropriate to comply with the requirements of Law for the formation or operation of a limited liability company in Delaware and in all states and counties where the Company may conduct its business. 

Section 2.3      Name.  The name of the Company is “LIBERTY
OILFIELD SERVICES NEW HOLDCO LLC” and all business of the Company shall be conducted in such name or, in the discretion of the Managing Member, under any other name. 

Section 2.4      Registered Office; Registered Agent.  The location
of the registered office of the Company in the State of Delaware is 1209 Orange Street, Wilmington, Delaware 19801, or at such other place as the Managing Member from time to time may select. The name and address for service of process on the
Company in the State of Delaware are The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, or such other qualified Person as the Managing Member may designate from time to time and its business address. 

  
 14 

 Section 2.5      Principal Place of
Business.    The principal place of business of the Company shall be located in such place as is determined by the Managing Member from time to time. 

Section 2.6      Purpose; Powers.  The nature of the business or
purposes to be conducted or promoted by the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the Act. The Company shall have the power and authority to take any and all actions and engage
in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment of the foregoing purpose. 

Section 2.7      Term.  The term of the Company commenced on the
date of filing of the Certificate of Formation of the Company with the office of the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be dissolved and its affairs wound up only
in accordance with Article XI. 

Section 2.8      Intent.  It is the intent of the Members that the
Company be operated in a manner consistent with its treatment as a “partnership” for U.S. federal and state income tax purposes. It is also the intent of the Members that the Company not be operated or treated as a “partnership”
for purposes of Section 303 of the Federal Bankruptcy Code. Neither the Company nor any Member shall take any action inconsistent with the express intent of the parties hereto as set forth in this Section 2.8. 

ARTICLE III 
 CLOSING
TRANSACTIONS 
 Section 3.1      Transactions In Connection With the
Reorganization Agreement. 
  

	 	(a)	 [Reserved] 

ARTICLE IV 
 OWNERSHIP
AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 
 Section 4.1      Authorized
Units; General Provisions With Respect to Units. 
  

	 	(a)	 Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such
number of Units and such other Equity Securities as the Managing Member shall determine in accordance with Section 4.3. Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve,
including pursuant to options and warrants. The Company may reissue any Units that have been repurchased or acquired by the Company. 

  

	 	(b)	 Each outstanding Unit shall be identical (except as provided in Section 4.3).

  
 15 

	 	(c)	 Initially, none of the Units will be represented by certificates. If the Managing Member determines that it is
in the interest of the Company to issue certificates representing the Units, certificates will be issued and the Units will be represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance
of certificated Units for purposes of the Uniform Commercial Code. Nothing contained in this Section 4.1(c) shall be deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.

  

	 	(d)	 The total number of Units issued and outstanding and held by the Members is set forth on Exhibit A
(as amended from time to time in accordance with the terms of this Agreement) as of the date set forth therein. 

  

	 	(e)	 If, at any time after the Effective Time, PubCo issues a share of its Class A Common Stock or any other
Equity Security of PubCo (other than shares of Class B Common Stock), (i) the Company shall concurrently issue to PubCo one Unit (if PubCo issues a share of Class A Common Stock), or such other Equity Security of the Company (if PubCo
issues Equity Securities other than Class A Common Stock) corresponding to the Equity Securities issued by PubCo, and with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other
economic rights as those of such Equity Securities of PubCo to be issued and (ii) PubCo shall concurrently contribute to the Company the net proceeds received by PubCo for such share of Class A Common Stock or other Equity Security;
provided, however, that if PubCo issues any shares of Class A Common Stock in order to purchase or fund the purchase from a Member (other than PubCo) of a number of Units (and shares of Class B Common Stock) equal to the
number of shares of Class A Common Stock so issued, then the Company shall not issue any new Units in connection therewith, PubCo shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be
transferred to such Member as consideration for such purchase. Notwithstanding the foregoing, this Section 4.1(e) shall not apply to the issuance and distribution to holders of shares of PubCo Common Stock of rights to purchase Equity
Securities of PubCo under a “poison pill” or similar shareholders rights plan (and upon any redemption of Units for Class A Common Stock, such Class A Common Stock will be issued together with a corresponding right under such
plan), or to the issuance under PubCo’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in
each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property. Except pursuant to Section 4.6,
(x) the Company may not issue any additional Units to PubCo or any of its Subsidiaries unless substantially simultaneously therewith PubCo or such Subsidiary issues or sells an equal number of newly-issued shares of PubCo’s Class A Common
Stock to another Person, and (y) the Company may not issue any other Equity Securities of the Company to PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary issues or sells, to

  
 16 

	 	 
another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of PubCo or such Subsidiary with substantially the same rights to dividends and distributions
(including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company. If at any time PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) issues Debt Securities, PubCo or
such Subsidiary shall transfer to the Company (in a manner to be determined by the Managing Member in its reasonable discretion) the proceeds received by PubCo or such Subsidiary in exchange for such Debt Securities in a manner that directly or
indirectly burdens the Company with the repayment of the Debt Securities. In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any shares of Class A Common Stock or other Equity Securities
of PubCo are issued, (1) the corresponding Equity Security outstanding at the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be
issued to PubCo as contemplated by the first sentence of this Section 4.1(e), and (2) PubCo shall concurrently contribute to the Company the net proceeds received by PubCo from any such exercise. 

 

	 	(f)	 PubCo or any of its Subsidiaries may not redeem, repurchase or otherwise acquire (i) any shares of
Class A Common Stock (including upon forfeiture of any unvested shares of Class A Common Stock) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from PubCo or such Subsidiary an equal number of
Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from PubCo or such Subsidiary an equal number of Equity Securities of
the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of PubCo for the same price per
security. The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to Section 4.6, any Units from PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary
redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same price per security from holders thereof, or (y) any other Equity Securities of the Company from PubCo or any of its Subsidiaries
unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity Securities of PubCo of a corresponding class or series with substantially the same
rights to dividends and distributions (including distribution upon liquidation) and other economic rights as those of such Equity Securities of PubCo. Notwithstanding the foregoing, to the extent that any consideration payable by PubCo in connection
with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of PubCo or any of its Subsidiaries consists (in whole or in part) of shares of Class A Common Stock or such other Equity Securities
(including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent
manner. 

  
 17 

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

  

	 	(h)	 Notwithstanding any other provision of this Agreement (including Section 4.1(e)), if PubCo receives Tax
Distributions in an amount in excess of the amount that will enable PubCo to meet its U.S. federal, state and local and non-U.S. tax obligations and its obligations under the Tax Receivable Agreements or holds
any other excess cash amount, PubCo may, in its sole discretion, contribute such excess cash amount to the Company in exchange for a number of Units or other Equity Securities of the Company determined in its sole discretion, and distribute to the
holders of Class A Common Stock shares of Class A Common Stock (if the Company issues Units to PubCo) or such other Equity Security of PubCo (if the Company issues Equity Securities of the Company other than Units) corresponding to the
Equity Securities issued by the Company and with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company issued.

 Section 4.2      Voting Rights.  No Member
has any voting right except with respect to those matters specifically reserved for a Member vote under the Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the Act, each Unit will
entitle the holder thereof to one vote on all matters to be voted on by the Members. Except as otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be
approved by the Members. 
 Section 4.3      Capital Contributions; Unit
Ownership. 
  

	 	(a)	 Capital Contributions.    Except as otherwise set forth in Section 4.1(e),
no Member shall be required to make additional Capital Contributions. 

  

	 	(b)	 Issuance of Additional Units or Interests.  Except as otherwise expressly provided in this
Agreement, the Managing Member shall have the right to authorize and 

  
 18 

	 	 
cause the Company to issue on such terms (including price) as may be determined by the Managing Member (i) subject to the limitations of Section 4.1, additional
Units or other Equity Securities in the Company (including creating preferred interests or other classes or series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences and
privileges may be senior to the Units), and (ii) obligations, evidences of Indebtedness or other securities or interests convertible or exchangeable for Units or other Equity Securities in the Company; provided that, at any time
following the date hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement and all other documents, agreements or instruments deemed
necessary or desirable in the discretion of the Managing Member. Upon such issuance and execution, such Person shall be admitted as a Member of the Company. In that event, the Managing Member shall amend Exhibit A to reflect such additional
issuances. Subject to the proviso to Section 12.1(a), the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or other Equity Securities
in the Company, or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of, any class or series of Units or other Equity Securities in the
Company pursuant to this Section 4.3(b); provided that, subject to the proviso to Section 12.1(a), the Managing Member shall have the right to amend this Agreement as set forth in this sentence without the approval of any other Person
(including any Member) and notwithstanding any other provision of this Agreement (except Section 12.1) if such amendment is necessary in order to consummate any offering of shares of PubCo Common Stock or other Equity
Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those applicable to such
shares of PubCo Common Stock or other Equity Securities of PubCo. 

Section 4.4      Capital Accounts.    A Capital Account
shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this
Agreement. Each Member’s Capital Account balance as of the date hereof shall be equal to the amount of its respective Closing Date Capital Account Balance set forth opposite such Member’s name on Exhibit A. Thereafter, each
Member’s Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such Member pursuant to
Section 5.2, (ii) the amount of additional cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by
such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses pursuant to
Section 5.1 and any other items of deduction or loss allocated to such Member pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset Value of any asset (net of
any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and 

  
 19 

 
(iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). In the event of a Transfer of Units made in accordance
with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(a)(iv)), the Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee
Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l). 

Section 4.5        Other Matters. 

 

	 	(a)	 No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company
without the consent of the Managing Member. Under circumstances requiring a return of any Capital Contributions, no Member has the right to receive property other than cash. 

 

	 	(b)	 No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital
Contributions or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise provided in Section 7.9 or as otherwise contemplated
by this Agreement. 

  

	 	(c)	 The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as
expressly set forth in this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether to the Company, any of the other Members, the creditors of the Company, or any other third party, for any debt or
Liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company. 

