Document:

EX-10.5

 Exhibit 10.5 

Final Form 
 DPM
HOLDCO, LLC 
 ASSIGNMENT AND ALLOCATION AGREEMENT 

This Assignment and Allocation Agreement (this “Agreement”) is made and entered into as of June 6, 2022 (the
“Effective Date”) by and between KMF DPM HoldCo, LLC, Chambers DPM HoldCo, LLC, Rock Ridge Royalty Company LLC, Source Energy Leasehold, LP and Permian Mineral Acquisitions, LP (collectively, the
“Sponsors”), DPM HoldCo, LLC, a Delaware limited liability company (“DPM”), Sitio Royalties Corp., a Delaware corporation (the “Corporation”), Sitio Royalties Operating
Partnership, LP, a Delaware limited partnership (“OpCo”), and [__] (“you”). 
 WHEREAS, the
Sponsors hold all of the issued and outstanding equity interests of DPM; 
 WHEREAS, DPM entered into that certain Agreement and Plan of
Merger, by and among the Corporation, OpCo, Ferrari Merger Sub A LLC, a Delaware limited liability company, and DPM, dated as of January 11, 2022 (the “Merger Agreement”); 

WHEREAS, in recognition of your service to DPM, and in order to induce you to continue to serve as an executive officer of the Company (as
defined below) and materially contribute to the success of the Company, each Sponsor desires to assign, transfer and convey its right to receive a portion of its Merger Consideration (as defined in the Merger Agreement) set forth opposite such
Sponsor’s name on Exhibit A attached hereto to you; and 
 WHEREAS, for the avoidance of doubt, this assignment, transfer and
conveyance is made by the Sponsors and therefore is not governed by the Sitio Royalties Corp. Long Term Incentive Plan or by any other equity compensation plan of the Company or the Corporation. 

NOW, THEREFORE, in consideration of and mutual covenants set forth herein and for other valuable consideration hereinafter set forth,
the parties hereto agree as follows: 
 1. Definitions. As used in this Agreement, the following capitalized terms have the meanings
set forth below: 
 “Cause” means (A) your material breach of this Agreement or of any other written agreement
between you and the Company or any of its affiliates, including your breach of any material representation, warranty or covenant made under any such agreement; (B) your material breach of any policy or code of conduct established by the Company
or any of its affiliates and applicable to you; (C) your violation of any law applicable to the workplace (including any law regarding anti-harassment, anti-discrimination, or anti-retaliation); (D) your fraud, theft, dishonesty, gross
negligence, willful misconduct, embezzlement, or breach of fiduciary duty related to the Company or any of its affiliates or the performance of your duties hereunder; (E) the conviction or indictment of you for, or plea of guilty or nolo
contendere by you to, any felony (or state law equivalent) or any crime involving moral turpitude; or (F) your willful failure or refusal, other than due to Disability, to perform your obligations to the Company or any of its affiliates or to
follow any lawful directive from the Company or any of its affiliates, as determined by the board 

 
of directors, members or General Partner, as applicable, of the Company (the “Board”); provided, however, that if your actions or omissions as set forth in this definition
are of such a nature that the Board determines that they are curable by you, such actions or omissions must remain uncured thirty (30) days after the Board first provided you written notice of the obligation to cure such actions or omissions.

 “Class C Shares” means the shares of Class C common stock, par value $0.0001
per share, of the Corporation. 
 “Closing” shall have the meaning assigned to such term in the Merger Agreement.

 “Company” means DPM; provided, that upon the consummation of the Closing, it shall mean the Corporation
with respect to any Class C Shares and OpCo with respect to any OpCo Units, as applicable. 
 “Disability” means
a determination by the Company that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months. 
 “DPM Ownership Ratio” means, (i) with respect to KMF DPM
HoldCo, LLC, 52.43625%, (ii) with respect to Chambers DPM HoldCo, LLC, 6.81375%, (iii) with respect to Rock Ridge Royalty Company LLC, 19.75000%, (iv) with respect to Source Energy Leasehold, LP, 11.98247%, and (v) with respect to Permian
Mineral Acquisitions, LP, 9.01753%. 
 “Good Reason” means (A) a material diminution in your base salary;
(B) a material diminution in your authority, duties and responsibilities, taken as a whole; or (C) a material breach by the Sponsors or the Company of any of their respective obligations under this Agreement. Notwithstanding any other
provision of this Agreement to the contrary, any assertion by you of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (1) the condition described in clause (A), (B), or (C) above
giving rise to your termination of employment must have arisen without your consent; (2) you must provide written notice to the Board of the existence of such condition(s) within thirty (30) days after the initial occurrence of such
condition(s); (3) the condition(s) specified in such notice must remain uncorrected for thirty (30) days following the Board’s receipt of such written notice; and (4) the date of your termination of employment must occur within sixty
(60) days after the initial occurrence of the condition(s) specified in such notice. 
 “OpCo Units” means the
common units of OpCo. 
 2. Assignment. Subject to the conditions set forth below, each Sponsor hereby assigns, transfers and conveys
to you the portion of such Sponsor’s right, title and interest in and to the Merger Consideration set opposite such Sponsor’s name on Exhibit A attached hereto and you hereby accept and assume each Sponsor’s right, title and
interest in and to such Merger Consideration, in each case subject to certain restrictions thereon (the “Restricted Securities”), and under the terms and conditions set forth herein. The Corporation hereby consents to and
waives its rights under the Merger Agreement and any related ancillary documents relating to the transactions contemplated by this Agreement (including Section 2.7 of the Director Designation Agreement (as defined in the Merger Agreement)).

  
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	Vesting Schedule:	  	Except as otherwise expressly set forth herein, the restrictions on one-fourth (1/4) of the number of Restricted Securities assigned hereunder (rounded down to the nearest whole share or unit,
if necessary) shall lapse, and such Restricted Securities will become transferable and nonforfeitable, on each of the first four (4) anniversaries of the Effective Date so long as you remain continuously employed by the Company or an affiliate,
as applicable, from the Effective Date through each such vesting date.
		
	Resignation for Good Reason following a Change in Control	  	Notwithstanding anything contained herein to the contrary, upon the termination of your employment with the Company or an affiliate by you for Good Reason that occurs following a Change in Control (as defined in the Sitio Royalties
Corp. Long Term Incentive Plan, as amended from time to time), the restrictions on all of the Restricted Securities assigned pursuant to this Agreement will expire and the Restricted Securities will become transferable and nonforfeitable on the date
of your termination of employment for Good Reason.
		
	Termination of Employment without Cause	  	Notwithstanding anything contained herein to the contrary, upon the termination of your employment with the Company or an affiliate by the Company or such affiliate without Cause, the restrictions on all of the Restricted Securities
assigned pursuant to this Agreement will expire and the Restricted Securities will become transferable and nonforfeitable on the date of your termination of employment without Cause.
		
	Death; Disability	  	Notwithstanding anything contained herein to the contrary, upon the termination of your employment with the Company or an affiliate due to your death or Disability, the restrictions on all of the Restricted Securities assigned
pursuant to this Agreement will expire and the Restricted Securities will become transferable and nonforfeitable on the date of your termination due to death or Disability.

