Document:

EX-10.15

 Exhibit 10.15 
  

 
 FORM OF BEARTOOTH DEVCO LLC 

 
  

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 
  

 
 Dated
Effective as of                     , 2017 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND CONSTRUCTION
	  	 	1	 
			
	 Section 1.1
	    	Definitions	  	 	1	 
	 Section 1.2
	    	Construction	  	 	10	 
		
	 ARTICLE II BUSINESS PURPOSE AND TERM OF THE COMPANY
	  	 	11	 
			
	 Section 2.1
	    	Formation	  	 	11	 
	 Section 2.2
	    	Name	  	 	11	 
	 Section 2.3
	    	Registered Office; Registered Agent; Principal Office; Other Offices	  	 	11	 
	 Section 2.4
	    	Purpose and Business	  	 	12	 
	 Section 2.5
	    	Powers	  	 	12	 
	 Section 2.6
	    	Term	  	 	12	 
	 Section 2.7
	    	Title to Property	  	 	12	 
		
	 ARTICLE III MEMBERS
	  	 	13	 
			
	 Section 3.1
	    	Members; Percentage Interests	  	 	13	 
	 Section 3.2
	    	Adjustments in Percentage Interests	  	 	13	 
	 Section 3.3
	    	Limitation of Liability	  	 	13	 
		
	 ARTICLE IV CAPITAL CONTRIBUTIONS
	  	 	13	 
			
	 Section 4.1
	    	Capitalization of the Company	  	 	13	 
	 Section 4.2
	    	Additional Capital Contributions	  	 	13	 
	 Section 4.3
	    	Withdrawal of Capital; Interest	  	 	14	 
	 Section 4.4
	    	Capital Contribution Events	  	 	14	 
	 Section 4.5
	    	Failure to Contribute	  	 	14	 
		
	 ARTICLE V ALLOCATIONS AND OTHER TAX MATTERS
	  	 	15	 
			
	 Section 5.1
	    	Profits	  	 	15	 
	 Section 5.2
	    	Losses	  	 	15	 
	 Section 5.3
	    	Special Allocations	  	 	16	 
	 Section 5.4
	    	Curative Allocations	  	 	17	 
	 Section 5.5
	    	Other Allocation Rules	  	 	18	 
	 Section 5.6
	    	Tax Allocations: Code Section 704(c)	  	 	18	 
	 Section 5.7
	    	Tax Elections	  	 	19	 
	 Section 5.8
	    	Tax Returns	  	 	19	 
	 Section 5.9
	    	Tax Matters Member	  	 	20	 
	 Section 5.10
	    	Duties of Tax Matters Member	  	 	20	 
	 Section 5.11
	    	Designation and Authority of Partnership Representative	  	 	22	 
	 Section 5.12
	    	Survival of Provisions	  	 	22	 
		
	 ARTICLE VI DISTRIBUTIONS
	  	 	22	 
			
	 Section 6.1
	    	Distributions of Distributable Cash	  	 	22	 
	 Section 6.2
	    	Liquidating Distributions	  	 	22	 
	 Section 6.3
	    	Distribution in Kind	  	 	22	 
		
	 ARTICLE VII BOOKS AND RECORDS
	  	 	22	 

  
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	 Section 7.1
	    	Books and Records; Examination	  	 	22	 
	 Section 7.2
	    	Reports	  	 	23	 
		
	 ARTICLE VIII MANAGEMENT AND VOTING
	  	 	23	 
			
	 Section 8.1
	    	Management	  	 	23	 
	 Section 8.2
	    	Matters Constituting Unanimous Approval Matters	  	 	23	 
	 Section 8.3
	    	Meetings and Voting	  	 	24	 
	 Section 8.4
	    	Reliance by Third Parties	  	 	25	 
	 Section 8.5
	    	Reimbursement of the Managing Member	  	 	25	 
		
	 ARTICLE IX TRANSFER OF COMPANY INTERESTS
	  	 	26	 
			
	 Section 9.1
	    	Restrictions on Transfers	  	 	26	 
	 Section 9.2
	    	Conditions for Admission	  	 	26	 
	 Section 9.3
	    	Allocations and Distributions	  	 	26	 
	 Section 9.4
	    	Restriction on Resignation or Withdrawal	  	 	27	 
		
	 ARTICLE X LIABILITY, EXCULPATION AND INDEMNIFICATION
	  	 	27	 
			
	 Section 10.1
	    	Liability for Company Obligations	  	 	27	 
	 Section 10.2
	    	Disclaimer of Duties and Exculpation	  	 	27	 
	 Section 10.3
	    	Indemnification	  	 	28	 
		
	 ARTICLE XI CONFLICTS OF INTEREST
	  	 	30	 
			
	 Section 11.1
	    	Transactions with Affiliates	  	 	30	 
	 Section 11.2
	    	Outside Activities	  	 	30	 
		
	 ARTICLE XII DISSOLUTION AND TERMINATION
	  	 	30	 
			
	 Section 12.1
	    	Dissolution	  	 	30	 
	 Section 12.2
	    	Winding Up of Company	  	 	31	 
	 Section 12.3
	    	Compliance with Certain Requirements of Regulations; Deficit Capital Accounts	  	 	31	 
	 Section 12.4
	    	Deemed Distribution and Recontribution	  	 	32	 
	 Section 12.5
	    	Distribution of Property	  	 	32	 
	 Section 12.6
	    	Termination of Company	  	 	32	 
		
	 ARTICLE XIII MISCELLANEOUS
	  	 	32	 
			
	 Section 13.1
	    	Notices	  	 	32	 
	 Section 13.2
	    	Integration	  	 	33	 
	 Section 13.3
	    	Assignment	  	 	33	 
	 Section 13.4
	    	Parties in Interest	  	 	33	 
	 Section 13.5
	    	Counterparts	  	 	33	 
	 Section 13.6
	    	Amendment; Waiver	  	 	33	 
	 Section 13.7
	    	Severability	  	 	33	 
	 Section 13.8
	    	Governing Law	  	 	34	 
	 Section 13.9
	    	No Bill for Accounting	  	 	34	 
	 Section 13.10
	    	Waiver of Partition	  	 	34	 
	 Section 13.11
	    	Third Parties	  	 	34	 

  
 ii 

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 BEARTOOTH DEVCO LLC

 This Amended and Restated Limited Liability Company Agreement of Beartooth DevCo LLC (the “Company”), dated
effective as of                     , 2017 (the “Effective Date”), is entered into by and between OMP Operating LLC, a
Delaware limited liability company (“OMP Operating”), and Oasis Midstream Services LLC, a Delaware limited liability company (“OMS”). OMP Operating and OMS are each referred to herein as, a
“Member” and collectively, as “Members” of the Company. In consideration of the covenants, conditions and agreements contained herein, the parties hereto hereby agree as follows: 

RECITALS: 

WHEREAS, OMS, previously formed the Company as a limited liability company under the Delaware Limited Liability Company Act by filing a
Certificate of Formation with the Secretary of State of the State of Delaware effective as of May 8, 2017. 
 WHEREAS, the
Company was previously governed by that certain Limited Liability Company Agreement dated as of                     , 2017 (the “Original
LLC Agreement”). 
 WHEREAS, pursuant to that certain Contribution Agreement dated on or about the date hereof, OMS
contributed a 40% limited liability company interest in the Company to OMP Operating (the “Managing Member”) and the Managing Member was admitted as a member of the Company. 

WHEREAS, the Members now desire to amend and restate the Original LLC Agreement in its entirety by executing this Amended and Restated
Limited Liability Company Agreement. 
 NOW THEREFORE, in consideration of the covenants, conditions and agreements contained herein,
the Members hereby enter into this Agreement: 
 ARTICLE I 

DEFINITIONS AND CONSTRUCTION 

Section 1.1 Definitions. The following terms have the following meanings when used in this Agreement. 

“Adjusted Capital Account” means, with respect to any Member, the balance in such Member’s Capital Account as of
the end of the relevant Allocation Year, after giving effect to the following adjustments: 

  
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 (i) Credit to such Capital Account any amounts which such Member is deemed
obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(ii) Debit to such Capital Account the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). 
 The foregoing definition of Adjusted Capital Account is intended
to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in such
Member’s Adjusted Capital Account as of the end of the relevant Allocation Year. 
 “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, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” means this Amended and Restated Limited Liability Company Agreement of Beartooth DevCo LLC, as it may be
amended, supplemented or restated from time to time. 
 “Allocation Year” means (a) each calendar year ending
on December 31st or (b) any portion thereof for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article V. 

“Applicable Law” means any applicable statute, law, regulation, ordinance, rule, judgment, rule of law, order, decree,
permit, approval, concession, grant, franchise, license, agreement, requirement or other governmental restriction or any similar form of decision of, or any provision or condition of any permit, license or other operating authorization issued under
any of the foregoing by or any determination by any Governmental Authority having or asserting jurisdiction over the matter or matters in question, whether now or hereafter in effect and in each case as amended (including all of the terms and
provisions of the common law of such Governmental Authority), as interpreted and enforced at the time in question. 
 “Business
Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of America or the State of Texas shall not be regarded as a Business Day. 

“Call Notice” is defined in Section 4.4(a). 

“Capital Account” means, with respect to any Member, the Capital Account established and maintained for such Member in
accordance with the following provisions: 
 (i) To each Member’s Capital Account there shall be credited (A) such
Member’s Capital Contributions, (B) such Member’s distributive share of Profits and any items in the nature of income or gain that are specially allocated to such Member 

  
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pursuant to Section 5.3 or Section 5.4 and (C) the amount of any Liabilities of the Company assumed by such Member or that are secured by
any Property distributed to such Member; 
 (ii) To each Member’s Capital Account there shall be debited (A) the
amount of cash and the Gross Asset Value of any Property distributed to such Member pursuant to any provision of this Agreement, (B) such Member’s distributive share of Losses and any items in the nature of deduction, expense or loss which
are specially allocated to such Member pursuant to Section 5.3 or Section 5.4 and (C) the amount of any Liabilities of such Member assumed by the Company or that are secured by any Property
contributed by such Member to the Company; 
 (iii) In the event a Company Interest is transferred in accordance with the
terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest; and 

(iv) In determining the amount of any Liability for purposes of subparagraphs (i) and (ii) above there shall be taken
into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 
 The foregoing provisions and the other provisions of
this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such Regulations. In the event the Tax Matters Member shall
determine in good faith and on a commercially reasonable basis that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are computed in order to comply with such Regulations, the Tax Matters Member may
amend this Agreement without the consent of any other Member notwithstanding any other provision of this Agreement (including Section 13.6) to make such modification; provided that the Tax Matters Member shall
promptly give each other Member written notice of such modification. The Tax Matters Member also shall, in good faith and on a commercially reasonable basis, (A) make any adjustments to the Capital Accounts that are necessary or appropriate to
maintain equality between the aggregate Capital Accounts of the Members and the amount of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q) and
(B) make any appropriate modifications to the Capital Accounts in the event unanticipated events might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b). 

