Document:

EXHIBIT 10.3

HireRight Holdings Corporation

Employee Stock Purchase Plan

1.          
Purpose. The purpose of this Employee Stock Purchase Plan (the “Plan”) of HireRight Holdings Corporation,
a Delaware corporation (the “Company”), is to provide eligible Employees of the Company and its Designated Subsidiaries
with a convenient opportunity to purchase Common Stock of the Company. It is the intention of the Company to have the Plan qualify as
an “Employee Stock Purchase Plan” under Section 423 of the Code. The provisions of the Plan shall, accordingly, be construed
so as to extend and limit participation in a manner consistent with the requirements of that section of the Code.

2.          
Definitions. The following definitions shall apply throughout the Plan.

(a)          
“Board” means the Board of Directors of the Company.

(b)          
“Code” means the United States Internal Revenue Code of 1986, as amended, and any successor thereto. References
to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments
or successors thereto.

(c)          
“Committee” means a committee appointed by the Board. In the absence of a contrary designation by the Board,
the Compensation Committee of the Board shall be the Committee hereunder.

(d)          
“Common Stock” means the common stock of the Company, par value $0.001 per share (and any stock or other securities
into which such common stock is converted or into which it may be exchanged).

(e)          
“Company” has the meaning set forth in Section 1.

(f)           
“Compensation” means the base pay (determined on such date as may be established by the Committee) received
by an Employee from the Company or a Designated Subsidiary. Base pay shall (i) be determined prior to any (A) tax withholdings, (B) salary
reduction contributions under a cafeteria plan pursuant to Section 125 of the Code, (C) salary reduction amounts pursuant to a qualified
transportation benefit program pursuant to Section 132(f) of the Code, and (D) elective deferrals to a nonqualified deferred compensation
plan and to a cash or deferred plan pursuant to Section 401(k) of the Code and (ii) exclude any imputed income arising under any group
insurance or benefit program, travel expenses, business and relocation expense, and income received in connection with stock options or
other equity-based awards.

(g)          
“Continuous Status as an Employee” means the absence of any interruption or termination of service as an Employee.
Continuous Status as an Employee shall not be considered interrupted in the case of (i) sick leave, military leave, or other bona fide
leave of absence that is required by law to be considered uninterrupted service or that is otherwise approved by the Committee if the
period of such leave does

    	 

     

    

not exceed 90 days, or if longer, so long as the individual’s
right to reemployment as an Employee is guaranteed either by contract or statute; or (ii) transfers between locations of the Company or
between and among the Company and its Designated Subsidiaries. For purposes of clarification, the disposition of a Designated Subsidiary
shall constitute a termination of the Continuous Status as an Employee of any Employee employed by such Designated Subsidiary (unless
prior to such disposition, such Employee’s employment is transferred to the Company or another Designated Subsidiary).

(h)          
“Contributions” means all amounts credited to the notional account of a Participant pursuant to the Plan.

(i)          
“Corporate Transaction” means a sale of all or substantially all of the Company’s assets, or a merger,
consolidation, or other capital reorganization of the Company with or into another corporation, or any other transaction or series of
related transactions in which the Company’s stockholders immediately prior thereto own less than 50% of the voting stock of the
Company (or its successor or ultimate parent company) immediately thereafter, but excluding any acquisition of voting stock by the Company
or any of its affiliates or by any employee benefit plan sponsored or maintained by the Company or any of its affiliates.

(j)          
“Designated Subsidiaries” means all Subsidiaries, except with respect to any of such Subsidiaries that the Committee
has determined is not eligible to participate in the Plan.

(k)          
“Employee” means any person who (i) has had Continuous Status as an Employee of the Company or one of its Designated
Subsidiaries for a period of at least sixty (60) days, (ii) is customarily employed thereby for at least 20 hours per week and more than
five (5) months in a calendar year, and (iii) is classified as an employee for tax purposes.

(l)          
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and any successor thereto.
References to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successors thereto.

(m)          
“Fair Market Value” means, for any date, with respect to a Share, the closing sales price of a Share on the
primary exchange on which the Common Stock is traded on such date or, in the event that the Common Stock is not traded on such date, then
the immediately preceding trading date. In the absence of an established market for Common Stock, the Fair Market Value of a Share shall
be determined in good faith by the Committee and such determination shall be conclusive and binding on all persons. The “Fair
Market Value” of all other property shall be determined in good faith by the Committee, and such determination shall be conclusive
and binding on all persons.

(n)          
“Indemnifiable Person” shall have the meaning ascribed to it in Section 27.

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(o)          
 “Maximum Number of Shares” means, with respect to a given Offering Period, a number of Shares equal to the
quotient of (x) $25,000 divided by (y) the Fair Market Value of a Share on the Offering Date.

(p)          
“New Purchase Date” shall have the meaning ascribed to it in Section 16(b).

(q)          
“Offering Date” means the first day of each Offering Period, as determined in accordance with Section 3.

(r)           
“Offering Period” means a period described in Section 3.

(s)           
“Plan” has the meaning set forth in Section 1.

(t)          
“Plan Administrator” means the Committee, or such other institution selected by the Committee.

(u)          
“Participant” means an eligible Employee who has elected to participate in the Plan in accordance with Section
5.

(v)          
“Purchase Date” means, unless otherwise determined by the Committee, with respect to each fiscal year of the
Company, the third trading date of the Shares following the date on which the Company’s quarterly report on Form 10-Q is filed for
each of the (i) first fiscal quarter and (ii) third fiscal quarter.

(w)          
“Purchase Price” means, with respect to a given Offering Period, an amount equal to 85% (or such greater percentage
as designed by the Committee) of the Fair Market Value of a Share on (i) the Purchase Date or (ii) the Offering Date, whichever amount
is lower; provided, that the Purchase Price will in no event be less than the par value of a Share.

(x)          
“Rule 16b-3” means Rule 16b-3 adopted under Section 16 of the Exchange Act.

(y)          
“Securities Act” means the United States Securities Act of 1933, as amended, and any successor thereto. References
to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successors thereto.

(z)          
“Share” means a share of Common Stock, as adjusted in accordance with Section 16.

(aa)        
“Subsidiary” means a corporation which is a “subsidiary corporation” of the Company within the meaning
of Section 424(f) of the Code.

3.          
Offering Periods. The Plan shall initially be implemented by a series of consecutive Offering Periods commencing on the
first day immediately following each

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Purchase Date and ending on the next Purchase Date. The Committee
shall have the authority to change the duration (subject to a maximum Offering Period of 27 months), frequency, start date, and end dates
of Offering Periods.

4.          
Eligibility. Subject to the requirements of Section 5 and the limitations imposed by Section 423(b) of the Code (and unless
different dates are established by the Committee in respect of any Offering Period), a person shall be eligible to participate in an Offering
Period if such person is an Employee as of the date on which an election for participation in the Offering is required pursuant to Section
5(b) below; provided, however, that the Committee may provide that an Employee shall not be eligible to participate in an
Offering Period if: (i) such Employee is a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code; (ii) such
Employee has not met a service requirement designated by the Committee pursuant to Section 423(b)(4) (A) of the Code (which service requirement
may not exceed two years); and/or (iii) such Employee is a citizen or resident of a foreign jurisdiction and the grant of a right to purchase
Common Stock under the Plan to such Employee would be prohibited under the laws of such foreign jurisdiction or the grant of a right to
purchase Common Stock under the Plan to such Employee in compliance with the laws of such foreign jurisdiction would cause the Plan to
violate the requirements of Section 423 of the Code, as determined by the Committee in its sole discretion; provided, further,
that any exclusion in clause (i), (ii) or (iii) shall be applied in an identical manner under each Offering Period to all Employees, in
accordance with Treasury Regulation Section 1.423-2(e).

5.          
Participation.

(a)          
Participation in the Plan is completely voluntary. Except as set forth in Section 7(b) below, participation in one or more
of the offerings under the Plan shall neither limit, nor require, participation in any other offering.

(b)          
An eligible Employee may become a Participant in respect of an Offering Period by electing to participate in the manner approved
by the Committee. An Employee who wishes to participate in an Offering Period must elect do so at least ten (10) days prior to the Offering
Date for that Offering Period, unless a different time for electing to participate (including following the Offering Date) is set by the
Committee.

(c)          
A Participant’s election shall indicate either a fixed dollar amount or a percentage of such Participant’s Compensation,
in either case, as may be determined by the Committee, to be contributed during the applicable Offering Period; provided, however,
that a Participant’s election shall be subject to the limitations of Section 7(b).

(d)          
The deduction rate selected by a Participant shall remain in effect for subsequent Offering Periods unless the Participant (i)
submits a new election in the manner approved by the Committee, (ii) withdraws from the Plan, or (iii) terminates employment or otherwise
becomes ineligible to participate in the Plan.

6.          
Method of Payment of Contributions.

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(a)          
 Payroll deductions shall be made from a Participant’s Compensation during an Offering Period in an aggregate amount equal
to the Participant’s contribution election for such Offering Period. All payroll deductions made by a Participant shall be credited
to his or her notional account under the Plan. Participant may not make a prepayment or any additional payments into such notional account.
Payroll deductions in respect of any Offering Period shall commence on the Offering Date and shall end on the final day of the final payroll
period ending on or prior to the applicable Purchase Date, unless sooner terminated by the Participant as provided in Section 10.

(b)          
Participants on an authorized leave of absence during an Offering Period may continue to participate in such Offering Period; provided,
however, that a Participant on an authorized leave of absence will have contributions suspended during such leave of absence and,
absent any other instruction from such Participant, such contributions will resume upon the next payroll following such Participant’s
return from such leave of absence.

(c)          
Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 7(b) herein, a
Participant’s payroll deductions may be decreased by the Company to zero during any Offering Period.