 3. Escrow of Restricted Securities. The Restricted Securities shall be evidenced in the manner deemed
appropriate by the Company, as applicable. You may be issued a certificate or certificates representing the Restricted Securities that you shall retain until the restrictions on such Restricted Securities expire as contemplated in Sections 2
and 6 of this Agreement or the Restricted Securities are forfeited as described in Sections 5 and 7 of this Agreement. If the Restricted Securities are evidenced by a certificate or certificates, you shall execute one or more
stock powers in blank for those certificates and deliver those stock powers to the Sponsors or the Company, as applicable. The Company shall hold the Restricted Securities and the related stock powers pursuant to the terms of this Agreement, if
applicable, until such time as (a) a certificate or certificates for the Restricted Securities are delivered to you, (b) the Restricted Securities are otherwise transferred to you free of restrictions, or (c) the Restricted Securities
are canceled and forfeited pursuant to this Agreement. 

  
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 4. Ownership of Restricted Securities. You will be entitled to all the rights of
absolute ownership of the Restricted Securities, including the right to vote those Restricted Securities and, with respect to the Restricted Securities that are OpCo Units, receive all distributions paid with respect to such Restricted Securities,
subject, however, to the terms, conditions and restrictions set forth in this Agreement; provided, however, that each distribution payment will be made no later than the 30th day following the
date such distribution is made to OpCo unitholders generally. For the avoidance of doubt, you will receive any distributions paid with respect to such OpCo Units, including prior to the date on which the restrictions on the Restricted Securities
expire as contemplated in Sections 2 and 6 of this Agreement; provided, however, that distributions paid with respect to forfeited Restricted Securities shall be paid to the Sponsors (or their transferees) in accordance with their
ownership of such forfeited Restricted Securities following issuance to the Sponsors in accordance with their respective DPM Ownership Ratios. 

5. Restrictions; Forfeiture. The Restricted Securities are restricted in that they may not be sold, transferred, or otherwise alienated
or hypothecated until these restrictions are removed or expire as contemplated in Sections 2 and 6 of this Agreement. The Restricted Securities are also restricted in the sense that they may be forfeited. You hereby agree that if the
Restricted Securities are forfeited, as provided in Section 7, the Company shall, or shall cause the applicable transfer agent to, issue to the Sponsors pro rata in accordance with their respective DPM Ownership Ratios a
number of OpCo Units and Class C Shares equal to the number of Restricted Securities forfeited; provided, that each Sponsor may elect, in its sole discretion, to waive its right to receive such OpCo Units and Class C Shares, in which
case such OpCo Units and Class C Shares shall be forfeited to the Company. 
 6. Expiration of Restrictions and Risk of
Forfeiture. The restrictions on the Restricted Securities assigned pursuant to this Agreement will expire and the Restricted Securities will become transferable and nonforfeitable as set forth in Section 2 of this
Agreement, provided that you remain in the employ of, or a service provider to, the Company or any of its affiliates until the applicable dates set forth therein. 

7. Forfeiture. Except as otherwise provided in Section 2, if your employment or service relationship with the
Company or its affiliate is terminated for any reason, then those Restricted Securities for which the restrictions have not lapsed as of the date of termination shall become null and void and those Restricted Securities shall be forfeited for no
consideration. The Restricted Securities for which the restrictions have lapsed as of the date of such termination shall not be forfeited. 

8. Leave of Absence. With respect to this Agreement, the Company may, in its sole discretion, determine that if you are on leave of
absence for any reason you will be considered to still be in the employ of, or providing services for, the Company, provided that rights to the Restricted Securities during a leave of absence will be limited to the extent to which those rights were
earned or vested when the leave of absence began. 

  
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 9. Company Action. Upon the expiration of the restrictions on the Restricted
Securities as contemplated in Section 6 of this Agreement, the Restricted Securities will become transferable and nonforfeitable and the Company shall take all necessary action to reflect this (including causing the removal
of any restrictive legend), subject to receipt by the Company of any required tax withholding pursuant to Section 10. The value of such Restricted Securities shall not bear any interest owing to the passage of time. 

10. Payment of Taxes. To the extent that the receipt, vesting or settlement of the Restricted Securities results in compensation income
or wages to you for federal, state, local and/or foreign tax purposes, you shall make arrangements satisfactory to the Company for the satisfaction of obligations for the payment of withholding taxes and other tax obligations relating to the
Restricted Securities, which arrangements include the delivery of cash or cash equivalents, Class C Shares and/or OpCo Units (including previously owned Class C Shares and/or OpCo Units, net settlement, net early settlement, a
broker-assisted sale, or other cashless withholding or reduction of the amount of Class C Shares and/or OpCo Units otherwise issuable or delivered pursuant to the Restricted Securities), other property, or any other legal consideration the
Board deems appropriate. If such tax obligations are satisfied through net settlement, net early settlement or the surrender of previously owned Class C Shares and/or OpCo Units, the maximum number of Class C Shares and/or OpCo Units that
may be so withheld (or surrendered) shall be the number of Class C Shares and/or OpCo Units that have an aggregate Fair Market Value (as defined below) on the date of withholding or surrender equal to the aggregate amount of such tax
liabilities determined based on the greatest withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Sponsors or the Company with
respect to the Restricted Securities, as determined by the Board. You acknowledge that there may be adverse tax consequences upon the receipt, vesting or settlement of the Restricted Securities or disposition of the underlying shares and/or units
and that you have been advised, and hereby are advised, to consult a tax advisor. You represent that you are in no manner relying on the Board, the Sponsors, DPM, the Corporation or OpCo or any of their respective affiliates or any of their
respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an
assessment of such tax consequences. 
 11. Acknowledgement. You acknowledge and agree that (a) you are not relying upon any
determination by the Sponsors, DPM, the Corporation or OpCo, their respective affiliates, or any of their respective employees, directors, officers, attorneys, or agents (collectively, the “Company Parties”) of the Fair
Market Value (as defined below) of the Class C Shares and OpCo Units on the Effective Date, (b) you are not relying upon any written or oral statement or representation of the Company Parties regarding the tax effects associated with your
execution of this Agreement and your receipt, holding, and vesting of the Restricted Securities, and (c) in deciding to enter into this Agreement, you are relying on your own judgment and the judgment of the professionals of your choice with
whom you have consulted. You hereby release, acquit and forever discharge the Company Parties from all actions, causes of actions, suits, debts, obligations, liabilities, claims, damages, losses, costs, and expenses of any nature whatsoever, known
or unknown, on account of, arising out of, or in any way related to the tax effects associated with your execution of the Agreement and your receipt, holding and exercise of the Restricted Securities. For purposes of this Agreement, “Fair
Market Value” means, as of any specified date, the amount determined by the Board in its discretion in such manner as it deems appropriate, taking into consideration all factors the Board deems appropriate including without limitation.