“Capital Contributions” means, with respect to any Member, (i) the amount of cash, cash equivalents or the
initial Gross Asset Value of any Property (other than cash) contributed or deemed contributed to the Company by such Member or (ii) current distributions that a Member is entitled to receive but otherwise waives. 

“Capital Lease” means any lease of (or other arrangement conveying the right to use) real or personal property, or a
combination thereof, which obligations are required to be classified and accounted for as a capital lease on a consolidated balance sheet of the Company and its subsidiaries in accordance with GAAP. 

  
 3 

 “Certificate of Formation” means the Certificate of Formation of the
Company filed with the Secretary of State of the State of Delaware as referenced in Section 2.1, as such Certificate of Formation may be amended, supplemented or restated from time to time. 

“Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a
specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law. 

“Company” is defined in the introductory paragraph. 

“Company Interest” means any equity interest, including any class or series of equity interest, in the Company, which
shall include any Member Interests. 
 “Default Interest Amount” is defined in
Section 4.5(c). 
 “Default Interest Rate” means the lesser of (a) eight percent (8%)
per annum and (b) the maximum rate of interest permitted by Applicable Law. 
 “Delaware Act” means the
Delaware Limited Liability Company Act, 6 Del. C. § 18-101 et seq., as amended, supplemented or restated from time to time, and any successor to such statute. 

“Delinquent Member” is defined in Section 4.5(a). 

“Depreciation” means, for each Allocation Year, an amount equal to the depreciation, amortization or other cost
recovery deduction allowable with respect to an asset for such Allocation Year for federal income tax purposes, except that (i) if the Gross Asset Value of an asset differs from its adjusted tax basis for federal income tax purposes at the
beginning of such Allocation Year and such difference is being eliminated by use of the “remedial allocation method” as defined in Regulations Section 1.704-3(d), Depreciation for such Allocation Year shall equal the amount of book basis
recovered for such period under the rules prescribed in Regulations Section 1.704-3(d) and (ii) with respect to any other asset whose Gross Asset Value differs from its adjusted tax basis for federal income tax purposes at the beginning of such
Allocation Year, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such Allocation Year bears to such beginning
adjusted tax basis; provided, however, that if the adjusted basis for federal income tax purposes of an asset at the beginning of such Allocation Year is zero, Depreciation shall be determined with reference to such beginning Gross
Asset Value using any reasonable method selected by the Managing Member. 
 “Distributable Cash” means, with respect
to any Quarter: (i) the sum of all cash and cash equivalents of the Company and its Subsidiaries on hand at the end of such Quarter; less (ii) the amount of any cash reserves established by the Managing Member to (A) provide for the
proper conduct of the business of the Company and its Subsidiaries (including reserves for future capital or operating expenditures and for anticipated future credit needs of the Company and its Subsidiaries) subsequent to such Quarter; and
(B) comply with Applicable Law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which the Company or any of its Subsidiaries is a party or by which any of them is bound or any of their
respective assets are subject. 

  
 4 

 “Effective Date” is defined in the introductory paragraph. 

“Fiscal Year” means a calendar year ending December 31. 

“GAAP” means generally accepted accounting principles in the United States. 

“Governmental Authority” means any federal, state, local or foreign government or any provincial, departmental or
other political subdivision thereof, or any entity, body or authority exercising executive, legislative, judicial, regulatory, administrative or other governmental functions or any court, department, commission, board, bureau, agency,
instrumentality or administrative body of any of the foregoing. 
 “Gross Asset Value” means, with respect to any
asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (i) The initial Gross Asset
Value of any Property contributed by a Member to the Company shall be the gross fair market value of such asset as agreed to by each Member or, in the absence of any such agreement, as determined by the Managing Member; 

(ii) The Gross Asset Values of all items of Property shall be adjusted to equal their respective fair market values as
determined by the Managing Member as of the following times: (A) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution, (B) the distribution by
the Company to a Member of more than a de minimis amount of Property as consideration for an interest in the Company, (C) the issuance of additional Company Interests as consideration for the provision of services, (D) the liquidation of
the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (other than pursuant to Section 708(b)(1)(B) of the Code), (E) the issuance of a Noncompensatory Option, or (F) any other event to the extent determined by the Members
to be necessary to properly reflect the Gross Asset Values in accordance with the standards set forth in Regulations Section 1.704-1(b)(2)(iv)(q); provided, however, that in the event of the issuance of an interest in the Company
pursuant to the exercise of a Noncompensatory Option where the right to share in Company capital represented by the Company interest differs from the consideration paid to acquire and exercise the Noncompensatory Option, the Gross Asset Value of
each Property immediately after the issuance of the Company interest shall be adjusted upward or downward to reflect any unrealized gain or unrealized loss attributable to the Property and the Capital Accounts of the Members shall be adjusted in a
manner consistent with Regulations Section 1.704-1(b)(2)(iv)(s); and provided further, however, if any Noncompensatory Options are outstanding upon the occurrence of an event described in this
paragraph (ii)(A) through (ii)(F), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and 1.704-1(b)(2)(iv)(h)(2); 

  
 5 

 (iii) The Gross Asset Value of any item of Property distributed to any Member
shall be adjusted to equal the fair market value of such item on the date of distribution as determined by the Managing Member; and 

(iv) The Gross Asset Value of each item of Property shall be increased (or decreased) to reflect any adjustments to the
adjusted basis of such assets pursuant to Code Sections 734(b) or 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and
subparagraph (vi) of the definition of Profits and Losses; provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment pursuant to
subparagraph (ii) is required in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (iv). 

If the Gross Asset Value of an asset has been determined or adjusted pursuant to subparagraph (i), subparagraph (ii) or subparagraph (iv), such
Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses. 

“Guarantees” by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Indebtedness or other obligation of any other Person or in any manner providing for the payment of any Indebtedness or other obligation of any other Person or otherwise protecting the holder of such Indebtedness or other obligations
against loss (whether arising by virtue of organizational agreements, by obtaining letters of credit, by agreement to keep-well, to take-or-pay or to purchase assets,
goods, securities or services, or otherwise); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. 

“Indebtedness” of any Person means, without duplication, (i) all obligations of such Person for borrowed money or
with respect to deposits or advances of any kind, (ii) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid,
(iv) all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person, (v) all obligations of such Person issued or assumed as the deferred purchase price of
property or services (excluding trade accounts payable, trade advertising and accrued obligations), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any lien on property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (vii) all Guarantees by such Person of Indebtedness of others, (viii) all Capital Lease obligations of
such Person, (ix) all obligations of such Person in respect of interest rate protection agreements, foreign currency exchange agreements or other interest rate hedging arrangements and (x) all obligations of such Person as an account party
in respect of letters of credit and bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any partnership in which such Person is a general partner, other than to the extent that the instrument or agreement
evidencing such Indebtedness expressly limits the Liability of such Person in respect thereof. 

  
 6 

 “Indemnitee” means (i) any Member, (ii) any Person who is or
was an Affiliate of a Member, (iii) any Person who is or was a member, manager, partner, director, officer, fiduciary or trustee of a Member or any Affiliate of a Member, (iv) any Person who is or was serving at the request of a Member or
any Affiliate of a Member as a member, manager, partner, director, officer, fiduciary or trustee of another Person; provided, that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services and (v) any Person the Managing Member designates as an “Indemnitee” for purposes of this Agreement because such Person’s
status, service or relationship exposes such Person to potential claims, demands, suits or proceedings relating to the business and affairs of the Company and its Subsidiaries. 

“IPO Date” means the date of the closing of the initial public offering of common units representing limited partner
interests in OMP. 
 “Liability” means any Indebtedness, obligation or other liability, whether arising under
Applicable Law, contract or otherwise, known or unknown, fixed or contingent, real or potential, tangible or intangible, now existing or hereafter arising. 

“Make-Up Contribution” is defined in Section 4.5(c).

 “Managing Member” is defined in the Recitals, provided that such term shall also include such
entity’s successors and permitted assigns that are admitted to the Company as managing member and any additional managing member of the Company, each in its capacity as managing member of the Company. 

“Member” is defined in the introductory paragraph, provided that such term shall also include such
entity’s successors and permitted assigns that are admitted as a member of the Company and each additional Person who becomes a member of the Company pursuant to the terms of this Agreement, in each case, in such Person’s capacity as a
member of the Company. 
 “Member Interest” means an equity interest of a Member in the Company and includes any and
all benefits to which such Member is entitled as provided in this Agreement, together with all obligations of such Member pursuant to the terms and provisions of this Agreement. 

“Member Nonrecourse Debt” is defined in Regulations Section 1.704-2(b)(4). 

“Member Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the
Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)(3). 

“Member Nonrecourse Deductions” is defined in Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“Minimum Gain” is defined in Regulations Sections 1.704-2(b)(2) and 1.704-2(d). 

“NDP Amount” is defined in Section 4.5(b). 

  
 7 

 “Noncompensatory Option” is defined in Regulations Section 1.721-2(f).

 “Nonrecourse Deductions” is defined in Regulations Section 1.704-2(b)(1) and 1.704-2(c). 

“Nonrecourse Liability” is defined in Regulations Section 1.704-2(b)(3). 

“OMP” means Oasis Midstream Partners LP, a Delaware limited partnership. 