  

	 	(d)	 Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such
Member’s Capital Account, to lend any funds to the Company or, except as otherwise set forth herein, to make any additional contributions or payments to the Company. 

 

	 	(e)	 The Company shall not be obligated to repay any Capital Contributions of any Member. 

Section 4.6        Redemption of Units. 

 

	 	(a)     (i)	 Upon the terms and subject to the conditions set forth in this Section 4.6, each of
the Members (other than PubCo and its wholly owned Subsidiaries) (the “Redeeming Member”) shall be entitled to cause the Company to redeem all or a portion of such Member’s Units (together with the transfer and surrender
of the same number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock (a “Redemption”) or, at the Company’s election made in accordance with Section
4.6(a)(iii), cash equal to the Cash Election Amount calculated with respect to such Redemption. With respect to each Redemption, a Redeeming Member shall be required to redeem at least a number of Units equal to the lesser of 100,000 Units and
all of the Units 

  
 20 

	 	 
then held by such Redeeming Member. A Redeeming Member shall be permitted to effect a Redemption of Units no more frequently than once per calendar quarter. The Managing Member may, in its
discretion, adopt a policy to limit quarterly exchanges to a particular period during each quarter. Notwithstanding the foregoing, a Redeeming Member, together with such Redeeming Member’s Affiliates, may redeem all of such Member’s Units
or at least 1,500,000 Units in the aggregate at any time. Upon the Redemption of all of a Member’s Units, such Member shall, for the avoidance of doubt, cease to be a Member of the Company. 

 

	 	(ii)	 In order to exercise the redemption right under Section 4.6(a)(i), the Redeeming Member shall provide
written notice (the “Redemption Notice”) to the Company, with a copy to PubCo (the date of delivery of such Redemption Notice, the “Redemption Notice Date”), stating: 

 

	 	(A)	 the number of Units (together with the transfer and surrender of an equal number of shares of Class B
Common Stock) the Redeeming Member elects to have the Company redeem; 

  

	 	(B)	 if the shares of Class A Common Stock to be received are to be issued other than in the name of the
Redeeming Member, the name(s) of the Person(s) in whose name or on whose order the shares of Class A Common Stock are to be issued; 

  

	 	(C)	 whether the exercise of the redemption right is to be contingent (including as to timing) upon the closing of
an underwritten offering of the shares of Class A Common Stock for which the Units will be redeemed or the closing of an announced merger, consolidation or other transaction or event to which PubCo is a party in which the shares of Class A
Common Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property; and 

  

	 	(D)	 if the Redeeming Member requires the Redemption to take place on a specific date, such date, provided
that, any such specified date shall not be earlier than the date that would otherwise apply pursuant to clause (a) of the definition of Redemption Date. 

If the Units to be redeemed (or the shares of Class B Common Stock to be transferred and surrendered) by the Redeeming
Member are represented by a certificate or certificates, prior to the Redemption Date, the Redeeming Member shall also present and surrender such certificate or certificates representing such Units (or shares of Class B Common Stock) during
normal business hours at the principal executive offices of the Company, or if any agent for the registration or transfer of Class A Common Stock is then duly appointed and acting (the “Transfer Agent”), at the office of
the Transfer Agent. If required by the Managing Member, 

  
 21 

	 	 
any certificate for Units and any certificate for shares of Class B Common Stock (in each case, if certificated) surrendered to the Company hereunder shall be accompanied by instruments of
transfer, in forms reasonably satisfactory to the Managing Member and the Transfer Agent, duly executed by the Redeeming Member or the Redeeming Member’s duly authorized representative. 

 

	 	(iii)	 Upon receipt of a Redemption Notice, the Company shall be entitled to elect (a “Cash
Election”) to settle the Redemption by delivering to the Redeeming Member, in lieu of the applicable number of shares of Class A Common Stock that would be received in such Redemption, an amount of cash equal to the Cash Election
Amount for such Redemption. In order to make a Cash Election with respect to a Redemption, the Company must provide written notice of such election to the Redeeming Member (with a copy to PubCo) prior to 1:00 p.m., Houston time, on or prior to the
second Business Day after the Redemption Notice Date. If the Company fails to provide such written notice prior to such time, it shall not be entitled to make a Cash Election with respect to such Redemption. 

 

	 	(iv)	 For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the
Company and PubCo, as the case may be, agree to treat each Redemption and, in the event PubCo exercises its Call Right, each transaction between the Redeeming Member and PubCo, as a sale of the Redeeming Member’s Units (together with the same
number of shares of Class B Common Stock) to PubCo in exchange for shares of Class A Common Stock or cash, as applicable. 

  

	 	(b)	 (i) Subject to the satisfaction of any contingency described in Section 4.6(a)(ii)(C) that is specified
in the relevant Redemption Notice, the Redemption shall be completed on the Redemption Date; provided, that if a valid Cash Election has not been made, the Redeeming Member may, at any time prior to the Redemption Date, revoke its Redemption
Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to PubCo); provided, however, that in no event may the Redeeming Member retract more than three of its Redemption Notices in
any calendar quarter. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, the Company’s and PubCo’s rights and obligations arising from the retracted Redemption Notice. 

 

	 	(ii)	 Unless the Redeeming Member has timely delivered a Retraction Notice as provided in Section 4.6(b)(i)
or PubCo has elected its Call Right pursuant to Section 4.6(f), on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member shall transfer and surrender the Units to
be redeemed (and a corresponding number of shares of Class B Common Stock) to the Company, in each case free and clear of all liens and 

  
 22 

	 	 
encumbrances, (B) PubCo shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i) and, as described in Section
4.1(e), the Company shall issue to PubCo a number of Units or other Equity Securities of the Company as consideration for such contribution, (C) the Company shall (x) cancel the redeemed Units, (y) transfer to the Redeeming Member
the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i), and (z) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the
number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (ii)(A) of this Section 4.6(b) and the number of redeemed Units, and (D) PubCo shall cancel the surrendered shares of Class B Common
Stock. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Company makes a valid Cash Election, PubCo shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after
deduction of any underwriters’ discounts or commissions and brokers’ fees or commissions) from the sale by PubCo of a number of shares of Class A Stock equal to the number of Units and Class B Stock to be redeemed with such cash
or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; provided that PubCo’s Capital Account shall be increased by an amount equal to any such discounts, commissions and fees relating to such sale of
shares of Class A Stock or other PubCo Equity Securities in accordance with Section 7.9; provided further, that the contribution of such net proceeds shall in no event affect the Redeeming Member’s right to
receive the Cash Election Amount. 

  

	 	(c)	 If (i) there is any reclassification, reorganization, recapitalization or other similar transaction,
including pursuant to a merger or consolidation that does not constitute a PubCo Change of Control, pursuant to which the shares of Class A Common Stock are converted or changed into another security, securities or other property (other than as
a result of a subdivision or combination or any transaction subject to Section 4.1(g)), or (ii) PubCo, by dividend or otherwise, distributes to all holders of the shares of Class A Common Stock evidences of its Indebtedness or
assets, including securities (including shares of Class A Common Stock and any rights, options or warrants to all holders of the shares of Class A Common Stock to subscribe for or to purchase or to otherwise acquire shares of Class A
Common Stock, or other securities or rights convertible into, exchangeable for or exercisable for shares of Class A Common Stock) but excluding any cash dividend or distribution as well as any such distribution of Indebtedness or assets
received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the shares of Class A Common Stock or the Cash Election Amount, as and if applicable, each Member shall be entitled to receive the
amount of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization, other

  
 23 

	 	 
similar transaction, dividend or other distribution, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization,
recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization,
recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the shares of Class A Common Stock are converted or changed into
another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above), this Section 4.6 shall continue to be applicable, mutatis
mutandis, with respect to such security or other property. This Agreement shall apply to the Units held by the Members and their Transferees as of the date hereof, as well as any Units hereafter acquired by a Member and his or her or its
Transferees. 

  

	 	(d)	 PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its
authorized but unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon the Redemption of all outstanding Units (other than those Units held by PubCo or any Subsidiary of PubCo);
provided, that nothing contained herein shall be construed to preclude PubCo from satisfying its obligations with respect to a Redemption by delivery of cash pursuant to a Cash Election or shares of Class A Common Stock that are held in
the treasury of PubCo. PubCo covenants that all shares of Class A Common Stock that shall be issued upon a Redemption shall, upon issuance thereof, be validly issued, fully paid and non-assessable. In
addition, for so long as the shares of Class A Common Stock are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts to cause all shares of Class A Common Stock issued upon a Redemption to be listed on such
National Securities Exchange at the time of such issuance. 

  

	 	(e)	 The issuance of shares of Class A Common Stock upon a Redemption shall be made without charge to the
Redeeming Member for any stamp or other similar tax in respect of such issuance; provided, however, that if any such shares of Class A Common Stock are to be issued in a name other than that of the Redeeming Member, then the
Person or Persons in whose name the shares are to be issued shall pay to PubCo the amount of any tax that may be payable in respect of any transfer involved in such issuance or shall establish to the reasonable satisfaction of PubCo that such tax
has been paid or is not payable. 

  

	 	(f) (i)	 Notwithstanding anything to the contrary in this Section 4.6, but subject to
Section 4.6(g), a Redeeming Member shall be deemed to have offered to sell its Units as described in the Redemption Notice to PubCo, and PubCo may, in its sole discretion, by means of delivery of a Call Election Notice in accordance with, and
subject to the terms of, this Section 4.6(f), elect to purchase directly and acquire such Units (together with the transfer and surrender of the same number of shares of Class B Common Stock) on the Redemption Date by paying to the

  
 24 

	 	 
Redeeming Member (or, on the Redeeming Member’s written order, its designee) that number of shares of Class A Common Stock the Redeeming Member (or its designee) would otherwise receive
pursuant to Section 4.6(a)(i) or, at PubCo’s election, an amount of cash equal to the Cash Election Amount of such shares of Class A Common Stock (the “Call Right”), whereupon PubCo shall acquire the Units
offered for redemption by the Redeeming Member (together with the transfer and surrender of the same number of shares of Class B Common Stock to PubCo for cancellation). PubCo shall be treated for all purposes of this Agreement as the owner of
such Units; provided that if PubCo funds the Cash Election Amount other than through the issuance of shares of Class A Common Stock, such Units will be reclassified into another Equity Security of the Company if the Managing Member
determines such reclassification is necessary. 