7.          
Grant of Option.

(a)          
On each Offering Date, each Participant shall be deemed to have been granted an option to purchase as many Shares (rounded down
to the nearest whole Share) as may be purchased with his or her Contributions during the related Offering Period at the Purchase Price;
provided, however, that such option shall be subject to the limitations set forth in Section 7(b) below and Section 11,
and may be reduced pursuant to Section 6, in each case, if applicable.

(b)          
Notwithstanding any contrary provisions of the Plan, each option to purchase Shares under the Plan shall be limited as necessary
to prevent any Employee from (i) immediately after the grant, owning capital stock of the Company and holding outstanding options to purchase
capital stock of the Company possessing, in the aggregate, more than 5% of the total combined voting power or value of all classes of
stock of the Company or of any Subsidiary, including for this purpose any stock attributed to such Employee pursuant to Section 424(d)
of the Code, (ii) acquiring rights to purchase stock under all employee stock purchase plans (as described in Section 423 of the
Code or any other similar arrangements maintained by the Company or any of its Subsidiaries) of the Company and its Subsidiaries which
accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time such option is granted) for each
calendar year in which such option is outstanding and exercisable at any time, or (iii) purchasing, in respect of any Offering Period,
more than the Maximum Number of Shares.

8.          
Exercise of Option; Interest.

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(a)          
 Unless a Participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of Shares will be exercised
automatically on the applicable Purchase Date, and the number of full Shares subject to the option will be purchased at the applicable
Purchase Price with the accumulated Contributions in his or her notional account. No fractional Shares shall be issued. Any amounts accumulated
in a Participant’s notional account that are not used to purchase Shares shall be returned to the Participant without interest as
soon as practicable following the Purchase Date. Notwithstanding Section 9 below, the Shares purchased upon exercise of an option hereunder
shall be deemed to be transferred to the Participant as of the Purchase Date. During his or her lifetime, a Participant’s option
to purchase Shares hereunder is exercisable only by him or her.

(b)          
At the time an option granted under the Plan is exercised, or at the time some or all of the Common Stock issued to a Participant
under the Plan is disposed of, the Participant must make adequate provisions for any applicable federal, state, or other tax withholding
obligations that arise upon the Purchase Date or the disposition of the Common Stock. At any time, the Company or a Designated Subsidiary
may, but will not be obligated to, withhold from the Participant’s compensation the amount necessary to meet applicable withholding
obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to the sale
or disposition of Common Stock by the Participant earlier than as described in Section 423(a)(1) of the Code.

(c)          
No interest will be paid or allowed on any money paid into the Plan or credited to the notional account of any Participant.

9.          
Delivery. As promptly as practicable after each Purchase Date, the number of Shares purchased by each Participant upon exercise
of his or her option shall be deposited into an account established in the Participant’s name with the Plan Administrator. The Committee
may determine that no Share purchased in respect of an offering may be transferred out of such Participant’s account with the Plan
Administrator within two (2) years following the Offering Date applicable to such Share or one (1) year following the Purchase Date applicable
to such Share if such transfer would constitute a “disposition” (as such term is used in Section 423(a)(1) of the Code) of
such Share.

10.          Voluntary Withdrawal; Termination of Employment.

(a)          
A Participant may withdraw all but not less than all the Contributions credited to his or her notional account under the Plan at
any time prior to the applicable Purchase Date by giving written notice to the Plan Administrator in the manner directed by the Company.
All of the Participant’s Contributions credited to his or her notional account with respect to an Offering Period will be paid to
him or her as soon as administratively practicable after receipt of his or her notice of withdrawal, his or her option for the current
Offering Period will be automatically terminated, and no further Contributions for the purchase of Shares may be made by the Participant
with respect to such Offering Period. A Participant’s withdrawal from the Plan during an Offering

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Period will not have any effect upon his or her eligibility to participate
in a succeeding Offering Period or in any similar plan that may hereafter be adopted by the Company.

(b)          
Upon termination of the Participant’s Continuous Status as an Employee prior to a Purchase Date for any reason, including
retirement or death, the Contributions credited to his or her notional account will be returned to him or her, and his or her option will
be automatically terminated; provided, however, that in the event of the death of a Participant, the Company shall deliver
the Contributions to the executor or administrator of the estate of the Participant or, if no such executor or administrator has been
appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such amounts to the spouse or to any one or more
dependents or relatives of the Participant.

11.         
Shares.

(a)          
Subject to adjustment as provided in Section 16, the maximum number of Shares that shall be made available for sale under the Plan
shall be 1,587,810, subject to an annual increase on the first day of each calendar year beginning on January 1, 2022 and ending on and
including January 1, 2031, equal to the least of (i) 1% of the aggregate number of Shares outstanding on the final day of the immediately
preceding calendar year, (ii) 1,587,810 Shares or (iii) such number of Shares as is determined by the Board. If the Committee determines
at any time that, on a given Purchase Date, the number of Shares with respect to which options are to be exercised may exceed the number
of Shares that are available for sale under the Plan on such Purchase Date, the Company shall make a pro rata allocation of the Shares
available for purchase on such Purchase Date, in as uniform a manner as shall be practicable and as it shall determine to be equitable
among all Participants exercising options to purchase Common Stock on such Purchase Date, and the Committee may, in its discretion (x) continue
all Offering Periods then in effect, or (y) terminate any or all Offering Periods then in effect pursuant to Section 17 below.

(b)          
Shares to be delivered to a Participant under the Plan will be registered in the name of the Participant.

12.         
Administration.

(a)          
Subject to the express provisions of the Plan, the Committee shall administer the Plan and shall have the sole and plenary power
to (i) interpret and administer, reconcile any inconsistency in, correct any defect in, and supply any omission in the Plan; (ii) establish,
amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration
of the Plan; and (iii) make any other determination and take any other action that the Committee deems necessary or desirable for
the administration of the Plan, including, without limitation to the foregoing, by changing the duration (subject to a maximum Offering
Period of 27 months), frequency, start date, and end dates of Offering Periods and/or the Purchase Dates. The authority of the Committee
includes, without limitation, the authority to (x) determine procedures for setting or changing payroll deduction percentages, and
obtaining necessary tax withholdings, and (y) adopt amendments to the

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Plan in accordance with Section 17. All designations, determinations,
interpretations, and other decisions by the Committee (or its delegate) regarding the Plan shall be within the sole discretion of the
Committee, may be made at any time, and shall be final, conclusive, and binding upon all persons or entities, including, without limitation,
the Company, any affiliate, any Participant, any holder or beneficiary of any option, and any shareholder of the Company. The expenses
of administering the Plan shall be borne by the Company.

(b)          
The Committee may delegate any or all of its authority and obligations under this Plan to such committee or committees (including
without limitation, a committee of the Board) or officer(s) of the Company as they may designate.

(c)          
Nothing in the Plan shall be deemed to authorize the Committee to take any action contrary to applicable law or regulation, or
rules of any securities exchange or inter-dealer quotation service on which the Common Stock is listed or quoted.

(d)          
Notwithstanding any delegation of authority hereunder, the Board may itself take any action permitted under the Plan in its discretion
at any time, and any reference in this Plan document to the rights and obligations of the Committee shall be construed to apply equally
to the Board. Any references to the Board mean the Board only.

13.         
Transferability. Neither amounts accumulated in a Participant’s notional account nor any rights with regard to the exercise
of an option or to receive Shares under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant
other than by will or by the laws of descent and distribution, or as provided in Section 10. Any such attempt at assignment, transfer,
pledge, or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds in accordance
with Section 10.

14.         
Use of Funds. All Contributions received or held by the Company under the Plan may be used by the Company for any corporate
purpose, and the Company shall not be obligated to segregate such Contributions.

15.         
Reports. Statements of account will be made available to Participants by the Company or the Plan Administrator in the form
and manner designated by the Committee.

16.         
Adjustments Upon Changes in Capitalization; Corporate Transactions.

(a)          
Subject to any required action by the stockholders of the Company, (i) the number of Shares covered by each option under the Plan
that has not yet been exercised, (ii) the number of Shares that have been authorized for issuance under the Plan but that have not
yet been placed under option, (iii) the number of Shares set forth in Section 11 above, and (iv) the Purchase Price for each then-current
Offering Period shall, if applicable, be proportionately adjusted for any increase or decrease in the number of issued Shares resulting
from a stock split, a reverse stock split, a stock dividend, a subdivision, combination, or reclassification of the Common Stock (including
any such

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change in the number of shares of Common Stock effected in connection
with a change in domicile of the Company), or any other increase or decrease in the number of Shares effected without receipt of consideration
by the Company, or any increase or decrease in the value of a Share resulting from a spinoff, split-up or cash dividend (other than an
ordinary cash dividend); provided, however, that conversion of any convertible securities of the Company shall not be deemed
to have been “effected without receipt of consideration.” Such adjustment shall be made by the Committee, whose determination
in that respect shall be final, binding, and conclusive. Except as expressly provided above, no issue by the Company of shares of stock
of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be
made with respect to, the number or price of Shares subject to an option.

(b)          
In the event of a dissolution or liquidation of the Company, unless otherwise provided by the Committee, any Offering Period then
in progress will terminate immediately prior to the consummation of such action, with any amounts accumulated in each Participant’s
notional account returned to the Participant without interest as soon as practicable following such termination.