“OMP Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of OMP,
substantially in the form attached as an exhibit to OMP’s registration statement on Form S-1 (file no. 333-217976), that will be entered into in connection with
OMP’s initial public offering, as it may be amended, modified, supplemented or restated from time to time, or any successor agreement. 

“OMP Operating” is defined in the introductory paragraph. 

“OMS” is defined in the introductory paragraph. 

“Original LLC Agreement” is defined in the Recitals. 

“Percentage Interest” means, with respect to any Member, the percentage interest set forth opposite such Member’s
name on Exhibit A attached hereto. In the event any Company Interest is transferred in accordance with the provisions of this Agreement, the transferee of such interest shall succeed to the Percentage Interest of his
transferor to the extent it relates to the transferred interest. 
 “Person” means an individual or a corporation,
firm, limited liability company, partnership, joint venture, trust, estate, unincorporated organization, association, Governmental Authority or political subdivision thereof or other entity. 

“Profits” and “Losses” mean, for each Allocation Year, an amount equal to the Company’s
taxable income or loss for such Allocation Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included
in taxable income or loss), with the following adjustments (without duplication): 
 (i) The Company shall be treated as
owning directly its proportionate share (as determined by the Managing Member) of any other partnership, limited liability company, unincorporated business or other entity classified as a partnership or disregarded entity for U.S. federal income tax
purposes of which the Company is, directly or indirectly, a partner, member or other equity-holder; 
 (ii) Any income of the
Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this definition of Profits and Losses shall be added to such taxable income or loss; 

  
 8 

 (iii) Any expenditures of the Company described in Code Section 705(a)(2)(B) or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this definition of Profits and Losses, shall be subtracted from
such taxable income or loss; 
 (iv) In the event the Gross Asset Value of any item of Property is adjusted pursuant to
subparagraph (ii) or subparagraph (iii) of the definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the item of Property) or an item of
loss (if the adjustment decreases the Gross Asset Value of the item of Property) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; 

(v) Gain or loss resulting from any disposition of any Property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset Value of the item of Property disposed of, notwithstanding that the adjusted tax basis of such Property differs from its Gross Asset Value; 

(vi) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such Allocation Year, computed in accordance with the definition of Depreciation; 

(vii) To the extent an adjustment to the adjusted tax basis of any item of Property pursuant to Code Sections 734(b) or 743(b)
is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a result of a distribution other than in liquidation of a Member’s Company Interest, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the item of Property) or loss (if the adjustment decreases such basis) from the disposition of such item of Property and shall be taken into account for purposes of
computing Profits or Losses; and 
 (viii) Notwithstanding any other provision of this definition, any items that are
specially allocated pursuant to Section 5.3 or Section 5.4 shall not be taken into account in computing Profits or Losses. 

The amounts of the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Section 5.3 and
Section 5.4 shall be determined by applying rules analogous to those set forth in subparagraph (i) through subparagraph (viii) above. For the avoidance of doubt, any guaranteed payment that accrues with respect to
an Allocation Year will be treated as an item of deduction of the Company for purposes of computing Profits and Losses in accordance with the provisions of Regulations Section 1.707-1(c). 

“Property” means all real and personal property acquired by the Company, including cash, and any improvements thereto,
and shall include both tangible and intangible property. 

  
 9 

 “Quarter” means, unless the context requires otherwise, a fiscal quarter
of the Company or, with respect to the fiscal quarter of the Company which includes the IPO Date, the portion of such fiscal quarter from and after the IPO Date. 

“Regulations” means the Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as such
regulations are amended from time to time. 
 “Regulatory Allocations” is defined in
Section 5.4. 
 “Representative” is defined in Section 8.3(a).

 “Required Contribution” is defined in Section 4.4(a). 

“Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of
shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Subsidiary of such Person is, at the date of determination, a general or limited partner of such partnership, but
only if more than 50% of the general partner interests of such partnership is owned, directly or indirectly, at the date of determination, by such Person, by one or more Subsidiaries of such Person or a combination thereof or (c) any other
Person (other than a corporation or a partnership) in which such Person, one or more Subsidiaries of such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or
(ii) the power to elect or direct the election of a majority of the directors or other governing body of such Person. 

“Tax Matters Member” is defined in Section 5.9(a). 

“Transaction Documents” is defined in the OMP Partnership Agreement. 

“Treasury Regulation” means the regulations promulgated by the United States Department of the Treasury pursuant to
and in respect of provisions of the Code. All references herein to sections of Treasury Regulations shall include any corresponding provision or provisions of succeeding, similar or substitute proposed or final Treasury Regulations. 

“Unanimous Approval Matter” is defined in Section 8.2. 

Section 1.2 Construction. Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement;
(c) the terms “include,” “includes,” “including” or words of like import shall be deemed to be followed by the words “without limitation” and (d) the terms “hereof,” “herein” or
“hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement. The table of contents and headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. The Managing Member has the power to construe and interpret this Agreement and to act upon any such construction or interpretation. To the fullest extent permitted by law, any construction or
interpretation of this Agreement by the Managing Member, any action taken pursuant thereto and any determination made by the Managing Member in good faith shall, in each case, be conclusive and binding on all Members, each other Person who acquires
an interest in a Company Interest and all other Persons for all purposes. 

  
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 ARTICLE II 

BUSINESS PURPOSE AND TERM OF THE COMPANY 

Section 2.1 Formation. The Company was previously formed as a limited liability company by the filing of the Certificate of
Formation with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Act and the execution of the Original LLC Agreement. This Agreement amends and restates the Original LLC Agreement in its entirety. Except as
expressly provided in this Agreement, the rights, duties, liabilities and obligations of the Members and the administration, dissolution and termination of the Company shall be governed by the Delaware Act. All Company Interests shall constitute
personal property of the owner thereof for all purposes. 
 Section 2.2 Name. The name of the Company shall be
“Beartooth DevCo LLC”. Subject to Applicable Law, the Company’s business may be conducted under any other name or names as determined by the Managing Member, including the name of the Managing Member. The words “Limited Liability
Company,” “L.L.C.,” “Ltd.” or similar words or letters shall be included in the Company’s name where necessary for the purpose of complying with the laws of any jurisdiction that so requires. The Managing Member may,
without the consent of any Member, amend this Agreement and the Certificate of Formation to change the name of the Company at any time and from time to time and shall notify the Members of such change in the next regular communication to the
Members. 
 Section 2.3 Registered Office; Registered Agent; Principal Office; Other Offices. Unless and until changed by
the Managing Member, the registered office of the Company in the State of Delaware shall be located at 1209 Orange Street, Wilmington, New Castle County, Delaware 19801, and the registered agent for service of process on the Company in the State of
Delaware at such registered office shall be The Corporation Trust Company. The principal office of the Company shall be located at 1001 Fannin Street, Suite 1500, Houston, Texas 77002, or such other place as the Managing Member may from time to time
designate by notice to the Members. The Company may maintain offices at such other place or places within or outside the State of Delaware as the Managing Member determines to be necessary or appropriate. The address of the Managing Member shall be
the address set forth on Exhibit A, or such other place as the Managing Member may from time to time designate by notice to the Members. The address of the initial Member shall be the address set forth on
Exhibit A, or such other place as the initial Member may from time to time designate by notice to the Managing Member. The address of each additional Member shall be the place such Member designates from time to time by
notice to the Managing Member. 

  
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 Section 2.4 Purpose and Business. The purpose and nature of the business to be
conducted by the Company shall be to engage directly or indirectly in any business activity that is approved by the Managing Member and that lawfully may be conducted by a limited liability company organized pursuant to the Delaware Act;
provided, however, that the Managing Member shall not cause the Company to engage, directly or indirectly, in any business activity that the Managing Member determines would be reasonably likely to cause the Company to be treated as an
association taxable as a corporation or otherwise taxable as an entity for U.S. federal income tax purposes. To the fullest extent permitted by law, the Managing Member shall have no duty or obligation to propose or approve the conduct by the
Company of any business and may decline to do so free of any fiduciary duty or obligation whatsoever to the Company, any Member or any other Person bound by this Agreement and, in declining to so propose or approve, shall not be required to act in
good faith or pursuant to any other standard imposed by this Agreement, any other agreement contemplated hereby or under the Delaware Act or any other law, rule or regulation or at equity, and the Managing Member in determining whether to propose or
approve the conduct by the Company of any business shall be permitted to do so in its sole and absolute discretion. 
 Section 2.5
Powers. The Company shall be empowered to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described in
Section 2.4 and for the protection and benefit of the Company. 
 Section 2.6 Term. The term of
the Company commenced upon the filing of the Certificate of Formation in accordance with the Delaware Act and shall continue until the dissolution of the Company in accordance with the provisions of Article XII. The
existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the Delaware Act. 

Section 2.7 Title to Property. Title to Property, whether real, personal or mixed and whether tangible or intangible, shall
be deemed to be owned by the Company as an entity, and no Member, individually or collectively, shall have any ownership interest in such Property or any portion thereof. Title to any or all of the Property may be held in the name of the Company,
the Managing Member, one or more Affiliates of the Managing Member or one or more nominees of the Managing Member or its Affiliates, as the Managing Member may determine. The Managing Member hereby declares and warrants that any Property for which
record title is held in the name of the Managing Member or one or more Affiliates of the Managing Member or one or more nominees of the Managing Member or its Affiliates shall be held by the Managing Member or such Affiliate or nominee for the use
and benefit of the Company in accordance with the provisions of this Agreement; provided, however, that the Managing Member shall use reasonable efforts to cause record title to such assets (other than those assets in respect of which
the Managing Member determines that the expense and difficulty of conveyancing makes transfer of record title to the Company impracticable) to be vested in the Company or one or more of the 

  
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Company’s designated Affiliates as soon as reasonably practicable; provided, further, that, prior to the withdrawal or removal of the Managing Member or as soon thereafter as
practicable, the Managing Member shall use reasonable efforts to effect the transfer of record title to the Company and, prior to any such transfer, will provide for the use of such assets in a manner satisfactory to any successor Managing Member.
All Property shall be recorded as the property of the Company in its books and records, irrespective of the name in which record title to such Property is held. 