  
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 12. Compliance with Securities Law. Notwithstanding any provision of this Agreement
to the contrary, the issuance of Class C Shares and/or OpCo Units (including the Restricted Securities) will be subject to compliance with all applicable requirements of federal, state, or foreign law with respect to such securities and with
the requirements of any stock exchange or market system upon which the Class C Shares and/or OpCo Units (or any security into which such securities may be exchanged) may then be listed. No Class C Shares and/or OpCo Units will be issued
hereunder if such issuance would constitute a violation of any applicable federal, state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Class C Shares and/or
OpCo Units (or any security into which such securities may be exchanged) may then be listed. In addition, Class C Shares and OpCo Units will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as
amended (the “Act”), is at the time of issuance in effect with respect to the shares issued or (b) in the opinion of legal counsel to the Company, the shares issued may be issued in accordance with the terms of an
applicable exemption from the registration requirements of the Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful
issuance and sale of any shares and units subject to this Agreement will relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority has not been obtained. As a condition to any issuance
hereunder, the Company may require you to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may
be requested by the Company. From time to time, the Board and appropriate officers of the Company are authorized to undertake (or cause to be undertaken) the actions necessary and appropriate to file required documents with governmental authorities,
stock exchanges, and other appropriate persons to make Class C Shares and/or OpCo Units available for issuance. 
 13. Legends.
The Company or OpCo, as applicable, shall place, or cause to be placed, legends referencing the restrictions imposed on the Restricted Securities pursuant to this Agreement on all certificates (or book-entry notations) representing Restricted
Securities issued with respect to this Agreement. 
 14. No Right to Continued Employment. Nothing in this Agreement confers upon you
the right to remain employed by the Company or any of its affiliates, or interfere in any way with the rights of the Company or such affiliate to terminate your employment relationship at any time. 

15. Furnish Information. You agree to furnish to the Sponsors or the Company, as applicable, all information requested by the Sponsors
or the Company to enable it to comply with any reporting or other requirements imposed upon the Sponsors or the Company by or under any applicable statute or regulation. 

16. Remedies. The parties to this Agreement shall be entitled to recover from each other reasonable attorneys’ fees incurred in
connection with the successful enforcement of the terms and provisions of this Agreement whether by an action to enforce specific performance or for damages for its breach or otherwise. 

  
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 17. No Liability for Good Faith Determinations. None of the Sponsors, DPM, the
Corporation or OpCo or the members of the Board shall be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Restricted Securities assigned hereunder. 

18. Execution of Receipts and Releases. Any payment of cash or any issuance or transfer of shares of Class C Shares and/or OpCo
Units or other property to you, or to your legal representative, heir, legatee or distributee, in accordance with the provisions hereof, shall, to the extent thereof, be in full satisfaction of all claims of such persons hereunder. The Company may
require you or your legal representative, heir, legatee, or distributee, as a condition precedent to such payment or issuance, to execute a release and receipt therefor in such form as it shall determine. 

19. No Guarantee of Interests. None of the Sponsors, DPM, the Corporation or OpCo or the members of the Board guarantee the
Class C Shares or OpCo Units of the Company from loss or depreciation. 
 20. Notice. All notices required or permitted under
this Agreement must be in writing and personally delivered or sent by mail and shall be deemed to be delivered on the date on which it is actually received by the person to whom it is properly addressed or if earlier the date it is sent via
certified United States mail. 
 21. Waiver of Notice. Any person entitled to notice hereunder may waive such notice in writing. 

22. Information Confidential. As partial consideration for the assignment of the Restricted Securities hereunder, you hereby agree to
keep confidential all information and knowledge, except that which has been disclosed in any public filings required by law, that you have relating to the terms and conditions of this Agreement; provided, however, that such information may be
disclosed as required by law and may be given in confidence to your spouse and tax and financial advisors. 
 23. Successors. This
Agreement shall be binding upon you, your legal representatives, heirs, legatees, and distributees, and upon the Sponsors, DPM, the Corporation and OpCo, and their respective successors, and assigns. 

24. Severability. If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein. 

25. Headings. The titles and headings of Sections are included for convenience of reference only and are not to be considered in
construction of the provisions hereof. 
 26. Governing Law. ALL QUESTIONS ARISING WITH RESPECT TO THE PROVISIONS OF THIS AGREEMENT
SHALL BE DETERMINED BY APPLICATION OF THE LAWS OF DELAWARE, WITHOUT GIVING ANY EFFECT TO ANY CONFLICT OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT DELAWARE STATE LAW IS 

  
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PREEMPTED BY FEDERAL LAW. THE OBLIGATION OF THE COMPANY TO SELL AND DELIVER CLASS C SHARES AND/OR OPCO UNITS HEREUNDER IS SUBJECT TO APPLICABLE LAWS AND TO THE APPROVAL OF ANY GOVERNMENTAL
AUTHORITY REQUIRED IN CONNECTION WITH THE AUTHORIZATION, ISSUANCE, SALE, OR DELIVERY OF SUCH CLASS C SHARES AND/OR OPCO UNITS. 
 27.
Termination. This Agreement shall automatically terminate upon the termination of the Merger Agreement. 
 28. Authority of the
Board; Amendment. This Agreement and the Restricted Securities assigned hereunder shall be administered by the Board. The Board shall have the authority, in its sole and absolute discretion, to (a) adopt, amend, and rescind administrative
and interpretive rules and regulations relating to this Agreement; (b) accelerate the time of vesting of the Restricted Securities; (c) construe this Agreement and the Restricted Securities; (d) make determinations of the Fair Market
Value of Class C Shares and OpCo Units subject to this Agreement; (e) delegate its duties under this Agreement to such agents as it may appoint from time to time; (f) terminate, modify, or amend this Agreement, provided that, no
amendment or termination may decrease your rights inherent in this Agreement prior to such amendment without your express written permission except to the extent such amendment is necessary to comply with applicable laws and regulations and to
conform the provisions of this Agreement to any change thereto; and (g) make all other determinations, perform all other acts, and exercise all other powers and authority necessary or advisable for administering this Agreement, including the
delegation of those ministerial acts and responsibilities as appropriate. The Board may correct any defect, supply any omission, or reconcile any inconsistency in this Agreement in the manner and to the extent it deems necessary or desirable to
carry the Agreement into effect, and the Board shall be the sole and final judge of that necessity or desirability. The determinations of the Board on the matters referred to in this Section 28 shall be final and conclusive. 

  
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	KMF DPM HOLDCO, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	CHAMBERS DPM HOLDCO, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	ROCK RIDGE ROYALTY COMPANY LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	SOURCE ENERGY LEASEHOLD, LP
	
	By: Source Energy Operating, LP, its general partner
	
	By: Source Energy Manager, LLC, its sole member
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	PERMIAN MINERAL ACQUISITIONS, LP
	
	By: Permian Mineral Acquisitions GP, LLC, its general partner
		
	By:	 	 
	Name:	 	
	Title:	 	

 SIGNATURE PAGE TO 

ASSIGNMENT AND AWARD AGREEMENT 

 
			
	DPM HOLDCO, LLC

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	
	
	SITIO ROYALTIES CORP.