(c)          
In the event of a Corporate Transaction, each option outstanding under the Plan shall be assumed or an equivalent option shall
be substituted by the successor corporation or a parent or subsidiary of such successor corporation. If the successor corporation (or
its parent or subsidiary) refuses to assume or substitute for outstanding options, each Offering Period then in progress shall be shortened
and a new Purchase Date shall be set by the Committee (the “New Purchase Date”), as of which New Purchase Date any
Offering Period then in progress will terminate. The New Purchase Date shall be on or before the date of consummation of the Corporate
Transaction, and the Company shall notify each Participant in writing, at least ten (10) days prior to the New Purchase Date, that the
Purchase Date for his or her option has been changed to the New Purchase Date and that his or her option will be exercised automatically
on the New Purchase Date, unless prior to such date he or she has withdrawn from the Offering Period as provided in Section 10. For purposes
of this Section 16, an option granted under the Plan shall be deemed to be assumed, without limitation, if at the time of issuance of
the stock or other consideration upon a Corporate Transaction, each holder of an option under the Plan would be entitled to receive upon
exercise of the option the same number and kind of Shares or the same amount of property or cash, or number of securities (or combination
thereof) as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately
prior to the transaction, the holder of the number of shares of Common Stock covered by the option at such time (after giving effect to
any adjustments in the number of Shares covered by the option as provided for in this Section 16); provided, however, that
if the consideration received in the transaction is not solely common stock of the successor corporation or its parent (as defined in
Section 424(e) of the Code), the Committee may, with the consent of the successor corporation, provide for the consideration to be received
upon exercise of the option to be solely common stock of the successor corporation or its parent or subsidiary equal in Fair Market Value
to the per-Share consideration received by holders of Common Stock in the transaction. Notwithstanding the foregoing, in the event of
a Corporate Transaction, the Board may elect to terminate each Offering Period then in

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progress, with any amounts accumulated in each Participant’s
notional account returned to the Participant without interest as soon as practicable following such termination.

(d)          
If the Company consummates the sale or transfer of a Designated Subsidiary, business unit, or division to an unaffiliated person
or entity, or the spin-off of a Designated Subsidiary, business unit, or division to shareholders during an Offering Period, any amounts
accumulated in the notional account of each Participant employed by such Designated Subsidiary, business unit, or division, as applicable,
as of the time of such sale, transfer, or spin-off with respect the offering to which such Offering Period relates will be returned to
the Participant without interest as soon as practicable following such termination, and the Participant’s option will be automatically
terminated. For clarity, the foregoing shall not apply to any Participant whose employment is transferred to the Company or another Designated
Subsidiary prior to the time of such sale, transfer, or spin-off.

(e)          
The existence of the Plan shall not affect or restrict in any way the right or power of the Company, the Board, the Committee,
or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization, or other change in the Company’s
capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants, or rights to
purchase stock or of bonds, debentures, or preferred or prior-preference stocks whose rights are superior to or affect the Common Shares
or the rights thereof or that are convertible into or exchangeable for Common Shares, or the dissolution or liquidation of the Company
or any Affiliate, or any sale or transfer of all or any part of their assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise.

17.         
Amendment or Termination.

(a)          
The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, that
no such amendment, alteration, suspension, discontinuation, or termination shall be made without shareholder approval if such approval
is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply
with any applicable rules or requirements of any securities exchange or inter-dealer quotation service on which the Shares may be listed
or quoted); provided, further, that any such amendment, alteration, suspension, discontinuance, or termination that would
materially and adversely affect the rights of any Participant shall not to that extent be effective without the consent of the affected
Participant unless the Committee determines that such amendment, alteration, suspension, discontinuance, or termination is either required
or advisable in order for the Company or the Plan to satisfy any applicable law or regulation.

(b)          
Except as provided in Section 16, no such termination of the Plan may affect options previously granted, provided that the Plan
or an Offering Period may be terminated by the Board on a Purchase Date or by the Board’s setting a new Purchase Date with respect
to an Offering Period then in progress if the Board determines that termination of the Plan and/or the Offering Period is in the best
interests of the Company and the stockholders or if continuation of the Plan and/or the Offering Period would

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cause the Company to incur adverse accounting charges as a result
of a change after the effective date of the Plan in the generally accepted accounting principles applicable to the Plan.

(c)          
Without stockholder consent and without regard to whether any Participant rights may be considered to have been adversely affected,
the Committee shall be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld that
may be made during an Offering Period, permit payroll withholding in excess of the amount designated by a Participant in order to adjust
for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and
adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each
Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations
or procedures as the Committee determines in its sole discretion advisable that are consistent with the Plan.

18.         
No Rights to Continued Employment. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant
any right to be retained in the employ or service of the Company or an affiliate, or to continue in the employ or the service of the Company
or an affiliate.

19.         
Beneficiary Designation. The Participant’s beneficiary shall be the Participant’s spouse (or domestic partner if
such status is recognized by the Company and in such jurisdiction), or if the Participant is otherwise unmarried at the time of death,
the Participant’s estate, except to the extent that a different beneficiary is designated in accordance with procedures that may
be established by the Committee from time to time for such purpose. Notwithstanding the foregoing, in the absence of a beneficiary validly
designated under such Committee-established procedures and/or applicable law who is living (or in existence) at the time of death of a
Participant residing or working outside the United States, any required distribution under the Plan shall be made to the executor or administrator
of the estate of the Participant, or to such other individual as may be prescribed by applicable law.

20.         
Equal Rights and Privileges. Subject to local legal or regulatory requirements or restrictions applicable to non-U.S. Participants,
and notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code, all eligible Employees who
are granted options under the Plan shall have the same rights and privileges.

21.         
No Rights as a Shareholder. Except as otherwise specifically provided in the Plan, no person shall be entitled to the privileges
of ownership in respect of Shares that are subject to options hereunder until such Shares have been issued or delivered to that person.

22.         
Withholding. To the extent required by applicable federal, state, or local law, a Participant must make arrangements satisfactory
to the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan.

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23.         
 Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be
deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the
Company for the receipt thereof.

24.         
Conditions Upon Issuance of Shares.

(a)          
The Plan and the issuance and delivery of Shares under the Plan are subject to compliance with all applicable U.S. federal, state,
local, and non-U.S. laws, rules, and regulations (including but not limited to state, U.S. federal, and non-U.S. securities law, and margin
requirements) and to such approvals by any listing, regulatory, or governmental authority as may, in the opinion of counsel for the Company,
be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and
the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as
the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable
law, the Plan shall be deemed amended to the extent necessary to conform to such laws, rules, and regulations.

(b)          
Notwithstanding any terms or conditions of the Plan to the contrary, the Company shall be under no obligation to offer to sell
or to sell, and shall be prohibited from offering to sell or selling, any Shares pursuant to the Plan unless such Shares have been properly
registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion
of counsel, satisfactory to the Company, that such Shares may be offered or sold without such registration pursuant to and in compliance
with the terms of an available exemption. The Company shall be under no obligation to register for sale under the Securities Act any of
the Shares to be offered or sold under the Plan. The Committee shall have the authority to provide that all Shares delivered under the
Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, U.S. federal
securities laws, or the rules, regulations, and other requirements of the Securities and Exchange Commission, any securities exchange
or inter-dealer quotation service upon which such Shares are then listed or quoted and any other applicable federal, state, local or non-U.S.
laws, rules, regulations, and other requirements, and the Committee may cause a legend or legends to be put on any such certificates of
Common Stock delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock delivered under
the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders.

25.         
Term of Plan; Effective Date. The Plan was adopted by the Board on August 12, 2021, and approved by the Company’s stockholders
on October 18, 2021. The Plan shall be effective on the date on which the registration statement covering the initial public offering
of the Common Stock is declared effective by the Securities and Exchange Commission (the “Effective Date”), and shall
continue in force and effect until terminated under Section 17. Unless sooner terminated by the Board, the Plan shall

    	 	 	12

     

    

terminate upon the earliest of (i) the ten (10) year anniversary
of the Effective Date and (ii) the date on which all Shares available for issuance under the Plan have been sold.

26.         
Additional Restrictions of Rule 16b-3. The terms and conditions of options granted hereunder to, and the purchase of Shares
by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed
to contain, and such options shall contain, and the Shares issued upon exercise thereof shall be subject to, such additional conditions
and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect
to Plan transactions.

27.         
Indemnification. No member of the Board or the Committee, nor any employee or agent of the Company exercising authority delegated
by the Board or the Committee hereunder (each such person, an “Indemnifiable Person”), shall be liable for any action
taken or omitted to be taken or any determination made in the administration of the Plan (unless constituting fraud or a willful criminal
act or willful criminal omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any
loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person
in connection with or resulting from any action, suit, or proceeding to which such Indemnifiable Person may be involved as a party or
witness or otherwise by reason of any action taken or omitted to be taken or determination made under the Plan and against and from any
and all amounts paid by such Indemnifiable Person with the Company’s approval (not to be unreasonably withheld or delayed) in defense
and settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit, or proceeding against
such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request
(which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be
determined as provided below that the Indemnifiable Person is not entitled to be indemnified); provided, that the Company shall
have the right, at its own expense, to assume and defend any such action, suit, or proceeding, and once the Company gives notice of its
intent to assume the defense, the Company shall have sole control over such defense with counsel of recognized standing of the Company’s
choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or
other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts
or omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable
Person’s fraud or willful criminal act or willful criminal omission or that such right of indemnification is otherwise prohibited
by law or by the Company’s certificate of incorporation or by-laws. The foregoing right of indemnification shall not be exclusive
of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under the Company’s
certificate of incorporation or by-laws or policy, as a matter of law, individual indemnification agreement or contract or otherwise,
or any other power or obligation that the Company may have to indemnify or defend such Indemnifiable Persons or hold them harmless.

    	 	 	13

     

    

28.         
 Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor the submission of the Plan to the shareholders
of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options or awards otherwise than under the Plan, and such
arrangements may be either applicable generally or only in specific cases.

29.         
No Trust or Fund Created. The Plan shall not create or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between the Company or any affiliate, on the one hand, and the Participant or other person or entity, on the other hand.
No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or
place any assets in a trust or other entity to which contributions are made or to otherwise segregate any assets, nor shall the Company
maintain separate bank accounts, books, records, or other evidence of the existence of a segregated or separately maintained or administered
fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company.

30.         
Reliance on Reports. Each member of the Committee and each member of the Board (and each such member’s respective designees)
shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act
in good faith, in reliance upon any report made by the independent registered public accounting firm of the Company and its affiliates
and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than
such member or designee.