  

	 	(ii)	 PubCo may, at any time prior to the Redemption Date, in its sole discretion deliver written notice (a
“Call Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its Call Right. A Call Election Notice may be revoked by PubCo at any time; provided that any such revocation does
not prejudice the ability of the parties to consummate a Redemption on the Redemption Date. Except as otherwise provided by this Section 4.6(f), an exercise of the Call Right shall be consummated pursuant to the same timeframe and in the same
manner as the relevant Redemption would have been consummated if PubCo had not delivered a Call Election Notice. 

  

	 	(g)	 In connection with a PubCo Change of Control, PubCo shall have the right to require each Member (other than
PubCo and its wholly owned Subsidiaries) to effect a Redemption of some or all of such Member’s Units (together with the transfer and surrender of the same number of shares of Class B Common Stock); provided that a Cash Election
shall not be permitted pursuant to such a Redemption under this Section 4.6(g). Any Redemption pursuant to this Section 4.6(g) shall be effective immediately prior to the consummation of the PubCo Change of Control (and, for the avoidance of
doubt, shall not be effective if such PubCo Change of Control is not consummated) (the “Change of Control Redemption Date”). From and after the Change of Control Redemption Date, (i) the Units and shares of Class B
Common Stock subject to such Redemption shall be deemed to be transferred to PubCo on the Change of Control Redemption Date and (ii) such Member shall cease to have any rights with respect to the Units and shares of Class B Common Stock
subject to such Redemption (other than the right to receive shares of Class A Common Stock pursuant to such Redemption). PubCo shall provide written notice of an expected PubCo Change of Control to all Members within the earlier of
(x) five (5) Business Days following the execution of the agreement with respect to such PubCo Change of Control and (y) ten (10) Business Days before the proposed date upon which the contemplated PubCo Change of Control is to be effected,
indicating in such notice such information as may reasonably describe the PubCo Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount
and types of consideration to be 

  
 25 

	 	 
paid for shares of Class A Common Stock in the PubCo Change of Control, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as
applicable, shall be entitled to make in connection with such PubCo Change of Control, and the number of Units (and corresponding shares of Class B Common Stock) held by such Member that PubCo intends to require to be subject to such
Redemption. Following delivery of such notice and on or prior to the Change of Control Redemption Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any action and delivering any
document required pursuant to the remainder of this Section 4.6 to effect a Redemption. 

  

	 	(h)	 No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the Units
redeemed pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption. For the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive shares of
Class A Common Stock, shall be entitled to receive, with respect to such record date, distributions or dividends both on Units redeemed by the Company from such Redeeming Member and on shares of Class A Common Stock received by such
Redeeming Member, or other Person so designated, if applicable, in such Redemption. 

  

	 	(i)	 Any Units acquired by the Company under this Section 4.6 and transferred by the
Company to PubCo shall remain outstanding and shall not be cancelled as a result of their acquisition by the Company. Notwithstanding any other provision of this Agreement, PubCo shall be automatically admitted as a Member of the Company with
respect to any Units or other Equity Securities in the Company it receives under this Agreement (including under this Section 4.6 in connection with any Redemption). 

 

	 	(j)	 The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting
Redemptions), to the extent it determines, as a result of a change in law or administrative guidance, in good faith based on advice of counsel, such limitations and restrictions to be reasonably necessary to avoid the Company being classified as a
“publicly traded partnership” within the meaning of Section 7704 of the Code. Furthermore, the Managing Member may require any Member or group of Members to redeem all of their Units to the extent it determines, as a result of a
change in law or administrative guidance, in good faith based on advice of counsel, that such Redemption is reasonably necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of
Section 7704 of the Code. Upon delivery of any notice by the Managing Member to such Member or group of Members requiring such Redemption, such Member or group of Members shall exchange, subject to exercise by PubCo of its Call Right pursuant
to Section 4.6(f)(i), all of their Units effective as of the date specified in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 4.6
and otherwise in accordance with the requirements set forth in such notice. 

  
 26 

 ARTICLE V 

ALLOCATIONS OF PROFITS AND LOSSES 

Section 5.1      Profits and Losses. After giving effect to the allocations
under Section 5.2 and subject to Section 5.4, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account
balances described below, any allocable items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year
or other taxable period in a manner such that, after giving effect to the special allocations set forth in Section 5.2 and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account
balance of each Member, immediately after making such allocation, is, as nearly as possible, equal to (i) the amount such Member would receive pursuant to Section 11.3(b) if all assets of the Company on hand at the end of such Fiscal
Year or other taxable period were sold for cash equal to their Gross Asset Values, all liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset Value of
the assets securing such liability), and all remaining or resulting cash was distributed, in accordance with Section 11.3(b), to the Members immediately after making such allocation, minus (ii) such Member’s share of Company
Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale of assets.

 Section 5.2      Special Allocations. 

 

	 	(a)	 Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members
under any method determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations. The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal the excess, if any, of the
net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of proceeds of a Nonrecourse Liability that
are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d). 

 

	 	(b)	 Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to
the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i).
If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear
the economic risk of loss. This Section 5.2(b) is intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

  
 27 

	 	(c)	 Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company
Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior
periods to allocate among the Members under this Section 5.2(c)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an amount equal to such Member’s share of the net
decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). This section is intended to constitute a minimum gain chargeback under Treasury
Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

  

	 	(d)	 Notwithstanding any other provision of this Agreement except Section 5.2(c), if there is a net decrease
in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during
prior periods to allocate among the Members under this Section 5.2(d)), each Member shall be specially allocated items of Company income and gain for such year in an amount equal to such Member’s share of the net decrease in Member
Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). This section is intended to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section
1.704-2(i)(4) and shall be interpreted consistently therewith. 

  

	 	(e)	 Notwithstanding any provision hereof to the contrary except Section 5.2(a) and Section 5.2(b),
no Losses or other items of loss or expense shall be allocated to any Member to the extent that such allocation would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the
end of such Fiscal Year or other taxable period. All Losses and other items of loss and expense in excess of the limitation set forth in this Section 5.2(e) shall be allocated to the Members who do not have an Adjusted Capital Account Deficit
in proportion to their relative positive Capital Accounts but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted Capital Account Deficit. 

 

	 	(f)	 Notwithstanding any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d),
in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income
and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any
Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after
all other allocations provided for in this Article V have been tentatively made as if this 

  
 28 

	 	 
Section 5.2(f) were not in this Agreement. This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith. 

  

	 	(g)	 If any Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable
period that is in excess of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section
5.2(g) shall be made only if and to the extent that such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided for in this Article V have been made as if Section
5.2(f) and this Section 5.2(g) were not in this Agreement. 

  

	 	(h)	 To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or
743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining
Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member’s Interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the Members in accordance with Treasury Regulations Section
1.704-1(b)(2)(iv)(m)(2) if such section applies or to the Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4)
applies. 

  

	 	(i)	 The allocations set forth in Sections 5.2(a) through 5.2(h) (the “Regulatory
Allocations”) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other provision
of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss and deduction among the Members
so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had
not occurred. This Section 5.2(i) is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory Allocations and shall be interpreted in a manner
consistent therewith. 

 Section 5.3      Allocations for Tax
Purposes in General. 
  

	 	(a)	 Except as otherwise provided in this Section 5.3, each item of income, gain, loss
and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under Sections 5.1 and 5.2. 

  
 29 

	 	(b)	 In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury
Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such property’s
adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using such method or methods determined by the Managing Member to be appropriate and in
accordance with the applicable Treasury Regulations; provided that the Managing Member will use the “traditional method with curative allocations,” with the curative allocations applied only to sale gain, under Treasury Regulations Section
1.704-3(c) or, if determined by the Managing Member to be appropriate, the “traditional method” under Treasury Regulations Section 1.704-3(b), in each case
with respect to the assets owned by the Company at the time of the IPO. 

  

	 	(c)	 Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with
Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions, and (ii) recapture of grants credits shall be
allocated to the Members in accordance with applicable law. 

  

	 	(d)	 Allocations pursuant to this Section 5.3 are solely for purposes of U.S. federal,
state and local taxes and shall not affect or in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement.

  

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

Section 5.4      Other Allocation Rules. 

 

	 	(a)	 The Members are aware of the income tax consequences of the allocations made by this Article V and
the economic impact of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by the provisions of this Article V in reporting their share of Company income and loss for income tax
purposes. 

  

	 	(b)	 The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by
Section 4.4 and the allocations set forth in Sections 5.1, 5.2 and 5.3 are intended to comply with the Treasury Regulations and to reflect the intended economic entitlement of the Members. If the
Managing Member determines in good faith that the application of the provisions 

  
 30 

	 	 
in Sections 4.4, 5.1, 5.2 or 5.3 would result in non-compliance with the Treasury Regulations or would be inconsistent with the
intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions. 

  

	 	(c)	 All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have
been Transferred shall be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year or other taxable period during which each was recognized as the owner of such interest, without regard to the results of Company
operations during any particular portion of that year and without regard to whether cash distributions were made to the Transferor or the Transferee during that year; provided, however, that this allocation must be made in accordance with a
method permissible under Code Section 706 and the Treasury Regulations thereunder. 

  

	 	(d)	 The Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company,
within the meaning of Treasury Regulations Section 1.752-3(a)(3), shall be allocated to the Members in proportion to the Units held by each Member. 

ARTICLE VI 

DISTRIBUTIONS 

Section 6.1      Distributions. 