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	
	
	SITIO ROYALTIES OPERATING PARTNERSHIP, LP

 
			
	
	By: Sitio Royalties GP, LLC, its general partner

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

 SIGNATURE PAGE TO 

ASSIGNMENT AND AWARD AGREEMENT 

	
	ACCEPTED AND AGREED:
	
	
	  

	[insert name of Grantee]
	
	Date:
                                         
                               

 SIGNATURE PAGE TO 

ASSIGNMENT AND AWARD AGREEMENT 

 Exhibit A 

 

			
	 Sponsor
	  	 Merger Consideration

	KMF DPM HoldCo, LLC	  	
	 Chambers DPM HoldCo, LLC
	  	
	Rock Ridge Royalty Company LLC	  	
	Source Energy Leasehold, LP	  	
	Permian Mineral Acquisitions, LPEX-10.6

 Exhibit 10.6 

SITIO ROYALTIES CORP. 

SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION 

1. Purpose and Effective Date. Sitio Royalties Corp., a Delaware corporation (the “Company”) has adopted
this Severance Plan (this “Plan”) to provide for the potential payment of severance benefits to Eligible Individuals (as defined below) in the event of certain terminations of employment as described herein. The Plan was
approved by the Board of Directors of the Company (the “Board”) to be effective as of June 7, 2022 (the “Effective Date”). 

2. ERISA and Tax Compliance. The Plan is intended to be a “severance pay arrangement” within the meaning of
Section 3(2)(B)(i) of ERISA that is excepted from the definitions of “employee pension benefit plan” and “pension plan” set forth under Section 3(2) of ERISA, and is intended to meet the descriptive requirements of a
plan constituting a “severance pay plan” within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations §2510.3-2(b). The Plan is not intended to
satisfy the qualification requirements of Code Section 401, but is intended to comply with the requirements of Code Section 409A and the Treasury regulations and guidance issued thereunder. This Plan document also constitutes a summary
plan description with respect to the Plan. This Plan is a welfare program under the Company’s health and welfare plan. 
 3.
Definitions. For purposes of this Plan, the terms listed below shall have the meanings specified herein: 
 (a)
“Administrator” means the Board or a committee appointed by the Board to administer this Plan. 
 (b)
“Affiliate” means any person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company and any predecessor to any such entity; provided ̧
however, that a natural person shall not be considered an Affiliate. 
 (c) “Base Salary” means the amount an
Eligible Individual is entitled to receive as regular hourly wages (considering regularly scheduled workweeks, and excluding any overtime or premium pay) or base salary on an annualized basis, calculated as of immediately prior to the Termination
Date or, if greater, before giving effect to any reduction not consented to by the Eligible Individual. 
 (d)
“Board” means the Board of Directors of the Company. 
 (e) “Business” means, with respect
to an Eligible Individual, the business and operations that are the same or similar to those performed by the Company and any other member of the Company Group for which such Eligible Individual provides services or about which such Eligible
Individual obtains Confidential Information during such Eligible Individual’s employment with any member of the Company Group, which business and operations include the acquisition and management of mineral and royalty interests in the Permian
Basin. 

 (f) “Business Opportunity” means, with respect to an Eligible
Individual, any commercial, investment or other business opportunity relating to the Business (as such term is defined in relation to such Eligible Individual). 

(g) “Cause” means one or more of the following events: (i) an Eligible Individual’s material breach of this
Plan (including an Eligible Individual’s violation of any of the covenants set forth in Section 9) or of any other written agreement between such Eligible Individual and one or more members of the Company Group,
including such Eligible Individual’s breach of any material representation, warranty or covenant made under any such agreement; (ii) an Eligible Individual’s material breach of any policy or code of conduct established by a member of
the Company Group and applicable to such Eligible Individual; (iii) an Eligible Individual’s violation of any law applicable to the workplace (including any law regarding anti-harassment, anti-discrimination, or anti-retaliation); (iv) an
Eligible Individual’s fraud, theft, dishonesty, gross negligence, willful misconduct, embezzlement, or breach of fiduciary duty related to any member of the Company Group or the performance of such Eligible Individual’s duties hereunder;
(v) the conviction or indictment of an Eligible Individual for, or plea of guilty or nolo contendere by such Eligible Individual to, any felony (or state law equivalent) or any crime involving moral turpitude; or (vi) an Eligible
Individual’s willful failure or refusal, other than due to Disability, to perform such Eligible Individual’s obligations to the Company or a member of the Company Group or to follow any lawful directive from the Company or a member of the
Company Group, as determined by the Administrator; provided, however, that if an Eligible Individual’s actions or omissions as set forth in this Section 3(g) are of such a nature that the Administrator
determines that they are curable by such Eligible Individual, such actions or omissions must remain uncured thirty (30) days after the Administrator first provided such Eligible Individual written notice of the obligation to cure such actions
or omissions. 
 (h) “CEO” means the Chief Executive Officer of the Company. 

(i) “Change in Control” means the consummation of any of the following events after the Effective Date: 

(i) any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the
Exchange Act (excluding a corporation or other entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company) is or becomes the “beneficial owner,”
as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding voting
securities; 
 (ii) individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Board;

 (iii) there is consummated a merger or consolidation of the Company with any other corporation or other entity, and, immediately after
the consummation of such merger or consolidation, the voting securities of the Company immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the
then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a subsidiary, the ultimate parent thereof; or 

  
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 (iv) the stockholders of the Company approve a plan of complete liquidation or dissolution
of the Company or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Company of all or substantially all of the Company’s assets, other than such sale or other
disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same
proportions as their ownership of the Company immediately prior to such sale, provided that, in all such cases, the transactions contemplated by the provisions above are ultimately consummated. 

Notwithstanding the foregoing, except with respect to clause (ii) above, a “Change in Control” shall not be deemed to have occurred by virtue
of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Company immediately prior to such transaction or series of transactions continue to have substantially
the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a subsidiary, all or substantially all of the assets of the Company immediately following such transaction or series of
transactions. 
 (j) “Change in Control Period” means the period beginning on the date that a Change in Control
occurs and ending on the date that is six (6) months following the date that a Change in Control occurs. 
 (k) “CIC
Termination” means a Qualifying Termination that occurs during the Change in Control Period. 
 (l)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (m) “Company
Group” means the Company and its direct and indirect subsidiaries. 
 (n) “Confidential
Information” means all trade secrets, non-public information, designs, ideas, concepts, improvements, product developments, discoveries and inventions, whether patentable or not, that
are conceived, made, developed or acquired by or disclosed to an Eligible Individual, individually or in conjunction with others, during the period that he or she is employed or engaged by the Company or any other member of the Company Group
(whether during business hours or otherwise and whether on the Company’s premises or otherwise) that relate to any member of the Company Group’s businesses or properties, products or services (including all such information relating to
corporate opportunities, operations, future plans, methods of doing business, business plans, strategies for developing business and market share, research, financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition
prospects, the identity of customers or acquisition targets or their requirements, the identity of key contacts within customers’ organizations or within the organization of acquisition prospects, or marketing and merchandising techniques,
prospective names and marks). For purposes of this Plan, Confidential Information shall not include any information that (i) is or 