ARTICLE III 

MEMBERS 

Section 3.1 Members; Percentage Interests. The names of the Members, their respective Percentage Interests, and the type of
Company Interest held by each Member are set forth on Exhibit A to this Agreement. 
 Section 3.2
Adjustments in Percentage Interests. The respective Percentage Interests of the Members shall be adjusted (a) at the time of any transfer of all or a portion of such Member’s Company Interest pursuant to
Section 9.1, (b) at the time of the issuance of additional Company Interests pursuant to Section 8.2(b) and (c) at the time of the admission of each new Member in accordance with this
Agreement, in each case to take into account such transfer, issuance or admission of a new Member. The Managing Member is authorized to amend Exhibit A to this Agreement to reflect any such adjustment without the consent of
any other Member. 
 Section 3.3 Limitation of Liability. The Members shall have no liability under this Agreement except
as expressly provided in this Agreement or the Delaware Act. 
 ARTICLE IV 

CAPITAL CONTRIBUTIONS 

Section 4.1 Capitalization of the Company. Subject to Section 8.2, the Company is authorized to
issue one class of Company Interests. The Company Interests shall be designated as Member Interests, having such rights, powers, preferences and designations as set forth in this Agreement. 

Section 4.2 Additional Capital Contributions. The Members shall make additional Capital Contributions to the Company at
such times and in such amounts as determined by the Members in accordance with this Agreement. 

  
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 Section 4.3 Withdrawal of Capital; Interest. No Member may withdraw capital or
receive any distributions from the Company except as specifically provided herein. No interest shall accrue or be payable by the Company on any Capital Contributions. 

Section 4.4 Capital Contribution Events. 

(a) Notwithstanding anything in Section 4.2 to the contrary, whenever the Managing Member determines in good faith
that additional Capital Contributions in cash from the Members are necessary to fund the Company’s operations, the Managing Member may issue a notice to each Member (a “Call Notice”) for an additional Capital
Contribution by each Member (a “Required Contribution”) in an amount equal to such Member’s pro rata portion (based on the Percentage Interests of the Members) of the aggregate additional Capital Contribution determined
to be necessary by the Managing Member not less than fifteen (15) days prior to the date the Managing Member determines such additional Capital Contributions shall be made by the Members. 

(b) All Call Notices shall be expressed in U.S. dollars and shall state the date on which payment is due and the bank(s) or account(s) to
which payment is to be made. Each Call Notice shall specify in reasonable detail the purpose(s) for which such Required Contribution is required and the amount of the Required Contribution to be made by each Member pursuant to such Call Notice. Each
Member shall contribute its Required Contribution within five (5) Business Days of the date of delivery of the relevant Call Notice. The Company shall use the proceeds of such Required Contributions exclusively for the purpose specified in the
relevant Call Notice. 
 Section 4.5 Failure to Contribute. 

(a) If a Member fails to contribute all or any portion of a Required Contribution that such Member (a “Delinquent
Member”) is required to make as provided in this Agreement, then, while such Member is a Delinquent Member, each non-Delinquent Member may (but shall have no obligation to) elect to fund all or
any portion of the Delinquent Member’s Required Contribution as a Capital Contribution pursuant to this Section 4.5. If a non-Delinquent Member so desires to fund such amount,
such non-Delinquent Member shall so notify each of the other non-Delinquent Members, who shall have five (5) days thereafter to elect to participate in such
funding. 
 (b) The portion that each participating non-Delinquent Member may fund as a Capital
Contribution pursuant to this Section 4.5 (the “NDP Amount”) shall be equal to the product of (x) the delinquent amount of such Required Contribution multiplied by (y) a fraction, the
numerator of which shall be the Percentage Interest then held by such participating non-Delinquent Member and the denominator of which shall be the aggregate Percentage Interest held by all such participating non-Delinquent Members; provided, that if any participating non-Delinquent Member elects to fund less than its full allocation of such amount, the fully participating non-Delinquent Members shall be entitled to take up such shortfall (allocated, as 

  
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necessary, based on their respective Percentage Interests). Upon such funding as a Capital Contribution, the Company Interest and Percentage Interest of each Member shall be appropriately
adjusted to reflect all such funding (based on total Capital Contributions). 
 (c) Notwithstanding anything in this
Section 4.5 to the contrary, the Delinquent Member may cure such delinquency (i) by contributing its Required Contribution prior to the Capital Contribution being made by another Member or (ii) on or before the
sixtieth (60th) day following the date that the participating non-Delinquent Member(s) satisfied the Required Contribution, by making a Capital Contribution to the Company in an amount equal to the Required
Contribution (a “Make-Up Contribution”) and paying to each participating non-Delinquent Member an amount equal to its respective NDP Amount
multiplied by the Default Interest Rate for the period from the date such participating non-Delinquent Member funded its NDP Amount to the date that the Delinquent Member makes its Make-Up Contribution (the “Default Interest Amount”). If a Delinquent Member cures its delinquency pursuant to Section 4.5(c)(ii) by making a Make-Up Contribution and paying the Default Interest Amount, then (A) first, the Company shall distribute to each existing Member that is a participating non-Delinquent
Member the NDP Amount that such participating non-Delinquent Member funded pursuant to Section 4.5(b), (B) second, the respective Capital Accounts and Percentage Interests of the
Members shall be adjusted with all necessary increases or decreases to return the Members’ Capital Accounts and Percentage Interests status quo ante application of Section 4.5(b) and (C) third, the Percentage
Interest and Company Interests of each Member shall be appropriately adjusted to reflect the Make-Up Contribution (based on total Capital Contributions). If the delinquency is remedied (i) by the
Delinquent Member making its Required Contribution or Make-Up Contribution pursuant to this Section 4.5(c) or (ii) by funding by the
non-Delinquent Member(s) as a Capital Contribution pursuant to Section 4.5(b), the Delinquent Member shall no longer be deemed to be a Delinquent Member with respect to the unfunded
Required Contribution. 
 ARTICLE V 

ALLOCATIONS AND OTHER TAX MATTERS 

Section 5.1 Profits. After giving effect to the special allocations set forth in Section 5.3 and
Section 5.4, and any allocation of Profits set forth in Section 5.2(b), Profits for any Allocation Year shall be allocated among the Members in proportion to their respective Percentage Interests.

 Section 5.2 Losses. 

(a) After giving effect to the special allocations set forth in Section 5.3 and
Section 5.4, Losses for any Allocation Year shall be allocated among the Members in proportion to their respective Percentage Interests. 

(b) The Losses allocated pursuant to Section 5.2(a) shall not exceed the maximum amount of Losses that can be so
allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any Allocation Year. In the event some but not all 

  
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of the Members would have Adjusted Capital Account Deficits as a result of an allocation of Losses pursuant to Section 5.2(a), Losses that would otherwise be allocated
to a Member pursuant to Section 5.2(a) but for the limitation set forth in this Section 5.2(b) shall be allocated to the remaining Members in proportion to their relative Percentage Interests. All
remaining Losses in excess of the limitation set forth in this Section 5.2(b) shall be allocated to the Managing Member. Profits for any Allocation Year subsequent to an Allocation Year for which the limitation set forth in
this Section 5.2(b) was applicable shall be allocated (i) first, to reverse any Losses allocated to the Managing Member pursuant to the third sentence of this Section 5.2(b) and
(ii) second, to reverse any Losses allocated to the Members pursuant to the second sentence of this Section 5.2(b) and in proportion to how such Losses were allocated. 

Section 5.3 Special Allocations. The following special allocations shall be made in the following order: 

(a) Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding any other provision of this
Article V, if there is a net decrease in Minimum Gain during any Allocation Year, each Member shall be specially allocated items of Company income and gain for such Allocation Year (and, if necessary, subsequent Allocation
Years) in an amount equal to such Member’s share of the net decrease in Minimum Gain, determined in accordance with Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(g)(2). This Section 5.3(a) is intended to
comply with the minimum gain chargeback requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(b) Member Minimum Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4), notwithstanding any other
provision of this Article V, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during any Allocation Year, each Member who has a share of the Member Nonrecourse
Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such
Allocation Year (and, if necessary, subsequent Allocation Years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with
Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in
accordance with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.3(b) is intended to comply with the minimum gain chargeback requirement in Regulations
Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (c) Qualified Income Offset. In the event that any
Member unexpectedly receives any adjustments, allocations or distributions described in Regulations Sections 1.704- 1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be allocated to such
Member in an amount and manner sufficient to eliminate, to the 

  
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extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible; provided that an allocation pursuant to this
Section 5.3(c) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article V have been
tentatively made as if this Section 5.3(c) were not in this Agreement. 
 (d) Gross Income Allocation. In
the event that any Member has an Adjusted Capital Account Deficit at the end of any Allocation Year, each such Member shall be allocated items of Company income and gain in the amount of such deficit as quickly as possible; provided that an
allocation pursuant to this Section 5.3(d) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this
Article V have been tentatively made as if Section 5.3(c) and this Section 5.3(d) were not in this Agreement. 

(e) Nonrecourse Deductions. Nonrecourse Deductions for any Allocation Year shall be allocated among the Members in proportion to their
respective Percentage Interests. 
 (f) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Allocation Year
shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)(1). 

(g) Nonrecourse Liabilities. Nonrecourse Liabilities of the Company described in Regulations Section 1.752-3(a)(3) shall be allocated
among the Members in the manner chosen by the Managing Member and consistent with such section of the Regulations. 
 (h) Section 754
Adjustments. To the extent an adjustment to the adjusted tax basis of any Property, pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of such Member’s Company Interest, the amount of such
adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members in accordance
with their interests in the Company in the event Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such distribution was made in the event Regulations
Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 Section 5.4 Curative Allocations. The allocations set forth in
Section 5.3 (the “Regulatory Allocations”) are intended to comply with certain requirements of the Regulations. It is the intent of the Members that, to the extent possible, the Regulatory
Allocations shall be offset either with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section 5.4. Therefore, notwithstanding any other provision of this
Article V (other than the Regulatory Allocations), the Tax Matters Member shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after
such offsetting 

  
 17 

 
allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not
part of this Agreement and all Company items were allocated pursuant to Section 5.1, Section 5.2 and Section 5.3 (other than the Regulatory Allocations). In exercising its
discretion under this Section 5.4, the Tax Matters Member shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 

Section 5.5 Other Allocation Rules. 