 

	 	(a)	 Distributions.    To the extent permitted by applicable Law and hereunder, and
except as otherwise provided in Section 11.3, distributions to Members may be declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including the payment dates of such
distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the Members as of the close of business on such record date on a pro rata basis (except
that, for the avoidance of doubt, repurchases or redemptions made in accordance with Section 4.1(f) or payments made in accordance with Sections 7.4 or 7.9 need not be on a pro rata basis), in accordance with the number of Units
owned by each Member as of the close of business on such record date; provided, however, that the Managing Member shall have the obligation to make distributions as set forth in Sections 6.2 and 11.3(b)(iii); and
provided, further, that, notwithstanding any other provision herein to the contrary, no distributions shall be made to any Member to the extent such distribution would render the Company insolvent or violate the Act. For purposes of
the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to this
Section 6.1, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof. 

  
 31 

	 	(b)	 Successors.    For purposes of determining the amount of distributions, each Member
shall be treated as having made the Capital Contributions and as having received the distributions made to or received by its predecessors in respect of any of such Member’s Units. 

 

	 	(c)	 Distributions In-Kind.    Except as
otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member. To the extent that the Company distributes property
in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such property for purposes of Section 6.1(a) and such property shall be treated as if it
were sold for an amount equal to its Fair Market Value. Any resulting gain or loss shall be allocated to the Member’s Capital Accounts in accordance with Sections 5.1 and 5.2. 

Section 6.2      Tax-Related
Distributions. 
  

	 	(a)	 On each Tax Distribution Date, the Company will, subject to any restrictions contained in any credit agreement
with a non-Affiliated lender to which the Company is bound, make distributions out of legally available funds to all Members pro rata, in accordance with the number of Units owned by each Member, in an
amount sufficient to cause each Member to receive a distribution equal to the excess of (x) such Member’s Assumed Tax Liability for the applicable Fiscal Year or other taxable period over the sum of (y) all other distributions
received by such Member from the Company and 50 percent of any payments received by such Member from PubCo pursuant to a Tax Receivable Agreement, in each case during the Fiscal Year or other taxable period to which the tax-related distribution under this Section 6.2(a) relates. 

  

	 	(b)	 The Company shall use commercially reasonable efforts to make such distributions pro rata, in
accordance with the number of Units owned by each Member, on a quarterly basis based upon estimates of the required Tax Distribution in a manner sufficient to permit the Members to satisfy their respective quarterly estimated tax payment
obligations. All quarterly tax distributions to a Member shall be treated as an advance of, and shall offset, the cash distribution payable to the Member (pursuant to Section 6.2(a)) on the next Tax Distribution Date. 

Section 6.3      Distribution Upon Withdrawal.    No
withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this
Agreement. 

  
 32 

 ARTICLE VII 

MANAGEMENT 

Section 7.1      The Managing Member; Fiduciary Duties. 

 

	 	(a)	 PubCo shall be the sole Managing Member of the Company. Except as otherwise required by Law, (i) the
Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and control of the Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member
shall make all decisions regarding the business, activities and operations of the Company (including the incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the
Managing Member (in their capacity as such) shall not participate in the control, management, direction or operation of the activities or affairs of the Company and shall have no power to act for or bind the Company. 

 

	 	(b)	 In connection with the performance of its duties as the Managing Member of the Company, except as otherwise
set forth herein, the Managing Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the Company and the stockholders of a Delaware corporation if the Company were a Delaware corporation and the Managing
Member was a member of the board of directors of such a corporation and the Members were stockholders of such corporation. The Members acknowledge that the Managing Member will take action through its board of directors, and that the members of the
Managing Member’s board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member. 

Section 7.2      Officers. 

 

	 	(a)	 The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the
business of the Company or the performance of services for or on behalf of the Company, and the Managing Member may delegate to any such Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem
appropriate. 

  

	 	(b)	 The initial president and chief executive officer of the Company (the “President and Chief
Executive Officer”) will be Christopher A. Wright. 

  

	 	(c)	 Except as otherwise set forth herein, the President and Chief Executive Officer will be responsible for the
general and active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing Member are carried into effect. The President and Chief Executive Officer will report to the Managing Member and have the
general powers and duties of management usually vested in the office of president and chief executive officer of a corporation organized under the DGCL, subject to the terms of this

  
 33 

	 	 
Agreement, and will have such other powers and duties as may be prescribed by the Managing Member or this Agreement. The President and Chief Executive Officer will have the power to execute
bonds, mortgages and other contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and executed, and except where the signing and execution thereof will be expressly delegated by
the Managing Member to some other Officer or agent of the Company. 

  

	 	(d)	 Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include
one or more vice presidents, a secretary, one or more assistant secretaries, a chief financial officer, a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other officers that
the Managing Member deems appropriate. Except as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment. Any individual may hold any number of
offices, and an Officer may, but need not, be a Member of the Company. The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined from time to time by the Managing Member. 

 

	 	(e)	 Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer
may be removed, either with or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to the Managing Member. Any resignation will take effect at the date of the receipt of that notice or at any later time
specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to
which the Officer is a party. A vacancy in any office because of death, resignation, removal, disqualification or any other cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.

 Section 7.3      Warranted Reliance by Officers on
Others.    In exercising their authority and performing their duties under this Agreement, the Officers shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless
they have actual knowledge concerning the matter in question that would cause such reliance to be unwarranted: 
  

	 	(a)	 one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to
be reliable and competent in the matters presented; and 

  

	 	(b)	 any attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be
within such Person’s professional or expert competence. 

Section 7.4      Indemnification.    Subject to the
limitations and conditions provided in this Section 7.4, each Person who was or is made a party or is threatened to be made a party to or 

  
 34 

 
is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or arbitrative (each, a “Proceeding”), or any
appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact he, she or it, or a Person of which he, she or it is the legal representative, is or was a Member, an executive officer, or
acting as the, Managing Member, Tax Matters Member or Company Representative of the Company, in each case, shall be indemnified by the Company to the fullest extent permitted by applicable Law, as the same exists or may hereafter be amended (but, in
the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than such Law permitted the Company to provide prior to such amendment) against all judgment, penalties (including
excise and similar taxes and punitive damages), fines, settlement and reasonable expenses (including reasonable attorneys’ fees and expenses) actually incurred by such Person in connection with such Proceeding, appeal, inquiry or investigation,
if such Person acted in Good Faith; provided, that the foregoing shall not require the Company to indemnify or advance expenses to any Person in connection with any Proceeding initiated by or on behalf of such Person or any counterclaim
against the Company or the Managing Member initiated by or on behalf of such Person. Reasonable expenses incurred by a Person of the type entitled to be indemnified under this Section 7.4 who was, is or is threatened to be
made a named defendant or respondent in a Proceeding shall be paid by the Company in advance of the final disposition of the Proceeding upon receipt of an undertaking by or on behalf of such Person to repay such amount if it shall ultimately be
determined that he, she or it is not entitled to be indemnified by the Company. Indemnification under this Section 7.4 shall continue as to a Person who has ceased to serve in the capacity which initially entitled such
Person to indemnity hereunder. The rights granted pursuant to this Section 7.4 shall be deemed contract rights, and no amendment, modification or repeal of this Section 7.4 shall have the effect of
limiting or denying any such rights with respect to actions taken or Proceedings, appeals, inquiries or investigations arising prior to any amendment, modification or repeal. It is expressly acknowledged that the indemnification provided in this
Section 7.4 could involve indemnification for negligence or under theories of strict liability. Anything herein to the contrary notwithstanding, any indemnity by the Company relating to the matters covered in this
Section 7.4 shall be provided out of and to the extent of Company assets only and no Member (unless such Member otherwise agrees in writing or is found in a final decision of a court of competent jurisdiction to have
personal Liability on account thereof) shall have personal Liability on account thereof or shall be required to make additional Capital Contributions to help satisfy such indemnity of the Company. 

Section 7.5      Maintenance of Insurance or Other Financial
Arrangements.    In compliance with applicable Law, the Company (with the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a
Member, employee or agent of the Company, or at the request of the Company is or was serving as a manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise,
for any Liability asserted against such Person and Liability and expenses incurred by such Person in such Person’s capacity as such, or arising out of such Person’s status as such, whether or not the Company has the authority to indemnify
such Person against such Liability and expenses. 
 Section 7.6      Resignation or
Termination of Managing Member.    PubCo shall not, by any means, resign as, cease to be or be replaced as Managing Member except in compliance 

  
 35 

 
with this Section 7.6. No termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement,
so that the obligations of PubCo, its successor (if applicable) and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect. No appointment of a Person other than PubCo (or its
successor, as applicable) as Managing Member shall be effective unless PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members
against PubCo (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all PubCo’s obligations under this Agreement (including its obligations under
Section 4.6) other than those that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s obligations under this Agreement. 

Section 7.7      No Inconsistent Obligations. The Managing Member represents
that it does not have any contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and covenants that, except as permitted by
Section 7.1, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. 

Section 7.8      Reclassification Events of PubCo. If a Reclassification
Event occurs, the Managing Member or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or additional
agreements, to ensure that, following the effective date of the Reclassification Event: (i) the redemption rights of holders of Units set forth in Section 4.6 provide that each Unit (together with the transfer and
surrender of one share of Class B Stock) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one share of Class A Common Stock becomes exchangeable for or converted into as a result
of the Reclassification Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such redemption. PubCo shall not consummate or agree to consummate any Reclassification Event
unless the successor Person, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement. 