31.         
Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any
pension, retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically provided in
such other plan.

32.         
Governing Law. The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without regard
to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause the application
of the laws of any jurisdiction other than the State of Delaware.

33.         
Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction
or as to any person or entity, or would disqualify the Plan under any law deemed applicable by the Committee, such provision shall be
construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination
of the Committee, materially altering the intent of the Plan, such provision shall be construed or deemed stricken as to such jurisdiction,
person, or entity, and the remainder of the Plan shall remain in full force and effect.

    	 	 	14

     

    

34.         
 Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the
event of any conflict, the text of the Plan, rather than such titles or headings shall control.

* * *

 

 

 

 

 

    	 	 	15Document

Exhibit 10.1

REGISTRATION RIGHTS AGREEMENT
This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of November 2, 2021, by and among Earthstone Energy, Inc., a Delaware corporation (“Parent”), Foreland Investments LP, a Delaware limited partnership (“Foreland”),  the parties listed on Schedule I hereto (the “Foreland Stockholders”), and the Persons identified on Schedule II hereto who become party to this Agreement from time to time upon the execution of a Joinder (as defined herein) in accordance with Section 2.10 of this Agreement.  
RECITALS
WHEREAS, Parent, Earthstone Energy Holdings, LLC, a Delaware limited liability company (“EEH”), and Foreland entered into a Purchase and Sale Agreement, dated as of September 30, 2021 (the “Purchase Agreement”), under which, among other things, EEH will acquire certain assets from Foreland;
WHEREAS, in connection with the transactions contemplated by the Purchase Agreement, Parent will issue shares of Class A Common Stock of Parent, $0.001 par value per share (“Class A Common Stock”) to Foreland or the Foreland Stockholders, at the direction of Foreland; and
WHEREAS, in connection with the transactions contemplated by the Purchase Agreement, Parent has agreed to grant to the Holders (as defined herein) certain rights with respect to the registration of the Registrable Securities (as defined herein) on the terms and conditions set forth herein.
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 are hereby acknowledged by each party hereto, the parties hereby agree as follows:
ARTICLE I.
DEFINITIONS
Section 1.01    Definitions.  Capitalized terms used herein without definition shall have the meanings given to them in the Purchase Agreement, except that the terms set forth below are used herein as so defined:
“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, such Person. As used in this definition, the term “control” and its derivatives means, with respect to any Person, the possession, directly or indirectly, of more than 50% of the equity interest or 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.
“Agreement” is defined in the preamble.
“Board” means the board of directors of Parent. 

“Bold” is defined in Section 2.02(e). 
“Bold Unitholders” is defined in Section 2.02(e). 
“Business Day” means a day (other than a Saturday or Sunday) on which commercial banks in Texas are generally open for business. 
“Class A Common Stock” is defined in the recitals.
“Class A Common Stock Price” means, as of any date of determination, the volume weighted average closing price of Class A Common Stock (as reported by the New York Stock Exchange) for the ten trading days immediately preceding such date of determination.
“Class B Common Stock” means the Class B Common Stock of Parent, $0.001 par value per share.
“EDGAR” is defined in Section 2.04(h). 
“EEH” is defined in the recitals. 
“EEH A&R LLC Agreement” means that certain First Amended and Restated Limited Liability Company Agreement of EEH (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time).
“EEH Units” means units representing limited liability company interests in EEH.
“Effectiveness Period” means the period beginning from and after the date the Shelf Registration Statement is declared or becomes effective until the earlier of (i) all Registrable Securities covered by the Shelf Registration Statement have been distributed in the manner set forth and as contemplated in the Shelf Registration Statement or there are no longer any Registrable Securities outstanding and (ii) the Termination Date.
“Equity Securities” means (i) with respect to any Person that is a corporation, any and all shares, interests or equivalents in capital stock of such corporation (whether voting or nonvoting and whether common or preferred), (ii) with respect to any Person that is not a corporation, individual or governmental entity, any and all partnership, membership, limited liability company or other equity interests of such Person that confer on the holder thereof the right to receive a share of the profits and losses of, or the distribution of assets of the issuing Person, and (iii) any and all warrants, rights (including conversion and exchange rights) and options to purchase any security described in the clause (i) or (ii) above.  Unless otherwise indicated, the term “Equity Securities” refers to Equity Securities of Parent.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto and the rules and regulations of the SEC promulgated thereunder.
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“Foreland” is defined in the preamble. 
“Foreland Stockholders” is defined in the preamble. 
“Holder” means a holder of any Registrable Securities.
“Included Registrable Securities” is defined in Section 2.02(a).
“Independence” means Independence Resources Holdings, LLC, a Delaware limited liability company.
“Independence Stockholders” is defined in Section 2.02(e). 
“Joinder” is defined in Section 2.10.
“Launch Date” is defined in Section 2.02(b).
“Losses” is defined in Section 2.08(a).
“Managing Underwriter(s)” means, with respect to any Underwritten Offering or Overnight Underwritten Offering, the book running lead manager or managers of such Underwritten Offering or Overnight Underwritten Offering.
“Maximum Number of Securities” is defined in Section 2.02(c).
“Member Distribution” is defined in Section 2.01(c).
“Offering Holders” is defined in Section 2.03(a).
“Opt-Out Notice” is defined in Section 2.02(a).
“Overnight Underwritten Offering” is defined in Section 2.02(b).
“Parent” is defined in the preamble.
“Parity Holders” is defined in Section 2.02(c).
“Person” means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity.
“Piggyback Notice” is defined in Section 2.02(a).
“Piggyback Offering” is defined in Section 2.02(a).
“Purchase Agreement” is defined in the recitals.
“Registrable Securities” means (i) any Class A Common Stock received by Foreland or the Foreland Stockholders in connection with the transactions contemplated by the 
3

Purchase Agreement and (ii) any common Equity Securities of Parent issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.  
“Registration Expenses” is defined in Section 2.07(a).
“Registration Statement” means any registration statement of the Company filed or to be filed with the SEC under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, and including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement.
“Rule 144” means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC.
“SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto and the rules and regulations of the SEC promulgated thereunder.
“SEG I” means SEG-TRD LLC, a Delaware limited liability company. 
“SEG II” means SEG-TRD II LLC, a Delaware limited liability company. 
“Selling Expenses” is defined in Section 2.07(a).
“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement.
“Selling Holder Indemnified Persons” is defined in Section 2.08(a).
“Selling Holder Underwriter Registration Statement” is defined in Section 2.04(n).
“Sequel” means collectively, SEG I and SEG II.  
“Sequel Stockholders” is defined in Section 2.02(e). 
“Shelf Registration Statement” is defined in Section 2.01(a).
“Termination Date” is defined in Section 3.16. 
“Tracker” means Tracker Resource Development III, LLC, a Delaware limited liability company. 
“Tracker Stockholders” is defined in Section 2.02(e).
“Underwritten Offering” means an offering (including an offering pursuant to a Shelf Registration Statement) in which shares of Class A Common Stock are sold to an 
4

underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks.
“Underwritten Offering Filing” is defined in Section 2.02(a).
Section 1.02    Registrable Securities.  Any Registrable Security will cease to be a Registrable Security when (a) a Registration Statement covering such Registrable Security is effective and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) such Registrable Security has been disposed of pursuant to any section of Rule 144 (or any successor rule or regulation to Rule 144 then in force) under the Securities Act or pursuant to any other exemption from the registration requirements of the Securities Act as a result of which the legend on any certificate or book-entry notation representing such Registrable Security restricting transfer of such Registrable Security has been removed; (c) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by Parent and subsequent public distribution of such securities shall not require registration under the Securities Act; or (d) such Registrable Security is held by Parent or one of its subsidiaries; provided that any security that has ceased to be a Registrable Security shall not thereafter become a Registrable Security and any security that is issued or distributed in respect of securities that have ceased to be Registrable Securities shall not be a Registrable Security.
ARTICLE II.
REGISTRATION RIGHTS
Section 2.01    Shelf Registration.
(a)    Shelf Registration.  Parent shall (i) prepare and file by no later than the date that is 60 days after the date hereof a registration statement under the Securities Act to permit the public resale of the Registrable Securities from time to time, including as permitted by Rule 415 under the Securities Act (or any similar provision then in force) with respect to all of the Registrable Securities (the “Shelf Registration Statement”) and (ii) use commercially reasonable efforts to cause the Shelf Registration Statement to become effective as soon as reasonably practicable thereafter but in no event later than 120 days after the date of filing of the Shelf Registration Statement . 
(b)    The Shelf Registration Statement shall be on Form S-3 if Parent is eligible to use Form S-3 or Form S-1 if Parent is not eligible to use Form S-3; provided, however, that if a prospectus supplement will be used in connection with the marketing of an Underwritten Offering or Overnight Underwritten Offering from the Shelf Registration Statement and the Managing Underwriter(s) at any time shall notify the Holders in writing that, in the reasonable judgment of such Managing Underwriter(s), inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten Offering or Overnight Underwritten Offering of such Registrable Securities, Parent shall use its commercially reasonable efforts to include such information in such a prospectus supplement.  Subject to Section 2.01(c), Parent shall use commercially reasonable efforts to cause the Shelf Registration Statement to remain effective under the Securities Act during the Effectiveness Period. The Shelf Registration Statement when declared effective (including the documents 
5