(a) Profits, Losses and any other items of income, gain, loss or deduction shall be allocated to the Members pursuant to this
Article V as of the last day of each Fiscal Year; provided that Profits, Losses and such other items shall also be allocated at such times as the Gross Asset Values of the Company’s assets are adjusted pursuant
to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.1. 
 (b) For purposes
of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall be determined on a daily proration basis by the Managing Member under Code Section 706 and the Regulations thereunder.

 Section 5.6 Tax Allocations: Code Section 704(c). 

(a) Except as otherwise provided in this Section 5.6, each item of income, gain, loss and deduction of the Company
for federal income tax purposes shall be allocated among the Members in the same manner as such items are allocated for book purposes under this Article V. In accordance with Code Section 704(c) and the Regulations
thereunder, income, gain, loss and deduction with respect to any Property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of
such Property to the Company for federal income tax purposes and its initial Gross Asset Value (computed in accordance with the definition of Gross Asset Value). Such allocation shall be made in accordance with the “remedial method”
described by Regulations Section 1.704-3(d). 
 (b) In the event the Gross Asset Value of any Property is adjusted pursuant to
subparagraph (ii) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such Property shall take account of any variation between the adjusted basis of such Property for federal
income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder. Such allocation shall be made in accordance with the “remedial method” described by Regulations Section
1.704-3(d). 
 (c) In accordance with Regulations Sections 1.1245-1(e) and 1.1250-1(f), any gain
allocated to the Members upon the sale or other taxable disposition of any Property shall, to the extent possible, after taking into account other required allocations of gain pursuant to this 

  
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Section 5.6(c), be characterized as “recapture income” in the same proportions and to the same extent as such Members (or their predecessors in interest) have
been allocated any deductions directly or indirectly giving rise to the treatment of such gains as “recapture income.” 
 (d) Any
elections or other decisions relating to such allocations shall be made by the Managing Member in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 5.6 are
solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of
this Agreement. 
 Section 5.7 Tax Elections. 

(a) The Members intend that the Company be treated as a partnership or a “disregarded entity” for federal income tax purposes.
Accordingly, neither the Tax Matters Member nor any Member shall file any election or return on its own behalf or on behalf of the Company that is inconsistent with that intent. 

(b) The Company shall make the election under Code Section 754 in accordance with the applicable Regulations issued thereunder, subject
to the reservation of the right to seek to revoke any such election upon the Managing Member’s determination that such revocation is in the best interests of the Members. 

(c) Any elections or other decisions relating to tax matters that are not expressly provided herein, shall be made jointly by the Members in
any manner that reasonably reflects the purpose and intention of this Agreement. 
 Section 5.8 Tax Returns. 

(a) The Company shall cause to be prepared and timely filed all federal, state, local and foreign income tax returns and reports required to
be filed by the Company and its subsidiaries. The Company shall provide copies of all the Company’s federal, state, local and foreign tax returns (and any schedules or other required filings related to such returns) that reflect items of
income, gain, deduction, loss or credit that flow to separate Member returns, to the Members for their review and comment prior to filing, except as otherwise agreed by the Members. The Members agree in good faith to resolve any difference in the
tax treatment of any item affecting such returns and schedules. However, if the Members are unable to resolve the dispute, the position of the Tax Matters Member shall be followed if nationally recognized tax counsel acceptable to the Member
provides an opinion that substantial authority exists for such position. Substantial authority shall be given the meaning ascribed to it for purposes of applying Code Section 6662. If the Members are unable to resolve the dispute prior to the
due date for filing the return, including approved extensions, the position of the Tax Matters Member shall be followed, and amended returns shall be filed if necessary at such time the dispute is resolved. The costs of the dispute shall be borne by
the Company. The Members agree to file their separate federal income tax returns in a manner consistent with the Company’s return, the provisions of this Agreement and in accordance with Applicable Law. 

  
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 (b) The Company shall elect the most rapid method of depreciation and amortization allowed under
Applicable Law, unless the Members agree otherwise. 
 (c) The Members shall provide each other with copies of all correspondence or
summaries of other communications with the Internal Revenue Service or any state, local or foreign taxing authority (other than routine correspondence and communications) regarding the tax treatment of the Company’s operations. No Member shall
enter into settlement negotiations with the Internal Revenue Service or any state, local or foreign taxing authority with respect to any issue concerning the Company’s income, gains, losses, deductions or credits if the tax adjustment
attributable to such issue (assuming the then current aggregate tax rate) would be $100,000 or greater, without first giving reasonable advance notice of such intended action to the other Members. 

Section 5.9 Tax Matters Member. 

(a) The Managing Member shall be the “Tax Matters Member” of the Company within the meaning of Section 6231(a)(7) of the Code, and
shall act in any similar capacity under the Applicable Law of any state, local or foreign jurisdiction, but only with respect to returns for which items of income, gain, loss, deduction or credit flow to the separate returns of the Members. If at
any time there is more than one Managing Member, the Tax Matters Member shall be the Managing Member with the largest Percentage Interest following such admission. 

(b) The Tax Matters Member shall incur no Liability (except as a result of the gross negligence or willful misconduct of the Tax Matters
Member) to the Company or the other Members including, but not limited to, Liability for any additional taxes, interest or penalties owed by the other Members due to adjustments of Company items of income, gain, loss, deduction or credit at the
Company level. 
 Section 5.10 Duties of Tax Matters Member. 

(a) Except as provided in Section 5.10(b), the Tax Matters Member shall cooperate with the other Members and shall
promptly provide the other Members with copies of notices or other materials from, and inform the other Members of discussions engaged with, the Internal Revenue Service or any state, local or foreign taxing authority and shall provide the other
Members with notice of all scheduled proceedings, including meetings with agents of the Internal Revenue Service or any state, local or foreign taxing authority, technical advice conferences, appellate hearings, and similar conferences and hearings,
as soon as possible after receiving notice of the scheduling of such proceedings, but in any case prior to the date of such scheduled proceedings. 

  
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 (b) The duties of the Tax Matters Member under Section 5.10(a) shall
not apply with respect to notices, materials, discussions, proceedings, meetings, conferences, or hearings involving any issue concerning the Company’s income, gains, losses, deductions or credits if the tax adjustment attributable to such
issue (assuming the then current aggregate tax rate) would be less than $100,000 except as otherwise required under Applicable Law. 
 (c)
The Tax Matters Member shall not extend the period of limitations or assessments without the consent of the other Members, which consent shall not be unreasonably withheld. 

(d) The Tax Matters Member shall not file a petition or complaint in any court, or file any claim, amended return or request for an
administrative adjustment with respect to company items, after any return has been filed, with respect to any issue concerning the Company’s income, gains, losses, deductions or credits if the tax adjustment attributable to such issue (assuming
the then current aggregate tax rate) would be $100,000 or greater, unless agreed by the other Members. If the other Members do not agree, the position of the Tax Matters Member shall be followed if nationally recognized tax counsel acceptable to all
Members issues an opinion that a reasonable basis exists for such position. Reasonable basis shall be given the meaning ascribed to it for purposes of applying Code Section 6662. The costs of the dispute shall be borne by the Company. 

(e) The Tax Matters Member shall not enter into any settlement agreement with the Internal Revenue Service or any state, local or foreign
taxing authority, either before or after any audit of the applicable return is completed, with respect to any issue concerning the Company’s income, gains, losses, deductions or credits, unless any of the following apply: 

(i) all Members agree to the settlement; 

(ii) the tax effect of the issue if resolved adversely would be, and the tax effect of settling the issue is, proportionately
the same for all Members (assuming each otherwise has substantial taxable income); 
 (iii) the Tax Matters Member determines
that the settlement of the issue is fair to the Members; or 
 (iv) tax counsel acceptable to all Members determines that the
settlement is fair to all Members and is one it would recommend to the Company if all Members were owned by the same person and each had substantial taxable income. 

In all events, the costs incurred by the Tax Matters Member in performing its duties hereunder shall be borne by the Company. 

(f) The Tax Matters Member may request extensions to file any tax return or statement without the written consent of, but shall so inform, the
other Members. 

  
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 Section 5.11 Designation and Authority of Partnership Representative. With respect
to tax returns filed for taxable years beginning on or after December 31, 2017, the Managing Member (or its designee) will be designated as the “partnership representative” in accordance with the rules prescribed pursuant to Section 6223
of the Code and shall have the sole authority to act on behalf of the Company in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings. If at any time there is
more than one Managing Member, the partnership representative shall be the Managing Member with the largest Percentage Interest following such admission (or its designee). The Managing Member (or its designee) shall exercise, in its sole discretion,
any and all authority of the “partnership representative” under the Code, including, without limitation, (i) binding the Company and its Members with respect to tax matters and (ii) determining whether to make any available election under
Section 6226 of the Code. In all events, the cost incurred by the partnership representative in performing its duties hereunder shall be borne by the Company. In accordance with Section 13.6, the Managing Member shall propose and the Members
shall agree to (such agreement not to be unreasonably withheld) any amendment of the provisions of this Agreement required to appropriately to reflect the proposal or promulgation of Treasury Regulations implementing the partnership audit,
assessment and collection rules adopted by the Bipartisan Budget Act of 2015, including any amendments to those rules. 

Section 5.12 Survival of Provisions. To the fullest extent permitted by law, the provisions of this Agreement regarding the
Company’s tax returns and Tax Matters Member shall survive the termination of the Company and the transfer of any Member’s interest in the Company and shall remain in effect for the period of time necessary to resolve any and all matters
regarding the federal, state, local and foreign taxation of the Company and items of Company income, gain, loss, deduction and credit. 

ARTICLE VI 

DISTRIBUTIONS 

Section 6.1 Distributions of Distributable Cash. Within 40 days following the end of each Quarter commencing with the
Quarter that includes the IPO Date, the Company shall distribute to the Members pro rata in accordance with their respective Percentage Interests an amount equal to 100% of Distributable Cash. Notwithstanding any other provision of this Agreement,
the Company shall not make a distribution to any Member on account of its interest in the Company if such distribution would violate the Delaware Act or other Applicable Law. 