Section 7.9      Certain Costs and Expenses. The Company shall (i) pay,
or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the
Company) incurred in pursuing and conducting, or otherwise related to, the activities of the Company, and (ii) in the sole discretion of the Managing Member, reimburse the Managing Member for any costs, fees or other expenses incurred by it in
connection with serving as the Managing Member. To the extent that the Managing Member determines in its sole discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or
its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may cause the Company to pay or bear all
expenses of the Managing Member, including, without limitation, costs of securities offerings not borne directly by members, board of directors compensation and 

  
 36 

 
meeting costs, costs of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or
bear any income tax obligations of the Managing Member. In the event that (i) shares of Class A Stock or other Equity Securities of PubCo were sold to underwriters in any public offering after the Effective Time, in each case, at a price
per share that is lower than the price per share for which such shares of Class A Stock or other Equity Securities of PubCo are sold to the public in such public offering after taking into account underwriters’ discounts or commissions and
brokers’ fees or commissions (including, for the avoidance of doubt, any deferred discounts or commissions and brokers’ fees or commissions payable in connection with or as a result of such public offering) (such difference, the
“Discount”) and (ii) the proceeds from such public offering are used to fund the Cash Election Amount for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the Managing Member for
such Discount by treating such Discount as an additional Capital Contribution made by the Managing Member to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 4.6(b)(ii), and increasing the
Managing Member’s Capital Account by the amount of such Discount. For the avoidance of doubt, any payments made to or on behalf of the Managing Member pursuant to this Section 7.9 shall not be treated as a distribution
pursuant to Section 6.1(a) but shall instead be treated as an expense of the Company. 
 ARTICLE VIII 

ROLE OF MEMBERS 

Section 8.1    Rights or Powers. Other than the Managing Member, the Members, acting in
their capacity as Members, shall not have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the
rights and powers specifically set forth in this Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member, any Affiliate thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate
thereof, may also be an employee or be retained as an agent of the Company. The existence of these relationships and acting in such capacities will not result in the Member (other than the Managing Member) being deemed to be participating in the
control of the business of the Company or otherwise affect the limited liability of the Member. Except as specifically provided herein, no Member (other than the Managing Member) shall, in its capacity as a Member, take part in the operation,
management or control of the Company’s business, transact any business in the Company’s name or have the power to sign documents for or otherwise bind the Company. 

Section 8.2    Voting. 

 

	 	(a)	 Meetings of the Members may be called upon the written request of Members holding at least 50% of the
outstanding Units. Such request shall state the location of the meeting and the nature of the business to be transacted at the meeting. Written notice of any such meeting shall be given to all Members not less than two Business Days and not more
than 30 days prior to the date of such meeting. Members may vote in person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting. Whenever the

  
 37 

	 	 
vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or may be given in accordance with the procedure prescribed
in this Section 8.2. Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall constitute the act of the Members. 

 

	 	(b)	 Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is
entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by such Member or its
attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable
at the pleasure of the Member executing it. 

  

	 	(c)	 Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other
individual Person as the Managing Member deems appropriate. 

  

	 	(d)	 Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite
Members whose approval is necessary consent thereto in writing. 

Section 8.3    Various Capacities.   The Members acknowledge and agree
that the Members or their Affiliates will from time to time act in various capacities, including as a Member and as the Tax Matters Member or Company Representative. 

Section 8.4    Investment Opportunities.  To the fullest extent permitted by
applicable law, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any Member (other than Members who are officers or employees of the Company, PubCo or any of their respective subsidiaries), any of their respective
affiliates (other than the Company, the Managing Member or any of their respective subsidiaries), or any of their respective officers, directors, agents, shareholders, members, and partners (each, a “Business Opportunities Exempt
Party”). The Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunities Exempt
Party. No Business Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have any duty to communicate or
offer such opportunity to the Company. No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with respect
to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice of and consented
to the provisions of this Section 8.4. Neither the alteration, amendment or repeal of this Section 8.4, nor the adoption of any provision of this Agreement inconsistent with this
Section 8.4, shall eliminate or reduce the effect of this Section 8.4 in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim
that, but for this Section 8.4, would accrue or arise, prior to such alteration, amendment, repeal or 

  
 38 

 
adoption. Notwithstanding the foregoing, a Business Opportunities Exempt Party who is an officer or employee of PubCo and who is offered a business opportunity of PubCo reasonably determined by
the party receiving the opportunity to be expressly in his or her capacity as an officer or employee of PubCo shall be obligated to communicate and offer such business opportunity to PubCo. 

ARTICLE IX 
 TRANSFERS
OF INTERESTS 
 Section 9.1     Restrictions on Transfer. 

 

	 	(a)	 Except as provided in Section 4.6 and except for the Transfers by a Member to
Permitted Transferee, no Member shall Transfer all or any portion of its Interest without the Managing Member’s prior written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion; provided that to
the extent that the Managing Member determines in good faith that a proposed transfer would not have the effect contemplated by Section 9.1(b), then the Managing Member will not withhold its consent to a transfer by any Member, individually or
collectively with one or more other Members, that would result in the Transferee, together with its Affiliates, holding at least 10% of the Units not held by the Managing Member. If, notwithstanding the provisions of this Section 9.1(a), all
or any portion of a Member’s Interests are Transferred in violation of this Section 9.1(a), involuntarily, by operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this
Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations
hereunder, unless and until the Managing Member consents in writing to such admission, which consent shall be granted or withheld in the Managing Member’s sole discretion. Any attempted or purported Transfer of all or a portion of a
Member’s Interests in violation of this Section 9.1(a) shall be null and void and of no force or effect whatsoever. For the avoidance of doubt, the restrictions on Transfer contained in this Article IX shall not apply to the
Transfer of any capital stock of the Managing Member; provided that no shares of Class B Common Stock may be Transferred unless a corresponding number of Units are Transferred therewith in accordance with this Agreement. The Company
intends to satisfy the private placement safe-harbor in Treasury Regulation Section 1.7704-1(h) and intends to limit issuances of Interests and to limit Transfers of Interest to satisfy the requirement in
Treasury Regulation Section 1.7704-1(h)(ii). In furtherance of the foregoing and notwithstanding the foregoing provisions in this paragraph, the Interests held by each person who is a Member at the time of the
IPO (including the Interests held by each person who is a Member at the time of the IPO that has been transferred to any successive Transferee) shall not be permitted to be Transferred to a Permitted Transferee if such Interests would be held by
more than four (4) “partners” for purposes of calculating the number of “partners” in the Company under Treasury Regulation Section 1.7704-1(h)(ii)

  
 39 

	 	 
immediately after a proposed Permitted Transfer unless the Managing Member provides its consent to such Transfer, which consent shall be granted or withheld in the Managing Member’s sole
discretion. Notwithstanding anything to the contrary in this Agreement, the Managing Member shall limit the issuances of Interests after the IPO and limit its consent to Transfers so that the Interests held by each person who is a Member immediately
after the IPO (including any successive Transferee of each such Interest) is able to be held by up to four “partners” in the Company in connection with the Company satisfying the private placement safe-harbor under Treasury Regulation
Section 1.7704-1(h). 

  

	 	(b)	 In addition to any other restrictions on Transfer herein contained, including the provisions of this
Article IX, in no event may any Transfer or assignment of Interests by any Member be made to any Person who lacks the legal right, power or capacity to own Interests; if in the opinion of legal counsel or a qualified tax advisor to the
Company such Transfer presents a material risk that such Transfer would cause the Company to cease to be classified as a partnership or to be classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code
for U.S. federal income tax purposes; if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a
“party-in-interest” (as defined in Section 3 (14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2) of the Code); if such
Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to
regulation under ERISA; if such Transfer requires the registration of such Interests or any Equity Securities issued upon any exchange of such Interests, pursuant to any applicable U.S. federal or state securities Laws; or if such Transfer subjects
the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended (or any succeeding law). Any Transfer purported to be made in violation of this Section 9.1(b) shall be void ab initio.

 Section 9.2    Notice of Transfer.    Other
than in connection with Transfers made pursuant to Section 4.6, each Member shall, after complying with the provisions of this Agreement, but in any event no later than three Business Days following any Transfer of
Interests, give written notice to the Company of such Transfer. Each such notice shall describe the manner and circumstances of the Transfer. 

Section 9.3    Transferee Members.   A Transferee of Interests pursuant
to this Article IX shall have the right to become a Member only if (i) the requirements of this Article IX are met, (ii) such Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be
bound by the terms and provisions of this Agreement and assuming all of the Transferor’s then existing and future Liabilities arising under this Agreement, (iii) such Transferee represents that the Transfer was made in accordance with all
applicable securities Laws, (iv) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether
or not consummated and (v) if such Transferee or his or her spouse 

  
 40 

 
is a resident of a community property jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the
terms and provisions of this Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member’s Interest. Unless agreed to in writing by the Managing Member, the admission of a Member shall
not result in the release of the Transferor from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on
the one hand, and such Transferor or any of its Affiliates, on the other hand. Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member. Notwithstanding anything to the contrary in this
Section 9.3, and except as otherwise provided in this Agreement, following a Transfer by one or more Members (or a transferee of the type described in this sentence) to an Permitted Transferee of all or substantially all of
their Interests, such transferee shall succeed to all of the rights of such Member(s) under this Agreement. 

Section 9.4    Legend.   Each certificate representing a Unit, if any,
will be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. 

THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
UNDER SUCH ACT. 
 THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN
THE SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF LIBERTY OILFIELD SERVICES NEW HOLDCO LLC DATED AS OF     , 2017 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED
FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO
THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.” 
 ARTICLE X 

ACCOUNTING 

Section 10.1    Books of Account.   The Company shall, and shall cause
each Subsidiary to, maintain true books and records of account in which full and correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance with GAAP, and shall set
aside on its books all such proper accruals and reserves as shall be required under GAAP. 

  
 41 

 Section 10.2    Tax Elections. 