incorporated therein by reference) shall comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and shall not 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 not misleading.  As soon as practicable following the date of effectiveness of such Shelf Registration Statement, Parent will use its commercially reasonable efforts to notify the Selling Holders of the effectiveness of such Shelf Registration Statement. Notwithstanding anything contained herein to the contrary, Parent hereby agrees that (i) the Shelf Registration Statement filed pursuant to this Section 2.01(b) shall contain all language (including on the prospectus cover sheet, the principal stockholders’ table and the plan of distribution) as may be reasonably requested by a Foreland Stockholder to allow for a distribution to the limited partners of any such Foreland Stockholder (each, a “Member Distribution”), and (ii) Parent shall, at the reasonable request of  the Foreland Stockholder seeking to effect a Member Distribution, file any prospectus supplement or post-effective amendments and otherwise take any action reasonably necessary to include such language, if such language was not included in the initial Registration Statement, or revise such language if deemed reasonably necessary by any such Foreland Stockholder to effect any such Member Distribution.
(c)    Delay Rights.  Notwithstanding anything to the contrary contained herein, Parent may, upon written notice to (x) all Holders, delay the filing of the Shelf Registration Statement or (y) any Selling Holder whose Registrable Securities are included in the Shelf Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of the Shelf Registration Statement (in which event the Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Shelf Registration Statement but such Selling Holder may settle any contracted sales of Registrable Securities) if Parent (i) is pursuing an acquisition, merger, tender offer, reorganization, disposition or other similar transaction and the Board determines in good faith that its ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in the Shelf Registration Statement or (ii) has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of the Board would materially adversely affect Parent; provided, however, in no event shall (A) such filing of the Shelf Registration Statement be delayed under clauses (i) or (ii) of this Section 2.01(c) for a period that exceeds 90 days or (B) such Selling Holders be suspended under clauses (i) or (ii) of this Section 2.01(c) from selling Registrable Securities pursuant to the Shelf Registration Statement for a period that exceeds an aggregate of 30 days in any 90-day period or 90 days in any 365-day period.  Upon disclosure of such information or the termination of the condition described above, Parent shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Shelf Registration Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to permit registered sales of Registrable Securities as contemplated in this Agreement.  Parent will only exercise its suspension rights under this Section 2.01(c) if it exercises similar suspension rights with respect to any Parity Holders.  If Parent exercises its suspension rights under this Section 2.01(c), then during such suspension period Parent shall not engage in any transaction involving the offer, issuance, sale or purchase of Equity Securities (whether for the benefit of Parent or a third Person), except transactions involving (I) the issuance or purchase of Equity Securities as contemplated by the Parent’s employee benefit plans or employee or director arrangements, (II) the issuance of Equity Securities to a seller as consideration for, or to a third party in order to 
6

finance or partially finance, the transaction specified under clause (i) of this Section 2.01(c) that was the basis for which the suspension rights under this Section 2.01(c) were exercised or (III) the issuance of Equity Securities to a member of EEH in connection with the redemption of Class B Common Stock and EEH Units pursuant to the EEH A&R LLC Agreement.
Section 2.02    Piggyback Rights.
(a)    Participation.  Except as provided in Section 2.02(b), if at any time during the Effectiveness Period, Parent proposes to file (i) a shelf registration statement other than the Shelf Registration Statement (in which event Parent covenants and agrees to include thereon a description of the transaction under which the Holders acquired the Registrable Securities), (ii) a prospectus supplement to an effective shelf registration statement, other than the Shelf Registration Statement contemplated by Section 2.01(a) of this Agreement, and Holders could be included without the filing of a post-effective amendment thereto (other than a post-effective amendment that is immediately effective), or (iii) a registration statement, other than a shelf registration statement, in the case of each of clause (i), (ii) or (iii), for the sale of Class A Common Stock in an Underwritten Offering or Overnight Underwritten Offering for its own account and/or the account of another Person, then as soon as practicable but not less than ten Business Days (or one Business Day in the case of an Overnight Underwritten Offering) prior to the filing of (A) any preliminary prospectus supplement relating to such Underwritten Offering pursuant to Rule 424(b) under the Securities Act, (B) the prospectus supplement relating to such Underwritten Offering pursuant to Rule 424(b) under the Securities Act (if no preliminary prospectus supplement is used) or (C) such registration statement (other than a Shelf Registration Statement), as the case may be (an “Underwritten Offering Filing”), then Parent shall give notice (including, but not limited to, notification by electronic mail) of such proposed Underwritten Offering (a “Piggyback Offering”) to the Holders and such notice shall offer the Holders the opportunity to include in such Underwritten Offering such number of shares of Class A Common Stock (the “Included Registrable Securities”) as each such Holder may request in writing; provided, however, that if Parent has been advised by the Managing Underwriter(s) that the inclusion of Registrable Securities for sale for the benefit of the Selling Holders will have a material adverse effect on the price, timing or distribution of the Class A Common Stock in the Underwritten Offering, then the amount of Registrable Securities to be offered for the accounts of Selling Holders shall be determined based on the provisions of Section 2.02(c) of this Agreement.  The notice required to be provided in this Section 2.02(a) to each Holder (the “Piggyback Notice”) shall be provided on a Business Day pursuant to Section 3.01 hereof.  Each Holder shall then have five Business Days (or one Business Day in the case of an Overnight Underwritten Offering) after the date on which the Holders received the Piggyback Notice to request inclusion of Registrable Securities in the Underwritten Offering.  If no request for inclusion from a Holder is received within such period, such Holder shall have no further right to participate in such Underwritten Offering.  If, at any time after giving written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, Parent shall determine for any reason not to undertake or to delay such Underwritten Offering, Parent may, at its election, give written notice of such determination to the Selling Holders and (x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities 
7

for the same period as the delay in the Underwritten Offering.  Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in any Underwritten Offering, Overnight Underwritten Offering or Piggyback Offering by giving written notice to Parent of such withdrawal up to and including the time of pricing of such offering.  Notwithstanding the foregoing, any Holder may deliver written notice (an “Opt-Out Notice”) to Parent requesting that such Holder not receive notice from Parent of any proposed Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a Holder, Parent shall not deliver any notice to such Holder pursuant to this Section 2.02(a), unless such Opt-Out Notice is revoked by such Holder. Notwithstanding anything contained herein to the contrary, Parent hereby agrees that (i) any shelf registration statement which includes Registrable Securities pursuant to this Section 2.02(a) shall contain all language (including on the prospectus cover sheet, the principal stockholders’ table and the plan of distribution) as may be reasonably requested by a Foreland Stockholder to allow for a Member Distribution and (ii) Parent shall, at the reasonable request of the Foreland Stockholder seeking to effect a Member Distribution, file any prospectus supplement or post-effective amendments and otherwise take any action reasonably necessary to include such language, if such language was not included in the initial registration statement, or revise such language if deemed reasonably necessary by such Foreland Stockholder to effect such Member Distribution.
(b)    Overnight Underwritten Offering Piggyback Rights.  If, at any time during any Effectiveness Period, Parent proposes to file an Underwritten Offering Filing and such Underwritten Offering is expected to be launched (the “Launch Date”) after the close of trading on one trading day and priced before the open of trading on the next succeeding trading day (such execution format, an “Overnight Underwritten Offering”), then no later than one Business Day after Parent engages one or more Managing Underwriter(s) for the proposed Overnight Underwritten Offering, Parent shall notify (including, but not limited to, notice by electronic mail) the Holders of the pendency of the Overnight Underwritten Offering and such notice shall offer the Holders the opportunity to include in such Overnight Underwritten Offering such number of Registrable Securities as each such Holder may request in writing within two Business Days after such Holder receives such notice.  Notwithstanding the foregoing, if Parent has been advised by the Managing Underwriter(s) that the inclusion of Registrable Securities in the Overnight Underwritten Offering for the accounts of the Selling Holders is likely to have a material adverse effect on the price, timing or distribution of the Class A Common Stock being offered in such Overnight Underwritten Offering, then the amount of Registrable Securities to be included in the Overnight Underwritten Offering for the accounts of Selling Holders shall be determined based on the provisions of Section 2.02(c) of this Agreement.  If, at any time after giving written notice of its intention to execute an Overnight Underwritten Offering and prior to the closing of such Overnight Underwritten Offering, Parent determines for any reason not to undertake or to delay such Overnight Underwritten Offering, Parent shall give written notice of such determination to the Selling Holders and, (i) in the case of a determination not to undertake such Overnight Underwritten Offering, shall be relieved of its obligation to sell any Registrable Securities held by the Selling Holders in connection with such abandoned or delayed Overnight Underwritten Offering, and (ii) in the case of a determination to delay such Overnight Underwritten Offering, shall be permitted to delay offering any Registrable Securities held by the Selling Holders for the same period as the delay of the Overnight Underwritten Offering.  Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of 
8