Section 6.2 Liquidating Distributions. Notwithstanding any other provision of this Article VI
(other than the last sentence of Section 6.1), distributions with respect to the Quarter in which a dissolution of the Company occurs shall be made in accordance with Article XII. 

Section 6.3 Distribution in Kind. The Company shall not distribute to the Members any assets in kind unless approved by the
Members in accordance with this Agreement. If cash and property in kind are to be distributed simultaneously, the Company shall distribute such cash and property in kind in the same proportion to each Member, unless otherwise approved by the Members
in accordance with this Agreement. 
 ARTICLE VII 

BOOKS AND RECORDS 

Section 7.1 Books and Records; Examination. The Managing Member shall keep or cause to be kept such books of account and
records with respect to the Company’s business as it may deem necessary and appropriate. Each Member and its duly authorized representatives shall have the right, for any purpose reasonably related to its interest in the Company, at any time to
examine, or to appoint independent certified public accountants (the fees of which shall be paid by such Member) to examine, the books, records and accounts of the Company and its Subsidiaries, their operations and all other matters that such Member
may wish to examine, including all documentation relating to actual or proposed transactions between the Company and any Member or any Affiliate of a Member. The Company’s books of account shall be kept using the method of accounting determined
by the Managing Member. 

  
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 Section 7.2 Reports. The Managing Member shall prepare and send to each Member
(at the same time) promptly such financial information of the Company as a Member shall from time to time reasonably request, for any purpose reasonably related to its interest in the Company. The Managing Member shall, for any purpose reasonably
related to a Member’s interest in the Company, permit examination and audit of the Company’s books and records by both the internal and independent auditors of its Members. 

ARTICLE VIII 

MANAGEMENT AND VOTING 

Section 8.1 Management. The Managing Member shall conduct, direct and manage the business of the Company. Except as
otherwise expressly provided in this Agreement, all management powers over the business and affairs of the Company shall be exclusively vested in the Managing Member, and no Member shall have any management power over the business and affairs of the
Company. In addition to the powers now or hereafter granted a managing member of a limited liability company under the Delaware Act or which are granted to the Managing Member under any other provision of this Agreement, the Managing Member, subject
to Section 8.2, shall have full power and authority to do all things on such terms as it, in its sole discretion, may deem necessary or appropriate to conduct the business of the Company and to effectuate the purposes set
forth in Section 2.4. The Company shall reimburse the Managing Member, on a monthly basis or such other basis as the Managing Member may determine, for all direct and indirect costs and expenses incurred by the Managing
Member or payments made by the Managing Member, in its capacity as the managing member of the Company, for and on behalf of the Company. Except as provided in this Section 8.1, and elsewhere in this Agreement, the Managing
Member shall not be compensated for its services as the managing member of the Company. 
 Section 8.2 Matters Constituting
Unanimous Approval Matters. Notwithstanding anything in this Agreement or the Delaware Act to the contrary, and subject to the provisions of Section 8.3(c), each of the following matters, and only the following
matters, shall constitute a “Unanimous Approval Matter” which requires the prior approval of all of the Members pursuant to Section 8.3(c): 

(a) any merger, consolidation, reorganization or similar transaction between or among the Company and any Person (other than a transaction
between the Company and a direct or indirect wholly owned Subsidiary of the Company) or any sale or lease of all or substantially all of the Company’s assets to any Person (other than a direct or indirect wholly owned Subsidiary of the
Company); 
 (b) the creation of any new class of Company Interests, the issuance of any additional Company Interests or the issuance of any
security that is convertible into or exchangeable for a Company Interest; 

  
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 (c) the admission or withdrawal of any Person as a Member other than pursuant to (i) the
third sentence of Section 9.2, (ii) Section 9.4 or (iii) any transfer of Company Interests pursuant to Section 9.1(b), as applicable; 

(d) the commencement of a voluntary case with respect to the Company or any of its Subsidiaries under any applicable bankruptcy, insolvency or
other similar Applicable Law now or hereafter in effect, or the consent to the entry of an order for relief in an involuntary case under any such Applicable Law, or the consent to the appointment of or the taking possession by a receiver,
liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Company or any of its Subsidiaries or for any substantial part of the Company’s or any of its Subsidiaries’ property, or the making of any general
assignment for the benefit of creditors; 
 (e) the modification, alteration or amendment of the amount, timing, frequency or method of
calculation of distributions to the Members from that provided in Article VI; 
 (f) (i) the approval of any
distribution by the Company to the Members of any assets in kind (other than cash or cash equivalents), (ii) the approval of any distribution by the Company to the Members of cash or property in kind on a
non-pro rata basis and (iii) the determination of the value assigned to distributions of property in kind; 

(g) other than pursuant to Section 4.4, the making of any additional Capital Contributions to the Company; and 

(h) any other provision of this Agreement expressly requiring the approval, consent or other form of authorization of all of the Members. 

Section 8.3 Meetings and Voting. 

(a) Representatives. For purposes of this Article VIII and subject to the Managing Member’s authority
under Section 8.1, each Member shall be represented by a designated representative (each, a “Representative”), who shall be appointed by, and may be removed with or without cause by, the Member that
designated such Person. Each Representative shall have the full authority to act on behalf of the Member who designated such Representative. To the fullest extent permitted by Applicable Law, each Representative shall be deemed the agent of the
Member that appointed him, and each Representative shall not be an agent of the Company or the other Members. The action of a Representative at a meeting of the Members (or through a written consent) shall bind the Member that designated that
Representative, and the other Members shall be entitled to rely upon such action without further inquiry or investigation as to the actual authority (or lack thereof) of such Representative. 

(b) Meetings and Voting. Meetings of Members shall be at such times and locations as the Managing Member shall determine in its sole
discretion. The Managing Member shall provide notice to the Members of any meetings of Members in any manner that it deems reasonable and appropriate under the circumstances. The holders of a majority, by Percentage

  
 24 

 
Interest, of Company Interests for which a meeting has been called (including Company Interests owned by the Managing Member) represented in person or by proxy shall constitute a quorum at a
meeting of Members unless any such action by the Members requires approval by holders of a greater Percentage Interest, in which case the quorum shall be such greater Percentage Interest. At any meeting of the Members duly called and held in
accordance with this Agreement at which a quorum is present, the act of Members holding Company Interests that, in the aggregate, represent a majority of the Percentage Interests of those present in person or by proxy at such meeting shall be deemed
to constitute the act of all Members, unless a greater or different percentage is required with respect to such action under the provisions of this Agreement, in which case the act of the Members holding Company Interests that in the aggregate
represent at least such greater or different percentage shall be required. The Members present at a duly called or held meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of
enough Members to leave less than a quorum, if any action taken (other than adjournment) is approved by Members holding the required Percentage Interests specified in this Agreement. In the absence of a quorum, any meeting of Members may be
adjourned from time to time by the affirmative vote of Members with at least a majority of the Percentage Interests of the Members entitled to vote at such meeting (including the Managing Member) represented either in person or by proxy, but no
other business may be transacted. 
 (c) Unanimous Approval Matters. All Unanimous Approval Matters shall be approved by the
unanimous affirmative vote of all of the Members. Each Member acknowledges and agrees that all references in this Agreement to any approval, consent or other form of authorization by “all Members,” “each of the Members” or
similar phrases shall be deemed to mean that such approval, consent or other form of authorization shall constitute a Unanimous Approval Matter that requires the unanimous approval of all of the Members in accordance with this
Section 8.3(c). 
 Section 8.4 Reliance by Third Parties. Persons dealing with the Company are
entitled to rely conclusively upon the power and authority of the Managing Member set forth in this Agreement. Neither a Member nor its Representative shall have the authority to bind the Company or any of its Subsidiaries. 

Section 8.5 Reimbursement of the Managing Member. The Managing Member shall be reimbursed on a monthly basis, or such other
basis as the Managing Member may determine, for (i) all direct and indirect expenses it incurs or payments it makes on behalf of the Company (including salary, bonus, incentive compensation and other amounts paid to any Person, including
Affiliates of the Managing Member, to perform services for the Company or for the Managing Member in the discharge of its duties to the Company) and (ii) all other expenses allocable to the Company or otherwise incurred by the Managing Member
or its Affiliates in connection with managing and operating the Company’s business and affairs (including expenses allocated to the Managing Member by its Affiliates). The Managing Member shall determine the expenses that are allocable to the
Company. Reimbursements pursuant to this Section 8.5 shall be in addition to any reimbursement to the Managing Member as a result of indemnification pursuant to Section 10.3. Any allocation of

  
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expenses to the Company by the Managing Member in a manner consistent with its or its Affiliates’ past business practices shall be permitted by, and not constitute a breach of, this
Agreement or any duty owed by the Managing Member to the Company, the Members, or any other Person bound by this Agreement. 

ARTICLE IX 

TRANSFER OF COMPANY INTERESTS 

Section 9.1 Restrictions on Transfers. 

(a) General. Except as expressly provided by this Article IX, no Member shall transfer all or any part of its
Company Interests to any Person without first obtaining the written approval of each of the other Members, which approval may be granted or withheld in their sole discretion. 

(b) Transfer by Operation of Law. In the event a Member shall be party to a merger, consolidation or similar business combination
transaction with another Person or sell all or substantially all its assets to another Person, such Member may transfer all or part of its Company Interests to such other Person without the approval of any other Member. 

(c) Consequences of an Unpermitted Transfer. To the fullest extent permitted by law, any transfer of a Member’s Company Interest
in violation of the applicable provisions of this Agreement shall be void. 
 Section 9.2 Conditions for Admission. No
transferee of all or a portion of the Company Interests of any Member shall be admitted as a Member hereunder unless such Company Interests are transferred in compliance with the applicable provisions of this Agreement. Each such transferee shall
have executed and delivered to the Company such instruments as the Managing Member deems necessary or appropriate in its sole discretion to effectuate the admission of such transferee as a Member and to confirm the agreement of such transferee to be
bound by all the terms and provisions of this Agreement. The admission of a transferee shall be effective immediately prior to such transfer and, immediately following such admission, the transferor shall cease to be a Member (to the extent it
transferred its entire Company Interest). If the Managing Member transfers its entire Member Interest in the Company, the transferee Managing Member, to the extent admitted as a substitute Managing Member, is hereby authorized to, and shall,
continue the Company without dissolution. 
 Section 9.3 Allocations and Distributions. Subject to applicable
Regulations, upon the transfer of all the Company Interests of a Member as herein provided, the Profit or Loss of the Company attributable to the Company Interests so transferred for the Fiscal Year in which such transfer occurs shall be allocated
between the transferor and transferee as of the effective date of the assignment, and such allocation shall be based upon any permissible method agreed to by the Members that is provided for in Code Section 706 and the Regulations issued
thereunder. 