  
 3 

 
becomes generally available to the public other than as a result of a disclosure or wrongful act of such Eligible Individual or any of his or her agents; (ii) was available to such Eligible
Individual on a non-confidential basis before its disclosure by a member of the Company Group; or (iii) becomes available to such Eligible Individual on a
non-confidential basis from a source other than a member of the Company Group; provided, however, that such source is not bound by a confidentiality agreement with, or other obligation with
respect to confidentiality to, a member of the Company Group. 
 (o) “Death/Disability Termination” means the
termination of an Eligible Individual’s employment due to death or Disability. 
 (p) “Disability” means a
determination by the Administrator that an Eligible Individual is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months. 
 (q) “Eligible Individual” means an employee of the
Company eligible to receive the benefits described in this Plan, as designated in writing by the Administrator; provided, however, that (i) any individual who has a written employment or severance agreement with the Company that provides
for potential severance benefits (other than any benefits pursuant to this Plan) shall not be an Eligible Individual under this Plan; and (ii) in order to be an Eligible Individual, such employee must sign and return to the Company, in the time
designated by the Administrator, a Participation Agreement. 
 (r) “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended. 
 (s) “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 (t) “Good Reason” means (i) a material diminution in an Eligible Individual’s Base Salary;
(ii) a material diminution in an Eligible Individual’s authority, duties and responsibilities, taken as a whole; or (iii) a material breach by the Company of any of its obligations under this Plan. Notwithstanding the foregoing
provisions of this Section 3(t) or any other provision of this Plan to the contrary, any assertion by an Eligible Individual of a termination for Good Reason shall not be effective unless all of the following conditions are
satisfied: (A) the condition described in clause (i), (ii), or (iii) above giving rise to the Eligible Individual’s termination of employment must have arisen without the Eligible Individual’s consent; (B) the Eligible
Individual must provide written notice to the Administrator of the existence of such condition(s) within thirty (30) days after the initial occurrence of such condition(s); (C) the condition(s) specified in such notice must remain uncorrected
for thirty (30) days following the Administrator’s receipt of such written notice; and (D) the date of such Eligible Individual’s termination of employment must occur within sixty (60) days after the initial occurrence of
the condition(s) specified in such notice. 

  
 4 

 (u) “Incumbent Board” means the portion of the Board constituted of
the individuals who are members of the Board as of the Effective Date and any other individual who becomes a director of the Company after the Effective Date and whose election or appointment by the Board or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board.

 (v) “LTIP” means the Sitio Royalties Corp. Long Term Incentive Plan, as amended from time to time, together with
any successor equity incentive plans adopted by the Company. 
 (w) “Market Area” means each geographic area or
market where or with respect to which the Company or any other member of the Company Group conducts or has specific plans to conduct the Business on or at any time during the twelve (12) month period prior to the Termination Date. 

(x) “Participation Agreement” means the participation agreement delivered to an Eligible Individual by the
Administrator prior to his or her becoming a participant in this Plan evidencing such Eligible Individual’s agreement to participate in this Plan and to comply with the terms, conditions and restrictions within the Plan. 

(y) “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate,
trust, business association, organization, governmental entity or other entity. 
 (z) “Qualifying Termination”
means (i) the termination of an Eligible Individual’s employment or service relationship by the Company other than due to death, Disability or for Cause or (ii) the termination of an Eligible Individual’s employment or service
relationship due to a resignation by the Eligible Individual for Good Reason. 
 (aa) “Termination
Date” means the date that an Eligible Individual has a “separation from service” as defined under Code Section 409A and applicable guidance thereunder. 

4. Eligibility; Plan Benefits. The Eligible Individuals designated by the Administrator are eligible to receive the
benefits described below: 
 (a) Qualifying Termination. In the event of (x) a Qualifying Termination that occurs outside of the
Change in Control Period or (y) a Death/Disability Termination, the Eligible Individual shall, subject to compliance with Sections 5 and 9, be entitled to receive the following benefits: 

(i) A payment (a “Severance Payment”) in an amount equal to: 

(A) in the case of the CEO, twenty-four (24) months of Base Salary; or 

  
 5 

 (B) in the case of an Eligible Individual other than the CEO, eighteen
(18) months of Base Salary. 
 (ii) All unvested equity-based awards granted under the LTIP that are held by the Eligible Individual
as of immediately prior to the Termination Date shall immediately become fully vested as of the Termination Date; provided, however, that with respect to any equity-based award that is subject to performance-based vesting conditions, any
service requirement applicable to such equity-based award shall be deemed satisfied as to a portion of such award calculated based on the number of days the Eligible Individual was employed by or provided services to the Company between the
applicable date of grant and the Termination Date and such pro-rata portion shall remain outstanding and, subject to the satisfaction of applicable performance metrics calculated through the end of the
applicable performance period, be eligible for settlement following the end of such performance period. 
 (b) CIC Termination. In
the event of a CIC Termination, the Eligible Individual shall, subject to compliance with Sections 5 and 9, be entitled to receive the following benefits (which are in lieu of the benefits described in
Section 4(a) above): 
 (i) A payment (a “CIC Severance Payment”) in an amount (subject
to Section 4(e)(iii)) equal to: 
 (A) in the case of the CEO,
thirty-six (36) months of Base Salary; or 
 (B) in the case of an Eligible
Individual other than the CEO, twenty-four (24) months of Base Salary. 
 (ii) All unvested equity-based awards granted under the LTIP
that are held by the Eligible Individual as of immediately prior to the Termination Date shall immediately become fully vested as of the Termination Date; provided, however, that with respect to any equity-based award that is subject to
performance-based vesting conditions, such equity-based award shall be calculated and settled, without proration, subject to and based on the greater of (x) target performance or (y) actual performance and achievement of the applicable
performance metrics calculated through the date of the Change in Control. 
 (c) Payment of Severance Payment or CIC Severance
Payment. 
 (i) Any Severance Payment will be divided into substantially equal installments paid over the twenty-four (24)-month period
(in the case of the CEO) or the eighteen (18)-month period (in the case of an Eligible Individual other than the CEO) beginning on the Company’s first regularly scheduled pay date that is on or after the date that is sixty (60) days after
the Termination Date; provided, however, that to the extent, if any, that the aggregate amount of the installments of the Severance Payment that would otherwise be paid pursuant to the preceding provisions of this
Section 4(c)(i) after March 15 of the calendar year following the calendar year in which the Termination Date occurs (the “Applicable March 15”) exceeds the
maximum exemption amount under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to the Eligible Individual in a lump sum on the Applicable March 15 (or the first
business day preceding the Applicable March 15 if the Applicable March 15 is not a business day) and the installments of the Severance Payment payable after the Applicable March 15 shall be reduced by such excess (beginning with the
installment first payable after the Applicable March 15 and continuing with the next succeeding installment until the aggregate reduction equals such excess). 

  
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 (ii) With respect to all Eligible Individuals, any CIC Severance Payment will paid in a
lump sum on the Company’s first regularly scheduled pay date that is on or after the date that is sixty (60) days after the Termination Date. 