such Selling Holder’s Registrable Securities in such Overnight Underwritten Offering by giving written notice to Parent of such withdrawal at least one Business Day prior to the expected Launch Date.  Notwithstanding the foregoing, any Holder may deliver an Opt-Out Notice to Parent requesting that such Holder not receive notice from Parent of any proposed Overnight Underwritten Offering and, following receipt of such an Opt-Out Notice from a Holder, Parent shall not deliver any notice to such Holder pursuant to this Section 2.02(b), unless such Opt-Out Notice is revoked by such Holder.
(c)    Priority of Rights.  In connection with an Underwritten Offering and Overnight Underwritten Offering contemplated by Section 2.02(a) and Section 2.02(b), respectively, if the Managing Underwriter(s) of any such Underwritten Offering or Overnight Underwritten Offering, as the case may be, advises Parent that the total amount of Class A Common Stock that the Selling Holders and any other Persons intend to include in such Underwritten Offering or Overnight Underwritten Offering exceeds the number that can be sold in such Underwritten Offering or Overnight Underwritten Offering without being likely to have a material adverse effect on the price, timing or distribution of the Class A Common Stock offered in such Underwritten Offering or Overnight Underwritten Offering, as the case may be, or the market for the Class A Common Stock, then the Class A Common Stock to be included in such Underwritten Offering or Overnight Underwritten Offering shall include the number of shares of Class A Common Stock that such Managing Underwriter(s) advise Parent can be sold without having such adverse effect (such maximum number of shares of Class A Common Stock, the “Maximum Number of Securities”), with such number to be allocated (i) first, to Parent, (ii) second, pro rata among all Selling Holders and holders of any other securities of Parent having rights of registration on parity with the Registrable Securities (“Parity Holders”) who have requested participation in such Underwritten Offering or Overnight Underwritten Offering. The pro rata allocations for each such Selling Holder or Parity Holder shall be (A) based on the percentage derived by dividing (1) the number of shares of Class A Common Stock (or other securities) that such Selling Holder or such Parity Holder has requested be included in such Underwritten Offering or Overnight Underwritten Offering by (2) the aggregate number of shares of Class A Common Stock (or other securities) that all Selling Holders and all Parity Holders have requested be included in such Underwritten Offering or Overnight Underwritten Offering or (B) as otherwise agreed by such Selling Holder or Parity Holder, as applicable. 
(d)    Notwithstanding anything in this Section 2.02 to the contrary, no Holder shall have any right to include any Class A Common Stock in any offering by Parent of Class A Common Stock executed pursuant to any “at the market” program that Parent may have in effect from time to time on or after the date of this Agreement.
(e)    Parent, Foreland and the Foreland Stockholders hereby agree that the rights of (i) Bold Energy Holdings, LLC (“Bold”) and its permitted assigns to register shares of Class A Common Stock under that certain Registration Rights Agreement, dated May 9, 2017, by and among the Parent, Bold and the Persons identified on Schedule I attached thereto (the “Bold Unitholders”); (ii) Independence and its permitted assigns to register shares of Class A Common Stock under that certain Registration Rights Agreement, dated January 7, 2021, by and among Parent, Independence and the Persons identified on Schedule I attached thereto (the “Independence Stockholders”); (iii) Tracker and its permitted assigns to register shares of Class A Common Stock under that certain Registration Rights Agreement, dated July 20, 2021, by and 
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among Parent, Tracker and the Persons identified on Schedule I attached thereto (the “Tracker Stockholders”); and (iv) Sequel and its permitted assigns to register shares of Class A Common Stock under that certain Registration Rights Agreement, dated July 20, 2021, by and among Parent, Sequel and the Persons identified on Schedule I attached thereto (the “Sequel Stockholders”), shall rank pari passu with the rights of Foreland and the Foreland Stockholders to register shares of Class A Common Stock under this Agreement.  For purposes of clarity and the avoidance of doubt, Parent, Foreland and the Foreland Stockholders expressly agree that Bold, the Bold Unitholders, Independence, the Independence Stockholders, Tracker, the Tracker Stockholders, Sequel and the Sequel Stockholders shall be Parity Holders for purposes of this Section 2.02.
Section 2.03    Underwritten Offering. 
(a)    In the event that one or more Selling Holders holding at least $10 million (subject to adjustment pursuant to Section 3.04) of Registrable Securities (the “Offering Holders”) notify Parent in writing of their election to dispose of Registrable Securities under the Shelf Registration Statement pursuant to an Underwritten Offering or Overnight Underwritten Offering and reasonably expect gross proceeds of at least $10 million from such Underwritten Offering or Overnight Underwritten Offering, (i) Parent shall give notice (including, but not limited to, notification by email, with such notice given no later than one Business Day after the engagement by Parent of the Managing Underwriter(s) in the case of a proposed Overnight Underwritten Offering) of such proposed Underwritten Offering or Overnight Underwritten Offering to the other Holders on a Business Day and such notice shall offer such Holders the opportunity to include in such Underwritten Offering or Overnight Underwritten Offering such number of Registrable Securities as each such Holder may request in writing (within five Business Days in the case of an Underwritten Offering that is not an Overnight Underwritten Offering and within two Business Days after the Holder receives such notice in the case of an Overnight Underwritten Offering) and (ii) Parent will retain Underwriters (which Underwriters shall be reasonably acceptable to the Offering Holders holding a majority of the Registrable Securities to be disposed of pursuant to such Underwritten Offering or Overnight Underwritten Offering subject to such sale through an Underwritten Offering or Overnight Underwritten Offering, including entering into an underwriting agreement in customary form with the Managing Underwriter(s), which underwriting agreement shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.08, and will take all reasonable actions as are requested by the Managing Underwriter(s) in order to expedite or facilitate the registration and disposition of the Registrable Securities; provided, however, that Parent shall not be required to effect more than one Underwritten Offering or Overnight Underwritten Offering pursuant to this Section 2.03 in any 365-day period.  Parent management shall participate in a roadshow or similar marketing effort on behalf of any such Holder or Holders if gross proceeds from such Underwritten Offering or Overnight Underwritten Offering are reasonably expected to exceed $20 million.  No Selling Holder may participate in such Underwritten Offering or Overnight Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably and customarily required under the terms of such underwriting agreement.  No Selling Holder shall be required to make any representations or warranties to or agreements with Parent or the underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership 
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of the securities being registered on its behalf and its intended method of distribution and any other representations required by law.  If any Selling Holder disapproves of the terms of an Underwritten Offering or Overnight Underwritten Offering contemplated by this Section 2.03(a), such Selling Holder may elect to withdraw therefrom by notice to Parent and the Managing Underwriter(s); provided, however, that such notice of withdrawal must be made at a time up to and including the time of pricing of such offering in order to be effective.  No such withdrawal or abandonment shall affect Parent’s obligation to pay Registration Expenses.
(b)    In connection with an Underwritten Offering and Overnight Underwritten Offering contemplated by Section 2.03(a), if the Managing Underwriter(s) of any such Underwritten Offering or Overnight Underwritten Offering, as the case may be, advises the Selling Holders that the total amount of Registrable Securities that the Selling Holders intend to include in such Underwritten Offering or Overnight Underwritten Offering exceeds the Maximum Number of Securities, then the Registrable Securities to be included in such Underwritten Offering or Overnight Underwritten Offering shall include the Maximum Number of Securities, with such number to be allocated pro rata among all Selling Holders and all Parity Holders who have requested participation in such Underwritten Offering or Overnight Underwritten Offering. The pro rata allocations for each such Selling Holder or Parity Holder shall be (A) based on the percentage derived by dividing (1) the number of shares of Class A Common Stock (or other securities) that such Selling Holder or such Parity Holder has requested be included in such Underwritten Offering or Overnight Underwritten Offering by (2) the aggregate number of shares of Class A Common Stock (or other securities) that all Selling Holders and all Parity Holders have requested be included in such Underwritten Offering or Overnight Underwritten Offering or (B) as otherwise agreed by such Selling Holder or Parity Holder, as applicable.
Section 2.04    Registration Procedures.  In connection with its obligations under this Article II, Parent or the applicable Selling Holder, as the case may be, will, as expeditiously as possible, subject to confidentiality obligations and agreements:
(a)    prepare and file with the SEC such amendments and supplements to the Shelf Registration Statement and the prospectus used in connection therewith as may be necessary to cause the Shelf Registration Statement to be effective and to keep the Shelf Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by the Shelf Registration Statement;
(b)    furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing the Shelf Registration Statement or any other Registration Statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC other than annual or quarterly reports on Form 10-K or 10-Q, respectively, current reports on Form 8-K or proxy statements; provided, however, that such reports or proxy statements shall be provided at least two Business Days prior to filing in connection with an Underwritten Offering or Overnight Underwritten Offering), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling 
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Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Shelf Registration Statement or such other Registration Statement or supplement or amendment thereto, and (ii) such number of copies of the Shelf Registration Statement or such other Registration Statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by the Shelf Registration Statement or such other Registration Statement;
(c)    if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Shelf Registration Statement or any other Registration Statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering or Overnight Underwritten Offering, the Managing Underwriter(s) shall reasonably request, except that Parent will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject;
(d)    promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of the Shelf Registration Statement or any other Registration Statement contemplated by this Agreement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such Shelf Registration Statement or any other Registration Statement contemplated by this Agreement, when the same has become effective; and (ii) the receipt of any written comments from the SEC with respect to any filing referred to in clause (i) and any written request by the SEC for amendments or supplements to the Shelf Registration Statement or any other registration statement contemplated by this Agreement or any prospectus or prospectus supplement thereto;
(e)    promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which, the prospectus or prospectus supplement contained in the Shelf Registration Statement or any other Registration Statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; (ii) the issuance or threat of issuance by the SEC of any stop order suspending the effectiveness of the Shelf Registration Statement or any other Registration Statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by Parent of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction.  Following the provision of such notice, Parent agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include 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 not misleading, in the light of the circumstances then existing, and to take such other commercially reasonable action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto;
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(f)    upon request, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the SEC or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable Securities;
(g)    in connection with an Underwritten Offering or Overnight Underwritten Offering, use commercially reasonable efforts to furnish upon request and addressed to the underwriters and to the Selling Holders on the date that shares of Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion of counsel for Parent, and (ii) a “comfort letter” signed by the independent public accountants (and, if applicable, independent reserve engineers) who have certified Parent’s financial statements included or incorporated by reference into the applicable Registration Statement, and each of the opinion and the “comfort letter” shall be in customary form and covering substantially the same matters with respect to such Registration Statement (and the prospectus and any prospectus supplement included therein) as are customarily covered in opinions of issuer’s counsel and in accountants’ (and, if applicable, independent reserve engineers’) letters delivered to the underwriters in Underwritten Offerings or Overnight Underwritten Offerings of securities, and such other matters as such underwriters or Selling Holders may reasonably request;
(h)    otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders (which may be satisfied by making such information available on the SEC’s Electronic Data Gathering, Analysis and Retrieval system or any successor system known as “EDGAR”), as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder;
(i)    make available to the appropriate representatives of the Managing Underwriter(s) and Selling Holders access to such information and Parent personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided that Parent need not disclose any non-public information to any such representative unless and until such representative has entered into a customary confidentiality agreement with Parent;
(j)    use its commercially reasonable efforts to cause all such Registrable Securities covered by such Shelf Registration Statement to be listed on each securities exchange or nationally recognized quotation system on which the Class A Common Stock are then listed or quoted;