  
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 Section 9.4 Restriction on Resignation or Withdrawal. Except in connection
with a transfer permitted pursuant to Section 9.1 or as contemplated by Section 12.1, no Member shall withdraw from the Company without the consent of each of the other Members. To the extent
permitted by law, any purported withdrawal from the Company in violation of this Section 9.4 shall be null and void. 

ARTICLE X 

LIABILITY, EXCULPATION AND INDEMNIFICATION 

Section 10.1 Liability for Company Obligations. Except as otherwise required by the Delaware Act, the Liabilities of the
Company shall be solely the Liabilities of the Company, and no Indemnitee (other than the Managing Member) shall be obligated personally for any such Liability of the Company solely by reason of being an Indemnitee. 

Section 10.2 Disclaimer of Duties and Exculpation. 

(a) Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, no Indemnitee shall have any duty
(fiduciary or otherwise) or obligation to the Company, the Members or to any other Person bound by this Agreement, and in taking, or refraining from taking, any action required or permitted under this Agreement or under Applicable Law, each
Indemnitee shall be entitled to consider only such interests and factors as such Indemnitee deems advisable, including its own interests, and need not consider any interest of or factors affecting, any other Indemnitee or the Company notwithstanding
any duty otherwise existing at law or in equity. To the extent that an Indemnitee is required or permitted under this Agreement to act in “good faith” or under another express standard, such Indemnitee shall act under such express standard
and shall not be subject to any other or different standard under this Agreement or otherwise existing under Applicable Law or in equity. 

(b) The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and Liabilities of
an Indemnitee otherwise existing under Applicable Law or in equity, are agreed by the Members to replace such other duties and Liabilities of such Indemnitee in their entirety, and no Indemnitee shall be liable to the Company, the Members or any
other Person bound by this Agreement for its good faith reliance on the provisions of this Agreement. 
 (c) To the fullest extent permitted
by law, no Indemnitee shall be liable to the Company, the Members or any other Person bound by this Agreement for any cost, expense, loss, damage, claim or Liability incurred by reason of any act or omission performed or omitted by such Indemnitee
in such capacity, whether or not such Person continues to be an Indemnitee at the time of such cost, expense, loss, damage, claim or Liability is incurred or imposed, if the 

  
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Indemnitee acted in good faith reliance on the provisions of this Agreement, and, with respect to any criminal action or proceeding, such Indemnitee had no reasonable cause to believe its conduct
was unlawful. 
 (d) An Indemnitee shall be fully protected from liability to the Company, the Members and any other Person bound by this
Agreement in acting or refraining from acting in good faith reliance upon the records of the Company and such other information, opinions, reports or statements presented to the Company by any Person as to any matters the Indemnitee reasonably
believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company, including information, opinions, reports or statements as to the value and amount of the
assets, Liabilities, Profits and Losses of the Company. 
 Section 10.3 Indemnification. 

(a) To the fullest extent permitted by law but subject to the limitations expressly provided in this Agreement, all Indemnitees shall be
indemnified and held harmless by the Company from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts
arising from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in which any Indemnitee may be
involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an Indemnitee and acting (or refraining to act) in such capacity on behalf of or for the benefit of the Company; provided, that the Indemnitee
shall not be indemnified and held harmless pursuant to this Agreement if there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the
matter for which the Indemnitee is seeking indemnification pursuant to this Agreement, the Indemnitee acted in bad faith or engaged in intentional fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the
Indemnitee’s conduct was unlawful; provided, further, no indemnification pursuant to this Section 10.3 shall be available to any Affiliate of the Company, or to any other Indemnitee, with respect to any
such Affiliate’s obligations pursuant to the Transaction Documents. Any indemnification or advancement of expenses pursuant to this Section 10.3 shall be made only out of the assets of the Company, it being agreed that
the Managing Member shall not be personally liable for such indemnification or advancement of expenses and shall have no obligation to contribute or loan any monies or property to the Company to enable it to effectuate such indemnification or
advancement of expenses. 
 (b) To the fullest extent permitted by law, expenses (including legal fees and expenses) incurred by an
Indemnitee who is entitled to be indemnified pursuant to Section 10.3(a) in defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this
Section 10.3, the Indemnitee is not entitled to be indemnified upon receipt by the Company of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be ultimately determined that the Indemnitee
is not entitled to be indemnified as authorized by this Section 10.3. 

  
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 (c) The indemnification provided by this Section 10.3 shall be in
addition to any other rights to which an Indemnitee may be entitled under any agreement, as a matter of law, in equity or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity, and
shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns, executors and administrators of the Indemnitee. 

(d) The Company may purchase and maintain (or reimburse the Managing Member or its Affiliates for the cost of) insurance, on behalf of the
Managing Member, its Affiliates and such other Persons as the Managing Member shall determine, against any liability that may be asserted against or expense that may be incurred by such Person in connection with the Company’s activities or such
Person’s activities on behalf of the Company, regardless of whether the Company would have the power to indemnify such Person against such liability under the provisions of this Agreement. 

(e) For purposes of this Section 10.3, the Company shall be deemed to have requested an Indemnitee to serve as
fiduciary of an employee benefit plan whenever the performance by it of its duties to the Company also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an
Indemnitee with respect to an employee benefit plan pursuant to Applicable Law shall constitute “fines” within the meaning of Section 10.3(a); and action taken or omitted by an Indemnitee with respect to any
employee benefit plan in the performance of its duties for a purpose subjectively believed by it not to be adverse to the interests of the participants and beneficiaries of the plan shall be deemed to be for a purpose that is on behalf of and for
the benefit of the Company and not adverse to the interests of the Company. 
 (f) In no event may an Indemnitee subject the Members to
personal liability by reason of the indemnification provisions set forth in this Agreement. 
 (g) An Indemnitee shall not be denied
indemnification in whole or in part under this Section 10.3 solely because the Indemnitee had an interest in the transaction with respect to which the indemnification applies. 

(h) The provisions of this Section 10.3 are for the benefit of the Indemnitees and their heirs, successors, assigns,
executors and administrators and shall not be deemed to create any rights for the benefit of any other Persons. 
 (i) No amendment,
modification or repeal of this Section 10.3 or any provision hereof shall in any manner terminate, reduce or impair the right of any past, present or future Indemnitee to be indemnified by the Company, nor the obligations
of the Company to indemnify any such Indemnitee under and in accordance with the provisions of this Section 10.3 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from
or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 

  
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 ARTICLE XI 

CONFLICTS OF INTEREST 

Section 11.1 Transactions with Affiliates. The Company and its Subsidiaries shall be permitted to enter into or renew or
extend the term of any agreement or transaction with a Member or an Affiliate of a Member on such terms and conditions as the Managing Member shall approve in its sole discretion, without the approval of any other Member. 

Section 11.2 Outside Activities. Notwithstanding anything to the contrary in this Agreement or any duty otherwise existing
at law or in equity, (a) the engaging in activities by any Indemnitee that are competitive with the business of the Company is hereby approved by all Members, (b) it shall not be a breach of any fiduciary duty or any other duty or
obligation of a Member under this Agreement or otherwise existing under Applicable Law or in equity for such Indemnitee to engage in such activities in preference to or to the exclusion of the Company, (c) an Indemnitee shall have no obligation
under this Agreement or as a result of any duty (including any fiduciary duty) otherwise existing under Applicable Law or in equity, to present business opportunities to the Company and (d) the doctrine of corporate opportunity, or any
analogous doctrine, shall not apply to any Indemnitee; provided such Indemnitee does not engage in such activity as a result of or using confidential or proprietary information provided by or on behalf of the Company to such Indemnitee. 

ARTICLE XII 

DISSOLUTION AND TERMINATION 

Section 12.1 Dissolution. The Company shall be dissolved and its business and affairs wound up upon the earliest to occur
of any one of the following events: 
 (a) at any time there are no Members of the Company, unless the business of the Company is continued
in accordance with the Delaware Act; 
 (b) the written consent of all the Members; 

(c) an “event of withdrawal” (as defined in the Delaware Act) of the Managing Member; or 

(d) the entry of a decree of judicial dissolution of the Company pursuant to Section 18-802 of the Delaware Act. 

The bankruptcy, involuntary liquidation or dissolution of a Member shall cause that Member to cease to be a member of the Company. Notwithstanding the
foregoing, the Company shall not be dissolved and its business and affairs shall not be wound up upon the occurrence of any event specified in clause (c) above if, at the time of occurrence of such event, there is at least one

  
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remaining Member (who is hereby authorized to, and shall, carry on the business of the Company), or if within ninety (90) days after the date on which such event occurs, the remaining
Members elect in writing to continue the business of the Company and to the appointment, effective as of the date of such event, if required, of one or more additional Managing Members of the Company. Except as provided in this paragraph, and to the
fullest extent permitted by the Delaware Act, the occurrence of an event that causes a Member to cease to be a Member of the Company shall not, in and of itself, cause the Company to be dissolved or its business or affairs to be wound up, and upon
the occurrence of such an event, the business of the Company shall, to the extent permitted by the Delaware Act, continue without dissolution. 