 

	 	(a)	 The Company and any eligible Subsidiary shall make an election (or continue a previously made election)
pursuant to Section 754 of the Code for the taxable year of the Company that includes the Closing Date, shall not thereafter revoke such election and shall make a new election pursuant to Section 754 of the Code to the extent necessary
following any “termination” of the Company or the Subsidiary, as applicable, under Section 708 of the Code. In addition, the Company shall make the following elections on the appropriate forms or tax returns: 

 

	 	i.	 to adopt the calendar year as the Company’s Fiscal Year, if permitted under the Code;

  

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

 

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

  

	 	(b)	 None of the Managing Member, the Members, or the Company shall make any election under Section 1101(g)(4) of
the Bipartisan Budget Act of 2015 to have the provisions of the Bipartisan Budget Act of 2015 governing “Subchapter C – Treatment of Partnerships” apply to any tax return of the Company filed for a taxable year beginning prior to
January 1, 2018. 

 Section 10.3    Tax Returns;
Information.    The Tax Matters Member or Company Representative (as applicable) shall arrange for the preparation and timely filing of all income and other tax and informational returns of the Company. The Tax Matters
Member or Company Representative (as applicable) shall furnish to each Member a copy of each approved return and statement, together with any schedules or other information which each Member may require in connection with such Member’s own tax
affairs as soon as practicable (but in no event more than 90 days after the end of each Fiscal Year). On or before December 1 of each Fiscal Year, the Company shall send to each Member an estimate of such Member’s state tax apportionment
information and allocations to such Member of taxable income, gains, losses, deductions and credit for the current Fiscal Year, which estimate shall have been reviewed by the Company’s outside tax accountants; provided, that if the
Company does not provide a copy of final Company income tax returns, information returns and other related information within 60 days after the end of each Fiscal Year, the Company shall provide an updated estimate of information described in this
sentence (prior to the proviso) by no later than February 28 of the following Fiscal Year. The Members agree to use commercially reasonably efforts to take all actions reasonably requested by the Company or the Company Representative to comply
with the Bipartisan Budget Act of 2015. Notwithstanding anything to the contrary, the Company shall promptly provide each Member with any information reasonably requested by such Member in connection with such Member’s own tax affairs. 

  
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 Section 10.4    Tax Matters Member and Company
Representative. The Managing Member is specially authorized and appointed to act as the Tax Matters Member and as the Company Representative (as applicable) and in any similar capacity under state or local Law. The Tax Matters Member or
Company Representative (as applicable) may retain, at the Company’s expense, such outside counsel, accountants and other professional consultants as it may reasonably deem necessary in the course of fulfilling its obligations as Tax Matters
Member or Company Representative (as applicable). The Tax Matters Member or the Company Representative (as applicable) shall notify each Member of any notice of audit or other tax proceeding relating to the Company within 20 days of receipt of such
notice by the Company and shall keep all Members advised on a current basis of any material contacts by or material discussions with any taxing authorities. Notwithstanding the foregoing, the Tax Matters Member or the Company Representative (as
applicable) shall not extend the statute of limitations of the Company, file a request for administrative adjustment relating to the Company, file suit concerning any tax refund or deficiency relating to any Company, file any material amended tax
return or enter into any settlement agreement relating to any Company item of income, gain, loss, deduction or credit for any Fiscal Year or other taxable period of the Company, or settle or otherwise compromise any material issue in any Tax
examination, audit or other proceeding without first obtaining approval of the Managing Member and, solely in the case of such actions with respect to items on the Internal Revenue Service Form 1065 (and items on any similar form for state and local
purposes due in a jurisdiction that follows the U.S. federal income tax) of the Company, providing each Member with advance written notice ten (10) days prior to taking such action. Notwithstanding anything to the contrary, nothing herein shall
diminish, limit or restrict the rights of any Member under applicable tax law. 

Section 10.5    Withholding Tax Payments and Obligations. 

 

	 	(a)	 The Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is
required to do so by any applicable rule, regulation or law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or with respect to such Member any amount of taxes that the Managing Member determines,
in good faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement. 

 

	 	(b)	 To the extent that any tax is paid by (or withheld from amounts payable to) the Company or any of its
Subsidiaries and the Managing Member determines, in good faith, that such tax relates to one or more specific Members (including any tax payable by the Company or any of its Subsidiaries pursuant to Section 6225 of the Code with respect to
items of income, gain, loss deduction or credit allocable or attributable to such Member), such tax shall be treated as an amount of taxes withheld or paid with respect to such Member pursuant to this Section 10.5.

  

	 	(c)	 For all purposes under this Agreement, any amounts withheld or paid with respect to a Member pursuant to this
Section 10.5 shall be treated as if distributed to such 

  
 43 

	 	 
Member at the time such withholding or payment is made. Further, to the extent that the cumulative amount of such withholding or payment for any period exceeds the distributions to which such
Member is entitled for such period, the amount of such excess shall be considered a loan from the Company to such Member, with interest accruing at the Prime Rate in effect from time to time, compounded annually. The Managing Member may, in its
discretion, either demand payment of the principal and accrued interest on such demand loan at any time (which payment shall not be deemed a Capital Contribution for purposes of this Agreement), and enforce payment thereof by legal process, or may
withhold from one or more distributions to a Member amounts sufficient to satisfy such Member’s obligations under any such demand loan. 

  

	 	(d)	 Neither the Company nor the Managing Member shall be liable for any excess taxes withheld in respect of any
Member, and, in the event of overwithholding for which payment has already been made to the applicable taxing authority, a Member’s sole recourse shall be to apply for a refund from the appropriate Governmental Entity. 

 

	 	(e)	 Notwithstanding any other provision of this Agreement, (i) any Person who ceases to be a Member shall be
treated as a Member for purposes of this Section 10.5 and (ii) the obligations of a Member pursuant to this Section 10.5 shall survive indefinitely with respect to any taxes withheld or paid
by the Company that relate to the period during which such Person was actually a Member, regardless of whether such taxes are assessed, withheld or otherwise paid during such period. 

ARTICLE XI 
 DISSOLUTION
AND TERMINATION 
 Section 11.1    Liquidating Events.    The
Company shall dissolve and commence winding up and liquidating upon the first to occur of the following (each, a “Liquidating Event”): 
  

	 	(a)	 The sale of all or substantially all of the assets of the Company; and 

 

	 	(b)	 The determination of the Managing Member to dissolve, wind up, and liquidate the Company.

 The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no
Member shall seek a dissolution of the Company, under Section 18-802 of the Act or otherwise, other than based on the matters set forth in subsections (a) and (b) above. If it is determined by a
court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby agree to continue the business of the Company without a winding up or liquidation. In the event of a dissolution
pursuant to Section 11.1(b), the relative economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to 

  
 44 

 
distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration tax and other legal constraints that may adversely
affect one or more parties to such dissolution and subject to compliance with applicable laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing to a treatment other than
as described above. 
 Section 11.2    Bankruptcy.    For
purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume
control over the affairs or operations thereof, or a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control,
appointment, writ or order shall continue for a period of 90 consecutive days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the
appointment of any receiver, trustee or similar officer or for all or any substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement,
readjustment of debts, dissolution, liquidation, or similar proceeding under the Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any substantial part of its
property without the application or consent of that Member, and such appointment shall continue undischarged or unstayed for a period of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt,
dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member and shall remain undismissed for a period of 90 consecutive days. 

Section 11.3    Procedure. 

 

	 	(a)	 In the event of the dissolution of the Company for any reason, the Managing Member shall commence to wind up
the affairs of the Company and to liquidate the Company’s investments; provided that if the Managing Member is in bankruptcy or dissolved, another Member appointed by Members holding a majority of the Units (other than those held by the
Managing Member) (such appointee, the “Winding-Up Member”) shall commence to wind up the affairs of the Company and, subject to Section 11.4(a), such Winding-Up Member shall have full right and unlimited discretion to determine in good faith the time, manner and terms of any sale or sales of the Property or other assets pursuant to such liquidation, having due
regard to the activity and condition of the relevant market and general financial and economic conditions. The Members shall continue to share profits, losses and distributions during the period of liquidation in the same manner and proportion as
though the Company had not dissolved. The Company shall engage in no further business except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as applicable, to
preserve the value of the Company’s assets during the period of dissolution and liquidation. 

  

	 	(b)	 Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided
in Article V, the proceeds of the liquidation and any other funds of the Company shall be distributed in the following order of priority: 

  

	 	(i)	 First, to the payment and discharge of all of the Company’s debts and Liabilities to creditors (whether
third parties or Members), in the order of priority as provided by Law, except any obligations to the Members in respect of their Capital Accounts; 

  
 45 

	 	(ii)	 Second, to set up such cash reserves which the Managing Member reasonably deems necessary for contingent or
unforeseen Liabilities or future payments described in Section 11.3(b)(i) (which reserves when they become unnecessary shall be distributed in accordance with the provisions of subsection (iii), below); and 

 

	 	(iii)	 Third, the balance to the Members, pro rata in accordance with the number of Units owned by each
Member. 

  

	 	(c)	 Except as provided in Section 11.4(a), no Member shall have any right to demand or receive property
other than cash upon dissolution and termination of the Company. 

  

	 	(d)	 Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company
shall terminate and the Managing Member or the Winding-Up Member, as the case may be, shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and all other
documents required to effectuate the dissolution and termination of the Company. 

Section 11.4      Rights of Members. 

 

	 	(a)	 Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to
the property of the Company. 

  

	 	(b)	 Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the
Company for the return of its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions, distributions or allocations. 

Section 11.5      Notices of Dissolution. In the event a Liquidating Event
occurs or an event occurs that would, but for the provisions of Section 11.1, result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each of the
Members and to all other parties with whom the Company regularly conducts business (as determined in the discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other
applicable Law. 
 Section 11.6      Reasonable Time for Winding Up. A
reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up. 

Section 11.7    No Deficit Restoration. No Member shall be personally liable for a
deficit Capital Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets. 

  
 46 

 ARTICLE XII 

GENERAL 

Section 12.1    Amendments; Waivers. 