(k)    use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of Parent to enable the Selling Holders to consummate the disposition of such Registrable Securities;
(l)    provide a transfer agent and registrar for all Registrable Securities covered by such Shelf Registration Statement not later than the effective date of such Shelf Registration Statement;
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(m)    enter into customary agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities;
(n)    if reasonably required by Parent’s transfer agent, use commercially reasonable efforts to promptly (and in no more than two (2) Business Days) deliver any customary authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to transfer such Registrable Securities without legend, in accordance with applicable law, upon sale by the Holder of such Registrable Securities under the Registration Statement;
(o)    if any Selling Holder could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with the registration statement in respect of any registration of Registrable Securities of such Selling Holder pursuant to this Agreement, and any amendment or supplement thereof (any such registration statement or amendment or supplement, a “Selling Holder Underwriter Registration Statement”), then, until the Effectiveness Period ends, (i) cooperate with such Selling Holder in allowing such Selling Holder to conduct customary “underwriter’s due diligence” with respect to Parent and satisfy its obligations in respect thereof; (ii) until the Effectiveness Period ends, at any Selling Holder request, furnish to such Selling Holder, on the date of the effectiveness of any Selling Holder Underwriter Registration Statement and thereafter no more often than on a quarterly basis, (A) a letter, dated such date, from Parent’s independent certified public accountants (and, if applicable, independent reserve engineers) in form and substance as is customarily given by independent certified public accountants (and, if applicable, independent reserve engineers) to underwriters in an underwritten public offering, addressed to such Selling Holder, (B) an opinion, dated as of such date, of counsel representing Parent for purposes of such Selling Holder Underwriter Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, including a standard “10b-5” opinion for such offering, addressed to such Selling Holder and (C) a standard officer’s certificate from the Chief Executive Officer and Chief Financial Officer of Parent addressed to such Selling Holder; and (iii) permit legal counsel of such Selling Holder to review and comment upon any Selling Holder Underwriter Registration Statement at least five  Business Days prior to its filing with the SEC and all amendments and supplements to any such Selling Holder Underwriter Registration Statement within a reasonable number of days prior to their filing with the SEC and not file any Selling Holder Underwriter Registration Statement or amendment or supplement thereto in a form to which such Selling Holder’s legal counsel reasonably objects;
(p)    each Selling Holder, upon receipt of notice from Parent of the happening of any event of the kind described in subsection (d) of this Section 2.04, shall forthwith discontinue disposition of the Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (d) of this Section 2.04 or until it is advised in writing by Parent that the use of the prospectus may be resumed, and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by Parent, such Selling Holder will, or will request the Managing Underwriter(s), if any, to deliver to Parent (at Parent’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice; and
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(q)    if requested by a Selling Holder, (i) as soon as practicable incorporate in a prospectus supplement or post-effective amendment such information as such Selling Holder reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as practicable, supplement or make amendments to any Registration Statement.
Notwithstanding anything to the contrary in this Section 2.04, Parent will not name a Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act) in any Registration Statement or Selling Holder Underwriter Registration Statement, as applicable, without such Holder’s consent. If the Parent determines, upon advice of counsel, that Parent is required to name any Holder as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on the applicable Registration Statement and Parent shall have no further obligations hereunder with respect to Registrable Securities held by such Holder with respect to such Registration Statement or Selling Holder Registration Statement unless such Holder has not had an opportunity to conduct customary underwriter’s due diligence as set forth in Section 2.04(o) with respect to Parent at the time such Holder’s consent is sought.
Section 2.05    Cooperation by Holders.  Parent shall have no obligation to include Registrable Securities of a Holder in any Registration Statement or Underwritten Offering if such Holder has failed to timely furnish such information which Parent determines, after consultation with counsel, is reasonably required for any registration statement or prospectus supplement thereto, as applicable, to comply with the Securities Act.
Section 2.06    Restrictions on Public Sale by Holders of Registrable Securities.  Each Holder of Registrable Securities who is included in the Shelf Registration Statement agrees not to effect any public sale or distribution of the Registrable Securities for a period of up to 60 days following completion of an Underwritten Offering or Overnight Underwritten Offering of Equity Securities by Parent, provided that (i) Parent gives written notice to such Holder of the date of the commencement and termination of such period with respect to any such Underwritten Offering or Overnight Underwritten Offering and (ii) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters of such public sale or distribution on Parent or on the officers or directors or any other Affiliate of Parent on whom a restriction is imposed; provided further, that this Section 2.06 shall not apply to a Holder that holds less than $15 million of Registrable Securities, which value shall be determined by multiplying the number of Registrable Securities owned by the Class A Common Stock Price.
Section 2.07    Expenses. 
(a)    Certain Definitions.  The term “Registration Expenses” means all expenses incident to Parent’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on the Shelf Registration Statement, an Underwritten 
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Offering or Overnight Underwritten Offering covered under this Agreement, and/or the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, Inc., all word processing, duplicating and printing expenses, and the fees and disbursements of counsel and independent public accountants for Parent, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance; provided, however, that “Registration Expenses” shall not include any Selling Expenses. The term “Selling Expenses” means all (i) transfer taxes allocable to the sale of the Registrable Securities; (ii) fees and expenses of counsel engaged by the Holders and (iii) commissions and discounts of brokers, dealers and underwriters.  
(b)    Expenses.  Parent will pay all Registration Expenses as determined in good faith, including, in the case of an Underwritten Offering or Overnight Underwritten Offering, whether or not any sale is made pursuant to the Shelf Registration Statement. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of Registrable Securities hereunder.
Section 2.08    Indemnification.
(a)    By Parent.  In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, to the extent permitted by applicable law, Parent will indemnify and hold harmless each Selling Holder thereunder, its Affiliates that own Registrable Securities and their respective directors and officers and each underwriter pursuant to the applicable underwriting agreement with such underwriter and each Person, if any, who controls such Selling Holder or underwriter within the meaning of the Securities Act and the Exchange Act and its directors and officers (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’, accountants’ and experts’ fees and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder or underwriter or controlling Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in (which, for the avoidance of doubt, includes documents incorporated by reference in) the Shelf Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, free writing prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading or arise out of or are based upon a Selling Holder being deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with the registration statement in respect of any registration of Parent’s securities, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings; provided, however, that Parent will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in strict conformity with information furnished by such Selling Holder Indemnified Person 
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in writing specifically for use in the Shelf Registration Statement or such other registration statement or any prospectus contained therein or any amendment or supplement thereof.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such director, officer or controlling Person, and shall survive the transfer of such securities by such Selling Holder.
(b)    By Each Selling Holder.  Each Selling Holder agrees severally and not jointly to indemnify and hold harmless Parent, its directors, officers, employees and agents and each Person, if any, who controls Parent within the meaning of the Securities Act or of the Exchange Act against any Losses to the same extent as the foregoing indemnity from Parent to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in the Shelf Registration Statement or any prospectus contained therein or any amendment or supplement thereof relating to the Registrable Securities; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification.
(c)    Notice.  Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but such indemnified party’s failure to so notify the indemnifying party shall not relieve the indemnifying party from any liability which it may have to any indemnified party other than under this Section 2.08.  The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense and employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of one such separate counsel (firm) and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred.  Notwithstanding any other provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party.
(d)    Contribution.  If the indemnification provided for in this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to Parent or any Selling 
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Holder or is insufficient to hold it harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses as between Parent, on the one hand, and such Selling Holder, on the other hand, in such proportion as is appropriate to reflect the relative fault of Parent, on the one hand, and of such Selling Holder, on the other, in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds 
received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification.  The relative fault of Parent, on the one hand, and each Selling Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this paragraph.  The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating or defending any Loss which is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.
(e)    Other Indemnification.  The provisions of this Section 2.08 shall be in addition to any other rights to indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise.
Section 2.09    Rule 144 Reporting.  With a view to making available the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to the public without registration, Parent agrees to use its reasonable best efforts to:
(a)    make and keep public information regarding Parent available, as those terms are understood and defined in Rule 144 (or any successor rule or regulation to Rule 144 then in force) of the Securities Act, at all times from and after the date of this Agreement;
(b)    file with the SEC in a timely manner all reports and other documents required of Parent under the Securities Act and the Exchange Act at all times from and after the date of this Agreement;
(c)    so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request a copy of the most recent annual or quarterly report of Parent, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to sell any such securities without registration; and
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(d)    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 (or any successor rule or regulation to Rule 144 then in force) under the Securities Act. 
Section 2.10    Transfer or Assignment of Registration Rights.  The rights to cause Parent to include Registrable Securities in a Shelf Registration Statement may be transferred or assigned by any Holder to one or more transferee(s) or assignee(s) of such Registrable Securities; provided that (a) Parent is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and identifying the securities with respect to which such registration rights are being transferred or assigned, (b) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of such Holder under this Agreement by executing a Joinder in the form attached hereto as Exhibit A (the “Joinder”), and (c) unless any such transferee or assignee is (i) a Foreland Stockholder or (ii) an Affiliate of such Holder or any other Foreland Stockholder and after such transfer or assignment continues to be an Affiliate of such Holder or any other Foreland Stockholder, the amount of Registrable Securities transferred or assigned to such transferee or assignee shall represent at least $15 million of Registrable Securities (determined by multiplying the number of Registrable Securities owned by the Class A Common Stock Price).
Section 2.11    Information by Holder.  Any Holder or Holders of Registrable Securities included in any Registration Statement shall promptly furnish to Parent such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as Parent may reasonably request and as shall be required in connection with any registration, qualification or compliance referred to herein.
Section 2.12    Limitation on Subsequent Registration Rights.  From and after the date of this Agreement, Parent shall not, without the prior written consent of the Holders, enter into any agreement with any current or future holder of any securities of Parent that would allow such current or future holder to require Parent to include securities in any Piggyback Offering by Parent for its own account on a basis that is superior in any material respect to the Piggyback Offering rights granted to the Holders pursuant to Section 2.02 of this Agreement.
ARTICLE III.
MISCELLANEOUS
Section 3.01    Communications.  All notices or other communications which are required or permitted hereunder shall be in writing and shall be deemed to have been given if (a) personally delivered, (b) sent by nationally recognized overnight courier, (c) sent by registered or certified mail, postage prepaid, return receipt requested, or (d) sent by email. Such notices and other communications must be sent to the following addresses or email addresses:
if to Parent to:

Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, Texas 77380
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Attention: Robert J. Anderson, President and Chief Executive Officer
Email: robert@earthstoneenergy.com
with a copy to:
Jones & Keller, P.C.
1675 Broadway, 26th Floor
Denver, Colorado 80202
Attention: Reid A. Godbolt
     Adam J. Fogoros
Email: rgodbolt@joneskeller.com
adamf@joneskeller.com
if to Foreland to:
Foreland Investments LP
5950 Cedar Springs Rd., Suite 100 
Dallas, Texas 75235
Attention: Bruce K. Hightower
Email:     bhightower@forelandresources.com
And with copies to (which will not constitute notice):
Vortus Investment Advisors, LLC
407 Throckmorton Street, Suite 560
Fort Worth, Texas 76102
Attention: Jeffrey W. Miller
 Luke Brandenberg
Email:     jmiller@vortus.com
lbrandenberg@vortus.com

and

Kirkland & Ellis LLP
1601 Elm Street
Dallas, Texas 75201
Attention: Thomas Laughlin
Email:   Thomas.laughlin@kirkland.com 
or to such other address or email address as the party to whom notice is to be given may have furnished to such other party in writing in accordance herewith. Any such communication shall be deemed to have been received (a) when delivered, if personally delivered, (b) the next Business Day after delivery, if sent by nationally recognized, overnight courier, (c) on the second Business Day following the date on which the piece of mail containing such communication is posted, if sent by first-class mail or (d) on the date sent, if sent by email during normal business hours of the recipient or on the next Business Day, if sent by email after normal business hours of the recipient.
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Section 3.02    Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein.
Section 3.03    Assignment of Rights.  All or any portion of the rights and obligations of the Holders under this Agreement may be transferred or assigned by the Holders only in accordance with Section 2.10 of this Agreement.
Section 3.04    Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have.
Section 3.05    Recapitalization, Exchanges, Etc. Affecting the Class A Common Stock.  The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all shares of capital stock of Parent or any successor or assign of Parent (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement.
Section 3.06    Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.  This Agreement may also be executed and delivered by facsimile signature or other electronic means and in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Section 3.07    Headings.  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.
Section 3.08    Governing Law.  This Agreement is governed by and construed and enforced in accordance with the Laws of the State of Delaware, without giving effect to any conflicts of law principles that would result in the application of any Law other than the Law of the State of Delaware.
Section 3.09    Jurisdiction.  Each of the parties irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder shall be brought and determined exclusively in the Court of Chancery of the State of Delaware or, if such Court does not have subject matter jurisdiction, to the Superior Court of the State of Delaware or, if jurisdiction is vested exclusively in the Federal courts of the United States, the Federal courts of the United States sitting in the State of Delaware, and any appellate court from any such state or Federal court.  Each of the parties hereby irrevocably and unconditionally agrees that all claims with respect to any such claim shall be heard and determined in such Delaware court or in such Federal court, as applicable.  The parties agree that a final judgment in 
21

any such claim is conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law.
Section 3.10    WAIVER OF JURY TRIAL.  TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY IRREVOCABLY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON, OR IN CONNECTION WITH, THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE.  ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 3.09 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.
Section 3.11    Severability of Provisions.  Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in any other jurisdiction.
Section 3.12    Entire Agreement.  This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.  There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by Parent set forth herein.  This Agreement and the Purchase Agreement supersede all prior agreements and understandings between the parties with respect to such subject matter.
Section 3.13    Amendment.  This Agreement may be amended only by means of a written amendment signed by Parent and the Holders of a majority of the then outstanding Registrable Securities.
Section 3.14    No Presumption.  In the event any claim is made by a party relating to any conflict, omission, or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel.
Section 3.15    Independent Nature of Each Holder’s Obligations.  The obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Agreement.  Nothing contained herein, and no action taken by any Holder pursuant thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement.  Each Holder shall be entitled to independently 
22

protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose.
Section 3.16    Termination of Registration Right. No Holder shall be entitled to exercise any right provided for in this Agreement after the third anniversary of the date hereof (the “Termination Date”). 
Section 3.17    Further Assurances.  Parent and each of the Holders shall cooperate with each other and shall take such further action and shall execute and deliver such further documents as may be reasonably requested by any other party in order to carry out the provisions and purposes of this Agreement.
[Signature page follows]

23

IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date first above written.
												
		

EARTHSTONE ENERGY, INC.

				
		

By:
	/s/ Robert J. Anderson
			Name:	Robert J. Anderson
			Title:	President and Chief Executive Officer
				
				
				

FORELAND INVESTMENTS LP 

By: Foreland Resources, LLC
its General Partner

By:    /s/ Bruce K. Hightower
Name:    Bruce K. Hightower
Title:    President

						
	Bain Capital Credit Managed Account (E), L.P. f/k/a
Sankaty Managed Account (E), L.P.

By:    Bain Capital Credit Managed Account Investors (E), L.P.,
Its General Partner

By:    Bain Capital Credit Member, LLC, Its General Partner

	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of Operations

Signature Page to Registration Rights Agreement

						
	Bain Capital Middle Market Credit 2010, L.P. f/k/a Sankaty Middle Market Opportunities Fund, L.P.,

By:    Bain Capital Middle Market Credit 2010 Investors, LLC,
Its General Partner

By:    Bain Capital Credit Member, LLC, Its Managing Member

	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of Operations
	Bain Capital Middle Market Credit 2014 (A Master),
L.P. f/k/a Sankaty Middle Market Opportunities Fund II-A (Master), L.P.,

By:    Bain Capital Middle Market Credit 2014 Investors (A) L.P.,
Its General Partner

By:    Bain Capital Credit Member II, Ltd., Its General Partner

	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of
Operations

Signature Page to Registration Rights Agreement

						
	Bain Capital Middle Market Credit 2014 (F),
L.P. f/k/a Sankaty Middle Market Opportunities Fund II-F, L.P.,

By:    Bain Capital Middle Market Credit 2014 Investors (F) L.P.,
Its General Partner

By:    Bain Capital Credit Member, LLC, Its General Partner

	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of
Operations

						
	Bain Capital Middle Market Credit 2014, L.P. f/k/a Sankaty Middle Market Opportunities Fund II, L.P.,

By:    Bain Capital Middle Market Credit 2014 Investors, L.P.,
Its General Partner

By:    Bain Capital Credit Member, LLC, Its General Partner

	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of
Operations

						
	BCSSS Investments Limited 

By:    Bain Capital Credit, LP, as Investment Manager

	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of
Operations

Signature Page to Registration Rights Agreement

						
	TMPSL Investments Limited 

By:    Bain Capital Credit, LP, as Investment Manager

	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of
Operations

						
	BCC Foreland Holdings (E), LLC
	By: /s/ Andrew S. Viens    

	Name:	Andrew S. Viens
	Title:	Managing Director & Global Head of Operations
	FILP Pref 2016, LLC

By: Midtown Acquisitions GP LLC, its Manager

	By: /s/ Morgan Blackwell     

	Name:	Morgan P. Blackwell
	Title:	Managing Member
	John T. Beecherl

/s/ John T. Beecherl 

	John T. Beecherl, an individual
	University of Virginia Investment Management Company

	By: /s/ Jason M. Love     

	Name:	Jason M. Love
	Title:	Managing Director
	Vortus - Foreland PE Investor, LLC

By: VIFW GP, LP, its Manager

	

By: /s/ Brian C. Crumley     

	Name:	Brian C. Crumley
	Title:	Managing Partner

Signature Page to Registration Rights Agreement

						
	Vortus - Foreland PE, LLC

By: VIFW GP, LP, its Manager

	

By: /s/ Brian C. Crumley     

	Name:	Brian C. Crumley
	Title:	Managing Partner

						
	Vortus Investments, LP

By: VIFW GP, LP, its Manager

	

By: /s/ Brian C. Crumley     

	Name:	Brian C. Crumley
	Title:	Managing Partner

Signature Page to Registration Rights Agreement

SCHEDULE I

Bain Capital Credit Managed Account (E), L.P.
Bain Capital Middle Market Credit 2010, L.P.
Bain Capital Middle Market Credit 2014 (A Master), L.P.
Bain Capital Middle Market Credit 2014 (F), L.P.
Bain Capital Middle Market Credit 2014, L.P.
BCSSS Investments Limited 
TMPSL Investments Limited 
BCC Foreland Holdings (E), LLC
FILP Pref 2016 LLC
John T. Beecherl
University of Virginia Investment Management Company
Vortus - Foreland PE Investor, LLC
Vortus - Foreland PE, LLC
Vortus Investments, LP

SCHEDULE II

EXHIBIT A
FORM OF JOINDER AGREEMENT

[DATE]
The undersigned hereby absolutely, unconditionally and irrevocably agrees to be bound by the terms and provisions of that certain Registration Rights Agreement, dated as of November 2, 2021, by and among Earthstone Energy, Inc., a Delaware corporation, Foreland Investments LP, a Delaware limited partnership, the parties listed on Schedule I thereto, and the Persons identified on Schedule II thereto who become party thereto from time to time (the “Registration Rights Agreement”), and to join in the Registration Rights Agreement as a Holder with the same force and effect as if the undersigned were originally a party thereto.
[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of [DATE].

						
		
		
		
		Name:

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