5. Release. As a condition to the payment by the Company of any of the amounts and benefits due under
Section 4 above, the Eligible Individual shall: (a) execute on or before the Release Expiration Date (as defined below), and not revoke within any time provided by the Company to do so, a release of all claims in a
form acceptable to the Company (the “Release”), which Release shall release each member of the Company Group and their respective Affiliates, and the foregoing entities’ respective shareholders, members, partners,
officers, managers, directors, fiduciaries, employees, representatives, agents and benefit plans (and fiduciaries of such plans) from any and all claims, including any and all causes of action arising out of the Eligible Individual’s employment
with the Company and any other member of the Company Group or the termination of such employment, but excluding all claims to severance payments or benefits that the Eligible Individual may have under this Plan ; and (b) abide by the terms of
Section 9. As used herein, the “Release Expiration Date” is that date that is twenty-one (21) days following the date upon which the Company delivers the
Release to an Eligible Individual (which shall occur no later than seven (7) days after the Termination Date) or, in the event that such termination of employment is “in connection with an exit incentive or other employment termination
program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five (45) days following such delivery date. 

6. No Mitigation. An Eligible Individual shall not be required to mitigate the amount of any payment or benefit provided for in
this Plan by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Plan be reduced by any compensation or benefit earned by the Eligible Individual as the result of employment by another employer
or by retirement benefits. Subject to the foregoing, the benefits under this Plan are in addition to any other benefits to which an Eligible Individual is otherwise entitled. 

7. Terminations for Cause or Voluntary Resignation. If an Eligible Individual’s employment is terminated by the Company for
Cause or by the Eligible Individual due to a voluntary resignation, the Eligible Individual shall not be entitled to any severance payments or benefits under this Plan. 

8. Certain Excise Taxes. Notwithstanding anything to the contrary in this Plan, if an Eligible Individual is a
“disqualified individual” (as defined in Section 280G(c) of the Code), and the payments and benefits provided for in this Plan, together with any other payments and benefits which such Eligible Individual has the right to receive from
the Company or any of its Affiliates, would, either separately or in the aggregate, constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for in this Plan shall be
either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by such Eligible Individual from the Company and its Affiliates shall be one dollar 

  
 7 

 
($1.00) less than three times such Eligible Individual’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits
received by such Eligible Individual shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to such Eligible
Individual (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to
be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit
that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination as to whether any such reduction in the amount of the payments and
benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other payments and benefits from
the Company (or its Affiliates) used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times such Eligible Individual’s base amount, then such Eligible Individual shall be required to
immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Section 8 shall require the Company to be responsible for, or have any liability or obligation with respect
to, such Eligible Individuals’ excise tax liabilities under Section 4999 of the Code. 
 9. Confidentiality; Non-Competition; Non-Solicitation. 
 (a) Following the
time that an Eligible Individual becomes a participant in the Plan, he or she will be provided with, and will have access to, Confidential Information. Both during the time that an Eligible Individual participates in this Plan and thereafter, except
as expressly permitted by this Plan or by directive of the Administrator, such Eligible Individual shall not disclose any Confidential Information to any person or entity and shall not use any Confidential Information except for the benefit of the
Company Group. By becoming an Eligible Individual, each Eligible Individual acknowledges and agrees that he or she would inevitably use and disclose Confidential Information in violation of this Section 9(a) if he or she
were to violate any of the covenants set forth in the other portions of this Section 9. The Eligible Individual shall follow all Company Group policies and protocols regarding the security of all documents and other
materials containing Confidential Information (regardless of the medium on which Confidential Information is stored). The covenants of this Section 9(a) shall apply to all Confidential Information, whether now known or
later to become known to an Eligible Individual during the period that he or she is employed by or affiliated with the Company or any other member of the Company Group. 

(b) Notwithstanding any provision of Section 9(a) to the contrary, Eligible Individuals may make the following
disclosures and uses of Confidential Information: 
 (i) disclosures to employees of a member of the Company Group who have a need to know
the information in connection with the businesses of the Company Group; 
 (ii) disclosures to customers and suppliers when, in the
reasonable and good faith belief of such Eligible Individual, such disclosure is in connection with the Eligible Individual’s performance of the Eligible Individual’s duties and is in the best interests of the Company Group; 

  
 8 

 (iii) disclosures and uses that are approved in writing by the Administrator; or 

(iv) disclosures to a person or entity that has (x) been retained by a member of the Company Group to provide services to one or more
members of the Company Group and (y) agreed in writing to abide by the terms of a confidentiality agreement. 
 (c) Notwithstanding the
foregoing, nothing in this Plan shall prohibit or restrict an Eligible Individual from lawfully: (i) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise
assisting in an investigation by, any governmental authority regarding a possible violation of any law; (ii) responding to any inquiry or legal process directed to such Eligible Individual from any such governmental authority (including the
U.S. Securities and Exchange Commission); (iii) testifying, participating or otherwise assisting in any action or proceeding by any such governmental authority relating to a possible violation of law; or (iv) making any other disclosures that
are protected under the whistleblower provisions of any applicable law. Additionally, pursuant to the federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that: (A) is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and (2) solely for the purpose of reporting or investigating a
suspected violation of law; (B) is made to the individual’s attorney in relation to a lawsuit for retaliation against the individual for reporting a suspected violation of law; or (C) is made in a complaint or other document filed in
a lawsuit or proceeding, if such filing is made under seal. Nothing in this Plan requires an Eligible Individual to obtain prior authorization before engaging in any conduct described in this paragraph, or to notify the Company that he or she has
engaged in any such conduct. 
 (d) The Company shall provide Eligible Individuals access to Confidential Information for use only during
the period of such Eligible Individual’s employment or engagement by the Company or another member of the Company Group, and in consideration of the Company providing such Eligible Individual with access to Confidential Information and as a
condition to such Eligible Individual’s participation in this Plan, each Eligible Individual voluntarily agrees to the covenants set forth in this Section 9. Each Eligible Individual agrees and acknowledges that the
limitations and restrictions set forth herein, including geographical and temporal restrictions on certain competitive activities, are reasonable in all respects, do not interfere with public interests, will not cause such Eligible Individual undue
hardship, and are material and substantial parts of this Plan intended and necessary to prevent unfair competition and to protect the Company Group’s confidential information, goodwill and legitimate business interests. 