Section 12.2 Winding Up of Company. Upon dissolution, the Company’s business shall be wound up in an orderly manner.
The Managing Member shall (unless the Managing Member (or, if no Managing Member, the remaining Members) elects to appoint a liquidating trustee) wind up the affairs of the Company pursuant to this Agreement. In performing its duties, the Managing
Member or liquidating trustee is authorized to sell, distribute, exchange or otherwise dispose of the assets of the Company in accordance with the Delaware Act and in any reasonable manner that the Managing Member or liquidating trustee shall
determine to be not adverse to the interests of the Members or their successors-in-interest. The Managing Member or liquidating trustee shall take full account of the
Company’s Liabilities and Property and shall cause the Property or the proceeds from the sale thereof, to the extent sufficient therefor, to be applied and distributed, to the maximum extent permitted by Applicable Law, in the following order:

 (a) First, to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of all of the Company’s
Liabilities (whether by payment or the making of reasonable provision for payment thereof to the extent required by Section 18-804 of the Delaware Act), other than Liabilities for distribution to Members under Section 18-601 or 18-604 of
the Delaware Act; 
 (b) Second, to the Members and former Members of the Company in satisfaction of Liabilities for distributions under
Sections 18-601 or 18-604 of the Delaware Act; and 
 (c) The balance, if any, to the Members in accordance with the positive balance in
their respective Capital Accounts, after giving effect to all contributions, distributions and allocations for all periods. 

Section 12.3 Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is
“liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article XII to the Members who have positive Capital Accounts in compliance with
Regulations Section 1.704- 1(b)(2)(ii)(b)(2). If any Member has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all Allocation Years, including the Allocation Year during
which such liquidation occurs), such Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for
any purpose whatsoever. 

  
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 Section 12.4 Deemed Distribution and Recontribution. Notwithstanding any other
provision of this Article XII, in the event the Company is liquidated within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) but no actual dissolution and winding up under the Delaware Act has occurred, the Property
shall not be liquidated, the Company’s debts and other Liabilities shall not be paid or discharged, and the Company’s affairs shall not be wound up. Instead, solely for federal income tax purposes, the Company shall be deemed to have
contributed all its Property and Liabilities to a new limited liability company in exchange for an interest in such new limited liability company and, immediately thereafter, the Company will be deemed to liquidate by distributing interests in the
new limited liability company to the Members. 
 Section 12.5 Distribution of Property. In the event the Managing Member
determines that it is necessary in connection with the winding up of the Company to make a distribution of property in kind, such property shall be transferred and conveyed to the Members so as to vest in each of them as a tenant in common an
undivided interest in the whole of such property, but otherwise in accordance with Section 12.3. 

Section 12.6 Termination of Company. The Company shall terminate when all assets of the Company, after payment of or due
provision for all Liabilities of the Company, shall have been distributed to the Members in the manner provided for in this Agreement, and the Certificate of Formation shall have been canceled in the manner provided by the Delaware Act. 

ARTICLE XIII 

MISCELLANEOUS 

Section 13.1 Notices. Except as otherwise expressly provided in this Agreement, all notices, demands, requests, or other
communications required or permitted to be given pursuant to this Agreement shall be in writing and shall be given either (a) in person, (b) by United States mail or (c) by expedited delivery service (charges prepaid) with proof of
delivery. The Company’s address for notice shall be the principal place of business of the Company, as set forth in Section 2.3. The address for notices and other communications to the Managing Member shall be the
address set forth in Section 2.3. The address for notices and other communications to any Member shall be the address set forth in or designated pursuant to Section 2.3. Addresses for notices and
communications hereunder may be changed by the Company, the Managing Member or any Member, as applicable, giving notice in writing, stating its new address for notices, to the other. For purposes of the foregoing, any notice required or permitted to
be given shall be deemed to be delivered and given on the date actually delivered to the address specified in this Section 13.1. 

  
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 Section 13.2 Integration. This Agreement constitutes the entire agreement
among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

Section 13.3 Assignment. A Member shall not assign all or any of its rights, obligations or benefits under this Agreement
to any other Person otherwise than (i) in connection with a transfer of its Company Interests pursuant to Article IX or (ii) with the prior written consent of each of the other Members, which consent may be
withheld in such Member’s sole discretion, and any attempted assignment not in compliance with Article IX or this Section 13.3 shall be void. 

Section 13.4 Parties in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 Section 13.5
Counterparts. This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same
counterpart. 
 Section 13.6 Amendment; Waiver. Subject to the definition of Capital Account,
Section 2.2 and Section 3.2, this Agreement may not be amended except in a written instrument signed by each of the Members and expressly stating it is an amendment to this Agreement. Any failure
or delay on the part of any Member in exercising any power or right hereunder shall not operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any other or further exercise thereof or the exercise
of any other right or power hereunder or otherwise available under Applicable Law or in equity. 
 Section 13.7
Severability. If any term, provision, covenant or restriction in this Agreement or the application thereof to any Person or circumstance, at any time or to any extent, is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement (or the application of such provision in other jurisdictions or to Persons or circumstances other than those to
which it was held invalid or unenforceable) shall in no way be affected, impaired or invalidated, and to the extent permitted by Applicable Law, any such term, provision, covenant or restriction shall be restricted in applicability or reformed to
the minimum extent required for such to be enforceable. This provision shall be interpreted and enforced to give effect to the original written intent of the Members prior to the determination of such invalidity or unenforceability. 

  
 33 

 Section 13.8 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM OR PROCEEDING RELATED TO OR ARISING OUT OF THIS AGREEMENT, OR ANY
TRANSACTION OR CONDUCT IN CONNECTION HEREWITH, IS HEREBY WAIVED BY EACH OF THE MEMBERS. 
 Section 13.9 No Bill for
Accounting. To the fullest extent permitted by law, in no event shall any Member have any right to file a bill for an accounting or any similar proceeding. 

Section 13.10 Waiver of Partition. Each Member hereby waives any right to partition of the Property. 

Section 13.11 Third Parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give
any Person (other than Indemnitees) other than the Members and their respective successors, legal representatives and permitted assigns any rights, remedies or basis for reliance upon, under or by reason of this Agreement. 

[Signature pages follow] 

  
 34 

 IN WITNESS WHEREOF, the parties have signed this Agreement as of the Effective Date. 

 

			
	MANAGING MEMBER:
	
	OMP OPERATING LLC

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Signature Page to 

Amended and Restated Limited Liability Company Agreement of 

Beartooth DevCo LLC 

 
			
	MEMBER:
	
	OASIS MIDSTREAM SERVICES LLC

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Signature Page to 

Amended and Restated Limited Liability Company Agreement of 

Beartooth DevCo LLC 

 Exhibit A 
  

					
	 Member
	  	Percentage Interest	 
	 OMP Operating LLC

1001 Fannin Street, Suite 1500

Houston, Texas 77002
	  	 	40	% 
	 Oasis Midstream Services LLC

1001 Fannin Street, Suite 1500

Houston, Texas 77002
	  	 	60	% 

  
 Exhibit A – Page 1Exhibit 4.1

 

NUMBER UNITS

U-[●]

 

SEE REVERSE FOR CERTAIN

DEFINITIONS

 

CUSIP 42588L 204

 

HENNESSY CAPITAL ACQUISITION CORP. III

 

UNITS CONSISTING OF ONE SHARE OF COMMON
STOCK AND ONE-HALF OF ONE WARRANT 

TO PURCHASE ONE SHARE OF COMMON STOCK

 

THIS CERTIFIES THAT                                         is
the owner of                     Units.

 

Each Unit (“Unit”)
consists of one (1) share of common stock, par value $0.0001 per share (“Common Stock”), of Hennessy
Capital Acquisition Corp. III, a Delaware corporation (the “Company”), and one-half of one warrant
(the “Warrant”). Each whole Warrant entitles the holder to purchase one share (subject to adjustment)
of Common Stock for $11.50 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i) thirty
(30) days after the Company’s completion of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or other similar business combination with one or more businesses (each a “Business Combination”),
or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire unless exercised
before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes its
initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The
Common Stock and Warrants comprising the Units represented by this certificate are not transferable separately prior to             ,
20            , unless Credit Suisse Securities (USA) LLC elects to
allow separate trading earlier, subject to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange
Commission containing an audited balance sheet reflecting the Company’s receipt of the gross proceeds of the offering and
issuing a press release announcing when separate trading will begin. The terms of the Warrants are governed by a Warrant Agreement,
dated as of             , 2017, between the Company and Continental
Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of
which terms and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement
are on file at the office of the Warrant Agent at 1 State Street Plaza, 30th Floor, New York, New York 10004, and
are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.

 

Witness the facsimile signature of its
duly authorized officers.

 

	 	 	 
	Secretary	 	President

 

    		 	 

     

    

 

Hennessy Capital Acquisition Corp. III

 

The Company will furnish
without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or
restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	— 	as tenants in common	UNIF GIFT MIN ACT	—	                   
    Custodian
	 	 	 	 	 	 
	TEN ENT	— 	as tenants by the entireties	 	 	(Cust)
	 	 	 	 	 	(Minor)
	 	 	 	 	 	Under Uniform Gifts to Minors
	 	 	 	 	 
	JT TEN	— 	as joint tenants with right of survivorship and not as tenants in common	 	 	Act                      
 (State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,              hereby
sell, assign and transfer unto                 

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

  

	 	 	 	 	 
	 	 	 	 	 

 

                         
               Units represented by the within
Certificate, and do hereby irrevocably constitute and appoint

 

                        
                                         
    Attorney to transfer the said Units on the books of the within named Company with full power of
substitution in the premises.

 

Dated                     

 

	 	 	 
	 	 	Notice:  The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.
	Signature(s) Guaranteed:	 	 
	 	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15(OR ANY SUCCESSOR RULE)).	 	 

 

In each case, as more fully described in
the Company’s final prospectus dated             , 2017, the
holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in the trust account established
in connection with its initial public offering only in the event that (i) the Company redeems the shares of common stock sold in
its initial public offering and liquidates because it does not consummate an initial business combination by __________, 2019,
(ii) the Corporation redeems the shares of common stock sold in its initial public offering in connection with a stockholder vote
to approve an amendment to any provision of the Corporation’s amended and restated certificate of incorporation relating
to stockholders’ rights or pre-initial business combination activity, or (iii) if the holder(s) seek(s) to redeem for cash
his, her or its respective shares of common stock in connection with a tender offer (or proxy solicitation, solely in the event
the Company seeks stockholder approval of the proposed initial business combination) setting forth the details of a proposed initial
business combination. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

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