 

	 	(a)	 The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger,
consolidation or other business combination to which the Company is a party) only with the approval of the Managing Member; provided, however, that no amendment to this Agreement may: 

 

	 	i.	 modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each
case, without the consent of each such affected Member; or 

  

	 	ii.	 except as provided in Section 4.6(j), materially alter or change the provisions of Section 4.6 or this
Section 12.1 hereof in a manner that adversely affects the Members (excluding the Managing Member) without the written consent of each Member who at such time holds (together with its Affiliates) at least ten percent (10%) of the then
outstanding Units (other than those held by the Managing Member); or 

  

	 	iii.	 materially alter or change any rights, preferences or privileges of any Interests in a manner that is
different or prejudicial relative to any other Interests, without the approval of a majority in interest of the Members holding the Interests affected in such a different or prejudicial manner. 

 

	 	(b)	 Notwithstanding the foregoing subsection (a), the Managing Member, acting alone, may amend this Agreement,
including Exhibit A, (i) to reflect the admission of new Members, Transfers of Interests, the issuance of additional Units or Equity Securities, as provided by the terms of this Agreement, and, subject to Section 12.1(a),
subdivisions or combinations of Units made in compliance with Section 4.1(g), (ii) to the minimum extent necessary to (A) comply with the provisions of the Bipartisan Budget Act of 2015 and any Treasury Regulations or other
administrative pronouncements promulgated thereunder and (B) to administer the effects of such provisions in an equitable manner and (iii) as necessary to avoid the Company being classified as a “publicly traded partnership”
within the meaning of Section 7704(b) of the Code. 

  

	 	(c)	 No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or
any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance so provided. 

  
 47 

 Section 12.2    Further
Assurances.    Each party agrees that it will from time to time, upon the reasonable request of another party, execute such documents and instruments and take such further action as may be reasonably required to
accomplish the purposes of this Agreement; provided, that no such additional documents or instruments or additional acts shall result in material costs or obligations to a Member without the consent of such Member. 

Section 12.3    Successors and Assigns.    All of the terms and
provisions of this Agreement shall be binding upon the parties and their respective successors and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that they are permitted
successors and assigns pursuant to the terms hereof. No party may assign its rights hereunder except as herein expressly permitted. 

Section 12.4    Entire Agreement.    This Agreement, together with
all Exhibits and Schedules hereto and all other agreements referenced therein and herein, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements,
understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth
herein and therein. 
 Section 12.5    Rights of Members
Independent.    The rights available to the Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself
and not by reference to any other such right. Any one or more and/or any combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from
exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously. 

Section 12.6    Governing Law.    This Agreement, the legal
relations between the parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this
Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such State and without regard to conflicts of law doctrines, except to the extent that certain matters
are preempted by federal Law or are governed as a matter of controlling Law by the Law of the jurisdiction of organization of the respective parties. 

Section 12.7    Jurisdiction and Venue.    The parties hereto
hereby agree and consent to be subject to the jurisdiction of any federal court of the District of Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in
connection with this Agreement. The parties hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action. Each of the parties hereto further irrevocably consents to the service of process out of any of
the aforementioned courts in any such Legal Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt
of such registered mail. Nothing in this Section 12.7 shall affect the right of any party hereto to serve legal process in any other manner permitted by law. 

  
 48 

Section 12.8    Headings.    The descriptive headings of the
Articles, Sections and subsections of this Agreement are for convenience only and do not constitute a part of this Agreement. 

Section 12.9    Counterparts.  This Agreement and any amendment hereto or any
other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts and by different parties in separate counterparts. All of such counterparts shall constitute one and the same agreement (or other document) and shall
become effective (unless otherwise provided therein) when one or more counterparts have been signed by each party and delivered to the other party. 

Section 12.10  Notices.  Any notice or other communication hereunder must be given in
writing and (a) delivered in person, (b) transmitted by facsimile or telecommunications mechanism, provided that any notice so given is also mailed as provided in clause (c), or (c) mailed by certified or registered mail,
postage prepaid, receipt requested as follows: 
 If to the Company or the Managing Member, addressed to it at: 

Liberty Oilfield Services New HoldCo LLC 

950 17th Street, Suite 2000 

Denver, CO 80202 

Facsimile: 

Attention: 

With copies (which shall not constitute notice) to: 

Liberty Oilfield Services Inc. 

950 17th Street, Suite 2000 

Denver, CO 80202 

Facsimile: 

Attention: 

Vinson & Elkins L.L.P. 

1001 Fannin, Suite 2500 

Houston, TX 77002 

Facsimile: 

Attention: 
 or
to such other address or to such other Person as either party shall have last designated by such notice to the other parties. Each such notice or other communication shall be effective (i) if given by telecommunication, when transmitted to the
applicable number so specified in (or pursuant to) this Section 12.10 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a Business Day in the jurisdiction to which such notice is
sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which such notice
is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address
or, if not received on a Business Day, on the Business Day immediately following such actual receipt. 

  
 49 

 Section 12.11  Representation By Counsel;
Interpretation.   The parties acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law,
or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived. 

Section 12.12  Severability.   If any provision of this Agreement is determined to
be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and conditions of this
Agreement for all parties remain valid, binding and enforceable. 

Section 12.13  Expenses.   Except as otherwise provided in this Agreement and in
the Reorganization Agreement, each party shall bear its own expenses in connection with the transactions contemplated by this Agreement. 

Section 12.14  No Third Party Beneficiaries.  Except as expressly provided in
Sections 7.4 and 10.2, nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted assigns, any rights or remedies under this
Agreement or otherwise create any third party beneficiary hereto. 
 [Signatures on Next Page] 

  
 50 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Second
Amended and Restated Limited Liability Company Operating Agreement to be executed as of the day and year first above written. 
  

			
	 COMPANY:

	
	 LIBERTY OILFIELD SERVICES NEW

HOLDCO LLC

	
	By:                                   
                                         
    
	Name:                                   
                                         

	Title:                                   
                                         
  

  

SIGNATURE PAGE TO 

FIRST AMENDED AND RESTATED LIMITED LIABILITY
COMPANY OPERATING AGREEMENT OF 
 LIBERTY OILFIELD
SERVICES NEW HOLDCO LLC 

 
			
	MEMBERS:
	
	By:                                   
                           
	Name:                                   
                       
	Title:                                   
                         
	
	MANAGING MEMBER:
	
	LIBERTY OILFIELD SERVICES INC.
	
	By:                                   
                             
	Name:                                   
                         
	Title:                                   
                           

  

SIGNATURE PAGE TO 

FIRST AMENDED AND RESTATED LIMITED LIABILITY
COMPANY OPERATING AGREEMENT OF 
 LIBERTY OILFIELD
SERVICES NEW HOLDCO LLC 

 EXHIBIT A 
  

					
	Member	  	Number of Units Owned	  	
Closing Date Capital Account

Balance

	 Liberty Oilfield Services Inc.

 
	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

  

SIGNATURE PAGE TO 

FIRST AMENDED AND RESTATED LIMITED LIABILITY
COMPANY OPERATING AGREEMENT OF 
 LIBERTY OILFIELD
SERVICES NEW HOLDCO LLCEX-10.6

 Exhibit 10.6 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as
of                , 2017, is entered into by and among Liberty Oilfield Services Inc., a Delaware corporation (the “Company”), and each of the
other parties listed on the signature pages hereto (the “Initial Holders” and, together with the Company, the “Parties”). 

WHEREAS, in connection with, and in consideration of, the transactions contemplated by the Company’s Registration Statement on
Form S-1 (File No. 333-216050), the Initial Holders have requested, and the Company has agreed to provide, registration rights with respect to the Registrable
Securities (as hereinafter defined) as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows: 

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

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

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

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

  
 1 

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

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

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

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

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

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

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

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

  
 2 

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

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

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

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

“Registration Statement” means a registration statement of the Company in the form required to register
under the Securities Act and other applicable law for the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder included therein, and including any Prospectus, amendments and supplements to each
such registration statement or Prospectus, including pre- and post-effective amendments (including a shelf takedown prospectus to the extent requested by a Sponsoring Holder in connection with a Demand Request
at a time that a Shelf Registration Statement, or other Registration Statement pursuant to which the applicable Registrable Securities may be offered on a continuous or delayed basis, is effective), all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Riverstone”
means R/C Holdings and R/C Partnership. 
 “Rule 144” means Rule 144 promulgated by the Commission
pursuant to the Securities Act. 
 “Rule 405” means Rule 405 promulgated by the Commission pursuant to
the Securities Act. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the
Securities Act. 
 “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities
Act. 

  
 3 

 “Securities Act” means the Securities Act of 1933, as
amended. 
 “Selling Expenses” means all underwriting discounts, selling commissions and stock
transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder. 

“Shares” means the shares of Common Stock held by the Holders as of the date hereof and any other equity interests of
the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity
or similar event involving a change in the capital structure of the Company. 
 “Shelf Registration
Statement” means a Registration Statement of the Company filed with the Commission on Form S-3, or Form S-1 if Form
S-3 is not available for use by the Company at such time (or any successor form or other appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule
415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable. 

“Sponsoring Holder” means (a) Riverstone unless and until Riverstone ceases to hold any Registrable
Securities, (b) Laurel unless and until Laurel ceases to hold any Registrable Securities, (c) Spruce unless and until Spruce ceases to hold any Registrable Securities, and (d) any holder of Registrable Securities to whom registration
rights of a “Sponsoring Holder” conferred by this Agreement have been transferred in compliance with Section 9(e) hereof; provided, that any Person referenced in clause (d) shall be a Sponsoring Holder only if such Person
agrees in writing to be bound by and subject to the terms set forth in this Agreement. 
 “Spruce” means Spruce
Road, LLC, a Delaware limited liability company. 
 “SRE” means SRE Investing LLC, a Colorado limited liability
company. 
 “Trading Market” means the principal national securities exchange on which Registrable
Securities are listed. 
 “Transfer,” means any direct or indirect transfer, assignment, sale, gift, pledge,
hypothecation or other encumbrance, or any other disposition (whether voluntary or involuntary or by operation of law), of Registrable Securities (or any interest (pecuniary or otherwise) therein or right thereto), including derivative or similar
transactions or arrangements whereby a portion or all of the economic interest in, or risk of loss or opportunity for gain with respect to, Registrable Securities are transferred or shifted to another Person. 