(e) During the period in which the Eligible Individual is employed by any member of the Company Group and continuing for a period of three
(3) months following the date that the Eligible Individual is no longer employed by any member of the Company Group, each Eligible Individual shall not, without the prior written approval of the Administrator, directly or indirectly, for such
Eligible Individual or on behalf of or in conjunction with any other person or entity of any nature: 

  
 9 

 (i) engage in or participate within the Market Area in competition with any member of the
Company Group in any aspect of the Business, which prohibition shall prevent such Eligible Individual from directly or indirectly: (A) owning, managing, operating, or being an officer or director of, any business that competes with any member
of the Company Group in the Market Area, or (B) joining, becoming an employee or consultant of, or otherwise being affiliated with, any person or entity engaged in, or planning to engage in, the Business in the Market Area in competition, or
anticipated competition, with any member of the Company Group in any capacity (with respect to this clause) in which such Eligible Individual’s duties or responsibilities are the same as or similar to the duties or responsibilities that such
Eligible Individual had on behalf of any member of the Company Group; or 
 (ii) appropriate any Business Opportunity of, or relating to,
any member of the Company Group located in the Market Area. 
 (f) During the period in which the Eligible Individual is employed by any
member of the Company Group and continuing for a period of twelve (12) months following the date that the Eligible Individual is no longer employed by any member of the Company Group, each Eligible Individual shall not, without the prior
written approval of the Administrator, directly or indirectly, for such Eligible Individual or on behalf of or in conjunction with any other person or entity of any nature: 

(i) solicit, canvass, approach, encourage, entice or induce any customer or supplier (including, for the avoidance of doubt, property owners
from whom a member of the Company Group may acquire mineral and royalty interests) of any member of the Company Group with whom or which such Eligible Individual had contact on behalf of any member of the Company Group to cease or lessen such
customer’s or supplier’s business with any member of the Company Group; or 
 (ii) solicit, canvass, approach, encourage, entice
or induce any employee or contractor of any member of the Company Group to terminate his, her or its employment or engagement with any member of the Company Group. 

(g) Because of the difficulty of measuring economic losses to the Company Group as a result of a breach or threatened breach of the covenants
set forth in this Section 9, and because of the immediate and irreparable damage that would be caused to the members of the Company Group for which they would have no other adequate remedy, the Company and each other member
of the Company Group shall be entitled to enforce the foregoing covenants, in the event of a breach or threatened breach, by injunctions and restraining orders from any court of competent jurisdiction, without the necessity of showing any actual
damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall not be the Company’s or any other member of the Company Group’s
exclusive remedy for a breach but instead shall be in addition to all other rights and remedies available to the Company and each other member of the Company Group at law and equity. 

  
 10 

 (h) The covenants in this Section 9, and each provision and
portion hereof, are severable and separate, and the unenforceability of any specific covenant (or portion thereof) shall not affect the provisions of any other covenant (or portion thereof). Moreover, in the event any arbitrator or court of
competent jurisdiction shall determine that the scope, time or territorial restrictions set forth are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which such arbitrator or court deems
reasonable, and this Plan shall thereby be reformed. 
 10. Administration of this Plan. 

(a) Administrator’s Powers and Duties. The Company shall be the named fiduciary and shall have full power to administer this Plan
in all of its details, subject to applicable requirements of law. The duties of the Company shall be performed by the Administrator, provided that the Administrator may delegate all or any portion of its duties to an executive officer of the
Company. It shall be the duty of the Administrator to see that this Plan is carried out, in accordance with its terms, for the exclusive benefit of persons entitled to participate in this Plan. For this purpose, the Administrator’s powers shall
include, but not be limited to, the following authority, in addition to all other powers provided by this Plan: 
 (i) to make and enforce
such rules and regulations as it deems necessary or proper for the efficient administration of this Plan; 
 (ii) to interpret this Plan
and all facts with respect to a claim for payment or benefits. Where such claim is made prior to a Change in Control, the Administrator’s interpretation thereof shall be final and conclusive on all persons claiming payment or benefits under
this Plan; 
 (iii) to decide all questions concerning this Plan and the eligibility of any person to participate in this Plan; 

(iv) to make a determination as to the right of any person to a payment or benefit under this Plan (including, without limitation, to
determine whether and when there has been a termination of an Eligible Individual’s employment and the cause of such termination and the amount of any payment or benefit due under this Plan); 

(v) to appoint such agents, counsel, accountants, consultants, claims administrators and other persons as may be required to assist in
administering this Plan; 
 (vi) to allocate and delegate its responsibilities under this Plan and to designate other persons to carry out
any of its responsibilities under this Plan, any such allocation, delegation or designation to be in writing; 
 (vii) to sue or cause suit
to be brought in the name of this Plan; and 
 (viii) to obtain from the Company and from Eligible Individuals such information as is
necessary for the proper administration of this Plan. 

  
 11 

 (b) Indemnification. The Company shall indemnify and hold harmless the Administrator
(and each member thereof) in the performance of its, his or her duties under this Plan against any and all expenses and liabilities arising out of its, his or her administrative functions or fiduciary responsibilities under this Plan, including any
expenses and liabilities that are caused by or result from an act or omission constituting the negligence of the Administrator or such member in the performance of such functions or responsibilities, but excluding expenses and liabilities that are
caused by or result from such Administrator’s or member’s own gross negligence or willful misconduct. Expenses against which such Administrator or member shall be indemnified hereunder shall include, without limitation, the amounts of any
settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted or a proceeding brought or settlement thereof. 

(c) Compensation, Bond and Expenses. The members of the Administrator shall not receive compensation with respect to their services for
the Administrator. To the extent required by applicable law, but not otherwise, Administrator members shall furnish bond or security for the performance of their duties hereunder. Any expenses properly incurred by the Administrator incident to the
administration, termination or protection of this Plan, including the cost of furnishing bond, shall be paid by the Company. 
 (d)
Claims Procedure. Any Eligible Individual that the Administrator determines is entitled to a benefit under this Plan is not required to file a claim for benefits. Any Eligible Individual who is not paid a benefit hereunder and who believes
that he or she is entitled to a benefit hereunder or who has been paid a benefit and who believes that he or she is entitled to a greater benefit hereunder may file a claim for benefits under this Plan in writing with the Administrator. In any case
in which a claim for Plan benefits by an Eligible Individual is denied or modified, the Administrator shall furnish written notice to the claimant within ninety (90) days after receipt of such claim for Plan benefits (or within one hundred
eighty (180) days if additional information requested by the Administrator necessitates an extension of the ninety (90)-day period and the claimant is informed of such extension in writing within the
original ninety (90)-day period), which notice shall: 
 (i) state the specific reason or reasons
for the denial or modification; 
 (ii) provide specific reference to pertinent Plan provisions on which the denial or modification is
based; 
 (iii) provide a description of any additional material or information necessary for the Eligible Individual or his or her
representative to perfect the claim, and an explanation of why such material or information is necessary; and 
 (iv) explain this
Plan’s claim review procedure as contained herein and describe the Eligible Individual’s right to bring an action under Section 502(a) of ERISA following a denial or modification on review. 

  
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 In the event a claim for Plan benefits is denied or modified, if the Eligible Individual or his or her
representative desires to have such denial or modification reviewed, he or she must, within sixty (60) days following receipt of the notice of such denial or modification, submit a written request for review by the Administrator of its initial
decision. In connection with such request, the Eligible Individual or his or her representative may review any pertinent documents upon which such denial or modification was based and may submit issues and comments in writing. Within sixty
(60) days following such request for review the Administrator shall, after providing a full and fair review, render its final decision in writing to the Eligible Individual and his or her representative, if any, stating specific reasons for
such decision and making specific references to pertinent Plan provisions upon which the decision is based. If special circumstances require an extension of such sixty (60)-day period, the Administrator’s
decision shall be rendered as soon as possible, but not later than one hundred twenty (120) days after receipt of the request for review. If an extension of time for review is required, written notice of the extension shall be furnished to the
Eligible Individual and his representative, if any, prior to the commencement of the extension period. The Administrator shall be given written notice of its decision on review to the Eligible Individual. In the event a claim for Plan benefits is
denied or modified on review, such notice shall set forth the specific reasons for such denial or modification and provide specific references to this Plan provisions on which the denial or modification is based. The notice shall also provide that
the Eligible Individual is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Eligible Individual’s claim for benefits, including
(i) documents, records or other information relied upon for the benefit determination, (ii) documents, records or other information submitted, considered or generated without regard to whether such documents, records or other information
were relied upon in making the benefit determination, and (iii) documents, records or other information that demonstrates compliance with the standard claims procedure. The notice shall also contain a statement describing the Eligible
Individual’s right to bring an action under Section 502(a) of ERISA. Any legal action with respect to a claim for Plan benefits must be filed no later than one (1) year after the later of (i) the date the claim is denied by the
Administrator or (ii) if a review of such denial is requested pursuant to the provisions above, the date of the final decision by the Administrator with respect to such request. 

11. General Provisions. 

(a) Funding. The benefits provided herein shall he unfunded and shall be provided from the Company’s general assets. 

(b) Cost of Plan. The cost of this Plan shall be borne by the Company and no contributions shall be required of the Eligible
Individuals. 
 (c) Plan Year. The Plan shall operate on a calendar year basis. 

(d) Amendment and Termination. 

(i) The Plan may be amended from time to time or terminated at the discretion of the Board. Notwithstanding anything to the contrary herein,
the Administrator, in its sole discretion, may reduce or terminate the coverage of any Eligible Individual under this Plan at any time in its sole and absolute discretion; provided, however, in the event of a Change in Control during the
existence of this Plan, this Plan shall remain in full force and effect and benefits may not be reduced during the Change in Control Period. 

  
 13 

 (ii) The provisions set forth in Section 11(d)(i) that otherwise
restrict amendments to this Plan shall not apply to (A) an amendment to the administrative provisions of this Plan that is required pursuant to applicable law, (B) an amendment that increases the benefits payable under this Plan or
otherwise constitutes a bona fide improvement of an Eligible Individual’s rights under this Plan or (C) an amendment which decreases the benefits of an Eligible Individual that is consented to in writing by such Eligible Individual. 

(e) Not a Contract of Employment. The adoption and maintenance of this Plan shall not be deemed to be a contract of employment between
the Company and any person or to be consideration for the employment of any person. Nothing herein contained shall be deemed to give any person the right to be retained in the employ of the Company or to restrict the right of the Company to
discharge any person at any time nor shall this Plan be deemed to give the Company the right to require any person to remain in the employ of the Company or to restrict any person’s right to terminate his or her employment at any time. 

(f) Severability. Any provision in this Plan that is prohibited or unenforceable in any jurisdiction by reason of applicable law shall,
as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating or affecting the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 (g) After-Acquired Evidence. Notwithstanding any
provision of the Plan to the contrary, in the event that the Administrator determines that an Eligible Individual is eligible to receive severance pay or benefits pursuant to Section 4 but, after such determination, the
Administrator subsequently acquires evidence or determines that (i) such Eligible Individual has failed to abide by the terms of Section 9 or any other restrictive covenant agreements between such Eligible Individual
and any member of the Company Group; or (ii) a Cause condition existed prior to such Eligible Individual’s termination of employment that, had the Company been fully aware of such condition, would have given the Company the right to
terminate such Eligible Individual’s employment for Cause, then the Company shall have the right to cease the payment of all pay and benefits pursuant to Section 4, and such Eligible Individual shall promptly return to
the Company any payment and any other severance benefits received by such Eligible Individual pursuant to Section 4 prior to the date that the Administrator determines that the conditions of this
Section 11(g) have been satisfied. 
 (h) Nonalienation. Eligible Individual shall not have any right to
pledge, hypothecate, anticipate or assign benefits or rights under this Plan, except by will or the laws of descent and distribution. 
 (i)
Effect of Plan. This Plan is intended to supersede all prior oral or written policies of the Company and all prior oral or written communications to Eligible Individual with respect to the subject matter hereof including any employment offer
letter with an Eligible Individual, and all such prior policies or communications are hereby null and void and of no further force and effect. Further, this Plan shall be binding upon the Company and any successor of the Company, by merger or
otherwise, and shall inure to the benefit of and be enforceable by the Company’s employees. 

  
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 (j) Taxes. The Company or its successor may withhold from any amounts payable to an
Eligible Individual under this Plan such federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or regulation. 

(k) Governing Law. All questions arising with respect to the provisions of this Plan and payments due hereunder shall be determined by
application of the laws of the Delaware, without giving effect to any conflict of law provisions thereof, except to the extent that Delaware law is preempted by federal law (including by including ERISA, which is the federal law that governs the
Plan, the administration of the Plan and any claims made under the Plan). With respect to any claim or dispute related to or arising under this Plan, the Company and each Eligible Individual who signs and returns a Participation Agreement to the
Company hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Denver, Colorado. 
 (l)
Section 409A. The Plan and all benefits provided hereunder are intended to be exempt from Code Section 409A to the maximum extent permitted by applicable law. To the extent that any payment provided hereunder is subject to Code
Section 409A, (i) this Plan and all payments provided hereunder are intended to comply with the provisions of Code Section 409A, and (ii) if on the Termination Date the Eligible Individual is a “specified employee,” as
defined in Section 409A of the Code, then all or such portion of any severance payments under this Plan that would be subject to the additional tax provided by Section 409A(a)(l)(B) of the Code if not delayed as required by
Section 409A(a)(2)(B)(i) of the Code shall be delayed until the date that is six (6) months after the Termination Date (or, if earlier, the Eligible Individual’s date of death) and shall be paid as a lump sum (without interest) on
such date. 
 (m) Notices. For the purposes of this Plan, notices and all other communications shall be in writing and shall be
deemed to have been duly given when personally delivered, by facsimile transmission or sent by certified mail, return receipt requested, postage prepaid, or by expedited (overnight) courier with established national reputation, shipping prepaid or
billed to sender, in either case addressed to the respective addresses last given by each party to the other (provided that all notices to the Company must be directed to the attention of the General Counsel and Corporate Secretary of the
Company) or to such other address as either party may have furnished to the other in writing in accordance herewith. All notices and communication shall be deemed to have been received on the date of delivery thereof, or on the second (2nd) day after deposit thereof with an expedited courier service, except that notice of change of address shall be effective only upon receipt. 

(n) Clawback. Any amounts payable under the Plan are subject to any policy (whether in existence as of the Effective Date or later
adopted) established by the Company providing for clawback or recovery of amounts that were paid to an Eligible Individual; provided, however, that the establishment or modification of any clawback policy by the Company on or after the
date of a Change in Control shall only apply to amounts payable under the Plan to the extent required by applicable law. The Company shall make any determination for clawback or recovery in its sole discretion and in accordance with applicable laws,
regulations, and securities exchange listing standards. 

  
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