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

  
 4 

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

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

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

(a)    Demand Registration. 

        (i)    Any Sponsoring Holder shall have the option and
right, exercisable by delivering a written notice to the Company (a “Demand Notice”), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and
file with the Commission a Registration Statement registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or continuous basis
pursuant to Rule 415 pursuant to a Shelf Registration Statement (a “Demand Registration”). The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in
such Demand Registration and the intended methods of disposition thereof. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the dollar amount of the Registrable
Securities of the Initiating Holder to be included therein is reasonably likely to result in gross sale proceeds of at least $10 million based on the VWAP (the “Minimum Amount”) as of the date of the Demand
Notice. 
         (ii)    Within five Business Days (or if the
Registration Statement will be a Shelf Registration Statement, within two Business Days) after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all Holders and, within 30 days after receipt of the
Demand Notice (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case, within 90 days thereof), shall, subject to the limitations of this
Section 2(a), file a Registration Statement in accordance with the terms and conditions of the Demand Notice, which Registration Statement shall cover all of the Registrable Securities that the Holders shall in writing request to be included
in the Demand Registration (such request to be given to the Company within three Business Days (or if the Registration Statement will be a Shelf Registration Statement, within one Business Day) after receipt of notice of the Demand

  
 5 

 
Notice given by the Company pursuant to this Section 2(a)(ii)). The Company shall use reasonable best efforts to cause such Registration Statement to become and remain effective under the
Securities Act until the earlier of (A) 180 days (or two years if a Shelf Registration Statement is requested) after the Effective Date or (B) the date on which all Registrable Securities covered by such Registration Statement have been sold
(the “Effectiveness Period”); provided, however, that such period shall be extended for a period of time equal to the period the Holders refrain from selling any securities included in such Registration
Statement at the request of an underwriter of the Company or the Company pursuant to this Agreement. 

        (iii)    Subject to the other limitations contained in this
Agreement, the Company is not obligated hereunder to effect (A) a Demand Registration within 90 days after the closing of any Underwritten Offering, (B) more than a total of one Demand Registration for which Laurel (or any transferee
thereof in accordance with Section 9(e)) is the Initiating Holder, (C) more than a total of one Demand Registration for which Spruce (or any transferee thereof in accordance with Section 9(e)) is the Initiating Holder, and
(D) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder shall have become and remains effective under the Securities Act and is
sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended timing and method or methods of distribution thereof specified in the
Demand Notice. Riverstone (or any transferee thereof in accordance with Section 9(e)) shall be permitted to be the Initiating Holder for an unlimited number of Demand Registrations (including any demands for registration of the offer and sale
of Registrable Securities on Form S-3 (so long as the Company is eligible to use Form S-3)). No Demand Registration shall be deemed to have occurred for purposes of this
Section 2(a)(iii) if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire Effectiveness Period, in which case the Initiating Holder shall be entitled to an additional Demand
Registration in lieu thereof. Further, a Demand Registration shall not constitute a Demand Registration of the Initiating Holder for purposes of this Section 2(a)(iii) if, as a result of Section 2(a)(vi)(A), there is
included in the Demand Registration less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP measured on the effective date of the related Registration Statement of $10 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable Demand Notice. 

        (iv)    A Holder may withdraw all or any portion of its
Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from the Initiating Holder that the Initiating Holder is
withdrawing an amount of its Registrable Securities from the Demand Registration such that the remaining amount of Registrable Securities of the Initiating Holder to be included in the Demand 

  
 6 

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

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

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

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

  
 7 

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

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

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

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

  
 8 

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

(c)    Piggyback Registration and Piggyback Underwritten Offering. 

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

  
 9 

 
include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein (“Piggyback
Registration Request”) within three Business Days or, if the Piggyback Registration will be on a Shelf Registration Statement, within one Business Day, after sending the Piggyback Registration Notice. Each Holder
shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; provided, that (A) such request must be made in writing
prior to the effectiveness of such registration statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as
to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to
offerings of Common Stock, all upon the terms and conditions set forth herein. 

        (ii)    If the Company shall at any time propose to conduct
an Underwritten Offering (including a Requested Underwritten Offering), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days,
except if the Underwritten Offering will be made pursuant to a Shelf Registration Statement, at least two Business Days, before) the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance,
including the proposed offering price or range of offering prices (if known), the anticipated filing date of the related registration statement (if applicable) and the number of shares of Common Stock that are proposed to be registered (the
“Underwritten Offering Piggyback Notice”). The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related
registration, if applicable) the number of Registrable Securities as they may request in writing (an “Underwritten Piggyback Offering”); provided, however, that in the event that the Company
proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement other than an Automatic Shelf Registration Statement, only Registrable Securities of Holders which are subject to an effective Shelf
Registration Statement may be included in such Underwritten Piggyback Offering. The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has
received written requests for inclusion therein (“Underwritten Offering Piggyback Request”) within three Business Days or, if such Underwritten Piggyback Offering will be made
pursuant to a Shelf Registration Statement, within one Business Day after sending the Underwritten Offering Piggyback Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten
Piggyback Offering at any time prior to the effectiveness of the applicable registration statement, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms
and conditions set forth herein. 
         (iii)    If the
managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders that in their reasonable opinion that the inclusion of all of the Holders’ Registrable Securities requested for

  
 10 

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

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

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

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

  
 11 

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

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

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

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

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

  
 12 

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

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

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

  
 13 

 
amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement
thereto. 
 (i)    The Company will cooperate with such Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or
unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in writing. In
connection therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be
delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any
such legend upon sale by the Holder of such Registrable Securities under the Registration Statement. 
 (j)    Upon the
occurrence of any event contemplated by Section 3(e)(v), as promptly as reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any
Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

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

  
 14 

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

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

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

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

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

  
 15 

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

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

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

  
 16 

 7.    Indemnification. 

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

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

  
 17 

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

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

  
 18 

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

9.    Miscellaneous. 

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

(c)    Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written
instrument signed by the Company and Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative
to the other Holders shall require the consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder
in any manner impair the exercise of any such right. 
 (d)    Notices. Any and all notices or other
communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile
or electronic mail as specified in this Section 9(d) prior to 5:00 p.m. in 

  
 19 

 
the time zone of the receiving party on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as
specified in this Agreement later than 5:00 p.m. in the time zone of the receiving party on any date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual
receipt by the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

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

                 E. Ramey Layne

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

              rlayne@velaw.com

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

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

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

  
 20 

 (g)     Execution and Counterparts. This Agreement may be executed in
any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail
transmission, such signature shall create a valid binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail
transmission were the original thereof. 
 (h)     Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.
This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware. Each of the Parties irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United
States District Court for the District of Delaware and the appellate courts therefrom for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of
process in connection with any such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH
OF THE PARTIES HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS
AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

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

  
 21 

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

[Signature page follows.] 

  
 22 

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

  

			
	COMPANY:
	
	LIBERTY OILDFIELD SERVICES INC.

 
			
		
	By:	 	  

	Name:
	Title:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

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

	Name:	 	
	Title:	 	Authorized Person
	
	Address for notice:
	
	712 Fifth Avenue, 51st Floor
	New York, New York 10019
	Attention: General Counsel
	E-mail:
	
	R/C ENERGY IV DIRECT PARTNERSHIP, L.P.
		
	By:	 	Riverstone/Carlyle Energy Partners IV, L.P., its general partner
		
	By:	 	R/C ENERGY GP IV, LLC, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	Authorized Person
	
	Address for notice:
	
	712 Fifth Avenue, 51st Floor
	New York, New York 10019
	Attention: General Counsel
	E-mail:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
			
	LAUREL ROAD, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for notice:
	
	865 South Figueroa Street, Suite 700
	Los Angeles, California 90017
	Attention: Peter Carlton
	E-mail:
	
	 LAUREL ROAD II, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for notice:
	
	865 South Figueroa Street, Suite 700
	Los Angeles, California 90017
	Attention: Peter Carlton
	E-mail:	 	

  
  

  
 [SIGNATURE PAGE TO
REGISTRATION RIGHTS AGREEMENT] 

 
			
	SPRUCE ROAD, LLC
		
	By:	 	SH Ventures LOS, LLC, a Delaware limited liability company Its Manager
		
	By:	 	Shea Ventures, LLC, a California limited liability company Its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for notice:
	
	655 Brea Canyon Road
	Walnut, California 91789
	Attention: Cary Steinbeck
	E-mail:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

	Christopher A. Wright
	
	Address for Notice:
	
	19 Random Road
	Cherry Hills Village, Colorado 80113

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

	C. Mark Pearson
	
	Address for Notice:
	
	1650 Fillmore Street, Apt 2007
	Denver, Colorado 80206

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

Paul G. Vitek

	
	Address for Notice:
	
	5861 S Sheridan Blvd.
	Littleton, Colorado 80123

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

	 Duane Fadness

	
	 Address for Notice:

	
	 1274 Fillmore Street

	 Denver, Colorado 80206

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

	 Bob Schulz

	
	 Address for Notice:

	
	 1334 Solitude Lane

	 Evergreen, Colorado 80439

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

	Larry Griffin
	
	Address for Notice:
	
	1334 Solitude Lane
	Evergreen, Colorado 80439

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

	Leen Weijers
	
	Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

	Jim Brady
	
	Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

Glenn Dighero

	
	 Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

Tim Hohn

	
	 Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

Jason Galacia

	
	 Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

S. Scott Tiedgen

	
	 Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

Michael Stock

	
	 Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

Ron Gusek

	
	 Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
	
	  

Tom Riebel

	
	 Address for Notice:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT] 

 
			
	SRE INVESTING LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	Address for Notice:
	
	Attention:
	E-mail:

 [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

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